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Subway Closes 909 Stores In 2017: It’s The “Beginning Of A Crisis”

Earlier this year, we reported that in its 52-years of operation sandwich chain Subway – for the first time ever – contracted in 2016, closing 359 U.S. locations. Bloomberg described the situation as the “biggest retrenchment in the history of the restaurant chain” whose total store count dropped 1.3% from 27,103 in 2015 to 26,744, while […]


Global Yield Curves Are Snapping Steeper

Perhaps it is recency bias playing its tricks, but Treasury and Bund yields curves are steepening dramatically for the second day in a row, this time dragged higher by comments on longer-term issuance plans from Germany. As always, German and US yield curves are moving in sync with a notable steepening again – the biggest […]


China Systemic Risk: Liquidity Problem Surfaces At HNA Group Less Than Two Weeks After Company’s Denial

Here we go again… On December 8, we lamented how every few days we return to the subject of systemic risk in China related to its big four highly-indebted conglomerates, HNA, Anbang, Evergrande and Dalian Wanda. We also noted how our chief source of concern had become HNA, after it issued a bond with less […]


Bond Bears Beware As Ag Prices Hit Record Low

Long-end bond yields are lower and the front-end higher once again this morning as the US Treasury yield curve continues to confound by flattening. Bloomberg macro strategist Mark Cudmore suspects there is more to come… for one simple reason, so often overlooked… Via Bloomberg, Cheaper eats are great, but maybe not if you’re one of […]


WeWork: London’s Soon-To-Be Biggest Property Renter Makes Massive Bet On Office Market Despite Brexit

The rationale for creating WeWork, the eco-friendly serviced workspace provider, was simple as co-founder Adam Neumann explained to the New York Daily News. “During the economic crises, there were these empty buildings and these people freelancing or starting companies. I knew there was a way to match the two. What separates us, though, is community.” […]


World’s Third Largest Shipbuilder Crashes 29% Amid Asian Equity Carnage

Shares in Samsung Heavy, the world’s third largest shipbuilder, plunged by 29% during Wednesday’s trading session after unexpectedly forecasting operating losses this year and 2018 and announcing a capital raise. Meanwhile, Asian equities tumbled, led by technology, mining and industrial companies, with the MSCI Asia Pacific Index falling for eight straight days, its longest run […]


36 Year Old Makes $62 Million Relying On Honesty of Strangers

Content originally published at iBankCoin.com 36 year old e-commerce entrepreneur Yusuke Mitsumoto had an idea: “what if I pay people instantly for their used goods and then trust them to give them to me?” Crazy, right? Mitsumoto launched an app in June to test the idea, quickly realizing that that people – surprise – went for the money, putting him on […]


Stocks Surge On Biggest Short Squeeze Since Election As Dollar Dumps To Worst Year Since 2009

Stocks are at record highs (so is debt) so get out and consume America…   Ugly week for China…   German stocks just could not decide what to do this week after Merkel's mishaps…   But solid EU PMIs seemed to spur manic Euro buying…   Unsurprisingly on the most seasonally-bullish week of the year, […]


Existing Home Sales Drop Year-Over-Year For 2nd Straight Month – First Time Since 2014

Following September's positive housing data rebound, October data is starting well with existing home sales surging 2.0% MoM (better than expected 0.2%) to 5.48mm SAAR, as US existing home sales inventory tumbled 10.4% YoY, to 1.8 months, the lowest since 1999. Sales of previously owned U.S. homes rose to a four-month high, indicating demand was […]


Watch Live: AT&T, Time Warner Respond To DOJ Anti-Trust Lawsuit

Update (5:40 pm ET): In a statement, AT&T CEO Randall Stephenson vowed to fight the DOJ's lawsuit. He said AT&T's challenge is about preserving the rule of law against an overreaching DOJ anti-trust division. He also said that, while he doesn't know for sure if the opposition is political in nature, he's not surprised that […]


DOJ Sues AT&T To Block Time Warner Deal

Update (5:20 pm ET): According to Bloomberg, a Justice Dept official says the govt’s lawsuit to block AT&T’s planned $85.4b purchase of Time Warner wasn’t influenced by President Trump or anyone else in the White House. * * * Update (4:50 pm ET): Court documents have confirmed that the DOJ is suing to block the […]


AT&T Shocked By DOJ’s Imminent Merger-Blocking Lawsuit

Update (4:20 pm ET): David R. McAtee II, Senior Executive Vice President and General Counsel at AT&T, has released a statement responding to reports DOJ plans to sue to block its purchase of Time Warner. In the statement, McAtee says he's "confident" the courts will side with AT&T.. "Today's DOJ lawsuit is a radical and […]


Chinese Stocks Slide As Economic Slowdown Accelerates

Being the first data following The National Congress, we are expecting little in the way of disappointment from China's macro data. However, the slowdown in credit supply has been well telegraphed, and sure enough the data was not pretty with FAI growth at its weakest in 17 years, Retail Sales and Industrial Production both disappoint. […]


“We’ll See Some Initial Panic”: World Reacts To Billionaire Alwaleed’s Stunning Purge

A shocked world is gradually responding to the stunning news of the Saudi “countercoup” purge that took place overnight – the second in six months –  and which led to the arrest of 11 princes, 38 current and former senior officials on corruption charges from a newly established anti-corruption committee headed by Crown Prince Mohammed […]