USA - Google has subsumed the very fabric of our nation, from the top levels of government down to the smallest details of an individual’s life. Technocrats see a technological answer for every problem and issue. In Google’s case, it left its motto, “Don’t be evil”, far behind several years ago. ⁃ TN Editor
MIDDLE EAST - Russia has launched a movement of uncapping production that will end this swan song named OPEC+. It is already closely followed by Saudi Arabia. The war of production has thus been reopened by a camp composed this time of the United States, Russia and Saudi Arabia, all pursuing various objectives of increasing market share, currency devaluation and pressure on Iran.
NIGERIA - Thousands of men, women and children have been killed in Nigeria in what the country's Christian community are condemning as “ethnic cleansing”. Last weekend 238 Christians were killed in a number of attacks by militia in Plateau State, a region in the heart of the country. Campaigners are warning it is just the latest example of “pure genocide” in a country ravaged by religious division.
ISRAEL - The situation in southern Syria and preparations of the home front for a potential outbreak of war are to be aired at a special meeting of Israel’s security cabinet on Sunday evening. The ministers will be briefed by Chief of Staff Lieutenant General Gady Eisenkot on his urgent trip to Washington on Thursday to explore US administration military policy with regard to the Russian-backed Syrian and allied offensive in southern Syria, close to the borders of Israel and Jordan. He will report on his talks with General Joseph Danford, Chairman of the US Chiefs of Staff, and senior members of the White House national security council who are in charge of policy for Syria.
EUROPE - EU leaders have finally reached an agreement after six hours of chaotic talks on migration. Donald Tusk, the EU Council President, said the EU's 28 leaders have agreed on European Council conclusions including migration. Diplomats said the leaders agreed on a "vaguely worded concept" which would see member states set up a joint asylum process and limit migrants movements within the bloc.
GERMANY - Berlin has chosen to take a maximalist ideological position towards Brexit despite the enormous risk. Germany risks an economic war on three fronts at once. The combined shocks would endanger the post-War miracle, and expose the underlying fragility of an ageing nation with 20th Century industries. Donald Trump’s 20 percent tariff on European cars is likely to come into force this autumn, shutting up to half a million German vehicles out of the US market.
UK - Do you remember the beginning of the Brexit talks? Wary of some of our strengths, the Europeans issued a series of warnings. Do not “cherry pick” the rights but not the obligations of EU membership. Do not use your security capabilities as a bargaining chip for trading access. Do not play member states off against one another. Do not use Donald Trump’s antipathy towards the EU, or his ambivalence towards Nato, against us. Do not use Northern Ireland as a gateway to a broader trade deal. And do not issue threats like “no deal is better than a bad deal”.
ISRAEL - PM Netanyahu says Israel stopped cash flow to Iran, promises anyone who drags Israel into conflict will 'regret it sorely.'
"We will continue to respond forcefully to Iran's plans to turn Syria into a base for firing deadly rockets at us," Netanyahu said. "The mass demonstrations teach us that our efforts to put Iran in its place are bearing fruit." Today, the Air Force is stronger than ever, and we equip it with the best weapons and technology, and above all else, with the best people in Israel. We blew up Iran's cash machine. The ones who provided the most cash to Iran were stopped short, and the Iranian people are feeling it in their pockets. The IDF, and the Air Force, will continue to act with force against Iranian targets in the area."
USA - The nine-year bull run in financial markets could be at an end as higher interest rates, a trade war, falling profits, eurozone imbalances and a potential US recession finally tip markets from boom to bust, economists have warned. US markets are now at their peak and have no further to run, analysts at Bank of America Merrill Lynch believe. As a result they recommend investors slash exposure to risky assets and instead buy gold, US treasuries and the dollar. This bear market will only come to an end when the Federal Reserve stops hiking interest rates and eases policy once more, which they believe will happen when sufficient, weak economic data appear.
ISRAEL - Prince William has made history as the first member of the British royal family to visit Israel. The prince’s arrival in Tel Aviv early on Monday evening marked the first-ever official visit by a member of the royal family since 1948, when the British Mandate ended and the State of Israel was established. The prince, the second in line to the British throne, is due to stay in the country till his return to the UK on Thursday.
USA - Facebook investors with nearly $3 billion in shares between them are mounting a bid to topple Mark Zuckerberg as chairman following growing anger about his 'dictatorship' over the company. The six investors believe Zuckerberg's twin roles as CEO and chairman, plus his almost complete control of voting rights, means he can swat away opponents… The rebels are demanding the billionaire relinquish his role as chairman to allow an independent executive to be hired in his place. They also want a change in how voting rights are distributed among shareholders to lessen his power. The chief executive officer of a company is accountable to the board of directors, which is headed by the chairman.
AUSTRIA - By 24, Sebastian Kurz was a member of the Austrian Cabinet. By 27, he was his country's foreign minister. And by 31, the debonair university dropout with the slicked-back mane and the Hollywood grin became the world's youngest leader. Now, just six months into his term as chancellor, Kurz is seizing a febrile moment in European politics to make himself into one of the continent's true power players.
USA - Bank stocks just hit a record - a record of losses. The S&P 500 Financial Index fell for the 12th straight day Tuesday, the longest losing streak on record. Coming into the year, many cited the tax overhaul and a rising rate environment as reasons for banks to rally. Instead, they’ve endured pressure from a flattening yield curve. The losses also come ahead of the final phase of the Federal Reserve’s annual stress tests and waning consumer confidence.
USA - Physical gold is moving from West to East. New York has become a highly leveraged, largely 'paper trading' market, whereas 'the New Silk Road' is the center of physical gold accumulation. This may resolve via a major short squeeze on paper claims unable to be fulfilled by physical gold at anywhere near today's prices.
USA - Details of a meeting between US President Donald Trump and Russian President Vladimir Putin have been finalised and will be announced on Thursday, a Kremlin foreign policy aide confirmed today as tensions soar over Washington's sanctions. Yuri Ushakov, speaking after US National Security Adviser John Bolton met Mr Putin in the Kremlin, announced the meeting will need several weeks of preparation and will be held in a “mutually convenient third country”.