Business

U.S. Treasury Secretary: I Assume Fort Knox Gold Is Still There

• Trump commits to a 'fight to win' in Afghan war (Reuters)
• Stay or Go? Some Trump Aides Are Pressed From All Sides (WSJ)
• Futures higher as traders pick up beaten-down stocks (Reuters)
• Divers Search Compartments of Ship for Missing Sailors (WSJ)
• Why Do U.S. Navy Ships Keep Colliding? (BBG)
• North Korea Threatens ‘Absolute Force’ as U.S., South Hold Drills (WSJ)
• The Unintended Consequences of Quantitative Easing (BBG)
• Ross Levinsohn Named CEO, Publisher of Los Angeles Times (WSJ)

UK subprime lender Provident Financial Plc crashed the most on record, its stock plunging over 73%, on what analysts called a "quadruple whammy": a profit warning forecasting a full-year loss, scrapping its dividend, a regulator probe into its Vanquis Bank unit, and the departure of CEO, the aptly named, Peter Crook. “This is without doubt a disaster,” said Shore Capital's Gary Greenwood. “Future profit performance will depend on management’s ability to rescue the situation, which is highly uncertain. We expect that further heads will roll.”

By Bill Blain of Mint Partners

Blain’s Morning Porridge – August 22nd 2017

     “”Forty-two,” said Deep Thought, with infinite majesty and calm.… ”

I’m wondering if I’ve stumbled into a parallel universe after coming back to the office yesterday. Its too damn quiet out-there! Everybody else is apparently still on holiday. It’s scary. Every headline is about thin markets or how markets have shrugged off last week’s sell off.. (what about next week’s?) There doesn’t seem to be anyone actually at their desks… That’ll change…

The Secret Service is going broke trying to protect President Donald Trump and his family, according to an exclusive report by USA Today. After Trump released his first budget outline, mainstream media outlets seized the opportunity to attack the president by reporting on the exorbitant cost of protecting First Lady Melania Trump, and son Barron Trump, who had remained behind at the Trumps' suite in Trump Tower after the president moved to the White House so Barron could finish the school year.