Power generation at the giant utility Huaneng Power in China was up less than 1% for the Q1. Two other Chinese electrical giants GD Power and Huadian Power showed a decline of 1.3% and an increase of 6.0% respectively. Look like 8.1% GDP growth to you?
There used to be banking standards under the Basel rules. If you think about this concept, it is designed to create capital cushion for hard times. The idea is not to get rid of the rules in hard times. If you did that Sherlock, what would be the purpose? Bloomberg ran this stunner of just how badly capitalized large banks are. The problem of course is that everything not tied down, including stinky merda, has already been pledged to the central banks. Just one more MoT yawn apparently.
The largest global banks would have needed an extra 485.6 billion euros ($640 billion) in their core reserves to meet Basel capital rules had the standards been enforced last June. The 212 lenders surveyed would also have needed to find a combined 1.76 trillion euros in easy-to-sell assets to meet a minimum liquidity rule set by the Basel Committee on Banking Supervision, the group said today in a statement on its website.
Following on January and February extremely poor tax revenues, California March revenues showed it was not a fluke: $233.5M, or 4.2% below Governor Brown’s budget estimate, reports the state controller John Chiang. Most of the shortfall was from corporate taxes, which lagged projections by 8.2%. Meredith Whitney may have her day yet.