Business

Back in January 2015, when we looked at the utterly disconnected fundamentals of the energy sector, we were stunned to note that the forward 12-month P/E for the Energy sector has risen above 22.4, the first time it had done so since April 8, 2002. On that date, the closing price of the Energy sector was 225.15 and the forward 12-month EPS estimate was $10.05.

Our amazement was contained in the following summary: "using the S&P Energy Sector Index data, the sector's forward multiple is now an absolutely ridiculous, mindblowing 23x."

Submitted by Simon Black via SovereignMan.com,

On Friday March 15, 2013–just over three years ago–people across the entire nation of Cyprus went to bed believing that everything was OK.

The next morning they woke up to a different reality.

It turned out that their banking system was totally broke. After suffering enormous losses, banks no longer had sufficient liquidity or capital to maintain customer account balances.

In case you missed it, DM central banks are locked in a truly epic FX deathmatch.

Sluggish growth and trade and the attendant global deflationary supply glut have left the world stuck in a nauseating, perpetual hangover from the financial crisis. Subpar inflation and disappointing growth have become the norm in developed markets and that’s lured central bankers into a mad Keynesian dash for the bottom.

A group of Anonymous hackers who call themselves ‘KarmaSec’ have leaked data from a Japanese zoo in protest against animal abuse and brutality in Japan. In a tweet, the group claim they had hacked into the server of Japan’s Yamaguchi Prefecture Tourism Promotion Division’s website. AnonHQ reports: The group targeted the Akiyoshidai Safari Land Natural Zoo located in Yamaguchi, and threatened to release even more data if the zoo did not release all of its animals. They appear to have even more incriminating data. Release ALL of the animals! Warning you is too late.

A Texas demolition team tore down the wrong building and blamed their mistake on Google Maps. The company said the demolition mistake was “not a big deal” Oregon Live reports: The owners of a tornado-damaged duplex in Rowlett, a suburb of Dallas, arrived at their homes on Tuesday to find they had been demolished, according to the local ABC News affiliate WFAA. But the demolition was a mistake. The contractor, Billy L. Nabors Demolition, actually had a demolition permit for a home on the next block, WFAA reported.