Category Archives: Uncategorized

16Jan/15

Swiss central bank decision was completely seismic – Charles Stanley

Retail foreign exchange brokers from New Zealand to New York were nursing hefty losses from the Swiss National Bank’s shock move to abandon a cap on its currency. Charles Stanley Chief Economist Jeremy Batstone-Carr says the Swiss National Bank’s decision was completely seismic, the obvious winner here will be euro zone manufacturing and the obvious loser will be the Swiss exports sector.

LONDON, ENGLAND, UK (JANUARY 16, 2015) (REUTERS) – SLATE, READING: “SWISS EXPORTERS HIT BADLY BY YESTERDAY’S DECISION. WHO ELSE LIKELY TO SUFFER?”

CHARLES STANLEY, CHIEF ECONOMIST, JEREMY BATSTONE-CARR ,

“Hi there, yes I certainly agree that – well first of all the Swiss National Bank’s decision to uncap the Swiss franc was of course completely seismic, it hardly needs for me to say that. It is a micro-economic event, all currency moves are adjustment factors so therefore there will be winners and losers and the obvious winner will be euro zone manufacturing one imagines because the euro will weaken on the foreign exchanges and the obvious loser will be the Swiss exports sector. It is also fair to say that holders of Swiss denominated debt will also suffer of course because the Swiss National Bank cut the countries rate from -0.25 to -0.75 percent.”

SLATE, READING: “COPPER PRICES IN A ROUT – A BAD OMEN?”

CHARLES STANLEY, CHIEF ECONOMIST, JEREMY BATSTONE-CARR ,

“I think the copper price is certainly falling very sharply but you need to see the bigger picture here which pertains not just to copper but to the commodity complex more generally. And the point that I’d like to make is that if you step away from the day to day cut and thrust of financial market action what are bonds, what are commodity prices telling you about the outlook for the global economy? There is a major difference there from what equities are telling you which is by and large that everything is just about all right we are in a moderation, we are in a growth recession but we are not in a stagnation. If you look at bond pricing and if you look at commodity pricing I think you would have to argue the other way and the concern I have of course is that in relation to commodities other than oil this is not simply a question of weak or substantial supply, it is actually a question of weak demand and that I think does pose major challenges.”

SLATE, READING: “LATEST NEWS FROM RUSSIA IS OF BUDGET CUTS AND PRICES RISING AT EVEN FAST RATE THAN BEFORE. SHOULD RUSSIAN CONSUMERS BRACE FOR EVEN MORE BAD NEWS THIS YEAR?”

CHARLES STANLEY, CHIEF ECONOMIST, JEREMY BATSTONE-CARR ,

“Turning to the Russian economy our view is very much in line with consensus. That the economy is in a very very bad place at the moment and of course the plunge in the currency has made matters significantly worse. I think that Russian consumers are indeed going to have to brace themselves for a few very challenging months ahead. But of course the country, it could be argued is well versed in dealing with the economic crises and therefore I suspect that many in Russia will simply just accept this as part of the inevitability associated with the aggressive sanctions being imposed on the country by the west and of course in part the falling oil price which may also have something to do with the sanctions process.”

16Jan/15

Pope says “ideological colonisation” threatens traditional family

Pope Francis warns of ideological colonisation of the family during a rally where he meets with Filipino families, including relatives of migrant workers.

MANILA, PHILIPPINES (JANUARY 16, 2015) (HOST BROADCASTER)- Pope Francis on Friday (January 16) warned against an “ideological colonisation of the family,” a reference to gay marriage around the world and to a heated debate in the Philippines about a government population control plan.

The Pope made his impromptu comments at rally for families in Manila on a day that began with an appeal to the government to tackle corruption and hear the cries of the poor suffering from “scandalous social inequalities” in Asia’s most Catholic country.

Addressing an evening rally of families, he spoke of an “ideological colonisation that we have to be careful about that is trying to destroy the family”. He said it was coming from “outside” and had to be resisted.

While the Pope has said before that marriage must be between a man and a woman, his use of the phrase “ideological colonisation” appeared to be an appeal to developing countries not to follow the lead of nations where gay unions are already legal.

Speaking in Spanish through a translator, he also heaped praise on Pope Paul VI, who enshrined the Catholic Church’s opposition to artificial birth control in the controversial 1968 encyclical Humanae Vitae (On Human Life).

Francis said Paul “had the strength to defend openness to life” at a time when the Church was under pressure to change its position against contraception because of population growth.

“I think of Paul VI, blessed Paul VI, in a moment of that challenge of a growth of populations, he had the strength to defend openness to life,” he said.

The Philippines Church is opposed to a government decision to introduce a family planning law – allowing public health centres to hand out contraceptives, such as condoms and pills, and teach sex education in schools.

In a country where more than 80 percent of the 100 million population is Roman Catholic, the Church opposed the law, effectively blocking its passage for 13 years, for fear it would lead to a spike in abortions. The Philippines has one of the highest birth rates in Asia.

Local media estimated that the crowd in an indoor arena reached 16,000 people while another 18,000 flocked to the venue grounds, hoping to catch a glimpse of the Pope.

Before Pope Francis spoke, families gave their testimonies and messages to Francis in Filipino, English and Sign Language.

Ediza Pumarada, wife of a migrant worker, said economic difficulties and the lack of good jobs in the Philippines pushed her husband to find employment in Singapore, three years after they were married.

Through her work she said she saw the effect of migration of the family unit.

“We witness family disintegration and abandonment of children even among our closest relatives. Migration continues to challenge the structure, roles and functions of the family, communities and the larger society. Children went astray in life because of the lack of presence and proper guidance of their parents,” she said.

Francis closed saying that, “every threat to the family is a threat to society itself.”

Earlier on Friday, Francis, a champion of the poor, pulled no punches when addressing Philippine officials in calling for a more just and caring society in the Philippines, which is about 80 percent Catholic.

Aquino took office in 2010 on the promise of transparency, good governance and battling corruption to lift the Philippines from poverty.

However, he has struggled to shed the country’s image as one of the most corrupt in Asia as he continues to defend his allies, while at the same time chasing down politicians, bureaucrats and generals associated with the past administration.

The Pope urged government officials “to reject every form of corruption, which diverts resources from the poor, and to make concerted efforts to ensure the inclusion of every man and woman and child”.

The Philippines has laid on the largest security operation in its history, with about 50,000 police and soldiers on hand.