Italy and its Budget: a contradiction in terms
As described here two weeks ago, Italy is pushing hard against tough budgetary restraints from the EU. The gap is €40 Billion. Italy’s Deputy PM is playing hardball and has reminded the EU just how much Italy owes to the rest of the EU with the clear implication being that Italy, if pushed, will suspend/default. This is why Italy is a European problem and not just an Italian one with their debts as follows in € Billions to:
France 285
Ireland 272
Germany 59
Belgium. 25
Spain. 21
UK. 18
Luxembourg 10
Portugal. 2
Total c € 700
US Tariffs and the global whiskey market
In addition to parmesan and gouda cheeses, it now appears that the tariffs when imposed will hit Scotch Whisky. The USA is the world’s largest export market for Scotch Whisky at GBP 1 Billion plus and the USA consumed 137 million of 70cl bottles last year-more than a third of a bottle for each and every American citizen! However to put this in perspective, Scotch Whisky accounts for only 12% of the USA’s whiskey consumption with home grown Rye and Bourbon in lead position with 48%! And that’s the thing about tariffs-they are a blunt instrument with all sorts of consequences: in this example Scotch Whisky is a luxury in the USA and for aficionados infinitely superior to domestic American whiskey.
Here is Don Mclean in 1971 with American Pie:
So bye, bye Miss American Pie
Drove my Chevy to the levee but the levee was dry
Them good ole boys were drinking whiskey ‘n’ Rye
Singin’ this’ll be the day that I die
This’ll be the day that I die
Don! You should have stuck to the Scotch!
A spat on the SGM-FX desk between Graham (self-confessed Kylie fan) and Euan who is challenging the assertion that Kylie is Australia’s best export other than Fosters Lager. For the record chaps, Kylie is worth AUD 100 Million and has been a feature of stage and screen since her debut in Neighbours in 1986. Kylie has won so many awards and recognition globally that we could not possibly list them here. Style icon Euan was rocking in his Iron Maiden tee shirt last weekend in the Weald of Kent while Kylie was wowing Glastonbury. One other thing and conscious that I need to be cautious in these ultra PC times, Kylie is we should not forget, both the pop princess but also the numero uno “go to” when it comes to Gay Icons. Not sure whether this is relevant boys, but do Calm Down!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
A different Euro-vision A late start to monetary tightening versus the rest of the world could deliver the some-what illusive stronger Euro to markets. A delay to hike rates in Europe has left the ECB playing catch up, with interest rates lagging noticeably behind their peers. Since its inception over 20 years ago, the Eurozone […]
European Central Bank Yesterday the ECB duly raised its interest rates by 25bps. President Lagarde maintained that the ECB was on a journey and had not yet arrived-some would, given that ECB inflation is not dropping and is stuck at 6.9%, interpret that analogy as being their firm intention to continue to raise rates given […]
US Government Default on June 1 without a hike in the Debt Ceiling Markets (so far) are remarkably sanguine about this appalling scenario for the US and therefore the global economy. President Biden and the Republican House Speaker have not discussed this issue since February-and the Speaker is currently in Jerusalem so unable to meet […]