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BMW has reaffirmed its commitment to build a factory in Mexico even as U.S. president-elect Donald Trump threatens to introduce border taxes on Mexican-made cars. …read more

Source: BMW ‘absolutely’ committed to new Mexico factory

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By Tyler Durden

In the latest highly politicized Hollywood event, last night’s Golden Globes took aim squarely at Donald Trump, when Actress Meryl Streep delivered an emotional speech railing against President-elect Donald Trump, without actually mentioning him by name. while accepting the Cecil B. DeMille Award at the 74th annual Golden Globes on Sunday. The actress referred to the time Trump imitated a disabled New York Times reporter on the campaign trail, and said that particular, real-life performance broke her heart.

“But there was one performance this year that stunned me. It sank its hooks in my heart. Not because it was good — there was nothing good about it — but it was effective and did its job,” Streep said of Trump’s imitation of reporter Serge Kovaleski, who has a congenital condition affecting the joints. “It made its intended audience laugh and show their teeth.”

“It was that moment, when the person asking to sit in the most respected seat in our country imitated a disabled reporter — someone he out-ranked in privilege, power, and the capacity to fight back,” she continued. “It kind of broke my heart when I saw it, and I still can’t get it out of my head because it wasn’t in a movie; it was in real life.”

“This instinct to humiliate when it’s modeled by someone in the public platform — by someone powerful — it filters down into everybody’s life because it kind of gives permission for other people to do the same thing. Disrespect invites disrespect. Violence incites violence. When the powerful use their position to bully others, we all lose,” Streep said.

She then called on the media to use its agency to hold powerful people accountable.

“We need the principled press to hold power to account, to call them on the carpet for every outrage,” Streep said. “That’s why our founders enshrined the press and its freedoms in our Constitution. So I only ask the famously well-heeled Hollywood foreign press and all of us in our community to join us in supporting the Committee to Protect Journalists, and we’re going to need us going forward and they’ll need us to safeguard the truth.”

Streep’s comments echoed actor Hugh Laurie, who earlier in the night joked there would be no more Golden Globes if Trump has his way. “You and all of us in this room belong to the most vilified segments of society right now. Think about it: Hollywood, foreigners and the press,” Streep said. She proceeded to mention several actors in the room who were born outside the United States.

“Hollywood is crawling with foreigners and if we kick them all out, you’ll have nothing to watch but football and the mixed martial arts — which are not the arts,” Streep said.

Streep’s speech ended with a standing ovation — the first of the night, according to reports on Twitter.

This, predictably…

How long before @realDonaldTrump tweets that Meryl Streep is overrated?

— David Corn (@DavidCornDC) January 9, 2017

… …read more

Source: Trump Fires Back At "Overrated" Meryl Streep Over Golden Globe Criticism

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By Tyler Durden

The collapse in the Turkish Lira, which has been relentless since last summer’s failed coup, has only accelerated in 2017, and especially this morning, when the Turkish currency tumbled more than 2% against the dollar – its single worst day since the July 19 military coup attempt – sliding as low as 3.73, down over 5% so far in 2017, and over 23% in the past 12 months.

While the broader catalyst are familiar, namely a slowing economy, seemignly daily terrorist attacks, a furious crackdown by Erdogan on government dissent and potential rating downgrades, this morning there have been two additional catalysts that have accelerated the selloff.

First Moody’s, which has the country on junk rating as of last September, issued a warning on the country’s banking system saying heightened security risks would weigh down on the economy and heap further pressure on domestic banks. The rating agency warned that Turkish banks’ bad loan ratio was set to rise to 4% this year from 3.24% “driven by the combination of high inflation, lira depreciation and the general worsening of the investment climate because of security issues and geopolitical tensions”. The caution comes as Turkey faces another downgrade to junk from Fitch later in January, which would see its last investment grade rating stripped away, promptly raising its costs of borrowing even more.

Only making matters worse, were comments from Turkey’s deputy PM, Nurettin Canikli, who indicated that Turkey’s head remains stuck deeply in the sand, when he blamed the plunge in the Lira on an unacceptable “campaign” to force interest rates higher. He also told AHaber TV in an interview that institutions will take whatever measures are needed for economy, that Citizens have no demand for foreign currency (not quite if judging by the plunge in the lira), that the Turkish economy will continue to “resist” such moves as dollarization level very low compared to past, and ultimately blamed the U.S. for its support to Syrian Kurdish PYD/YPG calling it “unacceptable.”

Meanwhile, the market is already pricing in further downgrades, and as of this morning, Turkey’s benchmark 10Y yields jumped another 15 bps near the highest over the past year.

So what is Turkey to do? One suggestion came from ING’s chief EMEA FX and rates strategist Petr Krpata who writes that a “large one-off rate hike could unleash a 10% rally in the lira” adding that “in the absence of capital controls, a large emergency rate hike seems to be the only remedy. If the root cause is domestic, the solution must be domestic too.”

However, he admits that the bar for a large hike is high – especially with Erdogan having made it quite clear such a move is unacceptable – and expects the central bank to continue with its “piecemeal approach and only hike interest rates gradually.”

He concludes that such an approach is unlikely to halt the lira’s slide and suggests further downside; sees 3.90/USD being tested before the case for a large interest increase grows stronger.

At the current rate …read more

Source: Turkish Lira Plunges Over 2% To New Record Low, Yields Rise On Moody’s Warning

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