Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan_ or email him at [email protected]
According to the Global Sustainable Investment Alliance, over $ 22 trillion of assets were managed under responsible investment strategies globally in 2016, up 25% from two years before. This is one of many statistics showing Environmental, Social and Governance (ESG) investing moving into the mainstream. We see 10 major trends contributing to the rise.
Together these ten factors are fuelling the rapid growth of ESG investing. It’s a trend we think will continue for some time. Alex Struc is a portfolio manager and co-head of ESG at PIMCO. Learn more about ESG investing at PIMCO from http://capitalisthq.com/10-reasons-esg-investing-is-growing/
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S&P futures point to a higher open following gains in Asian markets supported by stronger commodities but mostly European bourses, which are sharply higher following the €17 billion bailout of the two Veneto banks in Italy, the biggest taxpayer funded bank rescue in modern Italian history, as well as Dan Loeb’s activist campaign of the world’s biggest food company, Nestle which sent the stock up 5%, and finally Germany’s Ifo business climate index which hit new all time highs. Risk sentiment is broadly higher thanks to European equity markets which have rallied strongly from the open led by the Italian banking sector following the Veneto banks resolution. As shown in the chart below, EutoStoxx banks are about 2% higher as markets celebrate the return of taxpayer bailouts and the apparent death of Europe’s bail-in regime. The bailout capped a weekend in which Italy’s center-right parties were the big winners in mayoral elections on Sunday, in a vote likely to put pressure on the center-left government ahead of national elections due in less than a year. In the most closely watched contest, the northern port city of Genoa – a traditional left-wing stronghold – seemed certain to pass to the center-right for the first time in more than 50 years. The candidate backed by the anti-immigrant Northern League and Silvio Berlusconi’s Forza Italia party will get around 54 percent of the vote, compared with 46 percent for the candidate backed by the ruling Democratic Party (PD), according to final projections based on the vote count. However Italian BTPs rallied with domestic banks, ignoring mayoral election results, BTP/bund spread tightens 2.0bps and iTraxx Crossover tightens 2.5bps. As a result of Italy’s historic bailouts, default probabilities across virtually all Italian banks tumbled. The Stoxx Europe 600 Index rallied 0.7% led by food and beverage shares and Nestle SA after hedge fund Third Point announced on Sunday it had amassed a $ 3.5 billion stake in the region’s biggest company and was going activist. Nestle (25% of SMI) rose ~5% after Third Point took a $ 3.5b stake, providing further lift to risk sentiment. The MSCI Asia Pacific Index rose 0.2 percent, with Hon Hai Precision Industry Co. jumping 6.7 percent to lead an advance among technology shares. Taiwan’s Taiex index rallied 1.3 percent to the highest since 1990, while South Korea’s Kospi increased 0.4 percent to a record. Markets in India, Singapore and throughout much of Southeast Asia were closed for a holiday. Sterling declined as battle lines appeared to harden just a week into Brexit negotiations, and as Theresa May prepared to spell out how EU citizens living in the U.K. will be protected in Brexit. Large spike lower in spot gold, amid little news, became a market focus with USD rallying in tandem. USD/JPY well supported breaking towards 100DMA at 111.80. USTs consequently pressured lower with Eurodollar curve bear steepening. As noted earlier, the big story in commodities this morning was the larger order in Gold futures going through the CME, with up to 20k contracts hitting the yellow metal USD20.0 lower to hit levels just under USD1240. The timing of the move created the volatility, as in terms of volume, this was a relatively moderate amount when taking into account daily volumes, and many see this little more than an exercise in tripping stops through some notable levels on the charts. The 200dma circa USD1237.00 held firm though. On the day, we are still down net 1%, as is Silver, with Platinum and Palladium are also lower by a similar amount. Crude futures hold overnight gain, up 0.8% to trade around $ 43.35bbl. In FX, the yen fell 0.4 percent to 111.68 per dollar. The pound increased slipped 0.1 percent to $ 1.2710. The euro weakened 0.1 percent to $ 1.1182. The Bloomberg Dollar Spot Index rose 0.1 percent after three days of declines. In economic news, the German June IFO Business Climate rose to new all time highs, hitting 115.1 vs 114.5 est; Expectations also beat (106.8 vs 106.4 est); as did the Current Assessment at 124.1 vs 123.2 est. Over in the UK, a deal between Theresa May and the DUP was finally confirmed according to Bloomberg. Brexit Minister Davis stated he opposes EU demands that its judges retain ability to safeguard 3.2mln EU nationals living in UK after 2019 Brexit. Davis added that tourists will be guaranteed free health cover when they are on holiday in the EU. UK Press also reports that PM May will ensure that thousands of EU criminals will face deportation after Brexit as a key demand when she publishes a 15 page document detailing how she intends to protect the rights of 3.2mln EU nationals residing in Britain. ECB’s Weidmann said an extension of QE has not been discussed and that the time may be approaching for the ECB to exit stimulus if the Euro area economy develops as expected. In rates, the yield on 10-year Treasuries rose one basis point to 2.16 percent. U.K. benchmark yields were little changed at 1.03 percent. Italian yields fell three basis points to 1.88 percent. Bulletin headline Summary from RanSquawk
Market Snapshot
Top Overnight News
Asian equity markets traded higher across the board, following the mostly positive Wall St. close on Friday where tech outperformed and energy snapped a 4-day losing streak. In Asia, Nikkei 225 (+0.1%) saw minor upside after USD/JPY recovered from opening losses and ASX 200 (+0.1%) was also in the green as utilities and consumer staples kept the index afloat. Elsewhere, Shanghai Comp. (+0.6%) and Hang Seng (+0.4%) led the positive tone in the regions as financials outperformed, despite the PBoC refraining from OMOs for the 2nd consecutive session. 10yr JGBs saw minor gains amid the BoJ’s presence in the market for JPY 550b1n of JGBs mostly concentrated in the 5yr-10yr range, while the curve was mixed with outperformance in the belly. BoJ Summary of Opinions from June 15-16th said that Japan’s economy has been turning towards a moderate expansion and that the most effective way to reach inflation goal is to continue with the current monetary policy. BoC skipped open market operations Top Asian News
European equities begin the week on the front foot led by banking names after Italy began winding up two failed regional banks over the weekend in a deal that could cost the state as much as EUR 17bIn. Elsewhere, Nestle shares are at record highs this morning following reports that Third Point have purchased a USD 3.5bIn stake in the Co., also supporting L’Oreal shares as Nestle holds a 23% holding. This comes despite reports that Third Point may urge Nestle to offload their stake in L’Oreal. Across fixed income markets, EGB’s have been slightly dented by the risk on appetite, which the German curve has seen some modest underperformance in the belly of the curve. Within peripheral markets, BTP’s are outperforming Bono’s following the weekend bailouts of the troubled Italian banks. Top European News
In currencies, Monday has seen the usual order testing flow in the markets, with few leads to go off as the bulk of the data slate is stacked up towards the end of the week. Early EUR/USD tests through 1.1200 have failed to generate any fresh momentum, but this has come through a fresh bid in USD/JPY, taking the lead over the cross rates to a modest degree. GBP has pre-empted source reports suggesting a deal between the Conservatives and the DUP will be announced later today, Cable has struggled through the 1.2750 level as there is plenty of interest to sell on the upside with such a lengthy period of uncertainty ahead. EUR/GBP is pushing back to 0.8800 also, but in both cases, we can only see tight ranges — in relative terms playing out, but any announcement alluding to the above will see a GBP bid, temporarily at the very least. In the commodity linked currencies, we have seen some early signs of exhaustion in the NZD, but this may be coming through the AUD/NZD rate as we suggested, but the move above 1.0400 is sluggish as yet. NZD/USD continues to struggle ahead of 0.7300, but AUD/USD also faces resistance closer 0.7600. In commodities, the big story in commodities this morning was the larger order in Gold futures going through the CME, with up to 20k contracts hitting the yellow metal USD20.0 lower to hit levels just under USD1240. The timing of the move created the volatility, as in terms of volume, this was a relatively moderate amount when taking into account daily volumes, and many see this little more than an exercise in tripping stops through some notable levels on the charts. The 200dma circa USD1237.00 held firm though. On the day, we are still down net 1%, as is Silver, with Platinum and Palladium are also lower by a similar amount. Copper has given back some ground, but only after tipping USD2.65 in the move higher. Zinc and Lead outperform on the day however. Oil prices stabilising thankfully, with WTI now settling in the mid USD43.00’s, with Brent back above USD46.00 for now. No change in the overall drivers (US shale) in sentiment however, so we remain wary of the sustainability in current levels. Looking at the day ahead, this afternoon in the US the most significant release is the May durable and capital goods orders reports, while the Dallas Fed manufacturing survey will also be released later this afternoon. US Event Calendar
DB’s Jim Reid concludes the overnight wrap As we approach the dog days of summer it’s a real struggle to get very excited about much in financial markets at the moment with volatility so low. However there are a few things to watch for this week outside of the usual data points discussed at the end in the week ahead. One of the things to watch out for this week is a potential vote on the Republican’s healthcare bill. According to the FT the non-partisan Congressional Budget Office could release its assessment of the bill as soon as today. The Republican Senate majority leader McConnell suggested a vote could follow later this week. However it remains to be seen if McConnell has enough Republican senators on board with 5 senators supposedly still against the bill in its current form (can only afford 2 dissenters). One of the dissenters, Susan Collins, confirmed that she will wait to see what the CBO analysis today shows. So it’ll be interesting to see how this plays out. It’s worth noting that this also follows calls from House Speaker Ryan last week to push ahead with tax reform. So a potential spotlight is being placed back on Washington. Oil is another one to watch with all sorts of micro and macro consequences. WTI is now down -20.72% since closing at its YTD highs towards the end of February and actually -16.13% in the last 23 trading sessions (it is up 1% in the early going this morning however). Obviously this has huge medium term implications for the economy and central banks and with it asset prices. However of more immediate concern is the impact it’s having on US Energy credit again. The sector has now given up 6 months of tightening over the last month with our US strategist Oleg Melentyev detailing that spreads have widened by 55bps over the last 2 weeks adding to their previous widening of 50bps from early-May. Ex Energy there are small signs of contagion with US HY spreads 5bp wider over the last two weeks. However pretty much all of this is in effect driven by retail. At $ 43 oil, Oleg’s model shows fair value energy HY spreads being about 50-75bps wider from here. Every further $ 1 move lower in oil should produce 10bps in energy HY spread widening on top of the stated move to fair value. In their note from Friday they discuss how much lower oil can go before it becomes problematic to the broader HY market? To answer this question, they use a model they created in late 2014 to estimate the breaking point between WTI and potential pickup in credit losses and scatter the oil price to HY Energy Debt/ Enterprise Values. This relationship shows that D/EV is expected to stay inside 50% with oil over $ 40, and it could reach 55% at $ 35 oil. Historical evidence suggests that D/EV ratios at 60% or higher lead to a material jump in expected credit losses. See the following note for more on this. A reminder that in Europe we much prefer IG over HY on a valuation basis so perhaps the recent weakness in US HY may help this trade a little. Away from Oil the main piece of news to report from the weekend is the rescue of two Italian Banks. Both Banca Popolare di Vicenza and Veneto Banca are to have €5bn of taxpayer money pumped in to them with their “good” assets transferred to Intesa Sanpaolo for a token price. The vast majority of the €5bn will be for Intesa to allow it to maintain capital ratios. In addition Italy’s government confirmed that the state will make a further €12bn in additional guarantees available. The European Commission has since approved the plan. Italy’s PM confirmed that the lenders will be split into “good” and “bad” banks. Remember that this comes two weeks after Spain’s Banco Popular was rescued by Santander which presented the first test for Europe’s new European bank resolution mechanism. Bloomberg is reporting that senior bondholders for the 2 failed Veneto Banks will be protected while retail sub bondholders (who can be reimbursed up to 80% according to rules) will be fully refunded with Intesa filling the gap. The FT is reporting that around €4bn in shareholder equity and €1.2bn in junior debt will be kept in the liquidated bank and wiped out. Staying with Italy, exit polls and early projections from vote counts reveal that candidates from the centre right including former PM Berlusconi and Salvini (leader of far right Northern League) have won contests for muni elections in the cities of Verona and Genoa (a traditional left-wing stronghold) amongst other smaller towns. The early counts appear to mark a setback for the ruling Democratic Party with the Berlusconi bloc running at about 30% in nationwide polls and tied with the PD, although there is no suggestion yet that Berluscino and Salvini would be willing to form a coalition at the national level. In terms of other things to keep an eye on this week, one event which could be interesting is the annual ECB Forum on Central Banking in Sintra. The forum kicks off this evening and continues through to Wednesday and is more or less equivalent to the Fed’s Jackson Hole event. Mario Draghi is due to speak 3 times over the next couple of days however perhaps the most interesting part of it will be a policy panel on Wednesday afternoon (1.30pm BST) between the ECB’s Draghi, BoE’s Carney, BoJ’s Kuroda and BoC’s Poloz. Given that two of these Central Banks (ECB and BoE) have been the subject of much debate of late this could perhaps throw up one or two interesting snippets. Also of note on Wednesday is the results of the second part of the Fed’s annual bank stress test. The results of this test determine whether or not banks can increase dividends and share repurchases. As a reminder all 34 banks passed the first part of the stress test last week. So all that to look forward to. Before we get there though, the highlight of an otherwise fairly quiet session last Friday was the release of the global flash PMIs for June. Driven by a steep fall in the services reading (-1.6pts to 54.7; 56.1 expected), the composite reading for the Euro area declined to 55.7 for June versus 56.8 in May. That is in fact the lowest reading since January. That said the manufacturing PMI did surpass expectations after rising another 0.3pts to 57.3 (vs. 56.8 expected) and to the highest since April 2011. Regionally services sector declines saw composite readings for both Germany (-1.3pts to 56.1) and France (-1.6pts to 55.3) edge lower while the implied read-through to the non-core countries is an average 0.4pt decline. Our economists in Europe note that the data is however consistent with 0.7% to 0.8% qoq GDP growth in Q2 in the Euro area which represents upside relative to their 0.5% forecast. They also see the weaker June PMIs as a normalisation from elevated levels that overstated the underlying domestic momentum. That said, with evidence of some upward revisions to Q1 GDP data it may be that the survey-hard data gap is closing from both sides. Across the pond the flash PMIs in the US were also a little disappointing. Both the manufacturing and services readings slipped 0.6pts to 52.1 and 53.0 respectively, which resulted in an equal decline in the composite reading to 53.0 which matches March’s level. The only other data in the US on Friday was new home sales for May which rose +2.9% mom and a little less than expected. The end result of that data for markets was a modest gain for US equities with the S&P 500 closing up +0.16% and snapping a run of three consecutive declines. A more stable session for Oil prices (WTI +0.63%) was enough to help energy stocks bounce back and lead gains however in Europe we did see markets close a little off the pace with the Stoxx 600 ending -0.23%. This morning in Asia we’ve seen most bourses kick off the week on the front foot, helped in part by that further bounce back for Oil. The Nikkei (+0.12%), Hang Seng (+0.39%), Shanghai Comp (+0.56%), ASX (+0.06%) and Kospi (+0.37%) are all currently up while US equity index futures are also pointing towards a small positive start. With regards to the other news from Friday, there was a bit more Fedspeak to take note of. The Cleveland Fed’s Mester said that the recent soft inflation data had not changed her view that inflation is on a “gradual path upward”. The St Louis Fed’s Bullard spoke again and reiterated his concerns about the Fed’s projection of another 200bps of policy tightening, but indicated that the Fed could kick off the process of reducing its balance sheet as soon as September. Over to the week ahead now. This morning in Europe we’re kicking off in Germany where the June IFO survey is due out. This afternoon in the US the most significant release is the May durable and capital goods orders reports, while the Dallas Fed manufacturing survey will also be released later this afternoon. Tuesday kicks off in China with industrial profits data. In the UK we’ll then get the CBI retailing sales data before we then get the conference board consumer confidence, Richmond Fed manufacturing index and S&P/Case-Shiller house prices readings in the US. Turning to Wednesday, the early data in Europe includes France consumer confidence and Euro area M3 money supply. Over in the US on Wednesday we are due to get the advance goods trade balance for May, wholesale inventories for May and pending home sales for May. Thursday kicks off early in Japan with the latest retail trade report. In Europe we’ll then get consumer confidence in Germany, UK money and credit aggregates and confidence indicators for the Euro area. The afternoon will then see Germany release its flash June CPI print while in the US we’ll receive the third and final Q1 GDP report revisions and initial jobless claims data. We end the week on Friday with Japan employment data and CPI along with the China PMIs for June. It’s a busy end to the week in Europe too on Friday with CPI in France, unemployment in Germany, Q1 GDP in the UK (final revision) and a first look at Euro area CPI in June. A busy day concludes in the US with personal income and spending in May, core and deflator PCE readings, Chicago PMI and the final University of Michigan consumer sentiment reading for June. Away from the data the Fedspeak this week consists of Fed Chair Yellen tomorrow evening along with Williams, Harker and Kashkari also at various stages tomorrow, and Williams again on Wednesday and Bullard on Thursday. China Premier Li Keqiang speaks early tomorrow morning. Meanwhile the ECB forum which kicks off today will see Carney, Draghi and Kuroda all speak on Wednesday. Other things to note this week is the UK PM May’s speech this afternoon, US Supreme Court decision on Trump’s travel ban today, BoE stability report on Tuesday, the result of the second part of the Fed’s bank stress tests on Wednesday and UK House of Commons vote on Thursday. from http://capitalisthq.com/italy-bank-bailouts-send-european-global-stocks-higher-gold-flash-crashes/ The scandal surrounding CNN’s mishandling of a very fake news hit piece on President Donald Trump and his associates grows bigger on Sunday night as the network’s president Jeff Zucker and public relations team is refusing to comment to anyone — even to CNN media reporter Brian Stelter — about what happened.Stelter, in his Sunday evening newsletter named for the television program he hosts Reliable Sources, credited a Breitbart News investigation with forcing what he admitted is an embarrassing retraction for his employer CNN. “On Friday evening CNN.com fully retracted a story after questions were raised about the accuracy of the reporting and sourcing,” Stelter wrote:
But then, after calling this episode “an embarrassing moment for CNN,” Stelter dropped a neutron bomb on his own employer: He revealed that CNN is refusing to comment on or explain the matter, even to CNN. “The truth is, there’s still a lot we don’t know,” Stelter wrote. “On Saturday and Sunday I asked CNN PR for details and comment. A network spokeswoman declined to comment as of Sunday evening.” Stelter called for a full accounting of what went wrong so CNN can learn from its significant mistakes. “I sometimes complain to my editors about the layers of editing and oversight that exist at CNN,” Stelter wrote. “But these processes exist for good reasons. Determining what went wrong this time will help prevent future damage to the news organization…” Losing Stelter as a public defender, for now, is a huge moral loss for the network as this scandal grows bigger and casts a wider net internally. His voice joins others, like Breitbart News and BuzzFeed News, in calling for CNN’s public relations team to answer questions about the matter. As more in the media become aware of the scandal and get involved in covering it as well, especially now that the weekend is over and it’s not getting any better, insiders at CNN worry that this is spiraling out of control quickly.
But that’s not all: Now calls are coming for Zucker himself to stand before the public and press to address what exactly went down here. Debbie Dooley, a Georgia-based conservative activist with Main Street Patriots and organizer of recent protests against CNN outside the network’s headquarters this month, is calling on CNN’s president to address the network’s recent retraction scandal in an on-camera press briefing before the American public. “If Zucker demands President Trump’s team answer questions on camera, then he should be willing to hold an on camera press conference and take questions about the Fake News crisis at CNN,” Dooley told Breitbart News on Sunday evening. “Viewers and advertisers should demand it.” Dooley organized a sizable protest a few weekends ago at CNN’s Atlanta headquarters. The argument that Zucker should answer questions on camera in an on-record televised press briefing comes as CNN’s White House correspondent Jim Acosta and others at the network have whined repeatedly as White House press secretary Sean Spicer moved briefings off-camera this past week. Acosta and Stelter have hammered the White House for refusing to allow Acosta to aggrandize himself using Spicer or other White House officials as a foil at press briefings. Others in media, including ex-CNN anchors and reporters like Howie Kurtz and Ed Henry — both of whom are now at Fox News — have criticized CNN for Acosta’s and Stelter’s and others’ over-the-top reactions to the White House decision. Spicer himself, in an interview with Kurtz, said that Acosta’s silly games are “sad.” But, now the game that Stelter and Acosta have played with the White House seem to backfiring more on CNN at a time when the network cannot handle any more problems. “Why does CNN even care about on camera briefings when they run ridiculous made up fake news stories?” Dooley told Breitbart News. “I am really beginning to wonder if Baghdad Bob is calling the shots at CNN. Jeff Zucker should definitely answer questions about the lack of journalistic integrity at CNN.” Dooley added that more and more protests are planned outside CNN and that her growing group will continue to hammer the network President Donald Trump has identified as a “very fake news” network until they stop reporting fake news. “We plan on protesting CNN every month as long as they report fake news,” Dooley told Breitbart News. This crisis represents one of the biggest the network has ever faced. Late last week it was forced to retract the very fake news hit piece it ran on President Trump and his associates Anthony Scaramucci and Stephen Schwarzman. The piece inaccurately alleged that Scaramucci and Schwarzman were under investigation by the Senate Intelligence Committee and the Treasury Department for supposed ties to what is actually a completely normal Russian investment fund. It turns out that not only is the Senate Intelligence Committee not investigating the matter, as Breitbart News discovered from sources close to Senate GOP leadership, but the Treasury Department looked into the matter and determined unfounded allegations that originated with far-left-wing Sen. Elizabeth Warren (D-MA) to be “without merit.” Insiders have blamed Warren’s staff and the staff of Sen. Kamala Harris (D-CA) for pushing the very fake news to CNN, something CNN has not denied nor has Warren’s staff. Harris’s staff did deny the charge, but her spokeswoman’s claim of certainty that nobody in the office spoke to CNN or was involved in pushing this out — made just a couple hours after an initial request for comment — strains credulity since it would be highly unlikely the spokeswoman could have spoken with every Harris staffer in that timeframe. The now-retracted CNN piece, which was originally published late Thursday night, was deleted from the internet on Friday night originally without explanation. Then, an editor’s note was added to the original link announcing the retraction of the story. The editor’s note apologized to Scaramucci. “On June 22, 2017, CNN.com published a story connecting Anthony Scaramucci with investigations into the Russian Direct Investment Fund,” CNN said in the late Friday night editor’s note. “That story did not meet CNN’s editorial standards and has been retracted. Links to the story have been disabled. CNN apologizes to Mr. Scaramucci.” It’s worth noting that CNN did not apologize to Schwarzman or President Trump, or others maligned in the hit piece it retracted. More than two days later now, CNN has offered no public explanation for what it did or why, who was responsible, and what editorial changes will be made as a result. In fact, CNN has offered no public comment whatsoever other than the editor’s note appended to the retraction. And as a result of the network’s continued silence on the matter, it finds itself embroiled in scandal two days after the retraction in a mishandling of the matter that has now compromised the network’s coverage of the entire Russia scandal altogether. CNN’s president Zucker, both Breitbart News and BuzzFeed News have confirmed, is leading an internal investigation into what went wrong and who was responsible. As BuzzFeed reported, both Zucker and the head of HR at CNN are now “directly involved” in the internal investigation. The report from BuzzFeed also noted that “people will be disciplined” because the network’s handling of this scandal in the words of a CNN insider to BuzzFeed is a “massive, massive fuck up.” It is unclear if the reporter on the byline of the retracted story, Thomas Frank, has been disciplined in any way. It is also unclear if he is still employed by the network. Questions are also swirling around Frank’s use of social media to provide political advice to the House Democratic conference — something supposedly objective reporters are not supposed to do — another damning fact for which CNN has thus far had no comment. It is unclear which editors published the hit piece, who handled the retraction, why the retraction was done late Friday night, and whether consequences will be handed down to those people — and what such consequences will be. All these questions and more continue dogging CNN until Zucker and the network’s public relations team answer them fully and completely. CNN corporate spokeswoman Emily Kuhn has repeatedly refused to answer such detailed questions on the matter and is refusing to provide Zucker — the head of the internal investigation — for an interview. She has also refused to answer when asked by Breitbart News if Zucker will be, as Dooley is calling for, stepping in front of television news cameras for an on-camera press briefing on the scandal engulfing CNN. What’s more, CNN has apparently altered its internal editorial processes for all “Russia-related content,” per a staff memo that was leaked to BuzzFeed. “No one should publish any content involving Russia without coming to me and Jason [Farkas] first,” CNNMoney’s executive editor Rich Barbieri wrote in the internal email to all editorial staff. “This applies to social, video, editorial and MoneyStream. No exceptions. I will lay out a workflow on Monday. Thanks.” The email was headlined “IMPORTANT: Russia-related content.” Sources inside CNN tell Breitbart News that the leadership of the company is scrambling internally to determine who is leaking the information out of the network to news outlets like BuzzFeed News and Breitbart News, but they cannot find the leaks since hundreds of employees work there and most are upset with the way Zucker and others in senior management are handling this. What’s more, insiders say, the longer Zucker and CNN’s public relations team hold out in providing a clear, concise, and detailed explanation to the public about what happened, the more likely it is that Zucker himself will be dragged into the throes of this scandal. Some inside the network are hoping Zucker himself appears publicly to explain this and answer questions and clear it up once and for all. It remains to be seen if he will. But reporters, editors, producers, and anchors at the network alike are all concerned this badly mishandled scandal has now tainted anything the network covers on Russia, and they are worried that any scoops it would normally get will go to other news outlets instead. They fear that sources will cut them off because of the significant hurdles the new editorial processes will place in front of stories getting published, and even if reporters can compete with other outlets and get past the hurdles, this scandal stains all of the network’s Russia reporting. The restrictions on use of social media when it comes to “Russia-related content,” as revealed in the leaked memo, are also infuriating many CNN editorial staff who do not like the constricting nature of Zucker’s management. from http://capitalisthq.com/very-fake-news-scandal-consumes-cnn-as-jeff-zucker-network-flack-refuse-to-comment-on-russia-retraction-to-own-network/ Recently, we shed light on the number of children in the U.S. that accidentally killed themselves or another child in the last three years. As reported by USA Today, in most cases the initial cause is the presence of a loaded, unsecured gun in the home. As Statista's Martin Armstrong notes, data from Pew Research Center reveals that as much as 38 percent of gun owners in the States have a loaded, easily accessible gun in the home at all times. You will find more statistics at Statista An additional 17 percent said this is the case most of the time, while a minority 33 percent said that this never happens. The Pew poll also showed that for 67 percent of owners, a major reason for having a gun is for protection. While this desire is completely understandable, with an average of one child under the age of twelve dying due to an accidental firearms accident every week, the inherent risks for a family may outweigh the gains unless the weapon is securely stored. from http://capitalisthq.com/unlocked-loaded/ The New York County District Attorney, Cy Vance, said that if Republicans pass national reciprocity for concealed carry permit holders, it would help the Islamic State. The DA was referring to Richard Hudson’s (R-NC) national reciprocity legislation–HR 38, saying: “this bill is supported, I’m sure, by ISIS.” N.Y. District Attorney, Cy Vance perpetuated the disillusions of gun control by stating that concealed carry laws would be supported by ISIS, suggesting it would somehow be easier for ISIS to maim infidels if the infidels were armed… Via Breitbart:
National reciprocity is not about buying guns but rather mandating that all states recognize the rights detailed in the 2nd amendment, for the people to keep and bear arms for self defense or otherwise. It is disconcerting that the District Attorney doesn’t see how concealed carry laws have actually protected people from violence, and are not the cause of it. from http://capitalisthq.com/new-york-county-da-suggests-republican-efforts-to-pass-national-reciprocity-for-concealed-permit-holders-helps-isis/ Julian Assange, a man who has certainly taken his fair share of the blame for Hillary's loss last November, has just taken to Twitter to list out the 6 reasons why the "the Democratic party is doomed."
Assange's assessment is spot on and covers many of the themes we discuss on a daily basis. To summarize, Assange asserts that the Democratic party essentially severed ties with the working class long ago due to their inability to craft a cohesive political agenda. Identity politics subsequently took the place of a solid legislative agenda but that "short-term tactic has led to the inevitable strategic catastrophe of the white and male super majorities responding by seeing themselves as an unserviced political identity group." That said, in 2016, the failures of the Democratic party went well beyond an out-of-touch agenda as WikiLeaks managed to expose the outright corruption of the DNC and political elites that were, up until that point, held up as royalty. But, rather than tuck tail and run, the political elites of the Democratic party have attempted to hold on to their power base by recklessly pushing the "Trump-Russian collusion narrative" which is a "political dead end." In the end, Assange suggests that "the Democratic base should move to start a new party since the party elite shows no signs that they will give up power." Here is the full explanation from Assange:
from http://capitalisthq.com/assange-outlines-the-six-reasons-why-the-democratic-party-is-doomed/ by Lucas Nolan25 Jun 20170 CNNMoney Executive Editor Rich Barbieri has sent an internal memo to all staff instructing them that all Russia-related stories must be cleared by him or another high-ranking executive, following a Breitbart News investigation which forced the retraction of a fake news story claiming the U.S. Senate was investigating an associate of President Donald Trump for alleged ties to Russia.BuzzFeed’s Deputy News Director Jon Passantino tweeted a screenshot of a leaked internal memo from Barbieri to CNN staff instructing them that all future Russia-related stories must be cleared by him or the VP of Premium Content Video, Jason Farkas. The email, which was sent at 11:21 AM on Saturday, reads, “No one should publish any content involving Russia without coming to me and Jason [Farkas].” The memo continues, “This applied to social, video, editorial, and MoneyStream. No exceptions. I will lay out a workflow Monday.”
CNN issued a retraction for their now-deleted story this week following an investigation by Breitbart News, saying in a statement released Friday night, “On June 22, 2017, CNN.com published a story connecting Anthony Scaramucci with investigations into the Russian Direct Investment Fund. That story did not meet CNN’s editorial standards and has been retracted. Links to the story have been disabled. CNN apologizes to Mr. Scaramucci.” The statement was published on CNN’s verified Twitter account:
CNN’s piece was based entirely on information gained from one “anonymous source.” The article suggested shadowy connections between President Trump’s inner circle and a Russian investment fund:
During an investigation into the story, a source close to Senate GOP leadership confirmed to Breitbart News that the allegations made in the CNN article were entirely false and politically motivated by Democrats. Breitbart’s GOP source stated:
The full investigation by Breitbart News can be found here. from http://capitalisthq.com/leaked-cnn-memo-top-execs-to-review-all-russia-stories-after-very-fake-news-retraction/ According to BuzzFeed, which cites three anonymous sources, Russia is reportedly recalling Ambassador Sergey Kislyak, the man who dared to do his job and talk to US politicians and visible public figures, and who according to The Hill had “emerged as a focal point in the FBI probe into Russia’s election meddling.” While the Kremlin has not confirmed the report, BuzzFeed adds that Kislyak is scheduled to leave Washington next month, following a July 11 going-away party at the St. Regis Hotel, two blocks away from the White House.
Kislyak, 66, had been reported to be heading to New York to lead Russia’s delegation at the United Nations. If confirmed, his return to Russia will mark the end of his 10-year tenure as Russia’s leading diplomat to the United States and makes him another casualty of the growing controversy over the Russian activity. As readers are well aware, Kislyak has been a key figure in the growing investigation by a special counsel and multiple congressional committees into Russia’s interference in the 2016 presidential election that put President Trump in the White House. Two key Trump administration officials, Attorney General Jeff Sessions and adviser Jared Kushner, had meetings with Kislyak last year that they failed to disclose to congressional and federal officials. Sessions recused himself in March from any Justice Department investigation into the Russian interference, in part because of his unreported contacts with Kislyak. Ironically, all Kislyak was doing was, well, his job which is to meet with people like Sessions, Kushner and yes, even Trump. In May, the Associated Press reported that Kushner and Kislyak tried to set up a secret back-channel communications line with Russia that would have used Russian equipment. On May 10, Trump met with Kislyak and Russian Foreign Minister Sergey Lavrov in the Oval Office. During that meeting, Ray Locker reminds us that Trump reportedly shared classified intelligence information with the Russians and bragged about firing FBI Director James Comey, whom he called a “nut job.” from http://capitalisthq.com/russia-said-to-recall-ambassador-at-center-of-trump-controversy-report/ The Gateway Pundits Lucian Wintrich Calls Out Political Violence at DC Peace Rally (VIDEO)6/25/2017 Sunday, The Gateway Pundit’s Lucian Wintrich took the stage with Big League Politics’ Cassandra Fairbanks at the “Rally Against Political Violence” in Washington, D.C.The whole focus of Lucian’s speech was to disavow some of the violent tactics used by people on the right in getting Trump elected and the violent tactics employed by right-wing supporters since Trump’s election . . . Wintrich brought Fairbanks along as his official fact-checker since the MSM frequently calls out the Gateway Pundit for lack of adequate fact-checking. Wintrich brought up a number of instances wherein the right acted in disgusting, aggressive ways. Who can forget this instance Wintrich brought up?
Fairbanks jumped in to promptly correct Lucian, seeing as she was there as his fact-checker:
After the speech, Wintrich commented:
You can watch Lucian’s speech below along with a few other highlights from today’s rally: from http://capitalisthq.com/the-gateway-pundits-lucian-wintrich-calls-out-political-violence-at-dc-peace-rally-video/ When Carla Harris married in 2001, The New York Times described the bride as “a quintessential Type-A Wall Streeter — the sort of person who gets impatient for the sun to rise.” Harris’s characteristic charm and energy were front and center in Philadelphia at the 70th CFA Institute Annual Conference as she shared some of “Carla’s pearls” — hard-earned pearls of wisdom and career advice, gleaned from her nearly three decades on Wall Street. Harris, vice chairman of wealth management; managing director; and senior client adviser at Morgan Stanley, told her audience that everyone needs to cultivate performance currency and relationship currency — ideas she expands on in her book, Strategize to Win. Performance currency is simply delivering what was asked of you plus a little bit more. Relationship currency is created by spending time with people in your organization. Harris said performance currency will get you noticed, but it is your relationships that allow you to maximize your success. “Performance currency raises your profile and helps the conversation for finding a sponsor,” she said. “But over time, it experiences diminishing marginal returns. Why? Because you have created a standard of excellence. You’re expected to deliver. Now you need relationship currency, which is generated by the investments you make in the people in your environment.” Harris said that people often make the mistake of thinking their work will speak for itself. It won’t. “The work does not speak,” she said. “You must put your work in context, and the only way to do that is through the relationships you have in your professional environment.” Relationship currency is key to career progression. “Your ability to ascend will be a function of somebody’s judgment about whether you will ultimately be successful, and judgments are influenced by relationships,” Harris said. “People won’t spend their currency on someone they do not know.” “Performance currency may get you on the short-list of names discussed behind closed doors,” she added. “But when your name is called, if there is no one to speak on your behalf, they will move on to the next name. You must have someone who will speak on your behalf. Performance currency gives you the opportunity to move, but it is relationship currency that truly gives you mobility.” Harris said leaders are authentic and they portray what success looks like. People gravitate toward those who are comfortable in their own skin. “Authenticity is your competitive advantage,” she said. Harris defines the characteristics of a leader as: L = Leverage. There is no monopoly on intelligence, and good leaders need to leverage others’ experiences and intellect to achieve their goals. E = Efficiency. Successful leaders are clear about what success looks like for the team. “If you are not clear, you create a tremendous amount of frustration in the food chain. As the leader, it is your job to define what success looks like. When people know what they are playing for, they are motivated to outperform.” A = Authenticity. “This is at the heart of your power,” said Harris. “Your authenticity is your distinct competitive advantage; no one can be you like you can . . . Most people are not comfortable in their own skin, so when they see someone who is, they gravitate to that person. Bring your authentic self to the table and people will trust you.” D = Decisive, Diversity. The price of inaction is greater than the cost of making a mistake, Harris said. “You must be decisive as a leader. If you’re going to fail, fail fast.” Take the lesson and move on. Also, you must ensure your teams are diverse — diversity drives innovation. E = Engaged. Leaders must engage with their people. “Twenty-first-century leadership demands that you have a high degree of engagement.” R = Risk. “You must be comfortable taking risks,” Harris said. “Change is something you must embrace if you are going to lead in the 21st century.” If you are faced with a risk but are not sure whether to take it, ask yourself three questions:
If the answer is “yes” to all three, take the risk. For more of Harris’s pearls of wisdom, see “Five Battle-Tested Strategies for Success.” This article originally appeared on the 70th CFA Institute Annual Conference blog. Experience the conference online through the Virtual Link. It’s an insider’s perspective with archived videos of select sessions, exclusive speaker interviews, discussions of current topics, and updates on CFA Institute initiatives. If you liked this post, don’t forget to subscribe to the Enterprising Investor. Photo courtesy of W. Scott Mitchell Lauren FosterLauren Foster is managing editor of Enterprising Investor and co-lead of CFA Institute’s Women in Investment Management initiative. Previously, she worked as a freelance writer for Barron’s and the Financial Times. Prior to her freelance work, Foster spent nearly a decade on staff at the FT as a reporter and editor based in the New York bureau. Foster holds a BA in political science from the University of Cape Town, and an MS in journalism from Columbia University. from http://capitalisthq.com/maximize-career-success-pearls-from-carla-harris/ |
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