Existing home sales fell 1.3% MoM, down 8.9% YoY, the National Association of Realtors said Tuesday
U.S. consumer confidence fell slightly in the latest week despite gasoline prices reaching $3 a gallon, the highest since Hurricane Katrina, ABC News and the Washington Post said on Tuesday
The Conference Board's consumer sentiment index increased from 105.4 to 106.5 in July, more than expected.
YoY South Korea's GDP was up 5.3% in the first quarter.
Tuesday, July 25, 2006
Monday, July 24, 2006
Israel Is Winning the Battle, But Not the War
Although the Americans have run into a quagmire in Iraq, they finally realize, at least theoretically, that they can’t defeat the Iraqi insurgency through military means. They are attempting to negotiate their way out, but it may be too late. (The Sunni insurgents deliberately attacked the Shi’a in order to start a sectarian civil war, which is now raging.) Unfortunately, the Israelis are even further behind the slow Americans in coming to terms with reality. They still fail to realize that military solutions, as well as unilateral political actions, are not the answer to guerrilla war and terrorism.
Although the Americans have run into a quagmire in Iraq, they finally realize, at least theoretically, that they can’t defeat the Iraqi insurgency through military means. They are attempting to negotiate their way out, but it may be too late. (The Sunni insurgents deliberately attacked the Shi’a in order to start a sectarian civil war, which is now raging.) Unfortunately, the Israelis are even further behind the slow Americans in coming to terms with reality. They still fail to realize that military solutions, as well as unilateral political actions, are not the answer to guerrilla war and terrorism.
Quick Overview
- Retail sales in Canada totaled C$32.6 billion in May, down 0.6% on the month, but up 7.4% YoY.
- The Reserve Bank of India is expected to raise short-term interest rates by 25 basis points.
- Nationwide gas prices hit an all-time high at $3.015 in the last two weeks, the Lundberg Survey of 7,000 gas stations said.
- The U.S. Court of International Trade ruled the U.S. illegally charged duties on Canadian lumber after NAFTA said there was no justification for them.
- Brazil's No. 1 sugar and ethanol equipment manufacturer Dedini SA Industrias de Base has launched a series of technologies this week, including a new process for refining white sugar and a more efficient way to distill hydrous ethanol.
Doha trade talks collapse over farm subsidies
countries including the EU and India said that the US needed to reform its farm subsidies first.
ABA Panel chides Bush on bypassing laws
Bush should stop issuing statements claiming the power to bypass parts of laws he has signed, an American Bar Association task force has unanimously concluded in a strongly worded 32-page report that is scheduled to be released today
countries including the EU and India said that the US needed to reform its farm subsidies first.
ABA Panel chides Bush on bypassing laws
Bush should stop issuing statements claiming the power to bypass parts of laws he has signed, an American Bar Association task force has unanimously concluded in a strongly worded 32-page report that is scheduled to be released today
Saturday, July 22, 2006
Pressure put on US as G8 prepares way for trade deal
The US suggested it could scale back on farm subsidies; Europe said it could make bigger cuts in agricultural tariffs than it had previously offered; and developing countries, led by Brazil and India, said they could lower barriers to imports of manufactured goods.
The US suggested it could scale back on farm subsidies; Europe said it could make bigger cuts in agricultural tariffs than it had previously offered; and developing countries, led by Brazil and India, said they could lower barriers to imports of manufactured goods.
"Stop That Shit!" By URI AVNERY
And the most disgusting sight: George Bush in a playful mood sitting on his chair in St. Petersburg, with his loyal servant Tony Blair leaning over him, and solving the problem: "See? What they need to do is get Syria to get Hizbullah to stop doing that shit, and it's over."Thus spake the leader of the world, and the seven dwarfs - "the great of the world" - say Amen.
Elegy for Beirut
The anger that any human soul should feel at such suffering and loss was expressed so well by Lebanon's greatest poet, the mystic Khalil Gibran, when he wrote of the half million Lebanese who died in the 1916 famine, most of them residents of Beirut:
My people died of hunger, and he who
Did not perish from starvation was
Butchered with the sword;
They perished from hunger
In a land rich with milk and honey.
They died because the vipers and
Sons of vipers spat out poison into
The space where the Holy Cedars and
The roses and the jasmine breathe
Their fragrance.
The anger that any human soul should feel at such suffering and loss was expressed so well by Lebanon's greatest poet, the mystic Khalil Gibran, when he wrote of the half million Lebanese who died in the 1916 famine, most of them residents of Beirut:
My people died of hunger, and he who
Did not perish from starvation was
Butchered with the sword;
They perished from hunger
In a land rich with milk and honey.
They died because the vipers and
Sons of vipers spat out poison into
The space where the Holy Cedars and
The roses and the jasmine breathe
Their fragrance.
Iranian Ambassador: We Support Turkey's Possible Cross-Border Operation
“Turkey has the right to annihilate terrorists wherever they are found. Iran is ready to do its best to help Turkey,” Dowlatabadi continued.
“Turkey has the right to annihilate terrorists wherever they are found. Iran is ready to do its best to help Turkey,” Dowlatabadi continued.
James Zogby: Willful Fantasies and Reality in Today's Mideast Conflict
While some conservatives and Democrats have learned lessons from past Israeli-Arab conflicts and from the recent US experiences in Iraq, the Administration and most members of Congress have fallen in line, uttering banalities like, "Israel has a right to defend itself" (even, if that means killing hundreds of civilians and destroying Lebanon in the process), or "let Israel finish the job it started" (as if the deaths and devastation resulting from this war will have no consequences in Lebanon and the broader Middle East).
Craven Image: The Senate Bows to Imperial Power Well, that didn't take long. Two weeks ago we wrote here that the "lockstep, lickspittle" U.S. Congress would scurry to give their approval to the dictatorial powers asserted by President George W. Bush after the Supreme Court struck down those claims in the Hamdan case earlier this month. And lo and behold, last week Republican Senator Arlen Specter introduced a bill that would not only confirm Bush's unrestrained, unconstitutional one-man rule – it would augment it, exalting the Dear Leader to even greater authoritarian heights.
The new language of diplomacy: this bombing thingy is well out of order
On the other hand, I rather warmed to Mr Bush’s gangsta rap summary of the crisis in Lebanon. “You see, the thing is,” he said, alluding to Russia’s influence in the area, “what they need to do is to get Syria to get Hezbollah to stop doing this shit and it’s over.” He’s right, of course. Why has no one else thought of it before? If only everyone spoke their mind so clearly, things might get done rather more quickly than the quagmire that is modern diplomacy. I think I prefer Mr Bush’s shorthand version of world affairs than listening to the Foreign Secretary, Margaret Beckett, burying herself in obfuscation on BBC radio yesterday as she attempted to avoid criticising Israeli tactics. It was like being wrapped in blancmange.
On the other hand, I rather warmed to Mr Bush’s gangsta rap summary of the crisis in Lebanon. “You see, the thing is,” he said, alluding to Russia’s influence in the area, “what they need to do is to get Syria to get Hezbollah to stop doing this shit and it’s over.” He’s right, of course. Why has no one else thought of it before? If only everyone spoke their mind so clearly, things might get done rather more quickly than the quagmire that is modern diplomacy. I think I prefer Mr Bush’s shorthand version of world affairs than listening to the Foreign Secretary, Margaret Beckett, burying herself in obfuscation on BBC radio yesterday as she attempted to avoid criticising Israeli tactics. It was like being wrapped in blancmange.
Friday, July 21, 2006
Hezbollah, Hamas and Israel: Everything You Need To Know ALEXANDER COCKBURN
I hope you’ve enjoyed these little excursions into history, even though history is dangerous, which is why the US press gives it a wide birth. But even without the benefit of historical instruction, a majority of Americans in CNN’s instant poll –- about 55 per cent out of 800,000 as of midday, July 19 -- don’t like what Israel is up to.
I hope you’ve enjoyed these little excursions into history, even though history is dangerous, which is why the US press gives it a wide birth. But even without the benefit of historical instruction, a majority of Americans in CNN’s instant poll –- about 55 per cent out of 800,000 as of midday, July 19 -- don’t like what Israel is up to.
Feds sharpen secret tools for data mining
"There's a tendency with all of these systems to lead with terrorism and then find other applications," Rotenberg says.
"There's a tendency with all of these systems to lead with terrorism and then find other applications," Rotenberg says.
Vegas Makes It Crime To Feed Homeless People
The Las Vegas City Council unanimously passed a law, which went into effect Thursday, making it a crime to feed the homeless at city parks. It carries a maximum penalty of $1,000 and six months in jail.
The Las Vegas City Council unanimously passed a law, which went into effect Thursday, making it a crime to feed the homeless at city parks. It carries a maximum penalty of $1,000 and six months in jail.
Rates on 30-year mortgages are highest since 2002
Freddie Mac, the mortgage company, says rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.80%, from 6.74% last week.
That's the highest they've been since they stood at 6.81% the week of May 24, 2002.
Freddie Mac, the mortgage company, says rates on 30-year, fixed-rate mortgages increased to a nationwide average of 6.80%, from 6.74% last week.
That's the highest they've been since they stood at 6.81% the week of May 24, 2002.
Quick Overview
- China today raised required reserve ratio on banks (up 0.5 point to 8.5%) for the second time in 2 months in an attempt to slow bank lending and the economy. That action followed the +11.3% Chinese Q2 GDP report.
- UK Q2 GDP rose +0.8% QoQ +3.2% YoY.
- Some 100,000 Italian bondholders will file a lawsuit against Argentina, looking for repayment of $5.5 billion in bonds that defaulted in early 2002
- Canada's consumer price index was down 0.2% in June -- up 2.5% YoY.
- The USDA said there were 10.872 million head of cattle on feed on July 1st, up 4.6% YoY -- more than expected. June placements were up 10.3% YoY, and marketing’s were up 5.8%.
- The USDA said there were 52.5 million pounds of frozen pork bellies in cold storage on June 30th, down 26% YoY.
- Frozen pork totaled 409 million pounds, down 17% YoY.
- The USDA said there were 1.105 billion pounds of frozen orange juice concentrate in cold storage on June 30th, down 29% YoY.
Thursday, July 20, 2006
Quick Overview
- The Labor Department said that jobless claims were down 30,000 last week to 304,000, the lowest in six weeks.
- The Conference Board's index of leading indicators was up 0.1% to 138.1 in June.
- The Philadelphia Federal Reserve's regional index of factory activity dropped from 13.1 to 6.0 in July, the lowest since January.
- The OECD advised the Bank of Japan to be careful about raising interest rates. The report said that Japan's CPI should rise +1% before the BOJ increases interest rates (the June CPI was up only +0.1% YoY). The OECD predicted Japanese GDP growth at +2.8% in 2006 and +2.2% in 2007.
- The Agriculture Department is scaling back its testing program for mad cow disease to about 110 tests a day from about 1000 test a day. Ag Secretary Mike Johanns said there is little justification for the current level.
- The U.S. Department of Energy said that underground supplies of natural gas were up 59 billion cubic feet to 2.763 trillion cubic feet.
- Canada's wholesale sales totaled C$41.8 billion in May, up 0.9% on the month and up 6.6% YoY.
Quick Overview
- The Labor Department said that jobless claims were down 30,000 last week to 304,000, the lowest in six weeks.
- The Conference Board's index of leading indicators was up 0.1% to 138.1 in June.
- The Philadelphia Federal Reserve's regional index of factory activity dropped from 13.1 to 6.0 in July, the lowest since January.
- The OECD advised the Bank of Japan to be careful about raising interest rates. The report said that Japan's CPI should rise +1% before the BOJ increases interest rates (the June CPI was up only +0.1% YoY). The OECD predicted Japanese GDP growth at +2.8% in 2006 and +2.2% in 2007.
- The Agriculture Department is scaling back its testing program for mad cow disease to about 110 tests a day from about 1000 test a day. Ag Secretary Mike Johanns said there is little justification for the current level.
- The U.S. Department of Energy said that underground supplies of natural gas were up 59 billion cubic feet to 2.763 trillion cubic feet.
- Canada's wholesale sales totaled C$41.8 billion in May, up 0.9% on the month and up 6.6% YoY.
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