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☆ Iron ore prices could rally as one leading producer remains reluctant to share, analyst says
▼ + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

"Indian iron ore exports … have really come off in the last few months. India's exports of iron ore plunged by 90% year on year in October last year, and recorded an year-on-year decline as steep as 96% in September. Udit Kulshrestha | Bloomberg | Getty ImagesAccording to Refinitiv, around 60% of global iron ore exports are destined for China. Iron ore exports from India were affected by a 50% tax on low-grade iron ore exports, which was reversed in late November. India's iron ore exports won't be the biggest factor in price volatility, however.

☆ Europe's stellar stocks and bonds rally has gone too far - Amundi
▼ + stars: | 2023-01-25 | by ( Naomi Rovnick | ) www.reuters.com time to read: +3 min

REUTERS/Benoit Tessier/IllustrationLONDON, Jan 25 (Reuters) - A blazing rally in European stocks and government bonds has gone too far, the chief investment officer of the region's largest asset manager said on Wednesday, warning that markets are ignoring the possibility of euro zone rates going as high as 4%. MSCI's broad index of European shares outside the UK (.dMIEU00000PUS) is up 8.8% so far in January. "We could expect a consolidation of 15% to 20% from current levels," on European equity indices, Mortier said. "These kinds of processes are very powerful and work well until something breaks, and that's why we don't want to participate [in the rally]," Mortier said. Continued ECB rate rises after the U.S. Federal Reserve pauses its hiking cycle could see the dollar weaken further, he said.

☆ South Africa energy blackouts: Ramaphosa skips Davos to tackle crisis
▼ + stars: | 2023-01-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —South Africa’s President Cyril Ramaphosa was forced this week to cancel a trip to Davos by an escalating energy crisis that is inflicting rolling blackouts on the continent’s most developed economy. At peak times, demand in South Africa averages between 28,000 MW and 34,000 MW. Electricity theft, including by impoverished townships in South Africa, and non-payment by municipal customers have made matters worse. Despite an abundance of sunshine and wind, South Africa still derives about 80% of its electricity from coal. South Africa’s National Energy Crisis Committee, a body run out of Ramaphosa’s office, has proposed several measures to ease the crisis in the short term, including importing energy from neighboring countries and buying excess energy from private producers.

☆ South Africa's president to skip WEF to deal with crippling power cuts at home
▼ + stars: | 2023-01-15 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Jan 15 (Reuters) - South African President Cyril Ramaphosa will no longer attend the World Economic Forum (WEF) in Davos due to the ongoing energy crisis in the country, his spokesman said on Sunday. Power cuts have worsened since Tuesday when struggling state utility Eskom said it would implement its worst-ever outages until further notice. The power cuts are a major source of public frustration with the governing African National Congress (ANC) and a brake on economic growth in Africa's most industrialised nation. "Currently the President is convening a meeting with leaders of political parties represented in parliament, NECCOM (National Energy Crisis Committee) and the Eskom board," Vincent Magwenya, presidential spokesman said. The beleaguered utility supplies the vast majority of South Africa's electricity, relying mainly on an ageing fleet of coal-fired power stations that are unreliable and prone to faults.

☆ Malls Welcomed Dogs. The Results Have Been Ruff.
▼ + stars: | 2022-12-16 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

NORWALK, Conn.—It was Weston Bear Marshall’s first time at the mall and he wasn’t up on his etiquette. Soon after arriving on Black Friday, the two-year-old lifted his leg and peed on an information sign. “He’s marking his territory,” said Vincent Marshall, owner of the Old English sheepdog.

While governments worldwide are grappling with high inflation and low growth, UK policymakers are still rebuilding fiscal and political credibility following the brief, chaotic premiership of Liz Truss. Worries about growth are leading some investors to limit their holdings of the pound and British debt. Reuters GraphicsForeign investors have traditionally been attracted by Britain's strong rule of law, stable governance and thriving financial and professional services sector. In the latest data, up to the second quarter of this year, FDI represented more than half the net outflow - a result of strong UK investment abroad but weak inward investment too. Stephen Welton, executive chairman of major growth capital investor BGF, said attracting foreign investment was like a global competitive sport - one that Britain had previously excelled at.

☆ Malls Welcomed Dogs. The Results Have Been Ruff
▼ + stars: | 2022-12-15 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

☆ South Africa's Ramaphosa will not resign, spokesperson says
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, Dec 3 (Reuters) - South African President Cyril Ramaphosa will not resign and will seek a second term as leader of the ruling African National Congress (ANC) after allies rallied behind him to stay on, a spokesperson from the president's office said on Saturday. "President Ramaphosa is not resigning based on a flawed report, neither is he stepping aside," Ramaphosa's spokesperson Vincent Magwenya told journalists by text message. Ramaphosa has denied any wrongdoing and has not been charged with any crimes. The president would challenge the report and its findings, the spokesperson said. "It is in the long term interest and sustainability of our constitutional democracy... that such a clearly flawed report is challenged."

☆ Calls intensify for South Africa leader to quit over theft probe
▼ + stars: | 2022-12-02 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Lawmakers are expected to debate the report on Tuesday, and they will vote on whether further action should be taken, including whether to proceed with impeachment proceedings. According to the parliamentary report, Ramaphosa claimed the stolen money amounted to $580,000, disputing the initial amount of $4 million that Fraser alleged was stolen. The main opposition party, the Democratic Alliance, is among those calling for Ramaphosa’s impeachment. “President Ramaphosa most likely did breach a number of constitutional provisions and has a case to answer. Impeachment proceedings into his conduct must go ahead, and he will have to offer far better, more comprehensive explanations than we have been given so far,” Democratic Alliance leader John Steenhuisen said.

☆ South Africa President Ramaphosa is facing the threat of impeachment over 'Farmgate' scandal
▼ + stars: | 2022-12-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

South African President Cyril Ramaphosa could face impeachment after an independent panel found that he may have violated anti-corruption law during the investigation of a robbery at his farm. In what has become known as the "Farmgate" scandal, Ramaphosa is alleged to have covered up a $4 million theft from his Phala Phala farm in the north east of the country in 2020. Ramaphosa staunchly denies the allegations and has not been charged with any crimes. Ramaphosa delayed a planned parliamentary appearance on Thursday to consider the panel's findings, while his spokesman Vincent Magwenya also canceled a scheduled media briefing. "I categorically deny that I have violated this oath in any way, and I similarly deny that I am guilty of any of the allegations made against me."

[1/3] South African president Cyril Ramaphosa speaks at the Green Hydrogen Summit at Century City in Cape Town, South Africa, November 29, 2022. The inquiry centred on the theft of a millions of dollars of cash from the billionaire president's farm in 2020, which came to light in June. The country's biggest opposition party, the Democratic Alliance, has called for an early election and the report has plunged the governing African National Congress (ANC) into crisis. The ANC's executive committee is due to meet to discuss the panel report on Thursday evening. Asked by Reuters about a local media report that Ramaphosa was due to address the nation on Thursday, Ramaphosa's spokesman Vincent Magwenya said: "An announcement is imminent.

☆ Cyril Ramaphosa: South African president resists calls to resign
▼ + stars: | 2022-12-01 | by ( David Mckenzie | ) edition.cnn.com time to read: +5 min

Johannesburg, South Africa CNN —After days of speculation, South African President Cyril Ramaphosa looks set to fight calls for his resignation despite a damning report that found he could have covered up the theft of hundreds of thousands of dollars at his private game farm. Prior to the release of the report, Ramaphosa was widely expected to win a second term as ANC leader. And will never do so,” he said while addressing members of the ruling African National Congress (ANC) party in June this year. President Ramaphosa most likely did breach a number of Constitutional provisions and has a case to answer. Some allies of former president Zuma are now openly asking for Ramaphosa to step down.

"While we have been cautious, there is an important shift going on with the COVID reopening." The protests were the strongest public defiance during Xi's political career, China analysts said. If protests were to continue, this would add to the risk premium, said Sean Taylor, chief investment officer for Asia-Pacific at DWS Group. Social discontent stemming from the zero-COVID policy added to risks in executing and implementing government policies, said Mark Haefele, global wealth management CIO at UBS in Zurich. We also view China’s sluggish recovery as a risk for the global economy and markets."

"Protests are a concern in the short-term," Seema Shah, chief strategist at $500 billion asset manager Principal Global Investors told Reuters, adding that latest events supported the view that winds were changing. "While we have been cautious, there is an important shift going on with the COVID reopening." If protests were to continue, this would add to the risk premium, said Sean Taylor, chief investment officer for Asia-Pacific at DWS Group. "We believe this divergence in view will drive an outperformance in A shares over H shares," Tang said. We also view China’s sluggish recovery as a risk for the global economy and markets."

But you have to go back centuries in some cases to get anything nearly as bad as 2022 for 'safer' sovereign bonds. "2023 will be the year of the bond," claimed Chris Iggo, chair of the AXA IM Investment Institute. "Road to recession - bullish bonds and quality credit," was how SocGen entitled their view. And while stock volatility makes forecasters nervy, there's a clear attraction for long-term funds in seeking both the fixed income as well as the lift to bond funds when sub-par price discounts disappear into maturity for most high-quality names. "Long high quality bonds in the U.S. and Europe seems like an obvious strategy for 2023," said hedge fund manager Stephen Jen at Eurizon SLJ Capital.

☆ South Africa will allow a Russian oligarch to moor his superyacht in Cape Town as it continues on epic global cruise avoiding Western sanctions
▼ + stars: | 2022-10-26 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The yacht, owned by sanctioned billionaire Alexei Mordashov, is now headed to Cape Town, South Africa. Nord has now left the city state, and is sailing towards South Africa where it is expected to moor on November 9, Marine Traffic data shows. When it arrives in South Africa, it will be allowed to dock, despite outcry from some in the country. "South Africa has no legal obligation to abide by sanctions imposed by the US and EU," Vincent Magwenya, a spokesman for South African President Cyril Ramaphosa said, per the BBC. South Africa was among the 35 countries which abstained from a UN resolution in March which demanded the withdrawal of Russian troops from Ukraine.

☆ EXCLUSIVE S.Africa's energy transition plan needs $46.5 bln, five times pledges - sources
▼ + stars: | 2022-10-21 | by ( Tim Cocks | ) www.reuters.com time to read: +4 min

Giant wind turbines dot the landscape at the Darling Wind Power national demonstration project near Cape Town July 17, 2009. The project is the country's first independent wind power producer and currently has four turbines, with plans for another six. South Africa is also seeking to become a hub for so-called green hydrogen and electric vehicle manufacturing -- both of which could attract significant private sector investment. Coal makes up four-fifths of South Africa's power generation, so turning state utility Eskom to renewables is a priority for the government. Moving South Africa's economy into greener energy will require vast funds in the longer term, with some analysts estimating at least $250 billion over the next three decades.

☆ Former J. Crew chief Jenna Lyons to join 'Real Housewives of New York City' cast
▼ + stars: | 2022-10-17 | by ( Zachary Schermele | ) www.nbcnews.com time to read: +3 min

Jenna Lyons, the New York City fashion designer who was famously outed by the New York Post over a decade ago, will join the cast of “The Real Housewives of New York City” next year for the show’s 14th season. Lyons will be the first queer housewife to join the franchise’s New York City series as one of its seven new cast members. Their romantic relationship was revealed by the New York Post after someone spotted Lyons and Crangi at a New York restaurant amid Lyons’ divorce. The New York Post was asking if she would like to confirm or deny that she was “seeing a woman,” they said. GLAAD, the world’s largest LGBTQ media advocacy organization, praised the decision to cast Lyons.

☆ Italy's right-wing bloc set for election win: five questions for markets
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +5 min

Giorgia Meloni, leader of the nationalist Brothers of Italy, is seen as frontrunner to become Italy's first female prime minister. read moreThe absence of anti-euro rhetoric seen in the 2018 election has reassured investors, for now. At around 225 basis points, the closely watched gap between 10-year Italian and German bond yields has been relatively stable . That would cause some angst since the constitution protects issues related to Italy's EU membership. read moreReuters Graphics2/ Could Italy's EU funding plan be modified?

☆ ‘Groundhog Day’ movie: The Buddhist lifehacker film
▼ + stars: | 2016-02-01 | by ( David G. Allan | ) edition.cnn.com time to read: +11 min

The 1993 film "Groundhog Day" starred Bill Murray. “So I proselytize it without practicing it.”And what an entertaining Buddish proselytization “Groundhog Day” is. ‘Groundhog Day’ is all about karmaOne of the central tenets of Buddhism is that we must continue to reincarnate until we find enlightenment. And many references and motifs that recur in the film support the notion that “Groundhog Day” is Christian rather than Buddhist. ‘Groundhog Day’ is about hopeWhatever spiritual takeaway the film holds for you, it’s an undeniable call for hope.

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