McConnell Says "We Do Need" Another Covid Aid Package, But "Unlikely In Next Three Weeks"

McConnell Says "We Do Need" Another Covid Aid Package, But "Unlikely In Next Three Weeks" Tyler Durden Fri, 10/09/2020 - 10:03 With headline-scanning algos focused only on soundbites related any new stimulus deal and changes in the probability of a fiscal stimulus getting done soon, moments ago stocks were whiplashed when moments ago Senate majority leader Mitch McConnell said during an event in Kentucky that "we do need another Covid-19 aid package", but then immediately poured cold water on "optimism" when he warned that a new stimulus deal is "unlikely in the next three weeks." New stimulus deal "unlikely in the next three weeks" McConnell saying in event in KY — Erica Werner (@ericawerner) October 9, 2020 McConnell also said that there's "widespread agreement airlines need aid" and added that the economy is struggling to get back to normal. The KY Senator then reiterated that he hasn't seen Trump in person since August but they speak almost every day. "The telephone was invented in the late part of the 19th century and it works quite well." McConnell also refused to say when he was last tested for covid. "Have I ever been tested? Yeah. But am I going to make a daily report? No. It's not necessary." Of all those, algos only cared about the first, and amid some initial confusion... ... sent the Russell 2000 - which had benefited in recent days amid surging "stimulus optimism" -lower... ... while the dollar posted a modest bounce.
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Microsoft Allows Employees To "Permanently" Work From Home

Microsoft Allows Employees To "Permanently" Work From Home Tyler Durden Fri, 10/09/2020 - 09:12 One of the most significant changes forced by the virus pandemic has been companies allowing their employees to work from home. A couple of months after Microsoft unveiled its plans to reopen US offices in January 2021, the software maker is now letting some employees work from home on a "permanent" basis, according to The Verge.  Microsoft's new internal guidance on remote working, viewed by The Verge, outlines the workplace of the future, or rather the "hybrid workplace," that allows "employees to work from home freely for less than 50 percent of their working week, or for managers to approve permanent remote work."  The Verge noted some employees "will be able to easily take advantage of the less than 50 percent working from home option," though certain roles within the company might find remote working challenging, or near impossible to transition to remote permanently. Microsoft said specific roles within the company would require those to return to the company's offices. Those who work in hardware labs, data centers, along with in-person training, will still need access to buildings.  Under the "hybrid workplace," employees will be allowed to relocate domestically with approval from management. There are options for certain employees, that could allow them to work remote in foreign countries. "While Microsoft employees will be allowed to move across country for remote work, compensation and benefits will change and vary depending on the company's own geopay scale. Microsoft will be covering home office expenses for permanent remote workers, but any that decide to move away from Microsoft's offices will need to cover their own relocation costs. Flexible working hours will also be available without manager approval, and employees can also request part-time work hours through their managers," The Verge said.  Earlier this week, Microsoft CEO Satya Nadella said online meetings could make employees tired and make it difficult to focus.  "When you are working from home, it sometimes feels like you are sleeping at work," Nadella said.  Microsoft unveiled a new product that attempts to address this problem, called Together Mode, where participants are on video calls in a virtual space.  Of course, with Microsoft becoming the latest big tech company to throw support behind a future of "flexible" work, the tech industry is positioning itself to use this as another 'perk' to attract the 'top talent' from America's colleges - while JP Morgan pushes Wall Street to call employees back to the office - regardless of the risks - for fear of diminishing "creative intelligence." 
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US Security Adviser O'Brien Warns China Against Attack On Taiwan

US Security Adviser O'Brien Warns China Against Attack On Taiwan Tyler Durden Thu, 10/08/2020 - 22:30 We detailed Wednesday that China's state-run Global Times issued a major threat, saying China should "fully prepare itself for war" with Taiwan in the event it restores diplomatic relations with the United States. The tabloid's chief editor Hu Xijin wrote in his latest English language op-ed that "We must no longer hold any more illusions. The only way forward is for the mainland to fully prepare itself for war and to give Taiwan secessionist forces a decisive punishment at any time." On the same day National Security Advisor Robert O'Brien addressed just such a scenario at an event hosted at the University of Nevada in Las Vegas, describing as summarized by Al Jazeera that China is “engaged in a significant naval build-up probably not seen since Germany’s attempt to compete with Britain’s Royal Navy prior to WWI.” “Part of that is to give them the ability to push us back out of the Western Pacific, and allow them to engage in an amphibious landing in Taiwan,” O'Brien said. “The problem with that is that amphibious landings are notoriously difficult.” Taiwanese Army exercise, via US Naval Institute As he specified this includes the fact of about a 100-mile distance between the mainland and Taiwan, adding to difficulties of a well-organized amphibious landing. “It’s not an easy task, and there’s also a lot of ambiguity about what the United States would do in response to an attack by China on Taiwan,” he said, referencing also that China hawks in Congressed have introduced the Taiwan Invasion Prevention Act bill. More directly he was referencing the US longtime posture of 'strategic ambiguity' regards defending Taiwan. “You can’t just spend 1 percent of your GDP [gross domestic product], which the Taiwanese have been doing – 1.2 percent – on defense, and hope to deter a China that’s been engaged in the most massive military build up in 70 years,” he said, during a week where Taiwan's defense spending was up for question at the US-Taiwan Defense Industry Conference. O'Brien proffered a strategy that militarily Taiwan needs to “turn themselves into a porcupine” because ultimately “Lions generally don’t like to eat porcupines.” It didn't take long for Chinese state media to respond in what it called out as Taiwan's "weakness": Meanwhile, after much of a year which has witnessed Taiwan's Air Force scramble its jets dozens of times, and conduct deterrence exercises and aerial patrol missions, Taiwan's Minister of National Defense Yen Teh-fa on Wednesday announced the island has spent nearly $900 million scrambling its jets in response to PLA warplane incursions and provocations. In the end it appears that the message from Washington continues to be that Taiwan should dramatically boost defense spending, because it's anything but clear that the Pentagon will be there when the Chinese military machine comes calling.
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Ghislaine Maxwell Hires Lawyer Who Once Represented Osama Bin Laden's Henchmen

Ghislaine Maxwell Hires Lawyer Who Once Represented Osama Bin Laden's Henchmen Tyler Durden Thu, 10/08/2020 - 12:06 Birds of a feather, flock...well, you know the expression. The expression looks like it could certainly be the case when it comes to hiring attorneys, as well. Ghislaine Maxwell, longtime associate and accomplice to Jeffrey Epstein and suspected child sex trafficker, has hired the same "New York Super Lawyer" that once represented one of Osama bin Laden’s henchmen, according to RT. Maxwell has hired Bobbi Sternheim to join her legal defense team ahead of her upcoming trial in 2021. Sternheim specializes in ‘litigating difficult and complex cases,’ according to her website. According to the report, she has represented clients involved in all types of crime, including "racketeering conspiracies, international terrorism, capital murder, and inter-state transport of pornographic media." She represented Khaled al-Fawwaz, who was accused of playing a role in the twin bombings of embassies in Kenya and Tanzania in 1998 where 224 people were killed. Her client was sentenced to life in prison. We can only hope that "Ghis" is as lucky.  Sternheim also defended Minh Quang Pham, who was ordered by al Qaeda to carry out a suicide bombing at London's Heathrow Airport. He was sentenced to 40 years in prison in 2016. Interestingly enough, and as was pointed out on a recent podcast, Maxwell isn't facing any crimes pertaining to engaging in sex acts herself with the minors. Independent reporter Whitney Webb of The Last American Vagabond, who is currently writing a book on the Epstein scandal, spent an hour explaining the details of Maxwell's arrest back in July: Instead, Maxwell is going to be fighting charges of "Conspiracy and seduction of minors to travel to and participate in illegal sexual acts; Seduction of a minor to travel to and participate in illegal sexual acts; Conspiracy to transport minors to participate in criminal sexual acts; Transport of a minor to participate in criminal sexual acts; and two counts of perjury." Maxwell awaits a 2021 trial.  
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Hurricane-Stricken Louisiana Braces For Delta Landfall Friday

Hurricane-Stricken Louisiana Braces For Delta Landfall Friday Tyler Durden Thu, 10/08/2020 - 11:18 Hurricane Delta is quickly traversing the Gulf of Mexico after making landfall over the Yucatan Peninsula on Wednesday. The Category 2 storm recharged in the overnight hours, with the National Hurricane Center warning of further intensification ahead of landfall on Friday along the Louisiana coast.  According to the NHC's latest tropical update, Delta has maximum sustained winds of about 100 mph and moves northwest at 15 mph. The storm is about 425 miles from Cameron Parish, Louisiana. The storm could strengthen to a major hurricane –­­ Category 3 - ahead of landfall.  As of 0900 ET Thursday, Delta's track remains unchanged, with the storm's path likely to cross near Lake Charles. Lake Charles is the area where Category 4 Hurricane Laura ripped apart houses and buildings in late August.  Governor John Bel Edwards points out some existing damage by Laura has yet to be permanently removed.  "All that debris could become missiles in really strong wind," said Edwards, who also said many residents could experience "anxiety" about another storm hitting the area.  "We don't want a hurricane to hit anywhere, but we know that the area that is least prepared and ready for a storm happens to be southwest Louisiana," he said. Edwards said President Donald Trump approved his request for federal emergency funds and resources to assist the area. The storm's potential impact, as described by NHC, could result in a "life-threatening storm surge" along portions of the Northern Gulf Coast on Friday.  Storm Surge Peak Surge Wind Speed Probabilities Storm Track Rainfall Total Flash Flooding  With Delta expected to intensify into a Category 3 storm, the oil and gas industry wasted no time this week, shutting down offshore rigs and pulling workers.  "Regarding the Gulf developments, NHC stated that Hurricane Delta has restrengthened into a Category 2 hurricane with hurricane conditions and life-threatening surges expected to begin along portions of the Northern Gulf coast on Friday, whilst BSEE's estimations yesterday suggest that Hurricane Delta has shut-in 80% offshore crude oil production (prev. 29%) and 49% of natural gas output (prev. 9%) in the Gulf of Mexico – with Shell and Chevron the latest companies to all halt operations in the vicinity," Ransquawk noted.  Delta Approaching Offshore Oil And Gas Assets There are nearly eight weeks of hurricane season left, Delta making landfall Friday could break the 1916 record of nine hurricanes making landfall on mainland US in a given season. As readers may recall, a super active season is primarily due to La Nina conditions. 
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Amidst Historic Ratings Plunge, NBA Commissioner Says League Likely To Pull 'Black Lives Matter' Messaging Next Year

Amidst Historic Ratings Plunge, NBA Commissioner Says League Likely To Pull 'Black Lives Matter' Messaging Next Year Tyler Durden Thu, 10/08/2020 - 10:00 It's amazing how when ratings plunge and ad revenue starts to dry up, moral crusades go right back out the window... Such is the case for the NBA, which has spent the better part of its shortened season on a political crusade on behalf of Black Lives Matter, leading to a sharp plunge in ratings that we have documented here on Zero Hedge. NBA Commissioner Adam Silver appeared to confirm early this week that Black Lives Matter messaging will be pulled from the court and from players jerseys next year. According to The Blaze, Silver alluded to the messaging being removed despite the league being "completely committed to standing for social justice and racial equality."  He said implementing the change is "something we're gonna have to sit down with the players and discuss." He told Rachel Nichols of ESPN: "I would say, in terms of the messages you see on the court and our jerseys, this was an extraordinary moment in time when we began these discussions with the players and what we all lived through this summer. My sense is there'll be somewhat a return to normalcy — that those messages will largely be left to be delivered off the floor." The NBA has seen its ratings (and likely its ad revenue) plunge to historic lows this year amidst the league's decision to focus more on politics.  It appears that viewers are no longer interested in the political and social justice messages of the NBA but rather were tuning in for (believe it or not) actual basketball. As the balance of the league has tipped from less sport to more activism, viewers are tuning out. We noted days ago that Game 2 of the NBA Finals saw a major collapse in viewers, with just 4.5 million people tuning in. This is down 68% from last year's game two, which Outkick notes, "featured a team in Canada".  In fact, the ratings made Game 2 the least watched NBA Finals game on record, dropping below the 7.41 Game 1, which was the lowest viewed finals opener in history.  We have not only been documenting the NBA, but also documenting the recent ratings collapse that the NFL has suffered in the midst of also turning its league into a political movement over the last few months.  Get woke, go broke!
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Vatican Used Donation Money To Fund Extremely Risky Bet On Hertz Credit Derivatives

Vatican Used Donation Money To Fund Extremely Risky Bet On Hertz Credit Derivatives Tyler Durden Thu, 10/08/2020 - 09:04 A couple of weeks after Cardinal Angelo Becciu, second-in-command of the Vatican's powerful Secretariat of State, resigned amid burgeoning financial scandals, another scandal has emerged, this time it involves the Vatican using some donation money, intended to help the working poor, to bet on the creditworthiness of now bankrupted US rental car company, Hertz. FT broke the story on Thursday, citing documents, shows how the Vatican, under Becciu's management, used donation money to purchase structured notes linked with credit default swaps as part of a gambling bet Hertz wouldn't default by April 2020. Hertz filed for bankruptcy on May 22, due to the economic downturn spurred by the virus pandemic, which allowed the Vatican to "narrow escape on the investment, which paid out in full," FT said.  In 2018, the Pope, highly critical of global capitalism or mostly unfettered capitalism, warned about the dangers of the CDS market, and its role in the 2008 financial crisis. He specifically warned about the bundling and re-bundling of CDS products into structured debt. "It is obvious that the uncertainty surrounding these products . . . makes them continuously less acceptable from the perspective of ethics respectful of the truth and the common good, because it transforms them into a ticking time bomb ready sooner or later to explode, poisoning the health of the markets," Pope Fancis said in a 2018 statement. FT said there was no evidence that suggests the Pope knew about the Hertz investment, which was held in an account in Switzerland and made by a third-party. This comes after Becciu resigned from his position last month following an allegation of "misappropriation". The Pope was out last Sunday, blasting trickle-down economic policies, raising the alarm over the rapidly increasing inequality crisis that has been exacerbated by the virus-induced global recession.  "The marketplace, by itself, cannot resolve every problem, however much we are asked to believe this dogma of neoliberal faith," the Pope said in a letter to church leaders. "Whatever the challenge, this impoverished and repetitive school of thought always offers the same recipes." Before bashing financial markets, maybe the Pope should review the Vatican's portfolio before making statements about credit and debt products. 
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