S&P: Momentum isn’t bullish today despite the index hovering ever so close to the record high. Chart/Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

Saudi finance minister says the kingdom isn’t running out of money In a TV interview with CNBC

Last month ex-head of the CIA David Petraeus remarked that Saudi Arabia is ‘’gradually running out of money’’, comments aimed at their sovereign wealth fund. Yesterday on CNBC finance minister Mohammed al-Jadaan responded: ‘’No, we are not running out of money’’ as he unveiled next year’s budget. This assumes real economic growth of 2.3 per cent and $270 billion in spending. He added that they were trying to increase their non-oil revenue, saying they had plenty of foreign cash reserves and ‘’lots of assets’’ at the country’s disposal.

Reuters reports that yesterday, at the crack of dawn, the biggest haulier in the United States filed for Chapter 11 bankruptcy protection from creditors. Indianapolis-based Celadon thereby leaves 3000 truck drivers stranded and 500 administrative staff facing a brutal holiday season. CEO Paul Svindland said in a statement:

“Celadon has faced significant costs associated with a multi-year investigation into the actions of former management, including the restatement of financial statements. When combined with the enormous challenges in the industry, and our significant debt obligations, Celadon was unable to address our significant liquidity constraints through asset sales or other restructuring strategies.”

Financial Markets and Political Commentary

 

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