25 / January / 2020

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Speaking to Squawk Box Europe following Barclays’ third-quarter earnings report on Friday, Staley said financial crises usually arise from financial

factors which are actually quite obvious but are just misread.

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.

10 Siam Teak logging with elephants

When Alice Barringer Mackie died in 1977 at the age of 92, she had outlived all her peers. My father James Ogilvie (Peter) Mackie was the oldest member of her family, and had been to visit her twice in the early 70s. She left a great many of her possessions and a sizeable sum of money to her New Zealand family, as none of her half-brothers, Sister or half-sisters had children. Only my Grandfather, who had 6! I am the youngest of his oldest child Peter’s 3 Children. With our parents passing, most of the archives that came from Alice and my Father and Mother have come into my care. They include many photo albums, and historic documents associated with my grandfather’s family in England. Notably a collection of Sir James Mackie’s (Alice’s father) papers, wills, birth and death certificates, numerous correspondence and records of all sorts, as well as the evidence of Alice’s life - probably largely unknown to her family. These I have organised and carefully stored for the next generation if any are interested.

The picture that emerges is of a life lived well. She travelled extensively and was good with money. She never had to work in her life, but was also generous to her family in New Zealand who had fallen on bankruptcy and hard times before and during the great depression. For example, when her brother (Our grandfather) died in 1938, she stepped in to put my Aunts through boarding school, and helped financially too. Apart from my father, none of the Mackie family met her as an adult. Her last visit to New Zealand was in 1928. She came in 1924 too, but the later visit must have been very harrowing, as grandfather was declared bankrupt and gran dmother Doris was in hospital. She found herself in charge of the children – she had never cooked in her life! However, she rose to the occasion then, and helped the family to start a new life as market gardeners in partnership with Doris’ family.

We know this because she kept a diary. I have most of the surviving ones, the exception being her WW1 diaries which are in the care of the NZ Army Museum (I have copies of these). The diaries document her extensive travels, often as a friend and photographer for an eminent Entomologist; Professor Cockerell, an Englishman based at the university of Colorado. The relevant diaries have been to the Cockerell collection at the university of Colorado and been digitised due to her association with the Professor. She also carried with her a film camera, hence these uploads to YouTube so that they can be viewed by the wider family and others. I remember accompanying my father to the National Film Unit in Mirimar in the 70s to look at some of the reels that she had preserved, and recently found 2 VHS tapes when going through his things. I have had them copied to a digital format, and tried to group them logically, with only limited success.

One thing I am sure of, is that not all of them are on the two tapes. I clearly recall seeing shots of Professor Cockerell in a white suit with a long beard in the Congo – this is absent. All the original reels have been lodged with the NZ Film Archive since 1987. Presumably they have never been taken out of their cans since that day. I have twice tried to find out about them, but no one bothered to get back to me. I am sure they are not catalogued for content, and are just listed as “16 cans of 16mm film – Travels in Europe and Africa – 1930s” in their acknowledgement letter. Dad checked in 2000, and in a note observes “…they did not want to know any background to the films.....probably because they had not had any interest or requests to see the films. I left it at that”. So, there they remain, and these uploads are all that I have to share. Perhaps I shall have another go sometime and see what I can discover. I do still have 2 reels with me however, and I shall have them copied at some stage. One is labelled Morocco, and the other carries no information.


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