20120624-121113.jpgGood morning

The headlines:

  1. RIM is continuing to fail.Link: Sell, Break-up or Die.

    They posted a loss and delayed the release of the next Blackberry operating system.

    The lowlights: sales are down 43% this quarter*, RIM now plans to cut staff by 30%, and Blackberry 10 has been delayed to 2013.

    The RIM share price is now less than 5% of its peak in 2008.

    Primed for a little Microsoft buy-out.


  2. China exempted from sanctions.Link: I laughed out loud.

    This is hilarious. Or Hillaryous.

    China has “significantly reduced” its purchase of Iranian oil. To quote Hillary Clinton:

    “A total of 20 world economies have now qualified for such an exemption. Their cumulative actions are a clear demonstration to Iran’s government that Iran’s continued violation of its international nuclear obligations carries an enormous economic cost.”

    We are not serious.

    In the early part of this year, China and Iran had a pricing dispute. So China stopped importing Iranian oil. That fight is now over. And Chinese imports of Iranian oil in May were up from April by 35%.

    I’m almost disappointed. I was waiting for the showdown.

    Stymied by the US political foxtrot oscar.

  3. Obamacare – it’s constitutional.Link: The 5-4 Supreme Court win.

    The Republicans are disappointed but elated.

    Disappointed because the repeal of the law would have left Obama’s presidency looking like an interim period of nothing; but elated because the justification for the section on “fining Americans who don’t register for health insurance” was read as “the government has a right to impose taxes”.

    Romney plans to repeal the law if he takes office.

  4. JPMorgan’s trading loss.Link: Has it gone as high as $9 billion?

    That’s what the New York Times is saying.

    Jamie D going to Congress again?

  5. EU Summit news.Link: Merkel in retreat?

    “Euro-area leaders have agreed to ease repayment rules for emergency loans to Spanish banks and relax conditions on potential help for Italy”.

    No more “preferred creditor status”. No more channeling through governments**.

    Where is Angela in all of this?

    **They will now recapitalise the banks directly.

That’s all for now.

Have a good day.