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☆ ‘Principles for Navigating Big Debt Crises’ Review: Charting the Markets
▼ + stars: | 2023-01-06 | by ( Daniel Rasmussen | ) www.wsj.com time to read: 1 min

Ray Dalio’s “Principles for Navigating Big Debt Crises” is the work of a self-taught economist and self-made billionaire. The first 70 pages of the book, in which the founder of Bridgewater Associates introduces his theory of debt cycles, have no citations. He apparently stands on the shoulders of nobody. Mr. Dalio’s education came on trading floors, not in classrooms. “Big Debt Crises” is his response to that challenge: a compilation of historical case studies presented as a trader would have experienced them in real time.

☆ U.S. court sentences ex-Bolivian interior minister to 6 years in bribery scheme
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

Jan 4 (Reuters) - A federal U.S. court sentenced former Bolivian Interior Minister Arturo Murillo to nearly six years behind bars on Wednesday for conspiracy to commit money laundering, the U.S. Department of Justice said in a statement. Murillo was sentenced to 70 months in prison in the U.S. District Court for the Southern District of Florida. Another former Bolivian official and three Americans were sentenced in the United States last June after they also pleaded guilty to roles in the same scheme, the department said. Bolivia's government has requested Murillo's extradition to Bolivia, where he faces a host of criminal charges. "Justice has spoken in the United States.

☆ Bolivia's Arce hopes to mend ties with Brazil as Lula takes office
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

LA PAZ, Jan 2 (Reuters) - Bolivia's President Luis Arce said on Monday he hopes Brazil's new president, Luiz Inacio Lula da Silva, will help improve diplomatic relations and explain issues that generated controversy during former President Jair Bolsonaro's mandate. Arce pointed to the supposed support of far-right politician Bolsonaro for the resignation of former leftist president Evo Morales in 2019. Like Lula, Morales had formed part of a wave of leftists who dominated Latin American politics at the start of the century. Regarding natural gas contracts, Arce's government said in May Bolivia was seeking higher prices for natural gas sold to Brazil's Petrobras (PETR4.SA), claiming current contracts with the state-run oil company generated steep losses. Lula took office promising to "mend" diplomatic relations.

☆ Hundreds of trucks snarl Bolivia farm region as blockades hit business
▼ + stars: | 2023-01-03 | by ( Agustin Marcarian | ) www.reuters.com time to read: +3 min

REUTERS/Agustin MarcarianPAILON, Bolivia, Jan 3 (Reuters) - Hundreds of trucks lined highways in Bolivia's farming region of Santa Cruz on Tuesday, as protesters blockaded routes out of the region following the arrest of the local governor, and hard-hit local businesses urged a return to order. Protests have gripped the lowland region since the Dec. 28 arrest of right-wing local leader Luis Camacho on "terrorism" charges related to an alleged 2019 coup against then president Evo Morales. Another source at a local business group said it would be hard for the region to maintain long protests and road blockades, with many still reeling from a lengthy strike last October and November. In Santa Cruz city, protesters have clashed nightly on the streets, burning cars and tires and offloading fireworks. "We are a peaceful people, we want peace, we want to work under normal conditions," said Gabriela Arias, protesting for Camacho's release in a women's march in Santa Cruz.

Santa Cruz leaders pledge to fight until Camacho is released, picketing government buildings and stopping transport of grains. "We have a mandate from our assembly that nothing leaves Santa Cruz and that is what we are going to do," said Rómulo Calvo, head of the powerful Pro Santa Cruz civic group. Marcelo Cruz, President of the International Heavy Transport Association of Santa Cruz, said routes were being blocked so no trucks could leave the province. "No grain, animal or supply from the factories should leave Santa Cruz for the rest of the country. "Santa Cruz is the economic stronghold of Bolivia," said Gary Rodríguez, General Manager of the Bolivian Institute of Foreign Trade (IBCE).

[1/7] Bolivian opposition leader Luis Fernando Camacho receives a medical evaluation following his detention, at an undisclosed location in this image released December 28, 2022. Former President Morales said on Wednesday he hoped Camacho's detention would bring justice after three years. There was an uneasy calm Thursday in Santa Cruz, where signs of damage were visible after protests Wednesday ended with a fire set to the Santa Cruz prosecutor's headquarters. Public Works Minister Edgar Montano said on Twitter his house in Santa Cruz had been set on fire and robbed. The federal prosecutor's office said it would seek the "harshest punishment" for those responsible for damages in Santa Cruz.

☆ Bolivia to protect big-state economic model, plans‘aggressive’ gas push: minister
▼ + stars: | 2022-12-29 | by ( Monica Machicao | ) www.reuters.com time to read: +3 min

LA PAZ, Dec 29 (Reuters) - Bolivia is committed to protecting its subsidy-reliant, big-state economic model despite deficit risks and is planning an "aggressive" push into gas exploration, the economy minister told Reuters. Economy Minister Marcelo Montenegro said the government has designed "a very aggressive exploration plan" for gas in 2023, but did not go into details. The government is projecting to shrink the 2023 deficit to about 7.5%. "It is not easy, because there are contracts that will last for years, even decades ... We have to push so that more profits remain for Bolivia," Montenegro said. Reporting by Monica Machicao in La Paz Written by Daniel Ramos Edited by Nicolás Misculin, Alexander Villegas and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Explainer: Who is Luis Fernando Camacho, the opposition leader arrested in Bolivia?
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +3 min

Dec 28 (Reuters) - Prominent Bolivian opposition leader Luis Fernando Camacho was arrested on Wednesday, exacerbating tensions between the government in La Paz and opposition centered around the affluent farming hub of Santa Cruz. The government has said Camacho has the support of elites and economic groups seeking to take control of Santa Cruz. Minister of Public Works Edgar Montano accused Camacho of planning more protests and human rights violations that would hurt the people of Santa Cruz. Why is Santa Cruz the center of opposition? Santa Cruz, one of Bolivia's most affluent and populous regions, has long butted heads with its political capital of La Paz.

LA PAZ/SANTA CRUZ, Bolivia, Dec 28 (Reuters) - Bolivian police on Wednesday detained Luis Fernando Camacho, the governor of Santa Cruz and a prominent opposition leader, the latest sign of political tensions in a region that saw the arrest of a president in neighboring Peru earlier this month. Authorities have not said why Camacho was arrested but he recently helped lead weeks of protests that blocked streets and halted trade in Santa Cruz. Camacho was taken to a local airport to be flown to La Paz, local media reported. "The operation to kidnap the governor was carried out in the streets near his home, as he was returning from his duties," the Santa Cruz government said in a statement. Opposition Senator Erik Moron said in a video that he had been taken by helicopter to an unknown location.

High interest rates, supply chain problems and recessionary fears were among the major challenges for the global automotive industry in 2022. Auto sales could still riseUnlike traditional downturns or past periods when demand was soft, most analysts expect global and U.S. auto sales to rise in 2023. Cox Automotive is forecasting U.S. new vehicle sales of 14.1 million in 2023, which Charlie Chesbrough, Cox's senior economist and senior director of industry insights, described as "tepidly optimistic." S&P Global Mobility expects new vehicle sales globally to reach nearly 83.6 million units in 2023, a 5.6% increase from the previous year. US consumers are hunkering down, and recovery towards pre-pandemic vehicle demand levels feels like a hard sell.

☆ Zelenskyy address to Congress about Ukraine-Russia war doesn't mean the U.S. has no limits
▼ + stars: | 2022-12-22 | by ( Daniel R. Depetris | Daniel R. Depetris Is A Fellow At Defense Priorities | A Foreign Affairs Columnist For Newsweek. | ) www.nbcnews.com time to read: +7 min

Zelenskyy then received a rousing welcome on Capitol Hill before he made a prime-time address to a joint meeting of Congress. America has been Ukraine’s primary security benefactor since Russian President Vladimir Putin opted for a war of choice that is failing in all respects. The U.S., however, has other national security priorities beyond aiding a Ukrainian military victory, however morally satisfying it would be. Given these priorities, the Biden administration would prefer the war in Ukraine end in a diplomatic settlement to short-circuit a long, drawn out and even more catastrophically destructive war. Indeed, with Republicans taking control of the House next year, skepticism of U.S. aid for Ukraine is likely to intensify.

"[But] private equity funds still have significant amounts of dry powder, and by the second half of next year, they will be looking to put some of it to work," he said. Private equity firms normally buy companies with a combination of debt and equity. "Ticket sizes across the private credit industry are likely to come down depending on the deal. Banks often highlight debt funds' - or direct lenders - higher prices and more stringent documentation requirements as competitive disadvantages to the syndicated loan and junk bond markets. But some see private credit as part of the solution at a time when money is scarce.

☆ Just How Bad Is the ‘Tripledemic’?
▼ + stars: | 2022-12-16 | by ( Amy Schoenfeld Walker | ) www.nytimes.com time to read: +6 min

R.S.V., or respiratory syncytial virus, has made so many young children ill this fall that weekly pediatric hospitalizations for R.S.V. Public health officials have been warning for weeks that a “tripledemic” of Covid-19, flu and R.S.V. Weekly hospitalizations for Covid-19, R.S.V. With flu surging and Covid-19 circulating, respiratory illness has overwhelmed pediatric units across the country, shifting the strain to emergency rooms and children’s hospitals. The predominant type of flu circulating right now, a subtype of influenza A known as H3, also tends to result in higher flu hospitalizations among the elderly, according to the C.D.C.

☆ Tim Berners-Lee wants us to reclaim the internet from tech giants
▼ + stars: | 2022-12-16 | by ( Daniel Renjifo | ) edition.cnn.com time to read: +3 min

London CNN —The internet has come a long way since Tim Berners-Lee invented the world wide web in 1989. Now, in an era of growing concern over privacy, he believes it’s time for us to reclaim our personal data. Through their startup Inrupt, Berners-Lee and CEO John Bruce have created the “Solid Pod” — or Personal Online Data Store. The latter plans to use Pods to let its citizens choose how to share their personal data. A former physicist, Tim Berners-Lee, pictured in 1994, invented the world wide web at the European Organization for Nuclear Research, CERN.

☆ U.S. Sanctions Turkish Businessman It Says Brokered Oil Sales for Iran’s Military
▼ + stars: | 2022-12-08 | by ( Ian Talley | ) www.wsj.com time to read: +2 min

The Biden administration on Thursday levied sanctions against several Turkish businessmen and more than two dozen Turkish companies that officials said were selling oil worth hundreds of millions of dollars for Iran’s terror-listed military unit. Newsletter Sign-up WSJ | Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance. PREVIEW Mr. Ayan owns or controls the sanctioned companies, including the Turkish energy conglomerate ASB Group, which launders proceeds from the oil sales into Europe and Asia under an agreement he allegedly reached in 2017 with Iranian officials, the Treasury said. Neither Mr. Ayan, contacted through ASB Group, nor the firm immediately responded to a request for comment. Daniel Roth, a research director for the advocacy group United Against Nuclear Iran, said the Treasury’s action represented a “giant stride” toward thwarting the IRGC’s illicit oil exports.

☆ Saudi Arabia reports its first budget surplus in nearly 10 years on higher oil prices
▼ + stars: | 2022-12-08 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi Arabia reported its first budget surplus in nearly 10 years, thanks to its revenue being ramped up by elevated oil prices. The 2022 surplus came to 102 billion riyals ($27 billion), constituting 2.6% of Saudi gross domestic product, according to the kingdom's finance ministry, releasing what it said were preliminary estimates. Total revenue for this year was estimated at 1.234 trillion riyals, while spending amounted to 1.132 trillion riyals. The government of the hydrocarbon-rich country approved a 1.114 trillion riyal budget for 2023 and expects to still see a surplus of 16 billion riyals. Economists estimate Saudi Arabia needs the price of oil to be between $75 and $80 a barrel in order to balance its budget.

On Monday, the White House said it backed the right of people to peacefully protest in China but stopped short of criticizing Beijing as protesters in multiple Chinese cities demonstrated against heavy COVID-19 measures. The Republican response was swift. Senator Ted Cruz called White House response "pitiful," adding in a tweet: "At a potentially historic inflection point, Dems shill for the CCP." Beyond this, say analysts, the U.S. wants to avoid language that allows China to pin the protests on U.S. interference. Daniel Russel, who served as the top U.S. diplomat for East Asia in the Obama administration, said the Biden White House would be focused on the next steps by Chinese authorities.

☆ Bolivia's key farming hub ends strike as lawmakers back census
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +1 min

LA PAZ, Nov 26 (Reuters) - A 36-day general strike in Bolivia's key farming region of Santa Cruz came to an end on Saturday, as lawmakers approved a guarantee to hold a population census in 2024, which will likely hand the region more tax revenues and seats in Congress. "We are lifting the strike and the blockades," local civic leader Romulo Calvo told reporters. Bolivia's economy ministry estimates the strike has cost the country over $1 billion. The census law, which Bolivia's Chamber of Deputies passed early Saturday morning with over two-thirds of votes, has been sent to the Senate for review before it is enacted by President Luis Arce. Regional leaders in soy-rich Santa Cruz said they would remain on standby until the law is approved.

☆ With Philippines visit VP Harris seeks to reset relations
▼ + stars: | 2022-11-20 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +6 min

REBUILDING TIESThe visit by Harris will be the highest-level trip to the Philippines by an administration official and marks a sharp turnaround in relations. With Marcos in office, the Biden administration is attempting a reset. China claims 90% of the South China Sea as its sovereign territory, but is opposed by five Southeast Asian states and Taiwan. Arsenio Andolong, a Philippine defense department spokesman, told Reuters there is no reason for China to fear Harris' visit. A senior Biden administration official offered a different summary.

☆ The Inside Story of Adele’s Vegas Wardrobe
▼ + stars: | 2022-11-19 | by ( Derek Blasberg | Photography Raven B. Varona | ) www.wsj.com time to read: 1 min

“ONE OF ADELE’S SUPERPOWERS is the ability to give you déjà vu in the right way,” says Jamie Mizrahi. The L.A.-based celebrity stylist could be talking about Adele’s musical gift, but she’s actually discussing creating looks for the singer’s Las Vegas residency at the Colosseum at Caesars Palace, which opened last night. (Adele is performing in the same space Celine Dion once had hers.) “Even when she does something new or modern, it feels like the same Adele you first fell in love with,” says Mizrahi. “That’s the look we’re going for.”

☆ FTX: Inside the crypto giant's downfall
▼ + stars: | 2022-11-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +9 min

Crypto contagionThe crypto industry is on edge, waiting for the next dominoes to fall. Soon after FTX went down, crypto firms were inundated requests from customers seeking to claw their money back — the crypto equivalent of a run on the bank. The pain isn’t confined to crypto companies. SBF had become a fixture in Washington, too, where he regularly traveled to lobby lawmakers for greater regulatory clarity for the crypto industry. “It’s about fraud and the power of virtue signaling.”He added: “This scandal, far from destroying crypto, practically ensures that crypto will be around for a long, long time.”

It was a rare, candid glimpse of the Chinese leader and a reminder of Beijing's testy relations with the West. Besides Biden, Trudeau and Australia's Anthony Albanese, Xi also met the leaders of South Korea, Italy, Argentina, Holland and France for bilateral talks in Bali. Xi was ferried around Bali in his own Hongqi (Red Flag) limousine - Mao Zedong used an earlier model - China's version of the U.S. presidential "Beast" limo. Returning to in-person diplomacy also gives Xi a platform to push Chinese initiatives that further cement its stature as leader of the emerging world. "I think in the coming years you'll see China indeed making a serious effort to implement its major power diplomacy," he said.

☆ Tom Brady and Gisele Bundchen named in lawsuit against FTX
▼ + stars: | 2022-11-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Genesis said it was working with advisers “to explore all possible options,” adding that it would release a plan for the lending business next week. “We’re working tirelessly to identify the best solutions for the lending business, including among other things, sourcing new liquidity,” the company said. The suspension comes as the entire crypto industry is on edge following the unraveling of Sam Bankman-Fried’s FTX exchange and Alameda Research hedge fund, both of which filed for bankruptcy late last week. On Wednesday an FTX investor sued Bankman-Fried as well as several celebrities who have endorsed the platform, including Tom Brady, Gisele Bundchen and Steph Curry. “The deceptive FTX platform maintained by the FTX entities was truly a house of cards,” the proposed class-action lawsuit states.

☆ Red Bull driver rift adds spice to Abu Dhabi finale
▼ + stars: | 2022-11-16 | by ( Abhishek Takle | ) www.reuters.com time to read: +3 min

The Red Bull rift could bring fresh drama to Yas Marina, the circuit where last year Verstappen won his first title and denied Lewis Hamilton a record eighth in a massively controversial clash. read moreVerstappen has little at stake this time, having wrapped up his second title in Japan last month, but can expect a grilling from the world's media after leaving his motives a mystery at Interlagos. read morePerez acidly accused Verstappen of showing "who he really is" in refusing to hand back a place as requested by Red Bull who want the Mexican to end the season second overall. "I am sure that this race will bring back plenty of happy memories from the last 15 years," said the 35-year-old. The German could join them on the sidelines with Haas widely tipped to announce Nico Hulkenberg alongside Kevin Magnussen for next season.

☆ Euro zone predicted to have a deep recession and a difficult, slow recovery
▼ + stars: | 2022-11-16 | by ( Silvia Amaro | ) www.cnbc.com time to read: +4 min

The euro zone economy is heading towards a recession, according to several economists. Daniel Roland | Afp | Getty ImagesThe euro zone is expected to plunge into recession in the coming months with economists warning "it will not be shallow." The 19-member zone that shares the euro currency has been under significant pressure since Russia's unprovoked invasion of Ukraine in February. Speaking earlier this month, ECB President Christine Lagarde highlighted that "the risk of recession has increased." Gas storageEven if the euro zone emerges out of recession in the first quarter of next year, economists say the subsequent months will still be hard.

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