Greetings to all!

International Developments

❖ “ Russia and China have vetoed a UN Security Council resolution proposing further sanctions on Syria, prompting an angry Western response.”

❖ He was a close collaborator of Israel and the US, and “Hosni Mubarak’s feared head of intelligence”. Omar Suleiman died today, aged 76, in the US. Wikileaks published “a series of leaked State Department cables that identified [Suleiman] as Egypt’s primary contact with the CIA and Israel”, and that put an end to any speculation Suleiman would be Hosni Mubarak’s successor.

International Economics

❖ “The Chinese government has agreed to buy investment stakes currently held by General Motors’ pension plan, in a deal that will make Beijing a sizable investor in many of the US and Europe’s largest private equity funds.” China will pay somewhere between $1.5 – $2 billion “for GM’s positions in blue chip private equity funds managed by firms including Carlyle Group, Blackstone and CVC Capital Partners.”

❖ Four banks are being investigated by regulators for their role in the Libor scandal: Credit Agricole, HSBC, Deutsch Bank and Societe Generale. Specifically, they are exploring evidence “of links between traders at all four banks and Barclays’ former euroswaps trader Philippe Moryoussef. . ..”

Money Matters USA

❖ Things are stalled: “The index of U.S. leading economic indicators fell more than forecast in June, a sign the U.S. economic expansion is slowing.” Sales of previously-owned homes fell “in June to an eight-month low, showing the recovery in residential real estate will take time to develop.” Additionally, manufacturing “unexpectedly shrank in June for the first time in three years . . ..” And, contrary to an expected 365,000 applications for unemployment insurance for the week of June 14th, the number of applications was actually 386,000.

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