of 18
8/11/2019 TPL Sep 23 14
1/18
8/11/2019 TPL Sep 23 14
2/18
8/11/2019 TPL Sep 23 14
3/18
The PunchLine.
3
September 23, 2014
Dislocation, Dislocation, Dislocation
The debate over Germany's insistence
euro-zone austerity has flared anew as
ailing France continues to dema
economic stimulus. The European Cent
Bank may now be siding with Par
leaving Merkel looking increasingly alon
IMF Chief Sees Slower Global GrowthThe global economic growth is likely to be slightly above 3
percent this year in the face of geopolitical risks, International
Monetary Fund Chief Christine Lagarde said in an interview with
the French daily Les Echos. The growth is likely to be between 3
and 3.5 percent, she said. Growth is uneven as some countries
started growing faster than others. The IMF is set to release its
next World Economic Outlook in October. Earlier the
Washington-based lender estimated 3.4 percent global growth for
this year. Lagarde noted that geopolitical crisis in Ukraine is
likely to impact Germany and other neighboring nations.
Lagarde said France should stick to its deficit reduction measures
despite low inflation. She also urged Germany to support public
spending on infrastructure which would also help its neighboring
nations.
U.K. financial markets tumble on fear of Scotland splittin
The practice of using debt to repurchase shares has
become so widespread and aggressive no wonder,since executive compensation is often tied to stock
price and earnings per share metrics that benefit from
reduced share counts that it is believed to be limiting
actual physical investment in plants and equipment.
The world is facing a global jobs crisis
that is hurting the chances of reigniting economicgrowth and there is no magic bullet to solve the
problem, the World Bank warned In a study
released at a G20 Labour and Employment
Ministerial Meeting in Australia, the Bank said an
extra 600 million jobs needed to be created
worldwide by 2030 just to cope with the
expanding population. "And equally disturbingly,
we're also seeing wage and income inequality
widening within many G20 countries, although
progress has been made in a few emerging
economies, like Brazil and South Africa."
A below-par recovery in the U.S. and the continued fragility of theeuro zone means that risk assets are "mispriced", the Organization
for Economic Cooperation and Development has warned. In itsInterim Economic Assessment last week, the Paris-based research
body became the latest body to suggest markets are at risk of asudden correction, stressing that the current bullishness appeared "atodds" with the "intensification of several significant risks. TheOECD forecast the U.S. would grow by 2.1 percent this year, downfrom its May projection of 2.6 percent growth. For 2015, the groupexpects the U.S. economy to grow 3.1 percent, down from earlierestimates of 3.5 percent. The euro area has also been downgradedfrom 1.2 percent growth in May to 0.8 percent and 1.1 percent fornext year and the stubbornly slow growth in the region is the most"worrying feature" of the OECD's projections.
Free-market era in Sweden swept awayas feminists and greens plot new path
Investorspull17bnfromUKasbanksratchetupScottishindependencepressureNet flows out of Britain hi t $27.3bn (16.8bn) in August, the highest seen since the financial crisis
RBS and Lloyds Banking Group warn of possible relocation
to London, if Scottish voters back breakaway from the UK
Fears of higher U.S. interest rates areprompting fund managers to cut back on
investments in emerging markets. For now,
investors still are moving into developing
markets, though the pace has moderated.
Emerging-market stocks and bonds received $9
billion from investors in August, compared
with an average $38 billion a month between
May and July, according to the latest data from
the Institute of International Finance. But
after months of heavy buying in such places as
Brazil and India, lured by the prospect of
higher returns than in the Western world,
investors are taking a more cautious stance.
8/11/2019 TPL Sep 23 14
4/18
8/11/2019 TPL Sep 23 14
5/18
The PunchLine.
5
September 23, 2014
The Likelihood of Unlikely EventsA reescalation of the Ukraine crisis could pose risks to the global economyDirect spillovers from the conflict in Ukraine are mainly regional, reflecting the fact that Russia
accounts for more than 10% of total exports from Belarus and most countries in the Baltics, the
Caucasus and Central Asia, and remittances from Russia account for more than 10% of GDP for
Armenia, Moldova, Tajikistan, and Kyrgyz Republic. However, wider spillovers could emergefrom increased risk aversion in global financial markets or major disruptions in production or
transportation of oil and natural gas . Although existing sanctions have had only limited effects in a
few sectors, a shutdown of gas supplies especially could disrupt production in Western Europe,
which depends on Russia for nearly 30% of its natural gas supplies.
Global cyber spacePotentially the most important development in the finalquarter of 2014 will be the International Telecommunication
Union (ITU)'s Plenipotentiary Conference in Busan, SouthKorea from October 20 to November 7. The ITUConference will see further disagreement about the futureshape of internet governance between mainly Westerngovernments on one side and most emerging anddeveloping countries on the other. Meanwhile, the EU andthe United States are making greater efforts to address thetransnational challenge of cyber security.
Wallet Mobile PaymentsOne of the competitors in the Great Mobile Payments Race is changing itsname. Isis Wallet, a mobile payments joint venture of AT&T, Verizon, and T Mobile is changing its name to Softcard for fairly obvious reasons. Isis Walletoperates by having the consumer store his/her payment card information ona "secure element"tech speak for a tamper resistant chip that safely storesencrypted information. (The particular secure element for Isis Wallet
depends on the phone model.) That payment information is thencommunicated with merchants using NFC (near field communications, i.e.,contactless). Isis Wallet also integrates various loyalty programs andmerchant offers (including some that are proximity based). As Apple's ApplePay platform shows, mobile payments is becoming a crowded field withsome real heavyweights. Yet, as I'll blog shortly, there are some realchallenges ahead for anyone in the field.
BIS: The vulnerabilities are in the bondmarkets; the issuance of foreign-currencydebt by emerging market companies continuedto pose a threat to the global financialsystem. The BIS statistics showed manycompanies were issuing debt through overseasaffiliates, meaning official national statisticswere vastly underestimating the scale of the
trend. The BIS warned that the maturity ofbonds issued in foreign currency hadlengthened, raising the risk of a mass sell-offby investors. To the extent that investorreactions amplify market disruptions, longermaturities may introduce new vulnerabilitieswith the potential to affect the availabilityand cost of finance, the BIS said.
China Industrial Production
Growth Slumps to Six-Year LowChina's Industrial Production Growth Slowed to
Lowest Level Since 2008 Global Financial Crisis
The Centre for European Economic
Research (ZEW) economic sentiment
index for Germany fell to 6.9 in
September from 8.6 in August amid
concerns that rising geopoliticaltensions are hurting the European
economy.
German investor confidence dropped tothe weakest in 21 months amid
increasing political tension in Europe,
even as the European Central Bank
steps up its stimulus.
The global economy faces a growing risk from big financial market bets that couldquickly unravel if investors get spooked by geopolitical tensions or a shift in U.S.interest rate policy, the International Monetary Fund said on Wednesday. TheIMF, an institution based in Washington that is the world's premier watchdog forfinancial and economic stability, said in a report it still expects economic growthwill pick up in the second half of 2014 after a rough start to the year. But it alsowarned that financial market indicators suggested investor bets funded with
borrowed money looked "excessive" and that markets could quickly deflate ifthere were surprises in U.S. monetary policy or the conflicts in Ukraine and theMiddle East.
Underfunding may threaten
global 'superbug' defenses
It has been reported that rapid sequencipathogen genomes could help combat the spof 'superbugs'. Superbugs are microbes have become resistant to modern treatmTheir spread could deal a major blow to hachievements globally, which would sercompromise development across all secResistant microbes do not respect borderendering regulation in one country, institor subpopulation insufficient to curb spread. Without effective antimicropandemics could be more frequent widespread. Even the most developed counare vulnerable. The human capital implicamay be dramatic and have notable consequfor both economic and human development.
8/11/2019 TPL Sep 23 14
6/18
The PunchLine.
6
September 23, 2014
Engines of Growth
Eurozone investor confidence deteriorated
to the lowest level since July 2013 despitethe new measures taken by the the
European Central Bank, survey figures fromthethinktank Sentix showed
The HSBC Emerging Markets Index (EMI), a monthlyindicator derived from the PMI surveys, rose to a
17- month high of 52.5 in August, from 51.7 in July.That signaled stronger growth of output acrossglobal emerging markets The EMI remained belowits long-run average of 53.8 (since late-2005),however.
Weak output growth continued in Indiaand Russia, while Brazil contracted.
The U.S. budget deficit narrowed 22 percent in the first 11
months of the fiscal year as accelerating economic growth
boosted tax receipts, Treasury Department figures showed.
Canada Finance minister to announce
new tax credit for small businesses
The debate over Germany's insistence
on euro-zone austerity has flared
anew as an ailing France continues todemand economic stimulus. The
European Central Bank may now be
siding with Paris, leaving Merkel
looking increasingly alone
US healthcare expenditures may rise againAfter rising steadily for 50 years, total US expenditureson healthcare are increasing at historically low rates.Healthcare expenses are a major component of spendingby households, businesses and government. A sustainedslowdown in healthcare costs could improve the federaldeficit and might boost economic growth by shiftinghousehold spending to more economically beneficialcategories. However, a return to historic growth ratescould create inflation pressure, crowd out other publicand private spending and swell the federal deficit.
US oil production surged last week to 8.84 million
barrels per day, the highest level since March of 1986,
more than 28 years ago. At the current pace of increases,daily US oil production should top 9 million barrels
within the next few months, a level of crude oil output
the US hasnt experienced since 1973.
Chinas house prices fell for the fourth-consecutivemonth in August, intensifying the concern that the economymay be slowing further. Average new home prices across Chinafell 1.1% (m/m) in August, accelerating from last months 0.9%fall, according to a Reuters weighted home price indexcalculated from official figures. The price fall was spread to arecord number of cities (68 out of 70 cities), including majorcities like Shanghai and Shenzhen (-1.1% each) and Beijing (-0.9%). The property market accounts for roughly 15% of theeconomy.
8/11/2019 TPL Sep 23 14
7/18
The PunchLine.
7
September 23, 2014
Households Brave New World
U.S. Consumer Credit Climbs More Than Expected In JulyReflecting increases in both revolving and non-revolving credit, the
Federal Reserve released a report on Monday showing that U.S.
consumer credit increased by much more than expected in the month of
July. The Fed said consumer credit jumped by $26.0 billion in July after
climbing by an upwardly revised $18.8 billion in June. Economists hadbeen expecting consumer credit to rise by about $17.3 billion, matching
the increase originally reported for the previous month. The bigger than
expected increase was partly due to continued growth in non-revolving
credit such as student loans and car loans, which increased by $20.6
billion in July after rising by $17 billion in June. Revolving credit,
which largely reflects credit card debt, also rose by $5.3 billion in July
after edging up by $1.8 billion in the previous month.
The U.S. consumer-finance regulator is preparing to launch in-depth reviews of about 40 l
auto lenders to determine whether the firms are following federal consumer-protection l
according to people familiar with the matter. The Consumer Financial Protection Burea
expected on Thursday to propose supervising the largest nonbank auto lenders, an initial
that is expected to lead to examinations of such firms as early as next year. The CFPB's e
comes amid growing concern about car-lending practices, including whether consumers
being steered into loans they can't afford and sold pricey add-on products whose total costs
not be clearly disclosed. Last year, auto lenders made roughly $78 billion in loans to subpr
borrowers, those with weak credit, up from nearly $43 billion in 2009. That figure was still
below levels seen before the 2008 financial crisis, according to the New York Fed.
8/11/2019 TPL Sep 23 14
8/18
The PunchLine.
8
September 23, 2014
The Return to Normal ?
Fed Sizes Up Alternate Rate-Hike PathsCentral Bank Debates How Soon, and How Quickly, It Should Start Tightening
Federal Reserve Creates Financial Stability Committee
Committee Will Be Led by Fed Vice Chairman Stanley Fischer
Central banks inflating 'elevated' asset prices: BISFinancial asset prices are at "elevated" levels and market volatilityremains "exceptionally subdued" thanks to ultra-loose monetarypolicies being implemented by central banks around the world, theBank for International Settlements said on Sunday. In itsquarterly review, the BIS said financial market volatility spikedhigher in August on the back of geopolitical concerns and worriesover economic growth, but quickly returned to "exceptional lows"across most asset classes. "By fostering risk-taking and the searchfor yield, accommodative monetary policies thus continued tocontribute to an environment of elevated asset price valuations
and exceptionally subdued volatility," the BIS said.
There were several references in the report to the
"extraordinarily" and "exceptionally" low levels of volatility,suggesting the BIS feels markets may be getting too
complacent and therefore vulnerable and therefore illequipped to a shock.
U.S. housing starts / permits weak; prior month's data revised higher
8/11/2019 TPL Sep 23 14
9/18
The PunchLine.
9
September 23, 2014
You Cant Handle the TruthLet'sTaketheConoutofEconomics
Canada s housing party plays
on as world warns of risk
Experts ranging from Fitch Ratings and
Morningstar to the International
Monetary Fund and economist Paul
Krugman have warned about the risks ofthe housing boom in Canada, where the
average home price has doubled in 11
years. They point to record high
household debt, cheap mortgages, and
overbuilding as harbingers of the kind of
doom seen in the U.S. housing collapse
five years ago. A house price correction
may be inevitable in the next five years
that could send values tumbling by as
much as 30 percent.
Substantial growth in U.S. short-term business debt balancesover the summer months has driven levels to new recordheights, as low interest rates and looser lending standardsencourage borrowers to expand their near-term leveragetolerances, analysts say.As a broad proxy for short-term business debt, the latest sumof U.S. non-financial commercial paper (CP) and commercialand industrial (C&I) loans reached an all-time high of $1.984trillion this month, according to seasonally adjusted datareported by the Federal Reserve. That level represents year-to-year growth of roughly $250 billion, or more than 14%,including a nearly 12% rise in C&I amounts outstanding (arecord-high $1.75 trillion as of the start of this month) and aneye-catching 50% increase in domestic CP balances ($235.4
billion as of Wednesday, or a high dating to February 2001).For reference, the CP/C&I sum hit a post-crisis low of $1.3trillion in 2010, after a precipitous drop from $1.77 trillion in theimmediate aftermath of the Lehman Brothers' collapse sixyears ago. The latest sum represents growth of nearly 53%from that nadir.
8/11/2019 TPL Sep 23 14
10/18
The PunchLine.
10
September 23, 2014
Credit Matters-Know RiskMany Excel in Strategy, Few in the Management of Risk
Fed to Hit Banks With
Tougher SurchargeThe Federal Reserve is preparing
to hit the biggest U.S. banks with
a tougher version of a capital
surcharge than agreed to by
international regulators.
After default, Argentina economy falling into deeper hArgentina's government is ramping up state intervention in th
economy to try to prevent a new debt default from triggering a
balance of payments crisis but its polic ies are also battering
business confidence and may deepen a recession.
Chinese Bank Lending Surges in August
But Money Growth is SlowerChinese bank lending surged in August after decliningsharply a month ago, while money supply growth slowed
from last year, data published by the People's Bank of China
showed Friday. Banks lent CNY 702.5 billion in August
which was much larger than July's CNY 385.2 billion
lending. Social aggregate financing, a broad measure o
credit, totaled CNY 957.4 billion in August, versus CNY
273.1 billion a month ago. Nonetheless, it remained above
the expected level of CNY 1.13 trillion. The broad measure
of money supply, M2, grew 12.8 percent year-on-year in
August, while economists expected the annual rate to remain
unchanged at 13.5 percent. The narrow measure M1 climbed
5.7 percent, slower than expectations of 6.8 percent.
BIS: Banks have started to lend more abroad for the first time
in nearly three years, in a sign that confidence in the sector isrecovering after years of uncertainty.The increase in cross-border lending was spread across countries and sectors, though a
more significant rise occurred in China, the worlds second-largest economy, where
borrowers have borrowed more than $1tn from foreign banks. In the eurozone, cross-
border interbank lending went up for the first time since early 2012, indicating foreign
peers are beginning to trust their counterparts in the single currency area once again.
For all these improvements, the big picture remains one of retrenchment: the latest rise
was not enough to offset the sharp pace of cutbacks in recent years. But the quarterly
increase was enough to slice in half the annual rate of contraction.
Regulator Demands Bank to Address
Problems With Leveraged LendingCredit Suisse Group is under fire from U.S.regulators over concerns the bank isn'theeding warnings to stop making loansregulators see as risky, according to a person
familiar with the matter. The Swiss bank inrecent weeks received a letter from theFederal Reserve demanding the bankimmediately address problems with itsunderwriting and sale of leveraged loans, orhigh-interest-rate loans used by private-equity firms and others to finance purchasesof companies, among other uses.
A year later, most mega
IPOs are mega laggards
Declining Cigarette Shipments Will Continue toHarm Performance of Tobacco Settlement ABS
8/11/2019 TPL Sep 23 14
11/18
The PunchLine.
11
September 23, 2014
Credit II
8/11/2019 TPL Sep 23 14
12/18
8/11/2019 TPL Sep 23 14
13/18
The PunchLine.
13
September 23, 2014
Pumping Iron
The Old Economy RevisitedRising exports and falling imports pushed China's trade
surplus to a new record, but the outlook is downbeat. Global aluminium market's oversupply woes will persistDemand for aluminium remains strong, but the expansion of Chinese output haskept the market in surplus since 2007, pushing inventories up. Consequently, the
total profits of the industry's five largest producers fell from 9.4 billion dollars in
2009 to 2.4 billion in 2013. Attempts to reverse the oversupply problem have
been largely ineffective, despite capacity cuts by leading producers: Rusal
reduced its output by 216,000 tonnes in 2013, while Alcoa cut 190,000 tonnes of
annual capacity by closing its Australian Point Henry smelter and announced the
closure of its Portovesme smelter in Sardinia. The largest non-Chinese
producers have also adopted various diversification strategies, with Rio Tinto
investigating the prospects for mining bauxite and Alcoa venturing into the
manufacturing space to produce automotive and aircraft parts.
Car parts makers look to build scale amid
technological shifts in the global auto industryZF Friedrichshafen has agreed to acquire US rival TRW
Automotive in a $11.7bn deal, as the German car parts
supplier looks to build global scale and secure access to
technology for self-driving vehicles. Both companies
boards have approved the transaction, which would create
the worlds second largest car component maker by revenue,
with about 30bn ($41bn) in annual sales and 138,000employees. TRW shareholders and regulators must first
approve the deal, which was unveiled on Monday.
Siemens, the German engineering conglomerate, announced lateSunday a deal for the DresserRand Group, an oil products andservices company. The deal, worth about $7.6 billion, including theassumption of debt, gives Siemens prominence in the Americanenergy sector, which is booming as new reserves of oil andnatural gas are tapped through unconventional drillingtechniques.
8/11/2019 TPL Sep 23 14
14/18
The PunchLine.
14
September 23, 2014
Go Figure
Select Data Considerations
Microsoft agreed on
Monday to buy the
creator of Minecraft, the
world-building compute
game, for $2.5 billion, in
a move meant to add the
immensely popular title
to its stock of content.
A 7.0% decline last month in automotive products production (+y/y) reversed a 7.6% July increase. Appliances, furniture & carpproduction fell 2.5% (+7.0% y/y) following strong increases in thefive months. Working the other way was computers & electoutput. It gained 2.4% (+5.6% y/y) and reversed a 2.3% July deBusiness equipment production was unchanged (5.8% y/y) last mA 1.0% increase (1.7% y/y) in information processing equipmenoffset by a 2.3% decline (+7.2% y/y) in transit equipment (+7.2%Amongst consumer soft-goods industries, output improved 0.3% (y/y) after a 0.4% decline. Chemical production gained 0.7% (4.1%after having been unchanged and food & tobacco production g0.5% (1.8% y/y) following a 0.6% July decline. To the dowclothing output fell 2.3% (+0.3% y/y), the largest of four declines ilast five months.
8/11/2019 TPL Sep 23 14
15/18
The PunchLine.
15
September 23, 2014
The DNA of BusinessReconfiguring Industries to Define Growth
For GE, Electrolux Deal Marks Shift From ConsumersGE's deal to sell its appliance business to Electrolux is part
of a shift driven by Jeff Immelt to focus the conglomerate
on finance and industrial equipment.
McDonald's Sales Woes Continue in August
Restaurant Chain Posts Steep Decline in Asia-Pacific Sales
Showbiz, Music Industry Jobs Drop 19% in Two Yea
The MPAAs statistics for 2012 the most recent period coveby the industry group asserted that the industry supporttotal of 1.9 million direct and indirect jobs for a total of $billion in total wages in 2012, with the direct jobs generating $billion in wages, and an average salary 43% higher than national average. There were over 293,000 jobs in the cbusiness of producing, marketing, manufacturing, and distributmotion pictures and television shows, the MPAA said. These high quality jobs, with an average salary of $86,500, 76% higthan the average salary nationwide.The MPAA estimates that there were nearly 360,000 jobrelated businesses that distribute motion pictures and TV shoto consumers. The indirect jobs include caterers, dry cleaneflorists, hardware and lumber suppliers, and digital equipmsuppliers. This also includes jobs in other fields that do businwith consumers, such as DVD and Blu-ray retailers and employat theme parks and tourist attractions.
Regional airlines not sharing in majors success
Apple Inc's iPod upended the music industry, and its
iPhone knocked Nokia off its smartphone perch, but
Swiss watch makers breezily dismissed warnings thatthe technology giant's new wristwatch gadget could
do something similar to them. "They are essentially
transient products rather than items of enduring
value," one Swiss watch industry expert sniffed.
Trump Plaza shuts down;4th AC casino to close
Las Vegas: Visitor Traffic on pace for record
in 2014, Convention Attendance Returning
Warning on TechThe tech investing community is taking
on an excessive amount of risk, and
startups are burning through cash at an
unsustainable pace.
ZARA and RFIDApparel powerhouse Inditex parent of the Zara chain, says it has lear
from competitors' experience and is rolling out RFID techno
throughout the operations of its signature brand.The chips, about tw
the size of a standard mobile-phone SIM card, help the world's largfashion retailer keep better track of its stock and replenish its cloth
racks more quickly, said Pablo Isla, chairman and chief executive
Inditex, which reports first-half results on Wednesday. "It gives us gvisibility, knowing exactly where each garment is located," Mr. Isla s
"It really changes how we operate our stores."
Apple said that it is making it impossible for the company to turn over data
from most iPhones or iPads to police even when they have a search warrant
taking a hard new line as tech companies attempt to blunt allegations that
they have too readily participated in government efforts to collect user
information.
8/11/2019 TPL Sep 23 14
16/18
The PunchLine.
16
September 23, 2014
Tech and the Business CycleThe conventional wisdom in Silicon Valley is that
acquisitions are about gaining great talent. Just last week,
Tim Cook told Charlie Rose that one of the main reasons
Apple bought Beats was for "incredible talent." The
Valley even has its own term for an acquisition based
solely on hiring: "acquihire.But that's not why Microsoft is spending $2.5 billion for Mojang.
The purveyor of all things Xbox is buying the Swedish developer
for the mega-hit video game Minecraft. That's it. While Mojang
says the "vast majority" of employees are expected to stick around
until after the deal closes, the three founders are leaving right
away. That includes Markus "Notch" Persson, the face of the
company.
The headline on Microsoft's press release is telling: "Minecraft tojoin Microsoft." Not Mojang. Minecraft. That's a pragmatic way
to describe the deal: Just about every kid and parent has heard of
Minecraft, which has sold more than 54 million copies,
comprising virtually all of the small studio's revenue. But
Microsoft seems to indicate that this isn't about cultivating an
eccentric group of independent-minded game designers; it's about
Minecraft.
Orange SA (ORA) offered toacquire Spanish broadbprovider Jazztel Plc (JAZ) for about 3.4 billion eu
($4.4 billion) in cash, marking the French carrbiggest takeover attempt in almost a decade.
Israel is known for its engineering prowe
but less so for spawning big, independent t
companies. That may be changing. Latest
tech companies in Israel raised $447 mill
in the second quarter, twice as much as
total financing in the previous quart
according to Tel Avivbased IVC Resea
Center. Mature startups are defined as th
with more than $10 million in annual sal
These companies received 48 percent of
capital invested in technology in the l
quarter, the highest in the 14 years IVC
tracked the industry. At the beginning
2013, just 13 percent of investments were
latestage tech companies. Isra
entrepreneurs "are growing more establis
companies, said Koby Simana, the ch
ex ecutive officer at IVC. This is
broadening of startup nation.
Internet governancePotentially the most important development in the finalquarter of 2014 will be the International
Telecommunication Union (ITU)'s PlenipotentiaryConference in Busan, South Korea from October 20 toNovember 7. The ITU Conference will see furtherdisagreement about the future shape of internetgovernance between mainly Western governments onone side and most emerging and developing countrieson the other. Meanwhile, the EU and the UnitedStates are making greater efforts to address the
transnational challenge of cyber security.
The FBI's Next Generation Identification(NGI) system
is now fully operational, after more than three years ofdevelopment. The bureau announced today that
development on the project is complete, and it would be
rolling out new features for ongoing criminal notifications
as well as a controversial facial recognition feature called
the Interstate Photo System, or IPS. IPS will serve as "an
image-searching capability of photographs associated
with criminal identities," according to the release.
8/11/2019 TPL Sep 23 14
17/18
The PunchLine.
17
September 23, 2014
Real Estate and Construction Outlook
8/11/2019 TPL Sep 23 14
18/18
The PunchLine.September 23, 2014
Will Life Ever Be the Same?
This publication is provided to you for information purposes and is not intended as an offer or solicitation for the purchase or sale of any financialinstrument. The information contained herein has been obtained from sources believed to be reliable but is not necessarily complete and itsaccuracy cannot by guaranteed. The views reflected herein are subject to change without notice. No one connected to this publication accepts anyliability whatsoever for any direct or consequential loss arising from any use of this publication or its contents. This publication may not bereproduced, distributed to any person for any purpose without express permission from TPL Advisory, LLC. Please cite source when quoting. Allrights are reserved.