Friday, January 4, 2013

Busy January For Europe - Complete Monthly Event Calendar


Thursday, January 3, 2013

EES: Currency Markets mixed ahead of NFP

Data was released indicating that applications for jobless benefits increased 10,000 to 372,000 in the week ended Dec. 29, the Labor Department reported today in Washington. The Euro (FXE) was down on this news. It comes ahead of tomorrow's Non-Farm Payroll release, notably the most significant economic data release in currency markets (not including central bank or interest rate announcements).
The Euro and Yen (FXY) traded off their highs. The Yen has been on a downward spiral since a new government in Japan announced plans to strategically debase the currency.

Tuesday, January 1, 2013

2013 brings in new laws, new regulations

Some new laws in 2013:
  • Same-sex couples in Maryland will be able to marry.
  • California clergy members will not have to perform same-sex marriages if they object.
  • Partial birth abortion by physicians and non-physicians will not be performed in New Hampshire except to save the life of the mother.
  • Sex offenders in Illinois will not be able to dress up as Santa Claus or the Easter Bunny or give out candy during Halloween.
  • Employers in Oregon will not be allowed to advertise a job opening if they won't consider applicants who are unemployed.

Homeowners behind on their mortgage payments and negotiating with their banks to find a way to work things out won't have to worry about getting a surprise foreclosure notice.
Women will have expanded access to birth control, as registered nurses will be able to dispense contraceptives such as the pill.
Apartment dwellers concerned about the possibility of carbon monoxide poisoning will be able to breathe easier.
Employers will not be allowed to require workers or job applicants to divulge their social media accounts or provide passwords to them.
Those are among the legal changes in California that will kick in Tuesday as a result of some of the 876 laws signed by Gov. Jerry Brown in 2012. By historic standards it was a somewhat low number but was the most new laws put on the books in the state since 2006.
The following is a list of some new laws. More information on them is available by searching the bill number under "Bill information" at
- Bankruptcy protection: AB 929 permits debtors to keep items such as tools of their trade and an automobile so that they will be better positioned to engage in work or seek employment after going through a bankruptcy.
- Bear hunting: SB 1221 bars hunters from using trained dogs to track bears, chase them into trees and bay to summon hunters to shoot the bears.
- Birth control: AB 2348 authorizes registered nurses to dispense hormonal contraceptives such as the pill, patch and ring. Women will not have to see a doctor but will have to undergo a routine health assessment.
- Boat registration fee: AB 2443 requires owners of boats used in freshwater bodies to pay an additional registration fee of up to $10 — the precise amount is not yet set — to pay for inspection and infestation control programs to prevent the spread of invasive mussels in state waterways.
- Carbon monoxide: The final phase of a 2010 law, SB 183, starts Tuesday when owners of apartment complexes will have to have installed carbon monoxide detectors in every dwelling unit with a fossil-fuel-burning furnace or appliance, fireplace or attached garage.
- Drug overdose reporting: AB 472 allows any person to report a drug-related overdose to authorities or seek medical assistance for a drug overdose without being subject to arrest on suspicion of possession of or being under the influence of illegal drugs. People would not have immunity from prosecution for laws involving illegal sales or forcible administration of drugs.
- Electronic proof of insurance: AB 1708 allows drivers to use electronic proof-of-insurance documents displayed on mobile devices when asked for that information by a police officer responding to an auto accident or issuing a traffic citation. Motorists will continue to get paper proof-of-insurance forms from their insurance companies unless they request otherwise.
- Homeowners' bill of rights: SB 900 institutes new protections for homeowners seeking to avoid losing their homes to foreclosure. Among other provisions, it prohibits lenders from initiating the foreclosure process during the time an application for loan modification is being reviewed and requires lenders to provide homeowners with a single point of contact as they navigate their request for a loan modification.
- Legacy license plates: Under AB 1658, the Department of Motor Vehicles will start accepting applications for specialized licenses plates that replicate plates from the past. Styles from the 1950s, '60s and '70s will be available. The DMV will not begin production unless at least 7,500 are ordered.
- Off-road vehicles: Clarifying a previous law that goes into effect Tuesday and mandates that passengers in off-road vehicles must sit only in places designed by the manufacturer to be seats, AB 1266 removes a previous requirement that passengers in such seats have both feet on the floorboard.
- Pickets at funerals: SB 661 makes it a misdemeanor to engage in picketing targeted at a funeral from one hour before the services begin to one hour after they end.
- Religious attire: AB 1964 adds religious dress and grooming practices to categories protected by fair housing and employment laws.
- Same-sex marriage: SB1140 specifies that if same-sex marriages become legal in California, no priest, minister, rabbi or authorized person of any religious denomination could be required to solemnize a marriage that is contrary to the tenets of his or her faith.
- Social media: AB 1844 prohibits employers from requiring or requesting an employee or job applicant to disclose a user name or password for the purpose of accessing personal social media accounts, or to access his or her accounts in the presence of the employer. Employees cannot be discharged, disciplined or retaliated against for failing to comply with such requests.
- Sporting events: AB 2464 requires the owner of any professional sports facility, such as baseball stadiums or basketball arenas, to post written notices with a text message and telephone number that spectators may use to contact security to report disturbances or a violent act.
Read more:

Sunday, December 30, 2012

Shinzo Abe fuels fire of Currency War in Japan

What has been a building theme for some time, central bank intervention in the markets, is going to go into overdrive in 2013, with the brewing currency war among the major central banks as each tries to devalue its way to prosperity. But don’t blame central bankers (at least not completely). Political leaders deserve a big dollop of the blame as well.

The unappreciated spark to this currency-war trend is something noted today by Opinion page columnist Dan Henniger: “A reality has become too obvious for the world’s dazed inhabitants not to notice: The greatest threat to the upward arc of human progress is the collapse of public policy making. That is the biggest cliff of all.”

In Japan, they’ve elected the seventh prime minister in six years. In Europe, they’ve raised kicking the can to an art form. In the U.S., the fiscal cliff debate shows how deadlocked, and ineffective, the government has become. In the wake of this, central bankers are stepping into the breach.

Now, this isn’t necessarily a bad thing — for equities. Indeed, stocks have had quite a nice run since Fed Chairman Ben Bernanke launched his big quantitative easing program in March 2009. So long as the whole intricate Rube Goldberg machine doesn’t collapse, all this central bank pumping should be good for stocks. Indeed Wells Capital’s Jim Paulsen, one of the biggest bulls out there, sees the S&P 500 hitting a lofty, and record, 1700 in 2013.

In Japan, the new prime minister, Shinzo Abe, was put into office on a platform that was primarily based upon forcing the Bank of Japan to ramp up its stimulus efforts, indeed to run what amounts to unlimited easing until inflation hits a certain point (2%, in this case).

Not only is Abe pressing his thumb down on the BofJ, he’s also appointed a finance minister, former prime minister Taro Aso, who will be ready to spend all those freshly printed yen, as Dennis Gartman noted this morning:

With Mr. Abe pushing for aggressive fiscal spending and an aggressive Bank of Japan and with Mr. Aso at the helm of the Ministry of Finance…to which the Bank of Japan must report…it is certain the the bank will be forced to create yen that shall be spent aggressively and perhaps even shockingly over the course of the next several months.
It isn’t very different in Europe, where the Byzantine eurocrats seem able only to keep the euro crisis from spiraling out of control. In a long newspaper interview, Germany’s Jens Weidmann, president of the Deutsche Bundesbank, said “I find it strange that politicians, who should be leading the way and making the decisions, wish to file in behind us and be guided by us.”

Henninger gave a quick “no comment” to the fiscal cliff drama, but that is the best illustration of the failure of public policy: the United States, the world’s largest economy, is being brought to the brink because its political class can’t do two basic things: pass a budget and set tax tables. In the wake of that, the central bank is acting despite the misgivings of its leadership.

Bernanke has been cajoling, imploring, and warning D.C. about the dangers of inaction all year. He has been adamant about the fact that Fed policy can’t make up for political failures. But with D.C. unable to get past itself, the Fed is filling the vacuum as best it can.

As the world’s most important central bank, the Fed is leading the way on this one, and with Bernanke adopting an essentially unlimited stimulus program, other banks are following. Until the political class, however, gets its act together, it’s hard to see how or why the emphasis on monetary policy will wane.

Writing “come together” on the side of coffee cups is a nice gesture, but it’s going to take a lot more from voters to prod the squabbling politicians across the continents, and until then, central banks are going to be very active.

Deliverable Forex for payments and travel

Available products and services

For individuals
Buying a home abroad: No matter what the reason you're buying a property overseas for, don't forget the importance of the foreign exchange rate on your purchase.
Emigration: If you're in the process of emigrating, getting the best exchange rate and therefore the most for your money is crucial to your new life.
Overseas Education: Sending your children overseas to study can be daunting. We'll make sure that paying those fees in a foreign currency won't add to your worries.
Buying something special: Importing a new car, a boat, antiques or even wine? We'll make sure the foreign exchange doesn't spoil the pleasure of your purchase.
Regular Transfer Plans: Thousands of customers have joined the Overseas Regular Money Transfer Plan and enjoy the many financial benefits.
Online payments/transfers: Easy, fast, secure online payments. Manage your foreign payments from anywhere you have an internet connection.

Click here to order deliverable foreign currency

French court rejects 75 percent millionaires' tax

France's Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande's push to make the rich contribute more to cutting the public deficit.
The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households.

Friday, December 28, 2012

Will 'Fiscal Cliff' Accelerate Millionaire Deaths?

Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.
In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.
Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.
It may seem incredible to contemplate pulling the plug on grandma to save tax dollars. While we know that investors will sell stocks to avoid rising capital gains taxes, accelerating the death of a loved one seems at least a bit morbid—perhaps even evil. Will people really make life and death decisions based on taxes? Do we don our green eye shades when it comes to something this serious?

Marijuana Industry Support Grows - 2 Stocks To Own If It Hits

The news regarding the legalization of marijuana in several states hit usjust before the 2012 holiday season. While it is true that the focus of Washington, and much of the markets has been on the fiscal cliff, the legalization movement has been growing steadily.

Wednesday, December 26, 2012

EES: Euro Overvalued at current levels

Europe's demand for steel fell 8% in the last year, according to the world's largest steelmaker by volume.
Steelmaker ArcelorMittal (MTon Friday took a $4.3 billion write-down on the value of its flailing European division and said it sees little prospect for an improvement in the region's sluggish economy any time soon.
Luxembourg-based ArcelorMittal, the world's biggest steelmaker by volume, said the goodwill-impairment charge will be included in its fourth-quarter earnings. The news resulted in a downgrade by Fitch Ratings, the third by a ratings firm since August.
The significance of this information is that it shows that real demand for steel in the 'real' economy (manufacturing, shipping, etc.) is down, whereas in the U.S. it's up. For Europe, this is a bad economic sign. Similar to the Baltic Dry Index, a decline in steel indicates a decline in the real economy.

Monday, December 24, 2012

The gift of a clean computer - Happy Holidays from EES

Elite E Services would like to wish you and yours a happy holiday.

We thought about a great gift we could give our clients, partners, and friends.  What better than a gift of a clean computer?

Get CCleaner Free 

Latest Version


Cleans all areas of your Computer

Internet Explorer
Internet Explorer
Temporary files, history, cookies, Autocomplete form history, index.dat.
Temporary files, history, cookies, download history, form history.
Google Chrome
Google Chrome
Temporary files, history, cookies, download history, form history.
Temporary files, history, cookies.
Apple Safari
Temporary files, history, cookies, form history.
Recycle Bin, Recent Documents, Temporary files and Log files.
Registry Cleaner
Advanced features to remove unused and old registry entries

If you require something a little more in depth, we can recommend System Mechanic - save $20 by ordering through our coupon link below:

Get the new System Mechanic 11.5 for only $29.95 [normally $49.95]. Save $20! Coupon code: ELEVEN

Sunday, December 23, 2012

Holiday Specials Forex VPS Domains and Hosting

Happy Holidays - Get specials on Forex VPS, Domain Names, Web Hosting, and other electronic products from Elite E Services:

Order VPS from FX System Hosting CNS Forex VPS

$3.99 .US Domains - If you're looking for the perfect addition to your current registered domains — or looking for something fresh and easy-to-remember — .US is it. But remember, you must have a presence in the United States in order to register a .US domain.

$3.99/month Wordpress hosting - While WordPress makes it easy to create an amazing blog or website, our world-class Web hosting makes it just as easy to get the most out of your site. WordPress Hosting from Vector Informatics keeps your site running smoothly, even when your latest post goes viral, by automatically spreading traffic spikes across multiple servers. Plus, our advanced performance and security means your site is lightning-fast and your visitors are safe.

$4.99/month Website Protection Scanner - Site Scanner identifies malware links and security gaps on your website that could allow a hacker to steal information, vandalize your site or infect your customers. Our daily vulnerability scan looks for threats and gives you recommendations on how to fix them. Find a tough one? Call our hotline for FREE help from our security experts.

Thursday, December 20, 2012

Fiscal Cliff's Dirty Secret: It's Not About Taxes At All, But Too Much Spending

There's a lot of talk right now about an impending fiscal cliff. But we already went over a cliff economically in this country a long time ago.
The current debate over tax hikes is an empty one built upon a false premise. The debate is whether raising tax rates will address our current crisis. The premise is that it is a lack of taxation that has led to the crisis. Both are hopelessly wrong.
President Obama's proposed tax increases on the top 2% of earners would fund the federal government for about eight days. Even if we taxed Americans earning over $1 million on 100% of their income, we would raise only about $600 billion in revenue.
Taxing citizens at this level is a tyranny even Europe hasn't reached, and still it would only address about one-third of our deficit.
If one actually does the math, "taxing the rich" turns out to be no real solution at all, only fantasyland rhetoric.
Every dollar the government takes is another dollar used unproductively. Every dollar removed from the private sector and wasted in the hands of bureaucrats is a dollar that will not be used to purchase goods, to pay for services or to meet a payroll.
Every dollar the government ever takes — today, tomorrow and forever — is an attack on jobs and the economy.
Instead of sitting around trying to think of new ways to vote away someone else's money, Washington leaders should finally begin to address the real crisis that has threatened us long before the current handwringing: spending.
With a $16 trillion national debt and well over $1 trillion annually in deficits, we barreled over the edge of fiscal insolvency long before this month.

Breaking: NYSE sold to ICE for 8.2 Billion

NYSE-Euronext is a 220 year old icon of global finance, but its 12 year-old Atlanta-based rival, IntercontinentalExchange (ICE) will buy it for $8.2 billion, according to a deal that has just been announced.
This revelation surprised a lot of people on the Street who thought all the exchange horse trading of 2010-2011 was over. In 2011, for example, the Justice Department blocked ICE and Nasdaq's attempt to buy the NYSE. NYSE was also stopped from merging with Germany's Deutsche Borse.

Read more:

Monday, December 17, 2012

EES: Marijuana May Be The Next Big Growth Sector

We've all seen in the news US states such as Colorado legalizing and making marijuana smoking legal.
Public support for further legalization is building. There is also talk thatmore states could soon legalize. Since this is a new growth industry, we can only speculate in what direction it will grow. But what's clear, plans to keep Marijuana illegal have gone up in smoke.

Friday, December 14, 2012

Fed Targets Foreign Banks With Stricter Capital Rules

More than two dozen foreign banks with at least $50 billion of global assets would face stricter U.S. capital rules under a Federal Reserve plan that’s aimed at lowering risks to the financial system.
The Fed staff proposed that most of the banks also be forced to comply with more stringent liquidity rules and pass stress tests analyzing how they would fare in a severe economic downturn, the central bank said today in an outline of the proposal. The board will vote today on whether to seek public comment on the plan, which would take effect in July 2015.
Deutsche Bank AG (DBK), based in Frankfurt, and London-based Barclays Plc (BARC) would be among the institutions that would have to keep more easy-to-sell assets in the U.S. and face restrictions on distributing capital to parent companies. The Fed provided $538 billion of emergency loans to the U.S. units of European banks during the financial crisis, almost as much as it did to domestic firms. That increased political pressure on lawmakers and regulators to tighten rules for all lenders.

Monday, December 10, 2012

New FX Trade Repository Launch on Track

Testing is well under way for a long-awaited repository service that will store trade data for the $4-trillion-a-day global foreign exchange market, says the Depository Trust & Clearing Corporation, which expects to go live with the new system on schedule in December.
DTCC has been working with the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, to build the trade repository as part of a looming regulatory overhaul of global financial markets.
In the wake of the global financial crisis, the Group of 20 leading economies pledged three years ago to bring trading of over-the-counter derivatives onto exchanges or approved electronic platforms before the end of 2012. They also agreed to improve overall market transparency by reporting trade data to a global trade repository.
In an interview with Dow Jones Newswires, David Thomas, who is managing the project for DTCC, said it remains on course to meet this deadline.
"We've had around 22 firms in doing some form of testing and the majority of submissions are now successful," he said.

Europe clings to scorched-earth ideology as depression deepens

The strategy of triple-barrelled contraction across a string of inter-linked countries has been the greatest policy debacle since the early 1930s. The outcome over the last three years has been worse than forecast at every stage, and in every key respect.
The eurozone has crashed back into double-dip recession. It will contract a further 0.3pc next year, according to a chastened European Central Bank. The ECB omitted mention of its own role in this fiasco by allowing all key measures of the money supply to stall in mid-2012, with the time-honoured consequences six months to a year later.
The North has been engulfed at last by the contractionary holocaust it imposed on the South. French car sales crashed 19pc last month, even before its fiscal shock therapy -- 2pc of GDP next year. The Bundesbank admitted on Friday tore up its forecast on Friday. Germany itself is in recession.
The youth jobless rate has reached 58pc in Greece, 55.8pc in Spain, 39.1pc in Portugal, 36.5pc in Italy, 30.1pc in Slovakia, and 25.5pc in France, with all the known damage this does to the life-trajectory of the victims and the productive dynamism of these economies.
EU policy elites blame "labour rigidities". The United Nation’s economic arm UNCTAD counters that the EU demand for "wage compression" is itself perpetuating the crisis.