"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Wednesday, May 2, 2012

World News

Egypt
  • Eleven people were killed and more than 160 wounded after armed men[1] attacked protesters demanding an end to army rule in Egypt.
Germany
  • A court in Mannheim ruled that Microsoft has infringed Motorola Mobility's patents and has ordered that the Xbox 360 and Window 7 OS be removed from the German market.  A US district court has granted an injunction preventing Motorola from enforcing the court order, though, and the ruling is not expected to have a significant impact on Microsoft's European sales.
Greece
  • Standard and Poor's has upgraded Greece's credit rating from "selective default" to "CCC".  That still leaves them on a scale between "garbage" and "why are you buying this?", but it is an improvement.
North Korea
  • Lee Kyung-woo, deputy director of the Korea Communications Commission, has charged North Korea with jamming the GPS navigation systems on at least 250 domestic South Korean flights.
United States
  • A "source familiar with the process" reports that the roadshow for Facebook, Inc's initial public offering is scheduled to start on May 7.  If true, this means that the company could be going public as soon as May 18.  Facebook has declined to comment.
  • Charles "Skip" Pitts died in a Memphis hospital at the age of 65.  You know him as the blues guitarist that played the the theme music for Shaft.
  • Five men have been charged in an alleged plot to blow up a bridge 15 miles from Cleveland.
  • The SEC has charged Kevin Sepe and ten associates with having conducted "pump and dump" schemes with two microcap securities.  Six of the individuals involved have already agreed to approximately $3.2 million in settlements - about three times the alleged earnings.
 
[1] And the Egyptian government wants to assure you that they were "unidentified thugs", not soldiers.
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