Further evidence of Central Bank speak mangling the English language: this time it is the Slovak and Finnish members who, while less strict on syntax are somewhat more rigorous in their fiscal approach than their more southerly colleagues now admonishing Italy which earlier in the week had the temerity to suggest that the ECB should act to prevent Italy from having to pay a 200 BP premium over and above where Germany can borrow. Automaticity should not be assumed ie Italy should not bank on it being eligible for the ECB buying Italy’s bonds to prevent spreads widening(further). Enough said. GBP/EUR 1.1640
A worldwide shortage of shipping has meant that owners of even ageing rust buckets are cleaning up with lucrative charter rates: an example of this is a mid sized Cyprus registered ship capable of carrying 4,200 20 foot steel containers. Bought as a 10 year old ship by Greek company Euroseas in 2019 for USD 10m, last year the Synergy Oakland was chartered out and brought in USD 21 million in just over 3 months. Last month the Synergy Oakland went out on a 4 year charter for USD 61 million. Ouzos all round.
As we have previously written, SGM-FX specialises in foreign exchange rather than investments in general and alternative investments in particular. If you have received an email invitation to invest your hard earned cash in something called Whisky Scotland which offers what they describe as “solid” returns of 20% per annum, low risk, security and multiple exits, it may sound too good to be true. That’s because it is too good to be true. If you are a believer and in case you missed it, there was a report last weekend in one of the Sunday papers describing a fast talking 25 year old English salesman who is currently helping the police with their enquiries about a) where the money is and b) where the whisky is. So successful has he been that there is USD 112 million that has gone missing that he has raised from well heeled American Scotch whisky enthusiasts never mind investors closer to home. Evenin’ all.
EUR/USD 1.0510.
This number from Olivia Newton-John beat off stiff competition to be named by Billboard 100 as the sexiest song of all time in 2012. That competition included Rod Stewart’s Tonight’s the Night, Marvin Gaye’s Let’s Get it On and Donna Summers’ Hot Stuff. Phew-all of them scorchers. Here is ONJ raising the temperature:
I’m saying all the things that I know you’ll like
Making good conversation
I gotta handle you just right
You know what I mean
I took you to an intimate restaurant
Then to a suggestive movie
There’s nothing left to talk about
Unless it’s horizontally
Let’s get physical, physical
I want to get physical
Let’s get into physical
Let me hear your body talk, your body talk
Let me hear your body talk
Let’s get physical, physical
I want to get physical
Let’s get into physical
Let me hear your body talk, your body talk
Let me hear your body talk
I’ve been patient, I’ve been good
Tried to keep my hands on the table
It’s gettin’ hard this holdin’ back
If you know what I mean
I’m sure you’ll understand my point of view
We know each other mentally
You gotta know that you’re bringin’ out
The animal in me
Have a Great Weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
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