Thursday, February 22, 2018

First State Back Crypto Goes On Sale, But Venezuela Remains Under Sanction

Venezuela begins selling oil-backed cryptocurrency

Venezuela formally launched its new oil-backed cryptocurrency on Tuesday in an unconventional bid to haul itself out of a deepening economic crisis. The leftist Caracas government put 38.4 million units of the world's first state-backed digital currency, the Petro, on private pre-sale from the early hours.

Politically Sensitive Victory For China In The Battle Of Bourses

Bangladesh bourse approves China bid, rejects India offer

Bangladesh has agreed to sell a large stake in its stock exchange to a Chinese consortium, an official said Tuesday, rebuffing a rival bid from India that raised political sensitivities. The Dhaka Stock Exchange on February 10 had approved the Chinese offer to buy a quarter of the bourse's 1.8 billion shares, but Bangladesh's financial regulator asked it to "further scrutinise" the decision.

Ever Since The Jetsons I Feel Like I've Been Entitled To This

Flying Car Infrastructure Sees Development in 13 Countries Including Kenya

The community of entrepreneurs and early supporters of the McFly.aero blockchain project have begun to set up an infrastructure for flying cars; in 23 cities covering 13 countries, including in Kenya.

Wednesday, February 21, 2018

Bad News For A Non-Diversified Economy Like Nigeria, I'm Still Bearish On Oil

New Threat As U.S., Others Set to Abandon Nigeria's Oil

There are indications that the United States and other nations will soon abandon Nigeria's oil, which may negatively affect the nation's revenue generation. According to the Energy Information Administration (EIA), the US may drastically reduce its import of crude oil from Nigeria by 2022, going by its projection of becoming a net energy exporter in four years.

Tuesday, February 20, 2018

There's A Lot Of Curves Looking Like This

As the title suggests there's a lot of curves in market that are looking like this after last week's fall. The question now is where is this going from here? Just as an example I have chosen European Equity ETF VGK. Incidentally, Bridgewater has increased its bearish bets on European equity substantially over the last three weeks. I did say make some recommendations that the expected bounce would be worth it however I give stern warning as we approach this resistance area. I urge my readers to exercise a lot of caution over the next few days to just wait and see whether we break through resistance or it falls back again, but if there's money on the table it should probably be taken off.

Britain Dipping It's Toes Into Africa

Economist Lauds Britain's Plan to Add Naira As Trade Currency

An economist, Prof. Okey Onuchuku on Monday, said Britain's export finance agency's plan to add the Naira to its list of pre-approved currencies would boost the value of Nigerian currency. Onuchuku, who is the Director, University of Port Harcourt Business School said this in Port Harcourt while speaking with the News Agency of Nigeria (NAN) on Britain's adding the Naira to its list of accepted trade currencies.

Strong Inter-Regional Business Ties Being Built Around The Mediterranean

Egyptian, Israeli firms sign $15bn natural gas deal

Israeli company Delek Drilling has announced it will supply Egypt with $15bn worth of natural gas in the biggest export deal to date for Israel's natural gas industry. Egyptian company Dolphinus will buy 64 billion cubic metres of natural gas from Delek Drilling and its US partner Noble during a 10-year period, a statement released on Monday said.

Saturday, February 17, 2018

Sure, But It's Austerity For The Next 25 Years

Fitch raises Greece's debt rating, citing stability, growth

The Fitch ratings agency on Friday upgraded Greece's sovereign debt grade, citing budget surpluses, greater political stability and the growing economy. The agency raised the debt rating one notch to 'B' from 'B-,' leaving the country in the "highly speculative" category but with a positive outlook.

And It Begins

China vows to protect interests as US eyes trade sanctions

China on Saturday warned it would take necessary measures to protect its interests if the US imposes tough trade sanctions against its steel and aluminium exports. The US Commerce Department on Friday recommended imposing heavy tariffs on China and other countries to counter a global glut in steel and aluminum, laying out an array of possible options in a report to President Donald Trump.

You Go Girl!!!

Canada to seek to join South America trade pact

Canada will open trade talks next month with the four-nation Mercosur trading bloc in South America as part of an ongoing push to diversify its trade partnerships, a senior official said Friday. It comes as its main trading relationship with the United States -- the North American Free Trade Agreement (NAFTA) -- falters, and after Ottawa announced it would sign onto the Trans Pacific Partnership (TPP).

Friday, February 16, 2018

Still Swimming In Oil And Still Bearish

Saudi Arabia seeks to further reduce oil stockpiles

Saudi Arabia said Wednesday it will further trim oil production and exports next month to reduce excess stockpiles that have weighed on crude prices, as concerns mount over US oversupply. Saudi Aramco's crude output in March will be 100,000 barrels per day (bpd) below its February level while exports will be kept below seven million bpd, the energy ministry said.

I Read This While Spitting Out My Tab, Driving A DeLorean In A Bruce Willis Movie

Japan economy grows for 8th straight quarter, longest since 1980s

Japan's economy grew for the eighth straight quarter at the end of 2017, government data showed Wednesday, its longest period of expansion since the "bubble" boom days of the late 1980s. Gross domestic product figures fell short of expectations and represented a slowdown from the previous quarter, but analysts forecast continued growth nonetheless.

Thursday, February 15, 2018

Either He Won't Listen Or Can't Read

China warns Trump trade sanctions threaten global economy

US trade sanctions will hit the world economy, Beijing warned Wednesday, after President Donald Trump threatened to impose fresh tariffs on imports from China. Trump said he was "considering all options," including tariffs and quotas, after he accused China of decimating the American steel and aluminium industries.

Please?

Cory Booker just took another step toward a run for president

WASHINGTON -- U.S. Sen. Cory Booker, criticized for campaign contributions from Wall Street and the drug industry, has sworn off corporate political action committee donations as he ponders whether to seek a run for the White House.