Today's Intel

Monday, Jun. 18, 2012

BLOOMBERG

President Obama's decision to stop the deportation of some immigrant children wasn't politically motivated and didn't expand his executive powers, White House senior adviser David Plouffe said. The policy is "fully within our ability," Plouffe said today on CNN's "State of the Union" program. "This is not amnesty, this is not citizenship."

Hours after polls closed in Greece and fresh from a Chicago golf course, President Obama landed in Mexico for a summit with leaders of the world's largest economies also attended by a familiar, if unwanted, presence: Europe's sovereign debt crisis.

Spanish debt has slumped, pushing the 10-year yield today to a euro-era record of 7.14 percent, as investors at Fidelity Investments, Frankfurt Trust and Principal Investment Management say the nation may lose market access.

Central banks rebuilding foreign- exchange reserves at the fastest pace since 2004 are crowding out private investors seeking U.S. dollars, boosting demand even as the Federal Reserve considers printing more currency.

As the U.S. recovery slows and Federal Reserve efforts to boost growth expire, there's no consensus among the biggest bond dealers that the central bank will begin a fourth round of economic stimulus with consumer and corporate borrowing costs already at record lows.

India unexpectedly left interest rates unchanged as the fastest inflation among the biggest emerging markets narrows scope to bolster an economy struggling with trade and budget deficits and Europe's debt turmoil.

AP Top Stories

Police have opened an investigation into the apparent drowning of Rodney King, the man who emerged as a reluctant "countercultural hero" after four LAPD officers brutally beat him in 1991.

Egypt's Muslim Brotherhood said on Monday its candidate won the country's first free presidential election, but a sweeping legal manoeuvre overnight by Cairo's military rulers made clear the generals planned to keep control for now.

President Obama's love of golf hit a milestone today as he marked his 100th time on the links. George W. Bush was a fan but only hit the links 24 times in his eight years. The true Golfer in Chief title falls to Woodrow Wilson, who reportedly played about 1,200 rounds during his presidency. Dwight Eisenhower is the runner-up at 800, according to his memorial commission.

Police were questioning a couple on Monday about two headless torsos and a footless leg discovered near a popular picnic spot on the eastern edge of Paris. The macabre mystery began when a jogger found a rotting leg in the Vincennes woods earlier this month and a guide dog then unearthed a torso nearby.

Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.

China's home values fell in a record 54 of 70 cities tracked by the government in May as developers cut prices to boost sales amid housing curbs.

Hiring has slowed, economic growth has eased, inflation is tame and millions of Americans remain unemployed. In short, the recovery is stalling. But after more than three years of trying to stimulate the economy, what else is the Federal Reserve to do? That's the predicament Fed Chairman Ben Bernanke and his crew will face this week, as the Federal Open Market Committee meets in D.C. Tuesday and Wednesday.

BBC

IBM's Sequoia has taken the top spot on the list of the world's fastest supercomputers for the US. It is the first time the US can claim pole position since it was beaten by China two years ago. The computer is capable of calculating in one hour what otherwise would take 6.7 billion people using hand calculators 320 years to complete if they worked non-stop.

Volcanologists in Colombia warned of the activity of the Nevado del Ruiz volcano as a plume of ash and smoke continues to rise from its crater.

Ethiopia is forcibly displacing tens of thousands from their land in the Omo Valley to make way for state-run sugar plantations, a campaign group said.

At least 36 people were killed in multiple blasts at several churches in northern Nigeria and in subsequent rioting, reports said.

Campaigners have warned of fresh efforts in Ethiopia to clamp down on certain types of internet use. Reporters Without Borders said the authorities have installed a system to block access to the Tor network - a "hidden" layer of the internet, used to allow anonymous online communications. Users already face up to 15 years in jail if they use Skype or similar internet call services.

China's Shenzhou-9 capsule, carrying the nation's first female astronaut, linked up with the Tiangong-1 space lab.

An Israeli civilian and three militants were killed after attackers cross into Israel from Egypt and open fire, Israeli officials said.

Prince Salman was appointed the new crown prince of Saudi Arabia, becoming the next-in-line to 88-year-old King Abdullah's throne.

WND Frances Fox Piven, co-architect of a strategy to overload the U.S. welfare system to precipitate a transformative economic crisis, was an early builder of the socialist-leaning New Party. Scores of other New Party activists, meanwhile, have been tied to President Obama.

"President Obama must be defeated in the coming election," Roberto Unger, a longtime professor at Harvard Law School who taught Obama, said in a video posted on May 22. "He has failed to advance the progressive cause in the United States."

In a stunning move, Turkish Prime Minister Recep Tayyip Erdoğan has called for Fethullah Gülen, the reclusive imam of arguably the most powerful Islamist movement in the world, to return home to Turkey from his self-imposed exile in rural Pennsylvania.

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