Большинство фондовых индексов Азиатско-Тихоокеанского региона (АТР) снижается в среду на фоне неблагоприятных статданных из США и Австралии, а также разочаровавшей инвесторов отчетности американской Apple.
In New Zealand there are twice as many cows as people, but it’s the hobbits that are really making hay.
Starting a new business in New Zealand takes less than one day. In Venezuela, it takes 230.
THE Australian state of South Australia has been ranked in the top five must-see regions in the world for 2017, according to respected guide book publisher Lonely Planet. With world-famous wineries,
While the rest of the world is devolving into proxy, or even outright warfare, one nation is profiting handsomely. Germany's ammunition exports skyrocketed in the first half of 2016, a leaked report has revealed according to Germany's Deutsche Welle. And ironically Turkey, a country whose political relationship with Germany has deteriorated sharply over the past year - if only for popular consumption - and is currently suppressing its political opposition, has moved up the list of the country's best customers. As DW reports, the German government has allowed the country's gun-makers to sell even more ammunition around the world in the first half of 2016, according to an arms export report leaked to the DPA news agency and due to be discussed in a cabinet meeting on Wednesday. The sales of small arms themselves have fallen slightly, from 12.4 million euros ($13.5 million) to 11.6 million euros, but the approved ammunition sales rose from 27 million euros to 283.8 million euros. This broke down into 275 million euros worth of sales to EU, NATO, and NATO-allied countries (Australia, New Zealand, Japan, and Switzerland) as well as some 5.4 million euros to Iraq. The three biggest single customers were France, Poland, and Iraq, where Germany is supporting the Kurdish fighters in their battle against "Islamic State." Think of it as a razor-razorblade model, just far more deadly. Sebastian Schulte, defence analyst and Germany correspondent for military magazine "Jane's Defense Weekly," said the increase in ammunition was not particularly surprising, given the intensification of the battles in Syria and northern Iraq. "The coalition is at the gates of Mosul, they're going through a lot of ammunition, and Germany has decided to support the coalition - notably the Kurds," he told DW. "You can go through several barrels of ammo for a machine gun in a day. That is quite normal." Not only that, Germany is probably also sending a lot of ammunition to Turkey, he speculates: "And as you know, Turkey is also highly involved both in Syria and in anti-IS operations." As Schulte explained, Germany's assault rifle ammunition is designed to be used in several different guns across NATO armies - though not in older guns like the Soviet-designed Kalashnikov or the 1960s era German machine gun, the G3. What Schulte did not comment on is that it almost appears that German's interests are alligned with those of the US, to perpetuate a state of warfare in Syria and Iraq. After all, while weapons purchases ultimately plateau, the need for ammunition if virtually infinite. * * * The arms export report also revealed that Turkey has become a better weapons customer in the last few years: moving up from 25th place to 8th place since the beginning of the refugee crisis. Two-thirds of these sales came in plane parts, unmanned drones, and other military equipment. South Korea is also buying more from Germany, thanks to escalating tension with its northern neighbor, and has bought 205 million euros worth of military equipment, including military ships, submarine and helicopter parts, missiles and missile defense systems. But few are as good or steady clients of Germany as the biggest sponsor state of terrorism around the globe, Saudi Arabia which remains Germany's third-biggest buyer, increasing its purchases from 179 million euros in the first half of 2015 to 484 million euros, while the United Arab Emirates almost doubled its purchases from Germany from 46 million euros to 85 million euros. In top spot, somewhat surprisingly, and the best individual customer in the first half of 2016, was Algeria buying 1.04 billion euros of German military equipment, closely followed by the US, who bought 914 million euros' worth. Meanwhile, Germany's faux pacifism has once again been exposed. Vice Chancellor Sigmar Gabriel, who as economy minister is responsible for Germany's arms sales, has promised to reduce Germany's exports of small arms, which are by far the biggest cause of deaths in conflicts around the round the world. Alas, it was easier said than done. At the start of July, it was revealed that the value of Germany's total arms sales had doubled from 2014 to 2015 (from 3.97 billion euros to 7.86 billion euros) - something that the Social Democratic Party leader blamed on a few major individual sales that had been agreed before his tenure. But Germany's anti-arms activists would not accept this excuse, saying that the German government always has the power to cancel deals. Tuesday's report appears to show Gabriel breaking his promise again, angering the Left party's arms export spokesman Jan van Aken: "We need clear legal bans, and first and foremost an immediate ban on small arms exports," he told DPA. The Green party's Agnieszka Brugger was equally outraged by the latest figures, tweeting: "The government is throwing its own strict export guidelines in the garbage bin. No sense of responsibility!" Yes, well, while outraged and disguasted German pacificst tweet, the German weapons industry is set to enjoy another blockbuster year thanks to what has been an unprecedented outbreak of conflict and near-war around the globe. Which should help least answer the first and foremost question any time a conflict breaks out anywhere: qui bono. And since demand for weapons and ammo transcends such trivial limitations and FX exchange rates, once German arms makers have hooked enough foreign "clients", even a spike in the Euro - should the ECB eventually taper its QE - would not result in a notable loss in future revenue.
New Zealand Refining Co. Ltd. (Refining NZ), the country’s sole refiner, has entered an agreement with New Zealand’s Energy Efficiency and Conservation Authority (EECA) to further reduce the carbon footprint of its 107,000-b/d Marsden Point refinery at Northland, 160 km north of Auckland.
(The following statement was released by the rating agency) SYDNEY/HONG KONG, October 25 (Fitch) Publicly rated structured finance (SF) transactions in Australia and New Zealand remained stable in 3Q16, says Fitch Ratings, with 110 tranches from 57 transactions affirmed, four tranches upgraded and one tranche downgraded. One note of an asset-backed security (ABS) transaction was placed on Rating Watch Negative (RWN). Australia and New Zealand have experienced stable economic environments ov
Aboard Air Force One En Route Los Angeles, California 12:51 P.M. PDT MR. EARNEST: How is everybody doing? I don’t have anything at the top. Obviously, the President has spent a lot of time over the last 24 hours making a strong case about why it's important for people to be engaged in this election and what the stakes are in this election. And that's obviously the principal purpose of this trip. And I anticipate he'll have the opportunity to talk about that a little bit more on the program with Mr. Kimmel later this evening. So with that, why don’t we go to your questions, since we got a short flight here. Q Josh, could you just talk a little bit about the President's plans over these last two weeks? And he's really focusing on talking about downstream races -- Senate, House. Could you talk a little bit about how he's going to drive that further over the next couple of weeks, how often he's going to be on the campaign trail, and maybe where besides, I guess -- is it Florida on Friday? MR. EARNEST: That's correct. I don’t have any additional travel details to share at this point, but I would anticipate that the President will spend a significant amount of time traveling next week in support of not just Secretary Clinton's presidential campaign, but Democrats further down the ballot, as well. The President's view is that the stakes in the election are high -- not just in terms of determining who will occupy the Oval Office for next few years, but how much success President Obama's successor will have in advancing their agenda through the Congress. So that would account for the President's passion for these issues. And, look, his own experience bears out how just important this is. In the President's first two years in office, the President was able to work effectively with a Democratic majority in the House and Senate to make progress on a whole range of issues that he had identified as high priorities. Since Republicans took control of the House and were joined by a Republican majority in the Senate, we've essentially seen the legislative process all but grind to a halt. And that is a function of Republican majorities that aren’t interested in governing and don’t appear to have much interest in trying to advance a conservative agenda. Rather, they seem focused on obstruction. And that kind of dysfunction has not served the American people well. And I think it's left the American electorate with a rather dim view of the current Republican representation in Congress. Q Do you think he'll be out every day next week on the trail? MR. EARNEST: I don’t have details yet, but we should have some more details before the end of this week about what the President's schedule looks like next week. And I would expect the President to be quite active on the campaign trail. Q Josh, does the President feel comfortable living in an America where Donald Trump is President? MR. EARNEST: Well, I think he alluded to this in his remarks over the last couple of days, indicating that despite the significant differences that he had with his opponents in 2008 and 2012, he had confidence that despite those vigorous disagreements, that those -- that both Senator McCain and Governor Romney would at least pursue the country's best interests as they saw it. He doesn’t have that same kind of confidence about the current Republican nominee. And I think he's spoken to that in more colorful detail than I just did. Q But, so given that, is there a place for -- does he feel like there's a place for him in this country if Donald Trump is elected President, given the doomsday terms that he's talked about this? MR. EARNEST: Well, I think you're sort of alluding to the rather poignant question of Captain Khan's father that was the tagline to that ad from the Democratic nominee. And, look, I think the kind of rhetoric that we've seen from the Republican nominee, the kinds of values that he claims to champion, I think raises questions in the minds of many Americans about whether or not he's committed to the kind of inclusive society that are consistent with long-held American values and are consistent with the kind of country that the vast majority of Americans actually want to live in. Q So he wouldn't move to Canada or New Zealand if Donald Trump is elected? MR. EARNEST: He's working very hard to make sure that nobody has to move -- has to leave the country as a result of an electoral outcome that the President doesn’t support. Q Josh, do you have any response to Donald Trump saying that the battle for Mosul has been a failure? MR. EARNEST: Well, I noticed those comments. What I can tell you is that our men and women in uniform who are serving this country in Iraq and Syria right now are putting their lives on the line to protect our national security. And the least that they should be able to expect from the American people and the people aspiring to be their Commander-in-Chief is their unconditional and unwavering support. That's certainly what they have from the current Commander-in-Chief. And those men and women on the ground in Iraq and in Syria have been executing a strategy that was formulated by President Obama and his national security team that put them in a position of offering their strong support to the Iraqi security forces that are on the frontlines of this battle. And the performance of those Iraqi security forces has improved dramatically over the last couple of years because of the kind of equipment that they've received from the United States and our coalition partners, because of the training that they've received from the United States and our counter-ISIL coalition partners, and because of the airstrikes that the United States and our coalition partners are taking to support their operations on the ground. They also benefit from the expertise and professionalism of our servicemembers on the ground who are offering them their advice and assistance as they take the fight to ISIL. So we've indicated that the campaign against ISIL in Mosul will be a difficult one and it's likely to take some time, because ISIL has had two years to dig into that city, and we know that ISIL prizes their Mosul presence given that this is the second largest city in Iraq. So it's going to be a tough fight, but we're pleased -- and this is an operation that's only been underway for a week or so. But we're pleased with the progress they've made so far. There's a lot of important work that remains to be done. And our servicemembers are going to do the job that it takes to support them as they dislodge ISIL from Mosul. Q Is it wrong or too early to say it's a failure on that specific point? MR. EARNEST: It's far too early to reach that kind of conclusion. We're pleased with the progress that we've made early on. And the President continues to be confident that because of the bravery and commitment of Iraqi security forces, with the strong support of the U.S. and our counter-ISIL coalition partners, that they will prevail. Q Can we ask about the AT&T-Time Warner deal? Does the President or the White House have any reaction to that? And Bernie Sanders said the administration should stop it. Is that something that the White House is looking at? MR. EARNEST: The White House is not looking at this. This is a regulatory decision. And any decision to review the deal would be made by regulatory officials at the Department of Justice and the Federal Trade Commission. It's possible that there’s a role for the FCC, as well. But those federal regulators will do their job, and they’ll determine whether or not a review is necessary. Certainly when you consider the size of this deal and its impact on the communications landscape, I don't think anybody would be surprised if they announced a review. But ultimately it would be up to them to make that determination. The President would hope and expect that regulators would carefully consider the potential impact of this deal on consumers. But, again, all of that is something that is left to the discretion and judgment of independent regulators. So that's why the White House doesn’t take a position on the deal. Q The President has expressed his opinion on other regulatory issues facing -- but especially before the FCC -- thinking about the net neutrality specifically. And I know this is totally different from that, but is it something where you could see the President expressing an opinion at some point? MR. EARNEST: At this point, it's not something I foresee, again, because the President is committed to allowing these independent regulators to do their work. Look, I think the other part, the other factor here, Roberta, is that if the Department of Justice and/or the FTC were to announce a regulatory review, that’s something that would -- that's a review that would last beyond the President’s tenure in office. So I think that's the other reason the President is unlikely to weigh in on the merits of this particular arrangement. But, again, the President -- any time these kinds of agreements are announced, the President believes it's important to be mindful of the impact that it could potentially have on consumers across the country. But, again, that's the purview of independent regulators, and the President has got confidence that they’ll do their job. Q Did the President let you win a few holes today on the golf course? (Laughter.) MR. EARNEST: Well, I know that there might be some people who would assume that coming to the back of the plane and talking to you about global issues is a lot of pressure. (Laughter.) That is nothing compared to standing on the first tee watching the Commander-in-Chief watch you address the ball -- particularly somebody who doesn’t get the chance to hit the links as often as I would like. But it was a beautiful day, and the good people at Torrey Pines ensured that we had a nice time and were very hospitable. They’ve also got a pretty good thing going there. The views of the Pacific Ocean from the bluffs on the course totally lives up to the hype. Q Could you talk about when the President says that it's important for Democrats to win big and for Hillary to win big -- what exactly does he mean? I know why -- I know the rationale that he’s laying out. But, I mean, how big of a victory does she have to have in order, does he think, for the values that he’s talking about to have been vindicated and to repudiate the argument? MR. EARNEST: I genuinely don't think the President has a specific number in mind. But I think what the President has in mind is the idea that the American people, that voters across the country would send a clear message to Republicans who have not been engaged in trying to govern the country. They’ve been engaged in waging small-minded political fights that are focused on obstruction. And that's led the party to nominate somebody that doesn’t seem particularly committed to a conservative governing philosophy and really is famous for his ability to colorfully articulate his opposition to President Obama. So I think the President is hopeful that the American people will take the opportunity before them in the context of this election and send a clear message to both parties that there are some basic things that, despite the significant differences between Democrats and Republicans in Washington, D.C., there should be an opportunity to move forward in those areas where there is common ground. And so the President is hopeful that people will make clear that Republicans can't just pursue a political strategy that's focused on obstruction, but that they have a responsibility, particularly if they hold on to the majority in Congress, to actually pursue an agenda that they believe is in the best interest of the country and is not just focused on their own political self-interest. Q Josh, the VP and you and others in the White House and around him have made a big point of the fact that he got over 50 percent in his elections and why that was significant. Does Hillary Clinton need to get over 50 percent? I know you say he doesn’t have a particular number in mind -- but that number to be with the majority of the country, to do what he wants her to be able to do coming off the election? MR. EARNEST: I don't think the President has a number in mind. But I think the President, as you can tell from the passion of his case, and as you will see from the days that he intends to spend on the road leading up to the election, that he’s determined to get her as many votes as possible. Q Is 50 percent not an important benchmark for her? MR. EARNEST: Well, obviously the President was proud of the majority support that he’s gotten from the voters in both races that he’s run. And I think the President is interested in building as much support as he possibly can for Secretary Clinton. Q Can I ask a Project Veritas question? There’s a new video out today that shows Bob Creamer talking to someone about this so-called “Donald Duck” initiative -- whatever -- where people would dress up as Donald Duck and follow Trump around because he was ducking his taxes. Anyway, Bob Creamer is on video saying that Secretary Clinton, herself, approved this idea. The question is, do you think it is appropriate for someone who has been to the White House a number of times to be engaging in this kind of conduct? MR. EARNEST: First of all, as you report on these videos I would just caution you to consider the history of this organization. Oftentimes when these videos are released, they reflect not a true representation of that person’s views but rather distort that person’s views in a way that make it actually more difficult to understand what they’re talking about. So that being said, I'm going to leave it to the respective campaigns and to the respective political party organizations to comment on the kinds of tactics that they’re using on the campaign trail. I think the tactic that you alluded to is something that we've seen in presidential campaigns at least as long as I've been involved in them. And the truth is, you see those in other races, too, that are not as -- that even state and local campaigns will use those kinds of tactics to highlight the weakness of one particular candidate or another. But whether or not that's appropriate, I'll let the candidates speak to it. Q Is it true that the President has given up and decided not to do anything on Syria before the next President takes office? There was a report today in The Washington Post on that. MR. EARNEST: I saw the report. I think what is clear in the news story and is consistent with what I've been saying all along, which is that the President is not going to take any ideas off the table. And he certainly is going to consider a range of options as we work to deescalate the violence, increase the flow of humanitarian assistance, and try to kick-start talks for a political transition inside of Syria. And I'm not going to take any options off the table in terms of potential presidential decisions between now and January 20th. Q Was the report right in that he’s not going to do anything in terms of beefing up some of these existing programs before handing it over to the next President? MR. EARNEST: I don't remember exactly the way that it was phrased in the story. I think what I would say is just that the President has a range of options that he'll consider to pursue the goals that I just mentioned, and he has not ruled out using any of them at this point. He’s going to continue to consult with his national security team. Some of the activities that have been speculated about are things that obviously I can't discuss in this setting, but there are a range of options that are available to the President. And he’s obviously quite interested in seeing the violence be reduced and the flow of humanitarian assistance increased in that region of the world. There are people there who are suffering. And I think the thing that we're certainly going to continue to do is engage diplomatically, both on a bilateral basis with some countries in the region that obviously have a vested stake in the outcome there, but there’s also some work that we can continue to do multilaterally, through the U.N. and through the ISSG, to try to reach the kind of outcome that we believe is in the best interest of the people in the region, but also the best interest of our national security as well. So that certainly is the approach the President is going to continue to pursue. Additional decisions I wouldn't take off the table at this point. All right. Thank you, guys. Buckle up for landing. END 1:09 P.M. PDT
Adam Ozimek raises that question. You might think a growing population is obviously better for business, but it’s actually not so clear: It’s true bigger places have advantages in terms of being able to offer a greater variety of consumer options and niches. But marginal population growth doesn’t do all that much to change the […] The post Should entrepreneurs prefer a rising or shrinking population? appeared first on Marginal REVOLUTION.
Earlier this month, two of the three massively subsidized, state-owned Gulf airlines announced additional flights to and from the United States. Emirates said it will begin daily nonstops from Fort Lauderdale to Dubai on December 15, and Etihad said it will more than double nonstops between Dallas/Fort Worth and Abu Dhabi, from three per week to seven, beginning February 2017. In two years, Emirates, Etihad Airways and Qatar Airways will have increased seat capacity to and from the U.S. by 42 percent, a staggering number that is not the result of market growth, but the fairy-tale economics of state subsidy. According to the airline database Official Airline Guide (OAG), in Dallas/Fort Worth alone the three Gulf carriers will flood nearly 2,000 seats per day (in both directions) by early next year. In manufacturing industries, this practice is called dumping, and often results in legal action against offending nations at the World Trade Organization. But there's no WTO for the airline industry. For more than 18 months, American Airlines, Delta Air Lines, United Airlines and their union partners have been explaining to U.S. officials and others the clear evidence that the government owners of Emirates, Etihad Airways and Qatar Airways have long provided huge amounts of cash, in violation of the Open Skies agreements between the U.S. and both the United Arab Emirates (UAE) and Qatar. Open Skies agreements are the legal pacts that allow their airlines unlimited access to the U.S. market, the largest in the world. Since 2004, proven subsidies to the Gulf trio have totaled almost $50 billion, and have enabled them to expand without the normal commercial realities by which U.S. airlines must abide. A longtime U.S. airline planner has characterized Gulf carriers' route-planning decisions as "Whoa, next week, Airbus will deliver another new A380. We have to find a place to fly it." As I explained in a 2015 article in Forbes, to understand Gulf carrier expansion you need to understand basic airline geography. After beginning its Fort Lauderdale flights in December, Emirates, together with Etihad Airways and Qatar Airways, will fly nonstop from 13 U.S. cities to their megahubs in Dubai, Abu Dhabi and Doha. But local demand for these nonstop flights, such as Fort Lauderdale-Dubai, is relatively small because the respective populations of the Gulf airlines' hubs are small - respectively, 2.3 million, 2.1 million and 900,000. Thus, local traffic does not drive this massive expansion. Instead, the three Gulf mega-carriers have used their subsidies to leverage their strategic geographical location in the Gulf to capture the market for connecting traffic from the U.S., Europe, South America and many other regions in the Middle East, Africa, Asia, and Australia and New Zealand. As these carriers often remind us, about 60 percent of the world's population lives within six flying hours of the Gulf. Their strategy is all about connecting passengers. What does subsidy-driven overcapacity do? It allows the airlines to operate without concerns over turning a profit. If investors own the airline, as is the case with U.S. airlines, losing pots of money matters greatly. If you're subsidized, it doesn't matter. The result is a distorted playing field that gives the Gulf carriers a competitive advantage over U.S. carriers, and we are already seeing the damage that this is inflicting on the U.S. aviation industry as a whole. In the past year, both United and Delta have canceled their U.S.-Dubai flights. Prior to that, American Airlines and Delta both withdrew from the enormous India market because they could not operate profitably in the face of massively subsidized competition via the Gulf. Unfair Gulf competition also affects the alliances between U.S. airlines and their European partners. For example, an Indian engineer from Silicon Valley returning to visit her parents used to fly United from San Francisco to Frankfurt, then United's Star Alliance partner Lufthansa to Bengaluru, but she now flies Emirates subsidized service San Francisco-Dubai-Bengaluru. And there is follow-on impact: declines in international flying affect the U.S. domestic network. More than half of passengers on a typical American, Delta or United overseas flight make a connection from or to a domestic flight. So as the international network is squeezed by unfair competition, the domestic network will shrink, too. The impact will be large and damaging because network decline is exponential and not linear - if a U.S. carrier shrinks from 10 long-haul international flights to seven, the result is an overall network decrease much greater than 30%, Small and medium-sized U.S. cities, already worried about reduced service, should be even more concerned. I've been tracking the Gulf subsidy issue for several years, and as a longtime U.S. airline employee I wince at the suggestion from self-styled "thought leaders" that American, Delta and United are being "protectionist." U.S. airlines and their workers seek no protection, but a level playing field across the world. Right now the Open Skies agreements are solely benefiting the Gulf carriers, to the detriment of the U.S. airlines and their workers. It's time for the U.S. government to enforce its agreements and stand up for the U.S. aviation industry. -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.
Looking at the week ahead, the US election enters the home stretch and politics will likely dominate the headlines, especially the closer races in Congress. Despite data being overshadowed by politics, there are some key US releases coming up, with the first estimate of Q3 GDP, the employment cost index and durable goods the main focus. Some of the key global events in the coming week: In the US, we have a busy calendar, with a first look at Q3 GDP, durable goods, trade balance, housing data, the employment cost index and final Michigan sentiment survey. We also hear from several Fed speakers at the start of the week before the blackout period begins on Tuesday. In the Eurozone, we get PMIs and money supply as well as German inflation numbers and IFO. We also hear from several ECB members throughout the week, including President Draghi. In the UK we get the advance release of Q3 GDP, and the S&P rating decision at the end of the week. BoE Governor Carney will also be questioned by the House of Lords Economic Affairs Committee on the economic consequences of the vote to leave the EU and the BoE’s response In Australia, the focus in the week ahead will be the inflation release, with increased weight put on the outcome given the recent weak run of employment data. A quiet calendar for New Zealand, with trade balance the only release of note. In Japan, the main focus will be the inflation print, though we also see employment data. Here is the daily breakdown: It’s a busy start to the week today with the release of the flash October PMI’s this morning in Europe including the services, manufacturing and composite prints. In the UK we’ll also get the October CBI selling prices data. Over in the US this afternoon we’ll also get the flash manufacturing PMI, along with the Chicago Fed national activity index. Kicking off Tuesday will be France where the latest confidence indicators will be released. Over in Germany we’ll also get the October IFO index readings. Across the pond in the US on Tuesday the highlight is the October consumer confidence reading, while the Richmond Fed manufacturing survey, IBD/TIPP economic optimism print, FHFA house prince index and S&P/Case-Shiller house price index will also be released. Wednesday starts in Asia where we’ll get the latest consumer sentiment reading in China. In Europe consumer confidence readings are expected in Germany and France while it’s a busy session scheduled in the US on Wednesday with the remaining flash PMI’s (services and composite), wholesale inventories, advance goods trade balance and new home sales. We’re in Asia again on Thursday with the latest industrial profits data in China. In Europe we’ll get M3 money supply data for the Euro area, along with the advance Q3 GDP report for the UK. The important data in the US on Thursday is the September durable and capital goods orders data. Also due out will be initial jobless claims, pending home sales and the Kansas City Fed manufacturing survey. We end the week on Friday in Japan with the September CPI report and also the latest household spending and jobless rate data. During the European session we’ll get CPI reports for both France and Germany, along with the advanced Q3 GDP reading for the former. Euro area confidence indicators will also be released. In the US it’ll be all about the advance Q3 GDP report, while the final University of Michigan consumer sentiment reading for October is also due. A snapshot of just the US events alongside expectations courtesy of BofA: And the detailed breakdown of US events, courtesy of Goldman: Monday, October 24 09:00 AM New York Fed President Dudley (FOMC voter) speaks: New York Fed President William Dudley will deliver opening remarks at the second annual conference on the Evolving Structure of the U.S. Treasury Market at the New York Fed. Last week, President Dudley said he does not see an “urgency to tighten monetary policy aggressively”. 09:05 AM St. Louis Fed President Bullard (FOMC voter) speaks: St. Louis Fed President James Bullard will give a speech on the U.S. economy and monetary policy at the Association for University Business and Economic Research’s fall research conference in Fayetteville, Arkansas. 09:45 AM Markit Flash US Manufacturing PMI, October preliminary (consensus 51.5, last 51.5): Details from the Philly Fed and Empire State surveys showed mixed signals in October, following mostly stronger reports from regional manufacturing surveys in September. We find that the flash Markit PMI does contain some predictive power for the ISM. 01:30 PM Chicago Fed President Evans (FOMC non-voter) speaks: Chicago Fed President Charles Evans will hold a discussion on current economic conditions and monetary policy at an event held by the Civic Affairs Society of the University Club of Chicago. Q&A is expected. 02:00 PM Fed Governor Powell (FOMC voter) speaks: Fed Governor Jerome Powell will give a moderate a discussion on “The Future of Treasury Market Settlement” at the New York Fed conference on the Evolving Structure of the U.S. Treasury Market. Q&A is expected. Tuesday, October 25 09:00 AM FHFA house price index, August (consensus +0.4%, last +0.5%): Consensus expects a 0.4% gain in the FHFA house price index in August, which has risen 5.8% over the past year. FHFA home prices increased 0.5% in July, a quicker pace than expected. The FHFA house price index has a wider geographic coverage than the S&P/Case-Shiller housing price index, but is based only on properties financed with conforming mortgages. 09:00 AM S&P/Case-Shiller home price index, August (consensus +0.1%, last flat): The Case-Shiller home price index appears to have been influenced by seasonal adjustment challenges recently. Consensus expects a 0.1% increase after the index was little changed in July. Over the past year, the 20-city index has increased by 5.0%. 10:00 AM Conference Board consumer confidence, October (GS 100.8, consensus 101.0, last 104.1): We expect consumer confidence to edge down in October after the index rose to a post-crisis high in September. The University of Michigan’s preliminary estimate of consumer sentiment for October declined unexpectedly, but we expect the final estimate to move higher in the report this week. 10:00 AM Richmond Fed manufacturing index, October (consensus -4, last -8) 01:20 PM Atlanta Fed President Lockhart (FOMC non-voter) speaks: Atlanta Fed President Lockhart will deliver a speech on the topic of “Lending and Investing in Community Development” at a conference held by the Opportunity Finance Network in Atlanta, Georgia. Wednesday, October 26 08:30 AM Advanced goods trade balance, September (GS -$60.2bn, consensus -$60.8bn, last -$59.2bn): U.S. Census Bureau Report on Advance Economic Indicators; Last month, the Census Bureau’s Advance Economic Indicators report showed a smaller than anticipated trade deficit, offset by softer inventory accumulation. We expect the goods trade deficit to widen slightly in September. 08:30 AM Wholesale inventories, September preliminary (consensus +0.1%, last -0.2%) 09:45 AM Markit Flash US Services PMI, September preliminary (consensus 52.3, last 52.3) 10:00 AM New home sales, September (GS -2.5%, consensus -1.5%, last -7.6%): We expect new home sales to decline by 2.5% in September, after a 7.6% decline in August that only partially reversed outsized gains in July. New home sales are highly volatile on a month-to-month basis. Single-family housing starts rose, while multi-family housing starts weakened substantially in the September report. Building permits rose by more than expected, driven largely by an increase in the multi-family category. Thursday, October 27 08:30 AM Durable goods orders, September (GS flat, consensus +0.1%, last +0.1%): Durable goods orders ex-transportation, September (GS +0.1%, consensus +0.2%, last -0.2%); Core capital goods orders, September (GS -0.3%, consensus -0.1%, last +0.9%); Core capital goods shipments, September (GS +0.1, consensus +0.4%, last -0.1%): We expect durable goods orders to be flat and core capital goods orders to increase 0.1% in September, following a mixed report in August. September industrial production data came in a bit below consensus expectations, while regional manufacturing surveys improved across the board. We also expect core capital goods shipments to increase 0.1%. Over the last year, core capital goods orders declined by 2.8%, while core capital goods shipments declined by 5.9%. 08:30 AM Initial jobless claims, week ended October 22 (GS 260k, consensus 255k, last 260k): Continuing jobless claims, week ended October 15 (last 2,057k); We expect initial jobless claims to remain at 260k. Last week, claims increased from very low levels, likely partially reflecting the effects of Hurricane Matthew and a spike in claims in Kentucky. 10:00 AM Pending home sales, September (consensus +1.1, last -2.4%): Consensus expects pending home sales to move up in September after a 2.4% decline in August. We have found pending home sales—based on contract signings rather than closings—to be a decent leading indicator of existing home sales with a one- to two-month lag. 11:00 AM Kansas City Fed manufacturing index, October (consensus +3, last +6) Friday, October 28 08:30 AM Employment cost index, Q3 (GS +0.6%, consensus +0.6%, last +0.6%): We expect the ECI to hold steady at 0.6% in Q3, or up 2.6% (from 2.5% in Q2) on a year-over-year basis. Our Q3 wage tracker—a weighted average of the ECI, average hourly earnings, nonfarm compensation per hour, and the Atlanta Fed's wage growth tracker—stands at 2.6%. 08:30 AM GDP (advance), Q3 (GS +2.7%, consensus +2.6%, last +1.4%): Personal consumption, Q3 (GS +2.4%, consensus +2.6%, last +4.3%): We expect that Q3 GDP rose at a pace of 2.7% (quarter-over-quarter annualized), up from our preliminary tracking estimate of 2.5%. We expect a moderate boost from inventories after a 1.2pp drag last quarter. Consumer spending growth is likely to soften modestly following a very strong Q2. According to our estimates, PCE is tracking +2.4% (qoq ar) in Q3. 10:00 AM University of Michigan consumer sentiment (final), October (GS 88.3, consensus 88.2, last 87.9): We expect the University of Michigan consumer sentiment gauge to climb to 88.3 in the final October report, after the index unexpectedly declined to 87.9 in the preliminary report. Source: BofA, DB, GS
HIGHER EDUCATION BUBBLE UPDATE: Nonsense paper written by iOS autocomplete accepted for conference:…
HIGHER EDUCATION BUBBLE UPDATE: Nonsense paper written by iOS autocomplete accepted for conference: New Zealand professor asked to present his work at US event on nuclear physics despite it containing gibberish all through the copy. “The text really does not make any sense.” I don’t think this is an Alan Sokal-level hoax. I think instead […]
EVERYTHING IS BROKEN: “A non-nuclear physicist was invited to present a paper at a nuclear physics conference. He submitted a gibberish response and was accepted to present!” Christoph Bartneck, an associate professor at the Human Interface Technology laboratory at the University of Canterbury in New Zealand, received an email inviting him to submit a paper […]
Каждый год «Отделение борьбы за интеллектуальную свободу» (Office for Intellectual Freedom — OIF) Американской библиотечной ассоциации (American Library Association — ALA) публикует своеобразный «хит-парад» книг, которые чаще всего подвергались осуждению со стороны общественности в библиотеках, школах и СМИ Соединённых Штатов. Этим Ассоциация демонстрирует, что общество, ратуя за свободу слова, с готовностью включает цензуру, как только речь касается определённых тем, - пишет автор портала Newtonew.com Юлия Коровкина. Топ-лист самых осуждаемых книг составляется на основе двух источников. Первый — публикации в СМИ, в которых высказываются мнения о недопустимости распространения каких-либо книг. Второй — добровольные отчёты библиотек, в которых указано, кто и по какой причине просил изъять ту или иную книгу из доступа. Исследование OIF не претендует на предоставление полной картины, но и той информации, которую удаётся собрать, достаточно, чтобы представить тенденции.На сайте ALA можно посмотреть, что хотели запретить читатели с 2001 года. Интересно, что дважды список нежелательных книг возглавлял «Гарри Поттер» Дж. Роулинг (как антисемейное произведение, пропагандирующее оккультизм и насилие), а в 2007 году в середину списка попал Марк Твен с «Приключениями Гекельберри Финна» (за расизм).Топ-10 самых запрещаемых книг 2015 года1. Джон Грин, «В поисках Аляски» («Looking for Alaska», 2005)Причины: ненормативная лексика, откровенная сексуальность, несоответствие возрастной группе.Интересно то, что этот роман был награждён ежегодной Премией Майкла Л. Принца Американской библиотечной ассоциации как «Лучшая книга года, написанная для подростков в 2006 году, по художественным свойствам», вошёл в учебную программу некоторых средних школ и колледжей и был переведён на иностранные языки. Подросток Майлз «Толстячок» Холтер отправляется учиться в новую школу Калвер Кирк в поисках Великого «Возможно», вдохновившись последними словами Франсуа Рабле. Там он находит новых друзей, влюбляется в яркую, красивую Аляску Янг. Сложный мир взаимоотношений подростков описан (и это отмечают многие читатели) правдиво, с мельчайшими психологическими деталями, острыми впечатлениями и жёсткой правдой. Книга написана о подростках и для подростков языком, который поймут подростки, поэтому нет ничего удивительного в спорах и негативных мнениях вокруг неё со стороны родителей, пытающихся защитить собственного ребёнка от самого себя.2. Э.Л. Джеймс, «Пятьдесят оттенков серого» («Fifty Shades of Grey», 2011)Причины: откровенная сексуальность, несоответствие возрастной группе, «бедный язык», «опасения, что книга вызовет в подростках желание приобрести подобный опыт» и другие.Эротический роман о необычных взаимоотношениях выпускницы литературного факультета Анастейши Стил и молодого миллиардера Кристиана Грея вызвал волну бурных обсуждений среди зрителей разных возрастов. Выросшая из фанфика на подростковую серию книг «Сумерки» Стефани Майер, книга была, однако, признана оригинальной, и в некоторых СМИ были опубликованы положительные отзывы (например, The Guardian). Другие, такие как The Telegraph, Chicago Tribune и The New Zealand Herald, указали на низкое качество языка, «неуклюжий стиль», депрессивность, эскапизм и так далее. В марте 2012 года Публичная библиотека штата Флорида исключила из своего фонда все копии романа, указав на несоответствие критериям отбора книг и ссылаясь на негативную критику. Позже Американская библиотечная ассоциация признала такие действия неправильными, противоречащими желаниям читателей, и книга была возвращена в открытый доступ. Книга также неоднократно обвинялась в негативном влиянии, пропаганде БДСМ и даже, по мнению некоторых сообществ, роман был признан виновником роста инфекционных заболеваний, передающихся половым путем.3. Джессика Хертел и Джаз Дженнингз, «Меня зовут Джаз» («I Am Jazz», 2014)Причины: неточность, гомосексуальность, половое воспитание, религиозная точка зрения, несоответствие возрастной группе.Это детская книжка о девочке-трансгендере Джаз Дженнингс. Джаз сейчас 16 лет, и она является одним из самых влиятельных подростков Америки. Начиная с пятилетнего возраста Джаз пытается привлечь внимание общественности к проблемам, с которыми сталкиваются такие дети, как она сама. Книга со множеством картинок рассказывает о её собственном жизненном опыте простым и понятным для детей языком. «Меня зовут Джаз» вызвала огромное количество споров, прежде всего потому, что пытается говорить о сексуальности, гомосексуальности с детьми от 4-х лет. Кроме того, книгу обвиняют в пропаганде религиозных взглядов.4. Сьюзен Куклин, «За пределами пурпурного: Прямая речь подростков-трансгендеров» («Beyond Magenta: Transgender Teens Speak Out», 2014).Причины: антисемейность, ненормативная лексика, гомосексуальность, половое воспитание, политическая точка зрения, религиозная точка зрения, несоответствие возрастной группе и другие.Ещё одна книга о подростках-трансгендерах. Её автор Сьюзен Куклин встречалась с шестью транссексуалами и нейтрально-гендерными молодыми людьми и брала у них интервью, чтобы создать верное представление общественности о них до, во время и после становления их гендерных предпочтений. Книга содержит фотопортреты, семейные фотографии, откровенные изображения жизни молодых людей, предназначенные для погружения читателя в эмоциональную атмосферу быта подростков, которые искали и ищут своё место в мире.5. Марк Хэддон, «Загадочное ночное убийство собаки» («The Curious Incident of the Dog in the Night-Time», 2003)Причины: ненормативная лексика, религиозная точка зрения, не соответствует возрастной группе, «профанация и атеизм» и другие.Книга про пятнадцатилетнего Кристофера Буна, страдающего аутизмом, наделала много шума из-за подробных и очень эмоциональных описаний состояния больного подростка. После распространения романа одно время бытовало мнение, что книга даёт точное представление о сознании человека, больного аутизмом, даже пытались увидеть в состоянии ребёнка симптомы синдрома Аспергера, однако в 2009 году Марк Хэддон опроверг эти мысли, заявив, что в книге этот синдром не описывается, а сам он не является экспертом в данной области.6. Библия (The Holy Bible)Причины: религиозная точка зрения.Нет ничего удивительного в том, что одна из древнейших книг человечества попала в этот список. Библия подвергается критике на протяжении всей истории своего существования. В последние годы всё с более быстрым развитием науки и техники картина мира в сознании очень многих людей начала меняться в сторону материалистической, а потому библейская картина мира стала подвергаться всё большей критике со стороны общественности. И если раньше споры вокруг Библии охватывали в основном научные, философские круги, то сейчас критика ведётся и на бытовом уровне. Особенно остро стоит вопрос о детском чтении Библии, из-за которого, во многом, «Книга книг» и оказалась на шестом месте этого списка.7. Элисон Бекдел, «Весёлый дом: трагикомическая семья» («Fun Home: a Family Tragicomic», 2006)Элисон Бекдел — известная американская художница-карикатуристка, а также создатель так называемого теста Бекдел, проверяющего фильмы, книги и другие произведения искусства на «феминистичность». В 2006 году она опубликовала графический роман «Fun Home: A Family Tragicomic». В жанре графических мемуаров художница рассказывает о своём детстве, о своих сложных взаимоотношениях с отцом-геем и о том, как сама стала замечать в себе черты гомосексуальности (Элисон Бекдел — активная лесбиянка). Книга охватывает проблемы сексуальной ориентации, гендерных ролей, суицида, эмоционального насилия. Некоторые из этих проблем и послужили поводом для споров вокруг романа. Книга также говорит о роли литературы в понимании себя и своей семьи.8. Крейг Томпсон, «Хабиби» («Habibi», 2011)Причины: нагота, откровенная сексуальность, непригодность для возрастной группы.Этот графический роман — очень достойное произведение эпохи постмодернизма. В его основе — мультикультурное осмысление мира. Автор рассказывает историю мусульманской девочки Додолы со своей точки зрения — с точки зрения христианского Запада. В истории Додолы есть тени истории Шахерезады: она создает свой мир сказок и преданий, чтобы рассказывать о нём своему приёмному сыну Заму, который всего на 6 лет младше её. История Зама и Додолы — это цепь ужасных, иногда даже отвратительных событий, история их жизни — бесконечное изнасилование. Эта книга — произведение искусства и графического, и литературного; и всё же она вызывает много споров и негодования.9. Джанетт Уинтер, «Тайная школа Насрин: Правдивая история из Афганистана» («Nasreen’s Secret School: A True Story from Afghanistan», 2009)Причины: религиозная точка зрения, непригодность для возрастной группы, насилие.Эта книга для детей 6-9 лет рассказывает историю девочки Насрин, которая не говорит ни слова с тех пор, как исчезли её родители. Её бабушка, рискуя очень многим, вопреки законам Талибана, отдаёт девочку в секретную школу, где ей должны помочь справиться со своим состоянием. Это не просто детская книжка, это произведение о важности образования, об исцеляющей силе любви и заботы и о возможностях человеческого духа. Кроме того, эта книга открывает нам страшную тайну: есть на планете места, где быть обычным ребёнком, ходить в школу страшно и опасно, а наслаждаться жизнью почти невозможно. Многие родители сочли книгу слишком взрослой для своих детей, поэтому она и оказалась в этом списке.10. Давид Левитан, «Два целующихся мальчика» («Two Boys Kissing», 2013)Причины: гомосексуальность, «публичное одобрение однополых чувств».Два целующихся мальчика — это семнадцатилетние Крейг и Гарри. Они решили установить мировой рекорд в самом длинном поцелуе длительностью в 32 часа, чтобы привлечь людей к проблемам гомосексуальности и гомофобии. Роман отличается уникальной стилистикой. История рассказывается от лица сторонних наблюдателей, как будто они смотрят на всё происходящее с высоты птичьего полета — это напоминает хор в древнегреческих трагедиях. Но только здесь это хор геев, умерших от СПИДа. Это книга о подростках и для подростков, однако, как и все предыдущие книги в этом списке, она получила различные отзывы у общественности.ОтсюдаВы также можете подписаться на мои страницы:- в фейсбуке: https://www.facebook.com/podosokorskiy- в твиттере: https://twitter.com/podosokorsky- в контакте: http://vk.com/podosokorskiy
New Zealand become the first top-tier nation to win 18 consecutive Tests with a 37-10 victory over Australia in the Bledisloe Cup.
Introduction This year, the well-known annual conference of the London Bullion Market Association (LBMA) was held in Singapore between Sunday 16 October and Tuesday 18 October at the impressive Shangri-La Hotel. The conference attracts delegates and speakers from across the world of bullion, with representatives from precious metals refiners, mints, bullion banks, brokers, trading and technology providers, bullion dealers and bullion wholesalers. This year over 700 delegates attended. The main speaker sessions, presentation and panel sessions of industry representatives ran over two days, between Monday 17 October and Tuesday 18 October. Topics covered in the speaker sessions were numerous and varied and included the bullion market in China, developments in the Indian gold market, responsible gold guidance, LBMA updates and developments, a dedicated session on platinum group metals, and a session on the financing of refineries. As interesting as the speaker sessions and presentations are, many of the conference attendees use at least some of their time at the LBMA conference to engage in meetings with each other on the sidelines. This explains the constant stream of small breakout meetings that took place in the hotel lobby's seating areas, as well as in dedicated meeting rooms around the hotel. BullionStar also used the occasion to meet with existing suppliers from the refining, minting and wholesaling world, as well as to discuss potential business opportunities with new suppliers. There were also approximately 20 exhibitor stands at the conference, including stands hosted by CME Group, Brinks, the World Gold Council, IE Singapore (Singapore's trade development authority), Istanbul Gold Refinery (IGR), Metals Focus consultancy, Cinnober, and Nadir Refinery. Singapore - Central Business District, Skyline Hong Kong - Shenzhen Gold Connect On the Sunday prior to the conference, the Chinese Gold and Silver Exchange (CGSE) and the Singapore Bullion Market Association (SBMA) co-hosted a pre-conference presentation titled “Building a physical gold corridor in Asia: Shanghai – Hong Kong / Qianhai – Singapore”, at the hotel, which featured a series of discussions about the CGSE’s new gold trading and vaulting project located in the Shenzhen free trade zone at Qianhai, just across the border from Hong Kong. Haywood Cheung, Permanent President of CGSE, gave an introductory overview of the Qianhai project, showcasing it as part of China’s “One Belt, One Road” plan, after which Dong Feng, Ping An Commodities Trading in Shenzhen presented a detailed explanation of how the linkages between the CGSE’s trading platform in Hong Kong and Qianhai’s clearing and settlement will for the first time enable the trading of both onshore and offshore Renminbi and the trading of onshore and offshore gold. The Qianhai project integrates trading, clearing, settlement and vaulting, with a 1500 tonne capacity vault, and a trading hall. ICBC will provide settlement of both onshore (Shenzhen) and offshore (Macau) Renminbi as well as providing use of its Shenzhen gold vault (onshore gold settlement) until the CGSE Qianhai vault is completed. This onshore and offshore trading and settlement of Yuan and physical gold will facilitate arbitrage trading, and is another step in China’s liberalisation of its currency and its gold market as it links the Chinese currency to physical settlement of gold inside and outside of China. This initiative is one to watch and will demonstrate the Chinese government’s gradual easing of cross-border restrictions on currency and gold flow. Next phase gold trading in Qianhai by CGSE member companies will commence on 7 December. With the CGSE having already established a gold trading link with the Shanghai Gold Exchange (SGE) though its Shanghai-Hong Kong Connect, and with the Shenzhen (Qianhai) - Hong Kong Connect now coming on stream, the CGSE is also planning a Singapore - Hong Kong Connect, and a Dubai - Hong Kong Connect, which, if they materialise, will extend physical gold corridor (trading and vaulting connections) across the Asian region and beyond. Albert Cheng, CEO of the SBMA, wrapped up the afternoon with an overview presentation of SBMA’s aspirations to evolve Singapore into a bullion market hub for the entire ASEAN region, including countries such as Indonesia, Vietnam and Myanmar. However, details of how this plan will be implemented were not addressed. Cheng also showcased the SGX gold contract which is backed by the SBMA, but which has yet to take off despite being launched over 2 years ago. LMEprecious gold Futures The first event we attended on Monday was an early morning presentation by the London Metal Exchange (LME) about LMEprecious, its new suite of spot, daily, and monthly gold and silver futures contracts to be launched in the first half of 2017, that will trade on LME’s trading platform, with market-making offered by 5 investment banks such as Goldman Sachs and ICBC Standard Bank. These futures are for delivery of unallocated metal in the London market and the contracts will still clear through the London bullion market's LPMCL unallocated bullion clearing system. In time, the LME plans to launch platinum and palladium futures contracts on LMEprecious, as well as options contracts on all 4 metals. The LMEprecious platform will also link into LBMA’s planned trade reporting system. ICE gold Futures On Monday morning, ICE Benchmark Administration (IBA), a direct competitor to LME in the precious metals trading and clearing space, used the LBMA conference to make a very well-timed announcement that it too will be launching a new gold futures contract for delivery of unallocated gold in London (loco London). The ICE contract will trade on the ICE US futures platform and will begin trading in February 2017, in advance of the LME contracts. This contract is being designed to be compatible for settlement within the LBMA Gold Price auction which IBA administers in London, and it will, according to IBA, allow the introduction of central clearing into the auctions, and thus facilitate wider auction participation. Currently,the direct auction is exclusively open to a handful of large banks that have large bi-lateral credit lines with each other. At this stage it’s unclear how the connections between the futures contract and the LBMA Gold Price auction will work, but BullionStar plans to examine this development in future coverage. Shangri-La Hotel, Singapore Unallocated Gold, Gold Lending and Central Banks Given that the LBMA Conference is attended by dozens and dozens of precious metals refineries and mints, it was notable that the subject of "unallocated gold" cropped up in the discussion of LMEprecious and ICE futures contracts, but that there was no discussion in the actual LBMA conference programme schedule of 'unallocated gold' as the term is used by the LBMA. An unallocated gold position in an account in the London gold market is merely a contractual claim for gold against the bank that the account is held with. As such, it is a synthetic gold position. It was also odd in our view that there was no seminar or discussion about the London gold lending market within the conference programme. As gold lending is an important and influential area of the London gold market, it affects marginal gold supply, and it has an impact on gold price formation. Notably, the topic of central bank activities in the gold market was completely ommitted from the conference schedule this year, which was odd given that in previous years there was usually such a session. Have the central bankers involved in the gold market become shy all of a sudden? Gold price benchmark for Singapore revisited In another announcement on Monday morning at the conference, the Singapore minister for trade and industry announced that the SBMA in conjunction with the LBMA and ICE Benchmark Administration (IBA), there begin a feasibility study on launching a “pre-AM gold price” auction, which would serve as a benchmark for the Asian region and which would be held at 2pm Singapore time, in advance of the European trading day. This Singapore benchmark was already discussed and announced over 3 years ago, but has put on hold in 2014 due to European regulatory investigations at that time into manipulation of the London Gold Fix. LBMA Trade Reporting The conference speaker programme opened on Monday morning with introductory remarks from Lim Hng Kiang, Singapore Minister for Trade and Industry, outgoing LBMA chairman Grant Angwin, incoming newly appointed ChairmanPaul Fisher who recently arrived from the Bank of England, Tim Pearce, the chairman of the London Platinum and Palladium Market (LPPM), and LBMA CEO Ruth Crowell. The LBMA CEO’s introductory speech touch on the planned launch of trade reporting services for the London Gold Market. This trade reporting contract has been awarded to financial technology providers Cinnober – BOAT Services – Autilla, after those partners won the LBMA’s recent RfP tender which had been launched in October 2015. Ruth Crowell referred to trade reporting as ‘Phase 1’ of a new suite of technology services. Trade reporting will be launched in Q1 2017, and will, according to the LBMA “demonstrate of the size and liquidity of the market for clients, investors and regulators”. Phase 2 of this project refers to services such as central clearing in the London bullion market. Further background to the chosen trade reporting solution was provided by Jamie Khurshid, the CEO of BOAT Services. Surprisingly, even though this RfP took the LBMA over 1 year to complete, it will still now require a 'design phase' where BOAT/Cinnober needs to meet with LBMA member firms to discuss the scope of reporting, followed by a period of customisation and configuration of the implementation. Details on what exactly will be reported (the scope) remain sketchy, and since full London gold and silver trade reporting by all participants (including central banks) is not mandatory in a regulatory sense, it remains to be seen to what extent transparency will be improved. Because if you don't have full mandatory reporting, you don't have transparency. In another related presentation, Sakhila Mirza, LBMA General Counsel stated that trade reporting will apply to loco London spot trades, forwards and options, but that "LBMA and its members retain control over the scope of reporting", which highlights the self-regulatory nature of the reporting, and again may suggest that the trade reporting may not be as granular or have as much informational value as some may think, especially given that central banks will be exempt from trade reporting. The Shanghai Gold Exchange and Chinese Gold Market Monday's schedule also included an informative series of presentations titled "The Bullion Market in China" from an impressive list of experts. Jiao Jinpu, chairman of the Shanghai Gold Exchange (SGE), provided an overview of the latest developments from the SGE, which has a network of 61 vaults across 35 cities in China, and where physical trading volume reached 34,100 tonnes of gold in 2015. Jinpu revealed that the International Board of the SGE (known as SGEI) has, since launch in September 2014, traded 7,838 tonnes of gold, while the daily Shanghai Gold Price auction, only launched in April 2016, has already traded 384 tonnes, worth RMB 105.5 billion, giving it an average daily trading volume of 3.4 tonnes. Jinpu also vindicated BullionStar's estimates of 2015 SGE gold withdrawals, because, in the words of Jinpu, he sits on the SGE tap, and knows exactly how much gold has been withdrawn from the Exchange vaults. In his speech, Jinpu announced that in the near future, the SGE and other exchanges will begin using the SGE Gold Price benchmark to develop gold price derivative products. Shanghai Gold Exchange (SGE) Chairman JiaoJinpu In another notable confirmation, Yang Qing, from the Bank of China, one of China's largest commercial banks involved in the global gold market, responding to a question posed by BullionStar, said that he thinks that in future, the Chinese currency, the Renminbi, should have an element of gold backing. In what was probably one of the most interesting and revealing presentations from BullionStar's perspective, and which vindicates the extensive research and analysis that BullionStar's precious metals analyst Koos Jansen has done on the Chinese gold market, Matthew Turner from Macquarie Commodities Research in London gave a presentation about how to accurately capture and estimate the total trade flows of gold into China given that China does not publish this data itself. One of Turner's approaches is to use the trade data of all other countries which do report gold exports to China. This approach reveals that China imported 1626 tonnes of gold in 2015 from a number of countries, primarily Hong Kong, Switzerland, the UK and Australia. Another more elegant Turner approach is to take China's total import figure which it does publish, as well as the summated figures of all of China's other import categories of data, which China also does publish, and then derive the gold import quantities as the delta. This approach yields a net gold import figure of 1693 tonnes in 2015. Both of these figures are very close to BullionStar's previously published Chinese gold import data estimates, as calculated by Koos Jansen. Adding 2015 Chinese gold mining production to imports gives total new supply coming into the Chinese market in 2015 in excess of 2000 tonnes, which is over 1000 tonnes higher than consumer gold demand as estimated by consultancies such as GFMS and the World Gold Council. LBMA and SGE familiar with BullionStar's research On the Monday evening we attended a dinner hosted by Australia and New Zealand Bank (ANZ) at Singapore’s famous Raffles Hotel. Just after arriving we had the privilege of chatting for a few minutes to Jiao Jinpu, chairman of the Shanghai Gold Exchange (SGE) via his colleague and interpreter Jess Yang, and we highlighted to him BullionStar’s extensive research from Koos Jansen on the China gold market and the SGE, which we were impressed that he was already familiar with. Dinner conservation was interesting and varied as we were seated at a table with representatives of the London Metal Exchange, ICE Benchmark Administration (IBA), the CME Group, GFMS, Metalor Singapore, and the Royal Canadian Mint. During the conference, we also learned that the LBMA is familiar with BullionStar's research into the London gold market, another confirmation that the analysis that we publish is read widely within the bullion industry. As the conference wrapped up on the Tuesday afternoon, delegates were asked to forecast what the US Dollar gold price will be this time next year. Audience members submitted their forecasts via a special handheld device in the auditorium, which resulted in an average forecast of US$ 1347. BullionStar Seminar during LBMA Week To coincide with the fact that the LBMA conference was located in Singapore this year, BullionStar hosted a number of events at its shop and showroom premises on New Bridge Road, Singapore. On the Saturday prior to the conference, 15 October, BullionStar held a 'meet and greet' morning, where customers and anyone in town for the conference could pop in and chat with BullionStar staff. On Wednesday 19 October, BullionStar held a precious metals seminar in its showroom premises at which BullionStar CEO Torgny Persson and Precious Metals Analyst Ronan Manly presented to an audience on the topics of Bullion Banking, and Transparency vs Secrecy in the gold market. The presentations and transcripts of these speeches will be published on the BullionStar website in the near future.
Стюардессу нидерландской авиакомпании Transavia Airlines застукали за занятием сексом с коллегами-стюардами и даже пилотом во время полета. Об эротических приключениях женщины узнал ее муж, случайно найдя интимный дневник супруги на семейном компьютере. В настоящий момент муж и жена судятся, сообщает Daily Mail. Как утверждает супруг стюардессы, мать четырех детей регулярно вступала в интимную связь с коллегами по работе, о чем в подробностях рассказывала в своем дневнике. Интересно, что, судя по записям женщины, большинство ее партнеров также состояли в браке. Возмущенный муж пригрозил изменнице обнародовать материалы ее дневника в СМИ. Чтобы этого не произошло, стюардесса обратилась в гаагский суд. Первое заседание по этому делу назначено на 24 октября. Ранее сообщалось, что стюардесса одной из ближневосточных авиакомпаний оказывала интим-услуги пассажирам, а пилот Air New Zealand сфотографировался с секс-куклой в кабине лайнера.(http://www.vesti.ru/doc.h...)
Punakaiki is a small community on the West Coast of the South Island of New Zealand, between Westport and Greymouth. The community lies on the edge of the Paparoa National Park. The Pancake Rocks are a very popular tourist destination at Dolomite Point south of the main village. The Pancake Rocks are a heavily eroded limestone area where the sea bursts through several vertical blowholes during high tides. Together with the 'pancake'-layering of the limestone (created by immense pressure on alternating hard and soft layers of marine creatures and plant sediments), these form the main attraction of the area. http://en.wikipedia.org/wiki/Punakaiki Paparoa National Park is on the west coast of the South Island of New Zealand. It was established in 1987 and encompasses 306 km². The park ranges from on or near the coastline to the peak of the Paparoa Ranges. A separate section of the park lies to the north and is centered at Ananui Creek. The park protects a limestone karst area. http://en.wikipedia.org/wiki/Paparoa_National_Park zyalt: Блинные скалы, Новая Зеландия Одно из самых удивительных мест в Новой Зеландии - Блинные скалы (Pancake Rocks). Находятся на западном побережье в нацпарке Папароа. Название свое они получили из-за необычной формы. Скалы напоминают стопки сложенных блинчиков. Образовались они 30 миллионов лет назад в результате эрозии известняковых пород. Их слоистость объясняется тем, что породы, из которых сложены “блинные стопки”, имеют различную плотность. Со временем вода и ветер вытесали на поднявшихся из морских глубин скалах затейливую резьбу. Вид на скалы с моей летающей камеры ). Собственно, блинная часть справа находится.