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A flash fire at Formosa Plastics in Calhoun County seriously injured at least 12 workers Thursday afternoon at the plant. Emergency officials from several agencies converged on the chemical plant, 102 Pease St., in Point Comfort about 2 p.m. after the fire ignited. Five of the wounded workers were transported to Citizens Medical Center in Victoria – four by ambulance and one by private vehicle – with varying injuries after the fire. Three [...] Yet Another Funny Chart: January Factory Orders Confirm Manufacturing Slump Continues Following the earlier laughable seasonally adjusted ADP data (because for some reason Mark Zandi does not find it necessary to supplement his report with the unadjusted data), courtesy of which the gullible public was supposed to believe that in February as small businesses were running out of money they proceeded to engage in a massive hiring spree, we thought: “hmmm: [...] After a massive hiring spree 20 years ago, the New York Police Department will soon find itself in the midst of an unprecedented wave of retirements.
The department is set to lose about a quarter of its employees over the next several years as many officers hired during the department’s “Safe Cities, Safe Streets” initiative reach their 20 year mark and are able to retire with full benefits, DNAinfo.com New York reported Wednesday. Crime has jumped [...] Meredith Whitney appeared on “Bloomberg Surveillance” with Tom Keene and Scarlet Fu and said that the banking industry will lose 50,000 more jobs as companies shrink headcount to match revenue. She said, “I would argue the banks have not overfired and are really middle of the way through firing.”
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Whitney on how many more jobs will be lost: [...] Bank of America, which last fall announced plans to lay off 30,000 workers, is about to go on a hiring spree—overseas. America’s second-largest bank is relocating its business-support operations to the Philippines, according to a high-ranking Filipino government official recently quoted in the Filipino press. The move, which includes a portion of the bank’s customer service unit, comes less than three years after Bank of America received a $45 billion federal bailout. Roman [...] In the span of 30 minutes CHK managed to crush both longs and shorts in the name. First, just after 3pm Eastern, the company filed an NT 10-Q announcing it would delay its 10-Q filing. The reason: Chesapeake Energy Corporation (the “Company”) is unable to file, without unreasonable effort or expense, its Quarterly Report on Form 10-Q for the period ended March 31, 2012 (the “Form 10-Q”). Additional time is needed for the Company [...] Spain is the new Greece. Portugal is going to debate this, as they’re banged up, but Spain is a unique disaster. The major issue is that no one cares about them. Sans development and tourism, which are in soliatry for a decade or so, you’ve got a paper bag full of water. Take a look thru the headlines in April of 2010, things were contained. We got confirmation Spain is a bag of [...] Two things of note in today’s Rosie piece. On one hand he breaks out the 10 good and bad things that investors are factoring, and while focusing on the positive, and completely ignoring the negative, are pushing the market to its best start since 1997. As Rosie says: “The equity market has gotten off to its best start in a good 15 years and being led by the deep cyclicals [...] Tom Friedman, please take note. China’s lack of political wrangling is not an asset, it’s what will drag it down. Friedman’s and other liberals’ utopian dream of a benevolent dictator has never worked. It fails because unrestrained dictators, with the best of intentions, make mistakes – often grandiose mistakes. And when they are criticized and challenged, they fight to hold on to power. And then they become the Stalins, the [...] From Investment Postcards from Cape Town: … Shilling believes the global economy will be dominated by an era of deleveraging and sees the following causes slowing down growth over the years ahead: 1. U.S. consumers will shift from a 25-year borrowing-and-spending binge to a saving spree. This will spread abroad as American consumers curtail the imports of the goods and services many foreign nations depend on for economic growth. 2. Financial deleveraging will [...] Los Angeles police this morning detained and are questioning a “person of interest” in the spate of arson fires occurring around the city since Friday. The individual, believed to be the man seen in a video police released Sunday in connection with the case, was detained near Sunset Boulevard this morning, according to an LAPD source familiar with the investigation. However, in a statement, a Los Angeles fire official said that “it [...] FILE This is a July 2009 file self-portrait provided by the Island County Sheriff’s Office showing Colton Harris-Moore, the so-called “Barefoot Bandit.” Harris-Moore is expected to plead not guilty at his arraignment in Seattle, Thursday, June 9, 2011. Photo: Island County Sheriff’s Office Via The Herald / AP SEATTLE (AP) — Colton Harris-Moore, who gained a popular following as the “Barefoot Bandit,” has pleaded not guilty to [...] This is the first time in four months that inventories reached 100,000. This is hardly surprising of course. Under new and tougher buying restrictions in Beijing, as well as tighter credit, the pool of potential buyers are shrinking fast, yet the number of apartments waiting to be sold surge naturally because the land acquisitions spree in the past two years means that the new supply will start [...] by ZH The one side-effect of the torrid market move over the past 40 days that every bull had been hoping for, a massive, and self-sustaining short covering spree, has completely failed to materialize. Despite what is now a 10%+ move since early September, predicated by nothing more than the dollar debasement and QE2 expectations, NYSE short interest remained virtually unchanged for the past 30 days, [...] |
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