Appointment of Unite union candidate cements leader’s control of top positionsJennie Formby, the Unite candidate, is to be the new Labour party general secretary. She was appointed from a shortlist of two after the Momentum founder, Jon Lansman, abandoned his attempt to win the job last week.Formby, a Unite union organiser, has been on the party’s ruling national executive committee (NEC) for seven years. She was strongly backed by Jeremy Corbyn and her appointment cements the party leader’s control of the most senior posts in the party. Continue reading...
Michael Warren, The Weekly StandardThis is Peter Navarro's moment. The gadfly economist, whose idÃÂ©e fixe is America's capitulation to China on trade, joined the Trump administration on Day One, heading up the National Trade Council, a new office created by the new president. But for the first 13 months, Trump did little to advance his promised protectionist agenda, and Navarro had to keep quiet as free traders like Treasury secretary Steven Mnuchin and Gary Cohn, the chairman of the National Economic Council (NEC), held the reins.But Trump's announcement of new steel and aluminum tariffs on March 1, and Cohn's subsequent...
Элитные детишки родителей, разворовавших Россию в 90-е. Как я такую интересную инфу раньше то не встречал, я прям удивлен. Информация о том чей сын Илья Яшин, по ссылке он сам подтверждает http://barabanch.livejournal.com/324670.html?thread=3984958#t3984958 ЯШИН Валерий Николаевич - бывший гендиректор ОАО "Связьинвест" (1999-апрель 2006), бывший президент и генеральный директор АООТ "Петербургская телефонная сеть" (ПТС) (1993-1999) Родился 21 июня 1941 в […] Сообщение Чей сын Илья Яшин появились сначала на ВОПРОСИК.
Shortly before concluding his first interview as NEC Director last night, Larry Kudlow told CNBC "buy king dollar and sell gold." That has been a dismal trade since Trump was elected... but since Kudlow spoke, things have changed... Kudlow's "killing it" on his first day of trading advice!
The White House didn't officially confirm that CNBC's Larry Kudlow would replace Gary Cohn as director of the National Economic Council until this morning, but last night, Kudlow demonstrated that he's already comfortable in the role during a wide-ranging interview with his (soon-to-be-former) colleagues on America's No. 1 business news network. To wit, Kudlow surprised investors by offering his views on certain topics that are typically left to the Treasury Secretary of Federal Reserve officials. Investors were surprised to hear Kudlow declare, with little warning, that he would "buy the dollar and sell gold," adding that he has "no reason to believe the president doesn't support a strong, stable dollar." But given the centrality of a weak dollar to Trump's trade-focused agenda, one Twitter user wryly pointed out that the comment was Kudlow's first documented lie in his new job... First official lie as head of NEC *KUDLOW: NO REASON TO BELIEVE TRUMP DOESN'T WANT STRONG DOLLAR — shinebox (@ljzaz) March 14, 2018 And although he doesn't get his own "dot" on the Fed's dot plot, Kudlow apparently felt comfortable offering his two cents on how the central bank should go about raising interest rates, cautioning that the Fed shouldn't rush to hike rates four times this year. We'd like to know: Does Kudlow realize that, 819 days into the hiking cycle, stocks actually love higher rates (despite all the chatter from market strategists)? ...for now! Given the "goldilocks" economy that we're living in (though that perception is already unraveling) Kudlow says the Fed shouldn't rush to hike rates, and should instead just "let it rip" when it comes to growth... Evans: Guys, thanks for joining us we love this concept. Karen, whats your Larry trade now? No pressure cause it is not like he is listening or anything. Karen Finerman: All right, yeah I mean, I love Larry I got to say, going into today, long a lot of puts, didn't love the Gary Cohn change, but of everyone out there, im most excited about this choice, outstanding hell do a great job I think – Kudlow: Thank you Finerman: A very, very great job, not just on policy, but the other parts you talked about, communication. Which is maybe equally or sometimes more important. You have the skills to do both so I think you’re an outstanding choice. Kudlow: Thank you, Karen, much appreciated. Tim Seymour: Larry, congratulations, and major yes buyers as we say on Larry, mostly because if you look at the market over the last couple days, we've gone with being concerned about overheating to a place where now we question growth granted, there's been a couple macro points, retail sales, PMIs around the world slowing a little bit, but bottom line is the world needs to understand, I should say markets need to understand what the world understands. Were in a better environment globally as Larry pointed out yes better to punish your enemies and not your friends at the same time we are learning this now, who is pro or against, fair deals or not. Regardless the momentum for corporate EPS and where are with in the country right now is still bullish. Kudlow: Yes. Seymour: The fact in three days we have sold to different places in the market, and sentiments, have caution on that view, and, therefore, Larry is a fresh voice in the equation, and if that takes us higher, I'm a yes buyer on Larry Kudlow. Kudlow: thank you, thank you very much look, somebody said profits are the mothers milk of stocks. I cant remember who that was. Evans: it could have been a wise guy on CNBC. I'm going to put him on the spot really now Kudlow: the profit picture is good. It’s looking real good, and growth is not inflationary just let it rip for heaven's sakes. The market is going to take care of itself. The story takes care of itself let it rip the fed will do what it has to do, but I hope they don’t overdo it. Kudlow worked at the New York Fed early in his career. More recently, Kudlow had said that the Trump tax cuts would give the central bank more room to raise interest rates more quickly - to help ensure that the central bank is ready for the next crisis. Gary Cohn, Kudlow's predecessor was more circumspect. As Bloomberg reminds us, Cohn deferred to the Fed when asked for his views on the central bank's policy.
Submitted by Bill Blain of Mint Partners The Ides of March, 10-yrs after Bear Stearns can it happen again? Doh! The World is a curiously circular place. 10-years ago the collapse of Bear Stearns and its subsequent rescue by JP Morgan ushered in the panic stage of the Global Financial Crisis. The cataclysm came 6 months later when Lehman went down. Yesterday, Donald Trump appointed CNBC Commentator Larry Kudlow to Gary Cohn’s job as director of the NEC. Kudlow was chief economist of Bear when I joined the firm in the early 1990s. I’m kind of bemused at Kudlow’s appointment, but it proves what an adaptable crow Bear alumni are. Bear was a fantastic place to work. We lacked the glib polish of Goldman Sachs, the white-shoe smoothness of Morgan Stanley, the mighty balance sheets of Citi or JP Morgan, and the depth and range of Merrill, but we were united as the smart yappy mammals snapping round the ankles of the Wall Street dinosaurs. Over the next 10 years we stole a mighty share of their lunches! We did it with aplomb, style and underlying honesty – we were brutally open with our clients: we would succeed by making their deals successful. It was the best of times, and I’m still in touch with many of my clients from these days. When I was there, the mantra of Ace Greenburg ran the firm – absolute honesty on the trading floor and instant death to anyone skirting the rules. His “Memos from the Chairman” was classic: look after the pennies and the dollars will come, hire PSD graduates: “poor, smart and a deep desire to get rich”, and whenever you receive a paperclip in the post, save it up to send back to a client. We calculated not buying paperclips saved Bear about $100 per annum, but, heck, it worked! The question today is could it all happen again? Bear Stearns was brought down by the same collapse in confidence caused by the mortgage shock that sank so many of other financial institutions. Back in 2007 the banks were loaded to the gills with leveraged product on the back of the “originate to sell” model – RMBS, CDOs and the many leveraged derivatives of these “toxic” investments. Today? The world has changed. Draconian capital regulations and the “hunt for yield”, (caused by central bank ZIRP and NIRP unconventional monetary policy), means most of the risk is more broadly spread across the whole financial environment. Ultimately all the risks laid off by banks and other originators resides somewhere – in insurance companies, hedge funds, credit funds and our pension savings. Risk does not disappear. It just gets spread around – meaning everyone hurts. 10-years of unconventional monetary policy has changed the investment equation – yields are low and spreads between risk asset classes are compressed to levels that simply don’t make risk-sense to those of us who remember the 1980s and 90s. QE has caused inflation – just not where you were looking for it. Its abundantly visible in inflated stock and bond prices. On the other hand – unconventional monetary policy in the form of QE and Low interest rates worked. It kept the financial markets functional. Now we have synchronous global growth. Estimates all point to continued strength through the next few years. We expect 20% GNP growth over the next 5 years – in theory more than enough to justify current investment valuations. Unconventional is the watchword for the next few years – when else have you seen a nation slashing taxes at the same time as its central bank is considering hiking rates? Or when else has an economy like China successfully moved from export led to a consumption driven model? Populism – the like of which elected Trump – means fiscal policy is back in vogue – infrastructure spend even as the economy recovers? Yet there are significant risks – liquidity is a major one. Yesterday I read that not a single JGB traded on the Japan bond market. Back when I were young we were trading trillions of yen per day. Now the BOJ owns most of the market. There is no guaranteed liquidity in any bond market – the banks don’t take market-making risk if they don’t have to. Capital can be arbitraged far more cleanly away from underwriting market risks. Once more let me remind you: the New York Stock Exchange has 27 doors saying “Entrance”. There is only one market “Exit”. Then there is geo-politics. While Trump is getting away with it thus far, at what point do roadblocks arise as he tries to discipline multiple countries from a USA perspective? What are the risks the Chinese stage a Treasury firesale and buyer-strike (Clue: its far less likely than feared as there is literally nowhere else to park their dosh, but its still a fear). Then there is politics – what are the implications of populism and the long-term threat of increasing income inequality. These are just the known threats. What about the “no-see-ums”? Every 10-yrs or so something whaps markets like a well wielded wet-kipper across the face. Maybe it’s a regional crisis, or a financial instrument class exploding, a taper-tantrum, an investment bubble like dot-coms or tulips, or a deeper than expected bear reversal. Confidence is a very fickle thing. There are a number of known-market truths – like “countries can’t go burst” that have been brutally exposed over the centuries. Maybe it will be European Sovereign Credits? Who knows? What else is wobbling and we just ain’t aware of it yet? What I do know is people who say: “this time its different”, are invariably wrong. I shall have a quiet toast to Bear later today.
Hours after accepting President Trump's offer to become the new director of the President's National Economic Council, CNBC personality Larry Kudlow returned to his old stomping ground Wednesday afternoon to answer a series of softball questions lazily lobbed by his (soon-to-be-former) colleagues. About mid-way through the interview, Kudlow was asked about Trump's views on the dollar. Followers of currency markets will remember the burst of volatility that Treasury Secretary Steven Mnuchin accidentally unleashed when he appeared to disavow the US's longstanding commitment to its "strong dollar" policy. First official lie as head of NEC *KUDLOW: NO REASON TO BELIEVE TRUMP DOESN'T WANT STRONG DOLLAR — shinebox (@ljzaz) March 14, 2018 His response? "I have no reason to believe the president doesn't support a strong, stable dollar." Trump picks camera-proven Kudlow as top economic aide https://t.co/EBpWmhmLuY — darryldeanwilliams (@darryldean57) March 14, 2018 The dollar clawed back losses in the afternoon after subdued inflation data, comments from Mario Draghi and the continuing fallout from the abrupt firing of Rex Tillerson forced it lower earlier in the session. It's unclear how much of an impact Kudlow's comments had on the dollar. CNBC noted that, typically, commenting on the dollar is typically delegated to the Treasury Secretary. "I'm not saying the dollar has to go up 30 percent, I'm just saying let the rest of the world know that we are going to keep the world's international reserve currency steady," Kudlow added. "That creates confidence at home." He later drove his point home by saying he would buy the dollar and sell gold. New WH economic chief Larry "King Dollar" Kudlow: "I would buy the dollar and sell gold." #NYP — Michael Gray (@12mgray) March 14, 2018 So far that's not been a great trade, Larry... Throughout the interview, Kudlow adhered to the Trump policy playbook. When asked about David Stockman's assertion that President Trump is setting Kudlow up to fail because of the president's die-hard protectionism, Kudlow defended Trump's plan to impose targeted tariffs on Chinese imports. "I think China has earned a tough response, not only from the US. The US could lead a coalition of large trading partners and allies against China. You could call it a sort of 'trade coalition of the willing'." "My problem with the steel and aluminum tariffs as they were originally announced might do harm to importers of steel and aluminum." * * * Moving on to taxes, Kudlow commented on a report about "phase two" of the Trump administration's tax reform. If Kudlow had his druthers, he would get rid of filibusters and the reconciliation process, subjecting every piece of legislation to an up-or-down vote. "This is the 21st century it's the information age and they're behaving like it's the 1830s. I would just do a vote, up-or-down, first one to fifty wins - or first one to fifty plus Pence wins." Later in the interview, Kudlow reiterated that his top priority at the NEC would be maintaining a stable currency and stable prices. He added that Nafta needs to be "reupholstered in many different ways." Returning to the topic of trade, Kudlow said he's afraid there would be negative consequences for the US economy because it's so intertwined with the economies of Canada and Mexico. At one point, Kudlow recounted the story of getting "the call" from Trump. Kudlow was reportedly eating dinner at Cipriani in midtown Manhattan Tuesday night when Trump called to offer him the job. He abruptly left the restaurant and finished the call in the backseat of a taxi cab. Trump had previously called him that Sunday to discuss the job while Kudlow was playing tennis in Connecticut. "Just to talk to him for 30-40 minutes at a clip for three or four days a week - it's a wonderful thing," Kudlow said. "He asks good questions...if I try and give him the Kudlow thing...he's going to come back and ask questions." Kudlow went on to defend Trump's tax reform proposal, likening it to a business doing capex spending. He explained that he doesn't have a problem for businesses borrowing money to invest in infrastructure - which he said the US is doing with its tax and infrastructure plans. * * * For those who are unfamiliar with Larry Kudlow, CNBC published a video outlining his views, and his career history...
Larry Kudlow has been named the new White House NEC director. His first project should be to get President Trump via executive order to index capital gains to inflation. Doing so would be an effective cut in the capital gains tax rate from nearly 24 percent today to nearly 18 percent afterwards.
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Larry Kudlow has not been an economist in at least a generation. Rather, he plays an economist on TV. Whatever ability he once had to make or analyze or present coherent and data-based economic arguments is long gone—with a number of his old friends blaming long-term consequences of severe and prolonged drug addiction. The right way to view this appointment is, I think, as if Donald Trump were to name William Shatner to command the Navy's 7th Fleet. That said, _probably_ little damage will be done. The major day-to-day job of the NEC Chair is to coordinate the presentation of economic policy options to the President, and to try to keep the agencies and departments on the same page as they implement policy. Kudlow has negative talents in either organizing and presenting alternative points of view or in controlling bureaucracies. Therefore the agencies will each continue marching to its different drummer, and there will be no coherent presentation of policy options to the President. But that will not be new.
The president tapped the CNBC contributor to be his top economic adviser Tuesday night, a week after Gary Cohn announced his resignation.
Update: The Wall Street Journal confirms that Larry Kudlow was offered the job as director of the National Economic Council and he accepted. * * * As we detailed earlier, what had been rumored for days, was just confirmed by CNBC, which reported moments ago that President Donald Trump plans to name Larry Kudlow as his top economic advisor. BREAKING: President Trump to name Larry Kudlow NEC chairman as early as tomorrow, sources say. https://t.co/SDzQDl7MGu pic.twitter.com/dxwkDNFhTj — CNBC Now (@CNBCnow) March 14, 2018 Trump could announce his decision to choose Kudlow as his National Economic Council chairman as soon as Thursday. The CNBC senior contributor and on-air personality would replace Gary Cohn, who left the White House earlier this month amid disagreements about tariffs on steel and aluminum imports. As has been the case in past days, when every time news of Kudlow's role in the NEC emerged the market rebounded, today was no exception, and the S&P has managed a modest rebound on the news that a somewhat moderate economist will replace Gary Cohn.
Президент США Дональд Трамп во вторник подтвердил, что рассматривает кандидатуру известного тележурналиста, аналитика и бывшего ведущего программы на канале CNBC Лоуренса "Ларри" Кадлоу в качестве главы Национального экономического совета (National Economic Council, NEC).
The story with Gary Cohn's replacement is becoming increasingly fluid. In the days after the resignation of the Goldman COO as head of Trump's National Economic Council, we have seen an avalanche of names who were supposed to fill Cohn's shoes. First, it was Peter Navarro, and while media reports suggested that he is not being considered, other reports said that he would take the role if offered. Then, Politico reported that Cohn himself had picked Shahira Knight - a former Hill staffer, ex-lobbyist and the NEC’s resident tax expert — as his replacement, although on Sunday the NYT reported that she was not interested in the opportunity. At the same time, the NYT also reported that Christopher P. Liddell - a New Zealand businessman who works as an assistant to Trump and director of strategic initiatives, and who was CFO of Microsoft previously - was the frontrunner for Cohn's spot. And now, we go back to square one as CNBC's Jim Cramer reports that Larry Kudlow, the man who was originally mentioned as the logical replecement for Gary Cohn, is once again the front runner to lead Trump's National Economic Council "and would take the job if offered it." According to CNBC, while Trump has not formally offered the job, "Kudlow is a leading choice of not only Trump but also some of his advisors." Kudlow, a long-time supporter of Trump, helped to craft economic policy during the Reagan administration. The market's reaction was initially favorable to the news, due to Kudlow's well-known opposition to Trump's import tariffs and trade wars, however the modest bounce appears to now be fading.
Peta campaigner was wrestled to the ground by security at final of dog breeding showAn intruder stormed into the arena as the winner of the Crufts dog show was announced on live television.The male intruder, who was named by Crufts organisers as a protester from the animal rights group Peta, was wrestled to the ground in the middle of the show arena, the NEC in Birmingham. Continue reading...
Jon Lansman is thought to have come under pressure from Jeremy Corbyn to drop general secretary bid.
За последние 4 года много касался американских, европейских и российских компаний, но почти никогда не затрагивал азиатские. Там, безусловно, своя специфика. Формат функционирования и структура рынка отличаются от европейского формата. Тем не менее, в рамках единого шаблона сравнения будет полезным посмотреть за результатами японских компаний.Помогло ли японским компаниям рекордное ( с 1995-1998) ослабление иены? Да, помогло. Вообще по большинству опросов топ менеджеров японских компаний относительно главного фактора, который приводит к улучшению показателей бизнеса, большинство называют именно курс иены.Японские компании имеют рекордный уровень глобализации.Например,Корпорация Toyota 66% выручки генерирует на внешних рынках;Honda аж 81% (!) за пределами Японии,Nissan не меньше 78%;Sony примерно 70%;Panasonic, по крайней мере, половину;Sharp около 60%Toyota имеет производственные мощности в США, там же и продает авто. Понятно, что выручка в США, полученная в долларах и конвертированная в ослабшей иене, покажет рост. Но и японские экспортные возможности повышаются, т.к. при неизменных внутренних ценах покупательская способность клиентов возрастает в условиях падающей иены.В этом отношении сыграли неплохо.Результаты компаний это подтверждаютНа графике предельная возможная выборка компаний из нефин.сектора. Выборка примерно в 5 раз превосходит индекс Nikkei 225. Т.е. охвачены все крупные публичные компании, которые предоставляли отчеты с начала 2004.Выручка уже выше 2007, прибыль достигает максимумов, рентабельность компаний стабилизируется вблизи докризисных уровней.По секторам:Все сектора показали улучшение относительно 2011-2012 годовПродолжение (кстати, добавил раздел капитальных расходов)Фин.коэффициентыДвукратный рост капитализации японских компаний отчасти демпфируется ростом прибыли и выручки.Возможно, многие спросят, куда включены такие известные компании, как Sony, Panasonic, Sharp, Nikon, Nintendo, Pioneer, Casio, JVC, SEGA, Konami? Отвечаю – в категорию Consumer Goods (производство товаров потребительского назначения). Все автомобильные компании туда же.Хотя, что касается компаний из сегмента домашней и бытовой техники (Sony, Panasonic и компания), то не сказать, что результаты их превосходны. Выручка стагнирует, а прибыль около нуля. Хотя, удалось выйти из рекордных убытков.Если брать технологический сектор, то крупнейшие представители в нем – Fujitsu, Canon, NEC, Fujifilm, Ricoh, NTT, SeikoСтруктура представленных компаний (в среднем за последние 4 года)ПрибыльВыручкаРентабельность капиталаЧистая маржаТакие дела ))Данные по Китаю, России, Бразилии, Индии, Турции и прочим не скоро. У них особенность данные представлять с задержкой по пол года )