Sep 232019
 
 September 23, 2019  Posted by at 10:59 am Finance Tagged with: , , , , , , , , , , ,  12 Responses »


Paul Gauguin The Seine at the Pont d’Iena 1875

 

Half of Americans Expect A Recession To Hit In The Next 12 Months (MW)
Negative Interest Rates Are The Price We Pay For De-Civilization (Deist)
British Travel Firm Thomas Cook Collapses, Stranding 600,000 Tourists (R.)
No-Deal Brexit Will Have ‘Seismic’ Impact – European Car Industry (G.)
Oil Set To Spike As Saudi Repairs At Abqaiq May Take “Up To Eight Months” (ZH)
Trump Doubles Down On Call To Investigate Biden (Hill)
Trump Hit By Election Dirt From Ukraine… Forget? (RT)
Ted Cruz Insists Iran Wants To Nuke American Cities (RT)
Facebook Declares It’s A ‘Publisher’, Walking Into Legal Trap (RT)
World at a Crossroads (Sergei Lavrov)

 

 

“..21% of Republicans said a recession will likely happen within a year, while 74% of Democrats said a recession is coming..”

Half of Americans Expect A Recession To Hit In The Next 12 Months (MW)

There are more Americans expecting an economic downturn now than there were just before the start of the Great Recession. A Gallup poll released Friday painted a gloomy picture: people are becoming increasingly pessimistic about the economy and bracing for a recession. • 49% of poll participants said a recession will likely arrive in the next 12 months. In October 2007 — two months before the Great Recession began — 40% of poll participants felt the same way. • For the third straight month, a growing share of Americans said the economy is deteriorating, going from 37% in July to 48% in September. At the same time, fewer people said it’s improving, slipping from 54% to 46%. • Republicans are rosy and Democrats are downbeat: 21% of Republicans said a recession will likely happen within a year, while 74% of Democrats said a recession is coming in that time. Independents were evenly split.


Gallup noted it conducted the poll from September 3 to 15, as the latest round of Chinese tariffs took effect, but before the latest interest rate cut. Consumer perceptions weren’t totally glum. Though 49% of people told Gallup a recession is either fairly likely or very likely, another 50% said a recession isn’t too likely, or not likely at all. After all, there’s still a record-breaking 10-year bull market and a 3.7% unemployment rate, which is around a 50-year low. Like consumers, market experts are also divided. Some brush off recession talk, but others say a downturn will happen by the end of 2020.

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“If in fact negative interest rates can occur naturally, without central bank or state interventions, then economics textbooks need to be revised on the quick.”

Negative Interest Rates Are The Price We Pay For De-Civilization (Deist)

“Calculation Error,” which Bloomberg terminals sometimes display, is an apt metaphor for the current state of central bank policy. Both Europe and Asia are now awash in $17 trillion worth of negative-yielding sovereign and corporate bonds, and Alan Greenspan suggests negative interest rates soon will arrive in the US. Despite claims by both Mr. Trump and Fed Chair Jerome Powell concerning the health of the American economy, the Fed’s Open Market Committee moved closer to negative territory today — with another quarter-point cut in the Fed Funds rate, below even a measly 2%.

Negative interest rates are just the latest front in the post-2008 era of “extraordinary” monetary policy. They represent a Hail Mary pass from central bankers to stimulate more borrowing and more debt, though there is far more global debt today than in 2007. Stimulus is the assumed goal of all economic policy, both fiscal and monetary. Demand-side stimulus is the mania bequeathed to us by Keynes, or more accurately by his followers. It is the absurd idea, that an economy prospers by consuming and borrowing instead of producing and saving. Negative interest rates turn everything we know about economics upside down.

Under what scenario would anyone lend $1,000 to receive $900 in return at some point in the future? Only when the alternative is to receive $800 back instead, due to the predicted interventions of central banks and governments. Only then would locking in a set rate of capital loss make sense. By “capital loss” I mean just that; when there is no positive interest paid, the principal itself must be consumed. There is no “market” for negative rates. The future is uncertain, and there is always counterparty risk. The borrower might abscond, or default, or declare bankruptcy. Market conditions might change during the course of the loan, driving interest rates higher to the lender’s detriment. Inflation could rise higher and faster than the agreed-upon nominal interest rate. The lender might even die prior to repayment.

Positive interest rates compensate lenders for all of this risk and uncertainty. Interest, like all economics, ultimately can be explained by human nature and human action. If in fact negative interest rates can occur naturally, without central bank or state interventions, then economics textbooks need to be revised on the quick. Every theory of interest contemplates positive interest paid on borrowed capital. Classical economists and their “Real” theory say interest represents a “return” on capital, not a penalty. Capital available for lending, like any other good, is subject to real forces of supply and demand. But nobody would “sell” their capital by giving the buyer interest payments as well, they would simply hold onto it and avoid the risk of lending.

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150,000 Brits stranded, as are 140,000 Germans. 50,000 stranded in Greece alone.

British Travel Firm Thomas Cook Collapses, Stranding 600,000 Tourists (R.)

Thomas Cook, the world’s oldest travel firm, collapsed on Monday, stranding hundreds of thousands of holidaymakers around the globe and sparking the largest peacetime repatriation effort in British history. Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders. The UK’s Civil Aviation Authority (CAA) said Thomas Cook had now ceased trading and the regulator and government would work together to bring the more than 150,000 British customers home over the next two weeks. “I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years,” Fankhauser said in a statement released in the early hours of Monday morning.


“It is a matter of profound regret to me and the rest of the board that we were not successful.” The government and aviation regulator said that due to the scale of the situation some disruption was inevitable. “Thomas Cook has ceased trading so all Thomas Cook flights are now cancelled,” the CAA said. The demise of Thomas Cook marks the end of one of Britain’s oldest companies that started life in 1841 running local rail excursions before it survived two world wars to pioneer package holidays first in Europe and then further afield. The firm now runs hotels, resorts and airlines for 19 million people a year in 16 countries. It currently has 600,000 people abroad, forcing governments and insurance companies to coordinate a huge rescue operation.

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Who are UK firms/factories going to sell their cars to?

No-Deal Brexit Will Have ‘Seismic’ Impact – European Car Industry (G.)

The European car industry has warned of catastrophic effects of a no-deal Brexit, saying it would have a “seismic” impact on making cars in Europe. In a rare joint statement, chiefs from 23 automotive business associations across Europe joined forces to caution against a brutal exit from the bloc by Britain, where auto giants BMW, Peugeot PSA and Japan’s Nissan have factories. “Brexit is not just a British problem, we are all concerned in the European automotive industry, and even further,” said Christian Peugeot, head of French automotive industry association CCFA in the statement.

Reaping the benefits of the EU’s single market, carmakers have supply chains that criss-cross the English Channel and Britain is the destination of around 10% of vehicles assembled on the continent, according to industry data. British prime minister, Boris Johnson, has rattled nerves with his vow to leave the European Union on 31 October come what may – with or without a trade deal with Brussels. “The UK’s departure from the EU without a deal would trigger a seismic shift in trading conditions, with billions of euros of tariffs threatening to impact consumer choice and affordability on both sides of the Channel,” the joint statement said.

A chaotic Brexit would land a “severe” blow against the industry’s just-in-time supply chains that stretch across international borders and depend on zero administrative hassle, the associations warned. “The EU and UK automotive industries need frictionless trade and would be harmed significantly by additional duties and administrative burden on automotive parts and vehicles,” said Bernhard Mattes, the head of Germany’s auto lobby VDA.

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Catch 22: tell the world everything will be fine in no time, but without causing prices to plummet.

Oil Set To Spike As Saudi Repairs At Abqaiq May Take “Up To Eight Months” (ZH)

[..] the WSJ reported that it may take “up to eight month”, rather than 10 weeks company executives had previously promised, to fully restore operations at Aramco damaged Abqaiq facility, suggesting the crude oil shortfall will last far longer than originally expected. The official reason for the delay: the supply-chain is unable to respond to the Saudi needs. Specifically, Aramco is” in emergency talks with equipment makers and service providers, offering to pay premium rates for parts and repair work as it attempts a speedy recovery from missile attacks on its largest oil-processing facilities.” Following a devastating attack on its largest oil-processing facility more than a week ago, Aramco is asking contractors to name their price for patch-ups and restorations.

In recent days, company executives have bombarded contractors, including General Electric , with phone calls, faxes and emails seeking emergency assistance, according to Saudi officials and oil-services suppliers in the kingdom. “One Saudi official said costs could run in the hundreds of millions of dollars”, the WSJ reported. The unofficial, and more likely, version: Aramco is unhappy with how quickly oil prices dropped after the “Iranian attack”, and since its objective from the very beginning – especially with its IPO looming – was to get oil prices higher, and with its reputation to prevent “outside shocks” in tatters, it is now creating its own bottlenecks in restoring output.

Hinting at the second explanation is the fact that until now, Saudi officials and Aramco executives had been consistent in communicating statements aimed at reassuring oil markets that the state-owned company will recover quickly while continuing to supply customers as usual. Just yesterday, Aramco’s CEO Amin Nasser reiterated production would be back to its precrisis level by the end of the month. “Not a single shipment to our international customers has been missed or canceled as a result of the attacks,” he said.

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Rightly so. Same goes for Trump, of course.

Trump Doubles Down On Call To Investigate Biden (Hill)

President Trump on Sunday doubled down on his call for former Vice President Joe Biden’s dealings with Ukraine to be investigated amid reports of a whistleblower who is said to have raised concerns about the president’s interaction with a foreign leader who may have been Ukraine’s president. “Now the Fake News Media says I ‘pressured the Ukrainian President at least 8 times during my telephone call with him.’ This supposedly comes from a so-called ‘whistleblower’ who they say doesn’t even have a first hand account of what was said,” the president tweeted Sunday evening.

“Breaking News: The Ukrainian Government just said they weren’t pressured at all during the ‘nice’ call. Sleepy Joe Biden, on the other hand, forced a tough prosecutor out from investigating his son’s company by threat of not giving big dollars to Ukraine. That’s the real story!” he added. On Friday, multiple outlets reported that Trump had pressured Ukrainian president Volodymyr Zelensky to investigate Biden’s son Hunter Biden during a July call. Trump has not denied that he urged Ukraine to investigate Joe Biden. Earlier Sunday, speaking to reporters outside the White House, Trump insisted there was no quid pro quo involved in the talks with the Ukrainian president, calling it a “perfect conversation.”

Instead, Trump has questioned why the media is not paying more attention to the Democratic front-runner’s actions. He also criticized the whistleblower, saying the official had caused a “false alarm.”

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No, I do remember.

Trump Hit By Election Dirt From Ukraine… Forget? (RT)

Scroll back to August 2016. The Trump versus Clinton campaigns are in full swing, polls give the Democrat a win, but the Republican is not far behind. So, a pair of Ukrainian officials – a US-linked MP and the head of a freshly created anti-corruption bureau – conspire to illegally leak to the US media material about an ongoing probe into ousted President Viktor Yanukovich and his party. At least that’s how a Ukrainian court in October 2018 described what they had done. In particular, the two leaked photos of a handwritten ledger allegedly showing cash payouts by Yanukovich’s party with the name of Paul Manafort on it.


The same Manafort who was Trump’s campaign manager at the time and was later tried and sentenced for tax evasion and bank fraud as part of the Robert Mueller investigation. There are serious questions about how reliable this leaked ledger was in the first place and how extensive the conspiracy was. The two Ukrainian officials may have acted alone, or on behalf of senior figures in their government wishing to score some points with the perceived future leader in Washington. There are claims of some coordination with people in DC, or rather, the DNC. Whichever the case, one thing is clear: what the Kiev court described was a case of foreign interference in the American election.

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Ted smokes the good stuff.

Ted Cruz Insists Iran Wants To Nuke American Cities (RT)

Ted Cruz insists Tehran’s grand dream is to nuke American cities and that Iran nuclear deal is to blame for the attack on Saudi oil facilities. The argument was mocked for making no sense, but the hawkish US senator doubles down. The Texas legislator and one of the most vocal cheerleaders of Donald Trump’s “maximum pressure” campaign against Tehran went to the pages of New York Post on Friday to warn the public of an imminent danger. More international sanctions against Iran may soon be dropped under the 2015 nuclear deal, which means Tehran is drawing closer to obtaining nuclear weapons that “could incinerate American cities with a single flash of light.”


America must act now and invoke the so-called snapback mechanism outlined the nuclear deal to keep the sanctions in place and also cut Iran entirely from the global financial system, Cruz said. If you are somewhat puzzled by this line of argument, you are not alone. After all, how can Trump use the nuclear deal, from which he withdrew in the first place, to cudgel Iran more? And what Tehran may hope to win by killing millions of American civilians even if it had the capability to do it?

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Just became an interesting court case.

Facebook Declares It’s A ‘Publisher’, Walking Into Legal Trap (RT)

Facebook has invoked its free speech right as a publisher, insisting its ability to smear users as extremists is protected, but its legal immunity thus far has rested on a law which protects platforms, not publishers. Which is it? Facebook has declared it has the right, as a publisher, to exercise its own free speech and bar conservative political performance artist Laura Loomer from its platform. Even calling her a dangerous extremist is allowed under the First Amendment, because it’s merely an opinion, Facebook claims in its motion to dismiss the lawsuit filed by Loomer. But Facebook has always defined itself as a tech company providing a platform for users’ speech in the past, a definition that has come to appear increasingly ridiculous in the era of widespread politically-motivated censorship.


Now, the not-so-neutral content platform has redefined itself as a publisher equipped with a whole new set of rights, but bereft of the protections that have kept it safe from legal repercussions in the past. “Under well-established law, neither Facebook nor any other publisher can be liable for failing to publish someone else’s message,” Facebook’s motion to dismiss Loomer’s defamation suit reads, justifying its decision to ban her from the platform. It also points out that terms like “dangerous” or “promoting hate” cannot be factually verified and are thus constitutionally protected opinions for a publisher, while also claiming it never applied either term to Loomer, despite banning her from its platform under its “dangerous individuals” policy.

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Lavrov’s long speech at UN this week, via Dmitry Orlov.

“Sergei Lavrov is a world-class diplomatic heavyweight and Russia’s foreign minister. As the saying goes, if you don’t deal with Lavrov, you’ll end up dealing with Sergei Shoigu, defense minister.”

World at a Crossroads (Sergei Lavrov)

The defeat of fascism in 1945 had fundamentally affected the further course of world history and created conditions for establishing a post-war world order. The UN Charter became its bearing frame and a key source of international law to this day. The UN-centric system still preserves its sustainability and has a great degree of resilience. It actually is kind of a safety net that ensures peaceful development of mankind amid largely natural divergence of interests and rivalries among leading powers. The War-time experience of ideology-free cooperation of states with different socioeconomic and political systems is still highly relevant. It is regrettable that these obvious truths are being deliberately silenced or ignored by certain influential forces in the West.

Moreover, some have intensified attempts at privatizing the Victory, expunging from memory the Soviet Union’s role in the defeat of Nazism, condemning to oblivion the Red Army’s feat of sacrifice and liberation, forgetting the many millions of Soviet citizens who perished during the War, wiping out from history the consequences of the ruinous policy of appeasement. From this perspective, it is easy to grasp the essence of the concept of expounding the equality of the totalitarian regimes. Its purpose is not just to belittle the Soviet contribution to the Victory, but also to retrospectively strip our country of its historic role as an architect and guarantor of the post-war world order, and label it a “revisionist power” that is posing a threat to the well-being of the so-called free world.

Interpreting the past in such a manner also means that some of our partners see the establishment of a transatlantic link and the permanent implanting of the US military presence in Europe as a major achievement of the post-war system of international relations. This is definitely not the scenario the Allies had in mind while creating the United Nations.

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Bruce Springsteen turns 70 today.

 

 

 

 

 

Sep 222019
 
 September 22, 2019  Posted by at 9:42 am Finance Tagged with: , , , , , , , , , , ,  8 Responses »


Salvador Dali The tartan el son 1919

 

Only You Can Change The World, Money Can’t (Sudden Debt)
New Revelations Deepen Scandal Over Trump Whistleblower Complaint (CNN)
Trump Defers WikiLeaks Question as DOJ Seeks Assange Extradition (WT)
1 In 4 Luxury NYC Apartments Remain Unsold Over The Past 5 Years (ZH)
Thomas Cook Travel Firm In Talks With UK Gov, Investors Over Rescue Deal (AFP)
Mining Industry Seeks To Polish Tarnished Reputation (AFP)
Tactical Voting By Remain Supporters Could End Boris Johnson’s Reign (Ind.)
Google Creates World’s Most Powerful Computer, NASA ‘Accidentally Reveals’ (RT)
UN Welcomes Huthi Offer To Halt Attacks On Saudi Arabia (AFP)
Hong Kong Protesters Optimistic On US Rights Legislation (AFP)
Global Leaders Pledge To Hope Climate Catastrophe Sorts Itself Out (NT)

 

 

Today Julian Assange’s prison term ends. But he will be kept behind bars, not as a prisoner but as a person awaiting extradition. And you are protesting climate change?!

 

 

Haven’t heard from Sudden Debt in quite some time.

“In the words of Super Mario: whatever it takes (as long as it involves a hammer)”

Only You Can Change The World, Money Can’t (Sudden Debt)

In today’s brave new world Time Value Of Money, the bedrock of financial sanity, is out the window. It’s as if the arrow of time is running backwards, the Second Law of Thermodynamics involving Entropy (aka there’s no such thing as a free lunch) is inoperable, that Perpetual Motion machines actually exist. If negative rates were operative in agriculture, you would always reap less than you sowed. I could go on, but you get my drift. It worries me that no one is screaming bloody murder about it, that Bloomberg, Reuters, WSJ, the FT, all take it more or less in stride. It just aint’t natural. I mean it literally, it goes against natural law – unless the Universe has started shrinking. Which, as far as I know, it hasn’t.


Apart from their unnatural state, negative rates resemble something I loudly warned about well before the CMO, CDO, CDS, etc crisis blew up in 2007-08. Namely, that if you take a pile of dogshit (subprime loans) and cut it into pieces (securitize and tranche it), then little piece A is magically transmuted into gold, B becomes silver, C is copper and so on, until only the tail end bit is still poop! Ahuh…that didn’t work out great, did it? Likewise, if an economy cannot be productive and competitive with 2% interest rates, throwing free money at it won’t change a damn thing. MONEY is not the issue! But, central bankers seem to be like handymen who only carry hammers. Economy won’t grow? Hammer it with money. Still doesn’t grow? Hammer harder!! In the words of Super Mario: whatever it takes (as long as it involves a hammer).

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The whole thing is only hearsay.

New Revelations Deepen Scandal Over Trump Whistleblower Complaint (CNN)

The Washington Post on Wednesday said the complaint referenced a “promise” Trump allegedly made to the unidentified leader. CNN has not confirmed that aspect of the controversy. The whistleblower didn’t have direct knowledge of the communications, an official briefed on the matter told CNN. Instead, the whistleblower’s concerns came in part from learning information that was not obtained during the course of their work, and those details have played a role in the administration’s determination that the complaint didn’t fit the reporting requirements under the intelligence whistleblower law, the official said.


It is hard to know the potential exposure faced by the President. But given the sensitivity of the issue, the complaint is likely to have come from an official familiar with the scope of presidential power. And it was signed off as “urgent and credible” by the inspector general — a Trump appointee — who thought Congress should know in line with whistleblowing laws.

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Stolen material? Would you like to rephrase that? Or do you actually think whistleblowers are just thieves?

Trump Defers WikiLeaks Question as DOJ Seeks Assange Extradition (WT)

President Trump declined to comment on his administration’s prosecution of WikiLeaks publisher Julian Assange when asked Friday by a reporter from Mr. Assange’s native Australia. Mr. Trump was pressed about the federal government’s criminal case against Mr. Assange while meeting at the White House with Australian Prime Minister Scott Morrison. “You praised WikiLeaks continuously during the election campaign. Is it right the United States is prosecuting its Australian founder, Julian Assange?” asked Brett Mason, a correspondent for Australia’s SBS News.


“Well, you know, that’s a question I haven’t heard in a long time. I’ll leave that to you to determine,” Mr. Trump replied. Mr. Trump referenced WikiLeaks more than 100 times while campaigning for the White House in 2016, regularly lauding the website for publishing stolen material damaging to his opponent in the race, former Democratic candidate Hillary Clinton.

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Bubble.

1 In 4 Luxury NYC Apartments Remain Unsold Over The Past 5 Years (ZH)

Across the US, but especially in coastal cities like New York and San Francisco, the ultraluxury property market increasingly looks like a buyers’ market. Ever since the market for condos peaked three years ago, it has been rapidly cooling off across the most popular urban markets. We’ve been documenting this trend for a few years now, and according to a new report by the website StreetEasy that was cited by the New York Times this week, there are now more than 16,200 condo units across 682 new buildings completed in New York City that have appeared since 2013, and 25% remain unsold, roughly 4,050, most of them in luxury buildings.


The biggest difference between the the last recession and the conditions in today’s market are that projects aren’t stalling out today, perhaps due to the overabundance of cheap credit that has made virtually every unprofitable company into a “corporate zombie” which can continue existing largely thanks to record low interest rates. “I think we’re being really conservative,” said Grant Long, StreetEasy’s senior economist, noting that the study looked specifically at ground-up new construction that has begun to close contracts. Sales in buildings converted to condos, a relatively small segment, were not counted, because they are harder to reliably track. And there are thousands more units in under-construction buildings that have not begun closings but suffer from the same market dynamics.”

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Isn’t tourism growing like nuts?

Thomas Cook Travel Firm In Talks With UK Gov, Investors Over Rescue Deal (AFP)

Iconic British travel firm Thomas Cook has failed to find further private investment to stave off collapse and is now relying on an unlikely government bailout, a source close the matter told AFP on Saturday (Sep 21). The operator said on Friday that it needed £200 million (US$250 million) – in addition to the £900 million rescue deal secured last month – or else face administration. That scenario could potentially trigger Britain’s largest repatriation since World War II, with more than 150,000 of the company’s British customers overseas on holiday. A source close to the negotiations told AFP that the company had failed to find the £200 million from private investors and would collapse unless the government intervened.


But ministers are unlikely to step in due to worries about the pioneering operator’s longer-term viability, the Times reported on Saturday, leaving it on the brink of collapse and stranding its British holiday makers abroad. “We will know by tomorrow if agreement is reached,” the source told AFP. Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes. The government at the time described it as Britain’s “biggest-ever peacetime repatriation”. Thousands of workers could also lose their jobs, with the 178-year-old company employing about 22,000 staff worldwide, including 9,000 in Britain.

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Don’t let them. Nothing kills more people and planet than mining.

Mining Industry Seeks To Polish Tarnished Reputation (AFP)

The global mining industry is increasingly showing a commitment towards greater respect for human rights and the environment, but is accused of wanting to improve its reputation without seeking real progress. Wildcat miners, including children, are risking their lives daily to unearth metals and minerals they sell to mining companies. In return, they earn a subsistence wage but not the working rights of a legal and salaried mining group employee. “While industry initiatives on certain minerals and metals are helpful, companies are still responsible for undertaking comprehensive human rights due diligence across all minerals and metals in their supply chains,” Eniko Horvath, senior researcher at the Business and Human Rights Resource Centre (BHRRC), told AFP.

In June, dozens of illegal miners died when part of a copper mine collapsed in southeastern DR Congo. The mine was in the Kolwezi area operated by Kamoto Copper Company, a subsidiary of the Swiss giant Glencore. Meanwhile at the start of the year, a dam collapse at a mine operated by Brazilian group Vale unleashed a tsunami of mud that killed more than 200 people while around 100 more went missing. China, also the scene of fatal mining accidents, has additionally been in the spotlight for its dumping of toxic waste in Baotou, Inner Mongolia, as Beijing drives global production of rare earth elements used in key technologies such as smartphones. Faced with rising criticism, the mining industry says it wants to adopt standards of good governance.

The London Metal Exchange, the global centre for trading in industrial metals, recently adopted new ethical standards to ensure better traceability of raw materials, especially those most at risk such as cobalt used heavily in high-end technology. “As metals play an increasingly important role in society with increased focus on ethical supply chains, the LME’s role and responsibility is vital,” the exchange’s incoming and first female chair Gay Huey Evans said on her appointment.

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What a mess.

Tactical Voting By Remain Supporters Could End Boris Johnson’s Reign (Ind.)

Tactical voting could cost the Conservatives up to 60 seats at a snap general election and eject Boris Johnson from No 10, new polling has found. Almost half of Labour supporters and an even higher proportion of Greens say they are ready to switch to the Liberal Democrats if it would help defeat the party committed to Brexit in their constituency. More than a third of Lib Dem backers would make the opposite journey at the ballot box – potentially delivering 60 seats and a mortal blow to Mr Johnson’s hopes of winning a majority. The poll, for the People’s Vote campaign, comes after it unveiled plans for the biggest vote-swapping drive in history, to support the best-placed candidate in more than 100 battleground seats.

“Tactical voting could damage Johnson’s prospects fatally, meaning Labour could make net gains from the Tories,” said pollster Peter Kellner, the former YouGov president. Anti-Brexit voters in the key 100-plus seats are being promised clear, independent advice on which candidate to back, in order to maximise the chances of electing a pro-EU MP. In its first 20 endorsements, People’s Vote recommended they back the Lib Dem candidate in nine seats and the Labour candidate in the other 11 seats. Now, in the YouGov poll, 35 per cent of Lib Dem and 42 per cent of Green voters are ready to switch to Jeremy Corbyn’s party if they “thought that the only parties with a realistic chance of winning in your constituency were the Conservatives or Labour”.

In Conservative-Lib Dem contests, half of Labour supporters and a similar share of Green supporters said they would lend support to the Lib Dems, with hardly any voting Conservative. Mr Kellner added: “These figures suggest that tactical voting on this scale could cost the Conservatives up to 60 seats. “Labour would be the beneficiaries in around 50 and the Lib Dems up to 10.”

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“…and then publication vanishes..”

Google Creates World’s Most Powerful Computer, NASA ‘Accidentally Reveals’ (RT)

Google’s new quantum computer reportedly spends mere minutes on the tasks the world’s top supercomputers would need several millennia to perform. The media found out about this after NASA “accidentally” shared the firm’s research. The software engineers at Google have built the world’s most powerful computer, the Financial Times and Fortune magazine reported on Friday, citing the company’s now-removed research paper. The paper is said to have been posted on a website hosted by NASA, which partners with Google, but later quietly taken down, without explanation.


Google and NASA have refused to comment on the matter. A source within the IT giant, however, told Fortune that NASA had “accidentally” published the paper before its team could verify its findings. In the research, Google reportedly claimed that it takes their new quantum processor just around 200 seconds to make calculations that existing supercomputers would require around 10,000 years to perform. They also said the processor requires mere 30 seconds to complete a task the Google Cloud server would need 50 trillion hours to do.

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But would about arms sales?

UN Welcomes Huthi Offer To Halt Attacks On Saudi Arabia (AFP)

The United Nations envoy for Yemen welcomed Saturday an offer from the country’s Huthi rebels to halt all attacks on Saudi Arabia, saying it could bring an end to years of bloody conflict. Implementation of the initiative by the Huthis “in good faith could send a powerful message of the will to end the war,” Special Envoy for Yemen Martin Griffiths said. The Iran-backed Huthis, which control the capital Sanaa and other parts of Yemen, have been fighting against a Saudi-led coalition which supports the country’s internationally recognized government in a devastating five-year war. Griffiths hailed “the desire for a political solution to end the conflict” in a statement issued from UN headquarters in New York.


On Friday, the Huthis proposed halting attacks on Saudi Arabia as part of a peace initiative. Saudi Arabia gave a cautious response, with minister of state for foreign affairs Adel al-Jubeir saying on Saturday, “We judge other parties by their deeds, actions and not by their words, so we will see (whether) they actually do this or not.” Griffiths stressed “the importance of taking advantage of this opportunity and moving forward with all necessary steps to reduce violence, military escalation and unhelpful rhetoric.” [..] Yemen’s conflict has killed tens of thousands of people — most of them civilians — and driven millions more to the brink of famine in what the United Nations calls the world’s worst humanitarian crisis.

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But no civil rights for Assange. Got it.

Hong Kong Protesters Optimistic On US Rights Legislation (AFP)

Prominent Hong Kong protesters expressed optimism Saturday that US legislators will pass by year’s end a bill aimed at defending civil rights in the global financial hub roiled by pro-democracy demonstrations and accusations of police abuse. The activists testified on Tuesday at a congressional hearing that examined the legislation. The bill, which enjoys wide support in Congress, would end Hong Kong’s special trading status with the United States unless the State Department certifies annually that city authorities are respecting human rights and rule of law. “We are optimistic that the bill can pass within this year,” Joshua Wong, one of the most recognizable faces in the leaderless protest movement, told AFP in an interview.


Millions have taken to the streets of Hong Kong, initially against a now-dropped bid by its leaders to allow extraditions to the authoritarian Chinese mainland. The months-long movement has expanded into a broader pro-democracy push in the semi-autonomous territory where activists say freedoms are being eroded by Beijing. They also accuse police of brutality. Wong, 22, said there is “new bipartisan consensus” in Congress towards China and Hong Kong. More than 50 US lawmakers are co-sponsors of the bill, the Hong Kong Human Rights and Democracy Act, he said.

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“Canada’s first black Prime Minister..”

Global Leaders Pledge To Hope Climate Catastrophe Sorts Itself Out (NT)

In response to huge climate protests around the world, leaders from all nations have announced plans to hope it all sorts itself out. The plans have been agreed by 156 out of 195 countries, and will be implemented immediately. “I am pleased to be on television,” announced President Macron of France, before adding “to announce an agreement amongst leaders from around the globe to hope this whole climate thing sorts itself out. “All countries have pledged to begin hoping it all sorts itself out with immediate effect. So I’m sure we will see some real results in the coming months and years.” Other leaders were quick to agree.


“I hereby promise to really hope the climate catastrophe sorts itself out,” pledged British ‘Prime’ Minister Boris Johnson before going on to do anything but hope that the climate catastrophe sorts itself out. Canada’s first black Prime Minister Justin Trudeau revealed he had signed up to the plans. “Irie, irie. ‘Ear me know. Me am pledge to hope climate catastrophe sort itself out. Rastafari! Jah!” Finally, President Trump clarified his thoughts on the matter. “Everyone like President. Radical Democrat CNN Hillary Fake News WEATHER,” he tweeted. It is currently anticipated that the climate catastrophe could render large portions of the planet uninhabitable within a generation.

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