The team at Bloomberg Economics published new estimates in which an extreme all-out trade war scenario would wipe almost $600 billion from the global gross domestic product in 2021 compared to a scenario in which there were no hostilities. Wall Street economists are also turning more pessimistic with Goldman Sachs Group Inc., Nomura Holdings Inc. and JPMorgan Chase and Co. among those rewriting their forecasts. Nomura sees a 65% chance that the U.S.
From Negative Rates The Ballot BoxPolitics is impacting economics worldwide. Indian Prime Minister Narendra Modi is heading towards re-election although will face deep-rooted economic challenges. Australia’s centre-right government pulled off a surprise election victory and immediately pledged to cut taxes to shore up a slowing economy. In the U.K. Prime Minister Theresa appears not to have long left in power with her economic legacy dominated by the fallout from Brexit.
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BUSINESS MAVERICK: The rand is going digital – and the Reserve Bank is open for suggestionsCentral bankers have always been protective of the currencies they keep. Stability is a top priority, which has made them rather cautious about solutions that threaten that position. Yet, lately, they’ve thrown that caution to the wind as more regulators actively start experimenting with the idea of cryptocurrencies and the underlying blockchain technology. Even the SA Reserve Bank is warming up to the idea of digital currency. And it has asked the industry to help it come up with the best ideas.
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BUSINESS MAVERICK: Corporate SA pushes into Poland’s land of promise and prosperityPoland is quite the flirt. It has attracted a number of JSE listed companies to its shores over the years. And as long as the SA economy remains dim and exchange controls are kept intact, industry players say that their home country will continue to push its companies into the arms of foreign suitors. And Poland does hold promise. It has increased its GDP per capita by almost 150% since 1989, more than any other European country.
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Business Maverick: Africa’s appetite for cryptocurrencies surgesThe price of bitcoin soared to an all-time high of $20,000 in December 2017 and collapsed to $3,400 a month later, prompting speculation that cryptocurrencies had imploded in the fizz of their own hype and unfulfilled promises. Since then, however, the price has held steady and even begun to tick back upwards. In South Africa, and on the continent, there have been several recent crypto developments, suggesting the market here is beginning to tingle with life. Learn about bitcoin in South Africa at
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BUSINESS MAVERICK: Index investing’s new passive-aggressive strategyIt sounds like a personality issue, but actually, it’s a new investment strategy. In fact, its integration of two existing investment strategies, turning the debate between passive and active on its head. The 'passive-aggressive' approach is about integrating 'factor' investing and a passive approach. Too complicated? Possibly, but the first of these ETF funds are about to become available to investors, so it's worth thinking about.
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Business Maverick: EU fines Barclays, Citi, JP Morgan, MUFG and RBS $1.2 bln for FX riggingBarclays, Citigroup, JP Morgan, MUFG and Royal Bank of Scotland were fined a combined 1.07 billion euros ($1.2 billion) by the European Union on Thursday for rigging the multi-trillion dollar foreign exchange market.
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Business Maverick: Friday, May 17: Five Things You Need to Know to Start Your DayThe Trump administration’s Huawei ban opens a new front with China. U.S. equities extended their rally for a third day, with Asia stocks poised to follow. Here are some of the things people in markets are talking about today.
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Business Maverick: Tesla Fires Sound Alarms About Electric-Car Battery SafetyElectric vehicles may be less prone to catch fire than gas guzzlers, but recent blazes involving Tesla Inc. and NIO Inc. cars in Greater China are prompting the industry to take steps to alleviate concerns from potential customers.
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Business Maverick: These Are the Worst-Case Scenarios for China in the Trade WarChina’s economic growth could tumble, debt surge and foreign companies flee in a deepening trade war, economists warn as a week of escalating tensions forces them to ponder worst-case scenarios.
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BUSINESS MAVERICK: Presidency gains insight into grain farming and the state of our roadsCommercial grain farmers and the South African Presidency have been talking on a range of issues and seem to be finding some common ground, according to the head of industry group Grain SA. Expropriation without compensation (EWC), like a hooded figure wielding a scythe, still looms in the background. But, says Jannie de Villiers, Grain SA’s CEO, in an interview, promising seeds have been planted. Presidency filled with 2000 useless ANC cadres . Revert back to senior government departments in Uniob Buildings and get rid of these oxygen tbieves. Save billions in state expenditure.
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Business Maverick: Friday May 17: Blunders – Vestact TVThis week: Durban hero scams KFC; Notre Dame to get rooftop swimming pool; Journalist's cell number given out as Facebook Support contact; and Omar Al-Bashir stars in advertisement for Toyota Landcruiser.
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Business Maverick: Sasol: What’s a billion between friends?Signs that costs were starting to overrun the budget began to emerge in January. In February, Sasol’s leadership took immediate and decisive action to correct the problem. However, news of the latest cost overrun saw the share price drop 13%. Management’s credibility is at stake. Can it recover?
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