Hard hitting global and local news
Eurozone PMI Strengthens, Except France; Germany-France Yield Spread Widens; Where to From Here? The Eurozone composite PMI hit its highest since June 2011, but it did so with France still in contraction as noted by the Markit Flash Eurozone PMI .
Anousha Sakoui, M&A Correspondent for the Financial Times says Huge cash pile puts recovery in hands of the few . The pile of unspent corporate cash that has built up since the start of the financial crisis is being held by an increasingly concentrated pool of companies that will be crucial to hopes of a pick-up in business investment to stimulate the world economy.
A new Gallup survey shows Many Baby Boomers Reluctant to Retire . True to their "live to work" reputation, some baby boomers are digging in their heels at the workplace as they approach the traditional retirement age of 65
Target Drops Healthcare Coverage for Part-Time Workers, Claims No Reduction in Hours; Thank Your Employer? Obamacare does not mandate healthcare coverage for part-time employees (defined as those working less than 30 hours a week)
Originally posted here: China Abandons Disastrous Cotton Stockpiling Program; Lessons Not Learned; What About Stockpiling Money?
Via translation from Les Echos , please consider Air Traffic Controllers Strike Again in Late January Air traffic controllers are on strike from January 27 to 31, with a black day 29. They oppose a proposed Brussels lower royalties. Three months after strike against the plans of the European Commission for the "Single European Sky", the French air traffic controllers will strike again, for the same reasons, from 27 to 31 January
French Banks Face €285 Bn Capital Shortfall, Germany €199 Bn, Spain €92 Bn; Mish French Fine Update At the risk of incurring another nonsensical fine for quoting someone on leverage and capital ratios of French banks, please consider European Banks Face $1 Trillion Gap Before Review . European banks have a capital shortfall of as much as 767 billion euros ($1 trillion) before the European Central Bank’s probe into the financial health of the region’s lenders, according to a study. French banks show the biggest gap of 285 billion euros, followed by German lenders with as much as 199 billion euros, Sascha Steffen of the European School of Management and Technology in Berlin and Viral Acharya at New York University said in their study dated Jan.
More: Bottom 5 States in Fiscal Condition: New Jersey, Connecticut, Illinois, Massachusetts, California
Greece Will Default in May Without Another Bailout or Change in Terms Cash flow analysis shows Greece is in serious trouble again in spite of having a current account surplus. Specifically, Greece needs a change in payback terms or another bailout or it will default in August, if not May. I use the words "will default" imprecisely.
Read the original post: Christine Lagarde Warns of Lord Voldemort, Hopes to Put Deflation Ogre in a Bottle