13 May 2014



Today’s Issue Cluster: US Economy

Drones – Filmmakers to Farmers Seeking Bonanza in Washington
Pipeline – Rocky Road for Canadian Oil
Mining – Platinum: South African police deploy as strike breaks


MAJOR DATA POINTS

Germany – May: ZEW Investor Confidence Falls; 33.1 from 43.2 / WSJ / AP / B*

US – Apr: Retail Sales Slow Sharply; +0.1% from +1.5% / WSJ / AP / B / R / r * *

US – Mar: Businesses boosted stockpiles; +0.4% from +0.5% / AP / r *

US – Apr: Import Prices Down; -0.4%, -0.3% yr / WSJ / r *

US – Apr: NFIB small business confidence back at pre-recession levels; 95.2 from 93.4 / R / r *


MARKETS

Bonds – Unholy EM trinity tempt investors with double-digit returns FT *

Bonds – Demand for long-dated Treasuries defies bearish signals FT *


ECONOMICS

US – Markets Watch, Warily, for a Small Bump in Inflation WSJ *

US – E-Retail Faces Patchwork of State Sales-Tax Laws WSJ *

US – Companies shifting headquarters abroad to protect growing overseas cash piles FT* * *

US – Tax Break ‘Blarney’: Companies Beat the System With Irish Addresses B * *

US – Corporations From GE to Apple Putting $2t to Work B

US – Breaking the Buck on Corporate Cash Piles WSJ *

US – Businesses are being destroyed faster than they’re being created wapo *

US – Job growth at small businesses, 1992–2013 bls *

US – Infrastructure a Broken system FT / FT / FT / FT * * *

US – A Fresh Look at the Building Blocks of Economic Growth wsj * *

US – Takeaways From New GDP-by-Industry Report wsj *

US – Agriculture’s 16% surge boosts US economy FT * * * * *

US – Essentials Getting More Expensive While Toys Getting Cheap a *

US – Median Household Income motw *


POLITICS & FISCAL POLICY

South Africa – Jubilant ANC faces sobering challenge on sick economy FT / WSJ

South Africa – Lack of Opportunity Frustrates Voters WSJ / FT * *

South Africa – ANC: Time to change track? FT * *

South Africa – A better place than in 1994, but it is going in the wrong direction E * * *


MONETARY POLICY



FINANCE

US – Holder Tightens the Squeeze on Banks WSJ / nyt

US – Regulators See Growing Financial Risks Outside Traditional Banks WSJ

US – Why Banks at Wal-Mart Are Among Top Fee Collectors WSJ *


REAL ESTATE



SERVICES

Ads – TV Dollars Slowly Shifting to Web Video WSJ

Ads – Automated Sales Need Work for TV WSJ *


MANUFACTURING

Drones – Filmmakers to Farmers Seeking Bonanza in Washington B *

Drones – FAA, Industry Clash on Rules for Unmanned Aircraft WSJ *


TECH

TV – AT&T Said in Advanced Talks to Buy DirecTV for About $50b FT / WSJ / B

TV – BSkyB’s plan to buy its European namesakes would leave it with a huge amount of debt FT / WSJ / R / FT / FT *


TRADE & TRANSPORTATION

Pipeline – Energy savings bill fails amid election politics FT / NYT / AP *

Pipeline – Ottawa defiant as UN deals blow to Gateway G&M

Pipeline – Rocky Road for Canadian Oil NYT


COMMODITIES

Mining – Platinum: South African police deploy as strike breaks R

Mining – Platinum: In India, Demand Takes Off WSJ *

Mining – Copper: Futures Surge to Two-Month High on China Hopes WSJ

Mining – Nickel: Extends gains on Indonesia export ban FT *

Mining – Indonesia: Gamble on ore export ban starts to hit home FT *


ENERGY & ENVIRONMENT



LABOR & EDUCATION

US – 85% of pensions could fail in 30 years USAT

US – Rahm Emanuel Faces New Test With Chicago Crisis WSJ *


HEALTH

Pharma – Drug output at heart of Pfizer deal debate FT / WSJ / NYT *

Pharma – Allergan warns Valeant bid would hit R&D FT / WSJ *

Pharma – China Scraps Price Caps on Low-Cost Drugs WSJ


ENDNOTES

The NBA Fan Map: Nets do better than Mets; Knicks Worse Than Yankees nyt * * *


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