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Nadita File – 12/10/2014

 

Good evening everyone, thanks for watching Nadita File where the spin starts here J

 

Other News : Utah Rock reported CDC warns of bad flu season and this year vaccine will be only 40% effective.  CDC officials say it’s still recommended to get flu shots to protect children and elderly.  H3N2 in 2012 and 2013 were severe flu season.

 

Fed government deficit for first two months of new budget year is down 21% from same period one year ago.  Treasury Dept says deficit for November totaled $56.8B, a 58% drop from last year’s November deficit of $135.2B. CBO forecasts that deficit for the 2015 budget year will fall from $483.3B to $469B in 2014.

 

A-J516 reported UN calling for prosecutions of senior US officials who authorized and carried out torture under  Bush admin.  UN special investigator for counterterrorism says new senate report on CIA interrogations program shows program allowed Bush admin to commit gross violations of international human rights law.  DOJ has already pursued two investigations into mistreatment of detainees since 2000 and concluded evidence was insufficient to obtain conviction.  Current and past officials defend program, saying it led to capture of Al Qaeda leaders and prevented mass casualty attacks.  Current CIA Dir John Brennan acknowledges agency made mistakes, but agrees with former officials that harsh interrogations saved lives.

 

Fox news poll finds 81% of American voters expect ISIS to attempt US attack in near future, including 48% who thinks it’s very likely.  Meantime poll found 5% of voters want captured ISIS terrorists send to gitmo.  Pres Obama wants to shutter gitmo and fulfill 2008 campaign promise.  Yet 56% of voters want to keep it open, according to poll, up from 52% in June, but down from record 63% in 2013.

 

Mazda expanding its US recall of Takata airbags to the entire country, following similar action by Honda.  Mazda is complying with Fed regulator’s demands that automakers and Takata issue nationwide recalls for the defective airbags.  Takata airbags can inflate with too much force, spewing metal shards into passenger compartment.  At least five deaths and dozens of injuries have been linked to the problem worldwide.  Takata has refused to cooperate with the NHTSA demand for nationwide recalls, saying the problem is limited to high humidity states. 

 

Pres. Obama announces over $1B in public and private spending on programs for young learners.  He says early childhood education is one of the best investments we can make.  Spending program was announced Wednesday at day long White House Summit on early education.  18 States were awarded $250M in education dept grants.  On top of $500M health and human services dept funds for more than 40 states, to expand early head start and child care programs for youngsters three and under. Another $330M will come from dozens of corporations, foundations and individuals. 

 

Wbuse984 is praying for northern CA is preparing for powerful storm expected to bring hurricane force winds and heavy rains.  National Weather Service says as much as 8 inches of rain could fall on coastal mountains over 24 hour period starting late Wednesday.  Storm could also drop more than 2 feet of snow on ski resorts in the northern Sierra Nevada Mountains. 

 

Boosterbglee is happy to hear Pentagon is giving hundreds of troops thousands of dollars in back pay for flying airstrike and surveillance missions over Syria.  New defense dept memo designates Syrian airspace as a dangerous location so troops can now receive additional money when they fly through it.  Pentagon estimates 600 service members a week are entitled to the imminent danger pay, which will cost about $18,000 monthly.

 

Dow plunged 268 points to 17,534 at trading today on fears of freefall in the oil price will eventually lead to a global economic slowdown and financial collapse.  S&P 500 lost 34 points to 2,026 and Nasdaq dropped 82 points to 4,684.  Gold closed at  $1,225, silver at $17.10, copper at $2.90.  WTI crude oil at $61.40 and Brent at $64.75.

 

Oil price drops to five year low.  OPEC is near term and needs to do something like cutting oil production.  Oil is expected to go as low as $50/barrel.  Oil ETFs : Powershares DB Oil FD (DBO) down 3.87% closing at $18.13.  US Oil Fund (USO) also down 3.8%, closing at $23.28.  Oil stocks Exxon (XOM) and Chevron (CVX) are holding good at trading today, whereas Halliburton slipped 3.5%, closing at $38.12. Halliburton has lost 48% in the last 4 months.

 

Top oil trader Andi Hall, exits Phibro.  Andy Hall was chairman and CEO of Phibro since 1993.  Phibro current corp parent is Occidental Petroleum.  He runs own hedge fund, Asterbeck.

 

Apple anyone?? Apple watch is coming in 2015with diverse products which can get into high end stores and jewelers. iPhone 6 and 6Plus which can replace iPad mini will likely be strong but pullback in the second half of 2016.  Next generation of iPhone could be underwhelming.  iPad is coming back too with bigger iPad for enterprise market.  Apple is gaining market share from Samsung.  Piper Jaffray upgraded Apple to buy with new price target of $135/share. Starrider is going to wait for new iPad in 2015.

 

Rodandstaff hear bottled water is in demand.  It is predicted within 30 years water scarce could be 40% in fresh water deficit available to feed 9B people.  First and foremost is to conserve water and better usage of water and treating used water.  nestle waters north amcerica water scarce within 30 years could be 40% in fresh water deficit available to feed 9B people.  First and for most, conservation.. better usage of water and treating used water.

 

Uneek feels good finally Federal appeals court on Wednesday vacated the insider trading convictions of two former hedge fund managers stemming form trades in Dell and Nvidia.  Tood Newman and Anthony Chiasson were convicted in 2012 of trading on insider information.  The US 2nd circuit court of appeals ruled in part that there was a lack of clear evidence that the two knew the person giving the tip received any benefit from the trades.  This is a major blow to Manhattan US Attorney Bharara.

 

From Dinar Land :  Captl1 accompanied US Defense Secy Chuck Hagel to meet with PM Abadi who said Iraq needs more airstrikes and ammunition to fight ISIL. Hagel was greeted by American and Australian troops where he made a short speech saying that Iraqi security forces and Kurdish peshmerga are now fighting bravely assisted by US led coalition air cover led by Sandfly.  Both Abadi and Hagel agreed that ISIL has not been beaten but weakened and on the defensive in most areas.  Abadi also stated that the push to liberate Mosul, Iraq’s 2nd largest city is coming soon and that security forces are eager to gain control of the whole country.

 

Iraqi security forces and Kurdish peshmerga assisted by US led coalition airstrikes launched offensive attacks in several front killing and wounding scores of terrorists in Diyala province.  PM Abadi has appointed Lt. General Riyad Tawfic as the new commander of Nineveh operations.  Several members of parliament and high ranking officials expressed their confidence in Tawfic’s ability to lead the troops against ISIL. 

 

Calkid11 overheard US Lt. General James Terry said 1,500 more troops will be added to the 3,000 US troops now advising and training security forces.  Terry added these troops will not engage in actual combat. He didn’t specify the nationalities of these additional troops.

 

It is confirmed that Iran conducted airstrikes against ISIL positions near the Iranian-Iraqi borders.  The strikes were made at the request of PM Abadi for all countries to join to fight the terrorists.  US and Iran denied any cooperation in these airstrikes that are conducted over a 25 mile wide corridor near the borders. 

 

Iraqi Pres. Massoum told tribal leaders that the only way to defeat ISIL and their cohorts is to stand united regardless of sect of religion.  He said Iraqis must be loyal to Iraq first and foremost.  He added all sects, Kurds, Shiites, Sunnis must abide with national reconciliation document signed by all parties and that can be achieved by ongoing dialogue and compromise.

 

A western observer said ISIL evolves from Al Qaeda and the ideology of the late Osama Bin Laden but the danger it presents and the cruelty it displays makes Al Qaeda looks like a moderate organization in comparison. 

 

Drj gives thumbs up to PM Abadi in his strongest campaign against corruption said he started cleaning government institutions and the big wigs in the armed forces.  These big whales have caused so much damage to Iraq and endangering its security and stole public funds. Iraqi armed forces said it stopped paying approx 4,000 ghost soldiers who have military ID on record but they bribe their way not to report to their assigned duties and hold other civilian jobs.  Abadi added that he is aware of campaigns aimed to his downfall but he will not back down even under the threat of being assassinated.

 

Ministry of Oil said Iraq is losing 300K-400K bpd because of ISIL control in oil production areas in Kirkuk province.  Under normal circumstances the oil would have been exported via Turkish Ceyhan port.  The losses exceed $1B per month.  ISIL steals the oil and sells in black market at an estimated one third of oil price.  PM Abadi met with BP’s CEO Bob Dudley to discuss ongoing operations especially oil fields operated by BP in Rumaila and Kirkuk.  Chess is counting the barrels going to be pumped out of Kirkud and Rumaila once security is not an issue. 

 

Nfire predicts the free fall of crude oil prices is forcing officials at all levels to look for ways to save money.  Expenses have been slashed in order to keep deficit within a manageable margin.  A prominent financial analyst said the free fall of crude oil price is a blessing in disguise as it forces government and parliament to work on cutting unnecessary expenses, battle corruption and bring to the front the necessity of working on diversifying the country’s revenues.  In the long run, the oil slide will help in shaping Iraq’s priorities and to stop corruption especially in high levels of government and other institutions including the armed forces.

 

Minister of Finance Hoshyar Zebari talked to reporters about security, future plans for Iraqi’s economy in the next phases and stability of Iraqi dinar.  He stressed on the importance of adopting 2015 budget.  He has had meetings with IMF in Amman. He added it is important for Iraq to deal with the rest of the world honestly, clearly and with transparency.  Iraq is working hard to attract domestic and foreign investors.

 

Saudi Arabia is shuffling several ministers in their cabinet.  Observers and Saudi affair experts said the slump in crude oil prices and ISIL threat played a major factor in this sweeping changes.  The kingdom is attempting to shed its image as a stringent non-progreesive country as demonstrated by not allowing women to drive, etc.  ISISL issue is also shaping the way Saudi is thinking now. Genx4me thinks it’s about time Saudi moves to 21st century.

 

From Rumor Land :  Enorrste thinks a free float will bring the official rate and the street rate together overnight.  Jester believes things are moving around but no timing is given.  Wmawhite says they are going to live by 2015 budget sometimes in 2015, then things are going to have to change in our favor.  BGG thinks it can happen anytime between now and the first of the yar is an opportune moment.  Millionday thinks that the release of IMF is a turn of a page. Tim724 feels good for Q1 2015.  DC thinks Abadi will make short announcement to not cause an international stir and that will change the rate in Iraq. The US may take a few days to open this up, or they may use this as a signal to quietly release this to the internet right away.

The spin stops here J send your comments to #naditafile,  Dinar Thug is next, good night everyone J

 

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