Kelley Holland
Source: <a href="https://www.cnbc.com/id/47146265">Interesting Times Coming For Currencies</a> 
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Deutsche Bank strategists say the range-bound trading in the currency markets could be ending.
The currency markets have seen extremely low volatility lately despite a spate of political events and economic reports &#8211; but the strategists at Deutsche Bank say we are about to live in interesting times once again. 
&#8220;Looking back over the last 12 years, there have only been five episodes where a lack of trend across all 42 G-10 crosses has persisted for more than the current period,&#8221; they wrote in a note to clients. And just in case you&#8217;ve been lulled into thinking that this time is different, the strategists point out that &#8220;central banks are coming back into play&#8221; and indicating clear direction shifts, like the Bank of Canada&#8217;s increased hawkishness and the potential for easing from the Reserve Bank of Australia. Also, emerging market currencies seem to follow a pattern, they say: &#8220;May and June both tend to provide above-average returns for trend-following strategies.&#8221;
So how do you play this potential shift?
The strategists are bearish on the euro, dollar, and the yen, expecting their year-to-date underperformance to continue. So they suggest selling those against other currencies, like the British pound, Canadian dollar, and Swedish krona. In emerging markets, they like the Mexican peso, South Korean won, and South African rand. 
Time to get busy&#8230;
Tune In: CNBC&#8217;s &#8220;Money in Motion Currency Trading&#8221; airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. 
Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class. 
Talk back: Tell us what you want to hear about &#8211; email us at moneyinmotion@cnbc.com.

Interesting Times Coming For Currencies

Kelley Holland
Source: <a href="https://www.cnbc.com/id/46962468">Dollar Lifts, Spanish Woes Hit the Euro</a> 
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Euro zone worries mount and Malawi has a currency problem &#8211; it&#8217;s time for your FX Fix.
Falling Spanish bond prices and renewed worries about the euro zone sent the euro broadly lower. [CNBC]
The euro breached the floor set by the Swiss against the Swiss franc, but Switzerland appeared to intervene. FT]
Concerns that central banks aren&#8217;t doing enough to spur a global economic recovery sapped risk appetite and lifted the dollar. [RTT]
The yen remained firm as worries mounted about the euro zone. [WSJ]
As expected, the Bank of England left interest rates and its target for asset purchases unchanged, and the pound fell. [fxstreet.com]
Malawi, once seen as a promising investment destination for multinationals, has an extreme foreign-currency shortage and political unrest. [WSJ]
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MULTI CURRENCIES VS THE DOLLAR 
Tune In: CNBC&#8217;s &#8220;Money in Motion Currency Trading&#8221; airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. 
Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top strategies are broken down for you in Currency Class. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talk back: Tell us what you want to hear about at moneyinmotion@cnbc.com.

Dollar Lifts, Spanish Woes Hit the Euro

Kelley Holland
Source: <a href="https://www.cnbc.com/id/46539282">Euro Slips, Aussie Dollar Dips, BRICS Go Local</a> 
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Confidence shrinks in Europe and year-end weighs on the yen &#8211; it&#8217;s time for your FX Fix.
The yen rose, boosted by demand linked to the end of Japan&#8217;s fiscal year. [CNBC]
A general strike in Spain and shrinking economic confidence sent the euro lower. [FT]
Lower commodity and stock prices weighed on the Australian dollar in Asian trading. [WSJ]
Ahead of the release of Canadian manufacturing data, the U.S. dollar and the loonie were trading at parity. [fxstreet.com]
The South African rand steadied ahead of a monetary policy meeting, a day after falling sharply Thursday on news of a Standard &amp; Poor&#8217;s rating cut. [Reuters]
In a move to insulate themselves from U.S. and euro zone economic woes, export-import banks in Brazil, Russia, India, China and South Africa will extend credit facilities to each other in local currencies. [WSJ]
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CURRENCY FUTURES:
Tune In: CNBC&#8217;s &#8220;Money in Motion Currency Trading&#8221; airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. 
Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top strategies are broken down for you in Currency Class. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talk back: Tell us what you want to hear about at moneyinmotion@cnbc.com.

Euro Slips, Aussie Dollar Dips, BRICS Go Local

Kelley Holland
Source: <a href="https://www.cnbc.com/id/46798474">Your Trade for Rising Yields</a> 
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The euro has been trading in a narrow range, and this strategist sees a dollar-trading opportunity when it budges.
Despite the news buffeting currencies, not much has moved the euro-dollar rate. But Willie Williams, director of institutional derivative sales at Societe Generale, thinks that&#8217;s about to change. 
&#8220;I think we can see the euro push lower from here, especially as some of the carry trades in the market come under pressure,&#8221; he says. 
Williams argues that the euro has been supported by decent risk appetite along with fundamental developments like the successful long-term refinancing operation. But for now, he told CNBC, &#8220;I like buying dollar ZAR.&#8221; 
Williams argues that the South African rand is exposed to a slowdown in China, and that the currency has been moving in tandem with copper prices recently. The rand &#8220;is also exposed to higher energy prices, and with oil where it is they&#8217;re going to start coming under more external pressure.&#8221;
So much for South Africa &#8211; but there&#8217;s more. &#8220;As we see U.S. rates continue to rally&#8221; &#8211; which should help the dollar &#8211; &#8220;I think we&#8217;re going to see a further selloff in emerging market rates as well as in emerging market currencies, for the time being,&#8221; Williams says.
He wants to enter the trade at 7.6000 with a stop at 7.4500 and a target of 8.0500.
You can watch the trade on the video.
Tune In: CNBC&#8217;s &#8220;Money in Motion Currency Trading&#8221; airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. 
Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class. 
Talk back: Tell us what you want to hear about &#8211; email us at moneyinmotion@cnbc.com.

Your Trade for Rising Yields

Source: <a href="https://www.cnbc.com/id/46683669">The Age Gap: Demographics Threatens Economies</a>
John Parker is the Globalization editor of The Economist.
Demography, said Auguste Comte, a 19th century social scientist, is destiny. Perhaps his assertion was a bit of an exaggeration because population trends can themselves be changed (for example by social trends, such as a desire for smaller families, or occasionally by political decisions, such as Chinas one-child policy). 
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/46750753-baby-with-granddad-200.jpg?v=1349480263&amp;w=1910&amp;h=1000" data-licensor-name="Image Source | Getty Images" width="1910" alt="Baby with Grandpa" height="1000"></img>
But it is true that population is extremely influential and over the past few years it has become abundantly clear that demography has profound consequences for the environment and climate change, for public health, and even for politics and national security. 
Demography used to be the preserve of geeks with vast databases and complicated mathematical formulae. It rarely made it onto the political agenda. But that is changing. Now you see news items about Chinas one-child policy, or gendercide (the abortion of baby girls so as to favour the birth of sons). And you hear a lot about the ageing of populations in rich countries and the health and pensions problems this will bring. 
Demography has begun to be a bigger part of public debate partly because the world’s population is changing in unprecedented ways. As recently as 1950, in terms of life expectancy and family size, the world contained two clearly-differentiated types of people, rich and poor, the rich with small families and long lives, the poor with many children and short lifespans. That dichotomy is breaking down. Now, there are many more countries in the middle. 
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In 1950, a national median age of more than 36 was unheard of (the media age is the point where half a country’s population is older, half younger). Now, half the countries of western Europe have median ages over 40 and by 2050, there will be more than two dozen countries over 50. History has never seen such ageing as this. Hence the public health concerns. 
Nor only are countries getting older, they are getting smaller, or some are. At the moment, almost 20 countries have declining populations, including large ones such as Germany, Russia and Japan. By 2050, two dozen more will have joined them, including giant China. Since most countries health and pensions programmes have assumed that each successive generation will be slightly larger than its predecessor, ageing and shrinking implies substantial changes in the way social programmes are run. 
For most of the past 50 years, the pattern of demographic change has been the shift from societies with lots of children where people died young, (high fertility, high mortality) to those where families were smaller and people lived longer (low fertility, low mortality). That process is still going on. But it has become clear that countries are traversing the path at different speeds. Western Europe made the transition in about 100 years; America in about 80 or so; Iran and Bangladesh in 20-30 years. Some countries, mainly in Africa, have started out on the transition, and seem to have got stuck halfway through. 
The pattern of demographic change.
These national patterns mean it does not make sense to look only at overall trends, such as the size of a country’s population or its growth rate. Population is changing within national borders, too, and this means that different generations are changing in size, with some age groups, notably economically-active adults changing relative to others. If you look at these disaggregated trends, the world divides itself into three categories: young, middle-aged and old. 
First come the young countries, where the working-age population is rising relative to everyone else and where the median age stays below 40. This is most of sub-Saharan Africa, India and the Middle East. Then group will reap a so-called demographic dividend because they will have a lot of adult workers relative to the numbers of dependent old people and children (though to reap this dividend they will have to get their policies right: merely having a large number of young adults is not enough by itself). 
Next comes a group of countries which might be called middle-aged or the in-betweeners: not as young as Africa and India, not ageing as fast as Europe. They include the United States, most of Latin America, and South East Asia. In this group, the proportion of dependent children and old people will rise, but not a lot, and societies will get older, but the median age will still be in the mid to late 40s. 
They will face problems of ageing and of providing workers for everything from productive companies to the army. But these problems will be as nothing compared with the real ageing countries, who are the big losers from the patterns of demographic change: Europe, Japan and China. 
By 2050, Japan will have almost as many dependants as working-age adults. No society has seen such a thing before. And China is ageing at an unprecedented rate. In 1980, its median age was 22. In 2020, it will be 38, older than the United States. In 2040, it will be 47, older than Europe. These demographic trends will be a big challenge not only to its continued economic growth but also to its chances of challenging the United States geopolitically, since they will make it harder and more expensive to fill military ranks and modernise the army. 
John Parker is the Globalization editor of The Economist.

The Age Gap: Demographics Threatens Economies

Kelley Holland
Source: <a href="https://www.cnbc.com/id/46706924">For Big Returns, Think Small</a> 
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Smaller G20 currencies have outperformed the big four all year, and this strategist sees the trend continuing.
Admit it &#8211; you&#8217;ve been obsessing over the euro&#8217;s tiniest moves this year. But if you glance up for a minute, you might see that you&#8217;ve been watching the wrong currency. 
&#8220;We obsess about EURUSD on a minute to minute basis; when not doing so we debate whether JPY&nbsp;&nbsp;is headed for the collapse that has been expected for &nbsp;many years, but never quite achieved. &nbsp;The truth is that being long the “G20 smalls” and short the G4&nbsp; “bigs” has provided a consistently better risk return profile so far this year,&#8221; says Steven Englander, head of G10 currency strategy at Citigroup.
Englander has analyzed the average (unweighted) performance of eighteen currencies &#8211; the Australian,&nbsp;&nbsp;New Zealand, Taiwan, Singapore, and Canadian dollars, the South African rand, the Norwegian krone, the Swedish krona, the Mexican, Argentinian, and Chilean pesos, the Indonesian rupiah, the Indian rupee, the Russian ruble, the Turkish lira, the Brazilian real, the Chinese yuan, and the Malaysian ringgit &#8211; and measured their performance against the average of the dollar,&nbsp;&nbsp;euro,&nbsp;&nbsp;yen,&nbsp;&nbsp;and British pound. 
&#8220;The smalls have the highest return relative to their realized volatility so far this year,&#8221; Englander says. &#8220;No G10 currency cross had a better return relative to realized volatility.&#8221;
One reason for the better performance among smaller countries is the liquidity added to the market by the likes of the European Central Bank and the Bank of Japan. Those moves have boosted risk appetite, and to the extent they have stabilized the global economy, they have arguably improved the economic prospects for the smaller countries in the G20 &#8211; and their currencies.
Englander cautions that trading this view is expressing a clear belief that risk-on assets will outperform, and he also warns that it&#8217;s prudent to buy a basket of G20 currencies to limit your exposure to risks like single-country monetary policy moves. But if he&#8217;s right, you could have a nice ride &#8211; and you could let that euro obsession go.
Tune In: CNBC&#8217;s &#8220;Money in Motion Currency Trading&#8221; airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. 
Learn more: The essential vocabulary for currency trading is on Key Terms Dictionary. Top currency strategies are broken down for you in Currency Class. 
Talk back: Tell us what you want to hear about &#8211; email us at moneyinmotion@cnbc.com.

For Big Returns, Think Small

Cadie Thompson
Source: <a href="https://www.cnbc.com/id/46545280">Ship&#8217;s Anchor Sinks the Internet in East Africa</a> 
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A ship&#8217;s anchor is to blame for Internet disruptions that could last days in six East African countries, according to a report.
The anchor hit fibre-optic cables off Kenya&#8217;s coast in a restricted area while the ship was waiting to dock in Mombasa, the BBC reports.
The misplaced anchor is now causing a slowdown of high-speed Internet connections in Kenya, Rwanda, Burundi, Tanzania, Ethiopia and in Juba, the capital of the Republic of South Sudan, according to the report.
Internet connections are expected to slow by 20 percent and it could be two weeks before the cables are repaired. 
High-speed Internet is relatively new in East Africa. There are three major cable networks, the EASSY, TEAMS (The Eastern African Marine System) and SEACOM, that were implemented in 2009 and 2010. 
Cables that are run TEAMS were affected, according to the BBC. 
*An earlier version of this story reported cables run by EASSY were also affected. The story has been corrected to make clear that cables by EASSY were not affected. email: cadie.thompson@nbcuni.com

Ship’s Anchor Sinks the Internet in East Africa

The Best Countries for Long-Term Growth

JeeYeon Park
Source: <a href="https://www.cnbc.com/id/45932344">Emerging Markets Could Soar 30% in 2012: Strategist</a>
Following a dismal 2011, emerging markets could see up to a 30 percent gain this year, assuming the sovereign debt crisis in the euro zone is kept at bay, according to Geoffrey Dennis, managing director at Citi. 
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/35933188-south_korea_flag_200.jpg?v=1354732729&amp;w=1910&amp;h=1000" data-licensor-name="Steve Allen | Brand x Pictures | Getty Images" width="1910" alt="South Korea" height="1000"></img>
“Clearly the wildcard is Europe,” said Dennis, managing director and global emerging markets strategist at Citi. “We’re assuming Europe doesn’t completely blow up with the euro breaking up, which is making investors more cautious, but if we get some slow improvement within Europe, we think markets are sufficiently cheap enough with interest rates starting to come down.” 
Dennis noted that emerging markets are 25 percent to 30 percent cheaper than they were a year ago. 
“[That] reflects how poorly emerging markets did over the course of 2011 so that’s going to be a positive factor for their performance this year,” he explained. 
Specifically, South Korea is among his Dennis&#8217; favorite emerging market picks. 
“It looks like there will be broad stability in [North Korea]…it’s not a pleasant situation, but I don’t think it will have a big negative impact on the South Korean equity market.” 
Dennis noted that South Korea is “relatively underowned” by foreign investors and less leveraged to the concerns over the global economy. 
Dennis’ other “overweight” emerging market plays include South Africa, Peru, Thailand and China. 
Questions?&nbsp; Comments? Email us at marketinsider@cnbc.com

Emerging Markets Could Soar 30% in 2012: Strategist

Kelley Holland
Source: <a href="https://www.cnbc.com/id/45780239">How to Trade Holiday Cheer Using Currencies</a> 
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With equities in a holiday mood, here&#8217;s how to trade the high spirits using currencies.
Stocks sure have had a nice run lately, and risk-on currencies have been following suit. Andrew Busch, global currency and public policy strategist for BMO Capital, thinks the good times could extend a bit, and he&#8217;s got a plan to trade the mood.
&#8220;If you think the rally is going to extend into next week, and obviously maybe in the first week of the new year, you want risk on,&#8221; he told CNBC&#8217;s Melissa Lee. 
Commodity currencies continue to be a good bet in that scenario, and Busch would buy the Canadian dollar against the yen. The pair has rallied 2.5% over the last few days, he says, suggesting &#8220;good positive correlation with an equity rally.&#8221;
A more bearish outlook would indicate selling a riskier currency, like the South African rand, against the yen, Busch says. He notes that &#8220;the yen appreciated 4% in a very risk-off year, and the rand lost 18.5%. It&#8217;s the worst performer of the major currencies.&#8221;
Busch himself is in a holiday mood, so he wants to buy the loonie against the yen. He recommends entering the trade at 76.60 with a stop at 75.50, and taking half your profits at 77.40. And if you hit that target, he says, make sure to move your stop up to lock in your gains. 
Todd Gordon, co-head of research and trading at Aspen Trading Group, likes the trade &#8211; but he suggests waiting for a pullback. If stocks get to 1,260, he says, he&#8217;d be more comfortable entering at that point. 
You can watch their discussion on this videotape.

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CURRENCY FUTURES
Tune In: CNBC&#8217;s &#8220;Money in Motion Currency Trading&#8221; airs on Fridays at 5:30pm and repeats on Saturdays at 7pm. 
Learn more: The essential vocabulary for currency trading is on Key Currency Terms. Top currency strategies are broken down for you in Currency Class. 
Talk back: Tell us what you want to hear about &#8211; email us at moneyinmotion@cnbc.com.

How to Trade Holiday Cheer Using Currencies

Jane Wells
Source: <a href="https://www.cnbc.com/id/45777370">Still A Season For Miracles To Happen</a>
Whether you&#8217;re celebrating the miracle of Hanukkah, the miracle of Christmas, both, or neither, it&#8217;s good to remember that good things still happen. 
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/45777735-new-life-home-trust-200.jpg?v=1349480212&amp;w=1910&amp;h=1000" data-licensor-name="Source: " width="1910" alt="New Life Home Trust" height="1000"></img>
Last month, I traveled to Kenya to profile a charity I&#8217;ve been a fan of since first visiting it in 2007—New Life Home Trust.
Clive and Mary Beckenham started New Life in 1994, after taking in an abandoned, HIV-positive newborn who was destined to die. 
But he didn&#8217;t die. 
With care and love, he lived. Seventeen years later, he is a healthy teen who became their adopted son. 
The Beckenhams—two British missionaries—wanted to do something after arriving in Kenya to help the estimated two million orphans, many of them born of mothers who had AIDS, often abandoned at birth. 
When the first baby not only survived, but thrived, the Beckenhams raised funds and launched what would become a series of homes in Kenya where abandoned newborns could be nursed back to health and then adopted into new families. &#8220;We don&#8217;t say New Life Home is the end of the journey,&#8221; Clive Beckenham says. &#8220;It&#8217;s just the beginning.&#8221; 
Over the years, the nonprofit has taken in 1,300 babies. The vast majority have been adopted.
In the video, you will meet one of these new families. Dennis and Allison Omondi learned on November 1, 2010 they could not have children. This Kenyan pastor and his American wife prayed for help. 
Months later they heard of a newborn boy discarded in a public toilet in the back of a slum. His name was Benjamin. &#8220;Love at first sight,&#8221; said Dennis. 
Only later did they learn that Benjamin was born on November 1, the same day they felt despair. &#8220;I am not a crying person,&#8221; said Omondi, who then referenced his smiling wife. &#8220;She was bawling, I&#8217;m sitting there thinking wow, God, this is awesome.&#8221; 
A happy ending to a story that I hope reminds us with all the strife and stress in the world, this is still a season for miracles. 
Questions? Comments? Funny Stories? Email funnybusiness@cnbc.com

Still A Season For Miracles To Happen

Margo D. Beller
Source: <a href="https://www.cnbc.com/id/45513961">Petrobras Grows On Emerging-Market Energy Use: CEO</a>
Worldwide oil consumption has more than doubled in the past five years, and Petrobras plans to grow with it, Chief Executive Jose Sergio Gabrielli de Azevedo told CNBC Thursday.
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/39634737-oil_rig_deepwater_200.jpg?v=1354732729&amp;w=1910&amp;h=1000" data-licensor-name="" width="1910" alt="Oil Rig" height="1000"></img>
&#8220;In the last five years, worldwide consumption of oil products has grown from three million barrels a day to seven million barrels, said the CEO of the world&#8217;s third-largest oil producer.
That growth wasn&#8217;t from the U.S., Europe or Japan, but from increasing consumption in China, India, South American and African countries.
As &#8220;people move up the income ladder, they consume more energy&#8221; in these emerging growth markets, he said.
At the same time, it is becoming harder and more expensive for Petrobras and its competitors to find new sources of supply. 
&#8220;We are going to have a very tight market in 2012,&#8221; he said. &#8220;At the same time, we have low interest rates, which means that by the year 2012 we are [probably] going to see prices above $100 per barrel on average, but very high volatility, because we have a lot of speculative contracts that have been traded in the market right now.&#8221; 
To meet growing demand, the Brazilian oil company plans to increase production to three million barrels a day by 2015. 
&#8220;In order to increase our production we have to add 19 production systems from now to 2015,&#8221; said Gabrielli. &#8220;We have 16 of those under construction right now. We have under contract the three additional ones.&#8221;
By 2020, Petrobras wants to produce five million barrels a day, he added. 
About 95 percent of the company&#8217;s $224.7 billion in investment will be in Brazil, but the CEO said Petrobras also plans to invest $4 billion in the next four years in the U.S. The company already has a refinery in Texas and is actively exploring in the Gulf of Mexico.
Brazil&#8217;s growth rate, expected to be around 4 percent this year, is better than &#8220;the 1 percent or 2 percent you see in Europe and other countries,&#8221; but not as strong as last year, when the growth rate was 7.3 percent. 
&#8220;This is going to open opportunities for American companies to move to Brazil and to create jobs in Brazil,&#8221; Gabrielli said. &#8220;We did a lot of creation of jobs already in the U.S.&#8221;

Petrobras Grows On Emerging-Market Energy Use: CEO

Daniel Bukszpan
Source: <a href="https://www.cnbc.com/2011/11/30/Banned-Luxury-Goods.html">Banned Luxury Goods</a> 
Banned Luxury Goods<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45482559-Cover-Cuban-Cigars-Banned-Luxury-Goods.jpg?v=1349480182&amp;w=1910&amp;h=1000" data-licensor-name="Mauricio Lima | Getty Images" width="1910" alt="In November 2011, West Hollywood, Calif., became the first city in the U.S. to ban the sale of clothing made of animal fur. The ban goes into effect in , and animal rights activists are hopeful that it will lead other cities to adopt similar measures and, ultimately, end the practice of using animal fur entirely.If history is any indication, even an all-out nationwide ban on animal fur is unlikely to squelch demand. Rather, the likelihood is that it would simply create a black market for such it" height="1000"></img>
In November 2011, West Hollywood, Calif., became the first city in the U.S. to ban the sale of clothing made of animal fur. The ban goes into effect in 2013, and animal rights activists are hopeful that it will lead other cities to adopt similar measures and, ultimately, end the practice of using animal fur entirely.If history is any indication, even an all-out nationwide ban on animal fur is unlikely to squelch demand. Rather, the likelihood is that it would simply create a black market for such items. After all, many luxury goods have existed for centuries and enjoyed widespread popularity despite official bans, and stiff penalties and long prison sentences for those found trafficking in or purchasing such goods. Clothing with animal fur has always had an image of luxury and sophistication for those who wear it, and banning it would likely do little to change that.What are some in-demand luxury goods that enjoy worldwide status and popularity despite being banned? Click ahead and find out.By Daniel BukszpanPosted 29 November 2011
Ivory<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480592-Ivory-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Jeff Hutchens | Getty Images" width="1910" alt="Ivory is a primary component of the teeth and tusks of such animals as elephants and walruses. It was widely used in such items as chess pieces, billiard balls, and piano keys until its use was associated with the rapid decline of elephant populations throughout the world. In response to the animal’s endangerment, the Asian elephant was placed on Appendix One of the Convention on International Trade in Endangered Species in 1975, and the African elephant followed suit in 1990.Ultimately, the int" height="1000"></img>
Ivory is a primary component of the teeth and tusks of such animals as elephants and walruses. It was widely used in such items as chess pieces, billiard balls, and piano keys until its use was associated with the rapid decline of elephant populations throughout the world. In response to the animal’s endangerment, the Asian elephant was placed on Appendix One of the Convention on International Trade in Endangered Species in 1975, and the African elephant followed suit in 1990.Ultimately, the international ivory trade was banned outright, and people wishing to buy ivory legally today have to visit an antique shop. There is still a thriving black market for these goods, however, as evidenced by a Nov. 15, 2011, seizure of $2.2 million worth of ivory from a South African shipping container that was discovered in a Hong Kong port. The contraband goods included more than 700 ivory chopsticks and 33 rhinoceros horns.
Python Skin<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480583-Python-Skin-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Andrea Booher | Getty Images" width="1910" alt="Python skin has been used in China since ancient times to construct the erhu, a traditional bowed musical instrument. Ever since the reptile was added to the endangered species list, China has strictly regulated the trade of python skins, and only allows erhus to be made from snakes that are specifically raised on farms and not in the wild.The state of California banned snakeskin in 1970, but that didn’t stop actress Reese Witherspoon from toting around a python handbag from Chloe. When People" height="1000"></img>
Python skin has been used in China since ancient times to construct the erhu, a traditional bowed musical instrument. Ever since the reptile was added to the endangered species list, China has strictly regulated the trade of python skins, and only allows erhus to be made from snakes that are specifically raised on farms and not in the wild.The state of California banned snakeskin in 1970, but that didn’t stop actress Reese Witherspoon from toting around a $3,820 python handbag from Chloe. When People for the Ethical Treatment of Animals caught wind of it, they sent her a video depicting the methods used to cull its materials, and she promptly shoved it into the back of her closet, much to PETA’s delight.
Casu Marzu<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480585-Casu-Marzu-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Shardan | Creative Commons" width="1910" alt="Casu marzu is a cheese considered a regional delicacy in Sardinia. Its name translates literally to “rotten cheese,” and with good reason -- it’s the end product of leaving an entire chunk of Pecorino cheese outside and allowing it not only to ferment but to become infested with fly larvae. This can constitute a nasty surprise for the uninitiated, as the larvae can jump as high as six inches into the air when disturbed.Casu marzu was banned in the European Union for reasons of human safety. Eati" height="1000"></img>
Casu marzu is a cheese considered a regional delicacy in Sardinia. Its name translates literally to “rotten cheese,” and with good reason &#8212; it’s the end product of leaving an entire chunk of Pecorino cheese outside and allowing it not only to ferment but to become infested with fly larvae. This can constitute a nasty surprise for the uninitiated, as the larvae can jump as high as six inches into the air when disturbed.Casu marzu was banned in the European Union for reasons of human safety. Eating the cheese with the larvae still alive can cause parasitic infections, and eating it after the larvae have died means consuming a product that has become so fermented it is too toxic for human consumption. The ideal compromise would be to remove the living larvae and eat the cheese once it’s free of its larval guests, but doing so is said to cheat the consumer out of ingesting its aphrodisiac qualities.
Luxury Showerheads<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480591-Hansgrohe-Showerhead-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Hansgrohe" width="1910" alt="Ever since 1992, the American showerhead has been legally constrained from delivering more than 2.5 gallons of water per minute, thanks to a federal law designed to conserve natural resources. Then, in 2010, the Department of Energy revised its requirements to say that all sprays, nozzles, and openings above an individual’s head are considered to be one showerhead, and all of its combined openings were not permitted to exceed the 2.5-gallon-a-minute maximum.The 2010 revision affects luxury showe" height="1000"></img>
Ever since 1992, the American showerhead has been legally constrained from delivering more than 2.5 gallons of water per minute, thanks to a federal law designed to conserve natural resources. Then, in 2010, the Department of Energy revised its requirements to say that all sprays, nozzles, and openings above an individual’s head are considered to be one showerhead, and all of its combined openings were not permitted to exceed the 2.5-gallon-a-minute maximum.The 2010 revision affects luxury showerheads, such as the Raindance Imperial 600 AIR, which has a 24-inch spray face and once retailed for more than $5,000. The fixture, and others like it, can emit 12 gallons of water per minute, vastly exceeding the new regulations. To show that it meant business, the Department of Energy fined four showerhead manufacturers almost $200,000 for noncompliance in May 2010.
Cuban Cigars<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480588-Cuban-Cigars-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="The Washington Post | Getty Images" width="1910" alt="In February1962, President John F. Kennedy imposed a trade embargo against Cuba and ever since American cigar enthusiasts have had to be satisfied with American stogies or those of her allies. According to most cigar enthusiasts, however, almost any cigar grown outside of Cuba is a pale substitute for the real thing.Pierre Salinger, who served as Kennedy’s press secretary at the time, claimed that the president ordered him to procure one day prior to putting the embargo into effect. Almost 50 y" height="1000"></img>
In February1962, President John F. Kennedy imposed a trade embargo against Cuba and ever since American cigar enthusiasts have had to be satisfied with American stogies or those of her allies. According to most cigar enthusiasts, however, almost any cigar grown outside of Cuba is a pale substitute for the real thing.Pierre Salinger, who served as Kennedy’s press secretary at the time, claimed that the president ordered him to procure 1,000 Cuban cigars one day prior to putting the embargo into effect. Almost 50 years later, the ban remains in effect, but the Cuban cigar industry has remained afloat. In 2010, worldwide sales rose 2 percent, thanks to an emerging market for the product in China.“People know the cigars are the best,” said KC Chan, who manages distribution of Habanos SA cigars to mainland China.
Beluga Caviar<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480584-Beluga-Caviar-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Henghameh Fahimi | Getty Images" width="1910" alt="Caviar, like champagne, is associated with luxury and extravagance. One of the most desirable varieties is Beluga caviar, which comes from the beluga sturgeon and is the most expensive caviar in the world -- provided you can get it.The Beluga sturgeon is an endangered species, and in 2005 the U.S. Fish and Wildlife Service banned the importation of Beluga caviar. One of the only legal ways to acquire it is to personally visit and sample the Beluga caviar it produces in-house. It is not sold onl" height="1000"></img>
Caviar, like champagne, is associated with luxury and extravagance. One of the most desirable varieties is Beluga caviar, which comes from the beluga sturgeon and is the most expensive caviar in the world &#8212; provided you can get it.The Beluga sturgeon is an endangered species, and in 2005 the U.S. Fish and Wildlife Service banned the importation of Beluga caviar. One of the only legal ways to acquire it is to personally visit Caviar House &amp; Prunier U.K. and sample the Beluga caviar it produces in-house. It is not sold online.
Ocelot Fur<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480594-Ocelot-Fur-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Jeff Foott | Getty Images" width="1910" alt="The ocelot is a wildcat native to Mexico, Central America, and South America, with the occasional appearance in Texas and Arizona. It looks similar to a leopard, which makes its spotted fur a highly in-demand commodity. So coveted, in fact, that the ocelot was declared an endangered species in 1972.Despite the ban, there is still a black market for ocelot fur, and according to eBay’s user guide, a garment containing endangered species fur can cost upwards of . The guide also points out, however," height="1000"></img>
The ocelot is a wildcat native to Mexico, Central America, and South America, with the occasional appearance in Texas and Arizona. It looks similar to a leopard, which makes its spotted fur a highly in-demand commodity. So coveted, in fact, that the ocelot was declared an endangered species in 1972.Despite the ban, there is still a black market for ocelot fur, and according to eBay’s user guide, a garment containing endangered species fur can cost upwards of $50,000. The guide also points out, however, that anyone caught selling such goods and sending it across state lines risks a fine of $100,000.
Foie Gras<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480589-Foie-Gras-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Francois Durand | Getty Images" width="1910" alt="Foie gras is the liver of a duck or a goose that has been subjected to a special fattening process two weeks prior to its slaughter. The process is known in French as “gavage,” in which the animal is force-fed corn through a tube. The process makes the liver taste irresistibly rich, and it is a popular French delicacy.The force-feeding process has outraged than a few animal rights activists, and foie gras production is banned in numerous European nations. It has also been banned in several place" height="1000"></img>
Foie gras is the liver of a duck or a goose that has been subjected to a special fattening process two weeks prior to its slaughter. The process is known in French as “gavage,” in which the animal is force-fed corn through a tube. The process makes the liver taste irresistibly rich, and it is a popular French delicacy.The force-feeding process has outraged than a few animal rights activists, and foie gras production is banned in numerous European nations. It has also been banned in several places in the U.S., including a two-year ban in Chicago and a ban set to take effect in California in 2012. Elsewhere in the U.S. it’s still legal, however, and a 4.76-ounce can of Rougie duck foie gras sells for $39.50 at 1-800-caviar.com.
Ortolan<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480595-Ortolan-Bunting-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Nicolas Tucat | Getty Images" width="1910" alt="The ortolan is a tiny bird found in Europe, Western Asia, and Africa that’s only about the size of an adult human being’s thumb. In 2007, the French government began treating the bird like the endangered species that it is, much to the chagrin of the French. The bird may have been endangered, but as a meal, it was believed to be nothing less than as demonstrated by former French president Francois Mitterand’s decision to have it at his “last supper” in 1995.Apart from the bird’s status as an en" height="1000"></img>
The ortolan is a tiny bird found in Europe, Western Asia, and Africa that’s only about the size of an adult human being’s thumb. In 2007, the French government began treating the bird like the endangered species that it is, much to the chagrin of the French. The bird may have been endangered, but as a meal, it was believed to be nothing less than “the soul of France,” as demonstrated by former French president Francois Mitterand’s decision to have it at his “last supper” in 1995.Apart from the bird’s status as an endangered species, the controversy surrounding eating it included the way it was prepared and consumed. The bird is captured, force-fed oats and millet, soaked in Armagnac, and roasted alive. The gourmet then eats the bird whole, bones and all, while wearing a napkin over his or her head to soak up all the heavenly aromas and, according to The Wine Spectator, “to hide from God.”
Haggis<img loading="lazy" decoding="async" src="https://image.cnbcfm.com/api/v1/image/45480590-Haggis-Banned-Luxury-Goods.jpg?v=1349480181&amp;w=1910&amp;h=1000" data-licensor-name="Graeme Robertson | Getty Images" width="1910" alt="Haggis is no mere traditional Scottish dish. It is that country’s national dish, memorialized by Scottish poet Robert Burns in his 1787 masterpiece, “Address to a Haggis.” Most of those who have eaten haggis consider it a delicious treat, but the ingredients are sure to give pause. Along with onions and oatmeal, some of the dish’s main ingredients include sheep’s heart, liver, and lungs, and the whole thing is encased in the animal’s stomach and left to simmer for three hours.This description ma" height="1000"></img>
Haggis is no mere traditional Scottish dish. It is that country’s national dish, memorialized by Scottish poet Robert Burns in his 1787 masterpiece, “Address to a Haggis.” Most of those who have eaten haggis consider it a delicious treat, but the ingredients are sure to give pause. Along with onions and oatmeal, some of the dish’s main ingredients include sheep’s heart, liver, and lungs, and the whole thing is encased in the animal’s stomach and left to simmer for three hours.This description may sound nauseating, but no less an authority than the “Larousse Gastronomique” encyclopedia of gastronomy said: &#8220;Although its description is not immediately appealing, haggis has an excellent nutty texture and delicious savory flavor.&#8221; Still, good luck bringing it on a plane. One of its main ingredients, sheep’s lung, is banned in the U.S.

Banned Luxury Goods

Source: <a href="https://www.cnbc.com/id/45487039">Drawn by High Yields, Fund Flows Will Return to Emerging Markets: Economist</a>
The recent risk-off environment brought on by Europe&#8217;s debt crisis may have affected fund flows into emerging markets bonds, but the tide will soon turn, says one economist, as investors put off by developed markets return in search of higher yields.
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/42009701-emerging_markets_200.jpg?v=1354732729&amp;w=1910&amp;h=1000" data-licensor-name="Alex Williamson | Ikon Images | Getty Images" width="1910" alt="" height="1000"></img>
Renaissance Capital&#8217;s global chief economist Charles Robertson notes that the value of emerging markets (EMs) debt in the second quarter of this year totaled $163 billion. While the figure is nowhere close to the $212 billion peak notched in the third quarter of 2008, it’s still a reasonably strong sum.
&#8220;Nearly $100 billion a quarter going to emerging markets, over the last 12 months. I think that can only continue,&#8221; Robertson told CNBC on Wednesday. &#8220;By 2013, it would be no surprise to us if lending to EMs hit record highs.&#8221;
Robertson expects most of the funds to flow into Africa and Asia. &#8220;Because if you want yield or growth, it has to be Africa first, but Asia&#8217;s going to be up there as well. If you&#8217;re looking for liquidity, Asia again is going to be interesting. So, I would argue that the portfolio money is going to still be flowing into emerging markets, and flowing into these high-yielding stories.&#8221;
Nigera — an oil-rich country with extremely low levels of debt &#8211; which offers a 15-16 percent yield on its longer dated bonds, offers the biggest growth opportunity, says Robertson. Sub-Saharan Africa and Eastern Europe are two other regions on his radar.
&#8220;If you&#8217;re looking for the resource side of the story, that&#8217;s where the growth&#8217;s going to be over the next 6-12 months,&#8221; he said. &#8220;One of the surprises I think, that people find when they look at say, Kenya, is you can get 20- or 30-year local currency bonds, now issuing, offering 16 percent yields.&#8221;
Robertson shrugged off concerns over the recent selloff in emerging market currencies, believing the correction is short term. The currencies were caught in the downdraft last month when investors turned risk averse, sending the Korean won to a 14-month low. Even the Singapore dollar , which up until September had strengthened over 6 percent against the greenback, suffered a steep fall.
&#8220;Some of them (currencies) have got to hugely overvalued levels, [like] Brazil. South Korea: you can understand the concern, the banks historically have always been short dollars. But for the next three to five years? We know the capital flows will help growth, and we know the central banks around a lot of the countries we look at, are going to be encouraging the fact that the money is coming in for three or five years.&#8221;
Like most money managers, Robertson is avoiding the euro zone, particularly central Europe, which he says has close ties to the bloc. &#8220;Polish, and to a greater extent, Hungarian banks, have major exposure to Swiss franc and euro movements,&#8221; he noted. &#8220;That is going to have some knock-on effect for central Europe&#8230;these aren&#8217;t the places that I&#8217;d be putting my cash over the next 3-6 months.&#8221;

Drawn by High Yields, Fund Flows Will Return to Emerging Markets: Economist

Antonia Oprita
Source: <a href="https://www.cnbc.com/id/45076823">World Heading for Jobs Recession, Unrest: ILO</a>
The world economy is on the verge of a new and deeper jobs recession that will delay the global recovery further and may spark social unrest in &#8220;scores of countries,&#8221; the International Labor Organization said on Monday.
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/32313868-job_losses.jpg?v=1354732729&amp;w=1910&amp;h=1000" data-licensor-name="" width="1910" alt="Job Losses" height="1000"></img>
A stalled global economic recovery has begun to affect labor markets dramatically and, on current trends, it will take at least five years for employment in developed countries to return to the levels before the crisis, one year later than projected last year, according to the new &#8220;World of Work Report 2011: Making Markets Work for Jobs.&#8221; 
&#8220;We have reached the moment of truth. We have a brief window of opportunity to avoid a major double-dip in employment,” Raymond Torres, director of the ILO International Institute for Labor Studies, said in the statement. 
Around 80 million jobs will need to be created over the next two years to return employment to the rates from before the crisis, according to the ILO report. 
&#8220;However, the recent slowdown in growth suggests that the world economy is likely to create only half of the jobs needed,&#8221; the ILO statement said. 
This year, the report has a new &#8220;social unrest&#8221; index showing levels of discontent over a lack of employment, and anger because the burden of the crisis is not being shared fairly. According to the index, in over 45 of the 118 countries examined, the risk of social unrest is rising. 
This is the case in the European Union and the Arab region, and to a lesser extent in Asia. The risk of unrest in sub-Saharan Africa and Latin America is stagnant or lower, the report showed. 
The report calls for maintaining and in some cases strengthening pro-employment programs, warning that efforts to reduce public debt and deficits &#8220;have often disproportionately focused on labor market and social measures.&#8221; 
Also on Monday, another report on the labor market, this one released by the Confederation of British Industries, called on the government to introduce a tax incentive in order to encourage companies to hire unemployed youth.

World Heading for Jobs Recession, Unrest: ILO

Katy Barnato
Source: <a href="https://www.cnbc.com/id/44800779">Invest in Africa to Steer Clear of Debt Crisis: Strategist</a>
Africa share valuations are compelling and the region is ripe for investment, Graham Stock, chief strategist at Insparo Asset Management, told CNBC Thursday. 
“Now is absolutely the right time [to invest in Africa],” said the Africa expert. 
“Valuations are very attractive. We are talking about price-earnings ratios in the low single digits in some cases. There are some very attractive opportunities across a wide range of countries.” 
Stock described Africa as one of the fastest-growing regions in the world, predicting growth of 5.5 percent to 6 percent in both 2011 and 2012. 
He added that the continent’s growth prospects are relatively immune to the sovereign debt crisis in Europe, as growth is being driven by a combination of domestic demand (particularly from the expanding middle classes), “tremendous” resource endowment, and investment from China and India. 
“Long-term investment from the likes of China is driving infrastructure development that is feeding into rising productivity levels for the rest of the economies,” said Stock. 
The strategist recommended investors gain exposure to the rising consumption power of the middle classes and look for opportunities in brewers, food manufacturers, telecommunications companies, and banks. 
“Those kinds of names that tap into the basic disposable income that a family has at the end of the month are a key part of the story,” said Stock. 
In terms of individual names, Stock recommended Nigerian banks Access Bank , First Bank of Nigeria and Guaranty Trust Bank , which he said combined strong balance sheets with revenue growth of 20 percent or more in the first half of 2011. 
Stock also said he liked Zimbabwean brewer, Delta, which he said experienced sales growth of 70 percent last year, and would probably grow by a further 40 percent this year. 
While some emerging market investors are deterred from Africa due to concerns about political risk, Stock said: “There is political risk everywhere. Our view is that it is better priced in Africa then it is in most parts of the world. You are getting compensated for the risks you are taking in these markets.”

Invest in Africa to Steer Clear of Debt Crisis: Strategist

Peter Guest
Source: <a href="https://www.cnbc.com/id/44254692">Emerging Market Private Equity Back to Pre-Crisis Levels</a>
Fundraising and dealmaking by private equity firms focused on emerging markets appears to be returning to pre-crisis levels, according to data from the Emerging Markets Private Equity Association (EMPEA).
<img loading="lazy" decoding="async" type="image" src="https://image.cnbcfm.com/api/v1/image/38691480-china_shoppers_200.jpg?v=1354732729&amp;w=1910&amp;h=1000" data-licensor-name="Getty Images" width="1910" alt="" height="1000"></img>
In the first half of 2011, 89 funds raised $22.6 billion, compared to $23.5 billion for the entire of 2010. Funds completed 431deals with a combined value of $14.1 billion over the same period, against 434 deals totaling $12.8 billion in 2010.
The recovery is driven by a combination of changing asset allocations at Western institutional investors, who are rethinking their attitudes to alternative asset classes and emerging markets, as well as by increased participation by emerging market institutions themselves.
“Institutions such as pension funds realize they have to increase their exposure to alternative investments to yield the returns needed to meet their escalating liabilities over the next 5-10 years,&#8221; said Sarah Alexander, president and CEO of EMPEA in a statement.
&#8220;Given the drubbing to their equities and fixed income portfolios this summer, we anticipate even greater interest from institutional investors in private equity in emerging markets,” Alexander added.
In China, yuan-denominated funds raising capital from local investors comprised 56 percent of the total $10.5 billion gathered for investment into the country, according to EMPEA. In Brazil, $6 billion was raised for investment. 
In Africa, the closing of Helios Investment Partners second Africa fund at $900 million in June took first half 2011 total fundraising to $1.1 billion. The trend on the continent is one of &#8220;commercialization&#8221;, EMPEA said, as Africa funds gradually reduce the amount of money that they attract from development financial institutions (DFIs) and secure money from mainstream institutional investors.
Around 60 percent of all African PE-funds are DFI-funded, according to Ben White, the coordinator of the VC4Africa industry group. 
China and India dominated the dealmaking space, with $5.8 billion and $3.8 billion, respectively, spent in the countries. In total, 54 countries saw deals take place, including some frontier locations, including Madagascar, Honduras, Laos and Uruguay, according to EMPEA.

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CNBC

Interesting Times Coming For Currencies

Dollar Lifts, Spanish Woes Hit the Euro

Euro Slips, Aussie Dollar Dips, BRICS Go Local

Your Trade for Rising Yields

The Age Gap: Demographics Threatens Economies

For Big Returns, Think Small

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Banned Luxury Goods

Drawn by High Yields, Fund Flows Will Return to Emerging Markets: Economist

World Heading for Jobs Recession, Unrest: ILO

Invest in Africa to Steer Clear of Debt Crisis: Strategist

Emerging Market Private Equity Back to Pre-Crisis Levels

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