News that the Mexican market is now open to the UK’s pork industry is more symbolic than significant. Doing this trade deal may bolster the UK’s credentials for joining the trade pact CPTPP or to give it its full name, the Comprehensive and Progressive Agreement for Trans Pacific Partnership. In case you are wondering, the UK/Mexican pork market is estimated to be worth GBP 50 million over the first 5 years(!) so hardly earth shattering commercially. GBP/MEX at 27.49 unmoved by the prospective jump in demand for bacon sandwiches down Mexico way.
For tax reasons rather than for its vibrant tech scene, WhatsApp is headquartered in Dublin. WhatsApp which is owned by Facebook has woken up to the downside of the Emerald Isle: the Irish Data Protection Commission has levied a fine of EUR 225 million following an investigation that started in 2018 as to whether WhatsApp has handled users’ data in a sufficiently transparent manner. While it may sound technical it boils down to the old chestnut of having policies and procedures up to date which is all important when it comes to GDPR. WhatsApp did not. With a share price of USD382, Facebook is worth just over USD 1 trillion, so while this fine is the second largest levied in the EU for data protection breaches ( Amazon in gold medal position) it falls into the category of an annoyance rather than presenting much of a problem.
Can shortages at Coca-Cola and logistics issues at Diageo, the spirits maker, both due to supply chain shortages means that in conjunction with a shortage of HGV drivers, UK fans of Vodka and Coke for example may have to switch to other alcoholic combinations: Malibu and pineapple anybody?
Further evidence of China exerting its powerful grip on things deemed to be in violation of core socialist values: this time China has ordered broadcasters to shun artists with “incorrect political positions” and “effeminate” styles. The Communist party can censor anything in this context that they deem unacceptable and likely to damage adolescents’ values; for good measure the authorities have also called for the cultivation of a patriotic atmosphere. This is the latest widening of a crackdown on the entertainment industry which also includes a drive against high earnings, tax evasion and other illegal or immoral behaviour. USD/CNY at 6.4570 rather more on a weaker USD than these measures.
Synthpop duo Soft Cell came to prominence in the early 80’s and had no less than 12 Top 40 hits. This one was originally released in 1965 by Gloria Jones who keen readers will recall was the girlfriend of Marc Bolan when their Mini hit a tree on Putney Common in the early hours which was when the T.Rex star did not walk away. Tainted Love went to Number 1 in the UK and sold over 1 million copies. Here it is:
Sometimes I feel I’ve got to
Run away I’ve got to
Get away from the pain that you drive into the heart of me
The love we share
Seems to go nowhere
And I’ve lost my light
For I toss and turn I can’t sleep at night
Once I ran to you (I ran)
Now I’ll run from you
This tainted love you’ve given
I give you all a boy could give you
Take my tears and that’s not nearly all
Oh tainted love
Tainted love
Now I know I’ve got to
Run away I’ve got to
Get away
You don’t really want it any more from me
To make things right
You need someone to hold you tight
And you’ll think love is to pray
But I’m sorry I don’t pray that way
Once I ran to you (I ran)
Now I’ll run from you
This tainted love you’ve given
I give you all a boy could give you
Take my tears and that’s not nearly all
Oh tainted love
Tainted love
Don’t touch me please
I cannot stand the way you tease
I love you though you hurt me so
Now I’m going to pack my things and go
Tainted love, tainted love
Tainted love, tainted love
Touch me baby, tainted love
Touch me baby, tainted love
Have a Great Weekend!
Discussion and Analysis by Humphrey Percy, Chairman and Founder
Bank of England As expected the BoE cut interest rates by 25bps yesterday. So far so good but then the BoE departed from the script. Flat economic growth up until the end of 2024 was less of a surprise but then a new forecast for inflation +3.7% and 2025 economic growth slashed from 1.5% to […]
Not another headline Markets have either grown complacent or are reading beyond Trump’s headline statements. Over the past week markets have been presented with the challenge of fresh tariffs on China with retaliatory tariffs on the US also due to come into force in just under a week. In addition to that they have the […]
German Election With just 18 days to go to the German election, tensions are building. The centre right CDU whose leader Friedrich Merz is likely to be the next Chancellor is under fire for proposing a tougher immigration policy. That says his critics is similar to the far right AFD and verboten given the antipathy […]