Food prices are not a topic we cover often cover, but then a note from Toscafund landed in our inbox arguing that there’s no impending food supply crisis. Indeed, worries about surging inflation are simply misplaced. The hedge fund’s Savvas Savouri argues that rising food demand from a growing global population will trigger a supply response, with technology facilitating it.
So there’s going to be more processed food, not less of it. Read more
We haven’t written up our full take on Wednesday’s (nuts) oral argument in NML v Argentina (sorry), though you should read this, just out from the Second Circuit on Friday…
The court has ordered Argentina to specify “precise terms” of how it would wish to pay holdouts, differently to the current injunction to pay them ‘ratably’ in full: Read more
It’s Friday quiz time! Ready? Here goes:
- Take a couple of clued-up Brooklynites in their 30s.
- Add section §619 of Dodd-Frank, aka the “Volcker Rule”.
- Now throw in a lawyer.
What do you get?
[Hint: It's America.] Read more
That’s the euro down 0.4 per cent or so against the dollar and crossing the $1.30 mark. Sterling (aka the Great British Krona) is also continuing its torrid start to 2013, losing another 0.9 per cent against the dollar and touching $1.50. Read more
Live markets commentary from FT.com
Shinzo Abe’s phaser || Iksil in headlines that also contain “Lehman” || US braces for spending cuts || Spain’s companies suffer earnings slump || China manufacturing slows || Greece missed revenue targets by large margin || Poland to restart debate to join euro || US regulator to water down SEF rules || Markets update Read more
Frankly we’re bored of this, but:
That question deserves some serious thought, don’t you think? Read more
Gotta love a good contrarian yen call.
As we’ve written multiple times, the yen’s recent fall been based on policy which has yet to appear, namely on expectations of Abenomics. Japanese authorities have done an excellent job of short-term monetary fear-mongering, but as Gavyn Davies put it recently there is a severe risk that the international hedge funds which have been driving the decline in the yen might come to the conclusion that the emperor has no clothes. Read more
Elsewhere on Friday,
- Banker bonus FAQ (for bankers).
- What to do with fat cats? Chuck them in the swimming pool.
- More disclosure, smarter disclosure. Read more
Asian shares fall, Japan rises on easing hopes || Sequestration cuts imminent || Official China PMIs lower || Lib Dems win Eastleigh, Tories come third || Lloyds to announce more PPI provisions || Australian towns win $21m in S&P CPDO case || US student debt delinquencies soaring Read more