Sunday, July 05, 2015

Greek “NO” Monday

“You can have your democracy for as long as people have no right to voice their opinion.”

[Real Owners of countries]

 

It seams that Greeks decided that definition is wrong – my hat off to them.

 

This is the start of the end game for lawyers who define economic policies – house of cards is starting to fall apart.

Friday, July 03, 2015

Your money is safe in the banks…NOT

FT reports, Greek banks are considering a depositor bail-in that could see deposits above €8,000 haircut by "at least" 30%.

Via FT:

Greek banks are preparing contingency plans for a possible “bail-in” of depositors amid fears

The plans, which call for a “haircut” of at least 30 per cent on deposits above €8,000, sketch out an increasingly likely scenario for at least one bank, the sources said.

A Greek bail-in could resemble the rescue plan agreed by Cyprus in 2013, when customers’ funds were seized to shore up the banks, with a haircut imposed on uninsured deposits over €100,000.

It would be implemented as part of a recapitalisation of Greek banks that would be agreed with the country’s creditors — the European Commission, International Monetary Fund and European Central Bank.

“It [the haircut] would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme,” said one person following the issue. “This is not something that is going to happen immediately.”

Greek deposits are guaranteed up to €100,000, in line with EU banking directives, but the country’s deposit insurance fund amounts to only €3bn, which would not be enough to cover demand in case of a bank collapse.

With few deposits over €100,000 left in the banks after six months of capital flight, “it makes sense for the banks to consider imposing a haircut on small depositors as part of a recapitalisation. . . It could even be flagged as a one-off tax,” said one analyst.

Thursday, July 02, 2015

Robot kills worker at Volkswagen plant in Germany

 

Contractor was setting up the stationary robot when it grabbed and crushed him against a metal plate at the plant in Baunatal

Volkswagen worker

An investigation is under way into whether human error was to blame for the death of a contractor at the hands of a robot at a Volkswagen production plant. Photograph: Joerg Sarbach/AP

Associated Press in Berlin

Wednesday 1 July 2015 21.48 EDTLast modified on Thursday 2 July 201504.22 EDT

 

A robot has killed a contractor at one of Volkswagen’s production plants in Germany, the automaker has said.

The man died on Monday at the plant in Baunatal, about 100km (62 miles) north of Frankfurt, VW spokesman Heiko Hillwig said.

The 22-year-old was part of a team that was setting up the stationary robot when it grabbed and crushed him against a metal plate, Hillwig said.

He said initial conclusions indicate that human error was to blame, rather than a problem with the robot, which can be programmed to perform various tasks in the assembly process. He said it normally operates within a confined area at the plant, grabbing auto parts and manipulating them.

Another contractor was present when the incident occurred, but was not harmed, Hillwig said. He declined to give any more details about the case, citing an ongoing investigation.

German news agency DPA reported that prosecutors were considering whether to bring charges, and if so, against whom.

 

Read entire article here

 

The answer I’d like to know – was it outsourcing company that took care of programming?

Monday, June 22, 2015

Sunday, May 03, 2015

A restructuring and H-1B use affect the Magic Kingdom’s IT operations

[THAT IS WHAT WE, AMERICANS, LET TO HAPPEN]

Fury rises at Disney over use of foreign workers

At the end of October, IT employees at Walt Disney Parks and Resorts were called, one-by-one, into conference rooms to receive notice of their layoffs. Multiple conference rooms had been set aside for this purpose, and in each room an executive read from a script informing the worker that their last day would be Jan. 30, 2015.

Some workers left the rooms crying; others appeared shocked. This went on all day. As each employee received a call to go to a conference room, others in the office looked up sometimes with pained expressions. One IT worker recalls a co-worker mouthing "no" as he walked by on the way to a conference room.

What follows is a story of competing narratives about the restructuring of Disney's global IT operations of its parks and resorts division. But the focus is on the role of H-1B workers. Use of visa workers in a layoff is a public policy issue, particularly for Disney.

Disney CEO Bob Iger is one of eight co-chairs of the Partnership for a New American Economy, a leading group advocating for an increase in the H-1B visa cap. Last Friday, this partnership was a sponsor of an H-1B briefing at the U.S. Capitol for congressional staffers. The briefing was closed to the press.

READ THE REST HERE

Wednesday, April 01, 2015

market to correct?

Watching /es 2015 level, 100 ema was being pocked one too many times, setting tight stops for my long index positions