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With slow growth in sales of PC's which use Intel microprocessors, Intel CEO Krzanich plans to make job cuts and management changes. Intel first quarter profit was up only 3% on overall revenue unchanged from the prior quarter. Executives leaving are Ms Renee James staying till end of 2015 for transition planning, Hermann Eul and Mike Bell. Intel Capital chief Arvind Sodhani is retiring in Jan. 2015. Intel's efforts in smartphones have poor results, and sales of chips for tablets had to be subsidized leading to operating losses. Intel will reduce spending in 2015 by $300 million. Renee James was made president sharing the top position with Mr. Krzanich in May 2013 in a dual appointment. In practice it was Krzanich who took the leadership role at Intel Corp. In other changes security products, including McAfee, were integrated into Intel Operation's under general manager Chris Young. Josh Walden, general manager of new technology group now leads all product and research teams including wearable computing devices. Aicha Evans moves to the management committee....

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This article in the Economist magazine points out that official data do not accurately show the health of the banking sector, with large number of bad loans at smaller banks. Bank shares it points out are priced in a way that reflects bad loans at 5-10% of loans.

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This Economist briefing on Greece before the referendum of July 5, 2015, gives a detailed account of the Greece debt crisis since 2010 leading up to the election of Syriza left party in Jan. 2015 and the referendum.

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The government controlled Securities Association of China says a fund of 120 billion renminbi ($19.4) billion is set up July 3, 2015 to buy shares in the larger more stable companies and reduce selling of shares from brokerage firms portfolios. This is not likely to have much impact because of its small size, and because the volatility is concentrated in small and medium size firms stocks which had doubled since June 2014, and were hit by the sharp decline in June 2015. The stock exchanges in Shanghai and Shenzen also suspended initial public offerings. Share prices have dropped by about 30% since June 12 on the Shanghai and Shenzen stock exchages. With the surge in the Chinese stock market prices till June 12, 2015, share prices of many small and medium sized companies doubled or even quadrupled in value. The overall index on the 2 exchanges doubled because as the smaller stocks quadrupled the large blue chips went up by about a fourth in value. The overall Shanghai market went up 149% to June 12, 2015, over the prior year. It is down 28.6% as of July 5, 2015 since June 12, 2015. A stock index of 100 large mainland Chinese companies traded both in Shanghai and Hong Kong were up about 24% by contrast. A major problem is the margin trading with loans to investors from stock purchases up nine times in 2 years and informal financial companies charging annual interest rates of over 20%. Small investors focussed on small and medium sized firms because they were going up the fastest, and many risked their life savings. Younger workers were also part of the group caught up in the frenzy of stock buying. Shares in the larger companies are only about 30% of the overall value of companies on the Shanghai Stock Exchange....