Source: ZeroHedge | Last week, in the global currency war’s latest escalation, Kazakhstan instituted a free float for the tenge. The currency immediately plunged by some 25%.
The rationale behind the move was clear enough. The plunge in crude prices along with the relative weakness of the Russian ruble had severely strained Kazakhstan, which is central Asia’s largest crude exporter. As a quick look at a chart of the tenge’s effective exchange rate makes clear, the pressure had been mounting for quite a while and when China devalued the yuan earlier this month, the outlook for trade competitiveness worsened.
WEB Notes: I am sure you all have seen the news about the Koreas. More war talk which is pretty common for the North. The only reason I find this note worthy is due to the economic situation the world is facing at the moment. This could be used as a diversion if it escalates or the opposite more instability. My guess is nothing major will break out between these two. North Korea is probably hungry again and looking for a handout.
Source: CNN | At a time of mounting tensions and heated rhetoric on the Korean peninsula, the two sides concluded nearly 10 hours of talks early Sunday at the historic “truce village” inside the Demilitarized Zone (DMZ) with plans to meet again later in the day, South Korean officials said.
Source: NPR | O’BRIEN: Well, in Syria, the country has been clearly ripped apart. Physically, yes, you can see lots of examples of that and ripped apart in terms of people. And our job is to make sure that we have access with the incredibly brave and persistent humanitarian workers, who are determined to get life-saving aid through to people who are caught up in this terrible conflict.
Source: Wolf Street | This wasn’t supposed to happen. The week was already on a crummy downhill path globally, and emerging-market currencies were blowing up, when on Friday in China the Caixin’s Purchasing Manager’s Index hit the worst level since March 2009; manufacturing is sinking deeper into the mire.
WEB Notes: I find this very interesting. Why is he quitting now? The UN will be voting on the idea of a Palestinian state next month and he steps down now? No leader would back out when there is an opportunity to gain so much. He must already know it will not pass.
Source: Al Arabiya | Palestinian President Mahmoud Abbas has resigned as the chief of the Palestinian Liberation Organization along with over half of the 18-member PLO executive committee, Al Arabiya News Channel reported on Saturday night,
The group immediately released a video that shows the StemExpress CEO joking about receiving entire dead babies from Planned Parenthood.
CEO Cate Dyer jokes about shipping entire dead babies to labs from Planned Parenthood. – Read More – Black Listed News
WEB Notes: It appears more and more of the world is starting to feel the economic pain.
Dubai led a retreat in Middle Eastern stocks that pushed Saudi Arabia’s index into a bear market, extending last week’s global selloff, as crude’s decline to a six-year low reverberated through a region dependent on oil and gas exports.
Here are highlights of the top breaking-news stories from around the world on Saturday:
Lebanese Prime Minister Tammam Salam said the government may be unable to pay wages next month amid a political crisis that has left the country without a president or a functioning parliament.