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China's Arithmetic When It Comes to the Dollar “It will be helpful if Geithner can show us some arithmetic” -Yu Yongding From the lens of a global risk manager, this morning has to be one of the more fascinating that I have ever woken up to. At the same time as the US Government is setting themselves up to announce one of the largest bankruptcies in US corporate history, we have a squirrel hunting US Treasury Secretary telling the Chinese to “trust us” and America’s currency. That a boy! Providing leadership to the world’s increasingly interconnected economy is by no means an easy task, and maybe that’s why the world is voting against America holding the world’s reserve Currency Conch any longer. Timmy Geithner’s effectiveness with the Chinese translators overseas this morning is borderline laughable. There was a time when the Wizards of Wall Street’s Oz could fly overseas and make a comment like “we are committed to a strong dollar” and it would actually matter. Rather than getting on a plane and shaking hands with The Client (China) himself, President Obama opted to send the same guy that called the holder of $768B in US Debt “manipulators"... Nice! When it comes to financial market sophistication, other countries aren’t as gullible as they used to be. An internet connection and You Tube screen have effectively changed all that. On the heels of Timmy’s “reassuring” comments, the US Dollar is getting spanked again, trading down another -0.73% to lower-lows at $78.63. Rather than fading Geithner from my soapbox, now the world is – it’s sad. I understand that this is all doesn’t matter yet because someone on CNBC is hopped-up about where the US futures ramped into Friday’s close and look here on today’s open. That manic behavior really helps America’s reputation. At the end of the day, the US stock market could go up another 6% to 9% today, and it would still be amongst one of the worst performing stock markets in the world. The Dollar moving into crisis mode matters. First, all of the reflation trades pay themselves out in full. Second, all of the global political capital associated with the almighty Petro-Dollar gets redistributed. And Third, well… rather than analyzing this as the said Great Depression Part Deux… how about another Third Quarter of 2008 in US Equities? Nah, that’s crazy right? Like they say in the Canadian Junior Hockey Leagues, “crazy is as crazy does”! There are loads of unintended consequences associated with a US Dollar crashing – the only other sustainable break we’ve seen in the US Dollar Index below the $80 level since 1971 (when Nixon abandoned the gold standard), was that one that led us to that 2008 Third Quarter… After locking in another +5.3% month for May, the S&P500 is up a whopping +1.8% for the YTD. Unlike most global equity markets that are charging to higher-highs this morning, the S&P500 is still trading below its January 6th high of 934. On the heels of another strong, albeit not herculean PMI manufacturing report last night (it decelerated slightly month over month), China’s stock market charged to higher-highs, closing up another +3.4%. The Shanghai Composite Index is now +49.5% YTD, and we, as our British philosophy competitor likes to say remain “long of it.” From Hong Kong to Russia, stock markets are up +4 to +6% this morning. Why? Because, much like the only other time we saw the US Dollar break down to these levels, everything that China needs reflates. Oil prices and the promises of a potentially empowering Chinese handshake have the Russian Trading System Index (RTSI) up +83% for 2009 to-date. Now that and the price of oil trading up +19% in less than 2-weeks is getting someone paid - and it isn’t the American Consumer! As she trashes her currency, America will continue to lose political capital both domestically and abroad. After all, a -12% three-month swan dive in the US Dollar has hacked over $90 Billion of value from the Chinese position in US Treasuries. Creditors and citizenry hush yourselves! All the while, 17 out of 23 Chinese economists polled are calling holding those Treasuries a “great risk” this morning. I know, I know… an economist or a billion US Dollars ain't what it used to be… At some point, China’s interpretation of the arithmetic is going to really matter. -
(Courtesy of Citymayors.com) 1. London 2. New York 3. Tokyo 4. Chicago 5. Hong Kong ~ 10. Los Angeles ~ 20. Atlanta 27. Montreal Complete list (Top 50)
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[h=1]New Twin Towers Unveiled as World’s Jaw Hits Floor[/h]"AAAAAGH! YOU HAVE ERECTED A TERRIFYING MONUMENT TO THE NIGHTMARES OF 9/11!!!" was probably not the reaction that Seoul-based Yongsan Dream Hub corporation had in mind when they unveiled their plans today for an ambitious new construction project: Two high-rises connected by a "pixelated cloud" structure that, tragically, calls to mind the kinds of images you don't really want to call to mind when looking at a new set of twin towers. The design is by Dutch architectural firm MVRDV, who seemingly had no ill will when they envisioned the cloud as a kind of oasis in the sky, with "a large connecting atrium, a wellness centre, conference centre, fitness studio, various pools, restaurants and cafes." (Rendering here.) Actually, now that I've sat with it for a little while, a floating sauna inside a pixelated cloud sounds pretty relaxing — the kind of place Mario and Luigi might go to unwind after a hard day... -
(Courtesy of The Globe and Mail) First stop London, next stop global domination!
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Montréal est 20ieme dans la liste de 20 villes. Challengers to Silicon Valley include New York, L.A., Boston, Tel Aviv, and London. RICHARD FLORIDA @Richard_Florida http://www.citylab.com/tech/2015/07/the-worlds-leading-startup-cities/399623/?utm_source=SFFB sent via Tapatalk -
Read more: http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/iamgold-to-sell-niobec-mine-in-quebec-for-500-million/article20906794/ -
(Courtesy of )
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http://inside-digital.blog.lonelyplanet.com/2011/06/22/is-this-the-worlds-best-summer-city/ click the link to see the ranking -
Canada may be a hotspot for retail expansion, but lease costs in the country’s fanciest downtown shopping districts are still a relative bargain compared to other global centres. Toronto’s Bloor Street area was the priciest in Canada at $291.66 (U.S.) a square foot, according to Colliers International. Toronto is the only Canadian city to make the Top 50 in the report, coming in as the world’s 37th most expensive retail leasing market. The most expensive space in the world can be found on Fifth Avenue in New York, where lease costs are $2,150 a square foot – gaining 70 per cent over last year. The top five is rounded out by Hong Kong’s Russell Street ($1,510, up 25 per cent), Paris’s Avenue des Champs-Elysees ($1,310, unchanged), London’s Old Bond Street ($962, unchanged) and Zurich’s Bahnhofstrasse ($955, up 14.2 per cent). Ste-Catherine Street West in Montreal was the second most expensive Canadian location, at $204.15, a drop of 4.5 per cent. Saskatoon saw the biggest jump in Canadian lease rates, with Broadway Avenue gaining 25 per cent to $34.03. Other Canadian sites included: Calgary’s Uptown 17th Avenue at $53.47 (down 26 per cent), Downtown Edmonton at $43.75 (unchanged), Halifax’s Sprig Garden Road at $48.61 (unchanged), Ottawa’s Byward Market at $38.89 (down 20 per cent), Vancouver’s Robson Street at $194.44 (unchanged) and Victoria’s Government Street at $53.47 (unchanged). “After two successive years of lackluster growth, the world’s top retail streets once again regained their vitality, as reflected by a general rise in rents in many of the world’s premier shopping districts,” the report states. “As the lingering effects of the global downturn faded during the latter half of 2010, rising demand for the world’s most prime retail real estate was evident in many countries as many new retailers sought to establish a foothold in the world’s most prestigious avenues.” http://www.theglobeandmail.com/report-on-business/canadas-retail-space-still-a-deal-report/article2050037/
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(Courtesy of The Globe and Mail)
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KlingStubbins awarded key project in South Korea’s Songdo International Business District for world’s largest private real estate development KlingStubbins has been awarded design of the 3.4 million sq ft, mixed-use Gateway Business Center in master-planned Songdo International Business District, Incheon, South Korea. Sondgo IBD is a 1,500 acre project being developed by New York headquartered Gale International and Korea’s Posco E&C. The development brings together KlingStubbins along with renowned design firms such as Kohn Pedersen Fox Associates, HOK, Daniel Libeskind, and engineering firm Arup to create one of the world’s most environmentally-friendly cities. Gateway Business Center will form the figural entry to the new metropolis. Comprised of three blocks situated at the city’s southernmost point, along the edge of the 100-acre Central Park, the Center is formed by the multi-level Gateway Plaza. Five office towers sit atop a multi-story retail base and an underground parking facility. Each of the towers has a rooftop garden sheltered by 12-meter-high glass screen walls and a trellis of photovoltaic panels. The Gateway Business Center is targeting LEED® Silver or Certified rating, incorporating innovative technologies to reduce and conserve energy and material and create a healthy and sustainable environment. http://www.worldarchitecturenews.com/index.php?fuseaction=wanappln.projectview&upload_id=10553
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World's 10 most loved cities - CNNGO 8. Montreal, Canada Montreal is a frontrunner in at least one “World’s Most Livable Cities” list, was named “Canada’s Cultural Capital” by Monocle Magazine and has recently been granted UNESCO “City of Design” status. Stuffy acknowledgements aside, what makes Canada’s original “sin city” such a draw not just for style mavens, 18-year-olds without fake ID and New Englanders seeking a quick, cheap Europe-ish fix, but for 7.5 million annual tourists of all stripes is the city’s certifiably festive attitude -- the kind that assures visitors they’re going to have more fun, stay up later and cure hangovers with tastier 4 a.m. poutine and smoked meat sandwiches here than wherever they’ve come from. Summer draws the biggest crowds to Montreal with its lineup of legendary festivals and street fairs, including its International Jazz Festival (June 28-July 7) and Just for Laughs (July 12-29), featuring one of the world’s largest congregations of comics. The real test: even when it’s 800 below zero in February, people still really dig this city. La list: 10. Barcelona, Spain 9. Cape Town, South Africa 8. Montreal, Canada 7. New York City, United States 6. Paris, France 5. Petra, Jordan 4. San Francisco, United States 3. Santiago, Chile 2. Shanghai, China 1. Tokyo, Japan http://www.cnngo.com/explorations/life/10-most-loved-cities-068149?page=0,1
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(Courtesy of Bloomberg Media)
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Merci, Au Revoir,Montreal and Hello New York I had the chance to escape from New York (no not like the movie) and visit Montreal, Canada this long Memorial Day Weekend. Wow was I impressed. This was not my first trip to Montreal by a long shot, but it was my first trip as an adult. When I was in college, Montreal meant three things to me: Hockey, Concerts and Strip Clubs. And not always in that order. I failed to see the beauty and the thriving cultural scene through my beer goggles. The city is charming, as are the people, restaurants and scenery. If you want a little bit of Europe without actually going to Europe, Montreal may be just your ticket. Yes, Montreal is in Canada, and Canada is another country, not located in Michigan as one of my crestfallen fellow countrymen discovered on line at the airport when asked for her passport. Much to her chagrin, she discovered she would need a passport to travel to Canada, as Canada is a country, not a state or a city. So much for those improved New York State Regents requirements in geography. Anyway, back to the topic at hand. I had the opportunity to visit my friends in Montreal, and they, along with the city, were charming and delightful hosts. While I did not get a chance to take in the whole city, they gave me their perspective. It’s always good to visit a city where you know people, they can show you the off the beaten path gems and diamonds in the rough. If you are located in New York or its environs, East Coast, Montreal is about an hour flight and a world away. I can see why it made the list as one of the world’s cleanest cities. Walking around I was puzzled my first day there. I was thinking to myself “what’s wrong with this picture” and then it hit me - the place is so clean you could probably eat off the sidewalk. I mean not a gum wrapper, plastic bag or tossed away soda can anywhere in sight. It’s obvious that people respect their city and the city does a good job keeping things tidy. A small thing to notice, but when you live in New York, where littering is an art form, you notice these things. Don’t worry New York, you are my hometown and I still love you, and you have vastly improved since the days of my youth, I was just dancing with another girl this weekend and in terms of littering and cleanliness, she just danced better than you. Montreal has a lot to offer - if you are into the nightlife, they have a thriving club and bar scene. Food more your thing? Plenty of top notch restaurants. It’s a city of festivals, and a city of fun. Art and culture more your thing? Plenty of that with galleries and museums, and just the architecture and landscape of the city will leave you breathless. I managed to see a great exposition of Cuban art which I probably would not have had the chance to see since that sort of thing is embargoed in the United States (what, you thought I was not going to get political in this post, that it was all going to be travel tips and city reviews, think again, this is me). The city has a famous Formula One Grand Prix coming up in June, not to mention one of the world’s largest comedy festivals, Just for Laughs, and from what I hear, a kick ass fireworks competition. It also has a casino, located near the famous Biosphere from the 1967 World’s Fair (known as Expo 67). I managed to do what I always do whenever I walk into a casino - lose money. But it has great dining and the trip on Montreal’s Metro was an experience. Makes the average New York City subway ride look like a scene straight of “Nightmare on Elm Street”. Okay, as you might guess I have a come down with a bad case of culture envy, city envy, country envy, with a side order of IAS (Inferior American Syndrome). I get this a lot. I travel somewhere and see how things are and begin to feel like a savage. I tend to forget that in terms of culture, America is extremely young on the world’s stage, we are the bratty teenager compared to most of the world. If you have a brain and a conscience, it’s hard not to hang your head in shame these days. My country is prosecuting a war that is not popular abroad, and is currently lead by a man who is despised and looked upon as a clown by most of the world. Try as we do, we Americans are really culturally naive, and I really feel this when I travel. Let’s just say that after Starbucks, Sex and the City and McDonald’s, our cultural lexicon is extremely limited and we are kidding ourselves when we pump ourselves up with this feeling of superiority. Yes, for now, we are a super power, whatever that means. Our motto should not be “In God We Trust” but “The Sword is Mightier than the Pen”. Okay so this blog entry seems like and exercise in self-hatred and country shame. It is. But as my Canadian friend reminded me this weekend, “You Americans are too hard on yourselves.” That was a refreshing point of view. As I continually feel the necessity to apologize for being an American and living in a country who’s government has sponsored and supported war, misery, crime, and tyranny, I need to be reminded of this - that I, and we as a nation, are indeed too hard on ourselves. Like everywhere else, we have our good and we have our bad. Maybe I will never be a flag waving patriot, but I still love my country and want it to grow and thrive, and yes I want us to stand out in the world, not for what we can do to our enemies if they cross us, but what we can achieve once we set our minds to it. There are a lot of challenges that are currently facing us a nation, and indeed as a globe. The environmental crisis, poverty, hunger, tragedies on a global scale, and lack of faith and trust in established institutions have exploded to the surface and kick us in the balls on a daily basis. Now we can turn away, ignore these issues, grab a beer, watch a ball game, become obsessed with “American Idol” or overindulge in the multitude of distractions that are available to us. Or we can see this as an opportunity to take up these challenges and work with others around the globe to come up with creative solutions. The death toll in the Chinese earthquake alone was over 60,000 people. Cyclone Nargis in Myanmar (Burma) has claimed over 140,000 lives. Here in the United States, and estimated 37 milllion people live in poverty according to 2006 data from the US Census Bureau. Domestic violence, addiction, lack of health care coverage, a crippled education system - these are all bigger challenges our country has faced than anything the terrorists can do to us. Soon, we will have the opportunity to select a new President, who will supposedly guide us through this quagmire. But it’s not too early to think about what we can do on the micro level - that means the nation of one - you and I. Can one person change the world - yes believe it or not one person can - one at a time. Keep your eyes open, and you may just see an opportunity to do that. -
Selon un communiqué de presse du CTBUH: Je ne sais combien de mètres de plus ça donne au 1000 de la Gauchetière, il faudra envoyer quelqu'un mesurer
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(Courtesy of The Calgary Herald)
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The observatory of the John Hancock Centre in Chicago features a vertigo-inducing attraction: a tilting viewing platform that leans viewers out over a 94-storey drop. Look at the BBC video http://www.bbc.com/culture/story/20151123-is-this-the-worlds-most-terrifying-view
