Showing posts with label Europe. Show all posts
Showing posts with label Europe. Show all posts
Wednesday, February 8, 2023
Wednesday, May 31, 2017
Archbishop Ieronymos of Athens Concerned About Exploitation
Speaking in an interview with Greece's ERT television,His Beatitude Archbishop Ieronymos II of Athens and All Greece made a number of salient remarks:
I do not see today a Europe of solidarity;but I see more every day a Europe of exploitation.We should go back to the foundations of Europe,the departure point from where we started,with the same thoughts and the same purposes.*
The role of the Church is to speak with all people,and with those responsible for the state;because the Church is not a party,and thus cooperation is needed.As to Church property,without financial support for the Church,there cannot be the intellectual work required by our times.Indeed,the Church has filed a motion for its exploitation for the benefit of the people.The Church must be free and economically independent.*
Terrorism is one of the worst effects of war.However,we need to see the other side.Who are those who lead these people to become terrorists?*
We see refugees as people in need.Their destination has to be their homeland.However,in the future we must ask ourselves,lest the refugees become a part of the exploitation of man.
I do not see today a Europe of solidarity;but I see more every day a Europe of exploitation.We should go back to the foundations of Europe,the departure point from where we started,with the same thoughts and the same purposes.*
The role of the Church is to speak with all people,and with those responsible for the state;because the Church is not a party,and thus cooperation is needed.As to Church property,without financial support for the Church,there cannot be the intellectual work required by our times.Indeed,the Church has filed a motion for its exploitation for the benefit of the people.The Church must be free and economically independent.*
Terrorism is one of the worst effects of war.However,we need to see the other side.Who are those who lead these people to become terrorists?*
We see refugees as people in need.Their destination has to be their homeland.However,in the future we must ask ourselves,lest the refugees become a part of the exploitation of man.
Thursday, April 13, 2017
Patriarch Kirill Meets with Italian President,Seeks Catholic-Orthodox Push for European Cohesion
His Holiness Patriarch Kirill of Moscow and All Russia met with the President of Italy,Sergio Mattarella,who was visiting Moscow,on 12 April.During the talks at the Danilov Monastery,headquarters of the Russian Orthodox Church,the spiritual leader of more than 100 million souls in Russia,Ukraine,Belarus and the diaspora,remarked that:
The Catholic Church and the Russian Orthodox Church can and should do everything to make the world a more peaceful place;to decrease the level of confrontation between East and West so that we again feel ourselves belonging to one cultural environment,which we call Europe.
I think our shared convictions-Pope Francis' and mine-are that today the religious factor should contribute to reconciliation of people in the European continent and spiritual union among them.*
In the joint declaration signed by Patriarch Kirill and Pope Francis following their historic first meeting of a Catholic and Russian Orthodox primate in Havana,Cuba on 12 February 2016,they summoned Catholics and Orthodox to work together fraternally in proclaiming the Good News of salvation and to give shared witness to the Spirit of truth in these difficult times:
We call upon Christians of Eastern and Western Europe to unite in their shared witness to Christ and the Gospel,so that Europe may preserve its soul,shaped by two thousand years of Christian tradition.
The Catholic Church and the Russian Orthodox Church can and should do everything to make the world a more peaceful place;to decrease the level of confrontation between East and West so that we again feel ourselves belonging to one cultural environment,which we call Europe.
I think our shared convictions-Pope Francis' and mine-are that today the religious factor should contribute to reconciliation of people in the European continent and spiritual union among them.*
In the joint declaration signed by Patriarch Kirill and Pope Francis following their historic first meeting of a Catholic and Russian Orthodox primate in Havana,Cuba on 12 February 2016,they summoned Catholics and Orthodox to work together fraternally in proclaiming the Good News of salvation and to give shared witness to the Spirit of truth in these difficult times:
We call upon Christians of Eastern and Western Europe to unite in their shared witness to Christ and the Gospel,so that Europe may preserve its soul,shaped by two thousand years of Christian tradition.
Wednesday, February 15, 2017
Alliance in the Balance:SecDef Mattis Goes To Europe
Secretary of Defense James Mattis was naturally front and center on his first visit to NATO headquarters at Brussels for a Defence Ministerial in his new position;yet as Russia seemed to be challenging America's new President,Donald Trump,in manifold ways,the SecDef became a figure even larger than life than he already was.Defence Ministers and journalists alike crowded round him and carefully weighed his words as a nervous world craved a sense of certainty regarding the US role in international politics today under a controversial populist president:
The first time NATO went to war was when the US was attacked,so if anyone has any questions about the value,you have to look at that,General Mattis told reporters flying to Europe with him on an E-4B airborne national command post.More importantly,it prevented war in Europe following two destructive wars,and we clearly see the value in deterring war.So this is a historic and,as you know,it's also a very important meeting.I wouldn't miss it,obviously.So our commitment remains to NATO and,in terms of NATO's life,it's in the midst of transformation.Why?You've watched as the character of war over these last dozen years has changed itself;and as the character of war changes,so must the character of the militaries that address it.
To show NATO's commitment to this,you'll notice that the only NATO command headquartered in the US is the Supreme Allied Command for NATO Transformation.The whole point of that command is to transform NATO,so we rightly go to Brussels where we all talk together;we talk about that transformation;we guide it.NATO has transformed over these past 20 years and it must continue to transform,but,in that regard,it's clearly in NATO's best interest to adapt to what happened in 2014-2014 was a watershed year when most of our hopes for some kind of partnership with Russia were finally shown to be unavailing.So what we've got to do is adapt and make certain that the Transatlantic bond remains strong;and I think that,in going there,what we're also doing is proving that we can once again adapt to those changing circumstances.
I'm going to listen.I've been absent from active duty for three and a half years;I'm going to listen and see where everyone's thinking is at out there.Listen first;learn what other people face;help them if I can,because they've been allies,they've stood by us-New York was attacked,and so many decades before that and since,and so many of them have lost boys,lads and women in fighting the enemy that attacked America-and then lead;America has a leadership role.*
The context of this trip to Europe is an egregious violation by Russia of the Intermediate Range Nuclear Forces Treaty of 1987 in deploying their new nuclear capable ground-based cruise missile,the SSC-8,after nearly a decade of illegal development and testing.As well,Russian fighter aircraft dangerously buzzed a US Navy guided missile destroyer,the USS Porter (DDG 78) in the Black Sea with their identification transponders turned off and disregarding repeated calls from the Porter.On top of this,the Russian spy ship SSV-175 Viktor Leonov had cruised farther north along the US coast than ever before,loitering 30 miles south of the US Navy nuclear submarine base at Groton,Connecticut today,15 February.It had
ventured near another nuclear submarine base at Kings Bay,Georgia on a previous voyage.All this leads one to conclude that Russia is currently testing new President Donald Trump's will,and that of NATO as a whole.
The first time NATO went to war was when the US was attacked,so if anyone has any questions about the value,you have to look at that,General Mattis told reporters flying to Europe with him on an E-4B airborne national command post.More importantly,it prevented war in Europe following two destructive wars,and we clearly see the value in deterring war.So this is a historic and,as you know,it's also a very important meeting.I wouldn't miss it,obviously.So our commitment remains to NATO and,in terms of NATO's life,it's in the midst of transformation.Why?You've watched as the character of war over these last dozen years has changed itself;and as the character of war changes,so must the character of the militaries that address it.
To show NATO's commitment to this,you'll notice that the only NATO command headquartered in the US is the Supreme Allied Command for NATO Transformation.The whole point of that command is to transform NATO,so we rightly go to Brussels where we all talk together;we talk about that transformation;we guide it.NATO has transformed over these past 20 years and it must continue to transform,but,in that regard,it's clearly in NATO's best interest to adapt to what happened in 2014-2014 was a watershed year when most of our hopes for some kind of partnership with Russia were finally shown to be unavailing.So what we've got to do is adapt and make certain that the Transatlantic bond remains strong;and I think that,in going there,what we're also doing is proving that we can once again adapt to those changing circumstances.
I'm going to listen.I've been absent from active duty for three and a half years;I'm going to listen and see where everyone's thinking is at out there.Listen first;learn what other people face;help them if I can,because they've been allies,they've stood by us-New York was attacked,and so many decades before that and since,and so many of them have lost boys,lads and women in fighting the enemy that attacked America-and then lead;America has a leadership role.*
The context of this trip to Europe is an egregious violation by Russia of the Intermediate Range Nuclear Forces Treaty of 1987 in deploying their new nuclear capable ground-based cruise missile,the SSC-8,after nearly a decade of illegal development and testing.As well,Russian fighter aircraft dangerously buzzed a US Navy guided missile destroyer,the USS Porter (DDG 78) in the Black Sea with their identification transponders turned off and disregarding repeated calls from the Porter.On top of this,the Russian spy ship SSV-175 Viktor Leonov had cruised farther north along the US coast than ever before,loitering 30 miles south of the US Navy nuclear submarine base at Groton,Connecticut today,15 February.It had
ventured near another nuclear submarine base at Kings Bay,Georgia on a previous voyage.All this leads one to conclude that Russia is currently testing new President Donald Trump's will,and that of NATO as a whole.
Wednesday, January 20, 2016
Seeing China Short and Long-Term
There are anxious,short-term ways,but also long-term,thoughtful ways of seeing the current situation in the financial markets:
I think China has a long-term approach of internationalising of the renminbi,said Pierre Gramegna,finance minister of Luxembourg.It's a very gradual,step-by-step approach.This economy has opened up quite a lot,with quite a bit of success.China being the fabric of the world and exporting a lot to the rest of the world,all of this has to be relativised.*
Growth is back in Europe.There is very little worry left that there will be deflation.There's more confidence now.The very low interest rate helped boost investment,Mr.Gramegna explained.*
Norman Chan of NAB Private Wealth Advisory added that,short term,we are having a risk-off sentiment,and that controls everything.The market is simply not cheap.In the last five months,the yuan has become a freefall currency.*
Note:the renminbi is the official currency of China,while yuan is the base unit of the renminbi and also the popular name for the currency.
I think China has a long-term approach of internationalising of the renminbi,said Pierre Gramegna,finance minister of Luxembourg.It's a very gradual,step-by-step approach.This economy has opened up quite a lot,with quite a bit of success.China being the fabric of the world and exporting a lot to the rest of the world,all of this has to be relativised.*
Growth is back in Europe.There is very little worry left that there will be deflation.There's more confidence now.The very low interest rate helped boost investment,Mr.Gramegna explained.*
Norman Chan of NAB Private Wealth Advisory added that,short term,we are having a risk-off sentiment,and that controls everything.The market is simply not cheap.In the last five months,the yuan has become a freefall currency.*
Note:the renminbi is the official currency of China,while yuan is the base unit of the renminbi and also the popular name for the currency.
Wednesday, December 23, 2015
Joint Chiefs Chairman:The Dynamics of War in the 21st Century
General Joseph Dunford,USMC,Chairman of the Joint Chiefs of Staff,participated in a national security forum at The Center For a New American Security in Washington,DC on 14 December.In a discussion with Michele Fluornoy,CEO of the Center and former Deputy Secretary of Defense for Policy from 2009-12,General Dunford said there's a high likelihood that any conflict we might have will be transregional (multi-regional),multi-domain and multi-functional.Our current planning,command and control is not optimised for this.I don't think we'll be as responsive as we should be unless we make some changes.We're doing some things every day to mitigate this challenge.
The character of war in the 21st century is actually pretty dynamic,but I think our organisational structure,command and control need to be changed.The number one challenge is balancing what we're doing in the current fight with what we need for tomorrow,in the context of reduced funding.If we're involved in a conflict with Russia,it's not going to be isolated to the old plan.Our old plans need to be born with the three m's.
In any ICBM scenario,there are the combatant command (COCOM) from which it originates;the COCOM through which it passes;and NORTHCOM to deal with the consequences.I do believe there needs to be a staff that can provide SecDef with a comprehensive operational picture.This is all about SecDef and the National Command Authority.*
The current force is not broken.I certainly believe we are recruiting and retaining a good cut of people.The Marine Corps is a very young force.Be specific about requirements and start from cradle to grave to grow the force that we need to be.*
In Europe,not only do we need a capacity to respond,but on a day-to-day basis we need to be visible.We need to be there so our adversaries can see our physical presence,more rotational forces,an aggregate of forces adequate to fight and win.My joint staff priority is to focus on strategy and joint force readiness.*
The global commons should be accessible to all.The South China Sea should be available for trade and economic activity.It's a combination of a whole of government approach;freedom of navigation;military-to-military relations.We need to have the cyber capability to escalate horizontally in a crisis.*
I don't think we ought to apologise for our values when we go to war.I'm incredibly proud of the discipline of our force since 9-11.This is a war of values,a war of ideas.We actually have something to sell.Our engagement with people in Afghanistan or elsewhere is likely the only Americans they'll ever see,General Joseph Dunford reflcted at The Center For a New American Security.
The character of war in the 21st century is actually pretty dynamic,but I think our organisational structure,command and control need to be changed.The number one challenge is balancing what we're doing in the current fight with what we need for tomorrow,in the context of reduced funding.If we're involved in a conflict with Russia,it's not going to be isolated to the old plan.Our old plans need to be born with the three m's.
In any ICBM scenario,there are the combatant command (COCOM) from which it originates;the COCOM through which it passes;and NORTHCOM to deal with the consequences.I do believe there needs to be a staff that can provide SecDef with a comprehensive operational picture.This is all about SecDef and the National Command Authority.*
The current force is not broken.I certainly believe we are recruiting and retaining a good cut of people.The Marine Corps is a very young force.Be specific about requirements and start from cradle to grave to grow the force that we need to be.*
In Europe,not only do we need a capacity to respond,but on a day-to-day basis we need to be visible.We need to be there so our adversaries can see our physical presence,more rotational forces,an aggregate of forces adequate to fight and win.My joint staff priority is to focus on strategy and joint force readiness.*
The global commons should be accessible to all.The South China Sea should be available for trade and economic activity.It's a combination of a whole of government approach;freedom of navigation;military-to-military relations.We need to have the cyber capability to escalate horizontally in a crisis.*
I don't think we ought to apologise for our values when we go to war.I'm incredibly proud of the discipline of our force since 9-11.This is a war of values,a war of ideas.We actually have something to sell.Our engagement with people in Afghanistan or elsewhere is likely the only Americans they'll ever see,General Joseph Dunford reflcted at The Center For a New American Security.
Thursday, November 12, 2015
Pentagon Adjusting Strategy For Europe and Asia
On 7 November,US Secretary of Defense Ashton Carter addressed the Reagan National Defense Forum at the Ronald Reagan Presidential Library in Simi Valley,California.
We are in the midst of a strategic transition,Dr.Carter said.In the face of Russia's provocations and China's rise,we must embrace innovative approaches to protect the United States and the international order.We must ensure that we and our partners are postured to defeat threats from high-end opponents in a complex set of environments.*
Our antagonists and competitors push many states toward us.Our troops are attractive partners.Our troops perform and conduct themselves admirably.I see this.I hear this from many foreign leaders around the world.They make us proud.*
Russia appears intent to play a spoiler role by flouting those principles and the international community;while China is a rising power and growing more ambitious in its objectives and capabilities.Of course neither Russia nor China can overturn that order,given its resilience and staying power,but both present challenges for it.In Europe,Russia has been violating sovereignty in Ukraine and Georgia,and actively trying to intimidate the Baltic States.Meanwhile,in Syria,Russia has been throwing gasoline on an already dangerous fire,thus prolonging a civil war that fuels the very extremism that Russia claims to oppose.
At sea,in the air,in space and in cyber space,Russia's actions have emerged as challenging activities-and most disturbingly,Moscow's leaders' nuclear sabre-rattling raises questions about Russia's commitment to regional stability;their respect for norms against the use of nuclear weapons;and whether they respect the profound caution nuclear age leaders showed with regard to the brandishing of nuclear weapons.We do not seek a cold,let alone a hot war,with Russia.We do not seek to make Russia an enemy;but make no mistake,the United States will defend our interests and our allies,the principled international order and the positive future it affords us all.
We're taking a strong and balanced approach to deter Russia's aggression and to help reduce the vulnerability of our allies and partners.We're adjusting our operational posture and contingency plans as we,on our own and with our allies,work to deter Russian aggression and to help reduce the vulnerability of allies and partners.The United States is accordingly making a number of moves in response,many,but not all of which,I can describe in this forum.We're modernising our nuclear arsenal so America's nuclear deterrent continues to be safe,effective and secure,to deter nuclear attacks and assure our allies.We're investing in the technologies that are most relevant to Russia's provocations,such as new unmanned systems;a new long-range bomber;and innovations in technology like the electromagnetic rail gun;lasers;new systems for electronic warfare,space and cyber space;and including a few surprising ones that I can't describe here.We're updating and expanding our operational plans for deterrence and defence,given Russia's changed behaviour.
In Europe,NATO remains the cornerstone of a principled order and its Article V a bedrock commitment;but NATO needs a new playbook.The old NATO playbook,including large American forces stationed in Europe,oriented toward the Fulda Gap,worked in Reagan's day,but it's not suited for the 21st century with its hybrid warfare;cyber threats and assymetric tactics;and also the vast enlargement of NATO territory that is subject to Article V.We're accordingly changing our posture in Europe to be more agile and sustainable;but we're continuing to take a balanced approach to Russia.We will continue to cooperate with Russia when and where our interests align.*
The single most influential factor in shaping the Asia-Pacific region's future is how China rises and relates to the principled order that has underpinned regional peace,stabiliy and security.We're putting our best and newest assets from all the services into the region.Qualitatively,we are making heavy investments in capabilities of importance there:subsurface warfare;electronic warfare;space;cyber;missile defence and more.We're building the capacity of our allies and partners.
We all have a fundamental stake in the security of maritime Asia,including dynamics within the South China Sea.The United States joins virtually everyone else in the region in being deeply concerned about the pace and scope of land reclamation in the South China Sea;the prospect of further militarisation;and the potential for these activities to increase the risk of miscalculation or conflict among claimant states.
We mean what we say.We will continue to fly,sail and operate wherever international law allows.We also know we have much work to do still to ensure our strategies and plans are as innovative as possible,Dr.Carter noted.
We are in the midst of a strategic transition,Dr.Carter said.In the face of Russia's provocations and China's rise,we must embrace innovative approaches to protect the United States and the international order.We must ensure that we and our partners are postured to defeat threats from high-end opponents in a complex set of environments.*
Our antagonists and competitors push many states toward us.Our troops are attractive partners.Our troops perform and conduct themselves admirably.I see this.I hear this from many foreign leaders around the world.They make us proud.*
Russia appears intent to play a spoiler role by flouting those principles and the international community;while China is a rising power and growing more ambitious in its objectives and capabilities.Of course neither Russia nor China can overturn that order,given its resilience and staying power,but both present challenges for it.In Europe,Russia has been violating sovereignty in Ukraine and Georgia,and actively trying to intimidate the Baltic States.Meanwhile,in Syria,Russia has been throwing gasoline on an already dangerous fire,thus prolonging a civil war that fuels the very extremism that Russia claims to oppose.
At sea,in the air,in space and in cyber space,Russia's actions have emerged as challenging activities-and most disturbingly,Moscow's leaders' nuclear sabre-rattling raises questions about Russia's commitment to regional stability;their respect for norms against the use of nuclear weapons;and whether they respect the profound caution nuclear age leaders showed with regard to the brandishing of nuclear weapons.We do not seek a cold,let alone a hot war,with Russia.We do not seek to make Russia an enemy;but make no mistake,the United States will defend our interests and our allies,the principled international order and the positive future it affords us all.
We're taking a strong and balanced approach to deter Russia's aggression and to help reduce the vulnerability of our allies and partners.We're adjusting our operational posture and contingency plans as we,on our own and with our allies,work to deter Russian aggression and to help reduce the vulnerability of allies and partners.The United States is accordingly making a number of moves in response,many,but not all of which,I can describe in this forum.We're modernising our nuclear arsenal so America's nuclear deterrent continues to be safe,effective and secure,to deter nuclear attacks and assure our allies.We're investing in the technologies that are most relevant to Russia's provocations,such as new unmanned systems;a new long-range bomber;and innovations in technology like the electromagnetic rail gun;lasers;new systems for electronic warfare,space and cyber space;and including a few surprising ones that I can't describe here.We're updating and expanding our operational plans for deterrence and defence,given Russia's changed behaviour.
In Europe,NATO remains the cornerstone of a principled order and its Article V a bedrock commitment;but NATO needs a new playbook.The old NATO playbook,including large American forces stationed in Europe,oriented toward the Fulda Gap,worked in Reagan's day,but it's not suited for the 21st century with its hybrid warfare;cyber threats and assymetric tactics;and also the vast enlargement of NATO territory that is subject to Article V.We're accordingly changing our posture in Europe to be more agile and sustainable;but we're continuing to take a balanced approach to Russia.We will continue to cooperate with Russia when and where our interests align.*
The single most influential factor in shaping the Asia-Pacific region's future is how China rises and relates to the principled order that has underpinned regional peace,stabiliy and security.We're putting our best and newest assets from all the services into the region.Qualitatively,we are making heavy investments in capabilities of importance there:subsurface warfare;electronic warfare;space;cyber;missile defence and more.We're building the capacity of our allies and partners.
We all have a fundamental stake in the security of maritime Asia,including dynamics within the South China Sea.The United States joins virtually everyone else in the region in being deeply concerned about the pace and scope of land reclamation in the South China Sea;the prospect of further militarisation;and the potential for these activities to increase the risk of miscalculation or conflict among claimant states.
We mean what we say.We will continue to fly,sail and operate wherever international law allows.We also know we have much work to do still to ensure our strategies and plans are as innovative as possible,Dr.Carter noted.
Wednesday, June 3, 2015
Pinterest Looking To Grow User Base and Revenue
Photo curating and sharing platform Pinterest is hoping to expand its user base in Europe.The social media company is opening offices in the Netherlands,Spain,Italy and Sweden this year.
In another big move,the privately held firm is taking a big step in monetisation of the platform with the "buyable pins" concept.Now users will be able to buy depicted products directly from the site by clicking on small blue "Buy It" tabs on the pins,as the platform's photos are called.
We're very excited about products being brought directly into the Pinterest ecosystem,said Satish Kanwar of Shopify.Pinterest is our second largest referrer,but the first in value of purchases made.*
Pinterest users often use the site to shop for products or get ideas for projects,but to this point have had to go offsite to actually make a purchase.The company is five years old and valued at 11 billion dollars.Pinterest will not get a cut of each buyable pin transaction,but will offer vendors the option of paying for a promoted pin which is shown to users with a particular profile.Similarly,Google is adding a buy button to search results.
More than two million products will initially be offered on buyable pins by the likes of retailers such as Macy's,Nordstrom and Neiman Marcus.You can pay with ApplePay or credit card.Buyable pins will launch on the Pinterest iOS app for US users this month,then be available on Android and desktop later this year.
Pinterest has strong appeal to those looking for new furniture and decorating ideas,fashion,wedding plans and baby products,as well as those interested in curating photos that reflect their interest in any number of topics,from art history to sports.
Successfully monetising this growing and distinctive platform will point it in the direction of becoming a public company.
In another big move,the privately held firm is taking a big step in monetisation of the platform with the "buyable pins" concept.Now users will be able to buy depicted products directly from the site by clicking on small blue "Buy It" tabs on the pins,as the platform's photos are called.
We're very excited about products being brought directly into the Pinterest ecosystem,said Satish Kanwar of Shopify.Pinterest is our second largest referrer,but the first in value of purchases made.*
Pinterest users often use the site to shop for products or get ideas for projects,but to this point have had to go offsite to actually make a purchase.The company is five years old and valued at 11 billion dollars.Pinterest will not get a cut of each buyable pin transaction,but will offer vendors the option of paying for a promoted pin which is shown to users with a particular profile.Similarly,Google is adding a buy button to search results.
More than two million products will initially be offered on buyable pins by the likes of retailers such as Macy's,Nordstrom and Neiman Marcus.You can pay with ApplePay or credit card.Buyable pins will launch on the Pinterest iOS app for US users this month,then be available on Android and desktop later this year.
Pinterest has strong appeal to those looking for new furniture and decorating ideas,fashion,wedding plans and baby products,as well as those interested in curating photos that reflect their interest in any number of topics,from art history to sports.
Successfully monetising this growing and distinctive platform will point it in the direction of becoming a public company.
Wednesday, March 18, 2015
WisdomTree Europe Getting Some Nods
We're heading towards an earnings trough,said David Kudla,Founder and Chief Investment Officer of MainStay Capital Management.The market will suffer from:
1.A Fed rate hike coming;
2.The strong dollar;
3.43 months without a 10% correction.
I still think we're in a long-term secular bull market.We're still positive on the US.We just think with the opportunities overseas and alternatives,you should look for negatively correlated investments because of the volatility we're going to see in the US.
We like the WisdomTree Hedged Europe Equity Fund.It's focused on mega caps that will benefit from a weak euro.Europe is embarking on QE,which inflates market value;while the US is embarking on tightening monetary policy.*
CNBC's floor reporter Bob Pisani also noted how popular this WisdomTree etf has been lately as it is hedged against a declining euro.*
Speaking at a press conference today,Fed chair Janet Yellen said a rate increase could be warranted at any FOMC meeting after April.We can't rule out June.*
WisdomTree Hedged Europe Equity Fund (HEDJ)
1.A Fed rate hike coming;
2.The strong dollar;
3.43 months without a 10% correction.
I still think we're in a long-term secular bull market.We're still positive on the US.We just think with the opportunities overseas and alternatives,you should look for negatively correlated investments because of the volatility we're going to see in the US.
We like the WisdomTree Hedged Europe Equity Fund.It's focused on mega caps that will benefit from a weak euro.Europe is embarking on QE,which inflates market value;while the US is embarking on tightening monetary policy.*
CNBC's floor reporter Bob Pisani also noted how popular this WisdomTree etf has been lately as it is hedged against a declining euro.*
Speaking at a press conference today,Fed chair Janet Yellen said a rate increase could be warranted at any FOMC meeting after April.We can't rule out June.*
WisdomTree Hedged Europe Equity Fund (HEDJ)
Wednesday, February 11, 2015
From Europe to India:Defense Secretary Nominee Speaks Out
Dr.Ashton B. Carter,60,won unanimous approval from the Senate Armed Services Committee to be the new Secretary of Defense with a 25-0 bipartisan vote.The nomination now goes to the full Senate for final approval-really a formality at this point.The graduate of Oxford University served as Deputy Secretary of Defense from 2011-2013.Before that,he held two other high level Pentagon posts,including Assistant Secretary of Defense for International Security Affairs and chief weapons buyer.*
At his confirmation hearing last week,Dr.Carter laid out his views on a number of issues such as European security,India-US ties and Iran's nuclear program.I think that our strength in Europe is our alliance with NATO,he said.Another strength is of course our military strength.I understand we are adding forces in rotation as a deterrence to Russian adventurism.*
India,in my view,is destined to be a strategic partner of the US.I'm for hastening that.In the military and technical cooperation area,I think there's a great deal we can do with India.*
If Iran were to acquire nuclear weapons,that would be very grave because:
1.They might use them.
2.Their having them might influence others to acquire them.
They have the ambition to wipe Israel off the map.They have a long history of acting in a disruptive way.*
As to Russia,the little green men are part of the big Putin lie.The common sense is,he's violated Ukrainian sovereignty.It is,I am told, quite clear that Russia is in clear violation of the INF treaty by developing a new ground-launched nuclear missile.I think there are defensive and deterrent and counterforce steps we can take if they want to play that game.They need to be reminded it's a two-way street,Dr.Carter told the Senate Armed Forces Committee.*
Chuck Hagel is staying on as Defense Secretary until Dr.Carter's confirmation is completed.
Update:Dr.Carter was confirmed by the full Senate with a 95-3 vote on 12 February.
At his confirmation hearing last week,Dr.Carter laid out his views on a number of issues such as European security,India-US ties and Iran's nuclear program.I think that our strength in Europe is our alliance with NATO,he said.Another strength is of course our military strength.I understand we are adding forces in rotation as a deterrence to Russian adventurism.*
India,in my view,is destined to be a strategic partner of the US.I'm for hastening that.In the military and technical cooperation area,I think there's a great deal we can do with India.*
If Iran were to acquire nuclear weapons,that would be very grave because:
1.They might use them.
2.Their having them might influence others to acquire them.
They have the ambition to wipe Israel off the map.They have a long history of acting in a disruptive way.*
As to Russia,the little green men are part of the big Putin lie.The common sense is,he's violated Ukrainian sovereignty.It is,I am told, quite clear that Russia is in clear violation of the INF treaty by developing a new ground-launched nuclear missile.I think there are defensive and deterrent and counterforce steps we can take if they want to play that game.They need to be reminded it's a two-way street,Dr.Carter told the Senate Armed Forces Committee.*
Chuck Hagel is staying on as Defense Secretary until Dr.Carter's confirmation is completed.
Update:Dr.Carter was confirmed by the full Senate with a 95-3 vote on 12 February.
Wednesday, January 7, 2015
What Investors Should Consider for the New Year
The case for favouring European stocks is based on:
1.their attracive valuation
2.the ECB being ready to pour on aid
3.a weaker euro.
On the other hand,Greece is a big risk and could be a substantial challenge for Europe.Also,
1.US companies have less exposure to Russia and Ukraine.
2.They have cash for dividends.
3.The banking system is strengthening,points out Mohammed El-Erian of Allianz.*
I wouldn't be surprised to see increased volatility for the first six-nine months of the year,says JJ Kinahan of TD Ameritrade.The nice thing is,maybe the greater volatility will help clients realise you don't have to own something forever.I would say one thing:you don't have to buy the bottom.Be very careful of the falling knife.*
John Kilduff,founding partner of Again Capital,notes that,in light of energy market conditions,oil company property and the oil beneath it is going to have to be revalued,cutting the borrowing base.The commodities are so out of favour.David Tice,CFA,founder of the Federated Prudent Bear Fund,adds that Iraq and Russia production came back,along with fracking coming on line.We love the gold mining stocks.Their biggest cost is energy;therefore they are levitating.The price of gold has almost doubled since June,and you can't print money as your way to prosperity.*
Market Vectors Gold Miners ETF(GDX),Federated Prudent Bear Fund(A)(BEARX)
1.their attracive valuation
2.the ECB being ready to pour on aid
3.a weaker euro.
On the other hand,Greece is a big risk and could be a substantial challenge for Europe.Also,
1.US companies have less exposure to Russia and Ukraine.
2.They have cash for dividends.
3.The banking system is strengthening,points out Mohammed El-Erian of Allianz.*
I wouldn't be surprised to see increased volatility for the first six-nine months of the year,says JJ Kinahan of TD Ameritrade.The nice thing is,maybe the greater volatility will help clients realise you don't have to own something forever.I would say one thing:you don't have to buy the bottom.Be very careful of the falling knife.*
John Kilduff,founding partner of Again Capital,notes that,in light of energy market conditions,oil company property and the oil beneath it is going to have to be revalued,cutting the borrowing base.The commodities are so out of favour.David Tice,CFA,founder of the Federated Prudent Bear Fund,adds that Iraq and Russia production came back,along with fracking coming on line.We love the gold mining stocks.Their biggest cost is energy;therefore they are levitating.The price of gold has almost doubled since June,and you can't print money as your way to prosperity.*
Market Vectors Gold Miners ETF(GDX),Federated Prudent Bear Fund(A)(BEARX)
Wednesday, December 31, 2014
Investing Opportunities 2015
For 2015,your New Year's resolution should be to invest,says Winnie Sun of Sun Group Wealth Partners.If you're looking for value and opportunity,I really like the story of investing in Europe.The most important thing is time horizon.If your time horizon is long,there's no reason to be afraid of investing in Europe.*
David Seaberg of Cowan&Co. says that energy is setting up to be a massive trade.I think you saw a massive de-risking.I'm absolutely set up.A lot of managers came in and sold positions out.The higher quality names,I'd be buying them across the board here.
Europe could be a big opportunity.I think small caps are going to continue to move forward.*
Michael Farr of Farr,Miller&Washington says to place bets carefully in the stock market.JP Morgan Chase is trading at 10 times earnings,with a 2.5% dividend.I think they're doing fine now,and banks are poised to do well when the Fed raises rates.
I like Chevron.It might not be at the bottom yet,but it pays a 3.8% dividend.
Google has a solid balance sheet,with double digit earnings growth.They've moved away from a dependence on search.They've continued to evolve into a multi-media company and have settled down in Asia.*
iShares Europe Etf(IEV),Chevron(CVX),Exxon Mobil(XOM),JP Morgan Chase(JPM),Google(GOOG)
David Seaberg of Cowan&Co. says that energy is setting up to be a massive trade.I think you saw a massive de-risking.I'm absolutely set up.A lot of managers came in and sold positions out.The higher quality names,I'd be buying them across the board here.
Europe could be a big opportunity.I think small caps are going to continue to move forward.*
Michael Farr of Farr,Miller&Washington says to place bets carefully in the stock market.JP Morgan Chase is trading at 10 times earnings,with a 2.5% dividend.I think they're doing fine now,and banks are poised to do well when the Fed raises rates.
I like Chevron.It might not be at the bottom yet,but it pays a 3.8% dividend.
Google has a solid balance sheet,with double digit earnings growth.They've moved away from a dependence on search.They've continued to evolve into a multi-media company and have settled down in Asia.*
iShares Europe Etf(IEV),Chevron(CVX),Exxon Mobil(XOM),JP Morgan Chase(JPM),Google(GOOG)
Wednesday, August 13, 2014
What Investors Need Today
What you need is stable earners with big cash flow,advised Ashok Shah,investment director at London&Capital.Later,as QE approaches,you can take another look.*
I think the Russia/Ukraine situation is going to drag on for months to come.Until there is a definite economic impact,I think the market will look right through it.*
The bond market is saying the economic outlook,especially in Europe,is poor.We're already seeing Italy going back into recession in the second quarter.The underlying problem is deflationary pressures.That's going to restrain any recovery in the economic growth rate.I think we have to be used to very high levels of unemployment for long periods of time,until there is proper restructuring.I think the brain drain from the UK and Europe is going to continue for a long period of time,Mr.Shah predicted.*
The way we're going to quantify Russia and Iraq is,if you cut drilling in Iraq and Russia,you're going to cut drilling numbers for the oil service industry,CNBC host Jim Cramer noted.*
China is just not liking us at all with its antitrust policy.Look at Applied Materials.It's down 10-20% because of China.China's cracked down on Cisco.China's playing with us,dumping their steel.Who's spending in China? Amazon.Look out,PRC,Amazon's coming,Cramer warned.*
Amazon(AMZN)
I think the Russia/Ukraine situation is going to drag on for months to come.Until there is a definite economic impact,I think the market will look right through it.*
The bond market is saying the economic outlook,especially in Europe,is poor.We're already seeing Italy going back into recession in the second quarter.The underlying problem is deflationary pressures.That's going to restrain any recovery in the economic growth rate.I think we have to be used to very high levels of unemployment for long periods of time,until there is proper restructuring.I think the brain drain from the UK and Europe is going to continue for a long period of time,Mr.Shah predicted.*
The way we're going to quantify Russia and Iraq is,if you cut drilling in Iraq and Russia,you're going to cut drilling numbers for the oil service industry,CNBC host Jim Cramer noted.*
China is just not liking us at all with its antitrust policy.Look at Applied Materials.It's down 10-20% because of China.China's cracked down on Cisco.China's playing with us,dumping their steel.Who's spending in China? Amazon.Look out,PRC,Amazon's coming,Cramer warned.*
Amazon(AMZN)
Wednesday, August 6, 2014
How To Position Yourself in Today's Environment
Every time there is a bad headline,there is a sudden collapse and then a quiet rebound,points out Nicola Marinelli,portfolio manager at Sturgeon Capital.The underlying trend is still quite strong,and I think it will continue the rest of the year.*
In 2015,Europe as a whole will disappoint in employment and growth.Geopolitical risk is a bit underpriced now.The Fed balance sheet has the potential to cause a technical crisis.If we think rates are going to go up,we are going to see a wave of redemptions in a market that is less structured to be liquid than years ago.*
Take profit on your positions that are liquid,and position yourself for next year in this better liquidity environment,Mr.Marinelli advised.*
To me,it looks very,very ominous,said military analyst Colonel Cedric Leighton,US Air Force Retired,former director of training at the National Security Agency.Russia is feeling itself like a cornered cat,trying to keep up the high level of public support within Russia.Putin knows that sanctions will potentially mitigate this support.
I think a Russian invasion of Eastern Ukraine is likely within the next two months.It might be a subtle invasion,but he will move in quickly,and move in by surprise,Colonel Leighton predicted.
In 2015,Europe as a whole will disappoint in employment and growth.Geopolitical risk is a bit underpriced now.The Fed balance sheet has the potential to cause a technical crisis.If we think rates are going to go up,we are going to see a wave of redemptions in a market that is less structured to be liquid than years ago.*
Take profit on your positions that are liquid,and position yourself for next year in this better liquidity environment,Mr.Marinelli advised.*
To me,it looks very,very ominous,said military analyst Colonel Cedric Leighton,US Air Force Retired,former director of training at the National Security Agency.Russia is feeling itself like a cornered cat,trying to keep up the high level of public support within Russia.Putin knows that sanctions will potentially mitigate this support.
I think a Russian invasion of Eastern Ukraine is likely within the next two months.It might be a subtle invasion,but he will move in quickly,and move in by surprise,Colonel Leighton predicted.
Wednesday, July 30, 2014
Russia and the Impact on Markets
BP has done a good job of getting cash flow out of their asset base,said Matthew Beeseley of Henderson Global Investors.We hold some of it.The company is throwing off lots of cash,but there are risks in their partnership with Russian energy titan Rosneft.*
For now,the markets have thrown off Russia/Ukraine and Syria.We're certainly concerned about the low levels of volatility across the markets.It's not normal,and at some point,one would expect the markets to normalise.The optimism has really been found in the US and the emerging markets.The glass has been half empty in Europe and Japan.*
We're exposed to a company called Epam Systems Inc,a computer outsourcing firm.It has one third of its workers in Ukraine.We want a high level of conviction about our holdings.Across parts of Russia,it's hard to invest because of the lack of a high level of conviction.*
Current sanctions on Russia are on future debt and equity.Sanctions on present debt and equity would have a major impact.*
Investors are being paid to be complacent,and when the Fed raises rates in six months to a year,geopolitical risk will begin to be factored in,Mr.Beeseley cautioned.
For now,the markets have thrown off Russia/Ukraine and Syria.We're certainly concerned about the low levels of volatility across the markets.It's not normal,and at some point,one would expect the markets to normalise.The optimism has really been found in the US and the emerging markets.The glass has been half empty in Europe and Japan.*
We're exposed to a company called Epam Systems Inc,a computer outsourcing firm.It has one third of its workers in Ukraine.We want a high level of conviction about our holdings.Across parts of Russia,it's hard to invest because of the lack of a high level of conviction.*
Current sanctions on Russia are on future debt and equity.Sanctions on present debt and equity would have a major impact.*
Investors are being paid to be complacent,and when the Fed raises rates in six months to a year,geopolitical risk will begin to be factored in,Mr.Beeseley cautioned.
Wednesday, March 5, 2014
The Ukraine Crisis and the Hotel Business
We're going from 20 to 50 hotels in Russia,said Sebastian Bazin,CEO of Accor SA,at the International Hotel Investment Forum in Berlin.I'm gonna be very candid with you.I'm gonna let the politicians decide what to do with this.It's too soon to halt projects.I just cannot make the decision on over the last 72 hours.I'm going myself to assess the situation.*
We've been for 35 years in China.It is a vital and a great country for our core.It really is.We have over 3500 hotels and 450,000 rooms.The Chinese ledger's been evolving immensely for the last five years,so just pay attention.We are the Euro market leader.There is immense value for the real estate at our core.*
I'm going for a 5-10 year journey here.We're gonna be opening 750 hotels over the next three years.Europe is the market where we're expanding the least.Let's maintain and increase the leadership.Five years from today,it will be maybe 55-60% of our portfolio.*
We've just signed for a 200 room hotel in Tbilisi,Georgia,said Angela Brav,Group CEO for Europe,Intercontinental Hotels Group.A Holiday Inn Express has also been signed for in Sheremetyevo Airport in Russia.We have a key market strategy:UK,Germany,Russia.We want to have 100 hotels in Russia by 2020.We have 19 right now in Russia and the CIS.
It's a very serious situation for us.The single most important thing for us is,we are continuing to monitor the situation.We'll make those decisions when necessary.Right now we're continuing our strategy of growth.We saw the fourth quarter really moving in the right direction.GDP is going up and unemployment is in the right place-in the right place almost in all segments,business and leisure.
Our single most important focus for us is that people book directly with our hotels.I think technology can only help us.We have clearly delineated brands.We opened six of our nine brands in London in the past nine months.*
Accor SA(AC:EN Paris),Interncontinental Hotels Group(IHG)
We've been for 35 years in China.It is a vital and a great country for our core.It really is.We have over 3500 hotels and 450,000 rooms.The Chinese ledger's been evolving immensely for the last five years,so just pay attention.We are the Euro market leader.There is immense value for the real estate at our core.*
I'm going for a 5-10 year journey here.We're gonna be opening 750 hotels over the next three years.Europe is the market where we're expanding the least.Let's maintain and increase the leadership.Five years from today,it will be maybe 55-60% of our portfolio.*
We've just signed for a 200 room hotel in Tbilisi,Georgia,said Angela Brav,Group CEO for Europe,Intercontinental Hotels Group.A Holiday Inn Express has also been signed for in Sheremetyevo Airport in Russia.We have a key market strategy:UK,Germany,Russia.We want to have 100 hotels in Russia by 2020.We have 19 right now in Russia and the CIS.
It's a very serious situation for us.The single most important thing for us is,we are continuing to monitor the situation.We'll make those decisions when necessary.Right now we're continuing our strategy of growth.We saw the fourth quarter really moving in the right direction.GDP is going up and unemployment is in the right place-in the right place almost in all segments,business and leisure.
Our single most important focus for us is that people book directly with our hotels.I think technology can only help us.We have clearly delineated brands.We opened six of our nine brands in London in the past nine months.*
Accor SA(AC:EN Paris),Interncontinental Hotels Group(IHG)
Wednesday, May 8, 2013
Portfolio Management:The Need For Income Now
We've transitioned to an emergency need for income,said Rick Rieder,Chief Investment Officer of Fundamental Fixed Income at BlackRock.Rates are gonna be low for a long time.To get any real income,you have to take risk at levels that are uncomfortable.
Central banks are crowding out investments at a record level.You create a portfolio rebalancing act that is profound.We live in a delevering world.You'll create bubbles like we had in prior decades if it goes on for too long.
Maybe there will be no tapering of Fed policy until 2014.Because you're distorting the interest rates so low and lengthening the portfolio,you're creating potential risk in the fixed income portfolio higher than in equities.Tactical short term,we've taken some interest rate exposure;longer term,loans and structured products without a lot of interest rate risks,such as CMBS,collateralised mortgaged-backed securities.
We think the growth of the real estate business has some real durability to it.People underestimate what a big deal it is.You have an environment of liquidity today.It's part of what will keep the real estate market in strong shape.
The delevering in Europe is gonna go on for years.
It's very hard to generate yield when the 10 year Treasury is at 1.50%,Mr.Rieder pointed out.Central bank policies are causing a haircut for investors,PIMCO co-CIO Bill Gross agreed.
People are excited about the equity market,yet anxious about the artificiality of central bank assistance,his colleague Mohamed El-Erian added.If these prices are not validated by data,they will look very artificial.
BlackRock,Inc(BLK)
Central banks are crowding out investments at a record level.You create a portfolio rebalancing act that is profound.We live in a delevering world.You'll create bubbles like we had in prior decades if it goes on for too long.
Maybe there will be no tapering of Fed policy until 2014.Because you're distorting the interest rates so low and lengthening the portfolio,you're creating potential risk in the fixed income portfolio higher than in equities.Tactical short term,we've taken some interest rate exposure;longer term,loans and structured products without a lot of interest rate risks,such as CMBS,collateralised mortgaged-backed securities.
We think the growth of the real estate business has some real durability to it.People underestimate what a big deal it is.You have an environment of liquidity today.It's part of what will keep the real estate market in strong shape.
The delevering in Europe is gonna go on for years.
It's very hard to generate yield when the 10 year Treasury is at 1.50%,Mr.Rieder pointed out.Central bank policies are causing a haircut for investors,PIMCO co-CIO Bill Gross agreed.
People are excited about the equity market,yet anxious about the artificiality of central bank assistance,his colleague Mohamed El-Erian added.If these prices are not validated by data,they will look very artificial.
BlackRock,Inc(BLK)
Wednesday, April 3, 2013
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)
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)
Thursday, March 14, 2013
Global and Domestic Concerns:Inside US Strategic Command
A rare look into the world of the US strategic forces was given in Washington recently.
Any future arms reductions with Russia should be bilateral and verifiable,said General Robert Kehler,US Air Force,Commander,US Strategic Command at a Senate Armed Forces Committee hearing at the Capitol on Monday.We have been on a successful and deliberate path with them.It also provides transparency and engagement with Russia that is extremely valuable.
I would not go below the new Strategic Arms Reduction Treaty levels unilaterally.Working with the Russians has been a consistent theme.
We do not believe officially they are compliant with the Conventional Forces in Europe agreement,but are with the new START agreement.The Russians are very careful about their Command and Control.This is why we would like more transparency with China on a military-to-military basis.
I believe China is not seeking numeric parity with us or Russia.
With North Korea,we're looking to see if adjustments need to be made.Deterrence begins on the Peninsula from in-theater forces and extends all the way back to STRATCOM.Today we can make all the options available to the President of the United States.We are looking if we are on the right pathway for the future.I believe it's difficult to weigh their intentions.
It's about readiness for us.We participate with US Pacific Command exercises,demonstrating the credibility of our capabilities,and I believe that's important.We agree forcefully with the need to modernise and sustain the nuclear deterrent.
In some cases,conventional forces can produce a similar result.Strong conventional forces can contribute to deterrence,but nuclear deterrence continues to occupy a unique place.They are complementary.Increases in our conventional capabilities has made a difference,narrowing the role of our nuclear deterrence.
I believe our nuclear deterrent force is safe and secure and under the control of POTUS.It meets our needs today,but that will vary as the world situation changes.
All of this is sensitive to the budget decisions.There will be impacts across the board;we just can't predict what until we see the actual budget.The most troubling impact will be the impact on our civilian work force and readiness accounts.It is happening now;we will see the effects in coming months.
Today the civilians are senior leaders,integral to everything we do.They have expertise and experience we do not have in the uniformed force-highly technical.My concern begins with unintentional and intangible effects on our work force.People with college degrees are wondering if this is for them,General Kehler observed.
Any future arms reductions with Russia should be bilateral and verifiable,said General Robert Kehler,US Air Force,Commander,US Strategic Command at a Senate Armed Forces Committee hearing at the Capitol on Monday.We have been on a successful and deliberate path with them.It also provides transparency and engagement with Russia that is extremely valuable.
I would not go below the new Strategic Arms Reduction Treaty levels unilaterally.Working with the Russians has been a consistent theme.
We do not believe officially they are compliant with the Conventional Forces in Europe agreement,but are with the new START agreement.The Russians are very careful about their Command and Control.This is why we would like more transparency with China on a military-to-military basis.
I believe China is not seeking numeric parity with us or Russia.
With North Korea,we're looking to see if adjustments need to be made.Deterrence begins on the Peninsula from in-theater forces and extends all the way back to STRATCOM.Today we can make all the options available to the President of the United States.We are looking if we are on the right pathway for the future.I believe it's difficult to weigh their intentions.
It's about readiness for us.We participate with US Pacific Command exercises,demonstrating the credibility of our capabilities,and I believe that's important.We agree forcefully with the need to modernise and sustain the nuclear deterrent.
In some cases,conventional forces can produce a similar result.Strong conventional forces can contribute to deterrence,but nuclear deterrence continues to occupy a unique place.They are complementary.Increases in our conventional capabilities has made a difference,narrowing the role of our nuclear deterrence.
I believe our nuclear deterrent force is safe and secure and under the control of POTUS.It meets our needs today,but that will vary as the world situation changes.
All of this is sensitive to the budget decisions.There will be impacts across the board;we just can't predict what until we see the actual budget.The most troubling impact will be the impact on our civilian work force and readiness accounts.It is happening now;we will see the effects in coming months.
Today the civilians are senior leaders,integral to everything we do.They have expertise and experience we do not have in the uniformed force-highly technical.My concern begins with unintentional and intangible effects on our work force.People with college degrees are wondering if this is for them,General Kehler observed.
Wednesday, March 6, 2013
Cosmetics and the Luxury Retail Market
Spain,Italy and Greece are not in any healthy condition,according to William Lauder,Executive Chairman of cosmetics titan the Estee Lauder Companies.Central Europe is OK,not bad.Eastern Europe is better still.Germany,France and the Benelux are pretty solid.
Asia's our fastest growing market;China is the fastest in Asia.Chinese consumers are shopping both at home and abroad.There's still an awful lot of growth going on there.We're building for the long term.
The female consumer's behaviour is influenced by her employment;her spouse's employment;and the housing market.
Most of our competitors are European or Asian-based,such as LVMH and L'Oreal.According to the comparables,we are the world's leading prestige market for beauty.A customer will spend 35-50 dollars for our products,versus 500 for a handbag or 50,000 for a necklace.
In California,there is strong Australian buying within a 20 mile radius of LAX airport.It is the major gateway of the Australians to the US;20-30% of area retailers' business is from Australians,given the strong Australian dollar.
Estee Lauder(EL)
Asia's our fastest growing market;China is the fastest in Asia.Chinese consumers are shopping both at home and abroad.There's still an awful lot of growth going on there.We're building for the long term.
The female consumer's behaviour is influenced by her employment;her spouse's employment;and the housing market.
Most of our competitors are European or Asian-based,such as LVMH and L'Oreal.According to the comparables,we are the world's leading prestige market for beauty.A customer will spend 35-50 dollars for our products,versus 500 for a handbag or 50,000 for a necklace.
In California,there is strong Australian buying within a 20 mile radius of LAX airport.It is the major gateway of the Australians to the US;20-30% of area retailers' business is from Australians,given the strong Australian dollar.
Estee Lauder(EL)
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