The big independence lie: Why Scotland could keep the pound | City A.M. March 11, 2014 TRUTH is usually the first casualty of political battles, as it is of war. I believe that Scotland and England are individually stronger for being part of the UK, but 25 years in currency markets tell me that the No campaign’s argument that Scotland cannot keep the pound is false. It would certainly be a [...]
The big independence lie: Why Scotland could keep the pound March 11, 2014 Truth is usually the first casualty of political battles, as it is of war. I believe that Scotland and England are individually stronger for being part of the UK, but 25 years in currency markets tell me that the No campaign’s argument that Scotland cannot keep the pound is false. It would certainly be a [...]
The McDonald’s doctrine is dead: Ukraine shows why March 11, 2014 A GREAT event took place in Pushkin Square, Moscow on 31 January 1990: a branch of McDonald’s was opened. There was similar excitement in Kiev on 24 May 1997, when the McDonald’s franchise was extended to Ukraine. The US author Thomas Friedman wrote in 1999 that no two countries with such a franchise had ever [...]
What you need to know before the US open March 11, 2014 With little in the way of economic data today, futures suggest US markets will open down, tracking European counterparts, which were trading lower this morning, Over in Asia, the Nikkei rose in Tuesday trading, as the Bank of Japan maintained its huge monetary stimulus programme. And the OECD has said that the slowing of [...]
Yanukovich blames opponents for Crimea and says he’s still president March 11, 2014 Viktor Yanukovich, former Ukrainian president, has said today that he remains the country’s president and commander-in-chief of its armed forces. Speaking in public for a news conference, the ousted leader said he blames his opponents for Crimea’s breaking away from Ukraine. The region’s holding a referendum on joining Russia on Sunday. He said the Ukrainian [...]
Cameron: talk to Ukraine or face sanctions March 10, 2014 PRIME Minister David Cameron has warned of economic sanctions on Russia if President Vladimir Putin does not agree to meet with Ukrainian government officials in the next few days. The message comes as UK and EU officials begin drafting a plan to freeze the assets of Russian citizens, in a bid to encourage the Kremlin [...]
CNBC Comment: How to invest amid fresh market highs March 10, 2014 IF THERE’S a full-blown war, we sell. If there’s a semi-war or ongoing tensions, we keep buying.” Most of the discussions I’m currently having with my guests sound a lot like this. While war is no good for anyone, fears about Ukraine and Russia are perceived by most investors as isolated, and many simply aren’t [...]
Forget sanctions: Putin has already traumatised fragile Russia March 10, 2014 AT FIRST sight, Vladimir Putin’s assertion of Russia’s power and influence in Crimea has been a neat operation with low costs. Moscow’s aggression can even look like a nice little earner. While the EU, US and IMF offer aid to Ukraine, Russia gets to keep the undisbursed $12bn (£7.2bn) of its $15bn soft loan to [...]
Hague warns of violent conflict if Putin advances March 10, 2014 FOREIGN secretary William Hague issued a stark message to Russia yesterday, warning there is a “great danger of a shooting conflict” if Putin moves troops out of Crimea and into mainland Ukraine. Hague reiterated the threat of UK sanctions against President Putin’s nation after armed personnel carriers were seen rolling into the country on Saturday. [...]
New York Report: Bullish market backed by US jobs rebound March 10, 2014 STRONGER-than-expected payrolls figures on Friday did more than ease concerns about US economic fundamentals – they also seemed to justify Wall Street’s record levels, suggesting the market’s uptrend could continue. February’s jobs report followed two straight months of payrolls reports that were sharply below expectations, and the rebound reinforced the theory that weakness in December [...]