PPCC: Pisitófilos Creditófagos. Primavera 2024

[Derby]

https://www.reuters.com/world/europe/draft-joint-communique-ukraine-conference-switzerland-2024-06-15/

Ukraine conference joint communiqué: full text

BUERGENSTOCK, Switzerland, June 16 (Reuters) - Following is the complete text of a draft communique issued for the so-called High-level Summit for Peace for Ukraine being hosted in central Switzerland from June 15-16, seen by Reuters on Saturday.

"Joint Communiqué on a Peace Framework Switzerland,15-16 June 2024

"The ongoing war of the Russian Federation against Ukraine continues to cause large-scale human suffering and destruction, and to create risks and crises with global repercussions for the world. We gathered in Switzerland on 15-16 June 2024 to enhance a high-level dialogue on pathways towards a comprehensive, just and lasting peace for Ukraine. We reiterated resolutions A/RES/ES-11/1 and A/RES/ES-11/6 adopted at the UN General Assembly and underscored our commitment to upholding International Law including the United Nations Charter.

"This Summit was built on the previous discussions that have taken place based on Ukraine's Peace Formula and other peace proposals which are in line with international law, including the United Nations Charter.

"We deeply appreciate Switzerland's hospitality and its initiative to host the High-Level Summit as expression of its firm commitment to promoting international peace and security.

"We had a fruitful, comprehensive and constructive exchange of various views on pathways towards a framework for a comprehensive, just and lasting peace, based on international law, including the United Nations Charter. In particular, we reaffirm our commitment to refraining from the threat or use of force against the territorial integrity or political independence of any state, the principles of sovereignty, independence, and territorial integrity of all states, including Ukraine, within their internationally recognized borders, including territorial waters, and the resolution of disputes through peaceful means as principles of international law.

"We, furthermore, have a common vision on the following crucial aspects:

"1) Firstly, any use of nuclear energy and nuclear installations must be safe, secured, safe-guarded and environmentally sound. Ukrainian nuclear power plants and installations, including Zaporizhzhia Nuclear Power Plant, must operate safely and securely under full sovereign control of Ukraine and in line with IAEA principles and under its supervision.

"Any threat or use of nuclear weapons in the context of the ongoing war against Ukraine is inadmissible.

"2) Secondly, global food security depends on uninterrupted manufacturing and supply of food products. In this regard, free, full and safe commercial navigation, as well as access to sea ports in the Black and Azov Seas, are critical. Attacks on merchant ships in ports and along the entire route, as well as against civilian ports and civilian port infrastructure, are unacceptable.

"Food security must not be weaponized in any way. Ukrainian agricultural products should be securely and freely provided to interested third countries.

"3) Thirdly, all prisoners of war must be released by complete exchange. All deported and unlawfully displaced Ukrainian children, and all other Ukrainian civilians who were unlawfully detained, must be returned to Ukraine.

"We believe that reaching peace requires the involvement of and dialogue between all parties. We, therefore, decided to undertake concrete steps in the future in the above-mentioned areas with further engagement of the representatives of all parties.

"The United Nations Charter, including the principles of respect for the territorial integrity and sovereignty of all states, can and will serve as a basis in achieving a comprehensive, just and lasting peace in Ukraine.

[tomasjos]

Creo que está noticia es relevante por cuanto demuestra una manipulacion de precios a gran escala en Estados Unidos y que en España también existiria y estaría metido Idealista.com

https://www.xataka.com/magnet/eeuu-precios-alquiler-no-bajaban-han-descubierto-que-vivienda-esta-manos-algoritmos

Por cierto que según el articulo el FBI no habría investigado el asunto, cosa extraña y que me recuerda a como Asustadísimos siempre habla de la ecuación de intereses de los funcionarios de la Agencia Tributaria y en general de la AGE, que ya no se pueden pagar un piso en un buen sitio de Madrid.

[Derby]

https://www.ft.com/content/15e7b892-c4f3-45b8-b375-80ef52e4b83c

Russia overtook US as gas supplier to Europe in May

Rise in market share highlights difficulty of weaning the region off Russian energy


Data from consultancy ICIS showed Russian gas last month accounted for 15 per cent of total supply to the EU (except for Malta and Cyprus), UK, Switzerland, Serbia, North Macedonia and Bosnia and Herzegovina. © Andrey Rudakov/Bloomberg

Europe’s gas imports from Russia overtook supplies from the US for the first time in almost two years in May, despite the region’s efforts to wean itself off Russian fossil fuels since the full scale invasion of Ukraine.

While one-off factors drove the reversal, it highlights the difficulty of further reducing Europe’s dependence on gas from Russia, with several eastern European countries still relying on imports from their neighbour.

“It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europe after all we have been through, and all the efforts made to decouple and de-risk energy supply,” said Tom Marzec-Manser, head of gas analytics at consultancy ICIS.

Following Russia’s full-scale invasion of Ukraine in February 2022, Moscow slashed its pipeline gas supplies to Europe and the region stepped up imports of LNG, which is shipped on specialised vessels with the US as a major provider.

The US overtook Russia as a supplier of gas to Europe in September 2022, and has since 2023 accounted for about a fifth of the region’s supply.

But last month, Russian-piped gas and LNG shipments accounted for 15 per cent of total supply to the EU, UK, Switzerland, Serbia, Bosnia and Herzegovina and North Macedonia, according to data from ICIS.

LNG from the US made up 14 per cent of supply to the region, its lowest level since August 2022, the ICIS data showed.



The reversal comes amid a general uptick in European imports of Russian LNG despite several EU countries pushing to impose sanctions on them.

Russia in mid-2022 stopped sending gas through pipelines connecting it to north-west Europe, but continues to provide supplies via pipelines through Ukraine and Turkey.

Flows in May were affected by one-time factors, including an outage at a major US LNG export facility, while Russia sent more gas through Turkey ahead of planned maintenance in June. Demand for gas in Europe also remains relatively weak, with storage levels near record highs for this time of year.

The reversal was “not likely to last”, said Marzec-Manser of ICIS, as Russia would in the summer be able to ship LNG to Asia via its Northern Sea Route. That was likely to reduce the amount sent to Europe, while US LNG production had picked up again, he said.

“Russia has limited flexibility to hold on to this share [in Europe] as demand [for gas] rises into next winter, whereas overall US LNG production is only growing with yet more new capacity coming to the global market by the end of the year,” he added.

The transit agreement between Ukraine and Russia also comes to an end this year, putting at risk flows through the route.



The European Commission is supporting efforts to establish an investment plan to expand the capacity of pipelines in the Southern Gas Corridor between the EU and Azerbaijan.

A senior EU official said supplies through the route were not currently sufficient to replace the 14bn cubic metres of Russian gas that currently flowed through Ukraine to the EU each year.

The EU’s energy commissioner Kadri Simson said she had raised concerns about LNG being diverted from Europe to meet demand in Asia on a trip to Japan this month.

She said Tokyo and Brussels had established an “early warning system” to monitor LNG shortages and had agreed both should pursue energy saving measures.

“The EU is prepared to buffer any negative supply or demand events in global gas markets,” she added. “Our gas storage remains at record high levels [and] our gas demand stabilised at record low levels, down 20 per cent compared with 2021.”

[asustadísimos]

[https://www.youtube.com/watch?v=FGllIaj1ncc]

[Derby]

https://www.cnbc.com/2024/06/11/norway-discovers-europes-largest-deposit-of-rare-earth-metals.html

Norway discovers Europe’s largest deposit of rare earth metals

KEY POINTS
*Mining firm Rare Earths Norway says it has discovered Europe’s largest proven deposit of highly prized rare earth elements.
*One of the few deposits not owned or controlled by China, the discovery of continental Europe’s largest rare earths deposit is considered a welcome boost in Europe’s bid to break China’s rare earths dominance.
*Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery represents a “great milestone” for the company.


Neodymium is displayed at the Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. factory in Baotou, Inner Mongolia, China. Nelson Ching | Bloomberg | Getty Images

Mining firm Rare Earths Norway says it has discovered Europe’s largest proven deposit of highly prized rare earth elements, potentially reflecting a watershed moment for both the Nordic country and the broader region.

One of the few deposits not owned or controlled by China, the discovery of continental Europe’s largest rare earths deposit is considered a welcome boost in Europe’s bid to break China’s rare earths dominance.

Demand for rare earths and critical minerals is expected to grow exponentially in the coming years as the clean energy transition picks up pace.

Rare Earths Norway said in a June 6 statement that its Fen Carbonatite Complex in the southeast of the country boasts 8.8 million metric tons of total rare earth oxides (TREOs) with a reasonable prospect for economic extraction.

Within the TREOs, which are considered vital to the global shift away from fossil fuels, the company says there is an estimated 1.5 million metric tons of magnet-related rare earths which can be used in electric vehicles and wind turbines.

The discovery eclipses a massive rare earths deposit found last year in neighboring Sweden.

Alf Reistad, CEO of Rare Earths Norway, told CNBC that the discovery at Fen represents a “great milestone” for the company.

“It is important to state that there is absolutely no extraction of rare earth elements in Europe today,” Reistad said via videoconference Monday.

One of the aims of the Critical Raw Materials Act is to extract at least 10% of the European Union’s annual demand for rare earths by 2030 and Rare Earths Norway says it hopes to contribute to that goal.

Rare Earths Norway said the rare earths deposit in Telemark, roughly 210 kilometers (130 miles) southwest of Oslo, is likely to underscore Norway’s position as an integral part of Europe’s rare earth and critical raw material value chain.

Rare earths ‘more important’ than oil and gas

The International Energy Agency has said that today’s supply falls short of what is needed to transform the energy sector. That’s because there is a relatively high geographical concentration of the production of many energy transition elements.

Most rare earth elements are located in China, with the world’s second-largest economy estimated to account for 70% of global rare earth ore extraction and 90% of rare earth ore processing.

China was the EU’s largest partner for imports of rare earth elements in 2022, accounting for 40% of overall imports based on weight.

Looking ahead, Rare Earths Norway said exploration work at the complex will continue, with further drilling scheduled for next month. The company said it is working to develop the first stage of mining by 2030.

Asked whether he believed the discovered resources could be considered of more value than Norway’s oil and gas supplies, Rare Earths Norway’s Reistad replied, “Not of more value but [European Commission President] Ursula von der Leyen has stated that lithium and rare earth element will soon be more important than oil and gas.”

“So, it will be more important but not have the same value, of course,” he added.

[sudden and sharp]

Leí el otro día que es un 3% de la población española la que tiene uno o dos pisos (o más) alquilados. Así que no. Ni los rojos, ni los falsirojos, ni los ricos, ni los fachas. El banano es de una minoría.

[ Tener una segunda vivienda en la playa para ir en verano es perfectamente razonable. ]

Ese 3%, son los soldaditos que están en primera linea del frente. No hablas de la retaguardia ni de los cuadros de mando.

Ese 3% es una variable de flujo. Propietarios que entran y salen del alquiler; y hay que añadir los que aspiran a serlo algún dia (el stock) , que desde la retaguardia, mantienen las lineas de suministro, los cuadros de mando y hacen de muralla para que el enemigo tenga que pasar por las termopilas, donde está el 3% ¿los 300? esperándoles con los brazos abiertos (y con toda la artilleria preparada)

De todos los rusos, "solo" un 3% están movilizados en Ucrania; y todos los rusos tienen muy claro lo que se está jugando en Ucrania.

Ese 3% es una cifra. ¿Tienes una mejor? Lo que no vale es hacer un juicio de intenciones... Hay muchos que quieren entrar ahí... Datos es lo que se necesita, no conjeturas.

[sudden and sharp]

[...] "We believe that reaching peace requires the involvement of and dialogue between all parties. We, therefore, decided to undertake concrete steps in the future in the above-mentioned areas with further engagement of the representatives of all parties.

"The United Nations Charter, including the principles of respect for the territorial integrity and sovereignty of all states, can and will serve as a basis in achieving a comprehensive, just and lasting peace in Ukraine.[/i]

[/quote]

We = Todos. (Los afectados o chantajeados.)
Concrete steps = Hoja de ruta predecidida a partir de ya.
Territorial integrity = Que te pires... chaval



Blanco y en botella.

[sudden and sharp]

Creo que está noticia es relevante por cuanto demuestra una manipulacion de precios a gran escala en Estados Unidos y que en España también existiria y estaría metido Idealista.com

https://www.xataka.com/magnet/eeuu-precios-alquiler-no-bajaban-han-descubierto-que-vivienda-esta-manos-algoritmos

Por cierto que según el articulo el FBI no habría investigado el asunto, cosa extraña y que me recuerda a como Asustadísimos siempre habla de la ecuación de intereses de los funcionarios de la Agencia Tributaria y en general de la AGE, que ya no se pueden pagar un piso en un buen sitio de Madrid.

Si consideras la vivienda como un hactivo... pues como la bolsa. (O los activos financieros en general.)

[Derby]

https://finance.yahoo.com/news/wall-street-is-divided-over-the-rise-of-private-credit-140058228.html

Wall Street is divided over the rise of private credit

The debate on Wall Street about the rise of private credit is getting louder.

On one side is the boss of the largest US bank, Jamie Dimon, who argues that increased lending by private equity firms, money managers, and hedge funds creates more opportunities to let risks outside the regulated banking system go unmonitored.

"I do expect there to be problems," the JPMorgan Chase (JPM) CEO said at a Bernstein industry conference at the end of May, adding that "there could be hell to pay" if retail investors in such funds experience deep losses.


JPMorgan Chase CEO Jamie Dimon. (REUTERS/Evelyn Hockstein) (REUTERS / Reuters)

On the other side are top executives from some of the world’s biggest money managers who aren’t hesitating to push back on that argument.

"Every dollar that moves out of the banking industry and into the investment marketplace makes the system safer and more resilient and less leveraged," Marc Rowan, Apollo (APO) CEO, said at the same Bernstein conference attended by Dimon. (Note: Apollo is the parent company of Yahoo Finance).


Apollo Global Management CEO Marc Rowan in Hong Kong last November. (Vernon Yuen/NurPhoto via Getty Images) (NurPhoto via Getty Images)

Private credit funds, their proponents argue, don’t face deposit runs and they don’t rely on short-term funding — a model that proved troublesome for some regional banks that ran into problems last year and had to be seized by regulators.

Instead, they lend money raised from large institutional investors such as pension funds and insurance companies that know they won’t get their money back for several years.

Another top executive with giant private lender Blackstone (BX) used the same Bernstein conference to cite the asset-liability mismatch that ultimately sank First Republic, the San Francisco regional bank that failed last May and was auctioned to JPMorgan.


Jonathan Gray, Blackstone's COO. (Heidi Gutman/CNBC/NBCU Photo Bank/NBCUniversal via Getty Images) (CNBC via Getty Images)

"It had 20-year assets and 20-second deposits," Blackstone COO and general partner Jonathan Gray said.

"And if we can place these loans directly on the balance sheets of a life insurance company, that's better matching."

The rise of private credit

There is little doubt that private credit is on the rise as traditional banks pull back on lending during a time of elevated interest rates from the Federal Reserve and worries about a possible economic downturn.

The global private credit market, which accounts for all debt that is not issued or traded publicly, has grown from $41 billion in 2000 to $1.67 trillion through September, according to data provider Preqin. More than $1 trillion of that amount is held in North America.

The sum is still small compared to total loans held by US banks — over $12 billion — but the concern by some in the banking world is that any panic among borrowers could spread if things were to get ugly.



"I'm not sure that a one-and-a-half-trillion-dollar private credit market is particularly systemic, but the point is that these things can have a snowball effect," UBS chairman Colm Kelleher said in a Bloomberg interview earlier this year.

For now, private credit performance is solid despite the concerns.

For five of the past six quarters, private credit has brought higher investor returns than it has on average over the past decade, according to an aggregate private credit index created by Preqin.

It has also outperformed a similar index measuring aggregate returns in private equity for the same period.

"Everybody can look quite good when it's all going up to the right, but it gets tougher when you go through cycles," John Waldron, Goldman Sachs' COO, said at the same Bernstein conference.

'Dancing in the streets'

Private credit assets are varied. They can range from corporate loans to consumer car loans and some commercial mortgages. The loans are especially useful to midsize or below investment-grade borrowers in special situations like distress.

The terms are usually more flexible than what banks require, with adjustable interest rates, a potential advantage or dilemma for borrowers expecting interest rates to eventually drop.

Some bankers argue that money managers have an unfair advantage because they don’t have to operate under the same capital requirements as banks do. And bank regulators are preparing new rules that could make those capital requirements even stricter.

When those heightened standards were first proposed last year, Dimon quipped that private equity lenders were surely "dancing in the streets."

The lobby of JPMorgan headquarters is photographed through its front doors in New York May 11, 2012.  Stocks fell at the open on Friday after JPMorgan Chase & Co revealed a trading loss of at least $2 billion from a failed hedging strategy, dragging bank shares lower. 


JPMorgan competes with private lenders but also serves some as clients. (REUTERS/Eduardo Munoz) (REUTERS / Reuters)

But there are some signs that Washington could be preparing to intensify its scrutiny of these funds. The Financial Stability Oversight Council has voted to approve a new framework for labeling firms as "systemically important," a tag that triggers new oversight from the Fed.

The new framework creates an opening for firms other than banks to get that label. Funds argue they don’t present the same systematic risks as banks, and therefore the label is not appropriate for them.

The relationship between traditional banks and private asset lenders is complicated. They compete with each other, but many banks also lend money to those same asset managers.

Dimon acknowledged that, saying there are many "brilliant" private lenders. "I mean, I know them all. We bank a lot of them. They're clients of ours."

"We're just uniquely positioned to be in the middle of all of it and I think it's going to continue to grow," Troy Rohrbaugh, co-CEO of JPM's commercial and investment bank, said this past Wednesday at another conference.

[Derby]

https://www.aol.com/were-era-supply-chain-disruption-161128950.html

'We're in a new era' of supply chain disruption, HSBC analyst says

After a series of COVID-19 pandemic disruptions, ongoing geopolitical conflicts, and now a historic year in which more than 60 countries are holding elections, supply chain managers face a growing number of challenges.

"I would actually say that we're in a new era," HSBC Americas head of global trade solutions Marissa Adams told Yahoo Finance in a video interview. "I don't think that there is a normalization anymore. I think that what companies are now facing is that supply chain disruption is the new norm."

Supply chain disruptions have always been a part of global trade, even dating back to the Silk Road, which connected trade routes in Europe, the Middle East, and Asia. However, companies in the current market are more exposed to unexpected global events, which impacts their ability to trade effectively.

According to a new report from HSBC, there are several factors putting pressure on global supply chains this year. Products and global supply chains are more complex than ever before, and suppliers have to secure financing in an inflationary environment.

There are also issues particular to certain geographic regions that are causing ships to change their routes, such as the attacks in the Red Sea and drought affecting the Panama Canal. And globally, more than a quarter of the world's population is going to the polls this year.

"One of the things, for sure, is that trade continues to be a huge topic on the campaign trail," Adams said, adding, "Some of that is due to protectionism, nationalism, [and] other focuses."


A cargo ship sails through the Panama Canal on June 13, 2024, as authorities increase vessel transits through the waterway following drought-related restrictions. (AP Photo/Matias Delacroix) (ASSOCIATED PRESS)

A holistic view of supply chains

According to Adams, the COVID-19 pandemic provided a wake-up call to companies exposed to geopolitical incidents and other vulnerabilities. Previously, companies set up their supply chains to mostly focus on reducing costs and improving the bottom line, Adams said.

"We went from a world where goods were 'just in time,' and now we’re looking at people going, 'Just in case,'" Adams said, "and that’s really changed a lot of companies' balance sheets."

Supply chain strategies evolved to account for these new challenges as companies began moving their operations closer to home, adding security, and working to reduce supplies and shipping costs.

“Things that companies can look at is, firstly, ... taking a real, big deep dive into their supply chain,” Adams said. “Where do they see risk? Are there certain suppliers they have a concentration on, or are there countries where, potentially, there’s more risk around it?”

Adams also offered guidance on managing relationships with China’s business sector amid recently increased tariffs from the Biden administration, noting that companies should look at potential risks holistically instead of on a country-by-country basis.

“Supply chains are complex, and even when things are produced here in the United States, there’s a number of different components that are produced in Asia, in Europe, in other markets around the world,” Adams said. “What we’re trying to talk to our customers about is taking a look at the risks holistically. Don’t just look at one category of your products. Do you have a geopolitical risk in one country versus another? Is there a risk from a transport aspect in another country?”


President Joe Biden sits down to sign a document on May 14, 2024, imposing major new tariffs on certain products imported from China. (AP Photo/Susan Walsh) (ASSOCIATED PRESS)

When asked about how supply chain issues could impact investors’ portfolios, Adams pointed out three signs investors should look out for.

First, she said, keep an eye on senior leadership strategy. Is the CFO talking about supply chain resilience regularly? Are they focused on both the risks and costs?

Second, how concentrated is the company in key sectors and markets? For example, a lot of semiconductor production is based in Taiwan, but many companies are trying to bring those operations to the US, which would take time.

Lastly, Adams noted investors should evaluate a company's infrastructure investment and whether the company is investing in its supply chains in a diversified manner to avoid unnecessary risk.

[senslev]

Qué soberbia la del consejero, y cómo se ve que se la suda lo que pasa con la vivienda. Qué puto asco. Deprimente.

[https://www.youtube.com/watch?v=FGllIaj1ncc]

[Cadavre Exquis]

https://cincodias.elpais.com/companias/2024-06-15/el-corte-ingles-avanza-en-su-plan-inmobiliario-con-ventas-de-activos-por-660-millones-en-cuatro-anos.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/opinion/2024-06-15/en-el-adios-de-de-cos-al-banco-de-espana-transformacion-interna-y-reequilibrio-de-poder.html

Saludos.

[Cadavre Exquis]

https://cincodias.elpais.com/companias/2024-06-15/el-colapso-del-oro-el-dolar-y-lo-que-no-aprenden-los-bancos-centrales.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/Cinco-Dias/20240615/page/2/textview

Musk cree que sus humanoides Optimus nos harán felices sin tener que comer perdices

https://cincodias.elpais.com/companias/2024-06-14/las-cuentas-de-elon-musk-para-que-tesla-gane-un-billon-de-dolares-al-ano-solo-con-sus-robots.html

Saludos.