Belgium

Tyler Durden's picture

Silver Bars Being Secured By HSBC – Buys $876 Million Worth From Poland





HSBC has quietly moved into acquiring large amounts of silver bullion. The bank has secured another deal to buy silver bars from KGHM which brings their total purchases of silver from KGHM alone in the last 12 months to $876 million or PLN 3.65 billion. KGHM is one of the largest producers of silver in the world and is the second-largest producer of refined silver in the world. They produce silver bars registered under the brand KGHM HG that are attested to by “Good Delivery” certificates issued by the London Bullion Market Association and the Dubai Multi Commodities Centre. Listed metals producer KGHM signed an estimated PLN 1.67 billion deal on 2013 sales of silver to HSBC, KGHM said in a market filing yesterday. The deal puts the total value of deals between KGHM and HSBC in the last 12 months to PLN 3.65 billion or $876 million, the filing read.  KGHM is one of the largest companies in Poland and one of the largest mining & metallurgy companies in the world.

 


Tyler Durden's picture

Guest Post: Despite Sanctions, Iran's Economy Limps Along





How effective have the sanctions been in moderating Iran’s behavior up to now? Current indications are not much, despite the damage inflicted on the country’s economy. On 9 January Iranian President Mahmoud Ahmadinejad said that Iran should establish more processing industries in the oil and gas sectors to reduce dependency on exports of crude oil and that the budget plan for the next Iranian year of 1392 (to start on 21 March) envisaged less dependence on crude oil revenues as the government intends to replace crude oil exports with oil derivatives to allow the nation’s economy to participate in the oil sector’s lucrative downstream industry.... A regime that has weathered more than three decades of tumult in its efforts to construct an Islamic society seems unlikely in an energy-starved world to ameliorate its behavior solely to please the dictates of Washington, Brussels, the UN and Canberra. And oh, on 14 September 2012 the United States exempted Belgium, Britain, the Czech Republic, France, Germany, Greece, Italy, the Netherlands, Poland, Spain, and Japan from complying with the sanctions for another 180 days, a list that was expanded on 8 December to include China, India, South Korea, Malaysia, Singapore, South Africa, Sri Lanka, Turkey, and Taiwan.

 


Tyler Durden's picture

Tax Fraud Investigation Opened Into French Minister Tasked With Battling Tax Fraud





It is one thing for Pineapple republics like Greece (because only the US has full faith and credit in the "Banana" adjective) to have their former Prime Minister's mom be uncovered with $700 millions in Swiss accounts, or its former finance minister get caught literally whiting out his relatives (and perhaps himself?) from a list exposing tax evaders and offshore bank holders, but when the rulers of that bastion of neo-socialism, where everyone is equal, are shown as having done the same, and ostensibly "laundering tax fraud" and hiding unpaid taxes in some bank vault deep under the Swiss alps, implicitly having been part of that group of much hated "rich people" that the same regime is doing all it can to expel to progressive places such as Russia and Belgium, one can't help but wonder, are some more equal than others?

 


Tyler Durden's picture

Daily US Opening News And Market Re-Cap: January 8





Equity markets recovered from a lower open following press reports overnight by eKathimerini that the country’s main banks are considering requesting additional funds for their recapitalization and edged higher throughout the session after sources at Hellenic Financial Stability Fund said that there no indications that Greek banks need more recap funds. In addition to that, Xinhua reported that chance of China RRR cut is increasing for January, citing industry insiders for RRR cut forecast. This follows on from the reports in ChinaDaily last week, which suggested that a small interest rate cut at the right time could substantially decrease financing costs and improve expectations for profitability, citing researchers from the China Development Bank, the State Information Center and the Shanghai Securities News who have worked together to forecast key economic indicators and policies in 2013. The risk sentiment was also supported by well subscribed debt auctions from the Netherlands, Austria, Greece and Belgium. As a result, peripheral bond yield spreads are tighter by around 5bps in 10s. Going forward, market participants will get to digest the latest NFIB, IBD/TIPP and Consumer Credit reports. The Fed is due to conduct Treasury op targeting Oct'18-Dec'19 (USD 3.00-3.75bln) and the US Treasury is also set to auction USD 32bln in 3y notes.

 


Tyler Durden's picture

CBO Estimates "Obama Tax Cut" To Add $4 Trillion To Deficit Over Next Decade





Two things:

First - it is no longer the "Bush (temporary) tax cut" - it is now the "Obama (permanent) tax cut", with a loophole for the 1%ers (whose big picture "impact" we showed previously)

Second - according to the just released scoring by the CBO, the total impact to the US budget deficit of said permanent tax cuts, will be a $4 trillion increase in the deficit over the next decade. In reality, due to the CBO's perpetual optimistic bias, this number will likely be orders of magnitude lower than what it ends up being.

Maybe the US can just increase the taxes on the uber wealthy some more, and pray that unlike Obelix, they have never heard of Belgium.

 


Tyler Durden's picture

Obama's Meet The Press Interview





More GOP-bashing, more scapegoating, more "we need to raise taxes to cover a few days of spending" (and pray America's rich have never heard of Belgium), more hope and optimism, in other words more of the same, yet nothing on the last minute executive order hiking Federal spending, nothing on the myth of what really constitutes the spending "cuts", or why it is all really all about preserving the lie of a fair and efficient market: as if more than 10% of the US population actually cares where the DJIA closed on Friday. The full Obama Meet the Press interview below.

 


Tyler Durden's picture

French Constitutional Court Strikes Down 75% Millionaire Tax, Finds It "Unfair"





In a crushing blow to socialism, wealth redistribution and purveyors of the "fairness doctrine" (as defined here first) everywhere, the French Constitutional Council ruled on Saturday that Hollande's brilliant idea to tax millionaires at a 75% tax rate - a move which has since seen numerous millionaires leave France and move to Belgium - is unconstitutional. Per Reuters, the Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 million) - a flagship measure of Hollande's election campaign - was unfair in the way it would be applied to different households. Which is ironic because just like in the US, so in France, the selective wealth redistribution campaign waged by the government against the "rich" (which have yet to be properly defined: those making over $250K? Over $400K? Over €1MM?) was based on the premise that it is only "fair" that the rich contribute more. Turns out fairness in the eye of the government beholder, was unfair. But the move begs the question: would the court have struck down the law had it been a merely 50% tax hike? And if the income cut off was, say, €500,000? The far bigger question is, and has been in this year of encroaching socialism, just what is the definition of "rich", what is the definition of "fair redistribution", and where do the two coincide. Finally, how soon until the US Supreme Court weighs in as well on any final Fiscal Cliff tax hike proposal which, like in France, will see the "rich" pay an abnormal share, and will that too be ruled unconstitutional?

 


Tyler Durden's picture

Postponed





“Postponed” is the official stamp across the world. This is the operative word of governmental policy. Whether Europe or America, whether capitalist or socialist government; this is the credo, the banner, the flag waving in the wind for dealing with economic problems. Throw more money at it and barrels of it, have the central banks print and defer any pain much less any tough decisions. We live in a state of postponement, defer and delay which cancels the consequences of the moment but places more severe consequences, greater pain and tougher choices but moments out into our future. Make no mistake; the world has become a more dangerous place either haunted by the specter of rampant inflation or haunted by valuations of debt and currencies that could turn the financial markets into a swirl of dislocation where a plunge into a freezing sea of disarray awaits as capital goes to gold, senior debt regardless of yields and nations deemed to be safe havens.

 


testosteronepit's picture

“Trench Warfare” And “Civil War” Over Confiscatory Taxes In France





It’s getting hot: “unprecedented waves” of people are bailing out — not just the super-wealthy

 


AVFMS's picture

21 Dec 2012 – “ Blue Christmas ” (The Dread Zeppelin, 2002)





Trailing the US, as not much else to do. EGBs firming up, but mostly because they‘re supposed to do so, as Equities end a little softer, because they have to, as well. Credit likewise. So no Risk highs under the Xmas three… All because of the US. Blue.

"Blue Christmas" (Bunds 1,38% -4; Spain 5,23% +1; Stoxx 2644 -0,6%; EUR 1,318 -40)

 


AVFMS's picture

20 Dec 2012 – “ Merry Christmas (I Don't Want To Fight Tonight) ” (The Ramones, 1989)





EGBs and Equities rather a side-story today, as mainly static. EUR, too. Spain ticking in. Italian 2s on new lows (with the old reference nearing 1.5%). Good US GDP, bad Gold Dump Party (GDP, too). Worse Silver sell-out. Metal weakness? Maybe the Mayans are getting rid of their stocks before tomorrow? Another shy EStoxx high and Risk low. Don’t fight (the trend)…

"Merry Christmas (I Don't Want To Fight Tonight)" (Bunds 1,42% unch; Spain 5,22% -3; Stoxx 2661 +0,1%; EUR 1,322 -40)

 


AVFMS's picture

19 Dec 2012 – “ Oh Come All Ye Faithful ” (Twisted Sister, 2006)





Would be easy to call this boring, given the state of the market and volumes, but undercover Risk On definitively there. Greek 10s over the moon and far away (up 500 ticks)… Strong EUR. Seems a little easy, but who wants to fight? It’s Yule Time – at least until Friday, then we’ll see what the Mayans really meant.

"Oh Come All Ye Faithful" (Bunds 1,42% +0; Spain 5,25% -4; Stoxx 2658 +0,4%; EUR 1,326 +40)

 


AVFMS's picture

18 Dec 2012 – “ I Saw Mommy Kissing Santa Claus ” (John Mellencamp, 1987)





Another boring session, worsened by year end inactivity… Good close. Fiscal Cliff haggling on-going with a positive spin this time and Risk riding high.Spain catching up and paring yesterday’s soft patch, as is Italy. ESToxx at the highest since Aug 2011. Credit very squeezed. EUR strong. Merry Mood!

"I Saw Mommy Kissing Santa Claus " (Bunds 1,42% +5; Spain 5,29% -12; Stoxx 2647 +0,7%; EUR 1,322 +50)

 


AVFMS's picture

17 Dec 2012 – “Jingle Bell Rock ” (Billy Idol, 2006)





Utterly boring Monday session, worsened by year-end inactivity… Won’t get any better going forward, probably. Fiscal Cliff a cliff-hanger (I know, cheap)… Spain on the heavier side with contingent funding holes still popping up here and there.

"Jingle Bell Rock" (Bunds 1,37% +2; Spain 5,41% +4; Stoxx 2628 unch; EUR 1,317 +30)

 


Tyler Durden's picture

Depardieu 'Shrugged'





Last week the big story in French headlines has been the tax exile of Gerard Depardieu in Nechin, Belgium, half a mile from the French border. French PM Jean-Marc Ayrault called the French movie star’s behavior “minable” (pathetic). A socialist MP, Yann Galut, even suggested that M. Depardieu loses his French nationality. In an open letter in the Journal Du Dimanche on December 16, Depardieu, who famously starred as Obélix, the big Gallic fellow of Astérix, carrying menhirs on his back – and sometimes throwing them at the Romans, replies. With a taste of Ayn Rand’s famous character John Galt. Gerard shrugged.

 


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