Monday, June 15, 2015

Kim Kardashian's MySpace page from 2006 has been unearthed

Kim Kardashian's MySpace page from 2006 has been unearthed

Kim Kardashian's MySpace page from 2006 has been unearthed

Kim Kardashian

Kim Kardashian West may be referred to as "The Queen" by her biggest fans, but once upon a time she was merely a princess.

At least, that's how she referred to herself on her MySpace page in 2006.

Princess Kimberly's early aughts social media presence has been unearthed by both US Weekly and Mic — and there's a lot to unpack.

MySpace, for those who need a refresher, was the popular social network of the millennium before Facebook came along. You could upload photos, curate a top 8 of your favorite friends, and even switch up the HTML to personalize your page with your favorite font (Kardashian West chose a pink Comic Sans MS.)

Here is Princess Kimberley's top 8 — Mic's Sophie Kleeman notes it includes "ex-boyfriend Ray J, with whom she starred in her now legendary 2003 sex tape. You'll also find sis Kourtney, brother Rob and stepbrother Brody Jenner."

She also says she wants to meet God.

At the time, Kardashian West had 856 friends — a far cry from her millions of fans on Facebook and Twitter — so this page must be from before she became a massive reality star.

Kim Kardashian MySpace

Here are some other photos from the MySpace page, most of which came from after Kardashian West soared to fame with "Keeping Up With The Kardashians."

Kim Kardashian MySpace

The Comic Sans MS font remains!

She wrote an intense diatribe about a 2007 rehearsal for "Dancing with the Stars" and posted it to her MySpace for all to read. 

Kim Kardashian MySpace

Over the years, Mic points out, Kardashian West posted less and less on her MySpace, but was still more active than most celebrities.

Kim Kardashian West MySpace

Check out all the photos of Kardashian West's old MySpace profile from Mic.

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Here's your complete preview of this week's big economic events

Here's your complete preview of this week's big economic events

laundry clothes dresses skirts

Things have been looking up in the US economy. And the American consumer knows it.

All of this emboldens the Federal Reserve as it prepares to begin tightening monetary policy with an initial interest-rate hike, perhaps some time later this year.

This week, the Fed holds its two-day Federal Open Market Committee (FOMC) meeting to talk things over and update us on what it sees in the economy and what it expects for monetary policy. The event will include a live press conference and Q&A with Fed chair Janet Yellen.

Here's your Monday Scouting Report:

Top Stories

Economic Calendar

  • Empire Manufacturing (Mon): Economists estimate this regional activity index increased to 6.0 in June from 3.09 in May. Here's Barclays: "We expect the Empire State manufacturing index to print at 5.0 in June. As the second consecutive positive reading for the indicator, this would mark a slight pickup in New York state manufacturing output. New orders have remained muted in recent months despite stronger readings on shipments. National manufacturing output has been subdued, and the Empire State survey, as the earliest monthly read on June activity, will provide an indicator of how the sector is faring at the end of Q2."
  • Industrial Production (Mon): Economists estimate production increased by 0.2% as capacity utilization climbed to 78.3%. From Credit Suisse: "After five straight months of decline, we expect industrial production to pick up in May — beginning a momentum acceleration which should continue into the summer. Decent manufacturing hours from last Friday’s payrolls report and a pickup in business surveys should support solid growth in manufacturing. And while mining investment hasn’t bottomed yet, the decline has slowed, and the weight of this component has fallen considerably, alleviating one of the key drags on headline growth in recent months."
  • NAHB Housing Market Index (Mon): Economists estimate this homebuilder sentiment index increased to 56 in June from 54 in May. From Bank of America Merrill Lynch: "Homebuilders have remained upbeat this year despite the weak trajectory for housing starts in 1Q. This suggests that builders were able to look past the challenges from the harsh winter weather and anticipate greater activity in the future."
  • Housing Starts (Tues): Economists estimate the pace of housing starts fell 3.3% in May to an annualized rate of 1.097 million units. Here's Bank of America Merrill Lynch: "We are expecting housing starts will dip back to a 1.05 million saar rate in May as a payback from the exceptional gain in April. This would leave the three-month moving average at the same pace, up from the 993,000 rate in April. We think the swing will be in the Northeast where starts have been particularly volatile of late. Looking past the noise, we think housing starts will continue on an upward trajectory as household formation recovers along with improving labor market conditions. However, this will remain a slow process."
  • FOMC Decision (Wed): The Federal Reserve concludes its two-day Federal Open Market Committee (FOMC) meeting at 2:00 p.m. Here's Goldman Sachs' Kris Dawsey: "... the signal from the June FOMC meeting will be especially important. The overarching message from the meeting will probably be that September remains the Committee’s baseline expectation for the start of monetary tightening, reflecting cumulative progress in the recovery over the last six years. While September remains our baseline as well, we think that the FOMC will want to preserve optionality at the June meeting, and there is still a significant probability that the hiking cycle will not begin until December or later."
  • Initial Jobless Claims (Thurs): Economists estimate initial claims slipped to 278,000 from 279,000 a week ago. Here's UBS's Kevin Cummins: "At 279,000, the latest four-week average in jobless claims remains below the trend in 2014 (308,000 in the full year, 289,000 in Q4), suggesting the trend in payrolls should remain at least as strong as last year's 260,000 per-month average. Payroll gains have averaged 217,000 so far this year."
  • Consumer Price Index (Thurs): Economists estimate CPI increased 0.5% month-over-month while going nowhere year-over-year. Excluding food and energy prices, core CPI is estimated to have climbed by 0.2% and 1.8%, respectively. From Capital Economics' Paul Ashworth: "The rapid rebound in gasoline prices means that the short bout of deflation in the US came to a sudden end in May ... Based on our seasonal adjustment of the weekly retail gasoline price figures, we are confident that CPI gasoline rebounded by around 10% m/m in May, adding about 0.5% to the overall CPI index. Food prices, which have been flat since the start of the year, were probably pushed higher last month thanks to the impact of the avian flu epidemic. That epidemic has wiped out 10% of the nation's poultry stock and caused a doubling of egg prices in the past month alone. ... Excluding food and energy, we anticipate a moderate 0.2% m/m increase in core CPI. Housing costs and medical care prices have been increasing at a faster pace in recent months and we expect those trends to continue. Overall, we anticipate a 0.7% m/m increase in May's CPI, pushing the annual inflation rate up to 0.3%."
  • Philadelphia Fed Business Outlook (Thurs): Economists estimate this regional activity index increased to 8.0 in June from 6.7 in May. From Nomura: "The Philly Fed headline index declined in May, but the details were more positive on the outlook. The index for new orders improved, while the inventory index was down. The combination of more orders and less inventories might set the stage for more output in the near future. That said, activity will likely remain relatively subdued, with the impact from factors such as the low energy prices and the strong USD only gradually waning."

Market Commentary

"[W]e think there is a 60% to 70% chance that we end up in an equity bubble in the medium term, albeit with the inevitable road bumps along the way," Credit Suisse's Andrew Garthwaite wrote in a note to clients this week. (To be clear, their baseline scenario does not include a bubble. Garthwaite's current year-end target on the S&P 500 is 2,200, and his mid-2016 target is 2,300.)

To assume the stock market is forming a bubble is problematic for investors and traders. Historically, bubbles end in violent sell-offs with investors losing lots of wealth. On the other hand, there's the fact that if we are in the early stages of a bubble, then prices and valuations could go much higher from here.

Garthwaite's note observed that Robert Shiller's cyclically adjusted price-earnings ratio was well above its historical average. In fact, it's at a level that's historically preceded big crashes. Unfortunately, it's also at a level that saw further gains before crashing.

cotd shiller pe returns"We admit that historically a high Shiller P/E has often resulted in subsequent negative returns; however, this has not always been the case and there are several examples where subsequent 3-year returns surpassed 20%," Garthwaite said.

In another note, Citi's Stephen Antczak observed that if recent history were any guide, then this cycle still has a lot of life in it. "The 'recovery' part of the last three business cycles has averaged 7.9 years (trough to peak)," Antczak said. "How far might we be from the peak of the current cycle? A sample of various markets suggest that we are 72% of the way through."

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You'll be blown away by the lengths a Dutch company takes to customise superyachts for the mega-rich

You'll be blown away by the lengths a Dutch company takes to customise superyachts for the mega-rich

Elena yachtThe lifestyle of a billionaire wouldn't be complete without the purchase of a superyacht. 

We're not just talking about luxury yachts to hold a few parties to cruise around the shores of the mega-rich's playgrounds like St. Tropez or Monaco – these are palatial boats that rival the best hotels in the world and use cutting edge technology to give them the on-water speed equivalent of a Ferrari. 

Having some nice bedrooms, a dining room, and a party platform is no longer just enough for the mega-rich – they want waterfalls, infinity pools, several dining areas, and enough room to hold a billionaires' party of the century.

So, Business Insider spoke to Sara Gioanola, a manager at Heesen Yachts, to get a glimpse into the insanely awesome world of superyachts.

Heesen Yachts is a Dutch company that builds these luxury titans of the sea in a South Netherlands' shipyard.

Galactica Star

BUSINESS INSIDER: So firstly, how much do these superyachts cost and what are the options for customisation?

SARA GIOANOLA: Talking about prices is always a delicate subject but we can say that you're looking at entry prices of €66 million (£48 million, $74 million) for the smallest and most uncustomised superyacht. 

We have two choices for our clients. They can either come up with their entirely own concept and project or they can have a semi-customised boat.

Usually our clients already know a lot of very experienced architects and engineers and come to us to build it but then we have many people who like to do the semi-customisation using our own architects and engineers which takes less time to build than the other choice.

We can modify super structures, add or take away features. The list is probably endless in the type of extravagance and customisation they want but if they can imagine it – we will do our very best to build it. 

BI: What are some of the coolest trends developing in terms of what billionaires' want on their yachts?

WATERFALLFULLSG: The big trend at the moment is that clients want bigger platforms to fit more guests and, at the same time, be closer to the water and the surrounding environment.

They are wanting infinity pools, which are pools that give a visual effect of the water extending into the horizon, as well as waterfalls. The waterfalls look beautiful but they can also create a water banner, depending on the amount of water gushing, to enable a privacy shield. They can also be used to project movies onto it.

A major, and quite impressive, customisation requirement is actually an engineering one, rather than design. One client wanted their 70-metre superyacht to have a 30+ knot speed (around 35 miles per hour). We added a third engine, a Rolls-Royce central booster jet to increase the speed.

BI: How long does it take to make some of these superyachts, considering the level of customisation, and how do they pay for it?

myskySG: For a semi-customised superyacht, I would say 2.5 years on average and for a fully customised superyacht, depending on the complexity, it would be 3 years onwards. 

We currently are building 10 superyachts at the moment in the shipyard for delivery between 2016-2017 and it's pretty much split 50/50 on semi-customisation and full customisation.

When purchasing a boat, the clients would have to sign a letter of intent and then pay a 10% deposit. We then work with the client on an agreement for payment instalments and a delivery date. When the final payment is made, we hand over the boat.

BI: Are you seeing growing demand from any region in particular for these superyachts?

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SG: To be honest, everyone around the world is buying our boats – apart from China. We're very popular with people in the US and in Russia. Russian clients really appreciate the terms of the agreement we lay out for clients and our track record of financial stability and delivering the boats on the delivery date we agree on.

BI: What makes Heesen Yachts different to other superyacht builders out there?

SG: It's first Dutch shipyard to uses all aluminium and super structures and precious metals in its boats. Aluminium is a lot more precious than steel, is lighter, more flexible and allows the boats to go faster.

After being founded in 1978, we have delivered around 170 boats so far and the shape is very unique, compared to other builders because of our heritage and where it is built.

We have a serious limitation on the length we can build, our yachts range from 35 metres to around 70 metres because our shipyard is in the heart of the South Netherlands and the boats have to be able to navigate the canals and go under nine bridges to reach the North Sea.

That means we have a maximum air draft - the distance from the surface of the water to the highest point on a boat. So, when you get a superyacht from us, you'll get a more streamlined vessel because the build is very much influenced by where we build our ships.

However, our dry dock is 90 metres in length, meaning we can build vessels up to 80 metres.

We also invest heavily in technology as demands are always evolving. Because of this, we have introduce a number of innovations to the yachting world, including a type of wing, which is like a spoiler on a F1 car, that increases stability and comfort for those on board by 40% and decreases fuel consumption by 35%. It's a huge breakthrough as it saves the client a lot more on fuel costs too. But it's not just us saying it, we've won lots of awards for our boats since we began.

yacht bedroom

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What are traders chatting about this morning? Greece, of course ... (SPX, SPY, QQQ, IWM, TLT)

What are traders chatting about this morning? Greece, of course ... (SPX, SPY, QQQ, IWM, TLT)

broker on the phone

Via Dave Lutz at JonesTrading, here's what traders are chatting about before the market open on Monday.

Good Morning! Global Futures are under pressure as Greek talks collapse over the weekend, and MERS infections spike, causing angst in Asia. European markets are sharply lower, led by a 5% drop in Athens as most Greek banks lose 10%+. Germany’s DAX is off 1.5%, well outpacing the S&P’s 30bp decline – as Financials fall 2% (Greece) and Consumer Discretionary off 1.5% (Talk increased Russian Sanctions). Despite the pullback, Volumes remain quite light – with most exchanges trading 30% below recent levels. Over in Asia, the Nikkei was quiet, but China dropped 2% (Talk insider sales accelerating) – while Korea lost 50bp as MERS infections spike, causing travel restrictions and warnings. Hong Kong dropped 1.5%, while other EM markets were hit – with Indonesia off almost 2% - the Failure of TPP in Congress may be weighing in Asia.

Yields on Greece’s two-year debt climbed 192 basis points to 27% as the Greece talks implode last night - Thurs Eurogroup looking like a Cyprus "take it or leave it" moment. Safety buying sees both the US and German 10YY lower slightly, but Rate-Lock Selling is beginning in Treasuries as multiple deals hit the tape. The DXY is higher, gaining against Euro (watch 1.12 – Euro-Dollar Volatility the highest in 3+years this AM), Yen and Aussie$. The stronger $ is a headwind to commodities, and we have the Oil complex dropping driven by a 2% drop in Brent early (Sanctions Fears?). Gold hates a stronger $, and Copper is retreating fast, losing 2%. All the softs are in the red, led by a 1% drop in the Wheat Complex. We have an active day of catalysts, starting with Empire Manufacturing at 8:30 – then ECB President Mario Draghi Speaks at 9. We get US Industrial Production at 9:15, then the ECB Publishes Weekly QE Details at 9:45. The NAHB Housing Market Index is at 10, and ECB's Coene Speaks at Noon.

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United Technologies is getting out of the helicopter business (UTX)

United Technologies is getting out of the helicopter business (UTX)

sky diving, helicopter, jump, fear

United Technologies is selling its Sikorsky Aircraft unit and getting out of the helicopter business, it announced Sunday.

Earlier this year, the company had said it was reviewing strategic alternatives for the business.

In a statement, CEO Gregory Hayes said the, "separation of Sikorsky from the portfolio will allow both United Technologies and Sikorsky to better focus on their core businesses."

To account for the separation, the company reduced its expectations for 2015 earnings per share to between $6.55 and $6.85, down from $6.85 to $7.05 previously.

According to Reuters, the board had received a number of offers for Sikorsky and discussed its options in a meeting last week.

Sikorsky president Bob Leduc said the helicopter business faced near-term challenges from a plunge in investment from the oil and gas sector, which make up about 80% of all its commercial sales, Reuters reported.

The separation is still subject to the board's final approval. 

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Italy rugby players strike over World Cup pay plan

Italy rugby players strike over World Cup pay plan

Italy and France players clash during the Six Nations game on March 15, 2015 at the Olympic Stadium in Rome

Rome (AFP) - Italy's Rugby World Cup preparations got off on the wrong foot on Monday when players refused to take part in the first training session in a row over pay.

The Italian rugby federation said it had "taken note" of the players' decision "to neither take part in training nor wear federation kit before a financial agreement is found over participation in summer training and the World Cup".

Forty players had gathered at Niederdorf/Villabassa, close to the northern town of Bolzano, for the June 14-July 3 training camp. However, captain Sergio Parisse and veteran prop Martin Castrogiovanni were both absent after their Top 14 efforts with Stade Francais and Toulon respectively.

The Italian internationals want a match-by-match bonus for the September 18-October 31 World Cup in England instead of a one-off payment linked to their performances, as desired by the federation.

Italy, coached by Frenchman Jacques Brunel, have further training camps in L'Aquila (July 12-25) and then Fiuggi, near Rome (August 2-9).

Italy warm up for the World Cup with Tests against Scotland (Aug 22 and Aug 29) in Turin and Edinburgh respectively, and against Wales (Sept 5) in Cardiff.

Come September 18, the Italians are in Pool D alongside France, Ireland, Canada and Romania.

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Huge fire engulfs Saint-Donatien in Nantes, France

Huge fire engulfs Saint-Donatien in Nantes, France

A massive fire destroyed part of the Basilica of Saint Donatien and Saint Rogatien in Nantes, France, this morning, according to the BBC.

The fire may have been started accidentally started by two roof workers, ITV reports. No injuries are reported. The fire started after the cathedral's morning mass, and everyone was evacuated.

This video shows the roof has been entirely destroyed:

Images on the Demotix news photo web site show the structure of the roof has collapsed.

People tweeted photos of the blaze:

Some live video:

About 40 firefighters battled the conflagration.

The fire could be seen across all of Nantes.

By about midday the fire was under control but much of the cathedral was a blackened shell.

 on

The basilica dates back to the 1800s. Here is what it looked like in happier times:

Penniliz Sant Donasian nantes fire

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Greece agrees budget targets for 2015, says EU Commission

Greece agrees budget targets for 2015, says EU Commission

Greece has agreed to budget targets for 2015, conceding on a key red line in talks, a European Commission spokeswoman says

Frankfurt (AFP) - Greece has agreed to EU budget targets for 2015, conceding on a key red line in talks towards unlocking crucial bailout cash before the end of the month, a European Commission spokeswoman said on Monday.

"The Greek authorities agreed to these targets, the question is how credible the commitments are to achieve (them)," Annika Breidthardt, spokeswoman for the EU executive, said at a news briefing, a day after crunch talks between Greece and its creditors ended with no deal.

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Vatican to hold first trial of senior cleric for paedophilia

Vatican to hold first trial of senior cleric for paedophilia

Pope Francis has taken a zero-tolerance approach to clerical sex abuse since he took at the Vatican in 2013

Vatican City (AFP) - A former papal ambassador to the Dominican Republic will be tried for paedophilia next month in the first case of its kind to be brought before a Vatican court.

The first hearing in the trial of Jozef Wesołowski has been scheduled for July 11, 2015, the Vatican announced Monday. 

The Polish cleric is accused of possession of child pornography in Rome in 2013-14 and the sexual abuse of minors during his 2008-13 spell as the Church's representative in the Dominican Republic.

 

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Kim Kardashian's MySpace page from 2006 has been unearthed

Kim Kardashian's MySpace page from 2006 has been unearthed

Kim Kardashian

Kim Kardashian West may be referred to as "The Queen" by her biggest fans, but once upon a time she was merely a princess.

At least, that's how she referred to herself on her MySpace page in 2006.

Princess Kimberly's early aughts social media presence has been unearthed by both US Weekly and Mic — and there's a lot to unpack.

MySpace, for those who need a refresher, was the popular social network of the millennium before Facebook came along. You could upload photos, curate a top 8 of your favorite friends, and even switch up the HTML to personalize your page with your favorite font (Kardashian West chose a pink Comic Sans MS.)

Here is Princess Kimberley's top 8 — Mic's Sophie Kleeman notes it includes "ex-boyfriend Ray J, with whom she starred in her now legendary 2003 sex tape. You'll also find sis Kourtney, brother Rob and stepbrother Brody Jenner."

She also says she wants to meet God.

At the time, Kardashian West had 856 friends — a far cry from her millions of fans on Facebook and Twitter — so this page must be from before she became a massive reality star.

Kim Kardashian MySpace

Here are some other photos from the MySpace page, most of which came from after Kardashian West soared to fame with "Keeping Up With The Kardashians."

Kim Kardashian MySpace

The Comic Sans MS font remains!

She wrote an intense diatribe about a 2007 rehearsal for "Dancing with the Stars" and posted it to her MySpace for all to read. 

Kim Kardashian MySpace

Over the years, Mic points out, Kardashian West posted less and less on her MySpace, but was still more active than most celebrities.

Kim Kardashian West MySpace

Check out all the photos of Kardashian West's old MySpace profile from Mic.

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10 things you need to know before the opening bell (SPY, SPX, DIA, QQQ, SPF, RYL, BABA)

10 things you need to know before the opening bell (SPY, SPX, DIA, QQQ, SPF, RYL, BABA)

volcano ash indonesia

Before markets open on Monday, here is what you need to know.

Greece remains without a deal. Talks between Greece and its creditors have broken down. Business Insider reports, "The remaining major disputes still seem to be over the extent of austerity (including things like [value-added tax] increases), Greece's state pension system, and further reform to hiring and firing laws in the country." While June 30 is the deadline for Greece to make its payment to the International Monetary Fund, it must also make a June 20 payment to the European Central Bank. Greece's two-year yield is higher by 234 basis points at 27.88%.

Saudi Arabia's stock market opened to foreign investors. Saudi Arabia has opened its $590 billion stock market to the world. The Wall Street Journal says, "In the longer run, some analysts expect the market to attract $40 billion in foreign investment, especially after it is classified as an emerging market by index compilers such as MSCI Inc." Saudi Arabian stocks edged up 0.3% and are higher by 16% year-to-date.

2 homebuilders are merging. Standard Pacific and Ryland Homes have announced a merger that would give the combined company a market cap of $5.2 billion. According to the USA Today: "Standard Pacific said it will implement a one-for-five reverse stock split at the time of the merger. That means five shares of its stock will be combined into a single share. Ryland shareholders will receive 1.0191 shares of Standard Pacific stock for each share of their own." Standard Pacific shareholders will have a 59% stake in the company, while the remaining 41% will go to Ryland shareholders. The deal will give the combined entity control of 74,000 homesites.

Russia's central bank cut rates. The Central Bank of Russia lowered its benchmark interest rate 100 basis points to 11.50%, as expected. The announcement comes as the Russian economy continues to reel as a result of the drop in oil prices and international sanctions imposed on the country. Monday's announcement marks the fourth straight month of rate cuts, which has the central bank's key rate now 550 basis points off its December high of 17.00%. Russia's ruble is stronger by 0.4% at 55.0325.

The market cap of Chinese stocks has topped $10 trillion. Data from the World Federation of Exchanges showed as of the end of May the Shanghai Stock Exchange had a market cap of $5.9 trillion and the Shenzhen Stock Exchange had a market cap of $4.4 trillion, making for a combined figure of $10.3 trillion. In terms of market cap, the Shanghai's stock market is the third largest in the world, and Shenzhen's is the fifth.

China will make a big investment in Europe's infrastructure fund. The announcement will be made June 29 in Brussels. While the size of the investment is unknown, it is said to be in the billions of dollars, and it comes in response to several EU countries' joining the China-led Asian Infrastructure Investment Bank (AIIB). Reuters reports, "The bloc is relying mainly on private investors and development banks to fund projects selected from an initial list of almost 2,000 submitted by the 28 member states, from airports to flood defenses, that are together worth 1.3 trillion euros."

Hong Kong has a big vote coming up. Later this week, Hong Kong will vote on Beijing's electoral-overhaul package. Polls show opposition to Beijing's proposal has gained momentum after a televised debate on the matter. The South China Morning Post says before the debate 49% of the 188-person forum was in favor vetoing the reform bill, and after the debate that number has grown to 54%. Police are preparing for the possibility of more pro-democracy protests.

Alibaba is starting a Netflix-like service in China. The streaming service will be called Tmall Box Office (TBO) and is expected to launch in two months. "Our goal is to become like HBO in the United States, to become like Netflix in the United States," Alibaba's Patrick Liu said.

Global stock markets are mostly lower. China's Shanghai Composite (-2.0%) led the decline in Asia, and Germany's DAX (-1.5%) paces the losses in Europe. S&P 500 futures are lower by 5.50 points at 2,079.50.

US economic data flows. Empire Manufacturing is due out at 8:30 a.m. ET, while industrial production and capacity utilization are scheduled for a 9:15 a.m. ET release. The NAHB Housing Market Index will cross the wires at 10 a.m. ET before data concludes for the day at 4 p.m. ET with the release of Net Long-Term TIC Flows. The US 10-year yield is down 3 basis points at 2.36%.

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EU, IMF creditors have made 'major concessions' to Greece

EU, IMF creditors have made 'major concessions' to Greece

The Greek and EU flags flutter in front of the ancient Acropolis hill in Athens on January 15, 2015

Brussels (AFP) - The EU and IMF have already made "major concessions" to Greece in order to reach a deal that will save Athens from default, an EU spokeswoman said Monday.

"It's not a one-way street," spokeswoman Annika Breidthardt  told a press conference, adding the creditors have made "major concessions."

She added: "The concessions ... made and the flexibility that has been shown are already quite substantial."

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