Another retailers declares bankruptcy, the trend continues as more and more retailers are ready to go bankrupt. During the holiday brick and mortar stores saw a dramatic drop in traffic. Factors order decline. Illinois Senate overrides the Governor and raises taxes. Corporate tax revenues are flashing a huge warning sign, this predictor is very accurate and is used to predict recessions, looks like the next one is right around the corner. Many individuals are worried because once a government official or a Fed head tells you everything is going to be ok, it normally turns out the other way around. People around the country are now making fun of CNN and are creating memes. Kathy Griffin was questioned for over an hour by the secret service. Austria brings armored vehicles to the border to stop an influx of refugees. US and South Korea hold drills after NK fires a missile. Trump calls an emergency UN Security Council meeting. Nikki Haley says the US will use force if it needs to. China and Russia are now taking control of the situation, they have created and plan to deal with NK, this does not sit well with the deep state, they want war. The Syrian forces are moving into central Syria and eradicating the IS. China and Russia want an impartial investigation into the chemical weapons attack. Russia is getting ready to release the terminator in Syria.
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Current News – 07.05.2017
- True Religion Apparel finally threw in the towel when it filed for bankruptcy protection, signing a pre-packaged restructuring agreement with most of its lenders.
- filed for Chapter 11 creditor protection in the U.S. bankruptcy court in the District of Delaware (case Case 17-11463), and listed assets and liabilities in the range of $100 million to $500 million (
- Moody’s list of which deeply distressed retailer will likely file for bankruptcy next.
- True Religion Apparel – men’s and women’s clothing
- Boardriders SA – sporting subsidiary of Quiksilver
- The Bon-Ton Stores – parent of department store chain
- Fairway Group Holdings – food retailer
- Tops Holding II – supermarket operator
- 99 Cents Only Stores – discount retailer
- TOMS Shoes – footwear company
- David’s Bridal – wedding dresses and formalwear seller
- Evergreen AcqCo 1 LP – parent of thrift chain Savers
- Charming Charlie – women’s jewelry and accessories
- Vince LLC – clothing retailer
- Calceus Acquisition – owner of Cole Haan footwear firm
- Charlotte Russe – women’s clothing
- Neiman Marcus Group – luxury department store
- Sears Holdings – owner of Sears and Kmart.
- Indra Holdings – holding company owner of Totes Isotoner
- Velocity Pooling Vehicle – does business as MAG, Motorsport Aftermarket Group
- Chinos Intermediate Holdings – parent of J. Crew Group
- Everest Holdings – manages Eddie Bauer brand
- Nine West Holdings – clothing, shoes and accessories
- Claire’s Stores – accessories and jewelry
- Gymboree – children’s apparel
- Prodco Retail Traffic Analytics have revealed that the US consumer continued to hibernate into the July 4th weekend with North American store traffic 8.1% lower in the week leading up to the July 4 holiday weekend, a steeper drop than the year-to-date trend of down “only” 6.6%. June has been extremely eventful month with additional store closures, bankruptcy filings, layoffs, acquisitions, management changes and exploration of strategic alternatives as retail industry undergoes a “broad-based transformation.”
- Despite all the exuberance over ISM ‘soft’ data, ‘hard’ data takes another hit today as Factory Orders for May tumbled 0.8% (worse than the 0.5% expected drop) for the biggest slide since November.
- This is the second monthly decline in a row, signaling Q2 GDP may be weaker than expected.
The biggest culrpits for the decline are:
- Defense aircraft and parts -30.8%, and
- Non-defense aircraft and parts -11.6%
- We’re gonna need moar war.
- the Illinois House had voted 72-45 to pass a 32% income tax hike (and a $36 billion spending plan), in an last ditch scramble to provide the state with its first budget in three years the Senate voted to approve the House tax hike and spending bill, then shortly after, Gov. Rauner – just as he warned he would – vetoed both the income tax increase and the budget bill and budget implementation bill….
- …. only to be himself overriden moments later by the Senate, as it took the drastic measure to end a record budget impasse.
- The 36-18 vote in the Senate on the tax hike came after a very short debate, Senate also quickly approved 39-14, would have the state spend a little more than $36 billion, about $4 billion more than it currently takes in from taxes. In other words, Illinois just “saved” itself from default but assuring it would end up with even more debt
- South Africa’s ruling African National Congress will propose that the country’s central bank, the Reserve Bank be nationalized and wholly owned by the state,
- By way of background, Bloomberg reminds us that the central bank’s currently has about 600 private shareholders who have no say over the setting of monetary policy.
- CNN is taking heat for threatening to publish the identity of a private citizen who posted a video lampooning the network.
- Redditor ‘HanAssholeSolo’ is credited as the creator of a clip showing President Trump beating up a man with a CNN logo superimposed over his face, which the President then tweeted on Sunday morning.
- In response, CNN and it’s MSM brethren caught the vapors – with pundits from the accusing the President of inciting violence against journalists.
- While the White House has said the video didn’t come from Reddit, CNN’s Andrew Kaczynski – a total dick, went on a deep dive, uncovering now-deleted posts from ‘HanAssholeSolo’ which the network deemed offensive. CNN decided not to publish the the user’s personal details, for now, because HanAssholeSolo has ‘showed his remorse’ for the ‘offending posts’ and ‘ugly behavior’ – effectively threatening to expose a private citizen if he doesn’t stay in line.
- HanAssholeSolo issued an apology on Reddit Tuesday, calling the video a “prank, nothing more.”
“The meme was created purely as satire, it was not meant to be a call to violence against CNN or any other news affiliation… …I had no idea anyone would take it and put sound to it and then have it put up on the President’s Twitter feed.”
- Finally – 4chan has declared WAR
- When Kathy Griffin posed for a photoshoot holding a fake decapitated, bloody head of President Donald Trump in June, she likely didn’t think about the wide-reaching implications of her so-called “joke.”
- While her controversial stunt resulted in some serious professional consequences, it also earned her a lengthy visit from the U.S. Secret Service.
- Secret Service agents reportedly tracked down Griffin and interviewed her in person for more than an hour. Further, the investigation into the bloody head debacle remains open.
- Griffin’s attorney, Dmitry Gorin, has claimed the comedian was merely exercising her “First Amendment rights to tell a joke.”
- “Sanctuary cities” across the country are pledging to make one million immigrants into U.S. citizens this year, partly as a response to the policies of President Donald Trump.
- According to the Washington Examiner, the initiative is being pushed by a group called “Naturalize NOW!”
- Italy summoned Austria’s ambassador after the government in Vienna announced it was ready to re-introduce border controls and deploy troops and armored vehicles along the border to block any migrant influx out of Italy. Austrian Defence Minister said that troops could go to the Brenner Pass and that four Pandur armoured personnel carriers had been sent to the Tyrol region with 750 troops were on standby.
- “We need to prepare for the migration development in Italy, and I expect very promptly that border controls will have to be activated and assistance requested,”
- Doskozil explained that “these are not battle tanks. These are armored vehicles without weapons which could block roads. These were already used during the refugee crisis 201/16 at the Spielfeld border crossing [with Slovenia],” just in case Italy got the impression that its northern neighbor was preparing to invade.
- Sec. State Rex Tillerson issued a statement, in which he said that “testing an ICBM represents a new escalation of the threat to the United States, our allies and partners, the region, and the world.”
- He said that the “U.S. seeks only the peaceful denuclearization of the Korean Peninsula and the end of threatening actions by North Korea. As we, along with others, have made clear, we will never accept a nuclear-armed North Korea.”
- Both China and Russia have urged North Korea and the US to both embrace a de-escalation plan that would see North Korea suspend missile tests in return for a moratorium on large US military exercises near North Korea. All signs are that this is a variation on past proposals already spurned by the US.
- China’s Foreign Ministry spurned US demands for them to do more with respect to North Korea, saying that they’ve been making “relentless efforts” to reach a settlement to resolve the North Korea dispute. They added that all nations should show restraint after North Korea’s ICBM test.
- The Financial Times article highlights an important point about North Korea. The negative growth of -1% of per capita GDP claimed by the Bank of Korea in Seoul, which is so obviously at odds with the true facts, reflects the uniformly negative reporting of North Korea by South Korea’s media and institutions. Many of the worst stories which circulate about North Korea, including the regular tales of power struggles and purges within the North Korean government, of corruption by Kim Jong-un and his entourage, and of economic failure and deprivation across the whole country, originate in South Korea,
- If North Korea really is achieving per capita annual GDP growth rates of 9% as claimed by the Hyundai Research Institute, and if salaries really have grown 250-1,200% over the last 10 years, then North Korea has the fastest growing economy in the industrialised world, and its people are seeing the fastest growth in real incomes in the world.
- That no doubt explains the growing self-confidence of the North Korean leadership and the genuine popularity
- One of the great problems of the West is that it always seem to struggle to recognise or adjust to a change of reality in any particular given situation.
- Just as the West imposed economic sanctions on Russia in 2014 in the completely mistaken belief that Russia’s economy is a house of cards – which is what it was in the 1990s – so the West still believes that North Korea is a basket case one step away from total collapse, as it also was in the 1990s.
- In the case of North Korea, what the West believes is the ‘magic bullet’ – Chinese sanctions – will never happen on anything like the scale the West wants or which would make a significant difference.
- South Korean Prime Minister Lee Nak-yon on Wednesday invited North Korea to take part in the 2018 Pyeongchang Winter Olympic Games despite tensions over North Korea’s recent missile test.
- Source: sputniknews.com
- For some unknown reason Barack Obama met with South Korea’s new leader almost immediately after he returned from a meeting with President Trump. The Korea Herald reports:
During the 40-minute talk, Moon shared the results of his recent summit with his incumbent US counterpart Donald Trump, asking for Obama’s advice on ways to advance the relationship.
- This could be construed as a violation of the Logan Act
- Any citizen of the United States, wherever he may be, who, without authority of the United States, directly or indirectly commences or carries on any correspondence or intercourse with any foreign government or any officer or agent thereof, with intent to influence the measures or conduct of any foreign government or of any officer or agent thereof, in relation to any disputes or controversies with the United States, or to defeat the measures of the United States, shall be fined under this title or imprisoned not more than three years, or both.
- Nevertheless the New York Times reports the history of prosecuting people under the Logan Act is well, slim:
- If Obama continues to stick his nose in the middle of delicate negotiations between the USA and other nations, should he be prosecuted under the Logan Act?
- Foreign ministers from Egypt, Saudi Arabia, the United Arab Emirates and Bahrain released statements following a meeting in Cairo on Wednesday, after the latest deadline they had set to Qatar expired on Tuesday night.
- The four Arab nations, locked in a diplomatic crisis with Qatar, dismissed Doha’s response to their demands as “not serious” and pledged to continue to keep the Gulf state under political and economic sanctions until it changes its policies. They also “expressed regret with regards to the negative response from Qatar, which showed complacency and non-seriousness to deal with the root of the problem and reconsider their policies and practices.”
- In other words, it appears that while nothing firm was decided, “the boycott will continue until Qatar changes policy” according to the Saudi.
- If there was any confusion whether in addition to Moscow, Beijing was also behind Assad, today all doubts were laid to rest when both Russia and China called on all involved parties “to support the efforts of the OPCW and the United Nations in investigating the alleged use of chemical weapons in Syria,”
- With some small pockets in northwest Nineveh and approximately a 100km long stretch of highway near the Euphrates River, the Islamic State’s forces will likely fall back to the border-city of Al-Qa’im, where they will attempt make their last stand in Iraq.
- Meanwhile, in Syria, the Islamic State is on the verge of losing Raqqa City and several important villages in the eastern countrysides of the Hama and Homs governorates.
- The Syrian Arab Army’s (SAA) recent advances in the Aleppo and Al-Raqqa governorates have paved the way for their forces to wedge the Islamic State (ISIL) terror organization in the central part of the country.
- With many units from the Tiger Forces making their way to the key town of Qomhana in the Hama Governorate, the Syrian Arab Army has shifted their attention to this province, as they look to expel both the Islamic State and Al-Qaeda linked rebel factions.
- the Russians have deployed one of their most unusual weapons systems there: the BMPT-72 Terminator.
- The BMPT-72 has its origins in the two Chechen wars, when the Russians decided that a heavily armed armoured vehicle was needed to support main battle tanks in dealing with infantry especially in built up areas.
- For some time it was recognised that armoured vehicles equipped with rapid fire anti aircraft cannon were devastatingly effective when used against infantry and in built up areas.
- The latest version of the Terminator – the BMPT-72 – packs a formidable punch, with two high velocity rapid fire 30 mm anti aircraft cannons and four Ataka anti-tank missiles, which can also be used to attack buildings, especially when equipped with thermobaric warheads.
- The number of Terminators Russia has sent to Syria is unknown.
- “The US is setting up its military bases in the territories that were liberated from Daesh
- the US is quietly creating a hostile military footprint inside Syria.
- By establishing a chain of airbases, military outposts and missile bases inside Syria, the US is illegally, stealth-occupying a sovereign nation. The number of US military installations in Syria has increased to eight bases according to recent reports, and possibly nine according to one other military analyst.
- US CENTCOM were quick to deny such a blatant violation of International law with familiar doublespeak that left room for the interpretation that the US was indeed preparing to empower its Kurdish proxies in their bid for “independence”, as well as Washington’s continued policy of arming and training various Sunni “rebel” fighters, many of whom are linked to Takfiri groups and terrorist groups including Al Nusra (al Qaeda in Syria).
- Erdogan warned that Turkey is ready to intervene militarily in north Syria to repel Syrian Kurdish forces there,
- “There has never been an incident where a group in the Middle East has been armed, and they returned the weapons,” Kurtulmus said. The United States “have formed more than a terrorist organisation there, they formed a small-scale army.”
- It will hardly be the first time the US has formed
- Russia’s military police may be deployed in buffer security zones in Syria
- “This issue has not yet been finally agreed. It will imply the status of de-escalation control forces,” he added.