MOVES-Morgan Stanley replaces North America head of macro trading – Bloomberg

Dec 12 (Reuters) – Morgan Stanley has replaced the head of its macro trading business for North America, Bloomberg reported on Thursday citing an internal memo.

Mitchell Nadel will be replaced by David Flowerdew, currently the head of U.S. rates, the report bloom.bg/34fzk3t said, citing people familiar with the matter.

The bank’s macro business, which deals in products tied to interest rates and currencies, is the subject of an internal probe into whether traders mismarked derivative positions tied to the Turkish lira that may have lost more than $100 million, according to the report.

Nadel, who joined the Wall Street bank in Japan in 2010, had a minimal role in the day-to-day operations of the derivatives business that executed the trades in question, the report added. (Reporting by Bharath Manjesh in Bengaluru; Editing by Shailesh Kuber)

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Montreal blogger who touted École Polytechnique gunman will have bail hearing next week

A decision on whether to grant bail to a Montreal blogger alleged to have glorified the gunman behind Montreal’s 1989 École Polytechnique killings is expected Monday.

Jean-Claude Rochefort made several rambling comments about being a political prisoner during a hearing today at the Montreal courthouse where he confirmed writing the posts in question.

Rochefort had been detained since Dec. 5 — the eve of the 30th anniversary of the anti-feminist attack in which 14 women were killed.

The 70-year-old faces charges of inciting hatred towards women after investigators found what was described as “disturbing” writing published under the pseudonym Rick Flashman on a “hateful, anti-feminist blog.”

Defence lawyer Marc-Olivier Carrier argued that Rochefort’s previous brushes with the law didn’t involve violence, and while his writings may be described as shocking, he doesn’t pose a threat.

The Crown opposed bail for Rochefort, citing a risk of recidivism given Rochefort’s arrest on similar charges a decade ago and the need to maintain the public’s confidence in the justice system.

Quebec Court Judge Serge Delisle will rule on the matter Monday afternoon.

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Scottish police officer has close call after truck falls on cop car

A Scottish police officer narrowly escaped death after a truck rolled over onto his patrol car on Tuesday.

Dashboard camera footage captured the harrowing incident in a video shared by Road Policing Scotland on Twitter.

The video begins with a view of the A1 highway near East Linton. After a few moments, a white truck can be spotted driving past and promptly tipping over onto its side, crushing the police car.

Barely a sound can be heard as the windshield cracks and the camera tips over, swinging from its vantage point before the footage ends.

In the tweet, the organization quoted the police officer as saying: “I took a deep breath, got out, checked that the driver of the lorry that had hit my vehicle was OK and got on the radio to colleagues for assistance.”

Easton was “cool as a cucumber” following the incident, according to Chief Supt. Stewart Carle, who also tweeted footage of the incident.

Carle said Easton contacted police after the crash, telling them: “We need to close the A1 now: a lorry has just toppled onto my patrol car. And I just polished it yesterday!”

The video shared by Carle also shows what happened from a different perspective.

Capturing the footage as it plays on a computer screen, Carle’s video shows the patrol car, with flashing lights, stationed beside what appears to be another overturned truck.

Another Scottish road policing officer confirmed on Twitter that all people involved in the incident are now safe.

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N.B. youth mental health centre moving to Moncton from Campbellton

New Brunswick’s health minister has decided to move the province’s youth mental health centre to Moncton from Campbellton.

A new facility was under construction in Campbellton but Ted Flemming halted that work earlier this year after provincial ombud Charles Murray called on the government to reconsider its plans.

Flemming says a new Moncton location for the youth mental health centre will be chosen, and former child and youth advocate Bernard Richard has agreed to help in that process.

Norm Bosse, the current child and youth advocate, says he’s pleased with the decision.

No timeline has been set to find the new location, and in the meantime, young people requiring mental health treatment will continue to be treated at the Restigouche Hospital Centre in Campbellton.

Flemming says $10 million will be spent in the 2020-21 capital budget to complete the new facility in Campbellton and use it to increase capacity for residential addiction rehab treatment.

This report by The Canadian Press was first published Dec. 12, 2019.


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Vehicles discovered in Otonabee River in Peterborough following crash

Police have discovered a second vehicle in the Otonabee River while recovering one from a crash in Peterborough on Wednesday night.

Around 6 p.m., the Peterborough Police Service responded to the area of Monaghan Road and Crawford Drive for reports that an SUV had entered the Otonabee River in the city’s south end.

Police say the man driving the vehicle made it to shore and was transported to Peterborough Regional Health Centre.

On Thursday morning, the OPP’s underwater search and recovery unit attended the scene and assisted city police in recovering the SUV.

However, during the recovery, divers also discovered a second car. That vehicle was removed from the river around noon.

City police say the investigation is ongoing with both vehicles.

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Grand River Transit schedule will change over holidays

We are about to enter the holiday break for schools which means Grand River Transit riders should be ready for a few changes.

The agency says some routes which serve the thousands of post-secondary students across the region will have reduced service, altered routes or adjusted times.

These changes will affect routes 7-13 (excluding Route 10) as well as routes, 18, 22, 29, 31, 55, 57, 61, 201, 203 and 206.

Routes 110, 9801, 9851 will not run during the Christmas period.

In addition, there will be changes across the network on Christmas Day, Boxing Day, New Year’s Eve and New Year’s Day.

On Christmas Day, the ION LRT will run every 30 minutes as will routes 7, 51, 201 and 302.

Routes 1, 6, 8, 12, 55, 56, 59, 60, 61, 202, 203, 204, 205 and 206 will offer service every 60 minutes.

On Boxing Day and New Years Day, most buses and the ION LRT will operate on a holiday service schedule.

On New Year’s Eve, service will be free after 6 p.m. while several routes will also offer extended evening service.

More information can be found on the Grand River Transit website.


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Wall Street hits high as Trump raises hopes of US-China trade deal

Share prices on Wall Street have surged to record levels after Donald Trump boosted hopes of an imminent trade deal with China.

The US president raised expectations that Washington was poised to abandon plans to increase tariffs on a fresh range of Chinese goods this weekend when he tweeted: “Getting VERY close to a BIG DEAL with China. They want it, and so do we.”

Trump made the comments before a meeting with his advisers to decide whether to go ahead or delay the imposition of duties on $160bn (£120bn) of Chinese consumer goods – including video game consoles, computer monitors and toys – from Sunday.

The two-sentence tweet prompted speculation that two months of negotiations, which would involve Beijing agreeing to import more US agricultural products and safeguard American intellectual property rights, were heading for a successful conclusion. In return, the US is considering reducing tariffs by up to 50% on more than $350bn of Chinese imports.

What is the China-US trade war about?

The roots of the dispute come from US president Donald Trump’s “America first” project to protect the US’ position as the world’s leading economy, while encouraging businesses to hire more workers in the US and to manufacture their products there.

Trump complains of a large trade deficit with China, which he views as a symbol of the US’s decline as a manufacturing powerhouse. Chinese imports to the US totalled $539.5bn last year, while $120.3bn was sold the other way – leaving a trade deficit of $419.2bn.

The president has accused Beijing of “unfair” trade policies, including allowing the theft of US companies’ intellectual property. The threat of import tariffs on Chinese goods is being used as leverage in talks where Trump is seeking changes to Beijing’s trade policy.

Tariffs have been imposed by Washington on some Chinese goods sold in the US for about a year. They came on top of broader tariffs used by Trump that have hit China and other trading partners such as the EU, Canada and Mexico, on goods including steel and aluminium.

In May 2019 the US president further ratcheted up existing import tariffs of 10% on $200bn (£153bn) of Chinese goods sold in the US to 25%, hitting everything on a long list of products. Trump has previously warned that 25% tariffs could be slapped on a further $325bn of goods  – which would mean all Chinese imports being covered by tariffs. 

However, talks in November 2019 aimed at easing tensions were welcomed as the beginning of a thaw in the trade war between the two nations.

Richard Partington and Jasper Jolly

Despite false dawns in the past, the hint that a deal was in prospect had an immediate impact on share prices, with the S&P 500 index hitting a record intraday high of 3,176.28 in early trading in New York.

The Dow Jones industrial average and the Nasdaq also rose amid optimism of a de-escalation in a trade conflict that has been steadily worsening since Trump announced his first set of protectionist measures in 2018.

Trade analysts said that while it was customary for the president to state that China was eager for a trade deal, it was unusual for him to say that the US also wanted an agreement.

Share prices rose because Wall Street believes a breakthrough in the trade talks will remove one of the most important barriers to faster global growth in a year when Trump will be battling for re-election. Stocks were also boosted by Wednesday’s decision by the US central bank, the Federal Reserve, to keep interest rates on hold.

Stock markets are likely to fall sharply if two months of talks aimed at producing an interim trade deal collapse and Washington goes ahead with a fresh tranche of tariffs this weekend. China has warned of retaliation in that event.

A spokesman for China’s commerce ministry said earlier this week: “The two sides’ economic and trade teams are maintaining close communication.”

In August, China said it would impose tariffs on $75bn of US goods in two batches. Tariffs on the first batch kicked in on 1 September, hitting US goods including soybeans, pork, beef, chemicals and crude oil.

The tariffs on the second batch of products are due to be activated on 15 December, affecting goods ranging from corn to small aircraft. China also said it would reinstitute an additional 25% tariff on US-made vehicles and 5% tariffs on auto parts that had been suspended at the beginning of 2019.

Willie Delwiche, an investment strategist at Baird, said it was too early to say the trade war was over. “What Trump is saying and what China is responding to would suggest that maybe we are more at a status quo level of a detente than at further deterioration in relationships.

“We want to see evidence that things aren’t deteriorating and if tariffs are getting delayed or rolled back, that’s evidence.”

Joe Saluzzi, of Themis Trading, warned that share prices would fall if a deal failed to materialise in the coming days.

“The market is definitely pricing in a trade deal, no question about it. You’ll probably get a ‘sell the news’, since it’s already priced in. If there is no deal, that will be a big problem on Monday.”

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Why This Analyst Is Staying on the Sidelines on Cisco

Cisco Systems Inc. (NASDAQ: CSCO) has been one of the weakest components of the Dow Jones industrial average so far in 2019, and according to one analyst this might not change anytime soon. A Nomura Instinet report is somewhat ambivalent on the stock despite Cisco’s recent unveiling of a new chipset family.

At its “Future of the Internet” launch event, Cisco unveiled a new chipset family and new operating system. According to Nomura, Cisco’s arguably overdue vision includes a single chipset family and a new software stack, and ultimately integrated optics will be a best-in-class platform across routing, switching and optical markets.

In a daring shift, Cisco will sell components directly on the merchant market. Nomura points out that it is generally skeptical of the link between announced technical leaps and financial performance. However, the firm also acknowledged the broad technical vision, bold new sales motion and strong customer partnership (including webscale) evident in the launch.

Nomura detailed in its report:

Five years of effort led to a chip family with leading performance and power metrics across switching and all routing classes (access, edge, core) for webscalers and operators. Cisco said many thought it impossible. It may well be, at least on a single chip; Cisco will have many variants of the Silicon One family. Nevertheless, Cisco’s suite is a commanding vision. The first chip, the Q100, will power the new Cisco 8000 router, which is due in early 2020.

Accordingly, a single software development kit across the chipset family should reduce future development time and customer operating expenses. Cisco said that it expects 39% lower operating expenditures and a 66% lower total cost ownership from the new 8000. The new software suite, IOS XR7, is different from what runs Cisco’s installed equipment and thus benefits should accrue slowly.

The earliest applications of the Q100/Cisco 8000 appear likely to be within service providers, though Nomura does not expect this to reverse Cisco’s sales declines in its Service Provider segment.

Nomura concluded by reiterating a Neutral rating with a $45 price target, implying miniscule upside from the most recent closing price of $44.28.

Shares of Cisco traded up about 2.5% to $45.40 on Thursday, in a 52-week range of $40.25 to $58.26. The consensus price target is $52.12.

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U.S. Business Debt Exceeds Households’ for First Time Since 1991

Explore what’s moving the global economy in the new season of the Stephanomics podcast. Subscribe via Apple Podcast, Spotify or Pocket Cast.

U.S. business debt exceeded that of households for the first time since 1991, a potential warning sign for the economy as corporate investment softens.

Nonfinancial companies boosted debt at a faster 5.7% annual pace in the third quarter to a total outstanding $15.987 trillion, while household borrowing slowed to a 3.3% rise to reach $15.986 trillion, Federal Reserve data showed Thursday. Federal government debt climbed 10.4%, the most since early 2018, to $18.9 trillion.

With the record-long expansion in its 11th year, Fed policy makers have indicated in recent months that they’re watching the corporate debt situation closely. Chairman Jerome Powell said in October that “leverage among corporations and other forms of business, private businesses, is historically high. We’ve been monitoring it carefully and taking appropriate steps.”

Powell also said at the time that “in the aggregate, the household sector is in a very good place.”

Corporate debt has ballooned with business investment declining for two straight quarters. While business investment has historically climbed when borrowing rose, companies now are increasingly using that credit to return money to investors.

The Fed data also showed net worth for households and non-profit groups increased $573.6 billion, or 0.5%, to $113.8 trillion after a 1.7% gain in the prior period.

U.S. stocks rose at a slower pace in the third quarter as threats of additional tariffs on China followed by more upbeat trade news whipsawed investors. Households’ holdings of real estate, a key source of wealth, rose to $32.9 trillion in the third quarter from $32.7 trillion as low mortgage rates, steady demand and an inventory squeeze continued to push up home values.

The value of equities directly and indirectly held by households and nonprofit groups eased to $30.3 trillion from $30.5 trillion in the prior quarter.

Consumer credit expanded an annualized 5.1% in the third quarter, while mortgage debt increased at a 2.7% pace.

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Recognize his voice? This musician sang in some of the most iconic movies

Musician discusses moment in church that changed his life: ‘I thought I was going to get spanked’

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Acclaimed inspirational vocalist Steve Amerson told the 'Fox & Friends' co-hosts that he realized during a specific moment in church as a child when he had a future in the music industry.

"I was standing next to my mom in Willow Branch, Indiana…I was singing, everyone was, and my mom looks down at me with this look," he recalled.

"I thought I was in trouble, I thought I was going to get spanked — worse than spanked — I thought I was going to be taken to the women's restroom to be spanked, but she told me later that I was singing harmony…I didn't even know it. I was four years old," Amerson said.

Now a sought-after studio singer and voiceover talent in Hollywood, Amerson's voice is featured in some of the biggest box office hits of all time, including “Jurassic World,”  “Home Alone,” “Indiana Jones and the Temple of Doom, "Men in Black," and Disney’s “Beauty and the Beast."

Amerson tracks are also featured in the iconic “Cheers,” “St. Elsewhere,” “Touched by an Angel," and "Star Wars."

Amerson spread Christmas cheer on "Fox & Friends" Thursday with his performance of  'Where Else Would a Lamb Be Born,' before he went backstage with the hosts in Fox Nation's "After the Show Show."

As an advocate for veterans and military issues, Amerson has performed at numerous Medal of Honor ceremonies, forging close bonds with the living recipients of the prestigious military award, he explained.

"I sing at a lot of Medal of Honor events around the country…and I've gotten to know most of the living recipients…and most of them are my friends," he said.

Amerson is also a regular worship leader for the historic Jefferson Gathering, the first weekly worship service to be held in the United States Capitol in nearly 150 years, where he pens personal notes to the legislators in attendance.

To view the full episode featuring an in-depth look at Amerson's road to success, join Fox Nation and watch "After the Show Show" today.

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Fox Nation programs are viewable on-demand and from your mobile device app, but only for Fox Nation subscribers. Go to Fox Nation to start a free trial and watch the extensive library from Tomi Lahren, Pete Hegseth, Abby Hornacek, Laura Ingraham, Ainsley Earhardt, Greg Gutfeld, Judge Andrew Napolitano and many more of your favorite Fox News personalities.

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