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Stephen Grootes spoke to Duncan McLeod, Founder and Editor at Techcentral about the proposed policy direction for satellite operators in South Africa, which aims to establish a new licensing framework and potentially allow companies like Elon Musk's Starlink to operate in the country through an equity equivalent regulatory change. In other interviews, we hear about sustainable luxury art with Roberta Coci, one of the co-founders of RMB latitudes, who chats about the event's mission to create a more inclusive and accessible African art ecosystem. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.
1990 年代初,中国大陆地区还没有艺术品市场,没有拍卖制度,更没有人相信艺术可以变成交易的「标的物」。但就在 1993 年,一个叫「嘉德」的机构成立了,中国第一次以市场化的方式拍卖了张大千、齐白石的作品,也第一次让「艺术」这件事,走进了财富流通的轨道。 这期节目,我们就来到了泰康美术馆的展览现场,和中国嘉德创始人、泰康保险集团董事长陈东升面对面。他会带我们回到 30 年前故事的起点:第一场拍卖如何一槌定音?允许文物流通的政策是怎么和文物局「谈下来」的?港台买家如何意外地成为这个市场的第一个支点? 这次对话的契机正是来自于泰康美术馆( TAM )当前展览「未完成的时间:中国当代艺术 1980s × 1990s 」,展览呈现了 20 世纪 80 年代和 90 年代中国当代艺术的创作面貌,致敬艺术变革的创造者,同时通过艺术作品致敬改革开放以来各行各业勇于变革的创造者。 欢迎大家走进泰康美术馆,去观看这个展览,也欢迎你在这期节目里,听完那记穿透历史的「落槌声」。 *本期节目由泰康美术馆(TAM)与声动活泼联合呈现。 本期人物 丁教 Diane,声动活泼联合创始人 陈东升,中国嘉德创始人,泰康保险集团创始人、董事长兼CEO,泰康美术馆理事长 主要话题 [02:30] 回到 1992 年:创办嘉德的真正动机 [08:04]「下海」是出于信仰驱动,而不是商业决策 [16:33] 第一场拍卖如何「一槌定音」 [24:37] 天安门宫灯、《毛主席去安源》,当新中国美术登上拍卖 [31:22] 市场经济如何促进文物回流 [40:44] 当代艺术从「群魔乱舞」到「理性建构」:泰康美术馆的创办之路 [43:14] 如何培养对艺术的欣赏:先去喜欢,再慢慢看懂 [51:16] 给年轻人职业选择的建议 延伸阅读 展览信息: - 未完成的时间:中国当代艺术 1980s × 1990s - 时间:2025.3.30-2025.6.15 - 地点:泰康美术馆(TAM)北京 CBD 中心区泰康集团大厦 1 - 2 层 即日起至 6 月 15 日,欢迎听众朋友们来参观展览,让艺术作品带你重返上世纪 80 至 90 年代。 点此预约参观 (https://mp.weixin.qq.com/s/uLjYR0p_Mj6zA3YgZg5Oow) Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/OLudgGis.PNG Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/TbDwiPqr.PNG 「未完成的时间:中国当代艺术 1980s × 1990s 」展览现场 Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/wH-Ocgd5.png 嘉德首场拍卖会 Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/wQd65E7B.png 1994 年秋,陈东升、王雁南访问美国苏富比拍卖行,与龚继遂(左一)、浦文(左二)、DeDe Brooks(中)、William F.Ruprecht(右二)、Suzanne Mitchell(右一)在一起。 Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/vfdB51N-.png 齐白石《蕉屋》(局部) 设色纸本 180.5 x 48cm 成交价:RMB 2,970,000 中国嘉德 1944 秋季拍卖会 Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/1GRAIOiN.png 齐白石《松窗闲话》 设色纸本 成交价:RMB 1,980,000 中国嘉德 1944 秋季拍卖会 关于音频中的口误勘误: 梵高《向日葵》拍卖价为 2000+ 万美金 齐白石《蕉屋》《松窗闲话》拍卖价节目中有口误,图注中已勘误 泰康美术馆(TAM)介绍: TAM 泰康美术馆是一家位于北京 CBD 核心区、致力于中国当代艺术发展研究与收藏的非营利民营美术馆,由泰康保险集团发起创立。泰康美术馆( Taikang Art Museum )的缩写 TAM 发音为 tā men ,指代的是艺术的创造者和欣赏者,这呼应了美术馆的品牌概念「一家为『 TA 们』打造的美术馆」,即一个开放的、利他的、属于公众的艺术平台,服务于每一个人对艺术的理解与追寻。欢迎在微信公众号和小红书,搜索「泰康美术馆」,看点儿当代艺术。 Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/02jOWuPM.png 往期节目 #332 百老汇原版音乐剧《狮子王》的中国往事 (https://etw.fm/2140) #317 体验流动的感受,寻找流动的创作,回应流动的时代 (https://etw.fm/2123) #252 和艺术家丁乙,聊在快速变动世界中坚持的变与不变 (https://etw.fm/2048) 加入我们 声动活泼目前开放全职设计师、商业发展经理、商业内容策划、内容实习生、社群运营实习生 5 个职位,详情点击招聘入口,[加入声动活泼(在招职位速览)](加入声动活泼(在招职位速览),点击相应链接即可查看岗位详情及投递指南。 Untitled https://media24.fireside.fm/file/fireside-uploads-2024/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/mTWH9r3w.png 加入「2025 声动胡同会员计划」,成为好内容的支持者! 「声动胡同会员计划」是听众们付费支持声动活泼持续制作好内容、做更多创作尝试的计划。 如果你在节目中有所启发,或是认可我们正在做的事情,我们想邀请你来付费支持我们! (https://sourl.cn/hSdzkY)期待你成为好内容的支持者。 幕后制作 监制:可宣 后期:赛德 实习生:怡华 运营:George 设计:饭团 商务合作 声动活泼商务合作咨询 (https://sourl.cn/6vdmQT) 关于声动活泼 「用声音碰撞世界」,声动活泼致力于为人们提供源源不断的思考养料。 我们还有这些播客:不止金钱(2024 全新发布) (https://www.xiaoyuzhoufm.com/podcast/65a625966d045a7f5e0b5640)、跳进兔子洞第三季(2024 全新发布) (https://www.xiaoyuzhoufm.com/podcast/666c0ad1c26e396a36c6ee2a)、声东击西 (https://etw.fm/episodes)、声动早咖啡 (https://sheng-espresso.fireside.fm/)、What's Next|科技早知道 (https://guiguzaozhidao.fireside.fm/episodes)、反潮流俱乐部 (https://fanchaoliuclub.fireside.fm/)、泡腾 VC (https://popvc.fireside.fm/)、商业WHY酱 (https://msbussinesswhy.fireside.fm/) 欢迎在即刻 (https://okjk.co/Qd43ia)、微博等社交媒体上与我们互动,搜索 声动活泼 即可找到我们。 也欢迎你写邮件和我们联系,邮箱地址是:ting@sheng.fm 获取更多和声动活泼有关的讯息,你也可以扫码添加声小音,在节目之外和我们保持联系! 声小音 https://files.fireside.fm/file/fireside-uploads/images/8/8dd8a56f-9636-415a-8c00-f9ca6778e511/hdvzQQ2r.png Special Guest: 陈东升.
Bongani Bingwa speaks to Crystal Orderson, award-winning journalist and RMB correspondent, as Season 4 of RMB Africa Focus returns to 702. The series offers fresh insights into Africa’s economic resilience and highlights why the continent remains vital to global investment strategies. Every Thursday on Breakfast, Crystal explores the forces driving Africa’s growth from innovation and infrastructure to policy and private sector development revealing the opportunities that lie ahead when Africa is seen through RMB’s lens of possibility. 702 Breakfast with Bongani Bingwa is broadcast on 702, a Johannesburg based talk radio station. Bongani makes sense of the news, interviews the key newsmakers of the day, and holds those in power to account on your behalf. The team bring you all you need to know to start your day Thank you for listening to a podcast from 702 Breakfast with Bongani Bingwa Listen live on Primedia+ weekdays from 06:00 and 09:00 (SA Time) to Breakfast with Bongani Bingwa broadcast on 702: https://buff.ly/gk3y0Kj For more from the show go to https://buff.ly/36edSLV or find all the catch-up podcasts here https://buff.ly/zEcM35T Subscribe to the 702 Daily and Weekly Newsletters https://buff.ly/v5mfetc Follow us on social media: 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/Radio702 702 on YouTube: https://www.youtube.com/@radio702 See omnystudio.com/listener for privacy information.
Lester Kiewit speaks to Crystal Orderson and gets fresh insights into Africa’s economic resilience and why the continent remains central to global investment conversations. Good Morning Cape Town with Lester Kiewit is a podcast of the CapeTalk breakfast show. This programme is your authentic Cape Town wake-up call. Good Morning Cape Town with Lester Kiewit is informative, enlightening and accessible. The team’s ability to spot & share relevant and unusual stories make the programme inclusive and thought-provoking. Don’t miss the popular World View feature at 7:45am daily. Listen out for #LesterInYourLounge which is an outside broadcast – from the home of a listener in a different part of Cape Town - on the first Wednesday of every month. This show introduces you to interesting Capetonians as well as their favourite communities, habits, local personalities and neighbourhood news. Thank you for listening to a podcast from Good Morning Cape Town with Lester Kiewit. Listen live on Primedia+ weekdays between 06:00 and 09:00 (SA Time) to Good Morning CapeTalk with Lester Kiewit broadcast on CapeTalk https://buff.ly/NnFM3Nk For more from the show go to https://buff.ly/xGkqLbT or find all the catch-up podcasts here https://buff.ly/f9Eeb7i Subscribe to the CapeTalk Daily and Weekly Newsletters https://buff.ly/sbvVZD5 Follow us on social media CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/CapeTalk CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.
RMB Africa focus: Africa’s economic resilience & the global investment landscapeCrystal Oderson, Journalist covering African issues and Stephen Grootes look at top business news around the continent.Tags: Stephen Grootes, The Money Show, Africa Business, Crystal Oderson, RMB, 702, Radio 702, Cape Talk The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape. Thank you for listening to a podcast from The Money Show Listen live Primedia+ weekdays from 18:00 and 20:00 (SA Time) to The Money Show with Stephen Grootes broadcast on 702 https://buff.ly/gk3y0Kj and CapeTalk https://buff.ly/NnFM3Nk For more from the show, go to https://buff.ly/7QpH0jY or find all the catch-up podcasts here https://buff.ly/PlhvUVe Subscribe to The Money Show Daily Newsletter and the Weekly Business Wrap here https://buff.ly/v5mfetc The Money Show is brought to you by Absa Follow us on social media 702 on Facebook: https://www.facebook.com/TalkRadio702 702 on TikTok: https://www.tiktok.com/@talkradio702 702 on Instagram: https://www.instagram.com/talkradio702/ 702 on X: https://x.com/CapeTalk 702 on YouTube: https://www.youtube.com/@radio702 CapeTalk on Facebook: https://www.facebook.com/CapeTalk CapeTalk on TikTok: https://www.tiktok.com/@capetalk CapeTalk on Instagram: https://www.instagram.com/ CapeTalk on X: https://x.com/Radio702 CapeTalk on YouTube: https://www.youtube.com/@CapeTalk567 See omnystudio.com/listener for privacy information.
Motheo Khoaripe speaks to Zinhle Tyikwe, CEO of the Consumer Goods Council of SA, about the costs incurred by retailers due to the last-minute cancellation of the planned 0.5% VAT hike. In other interviews, Motheo Khoaripe discusses the US-China trade war's impact on oil prices and the global economy with Manqoba Madinane, Strategist: Fixed Income, FX & Commodities at RMB, and Paul Gooden, Portfolio Manager at Ninety-One. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.Thank you for listening to The Money Show podcast.Listen live - The Money Show with Stephen Grootes is broadcast weekdays between 18:00 and 20:00 (SA Time) on 702 and CapeTalk. There’s more from the show at www.themoneyshow.co.za Subscribe to the Money Show daily and weekly newslettersThe Money Show is brought to you by Absa. Follow us on:702 on Facebook: www.facebook.com/TalkRadio702 702 on TikTok: www.tiktok.com/@talkradio702702 on Instagram: www.instagram.com/talkradio702702 on X: www.x.com/Radio702702 on YouTube: www.youtube.com/@radio702CapeTalk on Facebook: www.facebook.com/CapeTalk CapeTalk on TikTok: www.tiktok.com/@capetalk CapeTalk on Instagram: www.instagram.com/capetalkzaCapeTalk on YouTube: www.youtube.com/@CapeTalk567CapeTalk on X: www.x.com/CapeTalkSee omnystudio.com/listener for privacy information.
Motheo Khoaripe discusses the US-China trade war's impact on oil prices and the global economy with Manqoba Madinane, Strategist: Fixed Income, FX & Commodities at RMB, and Paul Gooden, Portfolio Manager at Ninety The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.Thank you for listening to The Money Show podcast.Listen live - The Money Show with Stephen Grootes is broadcast weekdays between 18:00 and 20:00 (SA Time) on 702 and CapeTalk.There’s more from the show at www.themoneyshow.co.zaSubscribe to the Money Show daily and weekly newslettersThe Money Show is brought to you by Absa.Follow us on:702 on Facebook: www.facebook.com/TalkRadio702702 on TikTok: www.tiktok.com/@talkradio702702 on Instagram: www.instagram.com/talkradio702702 on X: www.x.com/Radio702702 on YouTube: www.youtube.com/@radio702CapeTalk on Facebook: www.facebook.com/CapeTalkCapeTalk on TikTok: www.tiktok.com/@capetalkCapeTalk on Instagram: www.instagram.com/capetalkzaCapeTalk on YouTube: www.youtube.com/@CapeTalk567CapeTalk on X: www.x.com/CapeTalk See omnystudio.com/listener for privacy information.
What happens when a daughter refuses to accept silence in the face of injustice? In this episode, Robert Osbourne and Face2Face host David Peck dive deep into Malcom Is Missing—a gripping, emotionally charged true story of disappearance, corruption, and one woman's relentless quest for answers. Journalist and author Robert Osborne joins us to unpack the book's intimate tone and international scope, from the vibrant chaos of Puerto Vallarta to the murky depths of a broken justice system. This is a story about love, loss, and the power of not letting go.Grab your headphones—this one's as much about the heart as it is about the mystery.Buy it from RMB books.Malcom Is Missing is a gripping true-crime story that unearths layers of mystery, corruption, and a daughter's relentless pursuit of justice. Robert Osborne crafts a deeply compelling narrative, weaving together the heart-wrenching disappearance of Malcom Madsen with the complex realities of the Mexican justice system. This isn't just a story about crime—it's about human resilience, the power of love, and one woman's determination to uncover the truth, no matter the cost. Through meticulous research and riveting storytelling, Osborne takes us from the vibrant streets of Puerto Vallarta to the dark corridors of power, asking us to consider the lengths we would go to for the people we love.What sets this book apart is its raw emotional depth. Brooke Mullins, Malcom's daughter, isn't just a bystander—she becomes a relentless investigator, a voice for the unheard, and an unshakable force in the face of adversity. This is true crime at its finest: not just a chilling mystery but a deeply human story about justice, loss, and the pursuit of truth. It's the kind of book that stays with you, challenging you to look beyond the headlines and into the very heart of what it means to seek justice in a world that often resists it.Perfect for fans of true crime with heart, and a must-read for anyone who believes ordinary people can do extraordinary things.Robert Osborne is the Senior Producer of Dam Builder Productions. He brings to the table more than 30 years of working in long format television. For much of that time he was an investigative journalist working for CTV, CBC and Global Television.Robert has won more than half a dozen RTNDA Awards, a CAJ Award and an Award of Merit from the Governor General. He has been nominated several times for Gemini awards and been part of a team that won two. In 2012 he was nominated for a CSA Award for Unlocking Alex. In 2018 he won a CSA for best writing in a documentary.Image Copyright: Dambuilder Productions.F2F Music & Image Copyright: David Peck & Face2Face. Used with permission.For more information about David Peck's podcasting, writing and public speaking please visit his site here.With thanks to Josh Snethlage and Mixed Media Sound. Hosted on Acast. See acast.com/privacy for more information.
Nokukhanya Mntambo chats to Lindi Meyer, about the LIV2Run team, a group of talented young runners from disadvantaged backgrounds who are proving that running can change lives. Backed by RMB and the FirstRand Foundation, these athletes are set to take on one of South Africa's toughest trail races, the RMB Ultra-Trail Drakensberg.See omnystudio.com/listener for privacy information.
#3em1Agro, confira os destaques desta terça-feira (15/04/25):➡️ Casa Branca diz Trump está aberto para acordo com a China; entenda!➡️ China avança em transação digital do RMB para diminuir dependência do dólar. ➡️ Margem do produtor de soja em 25/26 deve cair quase R$ 1.000/hectare.
This evening, we dive into market movements with Rand Swiss, speak to energy analyst Chris Yelland about traded electricity markets that could be in SA's very near future, RMB gives insight into municipal funding models as the government looks to revise them, Sanlam Investments helps us make long-term investing decisions in a time of volatility, and we look at funeral cover with Metropolitan. SAfm Market Update - Podcasts and live stream
In a move shaking the very foundations of global finance, the People's Bank of China has launched its full-scale digital RMB cross-border settlement system, now seamlessly connected to the ten ASEAN nations and six Middle Eastern countries. This stunning development enables nearly 38% of the world's trade volume to bypass the U.S.-controlled SWIFT network.Guest: Sergey Nazarov, Cofounder of ChainlinkChainlink website ➜ https://bit.ly/34JG5x500:00 Intro00:28 White House recap01:22 Stablecoins vs CBDCs03:11 ISO 20022 deadline04:03 SWIFT06:20 Dollar dominance09:30 RWAs and tech adoption15:06 White House feedback18:40 Can D.O.G.E. work without blockchain?20:30 Chainlink 2025 Roadmap26:20 Outro#tariffs #bitcoin #Crypto~U.S. Dollar Dominance Tech Race
Stephen Grootes speaks to Manqoba Madinane, RMB currency strategist, and Tshidi Madia, Associate Politics Editor at EWN, about the economic implications of the Government of National Unity's (GNU) struggles for ordinary South Africans' finances. The Money Show is a podcast hosted by well-known journalist and radio presenter, Stephen Grootes. He explores the latest economic trends, business developments, investment opportunities, and personal finance strategies. Each episode features engaging conversations with top newsmakers, industry experts, financial advisors, entrepreneurs, and politicians, offering you thought-provoking insights to navigate the ever-changing financial landscape.Thank you for listening to The Money Show podcast.Listen live - The Money Show with Stephen Grootes is broadcast weekdays between 18:00 and 20:00 (SA Time) on 702 and CapeTalk. There’s more from the show at www.themoneyshow.co.za Subscribe to the Money Show daily and weekly newslettersThe Money Show is brought to you by Absa. Follow us on:702 on Facebook: www.facebook.com/TalkRadio702 702 on TikTok: www.tiktok.com/@talkradio702702 on Instagram: www.instagram.com/talkradio702702 on X: www.x.com/Radio702702 on YouTube: www.youtube.com/@radio702CapeTalk on Facebook: www.facebook.com/CapeTalk CapeTalk on TikTok: www.tiktok.com/@capetalk CapeTalk on Instagram: www.instagram.com/capetalkzaCapeTalk on YouTube: www.youtube.com/@CapeTalk567CapeTalk on X: www.x.com/CapeTalkSee omnystudio.com/listener for privacy information.
Matete Thulare from RMB unpacks the rand's unexpected stability, Harris Gorre of Grovepoint dives into the shifting US private credit market amid rate drops, and Marc Ashton from Decusatio reveals surprising small private investor stakes in 'exciting' JSE small caps.
Frank Wolf is a Canadian adventurer, writer, filmmaker, and environmentalist. He is known for books, feature magazine articles, online columns, and films that document wilderness expeditions around the world, with a focus on the Canadian North. His expeditions include being the first to canoe across Canada in one season, rowing the Northwest Passage, and circumnavigating both Haida Gwaii and Vancouver Island by kayak. In 2020 he was named One of Canada's 'Greatest 90 Explorers of All Time' by Canadian Geographic. He is a regular feature writer and columnist for Explore Magazine and has written two books on his adventures: Two Springs, One Summer (2024) and Lines on a Map (2018), both published by RMB. Follow Frank on Instagram. Learn more about your ad choices. Visit megaphone.fm/adchoices
Artificial intelligence use cases in Africa, through an investment banking lens, is the focus of this edition of Business Day Spotlight. Host Mudiwa Gavaza is joined by Arun Varughese, head of telecommunications, media and technology at RMB. Through the discussion, Varughese highlights: ways in which AI is being used in Africa; how and where African countries should be investing to make the most of the digital economy; and contribution of Africa to the development of AI models. Business Day Spotlight is a MultimediaLIVE Production.
Matete Thulare from RMB discusses a tough budget, including a 0.5% Vat hike for this year and next. Professor Adré Schreude from the University of Pretoria shares insights from their consumer survey on local bank satisfaction. Zikona Poswayo from Standard Bank unveils their new AI-structured investment product.
RMB's Matete Thulare unpacks Motus results as car sales stall and second-hand purchases rise. Standard Bank's Motlatsi Mkalala explores the growing spending power of the working class despite ongoing challenges. Plus, Simon on why the same investment strategy yields different stocks over time.
Die Zahlen vom chinesischen Techriesen Alibaba können sich wirklich sehen lassen. Alibaba hat eine positive Entwicklung in den FQ3-Zahlen gemeldet: Der Umsatz stieg um 8 % auf 280,1 Mrd. RMB, (38,5 Mrd $) was über den Erwartungen der Analysten von 277,3 Milliarden RMB lag. Der Gewinn/aktie erhöhte sich um 13 % auf 21,39 RMB (2,93 US $) im Vergleich zu den erwarteten 19,12 RMB (2,62 US$) und das EBITDA wuchs um 4 % auf 62 Milliarden RMB, über den Schätzungen von 60,4 Milliarden RMB. Das Unternehmen erwartet, dass das Umsatzwachstum der Cloud Intelligence Group, das durch KI angetrieben wird, weiterhin ansteigt. Alibaba berichtet, dass mehr als 90.000 Derivatmodelle auf Hugging Face entwickelt wurden, die auf der Qwen-Modellfamilie basieren und damit eine der größten AI-Modellfamilien weltweit darstellen. Bei Walmart waren die Zahlen ebenfalls stark, was Umsatz und Gewinn je Aktie betrifft, Gewinn pro Aktie (EPS): 66 Cent (Erwartung: 65 Cent) Gesamtumsatz: 180,6 Milliarden USD, allerdings lag die Prognos für das Gesamtjahr deutlich unter den Erwartungen, 2,50 US $/Aktie, erwartet wurden 2,77 US $. Abonniere den Podcast, um keine Folge zu verpassen! ____ Folge uns, um auf dem Laufenden zu bleiben: • Facebook: http://fal.cn/SQfacebook • Twitter: http://fal.cn/SQtwitter • LinkedIn: http://fal.cn/SQlinkedin • Instagram: http://fal.cn/SQInstagram
Matete Thulare from RMB on the rand's resilience even as Trump bashes us and bonds weaken. Casey Sprake from Anchor on Eskom's challenges with denied price hikes, debt, and independent power producers. Simon's insights on investing in water, both personally and in your portfolio.
Stephen Grootes speaks to Manqoba Madinane, Mining and Commodities Research Analyst at RMB, about the resurgence of gold as a valuable commodity, and its potential to shine bright in the market.See omnystudio.com/listener for privacy information.
Stephen Grootes speaks to Matete Thulare, Head of FX Execution at RMB, about the impact of the trade war on global currencies.See omnystudio.com/listener for privacy information.
RMB's Matete Thulare explores the factors driving the rand, examining whether it's more influenced by SA's economy or the US dollar, and compares the rand's performance against other emerging market currencies this year. Wandile Sihlobo from the Agricultural Business Chamber of SA takes a deep dive into the impact of the agri-sector on the third-quarter GDP while also offering insights on the rain forecast for the upcoming planting season.
RMB's Matete Thulare unpacks Barloworld's delisting offer at R120 – does it offer a good premium and solve the Russian sanctions issue for shareholders? Rob Abraham, MD at Atrato Capital, the investment advisor to Supermarket Income Reit, discusses their secondary listing on the JSE this Friday, while Sanisha Packirisamy from Momentum Investments highlights investor rewards from the successful GNU and no load shedding since March.
Stephen Grootes speaks to David McKay, Editor at Miningmx about the suspension of Exxaro CEO Nombasa Tsengwa amid allegations of misconduct. In other interviews on the Money Show, Matete Thulare, Head of FX Execution at RMB explains how SA's energy crisis impacted the rand and the economic outlook.See omnystudio.com/listener for privacy information.
Stephen Grootes speaks to Matete Thulare, Head of FX Execution at RMB about how SA's energy crisis impacted the rand and the economic outlook.See omnystudio.com/listener for privacy information.
In Episode 392 of Hidden Forces, Demetri Kofinas speaks with author, investor, and financial historian Russell Napier, about how to navigate a seminal transition in the global trade and monetary order. This episode aims to provide you with the tools to understand, value, and manage the assets, exposures, and risks in your portfolios and to capitalize on opportunities that come along only once every hundred years. In the first hour, Demetri and Russell Napier discuss the origins of the non-system that came to shape international trade and finance in the decades after the breakdown of the Bretton Woods international system of fixed exchange rates. They discuss the de-pegging of the RMB from the USD, the closing of the gap between the discount rate and the growth rate in developed economies, and the implications of America's escalating economic war against China. In the second hour, which is available to premium subscribers only, Russell Napier and Kofinas focus most of their time on the implications of this breakdown in the international trade and monetary system for investors. They discuss how developed world governments are likely to repress capital, what you want to own in such a world, what you don't want to own, and how to tell the difference. They also discuss what a new Chinese monetary order might look like, which countries would participate, and how such a system would build off China's efforts to digitize the Yuan and create a Chinese-built digital payments infrastructure that extends beyond China's borders as part of the Digital Silk Road initiative. They also discuss the prospects for a strategic Bitcoin fund, the use of stablecoins as an extension of Dollar hegemony, and the fate of the Euro in a world torn between Beijing and Washington. You can subscribe to our premium content and access our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe. If you want to join in on the conversation and become a member of the Hidden Forces Genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page at HiddenForces.io/subscribe. If you enjoyed listening to today's episode of Hidden Forces, you can help support the show by doing the following: Subscribe on Apple Podcasts | YouTube | Spotify | Stitcher | SoundCloud | CastBox | RSS Feed Write us a review on Apple Podcasts & Spotify Subscribe to our mailing list at https://hiddenforces.io/newsletter/ Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Subscribe and Support the Podcast at https://hiddenforces.io Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod Follow Demetri on Twitter at @Kofinas Episode Recorded on 11/27/2024
Central authorities on Friday relaxed restrictions to allow residents in selected areas of Guangdong province to visit Hong Kong and Macao more frequently, just in time for the peak travel season.11月29日,中央政府决定放宽限制,允许广东省部分地区的居民更频繁地前往香港和澳门,正好赶上旅游旺季。This decision has been welcomed by various sectors in the two special administrative regions as a boon to tourist spending.这一决定有利于促进游客消费,受到两个特别行政区各界的欢迎。Starting on Sunday, travel permits will be reinstated, enabling residents of Shenzhen to visit Hong Kong as often as they wish each year, with a maximum stay of seven days per visit, according to a statement from the National Immigration Administration.根据中华人民共和国出入境管理局的声明,自12月1日起,深圳居民可以申请办理赴香港旅游“一签多行”签注,在1年内可不限次数往来香港地区,每次在香港逗留不超过7天。Beginning in January, residents of the Guangdong-Macao In-Depth Cooperation Zone in Hengqin will also be eligible to apply for a similar multiple-entry permit for Macao. Residents of Zhuhai will then be able to obtain permits allowing them to visit Macao up to once a week for a maximum of seven days.自今年1月起,横琴粤澳深度合作区居民也可以申请办理类似的赴澳门旅游“一签多行”签注;珠海市居民可申请办理赴澳门旅游“一周一行”签注,每周可前往澳门一次,每次逗留不超过7天。In response, Macao's police force on Friday pledged to improve border crossing efficiency, noting that these measures would solidify Macao's status as a global tourism and leisure center while promoting regional integration.对此,澳门治安警察局29日承诺将提升通关效率,并指出这些措施将巩固澳门作为全球旅游休闲中心的地位,促进区域一体化。Meanwhile, a spokesperson for the Hong Kong SAR expressed gratitude to the central government for the policy change.同时,香港特区政府发言人对中央政府的政策调整表示感谢。The spokesperson said this development is expected to boost the tourism, dining and retail sectors in the SAR.发言人表示,这一发展将惠及香港旅游业、餐饮业和零售业的发展。The new arrangements also allow individuals without hukou (household registration documents) but who hold Shenzhen residence permits to obtain multiple-entry travel permits. An official estimate indicates that the expansion will increase the number of eligible Shenzhen residents for multiple-entry permits to over 10 million.新政策还允许没有户口但持有深圳居住证的个人获得多次入境旅游许可。据官方估计,扩大后符合多次往返签注条件的深圳居民人数将超过1000万。In 2009, the central government introduced a policy allowing Shenzhen residents to visit Hong Kong as often as desired within a one-year validity period as part of an initiative to support the global financial hub during the financial crisis at that time.2009年,中央政府出台了一项政策,允许深圳居民在一年有效期内任意访问香港,作为当时金融危机期间支持全球金融中心举措的一部分。However, the influx of mainland travelers quickly overwhelmed entry and exit checkpoints and urban centers, straining relations with locals. Some Shenzhen residents even exploited the permits for illicit smuggling activities, leading authorities to cap such crossings to once a week in 2015.然而,大量内地游客的涌入很快就使出入境检查站和城市中心不堪重负,与当地居民的关系也变得紧张起来。一些深圳居民甚至利用这一通行许可进行非法走私活动,导致当局在2015年将此类过境限制为每周一次。The relaxation almost a decade later has been hailed by many as a "cardiac stimulant" for local businesses, with numerous observers recognizing the vital role that mainland consumers play in helping the business sector navigate challenging times.近十年后的今天,这种政策放宽被许多人誉为当地企业的“强心剂”,许多观察家认识到,内地消费者在帮助商业部门渡过难关方面发挥着至关重要的作用。Peter Shiu Ka-fai, a Hong Kong legislator representing the wholesale and retail sector, told local media that the consumption patterns of mainland tourists have evolved over the years, and they are more inclined to explore various areas in depth rather than merely visiting established attractions, requiring local businesses to adapt accordingly.香港立法会批发及零售界议员邵家辉向当地媒体表示,经过多年演变,内地游客的消费模式更倾向于深入探索各个地区,而不仅仅是游览已有的景点,这就要求本地企业做出相应调整。This relaxation of restrictions coincides with Hong Kong's efforts to attract more visitors through hosting concerts, exhibitions and other mega-events. Officials, including Hong Kong SAR Chief Executive John Lee Ka-chiu, have sought the central authority's support to restore the previous travel policy to facilitate these plans.放宽限制的同时,香港正在努力通过举办演唱会、展览和其他大型活动来吸引更多游客。包括香港特区行政长官李家超在内的官员已寻求中央政府的支持,以恢复之前的旅游政策,促进这些计划的实施。Now with the relaxation just a few days away, Hong Kong SAR Chief Secretary for Administration Eric Chan Kwok-ki instructed all departments at an internal conference on Thursday to collaborate and ensure the smooth operation of ports, tourism facilities and public transport to enhance travel experiences.28日,距离新政策实施仅有几天时,香港特区政务司司长陈国基在内部会议上指示各部门通力合作,确保港口、旅游设施和公共交通顺畅运行,以提升旅游体验。Dennis Lam Shun-chiu, a Hong Kong deputy to the National People's Congress — the country's top legislature — said that this reinstatement is timely. He noted that various tourist-drawing events, including drone shows, fireworks displays, concerts and the New Year's countdown, are just around the corner.全国人大代表林顺潮表示,恢复这一规定非常及时。他指出,无人机表演、烟花表演、演唱会和新年倒计时等各种吸引游客的活动即将到来。Since early this year, many restrictions have been eased to provide mainland residents with increased flexibility when visiting Hong Kong and Macao.今年年初以来,许多限制措施已经放宽,为内地居民前往香港和澳门提供了更大的灵活性。Notably, 10 new cities across the nation have been added to the existing list of locations whose residents can now visit Hong Kong and Macao without the need to join tour groups. Additionally, the duty-free allowance for mainland residents returning from Hong Kong has been raised.值得注意的是,全国新增10个城市的居民现无需参加旅行团即可前往香港和澳门旅游。此外,内地居民从香港返回内地的免税额也有所提高。The Chinese General Chamber of Commerce, Hong Kong, on Friday recommended that Hong Kong authorities promote payment methods favored by mainland consumers, such as electronic payments and the digital RMB, and suggested exempting fees for cross-border transactions to encourage spending.29日,香港中华总商会建议香港当局推广内地消费者喜爱的支付方式,如电子支付和数字人民币,并建议推出免手续费跨境汇款以鼓励消费。Peng Peng, executive president of the Guangdong Society of Reform, said that the new travel policies related to Macao are highly beneficial for Hengqin's real estate sector, which is close to Macao.广东省体制改革研究会执行会长彭澎表示,有关澳门的新旅游政策对邻近澳门的横琴房地产业大有裨益。"The new permit policy will attract talent to Hengqin and play a key role in promoting the integrated development of Macao and Hengqin," Peng said.“新的通行政策将吸引人才到横琴发展,对促进澳门和横琴的融合发展发挥了重要作用。”彭澎说。cardiac stimulant强心剂Guangdong-Macao In-Depth Cooperation Zone横琴粤澳深度合作区peak travel season旅游旺季
In this episode of Courtside Financial, we dive deep into the latest game-changing moves in the EV market.
Stephen Grootes speaks to Roger Hewson, Corporate Commodity Structurer at RMB, about the growing importance of diesel hedging in Southern Africa, and how companies can mitigate the financial risks associated with fluctuating diesel costs.See omnystudio.com/listener for privacy information.
Matete Thulare from RMB shares insights on the MPC rate decision expected this afternoon. Devon Shutte from The Robert Group discusses Nvidia's market value, now more than double the size of all Chinese tech stocks combined. Jeff Gable from Absa delves into the Africa Financial Markets Index.
The BRICS+ summit was held in the Russian city of Kazan this past October. The original BRICS comprised four countries: Brazil, Russia, India, and China. The first meeting that they held was in 2009. South Africa joined in 2011. BRICS has now grown to include Egypt, Ethiopia, Iran, and the United Arab Emirates. The recent summit also invited 13 countries to the group as partner states. Countries that have expressed interest in joining BRICS include Indonesia, Malaysia, Thailand (which is a U.S. treaty ally), and Turkey (which is a member of NATO).As countries in the Global South flock to form an increasingly significant geopolitical bloc in which China has assumed a leading role, it is important to understand how BRICS+ fits into China's foreign policy strategy and the role that the BRICS mechanism is likely to play going forward. To discuss these issues, host Bonnie Glaser is joined by Alexander Gabuev, director of the Carnegie Russia Eurasia Center which is based in Berlin. His research focuses on Chinese and Russian foreign policy. Timestamps[00:00] Start[01:37] Behind the Creation of BRICS[04:08] BRICS+ in China's Foreign Policy Objectives[06:20] Domination of China in BRICS+[09:13] Russian and Chinese Interest in BRICS+[14:16] China and the Expansion of BRICS[18:07] Noteworthiness of the Kazan Declaration[21:10] Possibility of a BRICS Currency[28:11] BRICS+ and U.S. Policy Under Donald Trump[30:26] Responding to BRICS+ and a Multipolar World
Matete Thulare from RMB discusses Sibanye-Stillwater's recent production update, which hints that while challenges remain, the company may have put the worst behind them. Pan African Resources CEO Cobus Loots shares insights on suspending their exploration in Sudan while proceeding with the acquisition of an Australian gold mining asset. Meanwhile, Vukile Property Fund's MD, Itumeleng Mothibeli, highlights how their community-focused approach is essential to achieving sustainable growth in the South African retail sector.
Hello 大家好,感谢收听Lead Her Way! 上期和友台Slightly Open 的朋友们聊了聊创始人的天赋秉性、品味和选择后,我对这个问题更加的痴迷,到底什么样的人能“成事儿“,当然成事儿的定义不同,但是在创业这个语境里,有一个必不可少的衡量标准,就是有没有足够多的人为你做的产品、服务掏钱买单。在思考了很久后,我决定推出Lead Her Way 播客的新系列,就叫十亿俱乐部,采访的对象是中国消费品品牌创始人,在相对较短的时间内把业务量做到了十亿人民币的体量;因为我觉得十亿是一个里程碑,不仅仅是财务上的,更是对创始人一个特别大的考验,怎么做人,怎么管人,下一步怎么走,都是挑战。这个系列的第一位嘉宾是吕哥Olivia, 她是宠物食品品牌诚实一口的联合创始人。我第一次见她,我觉得这个女生非常“冷“。 直接、冷漠且不修边幅。我们聊了两个多小时,她思路特别清晰,直击事物本质,完全不掩饰自己的野心,对自己的认知清晰明了。她和她的联合创始人(也是她的先生), 在经历了三年创业摸索失败后,在2020 年上线了宠物食品品牌诚实一口,一路走来,到了今年,4 年多的时间把销售额做到了十亿人民币。她们没烧钱,完全盈利,只在很早的时候,拿了很小的一笔投资,拿投资的理由是,想选择条难走的路。Olivia 非常直接,真性情,不仅仅讲了一路走来踩过的坑,还聊了很多干货,比如为什么要做消费者调研?什么时候融资?什么时候你需要个ceo coach? 这期播客我学到了很多,也希望对你有些启发。Enjoy!Hello everyone, thank you for tuning in to Lead Her Way!In the last episode, I discussed with friends from the show Slightly Open about the innate qualities, tastes, and choices of founders. This deepened my fascination with the question of what kind of people can truly "make things happen." The definition of "making things happen" can vary, but in the context of entrepreneurship, a crucial measure is whether enough people are willing to pay for your product or service. After much contemplation, I've decided to launch a new series for the **Lead Her Way** podcast called the Billion Club, featuring founders of Chinese consumer brands that have achieved sales of one billion RMB in a relatively short time. I believe reaching one billion is a milestone—not just financially, but also a significant test for founders in terms of how to conduct themselves, manage others, and decide on the next steps, all of which are challenges.The first guest in this series is Olivia, co-founder of the pet food brand **诚实一口** (Honest Bite). When I first met her, I found her to be very "cold." Direct, indifferent, and unpolished. We talked for over two hours, and her thinking was exceptionally clear, cutting to the essence of things. She didn't hide her ambition and had a strong self-awareness. After three years of trial and error, she and her co-founder (who is also her husband) launched **诚实一口** in 2020, and in just over four years, they've achieved one billion RMB in sales. They didn't burn cash; they are fully profitable and only took a small investment early on, motivated by a desire to choose a challenging path.Olivia is very straightforward and genuine. She shared not only the pitfalls they've encountered along the way but also a lot of practical insights, such as why consumer research is essential, when to seek funding, and when you might need a CEO coach.I learned a lot from this episode and hope it inspires you as well.本期特别感谢黑蚁资本Victoria 介绍我认识吕哥Olivia:)
Matete Thulare from RMB delves into the market's negative response to Sasol's latest production update. Steven Rosenberg, CEO of Sanlam Alternative Investments, will explain the role and impact of alternative investing. Fareeya Adam, CEO of Structured Products and Annuities at Momentum Wealth, will highlight key factors to consider before purchasing an annuity.
Stephen Grootes speaks to Manqoba Madinane, Mining & Commodities Research Analyst at RMB about the gold price's unprecedented rise, analyzing the impact of escalating Middle East tensions and the tightening US presidential race on investor sentiment.See omnystudio.com/listener for privacy information.
Over in China, officials have outlined plans to further stimulate the economy amid an ongoing downturn. China's Ministry of Finance announced that China would issue special sovereign bonds to recapitalise its largest state owned banks. It would also allow local Governments to use RMB 2.3 trn of local Government special bonds to buy unsold homes. Harbour Asset Management's Shane Solly explains what this development might mean for the markets. LISTEN ABOVESee omnystudio.com/listener for privacy information.
It took an escalation in Iran-Israel tensions and the optimism generated by the Chinese government's stimulus efforts to lift oil out of its three-month downward trajectory. Nevertheless, sustaining bullish price momentum in oil has proven to be a high maintenance task: without additional catalysts, the ‘war' and ‘stimulus' premiums have been prone to fading. While possible, Israel is likely to avoid Iranian oil infrastructure. Conversely, the rising expectations for RMB 2 trn fiscal stimulus are likely to be met. Speaker: Natasha Kaneva, Head of Global Commodities Research This podcast was recorded on 11, October, 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4814501-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.
Our Global Head of Fixed Income and Thematic Research Michael Zezas and Chief Asia Economist Chetan Ahya discuss how the upcoming US elections might impact economic policies in Asia.----- Transcript -----Michael Zezas: Welcome to Thoughts on the Market. I'm Michael Zezas, Morgan Stanley's Global Head of Fixed Income and Thematic Research.Chetan Ahya: And I'm Chetan Ahya, Morgan Stanley's Chief Asia Economist.Michael Zezas: Today, we'll talk about what the US election means for Asia's economy.It's Wednesday, October 9th at 10am in New York.Chetan, we're less than a month now from the US election, and when I think about what it means for Asia, perhaps the most immediate and direct impact would be via tariffs.Now, our colleagues have already addressed some of this on the podcast, but I'm eager to hear your thoughts. And in the case of a Trump win and a significant tariff increase on China, how big of an impact do you think this policy would have on China's economy, and what particular areas of the economy might be most affected?Chetan Ahya: Well, Mike, I think firstly the tariff numbers being floated, i.e. that if it is 60 per cent, it would mean an increase in tariff of about 35 percentage points over an existing number, which is at 25 per cent. So, the amount of tariffs that we're talking about this time are larger than what we saw in 2018-19. And in terms of implications, of course, it will depend upon exactly what is the magnitude of tariff that is being imposed, but we definitely think there will be a significant downside to China's growth; and we expect an increase in deflationary pressures.Just to give you a bit of perspective of what happened in 2018-19, tariff resulted into China's growth slowing by a full percentage point from 6.9 per cent to 5.9 per cent; and at the same time, we saw that there was downward pressure on China's inflation dynamic. And the timing of tariffs this time does not seem to be great. China is going through an existing challenge of debt deflation loop. And we've seen that China's GDP deflator, which is a broader measure of prices, has been in deflation already for about seven quarters now. And so, in this context, tariffs will further add to its deflationary pressures and make that macro situation much more complicated.Michael Zezas: Got it. And so, how do you think China might respond if it becomes the target of higher tariffs?Chetan Ahya: So, we think China's policy makers could take up three sets of measures to mitigate the impact of tariffs.Number one, there will be, of course, depreciation in its exchange rate, which will be offsetting some part of the tariff increase effect. And so, for example, the weighted average tariff increase was about 18 percentage points during 2018-19, and the RMB depreciation was about 11 per cent. So, there was a significant offset of that tariff increase by currency depreciation.Number two, China could continue to take its effort to rewire trade flows and supply chain. So, for example, in 2018-19, we've seen a significant rewiring of exports from China to the US via Vietnam and Mexico, and we think this time that could be expanded to some more economies.And number three, China also resorted to focusing on new markets, i.e. some of the other emerging markets other than US. And at the same time, they focused on introducing new export products; like in the last cycle, they focused on solar panels, lithium batteries, EVs, and old generation chips. So, in effect, they will try to expand their market base from US into other emerging markets. And at the same time, they will be focusing on new products to ensure that their market share in global goods exports is maintained.So, Mike, we've been discussing the potential impact of a Trump win. But how would a Harris White House shape trade policy, vis-à-vis China and rest of Asia?Michael Zezas: Yeah, I think a Harris White House would represent a lot of continuity with the Biden White House's approach toward Asia and China, specifically when it comes to trade. That is to say, there's a lot of support for continued use and expansion of non-tariff barriers – things like export controls, and inbound and outbound investment restrictions. And there's less interest in using higher tariffs than what we already have as a tool.So, you can expect that. And I think you could also expect there to be kind of a broader reach out to develop economic relationships with Pan Asia as a means of enabling some of the transition that multinational companies would need to rewire their supply chains.But if we take as a given that that might be Harris's approach to trade policy, Chetan, what's your outlook for Asia if she wins in November?Chetan Ahya: Well, if Harris wins, that would eliminate the key risk to region's outlook in form of significant tariff implementation. And in this case, we expect status quo to our Asia forecast. And we would maintain our constructive outlook for the large economies in the region. And within the group, we think India and Japan are best positioned from a structural standpoint. While China, we were concerned about the debt deflation loop, but with the recent set of policy measures, we think that the risks are now more balanced as far as China macro-outlook is concerned.Michael Zezas: Got it. Well, Chetan, thanks for taking the time to talk. This is obviously a very important topic as we get closer to the US election.Chetan Ahya: Great speaking with you, Mike.Michael Zezas: And as a reminder, if you enjoy Thoughts on the Market, please take a moment to rate and review us wherever you listen; and share Thoughts on the Market with a friend or colleague today.
Morgan Stanley's chief economists take stock of a resilient global economy that has weathered a recent period of market volatility, in Part I of our two-part roundtable.----- Transcript -----Seth Carpenter: Welcome to Thoughts on the Market. I'm Seth Carpenter, Morgan Stanley's Global Chief Economist. And on this special episode of the podcast, we'll hold our third roundtable discussion focusing on Morgan Stanley's global economic outlook as we enter the final quarter of 2024.I am joined today by our economics team from three regions.Chetan Ahya: I'm Chetan Ahya, Chief Asia Economist.Jens Eisenschmidt: I'm Jens Eisenschmidt, Chief Europe Economist.Diego Anzoategui: I'm Diego Anzoategui from the US Economics team.It's Monday, October 7th at 10 am in New York.Jens Eisenschmidt: And 3 pm in London.Seth Carpenter: I have to say, a lot has happened since the last time we held this roundtable. To say the very least, we've had volatility in financial markets. But on balance, I kind of have to say the global economy has more or less performed the way we expected.The US economy is cruising towards a soft landing. The labor market maybe is a touch softer than we expected, but consumer spending has remained resilient. In Asia, Japan's reflation story is largely intact, while China is still confronting that debt deflation cycle that we've talked about. And in Europe, the tepid growth we had envisioned -- well, it's continuing. Inflation is falling, but the ECB seems to be accelerating its rate cuts. So, let's get into the details.Diego, I'm going to start with you and the US. The Fed cut interest rates in September for the first time this cycle, and they cut by 50 basis points instead of the 25 basis points that some people -- including us -- were expecting. So, the big question for you is, where does the Fed go from here?Diego Anzoategui: So, we are looking for a string of 25 basis point cuts from the Fed as long as labor markets hold up. Inflation has come down notably and we expect a normalization of interest rates ahead. But, of course, we might be wrong again. Labor markets might cool too much, and in that case, one or two additional 50 basis point cuts might happen again.Seth Carpenter: So, either the Fed glides into the soft landing or they pick up the pace and they cut faster.So, Jens, let me turn to you and pivot to Europe. You recently changed your forecast for the ECB, and you're now looking for a rate cut in October. And that's following two cuts already that the ECB has done. So, what prompted your change? Is it like what Diego said about a softer outcome prompting a faster pace of cuts. What's likely to happen next for the ECB?Jens Eisenschmidt: That's right. We changed our ECB call. And to understand why we have to go back to September. So already at the September meeting the ECB president, Lagarde, made clear in the press conference that the bank was a little bit less concerned about structurally high services inflation that is forecast to be persistently high still for some time to come -- mainly because there was more conviction that wages would come down eventually.And so, they could really focus a little bit more, give a bit more attention to the growth side of things. Just as a reminder, the Fed has a dual mandate. So, it's growth and inflation. The ECB only has inflation. So basically, if the ECB wants to act on growth, it needs to be sure that inflation is under control. And then since September what happened is that literally every single indicator, leading indicator, for inflation was negative. We had lower oil prices, we had a stronger euro, and of course, also weaker activity in terms of the PMIs pointing to a cooling of the ongoing recovery.So, all of that led us to revise our inflation forecast, and that means that ECB will very likely already be a target mid next year. That should lead to an acceleration of the rate cut cycle. And then it's only a question, will it be already in October or in December? And here comes the September inflation print in, which was softer in particular on the core or on the services component than expected. And we think that has tilted the balance; or will tilt the balance in favor of an October rate cut.So, what we see now is October, December, January, March -- 25 basis points rate cuts by the ECB leading to a rate of 250. Then this being close to neutral, they will slow down again, quarterly rate cut pace. So, June, September, December, 25 basis points each -- leading to a final rate end of next year at 175.Seth Carpenter: Okay, got it. So, inflation has come down in most developed market economies. Central banks are starting to cut. For the Fed, there's an open question about how much strength the labor market still has and whether or not they need to do 50 basis points or 25.But I have to say, Chetan -- and I'm going to come to you because -- in Asia, we saw a lot of market turmoil in August, and that was partly prompted by the rate hike of the BoJ. So, here's a developed market economy central bank that's not cutting. In fact, they're starting to raise interest rates. So, what happened there? And what do you think happens with the BoJ going forward?Chetan Ahya: Well, Seth, in our base case, we do expect BoJ to hike by another 25 basis points in January next year. And as regards to your question on what happened in terms of the volatility that we saw in the month of August? Essentially, as the BoJ took up its first rate hike, there was a lot of concern that BoJ will go in a consecutive manner, taking up successive rate hikes. But at the end of the day, what we saw was, BoJ realizing that there is a clear endogeneity between financial conditions and their reaction function. And as that communication was clearly laid out, we saw markets calming down. And now going forward, what we think BoJ will be watching will be the data on inflation and wages.We think they would be waiting to see what happens to the inflation data in the month of November and October, i.e., whether there is a clear, rise in services inflation, which has been running at around 1.3 per cent. And they would want to see that wage pass through to services inflation is continuing.And then secondly, they will want to see what is happening to the wage expectations from the workers in the next round of spring wage negotiations. The demand from workers will be clear by the end of this year, so sometime in December. And therefore, we think BoJ will look at that information and then take up a rate hike in the month of January next year.Seth Carpenter: Okay, so if I step back for a second, even if there are a few parts of the puzzle that still need to fall into place, it sounds to me like you're saying the Japan reflation story is still intact. Is that fair?Chetan Ahya: That's right. We think that, you know, the comment from the prime minister that came out a few days back; he's very clear that he wants to see a situation where Japan gets rid of deflation. So, we think that the policymakers are fully lined up to ensure that the reflation story remains intact.Seth Carpenter: That's super helpful and it just absolutely contrasts with what we've been saying about China, where they have sort of the opposite story. There's been a debt deflation cycle that you and the Chinese team have really been highlighting for a long time now, talking about the challenges for policy.We did get some news out of Beijing in terms of policy stimulus. Could you and break down for us what happened there and whether or not you think that's enough to really shift China's trajectory away from this debt deflation cycle?Chetan Ahya: Yes, Seth, so essentially, we got three things from Chinese policy makers. Number one, they took up big monetary policy easing. Number two, they announced a package to support the equity markets. And number three, they announced some measures to support the property market.Now we think that these measures are a positive and particularly the property market measures will be helpful. But in terms of real impediment for China's reflation story, we think that the key need of the hour is to take up aggressive fiscal easing to boost consumption. Monetary policy easing is helpful, but it's not really the key impediment to the reflation path.Seth Carpenter: All right, so if I wanted to see the glass as half full, I would say, look at this! Beijing policymakers have turned the corners. They're acknowledging that there's some policy impetus that needs to be put into place. But if I wanted to see the glass as half empty, I could take away from what you just said, that there just needs to be more, maybe fiscal stimulus to directly promote household spending.Is that that fair?Chetan Ahya: That's absolutely right. What's happening in China is that there has been a big structural adjustment in the property sector because now the total population is declining. And so therefore there is a big demand hole that is being left by the weakness in housing sector.Ideally, what they should be doing, as I was mentioning earlier, [is] that they should be taking a big fiscal easing to support consumption spending. But so far what we've been seeing is that they've been trying to fill that demand hole with more supply in form of investment in manufacturing and infrastructure sector.And unfortunately, that's been actually making the deflation challenge more complex. So going forward, we think that, you know, we should be watching out what they do in terms of fiscal stimulus. There was a comment in the Politburo statement that they will take up fiscal easing. We suspect that the timing of that fiscal policy announcement could be by end of this month alongside National People's Congress meeting. And so, what will be the size of fiscal stimulus will be important to watch as well.Currently, we think it could be one to two trillion RMB. But in our work that we did in terms of what is the scale of fiscal stimulus that is needed to boost consumption, we estimate that it should be somewhere around a 10 trillion RMB spread over two years.Seth Carpenter: Got it. Thanks, Chetan. Super helpful.Gentlemen, I have to say, we might have to stop here for the day. But tomorrow, I want to get [to] another topic, which is to say, the upcoming US election. It's got huge implications for the macroeconomy in the US and around the world. And I think we're going to have to touch on it. But for now, we'll end the conversation here.And thank you, the listeners, for listening. If you enjoy this show, please leave us a review wherever you listen to the podcast and share Thoughts on the Market with a friend or colleague today.
Matete Thulare from RMB on Friday's US jobs data: Is the economy still strong? Citadel's Maarten Ackerman on rising oil prices amid escalating Middle East tensions — why not gold? PwC's Vuyiswa Khutlang discusses the 2024 SA Mining Report.
Stephen Grootes speaks to Sim Tshabalala, CEO of Standard Bank Group, and Dr. Iraj Abedian, CEO of Pan-African Investments and Research Services, about President Cyril Ramaphosa's US visit, where he urged American businesses to deepen their investment in South Africa. In other interviews on this episode of The Money Show, Matete Thulare, Head of FX Execution at RMB, speaks about the Rand breaking below R17.20 for the first time since January 2023.See omnystudio.com/listener for privacy information.
Matete Thulare from RMB discusses China's decision to lower bank reserve requirements and push down the market benchmark interest rate to stimulate lending activity. Sebastian Mullins from Schroders Australia examines the "missing recession" and questions whether inflation is truly behind us. Andrew Amoils from New World Wealth reviews the 2024 Centi-Millionaire Report
Matete Thulare from RMB discusses AVI's strong results despite I&J's underperformance. Evan Walker from 36One Asset Management provides updates on retail stocks, while Sean Kelly of Parity Wealth Managers questions whether the S&P 493 can outperform the Magnificent 7.
In this monthly China update, our experts analyse recent market movements and their implications for investors. They also discuss China's property market, the evolving policy framework and its impact on Chinese households, the strengthening of the RMB and resulting currency trades, as well as the latest views on gold and Chinese government bonds.This episode is presented by Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, with Hong Hao, Partner and Chief Economist at GROW Investment Group.
In this episode of Palisades Gold Radio, Tom Bodrovics interviews Professor Joel Litman, CEO and Chief Investment Strategist of Valens Research and Altimetry Research. Litman criticizes the financial system's reliability, questioning media credibility and the effectiveness of modern accounting standards. He believes that while GDP is inadequate as a measure of economic strength due to its tax-based foundation, the US benefits from a lower tax rate and substantial income generation. Despite his concerns over political spending, Litman trusts there's a control on deficits and sustained growth, believing in the US economy's resilience. He reprimands financial media for prioritizing headline numbers over credit research, stating earnings can be misleading due to regulatory capture within the accounting sector. Litman emphasizes considering various economic indicators beyond stock market figures and addresses China's economic concerns, including its debt crisis and RMB devaluation. Litman presents a bullish stance on cryptocurrencies as a medium of exchange and storage but suggests converting back to dollars for spending or investment. He encourages passive investors to focus on long-term investments in US equities due to their consistent outperformance. The conversation touches upon macroeconomic factors affecting mining industry decisions versus specific mine analysis, emphasizing productivity and worth. Litman discusses potential US election implications and anticipates a thriving US stock market regardless of the outcome. He foresees continuity in economic policies under either Democratic or Republican leadership and significant productivity gains from AI integration within industries over the next ten to thirty years. Time Stamp References:0:00 - Introduction1:24 - The Bearer of Good News8:44 - Net Earnings & Accounting15:45 - Metrics & Complexities22:06 - Tax Base, GDP, & China31:14 - Talent Exiting China38:42 - U.S. Economy Benefits41:28 - Buffett Selling47:23 - Misleading Financials52:07 - Inflation Metrics55:40 - Dollar & Global Trade58:30 - China's Problems & Russia1:03:44 - BRICS & Latin America1:07:40 - Dollar Alternatives & Crypto1:12:04 - Gold Uses & Investors1:19:29 - Macro Factors & Miners1:26:22 - Russia/Urkaine & Gold1:28:16 - Middle East Concerns?1:30:53 - US Election & Sides1:36:10 - Wrap Up Talking Points From This Episode Litman questioned the relevance of modern accounting standards and criticized financial media for focusing on headline numbers. He stressed the importance of looking beyond GDP for a true economic understanding. Litman is bullish on cryptocurrencies but expresses concerns around converting to dollars for spending/investment. He advises long-term investment in US equities due to their outperformance. China faces economic challenges, including debt crisis and potential insolvencies, which could lead to job losses and instability. Litman anticipates continuity in US economic policies after the election and sees productivity gains from AI integration. Guest Links:LinkedIn: https://www.linkedin.com/in/joellitman/Website: https://altimetry.com/Website: https://www.valens-research.com/ Joel Litman is President and CEO of Valens Research, a global corporate performance and investment research and analytics firm. In the role of Chief Investment Strategist, he advises institutional investors in equities, corporate credit, and macroeconomic strategy. He is also a member of the Board of Directors of COL Financial Group, a leading brokerage firm in Asia (PSE:COL). Litman has been on CNBC, quoted in Barron's and Institutional Investor, and interviewed in Forbes.com. He has published in Harvard Business Review, is a top contributor to SeekingAlpha, and co-authored the highly-acclaimed book, DRIVEN: Business Strategy, Human Actions, and the Creation of Wealth. Litman has taught or guest-lectured at Harvard Business School, U Chicago Booth, Wharton, LBS, SAIF Jiao Tong,
This evening on the money show, Former SARB Governor and Former Finance Minister Tito Mboweni speaks to host Steven Grootes on the current financial state of the country, politics and the state of the GNU.Isaah Mahlanga, Chief Economist at RMB explains how the inflation measure will support monetary policy decision making. And more…See omnystudio.com/listener for privacy information.
In This weeks episode we get into the Topic Is Marriage important? Do Millenials and Gen Z care about marriage? We talk about Joe Biden dropping out of the 2024 Election Race, the silver lining of it all. Wealso get into The Little Mix girls solo efforts and whos winning! Charlie makes a Special Announcement ..(stay til end of the episode).... follow/like/share/subscribe The Inn3r Circle Podcast
Joining host Ray White to talk about Bank of America's prediction that South Africa's GDP may increase by 2% provided Eskom continues to make progress and maintain a steady power supply is Siobhan Redford, economist at RMB. Redford emphasizes the significance of dependable electricity for economic growth. Four of the six companies that the US added to its list of companies facing trade restrictions on Tuesday had ties to China's military training, according to a government announcement. According to the posting, their links to the South African Test Flying Academy and their use of Western and North Atlantic Treaty Organization (NATO) sources for training China's military forces made the addition of Grace Air (Pty) Ltd and Livingston Aerospace Limited of the United Kingdom, as well as Global Training Solutions Limited and Smartech Future Limited of China, possible. In order to explore the subtleties of this topic, host Ray White is joined by Erika Gibson, Senior Specialist Reporter from Media24. Shawn Marshall is reinventing the wardrobe for the contemporary consumer by fusing classic tailoring with a simple, casual look to produce hybrid items that work for any setting. Founder: Shawn Marshall Tsoka is a youthful, determined businessman who attended the University of Pretoria to study investment management. He never received a professional degree in fashion, but he has always studied the business, keeping an eye on trends and developing an own, chic sense of style. See omnystudio.com/listener for privacy information.
Welcome to the China Compass Podcast! After a reminder as to why I am doing this podcast (0:44)), we begin by looking at China’s loosening of visa requirements for (most) foreigners (1:50)… https://skift.com/2024/06/17/china-expands-visa-waiver-program-list-more-countries-added/amp/ https://skift.com/2024/01/01/china-eases-visa-rules-for-u-s-tourists/ Next we look at the relative strength of China’s currency, the “yuan” or “RMB” and the drastic drop in expats working in China since the pandemic (9:02)… https://www.economist.com/finance-and-economics/2024/06/13/chinas-currency-is-not-as-influential-as-once-imagined (Paywall) https://www.ft.com/content/dfd5c399-976f-4f0b-8a1b-fbac495100b6 CCP is brought to you by Pray for China. (Get daily prayer reminders on Insta or X: @chinaadventures) Today we are looking at Sichuan Province (16:43), which is matched up with central Texas for prayer: https://prayforchina.us/states/texas.html After an overview of beautiful Sichuan, its story time (25:00). I talk about one of the most interesting nights of my life, running from angry dogs, school principals, and my own conscience high up on the Tibetan Plateau. More info on Early Rain (Pastor Wang Yi): https://chinapartnership.org/early-rain-covenant-church/ More info on the Sichuan Earthquake: https://www.britannica.com/event/Sichuan-earthquake-of-2008 We conclude with this week’s China Compass Q&A about Chinese Cuisine (37:43)… https://www.chinasichuanfood.com/mala-chicken/ https://en.wikipedia.org/wiki/Dapanji ***Check out all our various resources and activities... www.PrayGiveGo.us