19 / Նոյեմբեր / 2019
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The financial crisis of 2008 was about AAA securities and the market believing that they posed no risk, the financial crisis of 2009 was the acceptance that a euro zone sovereign was a euro zone risk, and that didn’t turn about to be right. So there’s always something out there that I always think that we need to take a different look at to see what might be the next issue he said. Staley suggested that a break of liquidity in a particular credit market is often the trigger to serious global financial trouble, but said the banks are in a stronger position than ever in terms of capital and liquidity, meaning they are unlikely to be at the epicenter this time around. Getting this whole issue of liquidity and risk fine-tuned, given the amount of sovereign and corporate debt that’s out there — the stakes are high he added. In a note Thursday, Algebris Head of Macro Strategies Alberto Gallo also said that banks are more resilient this time around, but highlighted that leverage has grown across corporate balance sheets. Many investment funds have bought into the same trades, some reaching for yield in less liquid assets he explained.
Policymakers are increasingly concerned about long-term fundamentals across corporates and certain emerging market sovereigns. They admit global manufacturing is in recession: the fear is a potential spill-over to other sectors. Voters in South America’s second-largest country will head to the ballot box on Sunday, less than three months after a dress rehearsal for the vote set off a shockwave in financial markets. It is widely expected that Argentina’s President Mauricio Macri will be defeated by the opposition ticket of center-left Alberto Fernandez and populist ex-leader Cristina Fernandez de Kirchner. The first round of the presidential election comes as the country is facing a debt crunch, with the worst rout of the country’s stock market in decades raising fears of a possible default. The latest opinions polls indicate that Fernandez could beat the center-right incumbent by almost 20 percentage points on Sunday. That would almost certainly be enough to win the presidency outright. Argentine law states that to win the presidency in the first round of the election a candidate must reach 45% of the vote, with a margin of victory of 10 percentage points over their nearest rival. Even if the incumbent managed to progress to the second round, it would be very, very, very difficult for Macri to recover and win the election, Carlos de Sousa, senior economist for Latin America at Oxford Economics, told CNBC via telephone. The economy is only getting worse. People are getting angrier and angrier and most Argentines are blaming Macri for this.
Economic turmoil In early August, the primary — seen by many as a key gauge for the first round of Argentina’s presidential election — produced a result which many interpreted as a clear signal that voters were ready to reject the ruling government’s austere economic policies. Fernandez received 47.8% of the vote on August 11, with Macri taking 31.8%. It has cast serious doubt over the president’s chances of making it to a second-round run-off vote in late November. The center-right president came to power four years ago promising that his pro-market reforms and business-friendly leadership style would finally rid the country of endless economic turmoil. But, Macri now appears likely to leave office with the economy in a worse state than it was when he inherited it. During the past two days, the Astros pro-actively assisted Major League Baseball in interviewing Astros employees as part of MLB’s investigation of the events published in the recent Sports Illustrated article. Major League Baseball also separately interviewed members of the media over the past 24 hours. Our initial investigation led us to believe that Brandon Taubman’s inappropriate comments were not directed toward any reporter. We were wrong. We sincerely apologize to Stephanie Apstein, Sports Illustrated and to all individuals who witnessed this incident or were offended by the inappropriate conduct. The Astros in no way intended to minimize the issues related to domestic violence. Our initial belief was based on witness statements about the incident. Subsequent interviews have revealed that Taubman’s inappropriate comments were, in fact, directed toward one or more reporters. Accordingly we have terminated Brandon Taubman’s employment with the Houston Astros. His conduct does not reflect the values of our organization and we believe this is the most appropriate course of action. We are thankful to Major League Baseball and to everyone that cooperated in the investigation. As previously stated, the Astros are very committed to using our voice to create awareness and support on the issue of domestic violence. We fully support MLB and baseball’s stance and values regarding domestic violence. We will continue to make this cause a priority for our organization. Basketball Hall of Fame player Shaquille O’Neal lent his support to Houston Rockets general manager Daryl Morey, who ignited an international clash with China earlier this month when he tweeted support for anti-government protests in Hong Kong. O’Neal, who didn’t say whether he agreed with Morey, said he was right to speak out.
Daryl Morey was right. Whenever you see something wrong going on anywhere in the world, you should have the right to say, ‘That’s not right.’ And that’s what he did. But again, sometimes in business you have to tiptoe around things, O’Neal, a former NBA center, said Tuesday night. They understand our values, we understand their values. And here, we have the right to speak, especially with social media. We’re going to say whatever we want to say whenever we want to say it, said O’Neal, who was speaking on TNT’s pregame show before NBA opened its regular season with a game between the Toronto Raptors and New Orleans Pelicans. Morey’s now-deleted Oct. 4 tweet: Fight for Freedom. Stand With Hong Kong has caused a rift between China and the NBA as executives publicly support Morey’s protected right to free speech in America. Chinese state television declined to show Tuesday’s openers, which also featured the Los Angeles Lakers against the Clippers, according to ESPN. The Walt Disney-owned network’s media partner, Tencent, which owns the digital streaming rights for the NBA in China, also limited the number of broadcasts shown in the preseason. Last week, NBA Commissioner Adam Silver admitted that the league suffered substantial financial losses as the rift intensified. The NBA’s salary cap also could suffer if the losses continue, two league executives told CNBC. I don’t know where we go from here, Silver said at an event hosted by Time magazine in New York. The financial consequences have been and may continue to be fairly dramatic. Silver said Chinese officials asked the NBA league to fire Morey, a point Chinese Foreign Ministry spokesman Geng Shuang denied, according to Reuters. O’Neal, 47, said if people can’t comprehend what the United States values are regarding free speech, that’s something they have to deal with. We as American people, we do a lot of business in China, and they know and understand our values, and we understand their values. And one of our best values here in America is free speech, O’Neal said. We’ re allowed to say what we want to say, and we’re allowed to speak up about injustices, and that’s just how it goes. And if people don’t understand that, that’s just something they have to deal with it.
