Xi's Faction under attack

The secret detention of Chinese Defense Minister Li Shangfu means that there is no job security in China's government. He had been promoted in May, together with other Xi loyalists. Former Foreign Minister Qin Gang, who was officially removed from his post in late July was another mandarin promoted under Xi. Their presumed sin is corruption, attending banquets and demanding sex and money from underlings. Since that kind of behavior is rather expected from officials, I assume that Xi is under attack. 

In the center of the pic, Gen. Zhang Yang who committed suicide a few years ago amid an investigation into his ties with two disgraced military figures. Zhang, 66, a former head of the powerful Central Military Commission's (CMC) political work department, "hanged himself at his home in Beijing. 

A good day in TASE

If I needed another demonstration, today's TASE shows that financial speculation yields more than backbreaking work. The web page today shows a paper profit equal to one year's work as water engineer. I'm not selling and taking this profit, but it proves the correctness of my strategy. My dear wife cares for my lifestyle like did for her mother, prolonging my life like her years, gifting me ten years more than I would last if the actuarial tables were predictive and relevant.  
 

Gifted in Israel

  

My second granddaughter was classified in the school (2nd grade) as gifted, so naturally I wanted to learn what that means. The Central Bureau of Statistics has a long explanation (in Hebrew) how they are selected. There are two categories: the gifted (mehunanim) and outstanding (mitztaynim). The numbers are broken down by the economic-social grade of the school (that is, the neighborhood) - above: left=low, middle=middle and right=high. 

The ranking city is Tel Aviv with 8.39 (from 10) and my city is number 5 with 7.59.  According to the graph, in 2021 they found about 11,000 gifted children, 40% of them from the high-ranking cities. About 10% of the age group is selected. The proportions (gifted = brown line, outstanding=green line) grows from year to year, meaning, may be, that a larger portion of the children are gifted? The whole explanation is so obscure that it is impossible to make sense of it, which is the point. 

My granddaughter says she did not answer the numbers questions yet got selected. How come? I don't know, she certainly has no "protectzia". 

War is bad for the potash business

Nutrien, the world largest potash mining company, is projected to report earnings of $0.96 per share, which would represent a year-over-year decline of 61.75%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.68 billion, down 30.6% from the year-ago period. Analysts advise "Sell today".

I have been collecting potash shares for the last twenty years and now am losing much money. The war in Ukraine, instead reducing the offer as I expected, incentivizes the massive dumping of the mineral at any price. In this case, war is no good for business. 

Yet, I am not selling. The world needs potash fertilizers. 

My impression of yesterday's debate

Yesterday, the Supreme Court of Justice of Israel held an open, televised debate of the recent modification of a Basic Law (part of a future Constitution). My impression is that the judges know that they cannot repeal the legally approved legislation, however horrible it may be in their view. 

The opponents voiced fears of the eventual long-term consequences, but the judges said that they cannot deal with eventualities, they judge only facts. 

The most ridiculous of the speakers was "Adam, Teva, etc." environmental organization, which said the new law will make impossible the elimination of micro-elements from drinking water. 

The most serious was the military exposition that European countries are looking for a case to invalidate Israel's system of justice, so they can start jailing Israelis for war crimes. They are not doing that because the Israeli system is so severe and defends so effectively Palestinian terrorists. Should happen that a soldier inadvertently kills one and is not immediately jailed, the Europeans will declare it a war crime and start taking measures against Israel. They hate us that much. And more.

India-Europe Trade Corridor

 
US President Joe Biden’s announcement over the weekend at the G20 meeting of an India-Middle East-Europe Economic Corridor (IMEC), with India to be linked to the Middle East and Europe through rail, shipping lines, pipes, and cables, conceives Israel as the hub of the regional trade. The corridor would be an alternative to the Suez Canal. Something like Singapore in the Far East. Fantastic.

I looked up what merchandises could be traded on this new corridor. India is big and populous but sells and buys very little. I could not find one product in my professional area where Indian products were used, Indian pumps are of low quality and antiquated. This is a paradox since India just put a vehicle on the moon while the Russians failed. It has technology and excellent Iyer Brahmin minds. In time it may develop. 

More Food for Vultures

 Argentina keeps providing more food for the vultures. They keep doing mistakes and owing more and more. The fools expropriated 51% of YPF in 2012 after accusing the majority shareholder, Spanish company Repsol SA, of failing to invest sufficient resources into oil production. At the time, Argentina was already fighting claims by investors led by Paul Singer’s Elliott Management over its 2001 default on $95 billion in sovereign debt, and the YPF takeover further contributed to a perception of the country as an inhospitable place for foreign investment.

Judge Preska found that the by-laws of the company, which had been privatized in the 1990s, required any future re-nationalization to be accompanied by a tender offer at a predetermined price. But when an expropriation came in 2012, Deputy Economy Minister Axel Kicillof called the requirement a “bear trap” that only “fools” would expect Argentina and YPF to honor, according to a court filing.