🔹Jan. 28th 2024 - Farmer 🚜protests unfolding throughout Europe appeared to be under some form of Western televised media embargo. Over the past week farmer protests have escalated in multiple European countries.

🇩🇪 Germany:
Farmers protest the gov't cost-cutting measures as part of the country's gov't budget for 2024, including removal of farmer fuel subsidies. Highways were blocked due to blockades.

🇵🇱Poland:
Farmers demand the protection of their business against cheap/below EU standards grain imports from Ukraine 🇺🇦. Farmers launched over 160 road protests with tractors and farm machinery, blocking or slowing traffic as they beeped horns and waved Polish flags.

🇷🇴 Romania:
Farmers protest the same issues as Poland (flooding of local markets with cheap/ (in many cases sub-standard) Ukrainian food imports.

🇱🇹 Lithuania:
Farmers protest requirements to restore permanent grasslands (to be uncultivated for more than five years) in order to receive subsidies. Dairy farmers demand the gov't ensure a minimum above-cost price at which processors buy their milk.

🇫🇷 France:
The French gov't dropped plans to gradually reduce state subsidies on agricultural diesel ⛽️ after angry farmers surrounded Paris and still threaten to converge on the capital in their tractors. Yesterday, they blocked a major highway out of Paris. French farmers blocked AP-7 highway linking France and Spain 🇪🇸 with a demonstration at the border protests over low food prices and excessive bureaucracy. Trucks were prohibited crossing from Spain across the border.

🇮🇹 Italy:
Bologna, Frosinone, Latina, Caserta are some of the cities where demonstrations by farmers took place against Europe's agricultural policies, agricultural confederations, banks, and taxes. In Bologna, around a hundred tractors paraded through the streets.

🇧🇪 Belgium:
Farmers protest against a decline in standards of living, falling incomes and competition from cheap imported products, notably from Ukraine.

🔹China Evergrande Group has been ordered to wind up, after a Hong Kong 🇭🇰 High Court approved a petition by creditors to liquidate the world’s most indebted property developer, in the biggest such case seen in the city. Evergrande was ordered to liquidate with more than $300 billion in liabilities, having failed to deliver on a restructuring plan as intended after a court reprieve in December '23.

🔹The decision sets the stage for what is expected to be a drawn-out and complicated process with potential political considerations as investors watch whether the Chinese courts will recognise Hong Kong's ruling, given the many authorities involved. Offshore investors will be focused on how Chinese authorities treat foreign creditors when a company fails.

🔹As most of Evergrande's assets are in mainland China, there are uncertainties about how the creditors can seize the assets and the repayment rank of offshore bondholders, and situation can be even worse for shareholders.

🔹This marks another low for China's real estate market after Evergrande was declared to be in default in 2021 after missing a crucial repayment deadline. The billionaire chair and founder of China’s 🇨🇳 Evergrande Group was being investigated and under police surveillance over suspected “illegal crimes,” in Sept. '23.

🔹In 2020, Beijing brought in new rules to control the amount owed by big real estate developers. The new measures led Evergrande to offer its properties at major discounts to ensure money was coming in to keep the business afloat. Now it is struggling to meet the interest payments on its debts.

Video source: SCMP

🔹Russia chaired the first meeting of BRICS 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 Sherpas under its chairmanship in the bloc. Sherpas and sous-sherpas (junior sherpas) are representatives of the heads of state and government involved in the preparation for this year's upcoming meetings and discuss pressing issues of cooperation. For the first time, representatives of five new members of BRICS, Egypt 🇪🇬, Iran 🇮🇷, UAE 🇦🇪, Saudi Arabia 🇸🇦 and Ethiopia 🇪🇹 participated in such a meeting, which took place on Jan. 30 to Feb. 1 2024.

🔹Russia's Foreign Minister S. Lavrov attended and stated that the BRICS intergovernmental group is not intended to be a new tool of hegemonic imperial diktat in world affairs. He also noted that that "Washington 🇺🇸 and those who control the global monetary and financial system have proven their intractability and undependability."

🔹He also noted that with BRICS accounting for 30% of all land on the planet, 45% of the world population and around a quarter of global exports and possessing huge oil 🛢reserves, "we cannot simply sit and wait or follow in the wake of major historical processes.

🔹Tehran expects the shift to payments in national currencies within BRICS to increase during Russia’s chairmanship. Beijing considers it necessary to use national currencies in payments between BRICS member states Egypt expects Russia’s BRICS chairmanship to allow meeting the challenges in the area of food 🌾 and energy security.

🔹The New Development Bank (BRICS Bank), issued bonds worth 6 billion yuan (about $845 million) on the Chinese interbank bond market to finance sustainable development projects. Up to 100% of the proceeds from their sale can be sent abroad in yuan or converted into other currencies.

Video Source: Firstpost

🔹The Central Bank of the UAE 🇦🇪, made history on Jan. 29th 2024 by initiating the first cross-border payment of 50 million dirhams using the UAE's ‘Digital Dirham’ (wholesale CBDC for central/private banks, not yet a retail CBDC for use in transactions by citizens). The UAE made the historic transaction directly to China through the ‘mBridge’ platform. Project mBridge was launched in 2021 by the central monetary authorities of China 🇨🇳, Hong Kong 🇭🇰, Thailand 🇹🇭, and the UAE in collaboration with the Bank for International Settlement.

🔹This is the first non-USD 💵 transactions between the two BRICS nations. One member of the US 🇺🇸 Congress, Rep. M. Waters, of the House Financial Services Committee, expressed concern that the initiative could be used as a cover for evading economic sanctions.

🔹Sheikh Mansour of the UAE Central Bank underscored it's responsibility to promote economic growth to support development initiatives in the country. According to him, this should be achieved by ensuring financial and monetary stability, as well as enhancing the efficiency and adaptability of the financial system.

🔹The UAE, a new BRICS member, is looking for innovative ways to propel the Digital Dirham ahead of the US currency. Furthermore, China encourages developing countries to prioritize their indigenous currencies in trade settlements above the US dollar.

Video source: maneco64

🔹 Prices on Feb. 6th 2024 for cocoa futures in NY climbed 📈 to a new 46-year nearest-futures high and in London climbed to a record high, trading in the $5,279 per ton range. Cocoa prices are surging as the intensity of this year's seasonal Harmattan winds in West Africa is drying out cocoa fields and is sparking worries about damage to the Ivory Coast mid-crop.

🔹 Cocoa futures are at their highest since 1977, when then scarcity in the producing nations were caused by adverse weather conditions. Presently, Lower cocoa production in Côte d'Ivoire 🇨🇮 and Ghana, the world's largest producers, is a major bullish factor for cocoa prices. Unfavorable growing conditions and crop disease on West African farms over the past year have curbed cocoa production and fueled a scorching rally in cocoa prices.

🔹Over 500,000 hectares of cocoa farms in Ghana 🇬🇭have been lost to the Cocoa Swollen Shoot Viral Disease, posing a major threat to the country’s cocoa production. In Ghana, farmers don't get their fair share of profits because cocoa beans are not sold at the true market value.

🔹Last July, we reported that delegates from Ghana, Côte d'Ivoire, Nigeria 🇳🇬, Cameroon 🇨🇲and multinational cocoa industry players are reviewing a feasibility study on establishing an African Cocoa Exchange. The continent produces 75% of world cocoa and does not have a pricing platform as it relies on the price determined on the Chicago Mercantile 🇺🇸 and the London 🇬🇧Intercontinental Cocoa Exchanges.

🔹Poland's 🇵🇱 farmer protests continue this week (Feb. 12th) and has now escalated by them starting a month-long general strike to protest against EU policies. They are demanding measures from both their national gov't and the bloc to combat production cost hikes, reduced profits and unfair competition from non-EU countries. Polish media said there were over 250 blockades across the country.

🔹About 100 farmers 🚜 and 50 cars blocked the approach to Medyka border crossing between Poland and Ukraine 🇺🇦. Polish farmers forcibly pried open Ukrainian trucks crossing into the EU, spilling mounds of grain onto roads near their border. Ukraine calls for Poland to 'punish' grain-spilling farmers. Ukraine's dep. economy minister T. Kachka said Kiev officials see this as a worrying increase in anti-Ukrainian sentiment... that will lead to more xenophobia and political violence.

🔹Farmers demand the protection of their business against cheap/below EU standards grain imports from Ukraine. Farmers have launched over 160 road protests this year with tractors and farm machinery, blocking or slowing traffic as they beeped horns and waved Polish flags.

🔹These protests may force the Polish gov't to execute plans to inspect grain shipments from Ukraine, since the new PM D. Tusk vowed to defend domestic producers against unfair competition. Such new regulations may include publishing a list of companies that have flouted the import ban.

🔹In Sep. 2023, Ukraine filed a complaint at the World Trade Organization against Poland for keeping their borders closed to importing Ukrainian grain after an EU 🇪🇺 restriction expired which previously allowed these countries to ban domestic sales of Ukrainian wheat, maize, rapeseed and sunflower seeds. They however are allowed transit of Ukrainian grain.

Video source: Poland Daily Live

🔹Turkish 🇹🇷 President T. Erdogan made his first visit (Feb. 14th 2024) to Egypt since 2012 and met his Egyptian 🇪🇬 counterpart Abdel Fattah al-Sisi in Cairo in a big step toward rebuilding relations between the regional powers. The humanitarian tragedy in Gaza topped the agenda of their talks.

🔹Relations between Ankara and Cairo broke down in 2013 after Egypt's then-army chief Sisi led the ouster of the Brotherhood's Mohamed Mursi, an ally of Türkiye who had become Egypt's first democratically elected president the year before. Mursi died in prison in Egypt in 2019. Other senior members of the Muslim Brotherhood are jailed in Egypt or have fled abroad, including to Türkiye. The Brotherhood remains outlawed in Egypt.

🔹The countries mutually appointed ambassadors last year. This month Türkiye said it would provide Egypt with armed drones. Ankara has taken a number of steps to reduce the presence of Muslim Brotherhood leaders in Turkey, one of Egypt’s biggest concerns. Mekameleen satellite channel, an anti-Sisi outlet, ceased broadcasting from Turkey in 2021, and some prominent exiles in Türkiye were asked to reduce their criticism of the Sisi regime.

🔹Türkiye has been busy on asserting itself as a regional power on the diplomatic front through the:

🔸Arab League and the Organization of Islamic Cooperation to build support for Gaza 🇵🇸.

🔸Organization of Turkic States to boost trade and investments.

🔸 St. Petersburg (Russia 🇷🇺) International Gas Forum to become natural gas hub.

🔸meetings with Iran 🇮🇷, Russia and Syria 🇸🇾 to solve the Syrian conflict.

🔸 working on an alternative to replace the Russian payment system MIR after the US threatened Türkiye with sanctions for servicing MIR cards.

Video sources: Aljazeera and Judging Freedom

🔹Mar. 4th 2024 - The price of gold reached a record high as hopes mount for a US 🇺🇸 rate cut this summer, following weaker-than-expected economic data published last week. The price of the precious metal surged to $2,114 (£1,664) an ounce in the spot market, after steady increases over the past few weeks. The biggest driver of the recent gold surge seems to be its role as a safe haven asset during political and economic uncertainty.

🔹Robust physical buying by central banks and investors in Asia has provided strong support to gold prices. Central bank demand, in particular, is seen as a key factor in sustaining high gold prices, counterbalancing profit-taking by other investors. Central bank net gold purchases totaled 1,037 tons in 2023. That fell just 45 tons short of 2022’s multi-decade record.

🔹China 🇨🇳 was the biggest buyer in 2023. The People’s Bank of China officially reported a 225-ton increase in its gold reserves. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

🔹The rush to gold by central banks is also driven by countries’ desire to weaken their dependence on the US dollar as a reserve currency, after Washington weaponised the greenback in its sanctions against Russia 🇷🇺. Investors tend to stockpile gold during times of uncertainty, like during recessions or wars, to protect themselves against inflation or depreciating currencies.

Video source: Sean Foo

The de-industrialisation of Germany 🇩🇪- Part 13:

🔹 An Allianz Trade bankruptcy study shows a sharp increase in German corporate insolvencies in 2H 2023, up 23% 📈 YoY. For 2024, bankruptcies are expected to increase further with a forecast of around 20,260 cases, up 9% YoY.

🔹Bundesbank report shows economy likely in recession for Q1 2024, citing "industry will likely remain in a weak phase".

🔹EU 🇪🇺 industries are struggling, with industrial output falling by 5.7% in Jan. '24 and nearly one million manufacturing jobs lost in the past four years. EU-China relations is in a downward spiral as China 🇨🇳 relies less on Western markets for manufacturing and technology goods.

🔹 Glass manufacturer Ritzenhoff of Hochsauerland declares bankruptcy after 120 years of operation.

🔹205,000 German jobs threatened or lost in 2023 by company insolvencies.

🔹Over 330 years after its foundation, the Koblenz Brewery auctions off its inventory after filing for bankruptcy.

🔹 Kitchen accessories manufacturer M. Westermann of North Rhine-Westphalia, bankrupt after being founded 150 years ago.

🔹 The KaDeWe Group (owner of several of Germany's most iconic high-end department stores) have applied for restructuring under self-administration, a type of bankruptcy filing.

🔹 Mattress manufacturer, the Breckle Group, which has existed since the 1930s is insolvent.

🔹 German firms committed $15.7 billion in capital projects to the U.S. last year, marking a steep rise on 2022’s figure of $5.9 billion.

Previous parts on the de-industrialisation of Germany 🇩🇪:

💠 Part 12- Jan. '24

💠 Part 11- Oct. '23

💠 Part 10 - Sep. '23

💠 Part 9 - Aug. '23

💠 Part 8 - Jun. '23

💠 Part 7 - May '23

💠 Part 6 - Mar '23

💠 Part 5 - Feb. '23

💠 Part 4 - Jan. '23

💠 Part 2 and Part 3 - Nov. '22

💠 Part 1 - Oct. '22

Video Source: Afd in English

🔹Gold surged to another all-time high 📈 on Monday 21st October 2024 (surpassing last Thursday's ATH), fuelled by geopolitical tensions and central bank interest rate cuts. Gold’s price climbed 0.4% to $2,732.45 USD a troy ounce in London, representing a 40% gain in the past year.

🔹Speculation leads many to believe that Saudi Arabia 🇸🇦 is secretly accumulating gold, after acquiring 160 tonnes of undeclared purchases since 2022 through Switzerland. Any country’s cross-border gold trade statistics refer to “non-monetary” metal, meaning privately owned. From 2022, net imports began to consistently outpace consumer demand. Since gold (ETFs hardly exist in Saudi Arabia, the most logical explanation is the Saudi Central Bank is buying the difference through private buyers.

🔹Approximately 43 tons of gold bullion, valued at $2.5 billion, were imported into Iran 🇮🇷 from March 21-September 20. A six-fold increase compared to the same period a year ago.

🔹 Burkina Faso 🇧🇫 is set to withdraw gold mining permits from some foreign companies operating in the country. Military leader Ibrahim Traoré said “We know how to mine our gold and I don’t understand why we are going to let multinationals come and mine it…".

🔹 Tanzania's 🇹🇿 mining regulator has ordered all mining firms and traders exporting gold to allocate at least 20% of the commodity for sale to the central bank to bolster the bank's move to diversify its foreign reserves.

🔹Note that there is gold's buying in India🇮🇳 and China 🇨🇳, where gold holds a unique cultural significance and where economic conditions have further amplified its allure. India saw gold imports surge to a record $10.1 billion in August—more than double compared to a year ago. This month is a high buying season due to festivals in India.

Photo Source: Money Metals

Plans for a post Bretton-Woods monetary system is underway at the BRICS Summit in Kazan, Russia 🇷🇺 October 22-24.

🔹The joint communique of BRICS 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦🇮🇷🇪🇬🇪🇹 member states support the improvement of the BRICS Contingent Reserve Arrangement (CRA) via envisaging alternative eligible currencies. The CRA is an important mechanism to forestall short-term balance of payments pressures.

🔹Members welcome the BRICS Interbank Cooperation Mechanism (ICM) focus on facilitating and expanding innovative financial practices, including finding acceptable mechanisms of financing in local currencies.

🔹The declaration recognized the widespread benefits of more efficient, transparent, safe, and inclusive cross-border payment instruments based on minimizing trade barriers and ensuring non-discriminatory access (alluding to Russia's exclusion from SWIFT).

🔹BRICS member states strongly oppose and condemn the practice of unilateral politically motivated sanctions that undermine the development of other countries. This was declared in light of October 23rd 2024, when the US 🇺🇸 stated its plans to (illegally) transfer $20 billion to the Kiev regime from the proceeds of Russian sovereign assets blocked by the West.

🔹Iran's president Masoud Pezeshkian called on member states to not continue depending on Western payment systems. This is a big threat," he said and called for "creating alternative possibilities" in this field.

🔹BRICS members support further growth in the number of countries - shareholders of the New Development Bank (NBD) and expedited consideration of applications from association members.

🔹Russia signs agreements with China 🇨🇳 and South Africa 🇿🇦 on credit lines in national currencies.

🔹BRICS countries intend to increase the turnover of precious metals between the member states.

🔹BRICS members agree to take joint measures to oppose unilateral protectionist measures not compliant with provisions of the WTO.

🔹Egypt 🇪🇬 attaches great importance to the transition to financial settlements in national currencies within the BRICS group.

🔹 Russian President Vladimir Putin has proposed a BRICS investment platform to assist the economic growth of member countries and the development of the Global South and East. Partner countries would benefit from a significant increase of investment in areas such as technology, education, trade, and logistics.

Video Source: RT

🔹The Bank for International Settlements (BIS) 🇨🇭plans to quit a cross-border payment system project after Russian 🇷🇺 President Vladimir Putin mentions it as a key tool in global de-dollarization efforts. After years of development, Western Central Banks wants to prevent such a project from being utilized by BRICS countries.

🔹The BIS will quit Project mBridge, (a wholesale central bank digital currencies (CBDC)) bridge Innovation Hub it has helped develop since 2021. With Project mBridge, cross-border payment steps can be significantly reduced by allowing direct, bilateral connectivity between the payee’s and payer’s local banks supported by interoperability with participants’ domestic payment systems.

🔹BRICS member countries see the system as a means of reducing their reliance on the U.S.-dominated financial system while minimizing the effects of potential U.S. sanctions. Project mBridge, is a collaboration launched in 2021 between the BIS and the central banks of China 🇨🇳, Hong Kong 🇭🇰, Thailand 🇹🇭and the United Arab Emirates 🇦🇪, then joined by the Saudi Arabian 🇸🇦central bank in June. It also has many more observing members.

🔹The experimental platform developed for Project mBridge is a purpose-developed permissioned distributed ledger technology (DLT) that supports instant peer-to-peer and atomic cross-border payments and FX transactions.

🔹Each participant on the Project mBridge platform achieves full control over its infrastructure and operations. The core component is the mBL node, which is the DLT node used in the peer-to-peer network. Central banks’ mBL nodes are validator nodes that take part in the consensus protocol. Meanwhile, commercial bank nodes are ordinary mBL nodes that share the same capabilities as central bank nodes, but do not take part in the consensus mechanism.

Photo Source: BIS

🔹Nov. 05th '24 - The USA 🇺🇸 has imposed more sanctions on the development of Russia's Novatek PJSC’s Arctic LNG 2 project and its shipment of liquefied natural gas (LNG), as well as other future energy projects. The sanctioned companies and individuals targeted are mainly in Russia 🇷🇺, China🇨🇳, Hong Kong🇭🇰, the United Arab Emirates🇦🇪, Türkiye🇹🇷, Thailand🇹🇭, Malaysia 🇲🇾 and Switzerland 🇨🇭. Despite sanctions, Arctic LNG 2 is planning to produce the first LNG from its second train in early December.

🔹Russia plans to arrange ship-to-ship transfers of LNG and gas condensate in the Barents and Bering Seas to free up more ice-class tankers for its biggest LNG producer, Novatek.

🔹China's heavy lift ship Ocean28, without ice-class has been granted permission to sail through the remote Arctic waters to Utrenny. During October only one nuclear powered icebreaker operated along the eastern part of the Northern Sea Route (NSR) as more icebreakers is required.

🔹Russia has shortlisted Indian 🇮🇳 shipyards to build four non-nuclear icebreaker ships. The project will significantly boost India’s shipbuilding capabilities and enhance maritime ties between India and Russia, strengthening bilateral relations. An MoU has been drafted between the Indian and Russian gov'ts for the development of cooperation in cargo shipping through the NSR.

🔹US sanctions on Russia's Arctic LNG-2 project threatens US ally, Japan's 🇯🇵 energy-security and economy as Japanese investment was also tied up in the project.

🔹The NSR is reshaping global energy flows as it now takes half the time for a tanker from Russia to arrive in Asia instead of taking the conventional route through the Suez Canal 🇪🇬. Russia wants the NSR, the shortest shipping route between East Asia and Europe, to become a major shipping lane and has invested heavily in infrastructure there.

The de-industrialisation of Germany 🇩🇪- Part 14 (Nov. '24)

🔹 Volkswagen plans to close three German factories in an effort aimed at cost cutting over $4.3 billion. IG Metall Union plans worker strikes for December. VW workers at Osnabrueck plant held fresh warning strike.

🔹VW's EV subsidiary is unable to compete in foreign car markets such as China. Chinese domestic producers of EV (ex. BYD) is able to produce at lower costs than VW. A 10.2% drop in VW sales in China in just the first nine months of 2024, has effectively wiped out VW gains made in all other markets.

🔹VW subsidiary Audi is planning to reduce its workforce by 15%.

🔹Germany's Siemens head of tax service C. Kezer tells finance committee of the Bundestag that investing in Germany is pointless and the co. will invest abroad.

🔹German industrial orders for August fell by 5.8% on the previous month on a seasonally and calendar adjusted basis.

💠 German companies declaring bankruptcy/insolvency recently:

🔹 Metal precision parts manufacturer Schumag AG from Aachen, founded in 1830.

🔹 Lauchhammer art foundry, Germany's oldest, after 275 years of history. Co. claims the world's first cast of cast iron in one piece, as well as the first bell cast of a cast iron bell that has still been preserved.

🔹 Schrutka-Peukert, manufacturer of refrigerators and sales counters from Bavaria, founded in 1871.

🔹 Traditional confectionery manufacturer Leysieffer, existing since 1909.

🔹 Private hospital Diakoniewerk Munich-Maxvorstadt, founded in 1867 as a deaconess institution, making it one of the oldest Protestant institutions in Munich.

🔹 Bakery chain Krachenfels Handels GmbH after 340 years of operation.

Previous parts on the de-industrialisation of Germany 🇩🇪:

💠 Part 13- Mar. '24 💠 Part 12- Jan. '24

💠 Part 11- Oct. '23 💠 Part 10 - Sep. '23

💠 Part 9 - Aug. '23 💠 Part 8 - Jun. '23

💠 Part 7 - May '23 💠 Part 6 - Mar '23

💠 Part 5 - Feb. '23 💠 Part 4 - Jan. '23

💠 Part 2 and Part 3 - Nov. '22

💠 Part 1 - Oct. '22

Video Source: Afd in English

🔹Nov 15th, 2024: EU Farmers 🚜 are protesting again, this time to oppose the EU-Mercosur free trade agreement, saying increased imports from South America will hurt the European Union's agriculture. Farmers dragged tractors and waved flags in front of the EU 🇪🇺 headquarters in Brussels, Belgium 🇧🇪 this week claiming the agreement "does not provide fair prices for farmers."

🔹Mercosur (The Southern Common Market) is a customs union comprising of 12 Latin American countries with a free intra-zone trade & a common trade policy. The EU and Mercosur reached a principled agreement in 2019 after 20 years of FTA negotiations, but stalled after the EU demanded the addition of new conditions, including environmental protection obligations.

🔹The new European Commissioner for Trade and Economic Security Maroš Šefčovič said the free trade deal could be "concluded on very very fair ground". A new EU law banning the import of products linked to the destruction of the world's forests has been controversial, though its implementation is on the verge of being put off for another year.

🔹In Ireland 🇮🇪, farmers have been protesting outside the Dáil, calling on all elected representatives to oppose the EU-Mercosur trade agreement. Europe's Copa and Cogeca, which represent farmers and agricultural co-ops have voiced opposition. Poland's 🇵🇱 agriculture ministry has registered reservations about the deal.

🔹Protests in Aurillac, in southern France 🇫🇷, was the start of a fresh wave expected to spread amid concern that the deal could be finalized at the G20 summit in Brazil 🇧🇷 on Nov. 18-19 despite the French minister of agriculture, Annie Genevard, saying it was “highly unlikely." A group of more than 600 French lawmakers also published an open letter in claiming that the conditions for the deal “have not been met."

🔹 The EU have seen lots of farmer protests in the last year for various reasons. In Poland and Romania, they protested against cheap pesticide contaminated grain from Ukraine, removal of subsidies in Germany angered farmers, Lithuanian farmers forced to restore permanent grasslands, Dutch farmers protested nitrogen policies that would restrict livestock farming.

Video Source: EuroNews

🔹Russia is temporarily restricting enriched uranium exports to the U.S.🇺🇸, raising supply concerns for US reactors that produce nearly 20% of the nation's electricity. This is an expected symmetrical response to the actions of the American authorities, which adopted the law banning the import of Russian 🇷🇺 uranium in May this year. However, the decree provides for a special procedure of organizing Russian uranium deliveries to the US territory and to the US customers.

🔹Enriching uranium is a highly specialized process that can only be done in certain countries, such as Russia that also has some of the world's largest uranium supplies. While the US is self-sufficient in fabrication, uranium, and uranium processing, U.S. capabilities in conversion and enrichment are another matter.

🔹Kazakhstan 🇰🇿, the world’s largest uranium producer, has secured shareholder approval for major contracts with Chinese companies. The construction of a new power plant in Kazakhstan was greenlighted by referendum in early October. Potential partners to build the plant: Russia’s Rosatom, China’s National Nuclear Corporation, South Korea’s Hydro & Nuclear Power, and France’s EDF.

🔹China 🇨🇳 intends to build over 100 new nuclear reactors by 2035. “China today likely stands 10 to 15 years ahead of the United States in its ability to deploy fourth-generation nuclear reactors at scale.

🔹 Niger 🇳🇪 welcomes Russian uranium mining companies to operate. Tensions between France and Niger had forced Niger's authorities to revoke uranium mining licenses to French companies.

🔹The Italian 🇮🇹 gov't has appointed teams to draft specific laws to address a renewed Italian interest in nuclear energy.

🔹 Uranium mines in the Athabasca Basin, Canada 🇨🇦 sees mining activity pick up in recent years with old mines reopening to improve output.

Photo Source: Bloomberg

🔹 An estimated 20,000 British farmers and their families have taken part in a huge London🇬🇧, protest against the Labour gov't inheritance tax, today, 19th Nov. 2024. The tax, part of Labour's autumn budget, will see farmers pay a 20% tax on inherited agricultural assets worth over £1m from April 2026 onwards.

🔹 Farmers 🚜 have reacted with anger and dismay to the inheritance tax changes for farming businesses, which limit the existing 100% relief for farms to only the first £1 million of combined agricultural and business property. Some farmers warn they will have to sell off land to meet the inheritance tax costs and are threatening to strike over the pressures they say they are being put under by Government policy.

🔹 🇬🇧National Farmers’ Union president Tom Bradshaw said "...this is a policy that will rip the heart out of Britain’s family farms, launched on bad data with no consultation, and it must be halted and considered properly.”

🔹 Last week and this week EU Farmers 🚜 are protesting in opposition to the EU-Mercosur free trade agreement, saying increased imports from South America will hurt the European Union's agriculture.

🔹 The EU 🇪🇺 have seen lots of farmer protests in the last year for various reasons. In Poland and Romania, they protested against cheap pesticide contaminated grain from Ukraine, removal of subsidies in Germany angered farmers, Lithuanian farmers forced to restore permanent grasslands, Dutch farmers protested nitrogen policies that would restrict livestock farming.

Video source: Livestream Events

🔹 Two of the world’s biggest foreign holders of US 🇺🇸 Treasuries, China and Japan have been offloading U.S. debt in Q3 of 2024. Japanese investors sold a record $61.9 billion of the securities in the three months ended Sept. 30. Funds in China 🇨🇳 offloaded $51.3 billion during the same period, the second biggest sum on record.

🔹 Japan’s 🇯🇵 selling may have been in part amplified by the nation’s intervention in the foreign-exchange market to buy the Yen. Japan and China still own $1.02 trillion and $731 billion worth of Treasuries, respectively. The yield on a US 3-month bond is 4.54% and on the 5-Year bond is at 4.30%.

🔹 On the other side of the bond trade, China will sell dollar denominated bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. China is Saudi Arabia’s 🇸🇦 most important trade partner, buying 16% of the kingdom’s exports and supplying 23% of its imports in Q2 2024.

🔹 Possibly, investors are offloading US bonds due to an expectation of rate hikes by the US Federal Reserve. Some countries are selling US bonds to bolster their own currency value and also as an effort to diversify from dollar assets. Israel 🇮🇱 is one such example of a country reducing US Treasury bond holdings while increasing its assets in yuan, Canadian dollars, Australia dollars and yen.

🔹 Last November, Moody's lowered its outlook on the U.S. credit rating to "negative" 🔻from "stable" citing large fiscal deficits and a decline in debt affordability. One year ago exactly, this channel highlighted that the Yen carry trade will affect the US bond market due to the BoJ's flexibility in its own bond market.

Photo Source: Bloomberg

🔹 Ex-Polish gov't official claims up to 50% of financial aid given to Ukraine is embezzled in corruption. Former 🇵🇱 Deputy Labour Minister Piotr Kulpa accused US 🇺🇸 aid programs of giving massive salaries / bonuses to Ukrainian officials and writing off large sums of money that finance "shady systems under Democratic Party control." He asserted, “...to every European and American taxpayer, this system is criminal from start to finish” during a mid-November 2024 interview.

🔹 This April, French 🇫🇷 politician Florian Philippot, leader of the Les Patriotes party claimed that aid to Ukraine, “...in reality a large part is diverted and goes into corruption!”. Hungary's 🇭🇺 PM Viktor Orban raised this corruption issue at the EU level and attempted to block billions of EU taxpayers money going to Ukraine, but failed after facing enormous pressure from other member states. Slovakia's 🇸🇰 PM Robert Fico also warned that European money is being embezzled in Ukraine.

🔹In February, the US Dep't of Defense Inspector General at the Pentagon’ said its criminal investigators have opened more than 50 corruption cases related to aid provided to Ukraine. The Inspector General also found that the Pentagon did not properly track $1 billion worth of military equipment sent to Ukraine 🇺🇦, raising concerns that it was stolen. This was after employees from a Ukrainian arms firm conspired with defense ministry officials to embezzle almost $40 million earmarked to buy 100,000 mortar shells.

🔹 In December 2022, the EU dismissed warnings when Nigerian 🇳🇬 President M. Buhari urged heads of neighbouring African states 🇧🇯 🇹🇩 🇳🇪 🇨🇫 to take independent action against Western arms smuggling from Ukraine. Boko Haram & ISIS terrorists in Africa were receiving weapons from Ukraine through the black market.

🔹Way back in July 2022, this channel warned about weapons from NATO countries to Ukraine being purchased on the dark web (pics in original post) at huge discounts. We also drew reference to two Caesar self-propelled howitzers ($7 million each) sold by Ukrainians to Russia 🇷🇺 for $120,000 though an intermediary.

Video Source: Ukraine Leaks

🔹 Election shock and panic ensues across the EU Commission and NATO because an independent candidate (sovereigntist) won Romania's 🇷🇴 Presidential election 1st round. A Romanian constitutional court yesterday, (Nov. 28th 2024) asked the official electoral authority to recount and verify all of the ballots cast, after attempts to cancel the election failed. The US - UK - EU & Romanian media have been non-stop smearing Mr Călin Georgescu, since he won the election round on 25th Nov.

🔹 Mr. Georgescu won against 13 other candidates in the 1st round with 22.94% of the votes. Media across the West and in Romania label him 'pro- Russia', 'far-right', 'NATO critic' and 'ultranationalist' due to his 'Romania first' position. He was not invited to presidential debates hosted by Romanian media and didn't pay for political broadcasts on TV, but brilliantly used social media and podcast appearances to get his message out.

🔹 The European Parliament's 🇪🇺 liberal political group, "Renew Europe," Valerie Hyer, has called on TikTok CEO Shou Zi Chew to appear before the European Parliament to address concerns of social media interfering in elections. ANCOM, Romania's telecommunications market regulator will ask for the suspension of the TikTok platform in Romania.

🔹 Romania's Supreme Defense Council met to discuss possible risks to the country and its electoral process stemming from social media. Protesting against the results have started using students also, supported by political parties & NGO's against Mr Georgescu.

🔹 Mr. Georgescu holds a doctorate in pedology, a branch of soil science, and held different positions in Romania’s environment ministry in the 1990s. Between 1999 and 2012, he was a representative for Romania on the national committee of the UN Environment Program. He promotes peace for the Ukraine 🇺🇦🇷🇺 conflict and not escalation, supports the Romanian Orthodox Church, Romanian farmers, reducing import dependence, and ramping up local energy and food production.

Video Source: Ștefan Mandachi