NATO Secretary General with the 🇺🇸 US Secretary of State Antony J. Blinken O8 FEB 2023

Constantinople Update:Ecumenical Patriarchate Reaffirms Ukraine Plan;Patriarch Bartholomew to Visit Korea

On 19 November 2018,the Ecumenical Patriarchate of Constantinople said that,in preparing for the next meeting of the Holy and Sacred Synod from 27-29 November,it reiterates its sacred decision to grant the Tomos of Autocephaly to the Orthodox Church of Ukraine.The communique also states that:
While the preparation process for the Holy Council (SOBOR) of the Orthodox Church of Ukraine is underway,the concrete date within December 2018,will be presented for the confirmation and announcement by the Holy and Sacred Synod of the Ecumenical Patriarchate.
From the Chief Secretariat
of the Holy and Sacred Synod*
It was announced today by the Ecumenical Patriarchate's Orthodox Metropolis of Korea that His All-Holiness Patriarch Bartholomew will make his 4th Official Visit to Korea from 3-8 December 2018.He will serve the Vespers of St.Nicholas on 5 December at the Cathedral in Seoul and the Patriarchal Divine Liturgy there the following day.Also on 6 December,HAH will participate in the Korean Salvation Army's Campaign of Love and will visit the Homeless.
On Friday 7 December,Patriarch Bartholomew will attend the International Symposium on the Environment:Ecology,Theology and Human Dignity in the Orthodox Christian Tradition,which will be held at the Grand Hilton Seoul.*
Analysis:So the date of the Unifying Council of the new Orthodox Church of Ukraine will not be 22 November 2018,but sometime in December.Meanwhile,Ecumenical Patriarch Bartholomew is not obsessed by Ukraine,but will continue with his normal schedule of pastoral visitations,environmental conferences and so on.

SecDef Addresses Army Association on North Korea as US Sends Bombers,Attack Sub to South Korea

A number of developments concerning the Korea crisis have unfolded over the past several days.On 7 October 2017,the Us Navy nuclear-powered attack submarine USS Tucson (SSN 770) arrived at US Fleet Activities Chinhae,Republic of Korea for a visit to bolster ties between the two allies.The Tucson can support a multitude of missions,the Navy said,including anti-submarine warfare;anti-surface ship warfare;strike;surveillance and reconnaissance.The boat has 12 vertical launch tubes for Tomahawk cruise missiles and four torpedo tubes.The Tucson was the twentieth of the improved Los Angeles-class attack submarines to be built.The Navy declined to disclose how long the Tucson would be in Chinhae;nor does it ever reveal whether its vessels are carrying nuclear weapons.*
On 9 October 2017,US Secretary of Defense Jim Mattis addressed the Association of the US Army on the status of the crisis on the Korean Peninsula:
It's right now a diplomatically-led,economic sanction-buttressed effort to turn North Korea off this path.And what does the future hold,neither you nor I can say;but there's one thing the US Army can do,and that is we've got to be ready to ensure we have military options that our president can employ if needed.
The international community has spoken (by imposing more sanctions on North Korea);but that means the US Army must stand ready.So if you're ready,that's your duty at this point in time.And I know the Army will always do its duty.*
On the evening of 10 October,the US launched two B-1B Lancer bombers,using Andersen Air Force Base,Guam,as a power projection platform,the US Air Force said.It was a sequenced bilateral mission in the vicinity of the Sea of Japan and East Sea with Republic of Korea  Air Force F-15J Slam Eagle fighter jets and Japanese Air Self-Defense Force Mitsubishi F-15 J Eagles.It enabled the operational units to improve their combined capabilities and tactical skills,while also building bilateral confidence and strong working relationships,according to Major Patrick Applegate of the 613th Air Operations Center at Joint Base Pearl Harbor-Hickham,Hawaii.Such joint night training hones the tactical prowess of each nation's aviators and is a clear demonstration of our ability to conduct seamless operations with all of our allies anytime,anywhere.It was the first time the US has staged joint night drills with both nations on the same night.*
The drills reportedly involved air to ground missile practice over the East Sea by the B-1Bs and the ROKAF F-15Ks,then a firing exercise with the JASDF F-15Js on the other side of the Korean Peninsula,over the Yellow Sea between South Korea and China.*

One Year To Rio:Olympics Will Mark a New Chapter For Golf

Golfers already have their eye on the 2016 Summer Olympics in Rio de Janeiro,Brazil.Three of them,Henrik Stenson of Sweden,American Matt Kuchar and South Korean Ben An,plus PGA executive vice president Ty Votaw,gathered for a press conference at the WGC-Bridgestone Invitational in Akron,Ohio to mark the year away milestone.The Games open on 5 August 2016 and run through 21 August;while the golf competition begins on 17 August.
The new Olympic golf course in Rio had a good growing season,Mr.Votaw pointed out,and seems to be on track for a successful opening next year.Designed by architect Gil Hanse of Hanse Golf Course Design,Inc. in Malvern,Pennsylvania,the course was constructed with a high degree of care for the environmentally sensitive site,including a selective logging technique the firm hadn't used before.It will host a test event by prominent male and female golfers in March 2016.The golf world will have to deal with an altered calendar to accommodate the Olympics,as well as the prospect of top golfers skipping certain annual tournaments in order to prepare or rest for the Olympics.*
I'm excited about the Olympics,said Matt Kuchar.I know most of the other players are excited.*
To compete there and hopefully win a medal for Sweden would be very special,Henrik Stenson added.It's going to be a strong achievement and something you would be remembered for the rest of your life.It's been good for golf.We've seen a lot of support in the developing countries.Golf being in the Olympics is very important in some of these countries.*
Ben An,23,whose Korean name is Byeong-Hun An,has been having a breakout year on the European Tour,winning the BMW PGA Championship in Wentworth,England,and placing in the top ten in several other tournaments.
If it weren't for the Olympics,I wouldn't even be here,An joked,referring to the fact that his parents,both Olympic medal-winners in table tennis,his father for South Korea and his mother for China,got acquainted at the Olympics.*
The three players posed with the silver trophy that was won in 1904 by the last Olympic golf champion,Canadian George Seymour Lyon (1858-1938),a very successful amateur of his day.The sport was then excluded from the Olympics for well over a century.We applied to return eight years ago,Mr.Votaw recalled.

Just In Time:Countering Beijing's Move

China's recent declaration of a new Air Defence Identification Zone through established international airspace over the East China Sea has been bitterly criticised in the Asia Pacific region and elsewhere;not to mention challenged by US Air Force B-52H bombers.It was critical for the Air Force to quickly assert its right to be in the airspace,analysts point out,lest China's claim to the airspace be legitimised through inaction.*
The bombers were deployed to Guam in August to further America's pivot to the Pacific strategy.What we do day to day with this presence mission is show our ability to fly our airplanes around the Pacific theatre and support whatever contingincies we might be asked to do,said Lieutenant Colonel Scott Mayhan,USAF,commander of the 20th Bomber Squadron based at Barksadale Air Force Base,Louisiana.The continuous bomber presence maintains long term strike capability in theatre,so our national decision makers have assets that they can use sould they ever need to,the commander added.*
In the event,China did not launch fighter aircraft to intercept the unarmed bombers when the Air Force declined to file a flight plan with China under the new zone requirements;nor has Beijing commented to Washington about the incident.This does not mean China will not eventually ramp up its response in defence of its claim.China plays a long haul game,analysts point out,and may just be waiting for a while before taking aggressive action to defend its perceived territory.It will also continue building up its naval and air power beyond what is needed to defend the mainland,a trend that has alarmed the international community for some years now.*
US Secretary of Defence Chuck Hagel said the new zone will not in any way change how the United States conducts miltary operations in the region.We see this development as a destabilising attempt to alter the status quo in the region.This unilateral action increases the risks of misunderstanding and miscalculations.Mr.Hagel's remarks were echoed by new US Ambassador to Japan Caroline Kennedy on Wednesday.*
Vice President Joe Biden will be visiting China next week,as well as US allies Japan and South Korea.He will empahsise that America is and always will be there for its allies in the region,while seeking a new and better way to get along with China,a senior administration official said.

World Alert:Clams and Climate;Terrorist Funding

Clams are giving us information about what's happening in the ocean as a result of climate change.There's a lot of ups and downs in climate in particular places.You have to look at records in their totality,British scientists studying the clams say.Their research may become part of a UN report on climate change.
Clams are sensitive to climate change.They do not like warming temperatures and their reproduction is negatively affected by them,Antarctic research shows.*
The market for male skin care and grooming products in South Korea amounted to a fifth of the products' sales worldwide.It's because of the gangnam style movement and celebrity promotions in the country.The male skin care and grooming market is worth approximately 20 billion dollars globally.*
Al-Qaida affiliate al-Shabab's leader,Mukhtar Abu Zubeyr,or Godane,is blaming the Kenyan government and its Western backers for their deadly attack on Westgate Mall in Nairobi,whom he says have killed Somali women and children.There will be more such attacks,he warned.He is not a charismatic figure,but the 36 year old militant has a lot of power.He fought beside the Taliban when America invaded Afghanistan after the 9-11 attacks.
The charcoal industry in East Africa is possibly being exploited,along with ivory to fund the terrorism.The authorities are seeing increased elephant poaching since 2008 as the price of ivory soared.In the last 40 years,we've seen a steady level of poaching of ivory that has gone out from Kenya thorugh Somalia,and al-Shabab controls the border there,so it's a credible possibilty.*

Voices and Trends in Wealth Management

We favour US equities to the emerging markets,said Kelvin Tay,Regional CIO for the Southern Asia Pacific at UBS Wealth Management.We like high yield corporate debt.We don't see a huge amount of risk.We're still positive on it at this stage,with an overweight on it.
Cyprus was a reminder that structural issues in Europe are far from over.We need to see that US growth is sustainable to the 3% GDP target that we have.We also need to see that China growth is achievable.
With strong US figures,the emerging markets will struggle for attention.Export numbers in Asia are sharply lower on sequestration in the US.
South Korean exports were worse than expected on the strong US dollar.Goldman Sachs says investors are buying Treasuries at fastest clip since 2009.
Global stocks have posted the best return of any investments for another quarter,but Stephen Wood,PhD of Russell Investments thinks it is unlikely that Q2 results will repeat the first quarter.There's a tug of war.This has been a very broad-based rally,but it also has a defensive character,too.Dr.Wood recommends a globally diversified,multi-asset portfolio constructed in a case-by-case,security-by-security way.
Carter Worth,Chief Market Technician at Oppenheimer,believes several stocks are fully priced,such as Johnson and Johnson and The Traveler's Companies.When does a stock become dangerous?We have a four-year bull market that has taken us to all-time highs.Markets don't normally go up 40-80%.Only four times has that happened.Go to cash,Mr.Worth advised.
Johnson and Johnson(JNJ),The Traveler's Companies,Inc(TRV)

Asset Allocation:A Standard Chartered View

We believe the U.S. economy is stronger than most people believe it to be,said Steve Brice,Chief Investment Strategist at Standard Chartered Bank.We do believe we're in a more constructive risk environment,but it's not gonna be a straight line,in our opinion.
We are overweight global equities.The dividend yield in the U.S.,Japan and Germany is significantly above government bond rates.It makes total sense from a global equities perspective.We are also overweight corporate debt.We are overweight the U.S.,China and Korea.We do see high dividend yields in Malaysia,Mr.Brice added.
The case for buying Europe is based on the sentiment being awful;cheap valuations;shares trading at a 49% discount,versus a 20% premium in the U.S.;and the dividend yield at a 320 point spread to the German bund,according to Katie Koch of Goldman Sachs Wealth Management.The smart thing is to initiate or add to positions;but keep some dry powder.Up to 25% could be in emerging markets;the other 75% will include some exposure to emerging markets,which means you will have over half of your return from emerging markets,Ms.Koch explained.

Citigroup's Emerging Markets Strategy

Geoffrey Davis of Citigroup Global Markets says the concern of Europe is now whether the global market will go into a double dip.Citi tends to think that will not be the case.What people worry about in the emerging markets is too much growth-but these are better concerns to have.
China is not Citi's favorite.Property prices may come down and interest rates may go up.Taiwan,South Korea and Russia are among their favorites.These are a good buying opportunity over the next 6-12 months.
Citi has downgraded their European outlook.The worst case scenario for a global double dip would be a big rise in U.S. unemployment or a major slowdown in China.That's what Citi would be looking for.In that case,you would go more into cash.Having already seen an 18% pullback in the emerging markets,however,Citi thinks investors should be looking another way,Mr.Davis noted.
China has indeed begun reigning in bank lending and real estate prices,fearing an overheated economy.The latest report shows a big jump in exports from China.

Insurers Looking Abroad

A majority of insurers are planning to concentrate their growth overseas in the next three years.In a survey conducted by Accenture,62% of the 100 firms surveyed said they planned to grow abroad over the next year.Brazil,Russia,India and China are their main prospects.
Insurers from North America were more likely to expand overseas than those from other regions.While property and casualty insurers are more interested in Western Europe,life insurers are focused on emerging markets such as South Korea,India and China,the Accenture survey found.

Asian Highlights

Andrew Freris of BNP Paribas says that,in terms of balance sheet fundamentals,Asia has been essentially unaffected by the subprime mortgage problem.Asian central banks have been free to focus on inflation.Japan was a lender,so it is in better shape than the U.S.,which was a borrower.Singapore isn't much exposed to the declining U.S. export market.Medium term,Mr.Freris likes Asian financials.The Korean banks are the cheapest in Asia.Nonetheless,central banks in Australia,Japan and India have injected capital into their banking systems to counter instability in their financial markets,which have been troubled by the Western financial crisis.