Tag Archives: Regime Uncertainty

Big U.S. coal miner Alpha Natural files for bankruptcy

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“The move comes as President Barack Obama is expected to unveil tough new measures to cut greenhouse gas emissions from coal-fired power plants.  Alpha blamed its Chapter 11 bankruptcy on tougher regulatory standards and policies that favor renewable energy, as well tumbling prices for its coal.  Alpha is the world’s third-largest supplier of metallurgical coal used in making steel and has also been hit by a slowdown in China.  Walter Energy Inc and Patriot Coal Corp also filed for bankruptcy protection this year. Energy Future Holdings Corp, a power company that also has a large coal mining business, has been in bankruptcy since 2014.”

http://www.reuters.com/article/2015/08/03/alpha-ntrl-resc-bankruptcy-idUSL3N10E4JP20150803

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China stock exchanges step up crackdown on short-selling

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“The Shanghai and Shenzhen exchanges said in separate statements on Monday night that new rules, effective immediately, banned traders from borrowing and repaying stocks on the same day – a step that raises risks for short-sellers. Many fund managers say the campaign against shorting has decayed into a general crackdown on risk management strategies, which could backfire.  China’s state margin-lending agency has injected 200 billion yuan ($32.21 billion) since July into five newly launched mutual funds. The China Securities Finance Corp is also managing a 120 billion yuan bailout fund formed by 21 brokerages, and last month provided 260 billion yuan in credit lines to brokerages.”

http://www.reuters.com/article/2015/08/04/us-china-markets-shorting-idUSKCN0Q909E20150804

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Obama announces new power plant regulations, to cost $8.4 billion

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“In its fact sheet, the White House argues the new rules will create tens of thousands of jobs while ensuring grid reliability.  According to the White House, if the rule is implemented in all 50 states, the average American family can save $85 on their annual energy bill in 2030, though critics say it will raise energy bills.  EPA Administrator Gina McCarthy, drew from her Boston background and called the rollout ‘an especially wicked-cool moment.’  A day earlier, she said the rule would result in an estimated annual cost of $8.4 billion by 2030 and have total benefits, including public-health benefits, of $34 billion to $54 billion per year by then.”

http://www.foxnews.com/politics/2015/08/03/obama-announces-power-plant-regulations/

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Uberocracy: How the Sharing Economy Changes Politics

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“Uber’s request that drivers keep working in areas where the service is illegal is a sign that they know people want the service. The fact that people keep using the service while it is illegal shows that entrepreneurship outpaces politics. While they are technically engaged in civil disobedience, users likely neither care nor know the legal status of the services.  Airbnb hosts rent out their apartments against the terms of their leases. They probably violate some hospitality regulations in their cities. They don’t really care. The experience is so positive that both hosts and users win.  What makes this entrepreneurship new is that the barrier to entry is so low for somebody to engage in the exchange.”

https://medium.com/life-learning/uberocracy-how-the-new-entrepreneurship-changes-politics-99bc515e31b0

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Google rejects French order on global ‘right to be forgotten’

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“Google is rejecting an order by the French data privacy agency to remove search results worldwide upon request, saying European law allowing the ‘right to be forgotten’ doesn’t apply globally.  In a statement posted late Thursday, Google said bowing to CNIL’s request would force it also to agree to similar requests worldwide from any government that doesn’t agree with how the company posts content. ‘The Internet would only be as free as the world’s least free place,’ the company wrote on its Europe policy blog.  Europe’s highest court ruled in May 2014 that people have the right to control what appears when their name is searched online.”

https://www.yahoo.com/tech/s/google-rejects-french-order-world-forgotten-082428875–finance.html

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Federal Court: Government Doesn’t Need a Reason to Ban Competition

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“Could the government prohibit LeBron James from playing professional basketball simply to put more money in the pockets of less talented athletes?  Absolutely, said the Second Circuit Court of Appeals, in a surprising — and appalling — decision last week, upholding a nakedly anticompetitive restriction on non-dentist teeth-whiteners in Connecticut. In 2011, the Connecticut Dental Commission issued a ruling that only licensed dentists were permitted to provide certain teeth-whitening procedures. Non-dentist teeth-whiteners were threatened with up to $25,000 in fines and five years in jail per customer.”

http://fee.org/anythingpeaceful/detail/federal-court-rules-naked-government-favoritism-is-constitutional

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The War on the Gig Economy Has Begun: Homejoy Is the First Casualty

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“As of July 31, Homejoy is gone. The ‘Uber-for-home-cleaning’ is closing its virtual doors after three years of service, millions of VC dollars, and the endorsement of all kinds of Silicon Valley darlings.  Homejoy was being hit with the same employee/contractor lawsuits that Uber and Lyft are currently fighting in California. In a moment of clarity, the Homejoy CEO blamed their shutdown on these lawsuits.  This is a dangerous moment for the so-called ‘gig economy’ and clearly the Homejoy owners and investors thought it wasn’t worth the fight. Better to cash out now and fight/create another day.”

http://fee.org/anythingpeaceful/detail/the-war-on-the-gig-economy-has-begun-homejoy-is-the-first-casualty

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How Hillary Clinton plans to ‘save capitalism’

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“Clinton proposed raising capital gains taxes on investments held for only short periods of time. The tax on investment earnings would nearly double from their current rate of 20% for investments held less than two years. And the rate for those in the top tax bracket would be set on a sliding scale, with incentives for people who hold their investments longer.  Meanwhile, Clinton said she would change the tax code to eliminate incentives for CEOs to be paid based on short-term bumps in share prices, with the aim of encouraging leaders to plan more strategically for the future.  Clinton also took on what she called ‘hit and run’ shareholders – activist investors.”

http://www.msnbc.com/msnbc/how-hillary-clinton-plans-save-capitalism

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US health insurers rush to consolidate after Obamacare ruling

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“If the Anthem-Cigna deal is consummated soon, it would mean that the ‘big five’ health insurers, with 134m customers and combined annual revenues of $346bn, would have agreed to become a ‘big three’ in a matter of weeks.  The Supreme Court’s decision was the final part of a puzzle that has been painstakingly pieced together since the ACA was signed into law in 2009. The act was vehemently opposed at its inception by many health insurers, not least Anthem, then known as WellPoint. But it has created big opportunities for the industry, as Medicaid, a federally funded scheme for those on low incomes, is expanded, and millions of uninsured people are brought into private health plans.”

http://www.ft.com/intl/cms/s/0/9908ecd0-242c-11e5-bd83-71cb60e8f08c.html#axzz3hEGJuw00

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Chinese regulator vows share support after markets tumble 8.5% in a day

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“China said on Monday it was prepared to buy shares to stabilize the stock market and avert ‘systemic risks’, after major indices plunged more than 8 percent in the biggest one-day fall since 2007.  The securities regulator also said market authorities would deal severely with anyone engaged in the ‘malicious shorting of stocks’, in Beijing’s latest attempt to stave off a full-blown market crash.  Monday’s slump, amid growing doubts about the strength of the world’s second biggest economy, shattered three weeks of relative calm as a barrage of support measures helped stabilize values following a sharp sell-off that started in mid-June.”

 

http://www.reuters.com/article/2015/07/27/us-markets-china-stocks-idUSKCN0Q10KE20150727

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