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by Greg Canavan, Daily Reckoning.com.au: Yesterday was a doozy, wasn’t it? Where to start? The Aussie dollar fell below 97 cents. The ASX200 fell more than 100 points, or around 2%. The Nikkei collapsed over 7%, after starting the day rallying mindlessly. The index experienced a 1,000+ trading range. We also heard that China’s manufacturing sector tipped back into recession, and that Ford won’t be making cars in Australia any more. Standby for a Paul Krugman [...] Rob Ford in ‘crack cocaine’ video scandal A cellphone video that appears to show Mayor Rob Ford smoking crack cocaine is being shopped around Toronto by a group of Somali men involved in the drug trade. Two Toronto Star reporters have viewed the video three times. It appears to show Ford in a room, sitting in a chair, wearing a white shirt, top buttons open, inhaling from what appears to be a [...] DETROIT — This city was already sinking under hundreds of millions of dollars in bills that it could not pay when a municipal auditor brought in a veteran financial consultant to dig through the books. A seasoned turnaround man and former actuary with Ford Motor Co., he was stunned by what he found: an additional $7.2 billion in retiree health costs that had never been reported, or even tallied up.
Rob Ford ordered removed as Toronto mayor in conflict ruling An Ontario judge ordered today that Toronto Mayor Rob Ford be relieved of his duties as the city’s chief magistrate after it was found he violated conflict of interest rules. Ford violated the Municipal Conflict of Interest Act when he spoke and participated in a council vote regarding a financial penalty he was ordered to pay, Ontario Superior Court Justice Charles T. [...] A lawsuit filed in federal court on Wednesday alleges mass favoritism in the Department of Energy’s decisions to award federal grants to major car companies to develop electric vehicles, according to a legal complaint obtained by Scribe. The plaintiff, San Francisco-based XP Technology, says in a complaint filed in the U.S. Court of Federal Claims that “corruption and negligence” pervaded DOE’s decision to award loan guarantees to Ford, Nissan, Tesla Motors, [...] Family members of four area men in an airplane missing since Tuesday held out hope late Wednesday that they would be found alive after a full day of searching failed to locate the aircraft in southeast Wyoming. The plane was carrying Billy Gee, owner of Bayou Aviation and operator of a flight school at Harrison County Airport; Maverick Cayce, a pilot and employee at the flight school; Chuck Ford, owner of [...] President Obama touted it in 2010 as evidence “manufacturing jobs are coming back to the United States,” but two years later, a Michigan hybrid battery plant built with $150 million in taxpayer funds is putting workers on furlough before a single battery has been produced. Workers at the Compact Power manufacturing facilities in Holland, Mich., run by LG Chem, have been placed on rotating furloughs, working only three weeks per month [...] Even as Greece desperately tries to avoid defaulting on its debt, American companies are preparing for what was once unthinkable: that Greece could soon be forced to leave the euro zone. Bank of America Merrill Lynch has looked into filling trucks with cash and sending them over the Greek border so clients can continue to pay local employees and suppliers in the event money is unavailable. Ford has configured its computer [...] “The reclusive comedian has just wrapped a three-show gig at Toronto’s Winter Garden Theater — part of a characteristically hard-to-nail-down “pop up” tour — during which he smoked numerous cigarettes throughout the 75-minute set. And that act has earned a warning from the city.” http://www.hollywoodreporter.com/news/dave-chappelle-rob-ford-smoking-toronto-364862 WASHINGTON—Some of the most heavily traded U.S. stocks might also be among the most expensive to trade, costing investors as much as $2.5 billion a year, according to a New York trading and research firm. Stocks such as Bank of America Corp., Microsoft Corp., Cisco Systems Inc., and Ford Motor Co. are so popular with high-frequency trading firms that long-term investors often have trouble quickly buying and selling the stocks, according [...] Over a four years period from 2008 to 2011, Corning Inc. was one of 26 companies that managed to avoid paying any American income taxes, even though it earned nearly $3 billion during that time. In fact, according to Citizens For Tax Justice, the company received a $4 million refund from 2008 to 2010. That didn’t stop Susan Ford, a senior executive at the company, from telling the House Ways and Means Committee this [...] Zooming over an empty Oakland Bay Bridge, careering round corners of deserted residential streets, dodging between moving trams, flying over hills…. Professional rally driver Ken Block seemingly managed to close down the entire of San Francisco to make an incredible short film showing him tearing around the city in a seriously souped-up Ford Fiesta. For his latest internet film, Block screeches round the ghost town pulling various stunts at terrifying speeds. Read more: http://www.dailymail.co.uk/news/article-2171235/Rally-driver-tears-totally-deserted-San-Francisco-new-fast-furious-film.html#ixzz20EOmoVAu Police removed a mentally disturbed man in an Elmo costume from New York City’s Central Park Zoo on Sunday afternoon. The man was spouting anti-Jewish insults, including encouraging visitors at the zoo to read “The International Jew” — an anti-Semitic series of pamphlets published by Henry Ford. The anti-Semitic Elmo made his first appearance in 2009 in Times Square, demanding people give him money to take pictures of him. Berating people who refused to give him [...] Catalina Clouser, 19, is facing driving and child abuse charges
A Phoenix woman has been arrested for child abuse after her one-month-old baby fell off the roof of her car after she drove away forgetting she had put the child there. Only realising that her [...] At the mouth of the Chesapeake Bay, along the James River in Virginia, one of the biggest structures ever built by humankind is slowly being pieced together. Huntington Ingalls Industries announced Thursday that they have lowered the 680-metric-ton bow of the nuclear-powered aircraft carrier Gerald R. Ford into place. The aircraft carrier is the first of its kind and will be delivered to the U.S. Navy in 2015. Read more: http://www.dailymail.co.uk/news/article-2150241/Incredible-photos-680-metric-ton-bow-U-S-Navys-new-nuclear-powered-aircraft-carrier-lowered-place.html#ixzz1w0CLdvGx Breaking News from Bloomberg DETROIT (Reuters) – Detroit Mayor Dave Bing was diagnosed with inflammation of the intestine and will remain at a hospital for further observation, just days before the struggling city faces a key financial deadline, the mayor’s office said in a statement on Friday. Monday is the deadline for a panel created by the state of Michigan to recommend what to do to fix Detroit’s dire financial situation. The city and the [...] Frustrated father who vented on Facebook over child visitation rights, now faces jail time if he won’t grovel to wife on the social network as ordered by district judge. Liz Klimas CINCINNATI (The Blaze/AP) — A man who made comments about his estranged wife on his Facebook page — which he likened to venting while having a drink with a friend but on a larger scale — was threatened with jail unless [...] From FT: Two reminders of the age old debate over the merits of equities versus bonds emerged almost simultaneously in recent days. First, Warren Buffett argued in his latest annual letter that shares are not only a better investment than fixed income instruments but are also superior to gold, the darling of many seasoned investors. Just as that was being digested, the Financial Times reported that the Ford Motor Company had decided [...] by CM We are at a key turning moment in history. The actions that we will soon decide to take will be determined by the beliefs we hold. At a time like this, holding the wrong set of beliefs can destroy your wealth, sap your joy, and even prove to be life-shortening. Knowing the ‘right’ sets of beliefs to hold is never easy, but it is especially difficult at large turning points because, by [...] James Halpin Deputies used a Taser on a woman who wouldn’t surrender to them after she cut into a McDonald’s drive-through line and then refused to move her car without being served, according to the Cumberland County Sheriff’s Office. Evangeline Marrero Lucca, 37, of the 100 block of Snow Hill Church Road, pulled up to the window of the McDonald’s on Legion Road, near Black and Decker Road, on Friday [...] AP/Washington Post WASHINGTON — The Obama administration has closed the U.S. Embassy in Damascus and pulled all American diplomats out of Syria. Officials say Ambassador Robert Ford and other diplomats left Syria on Monday. It’s the most dramatic U.S. move so far after 11 months of a violent crackdown on dissent by President Bashar Assad’s regime. The State Department warned last month it would close the embassy unless Assad’s government stepped [...] From Carpe Diem: Reuters reports that the shale oil-rich area of Texas known as the Eagle Ford is quickly becoming the country’s new hot spot for oil, and could rival production in the Bakken region of North Dakota within a few years: “Over the past two years, some 30 companies have moved in to a shale prospect in South Texas called the Eagle Ford that could add 420,000 barrels per day (bpd) [...] From BusinessWeek: … It’s not that using out-of-date job-search approaches brands you as older. Rather, it’s that using no-longer-in-fashion job search techniques marks you as out of touch. Employers pay us, in part, to be aware of trends and phenomena that affect the workplace. Working people (and job-seekers) should follow the news, keep a bead on our changing world, and stay abreast of changes in business, technology, politics, and cultural shifts. That [...] President Barack Obama is launching a full-court press to make it easier for companies to bring jobs back to the U.S., including eliminating certain tax breaks that the administration says gives advantages to companies moving jobs overseas, the White House announced Wednesday. The administration said it will also put forward in coming weeks new tax proposals to reward companies that bring back jobs. To draw attention to the issue, Obama is hosting [...] |
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