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Showing posts from January 10, 2017

Real estate all over the world could tank as China curbs capital outflow

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[BC ELECTION 2017. Real estate has accounted for something close to a quarter of the BC GDP in recent years. I really want to be around to watch Christy Clark tap-dancing for the cameras when this face-plants. *RON*]

Better Dwelling, Business Insider, 9 January 2017

Property prices across the globe have benefitted from the demand of foreign buyers, a.k.a. China’s capital outflows. 2017 is about to find out how those markets will fare without them. China has issued unexpected rules on exchanging yuan for international currency. This will likely impact real estate around the world.

Today's Trumpery

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Top Canadian officials met Trump team for trade talks: paper

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[This first came out in the Globe & Mail yesterday, but there's not much about it in Canadian news otherwise. See also: Trump's Commerce pick Wilbur Ross is no stranger to protectionism.  *RON*]
Reuters, 9 January 2017
Senior Canadian officials have met several times with advisers to U.S. President-elect Donald Trump in Washington in an effort to avert a possible trade war once he takes office this month, the Globe and Mail newspaper said on Monday.

Trump vowed during his election campaign to either scrap or renegotiate the North American Free Trade Agreement with Canada and Mexico, saying the two-decade old deal had been bad for American workers. This could have disastrous consequences for Canada, which sends 75 percent of its exports to the United States.

Pound hits new low after Theresa May's Brexit remarks

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[Sterling at US$1.21, its lowest since 1985, after prime minister says UK will not hold on to "bits of EU membership". It's still at $1.61 Cdn, which is not any kind of record low for us. *RON*]

Al Jazeera, 9 January 2017

The British pound has fallen to its lowest level against the US dollar since 1985, after the UK prime minister hinted at a complete break with the European Union following the conclusion of the Brexit negotiations.

Foreign currency markets had the pound at $1.21 on Monday, down from $1.46 on the day before the referendum to leave the EU in June last year.

Smoking costs $1 trillion, soon to kill 8 million a year: WHO/NCI study

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["Smoking costs the global economy more than $1 trillion a year, and will kill one third more people by 2030 than it does now, with more than 80 percent of these occurring in LMICs (low- and middle-income countries)" *RON*]
By Tom Miles | GENEVA

Jan 9, 2017 | 6:12pm EST
Smoking costs the global economy more than $1 trillion a year, and will kill one third more people by 2030 than it does now, according to a study by the World Health Organization and the U.S. National Cancer Institute published on Tuesday.

That cost far outweighs global revenues from tobacco taxes, which the WHO estimated at about $269 billion in 2013-2014.

Refiners shun new Canadian crude blend offer from Enbridge line

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[Pipeline-schmipeline -- they can't sell the stuff! *RON*]

Nia Williams, Reuters / Globe & Mail, 10 January 2017

Enbridge Inc has approved a new stream of heavy Canadian crude for export on one of its major oil pipelines to the United States, according to four trading sources. The only problem? No one wants it.
Canada produces more heavy than light crude because of its vast oil sands projects in northern Alberta. Space on the Enbridge system for heavy barrels is in short supply, with congestion set to worsen as oil sands production grows.