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Wednesday, January 29, 2014

Claman On Call: Lenovo buying Google's Motorola handset business for nearly $3B

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Daily Market Update with Liz Claman

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Lenovo buying Google’s Motorola handset business for nearly $3B

Claman on Call: FBN's Liz Claman with an after-hours web-exclusive on the markets, Google's exit from the phone business, Facebook and Dow Chemical earnings and Flipboard's new look.

On Our Radar: News We're Following

Facebook Flies Higher on Across-the-Board Beat in 4Q
Lenovo to Buy Google's Motorola Mobility for $2.9B
Fed Continues Reducing Monthly Asset Purchases By $10 Billion
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Turkey's underwhelming shock-and-awe

After an emergency midnight meeting yesterday, Turkey's central bank acted in defiance of the country's prime minister and raised its overnight lending rate to 12% from 7.75%. The move came in the context of declines in the lira and other emerging market currencies. In the last year, the lira has fallen more than 20% against the dollar, and is down 4.25% in the last month.

The lira strengthened against the dollar after the announcement, but the gains proved transient and were gone just 16 hours after the announcement. The lira ended Wednesday essentially flat, down 0.22% against the dollar.

The NYT’s Jack Ewing and Landon Thomas Jr explain the central bank’s strategy: “Higher interest rates tend to push up the value of the lira, by offering a greater return on investments denominated in the Turkish currency”. The central bank, say Ewing and Thomas, is worried that a weak lira will drive up the price of imported goods, increasing inflation (which was 7.49% last year) and hurting growth.

Menzie Chinn thinks domestic political concerns explain the lira’s fall: Prime Minister Erdogan is at the center of a corruption scandal and has accused the not-fully independent central bank of representing an vague “interest-rate lobby” who want to harm Turkey’s economy. One government minister said that the rise in interest rates benefited those who wanted to "suck Turkey's blood".

Reuters’ Sumanta Dey thinks the Turkish bank’s move signals an end to “days of guided monetary policy, telegraphed by central banks and priced in by markets in advance”. The WSJ’s Paul Vigna calls it central bank “shock-and-awe”.

SocGen’s Benoit Anne, referring to the possibility of rising inflation, slowing growth, and an ever-more politically controlled central bank, says the decision avoids a “domino crisis”:

The policy response to severe financial stability risks was punchy, aggressive and credible. An amazing job overall... Is Turkey out of the woods? Not quite of course. There are still two major issues. On the domestic side, the political environment continues to be quite challenging, with little sign this will improve anytime soon.

Cullen Roche writes that his biggest worry isn’t Turkey at all. It’s that “we’re back in ‘crisis’ mode”, where every small flare up portends a coming implosion. Roche thinks Turkey is a distraction, saying that as “goes China so goes these emerging markets”. -- Ben Walsh

On to today’s links:

Smart Questions
"What does it meant for Apple to have a platform with a minority of users, indefinitely, in mobile? - Benedict Evans

Sad Declines
Two reasons why Detroit's jobs collapsed so much worse than other hard-hit cities - Eric Jaffe

Increments
Monetizing compulsion: Every time you pull to refresh, Twitter makes $0.001 - Zach Seward

Primary Sources
FOMC statement full text: the Fed reduces QE to $65 billion from $75 billion - Federal Reserve
Tracking the changes from the December to January statement - WSJ

Energy
The North Dakota oil boom in animated gifs - NPR

Equals
Moving the gender needle in tech: "We can do better" - Tim Bray

Interesting
“I’m tired of arguing about inequality” - Will Wilkinson

Says Science
It's almost as if "Got milk?" was just a really clever marketing ploy - Incidental Economist

Politicking
Enhancing the EITC is a good idea - Matt Yglesias

It’s Not Just Academic
Poetry-vs-prose argument leads to stabbing death in Russia - Gawker

Remuneration
Deutsche cuts banker pay 23% to help pay its legal bills - Bloomberg

Follow Counterparties on Twitter. And, of course, there are many more links at Counterparties.

 

 

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Chick-fil-A gives free food to motorists stranded in Southern snowstorm

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Chick-fil-A gives free food to motorists stranded in Southern snowstorm
Chick-fil-A gives free food to motorists stranded in Southern snowstorm

In Birmingham, Alabama, during a Southern snowstorm, stranded motorists were able to find shelter in the storm thanks to the kindness and generosity o...

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Strange building near Super Bowl site a symbol of fumbled opportunity Strange building near Super Bowl site a symbol of fumbled opportunity
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When Did Leo Become Such An Embarrassing Dad?

Once upon a time, Leonardo DiCaprio was such a heartthrob. Now he's kind of become a dad.

Leonardo DiCaprio was a total embarrassing dad at the Tokyo premiere of "Wolf Of Wall Street." Even Marty couldn't bear to watch.

After she won a Grammy, Lorde took out a full-page ad in the New Zealand Herald to say thanks to her fans.

Justin Bieber's on vacation in Panama. And he's been wearing trash bag shorts to the beach.

Rihanna photobombed the "Full House" guys. Well played, Rihanna.

IN OTHER NEWS...

"Vampire Academy" stars Zoey Deutch and Lucy Fry are best friends. But how well do they really know each other?

If you haven't watched Vin Diesel dancing to "Drunk In Love," there's still time!

Oh, Oprah. These outfits from your early career were really something.

Forget your haters, Lena Dunham. You're absolutely brilliant, and everyone should recognize that.

Same to you, Pitbull.

ONE LAST THING YOU NEED TO SEE...

In 2001, Moby and Natalie Portman dated. We just wanted to make sure you hadn't forgotten. (Photo by Theo Wargo / WireImage)

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Business Today: Wall Street falls after Fed sticks with taper plan

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01/29/2014
Reuters Election 2012 Daily round-up of the day's top news from the campaign trail, the White House and all the politics in between
Wall Street falls after Fed sticks with taper plan
NEW YORK (Reuters) - Stocks dropped more than 1 percent on Wednesday, hitting session lows after the Federal Reserve stuck with its plan to scale back stimulus even in the midst of emerging market turmoil.
Facebook fourth-quarter revenue rises more than expected
SAN FRANCISCO (Reuters) - Facebook Inc's fourth-quarter revenue jumped 63 percent, beating Wall Street targets, as the Internet company's mobile ad sales continued to accelerate.
Fed cuts stimulus as expected; Bernanke prepares to depart
WASHINGTON (Reuters) - The U.S. Federal Reserve on Wednesday announced a further $10 billion reduction in its monthly bond purchases as it stuck to a plan to wind down its extraordinary stimulus despite recent turmoil in emerging markets.
Qualcomm posts higher first-quarter revenue, shy of Street
SAN FRANCISCO (Reuters) - Leading mobile chipmaker Qualcomm Inc posted higher fiscal first-quarter revenue that slightly missed expectations as smartphone growth shifted from developed economies to China.
Starbucks promotes CFO to new post in e-commerce push
LOS ANGELES (Reuters) - Starbucks Corp Chief Executive Officer Howard Schultz on Wednesday said he was promoting Chief Financial Officer Troy Alstead to the new position of chief operating officer, allowing Schultz to focus on expanding the coffee shop chain's e-commerce business, particularly mobile payments.
Lenovo nears $3 billion deal to buy Google's Motorola unit
NEW YORK (Reuters) - China's Lenovo Group is nearing a deal to buy Google Inc's Motorola handset division for close to $3 billion, people familiar with the matter told Reuters on Wednesday, buying its way into a heavily competitive U.S. handset market dominated by Apple Inc.
Exclusive: Google close to settling EU antitrust probe - sources
BRUSSELS (Reuters) - Google is close to settling a three-year European antitrust probe with "much better" concessions to allay concerns over blocking rivals such as Microsoft from internet search results, two sources said on Wednesday.
Chrysler sets price guidance on $2 billion refinancing loan
NEW YORK (Reuters) - Chrysler Group LLC set pricing guidance on a $2 billion term loan as part of a $4.7 billion refinancing of the company's VEBA Trust note, sources said.
Ex-AIG CEO loses appeal of bailout lawsuit vs. N.Y. Fed
NEW YORK (Reuters) - Former American International Group Inc Chief Executive Maurice "Hank" Greenberg lost his appeal Wednesday in a lawsuit accusing the Federal Reserve Bank of New York of unlawfully bailing out the insurer at the height of the 2008 financial crisis.
Ericsson CEO Vestberg tells board he plans to stay: Bloomberg
STOCKHOLM (Reuters) - Ericsson CEO Hans Vestberg has told directors he has no plans to step down from the company following a report he is among candidates to take over from Microsoft Corp's Steve Ballmer, Bloomberg reported on Wednesday.
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