TeluGlobe » Europe

70-68: No, this is not Basketball Score!

Mohan — Thu, 24 Jun 2010 22:52:34 +0000

John Isner of USA finally won the longest match in tennis history, which lasted for 3 days. The American hit a backhand winner to win the last of the match’s 980 points, and he took the fifth set Thursday against Nicolas Mahut, 70-68.

The first-round match took 11 hours, 5 minutes over three days, lasting so long it was suspended because of darkness – two nights in a row. Play resumed Thursday at 59-all and continued for more than an hour before Isner won 6-4, 3-6, 6-7 (7), 7-6 (3), 70-68.

Isner had 112 aces, and Mahut had 103 – previous record of aces was 78.

Man, I wish I saw this game live!

How Much Does Canceling Credit Cards Affect Your Credit Score?

Carnage!!

Mohan — Fri, 21 May 2010 01:35:38 +0000

Today (May 20, 2010) on Wall Street

The pounding continues in Asia (9:08 PM, May 20, 2010)

What is going on? Sovereign debt crisis, leading to disintegrating Euro, leading to major currency crisis. More on this on Friday, May 21st MMGL.

Brian Williams on Letterman About the Recent Crash

Bhanu Prakash — Fri, 14 May 2010 16:00:55 +0000

Here is the video that Mohan garu mentioned on MMGL

Now Spreading: Oil Spill in the Gulf and European Contagion

Mohan — Tue, 04 May 2010 12:38:22 +0000

In 1997 the Asian debt crisis was termed by the western media as “Asian Contagion.” The implication being – it is some sort of a terrible communicable disease from Asia. In the interest of ‘fairness’ I am calling the current European debt crisis, “European Contagion.”

Zero Hedge reports:

Now that Greece is thoroughly irrelevant, the market just told the ECB, the IMF, and the EMU to prepare another $1 trillion in bailout packages. The reason: the Greek bailout just made it abundantly clear the bond vigilantes have free reign to call the bureaucrats’ bluff whenever they see fit. The result: CDS of all non Greek PIIGS are now blowing out, and represent the top 4 names of all biggest CDS wideners for the day, each pushing a 10%+ change from yesterday. This movement wider will not stop until the IMF resolves to backstop all the PIIS ex. G. At this point nothing that happens in Greece is important, although the thing that will most likely happen is that the Greek government will fall imminently, killing the austerity package and destroying whatever credibility the EMU and the EU have left, but not before the IMF and the EU soak up another 110 billion euro in their slush funds. However, even with the bailout the Greek stock market is tumbling: the Athens Stock Exchange is now down 3.4% to just under 1,800. As we expected, the euro is about to breach 1.31 support. At that point, not even the US algos and the Liberty 33 traders will be able to prevent the contagion. And adding insult to injury is the latest rumor of an upcoming downgrade or very cautious language of Germany by the suddenly hyperactive rating agencies. When that occurs, you can kiss Europe goodbye.

Biggest CDS intraday movers (from CMA):

I don’t know what the ultimate damage from the spread of oil spill in the Gulf is going to be. But, I have a fairly good idea on the damage European contagion can do.

Big moves (relative to the last 6 months) in stock indices for the last few days is an indication of a big move. In theory, the move could be up or down. But, it is inconceivable to think that we will move higher after nearly 80% up move in a year.

Ladies and gentlemen, protect your capital!

BBC Report: Is Euro Crumbling?

Mohan — Wed, 10 Feb 2010 18:34:38 +0000

The problems in Greece have exposed structural problems associated with Euro as a currency. Several parallels are drawn between Greece and Bear Sterns: Greece problems are to sovereign debt as Bear Sterns problems are to mortgage debt. I am watching this unfolding crisis with disgust over two things: a) Wall Street corruption that has a lot to do with all these structural imbalances; and b) utter incompetence of US law makers and regulators in curbing the Wall Street corrupt practices;

BBC Report: ABCs of Greece Economic Problems

Mohan — Wed, 10 Feb 2010 18:15:59 +0000

As I have alerted earlier on this blog that the epicenter of a new financial storm is currently centered in PIIGS countries – specifically, Greece. The problem is simple – Greece borrowed heavily for Olympics related spending and other growth. About 30 Bil Euros of that debt is due or needs to be rolled over in Feb, and more in coming months. It is like digging new holes to cover old holes.

If you want to know what is happening in the world which could eventually affect you, watch this ‘must watch’ short BBC video which puts Greece problems in perspective. The narrative is clear and concise in explaining how problems in Greece are threatening the very viability of Euro as a currency.

El-Erian: Mind the Gap

Mohan — Thu, 04 Feb 2010 18:42:08 +0000

Few people with vested interest in financial markets openly say things that are worth listening to. Mr. Mohamad El-Erian of Pimco is one of the few financial gurus with some integrity left. He is telling us to be cautious in financial markets. Why? You can read more on his thoughts at Bloomberg, “Mind the Gap.” Or, just listen to him on this Bloomberg Radio piece.

Greek in Plain English: To Bailout or Not to Bailout

Mohan — Mon, 01 Feb 2010 00:31:00 +0000

In the next few weeks we will be hearing a lot about sovereign debt crisis for Greece. Debt crisis is derivatives crisis. Derivatives are Greek – a lot of Greek! I found this simple chart at Zero-Hedge and it explains the ramifications in a decision tree, and in simple English.

Fake Reporter Illustrates How Real News is Done

Mohan — Fri, 29 Jan 2010 22:47:36 +0000

If you watched news in US for a long time, you probably have an idea when Tom Brokaw or Dan Rather tossed to the reported and how the reporter filed a report. They all have a standard template. A template that is perhaps cooked-up in some ‘reputed school of journalism.’ All these news reports look serious and believable. I have been noticing that reporters on such Indian channels as NDTV are trying to emulate a typical western news reported.

Well, take a look at this UK comedy show host’s own report on reporting news. You won’t look at cut-away reports on TV news the same anymore. This is subtle but very very funny!!

Goldman, AIG and NY Fed Hearings Preview

Mohan — Tue, 26 Jan 2010 22:19:59 +0000

It has been widely reported that Goldman Sachs got a sweet-heart deal from the bailout arm of the US Treasury, courtesy the then Treasury Secretary Paulson and the NY Fed Chairman, Tim Giethner. Tomorrow’s hearings on Capital Hill about AIG bailout has already shed a lot of light on the skeletons in Goldman’s closet.

I said earlier that the former NY Fed Chair, Friedman belongs in jail. I just read this on NY Times about Friedman:

In his prepared remarks, Mr. Friedman, the former New York Fed chairman, said that he played no role in the A.I.G. bailout — not the initial $85 billion lifeline, nor the decisions to pay out the firm’s counterparties in full or withhold details of the rescue plan.

Quite a sleaze-ball. This story can get quite interesting.

Full Body Scanners at Heathrow

Mohan — Sun, 03 Jan 2010 22:51:36 +0000

Get ready to embrace being embarrassed more at airports. This news is via Financial Times (FT)

By Jean Eaglesham in London and Andrew England in Sana’a

Published: January 3 2010 16:24 | Last updated: January 3 2010 20:44

Travellers using London’s Heathrow airport will have to undergo checks by full-body scanners “as soon as practical”, BAA, the airports operator, disclosed on Sunday.

The move came after Gordon Brown, prime minister, committed Britain to using the controversial technology, saying airports had to “go further” on security measures following the failed Christmas day terror attack on a transatlantic passenger jet.

[Full Article]