<![CDATA[Hedgehogs.net: Ken Yeadon's connections' blogs]]> http://www.hedgehogs.net/pg/blog/keny/friends/?view=rss http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11303581/monetary-policy-week-in-review-apr-1418-2014-ukraine-hikes-rate-as-ecb-takes-gloves-off-over-euro Sun, 20 Apr 2014 23:23:19 +0100 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11303581/monetary-policy-week-in-review-apr-1418-2014-ukraine-hikes-rate-as-ecb-takes-gloves-off-over-euro <![CDATA[Monetary Policy Week in Review â Apr 14-18, 2014: Ukraine hikes rate as ECB takes gloves off over euro]]>     Last week Ukraine’s central bank boosted its policy rate to support its embattled hryvnia currency while six other central banks maintained their rates, including Serbia’s central bank which became the latest bank to postpone a rate cut for fear of triggering capital outflows and disrupting the relative calm in global financial markets.
    Six weeks after Russia’s central bank temporarily raised its rate by 150 basis points, the National Bank of Ukraine raised its benchmark discount rate by 300 points as the economic fallout from the political crises between the two countries widens.
    With financial markets so far digesting this year’s shift in U.S. monetary policy with less hiccups than expected and the economic slowdown in China proceeding largely according to plan, the crises in Ukraine is the only major uncertainty facing the global economy.
    So far, there has been limited global spillover from the Russia-Ukraine crises, with only neighboring Poland noticing a negative economic impact as its firms have revised down their forecasts for exports and view of current conditions.
    But it’s clear that any further escalation of tensions in eastern Ukraine and new sanctions from the West against Russia have the potential to trigger a flight to safety and harm economic confidence.
    "The situation in Ukraine is one which, if not well managed, could have broader spillover implications," IMF Managing Director Christine Lagarde Lagarde warned earlier this month.
    Although Romania provides a physical buffer between Serbia and Ukraine, the Bank of Serbia is clearly worried that its currency, stocks and bonds would be engulfed by a flight to safety.
    The Serbian central bank has on several occasions cited the need to keep domestic assets relatively attractive to global investors and said last week that the decision to maintain the rate at 9.50 percent was "guided by instability in international financial markets and heightened uncertainties surrounding the current geopolitical tensions."
    The Bank of Mozambique in southern Africa also reflects this awareness of how fast sentiment in global financial markets can turn, saying it was maintaining a “prudent monetary policy” amid domestic and international risks.
    Next week’s statement and policy decision by Russia’s central bank is likely to be scrutinized for warnings from the central bank of the economic and financial repercussions of further political brinkmanship by President Vladimir Putin.

    Meanwhile in the euro zone, the single currency didn’t take too seriously warnings of easier monetary policy by a string of European Central Bank (ECB) officials.
    After ECB Board Member Benoit Coeure on Friday, April 11 said "the stronger the euro, the more need for monetary accommodation," ECB President Mario Draghi on April 12 said a strengthening of the euro’s exchange rate would require further monetary stimulus. This message was then later echoed by Christian Noyer of the Bank of France and ECB Board Member Yves Mersch. 
    ECB policymakers were clearly hammering home the message from its April 3 statement that its council was “unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too prolonged period of low inflation."
    But the frequency and unanimity in the statements from ECB council members is unusual and appear to be coordinated. 
   On April 3, when the ECB council last met, the euro was trading at 1.37 to the U.S. dollar. It then rose in the following days in response to the lack of any easing measures, ending the week just below 1.39 on Friday April 11.
    Draghi’s reference to the euro and further easing came on Saturday and on Monday Noyer said the ECB  was ready to use unconventional measures to fend off too low inflation.
    On Monday April 14 the euro eased slightly to 1.381 but it ended the week practically unchanged, down from 1.388 the previous Friday.
    On Thursday April 17 Mersch in Albania echoes the view that further euro strength would trigger a reaction by the ECB with France’s economy minister then adding that he wants euro zone member countries to meet and discuss the euro and it’s exchange rate needs to come down.

    But Mersch also gives an important clue to what might be behind that spate of coordinated comments about the strong euro.
    Mersch said Draghi on April 3 had “explicitly mentioned … developments in the foreign exchange markets, which have increasingly an impact on our inflationary price developments.”
    He added that Draghi had made it very clear that if these developments, i.e. the euro’s exchange rate, were to continue, this would “inevitably have to trigger a reaction by the ECB in order to maintain our accommodative monetary policy stance.”
    What seems to have happened is that the wording of the statement issued by the ECB council was too balanced and thus wishy-washy in describing the harm a strong euro is doing to prices. 
    Draghi then fails to convey to the press the ECB council’s concern over the euro’s strength.
    Looking at the transcript from the ECB press conference, Draghi’s introductory statement makes only a passing reference to exchange rates.
    Draghi said the ECB council saw broadly balanced and limited upside and downside risks to the inflation outlook and “the possible repercussions of both geopolitical risks and exchange rate developments will be monitored closely.”
   Hardly a statement that conveys concern over the euro to foreign exchange markets or the public.
   At the start of the press conference, Draghi refers to the same statement, saying “the exchange rate is very important for price stability, so much so that we have made an explicit reference to it in the introductory statement.”
    “But, as I have said several times, it is not a policy target,” Draghi adds, a reflection of the code of conduct that major central banks should not target exchange rates, and certainly not in public.
   â€œIt is an increasingly important factor in our medium-term assessment of price stability, but it is not a policy target. In this sense, we do not link our medium-term assessment to a precise level of the exchange rate. It is part of the overall information that comes into play when we undertake our medium-term assessment,” Draghi said.
   Out of respect for the rules among the Group of 20 leading economic powers and major central banks, Draghi and the ECB end up watering down their statement of the euro’s exchange rate so much that financial markets fail to notice. 
    Instead, headlines from the April 3 meeting by the ECB council are dominated by the message that the ECB has discussed, and is ready, to use some form of quantitative easing if inflation fails to accelerate. 

    Through the first 16 weeks of this year, policy rates have been raised 14 times, or 9.5 percent of this year’s 148 policy decisions by the 90 central banks followed by Central Bank News, up from 9.2 percent the previous week and 8.7 percent end-March but down from 10.1 percent end-February. 
    Policy rates have been cut 15 times so far this year, or 10.1 percent of this year’s policy decisions, down from 10.6 percent the previous week, and 14 percent at the end of February.


COUNTRY MSCI      NEW RATE            OLD RATE         1 YEAR AGO
SINGAPORE DM                  N/A                  N/A                  N/A
UKRAINE FM 9.50% 6.50% 7.50%
MOZAMBIQUE 8.25% 8.25% 9.50%
NAMIBIA 5.50% 5.50% 5.50%
CANADA DM 1.00% 1.00% 1.00%
SERBIA FM 9.50% 9.50% 11.75%
CHILE EM 4.00% 4.00% 5.00%

    This week (Week 17) seven central banks will be deciding on monetary policy, including Thailand, Turkey, New Zealand, Egypt, Fiji, Russia and Mexico.

TURKEY EM24-Apr10.00%5.00%
NEW ZEALANDDM24-Apr2.75%2.50%

http://www.hedgehogs.net/pg/blog/NyxTrAdah/read/11303578/gpne-next-graphite-inc-due-diligence Sun, 20 Apr 2014 22:48:08 +0100 http://www.hedgehogs.net/pg/blog/NyxTrAdah/read/11303578/gpne-next-graphite-inc-due-diligence <![CDATA[$GPNE -Next Graphite, Inc. Due diligence]]> GPNE -Next Graphite, Inc. 



GPNE Company Description 
Next Graphite, Inc. is a development stage company targeting the growing global graphite production industry with the Company's 125,000-acre Africa-based Aukam Graphite Mine. The Aukam Graphite Mine was established in 1940 in the current Republic of Namibia, produced USD $30 million of graphite at today's prices, and is estimated to hold over 4 million tons of natural, high-grade, large-flake, hydrothermal-sourced graphite reserves. Global graphite demand is being driven by the development of new markets for clean and efficient energy alternatives, smart grid infrastructure and military capabilities. Next Graphite has an immediately-available, surface-visible, estimated 140,000-ton stockpile, along with competitive projected mining and processing costs. The completion of GPNE's Aukam Graphite Mine re-launch and development activities is expected to result in a multi-million dollar inward investment into Namibia in 2014-2015. 

For more information, please visit: http://www.nextgraphite.com 

GPNE Products and Services 


GPNE Key Company Management 
Cliff Bream 
President and CEO
Mr. Bream is a seasoned executive, turnaround expert, and investor with over 30 years experience leading companies in the telecommunications, computer, office products, and packaged goods sectors. He has managed public and private companies as president/CEO, has served as a senior executive at Fortune 500 corporations, and has worked in environments ranging in revenue from $1 million to over $15 billion. Mr. Bream was appointed President and CEO of Next Graphite, Inc. in October 2013. He is also Managing Partner of an M&A and merchant banking firm which he co-founded. Prior to this he served as Senior Managing Director at a national specialty financial advisory services firm, and as Senior Managing Director at a turnaround and restructuring firm. Mr. Bream holds a B.S. in Electrical Engineering from the United States Naval Academy and earned an MBA from the Wharton School of Business, University of Pennsylvania. 


GPNE Contact Info 
Next Graphite, Inc. 
318 North Carson Street 
Suite 208 
Carson City, NV 89701 
Cliff Bream, CEO 
(949) 397-2522 
Geologist – Based in Namibia 
Mulife Siyambango 
Direct: (+264) 81 149 1004 

Website: http://www.nextgraphite.com/ 

GPNE SEC Filings 

GPNE Headlines 

Investigate more about GPNE @ http://www.otcmarkets.com/stock/GPNE/quote for more due diligence. 

http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11302015/central-bank-news-link-list-apr-18-2014-qe-has-boosted-uk-growth-3-pct-says-martin-weale Fri, 18 Apr 2014 18:13:10 +0100 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11302015/central-bank-news-link-list-apr-18-2014-qe-has-boosted-uk-growth-3-pct-says-martin-weale <![CDATA[Central Bank News Link List - Apr 18, 2014 - QE has boosted UK growth 3 pct, says Martin Weale]]>
Here's today's Central Bank News' link list, click through if you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.


http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300225/chile-holds-rate-steady-at-4-maintains-easing-bias Fri, 18 Apr 2014 00:23:08 +0100 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300225/chile-holds-rate-steady-at-4-maintains-easing-bias <![CDATA[Chile holds rate steady at 4%, maintains easing bias]]>     Chile's central bank held its policy rate steady at 4.0 percent, as expected, and reiterated that it will "consider the possibility of making additional cuts to the policy rate in line with the evolution of domestic and external macroeconomic conditions and its implications on the inflationary outlook."
     The Central Bank of Chile, which last month cut its rate for the fourth time since October 2013 for total reduction of 100 basis points, added that recent data had confirmed the "low dynamism of output and demand," in line with the bank's projections from March.
    In its latest quarterly monetary policy report the central bank cut its 2014 growth forecast to between 3.0 and 4.0 percent from a previous 3.75 to 4.75 percent and yesterday the bank said its latest poll on bank credit showed that conditions for corporate loans became more restrictive in the first quarter and demand for consumer credit also tightened.
    Chile's Gross Domestic Product contracted by 0.1 percent in the fourth quarter of 2013 from the third quarter for annual growth of 2.7 percent, down from 5.0 percent in the third quarter. The unemployment rate rose marginally to 6.13 percent in February from 6.12 percent in January.
    The International Monetary Fund projects 2014 growth of 3.6 percent and 4.1 percent in 2015, down from 4.2 percent in 2013.
    Chile's inflation rate accelerated to 3.5 percent in March from 3.2 percent in February and 2.8 percent in January. The central bank attributed the March rise to higher prices of foods and fuel along with the depreciation of the peso, but inflation expectations remain around 3.0 percent.
    The central bank, which targets inflation of 3.0 percent, plus/minus one percentage point, has revised upwards its forecast for inflation to end 2014 around 3 percent, with a temporary rise to between 3.5 and 4.0 percent.
    In 2013 inflation averaged 1.8 percent and the IMF forecasts average 3.5 percent this year.
    The central bank said moderate growth in emerging markets is continuing, a point that is relevant for the prices of copper and other metals. Chile is the world's largest copper exporter and has been affected by a slowdown in global demand, especially from China.
    Chile's peso began depreciating in May last year, along with most other emerging market currencies, and continued to decline through early March. But since March 11 when it hit 575.5 to the U.S. dollar, it has rebounded, trading at 557.3 today. But for the year, the peso is still down 5.7 percent.


http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300095/central-bank-news-link-list-apr-17-2014-turkish-central-bank-optimistic-on-growth-looser-policy-seen Thu, 17 Apr 2014 19:23:09 +0100 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300095/central-bank-news-link-list-apr-17-2014-turkish-central-bank-optimistic-on-growth-looser-policy-seen <![CDATA[Central Bank News Link List - Apr 17, 2014 - Turkish central bank optimistic on growth, looser policy seen]]>
Here's today's Central Bank News' link list, click through if you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.

http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300080/serbia-holds-rate-sees-room-for-cuts-on-lower-deficit Thu, 17 Apr 2014 16:23:08 +0100 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300080/serbia-holds-rate-sees-room-for-cuts-on-lower-deficit <![CDATA[Serbia holds rate, sees room for cuts on lower deficit]]>     Serbia's central bank maintained its policy rate at 9.5 percent but said plans to cut the government deficit "will open up the scope for monetary easing, which should have a positive effect on the sustainability of economic growth."
    The Bank of Serbia (NBS), which has been intervening in foreign exchange markets to limit the rise in the dinar currency since the Progressive Party won a parliamentary majority in last month's election, said its decision to keep the rate on hold was "guided by instability in international financial markets and heightened uncertainties surrounding the current geopolitical tensions."
    The central bank has maintained its rate since December despite a decline in inflation, citing the need to keep Serbian assets attractive to international investors.
    The instability in financial markets may affect Serbia through a drop in capital inflows and higher prices in global commodities markets, including energy and agriculture, the NBS said, warning that EU countries may experience lower economic growth, which would dampen demand for Serbian exports.
    The central bank has maintained its rate since December despite a decline in inflation, citing the need to keep Serbian assets attractive to international investors.

     In 2013 the NBS cut its rate by 175 basis points as inflation declined in response to the bank's 150-basis-point increase in rates in 2012. Inflation averaged 7.7 percent in 2013 but NBS expects it to fluctuate around the low end of its tolerance range of 2.5 to 5.5 percent in coming months.
    In March Serbia's headline inflation rate fell to 2.3 percent from 2.6 percent in February but the central bank expects inflation to rise in coming months due to higher administered prices and the one-off impact of higher valued-added tax on some goods in January.
    The central bank targets inflation at midpoint of 4.0 percent and the IMF has forecast inflation of4.0 percent this year, 2015 and 2016.
    "The expected stepping up of fiscal consolidation and structural reforms will contribute to stabilizing inflation at low levels and preserving price and financial stability over the medium term, and will also reduce the exposure of the domestic economy to the exogenous risk," the central bank said.
    Last week the Serbian central bank intervened for three consecutive days to limit the gains in the dinar against the euro, the sixth time it had intervened Prime Minister-elect Aleksandar Vucic won a majority in the parliament on March 16, according to dealers.
    On Wednesday Vucic, whose cabinet is expected to be confirmed on April 27, said he would cut spending by reducing public sector jobs and ending subsidies.
    The Serbian dinar has been relatively stable this year, trading at 115.5 to the euro today, down 0.8 percent since the start of the year.
    So far this year the central bank is reported to have spent a total of 70 million euros in managing the dinar and on March 31 the bank's governor, Jorgovanka Tabakovic, said the NBS had enough reserves to defend the currency, noting foreign exchange reserves at 10.6 billion euros.
    Serbia's economy has been improving in recent months after a recession in 2012. In 2013 Gross Domestic Product expanded by 2.5 percent and the central bank has forecasts growth of 1.5 percent this year. The IMF has forecast 1.0 percent growth this year, up to 1.5 percent in 2015.


http://www.hedgehogs.net/pg/blog/mikeohara/read/11300065/jumbo-frames-the-elephant-in-the-room-for-low-latency Thu, 17 Apr 2014 12:22:29 +0100 http://www.hedgehogs.net/pg/blog/mikeohara/read/11300065/jumbo-frames-the-elephant-in-the-room-for-low-latency <![CDATA[Jumbo frames - the elephant in the room for low latency]]>

When every microsecond shaved from a transaction confers a trading advantage, it makes sense to seek the lowest latency links between trader - human or algorithmic - and exchange. At Zayo, as a supplier of bandwidth infrastructure, this is something we are keenly aware of.  We spend months negotiating permissions for fibre routes that enable us to cut meters, and hence microseconds, from end to end latency.


http://www.hedgehogs.net/pg/blog/skinnercm/read/11300052/the-long-good-friday-and-a-manic-monday Thu, 17 Apr 2014 07:36:52 +0100 http://www.hedgehogs.net/pg/blog/skinnercm/read/11300052/the-long-good-friday-and-a-manic-monday <![CDATA[The long, good Friday and a manic Monday]]>

It's a long holiday weekend here in Britain and so the Finanser is away until Tuesday.


]]> 11300052 http://www.hedgehogs.net/pg/blog/skinnercm/read/11300048/things-worth-reading-17th-april-2014 Thu, 17 Apr 2014 07:16:28 +0100 http://www.hedgehogs.net/pg/blog/skinnercm/read/11300048/things-worth-reading-17th-april-2014 <![CDATA[Things worth reading: 17th April 2014]]>

Things we're reading today include ...


]]> 11300048 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300037/central-bank-news-link-list-apr-16-2014-yellen-full-employment-in-forecast-still-2-years-away Thu, 17 Apr 2014 00:13:08 +0100 http://www.hedgehogs.net/pg/blog/CentralBankNews/read/11300037/central-bank-news-link-list-apr-16-2014-yellen-full-employment-in-forecast-still-2-years-away <![CDATA[Central Bank News Link List - Apr 16, 2014 - Yellen: Full employment in forecast; still 2 years away]]>
Here's today's Central Bank News' link list, click through if you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.