Joseph Cotterill
@jsphctrl.ft.com
Emerging Markets correspondent at the Financial Times.
Reposted by Joseph Cotterill
Ever wonder what Liz Truss is up to these days? Well:
- she’s fronting a plan by Robert Tchenguiz to turn the ex MI5 HQ into a co-working space for the ultra-rich
- Truss is tasked with finding 700 founding members, each to lend half a mil
www.bloomberg.com/news/article...
- she’s fronting a plan by Robert Tchenguiz to turn the ex MI5 HQ into a co-working space for the ultra-rich
- Truss is tasked with finding 700 founding members, each to lend half a mil
www.bloomberg.com/news/article...
Truss Is Back With an Investment Opportunity for the Super-Rich
This week, a selection of billionaires, diplomats and royalty will see a black lacquered box land on their desks. When opened, a tablet embedded in the lid plays a video from none other than Liz Truss...
www.bloomberg.com
November 26, 2025 at 8:25 AM
Ever wonder what Liz Truss is up to these days? Well:
- she’s fronting a plan by Robert Tchenguiz to turn the ex MI5 HQ into a co-working space for the ultra-rich
- Truss is tasked with finding 700 founding members, each to lend half a mil
www.bloomberg.com/news/article...
- she’s fronting a plan by Robert Tchenguiz to turn the ex MI5 HQ into a co-working space for the ultra-rich
- Truss is tasked with finding 700 founding members, each to lend half a mil
www.bloomberg.com/news/article...
Zhu Ying headed up China's approach to sovereign debt restructuring under the G20 Common Framework, such as Zambia. So if he has been detained... that's a big deal.
Caixin: "Exim Bank is under growing financial strain. Its 2024 annual report showed assets of 6.4 trillion yuan, but revenue fell 55.8% year-on-year to 10.3 billion yuan, and net profit plunged 66.9% to 2.9 billion yuan," (i.e an ROA of 0.05%).
www.caixinglobal.com/2025-11-25/t...
www.caixinglobal.com/2025-11-25/t...
Top Sovereign Lending Official at Exim Bank Under Investigation
Zhu Ying, a key figure in African debt restructuring, is at the center of a corruption investigation
www.caixinglobal.com
November 25, 2025 at 10:47 AM
Zhu Ying headed up China's approach to sovereign debt restructuring under the G20 Common Framework, such as Zambia. So if he has been detained... that's a big deal.
Ghost of Yōtei photo mode: still good
November 24, 2025 at 9:19 PM
Ghost of Yōtei photo mode: still good
People in developed economies hugely underestimate young, highly online, highly globalised, but also economically precarious people in developing economies. And that’s my main thought on the X locations thing but also on many other services exports to come from EMs in the years ahead.
November 24, 2025 at 6:06 PM
People in developed economies hugely underestimate young, highly online, highly globalised, but also economically precarious people in developing economies. And that’s my main thought on the X locations thing but also on many other services exports to come from EMs in the years ahead.
Ukraine’s dollar debts - geared to a post-war recovery - are trading like this peace plan will move forward. Ukraine’s 2029 bonds are now 72 cents on the dollar, or highest since the last big Trump peace trade in February; Ukraine’s GDP warrants are at a new post-invasion high of 91 cents.
November 24, 2025 at 11:03 AM
Ukraine’s dollar debts - geared to a post-war recovery - are trading like this peace plan will move forward. Ukraine’s 2029 bonds are now 72 cents on the dollar, or highest since the last big Trump peace trade in February; Ukraine’s GDP warrants are at a new post-invasion high of 91 cents.
Newspaper that said it wasn’t worth half a billion pounds is magically now worth half a billion pounds www.ft.com/content/cd8e...
Daily Mail owner strikes £500mn deal for Telegraph
Tie-up would create one of the most powerful right-leaning media groups in Britain
www.ft.com
November 22, 2025 at 9:33 AM
Newspaper that said it wasn’t worth half a billion pounds is magically now worth half a billion pounds www.ft.com/content/cd8e...
In the grim darkness of the media future, only the correspondents with emerging markets experience will have a way to get in touch with the guy who knows the guy who knows the guy who knows the president’s Yahoo email address.
One of the things that has made journalism much harder in the past decade is that more and more organisations list absolutely no contact details for anyone on their websites. I assume this is to block spam, but like, how are we meant to reach people? Bring back paper phonebacks?
November 21, 2025 at 7:16 PM
In the grim darkness of the media future, only the correspondents with emerging markets experience will have a way to get in touch with the guy who knows the guy who knows the guy who knows the president’s Yahoo email address.
I'm inevitably coming at this from a sovereign finance angle, but it's interesting that the new US-Russia plan on Ukraine would encumber $100bn in frozen Russian assets in reconstruction (with US getting half the profit) just as the EU was close to attaching them for the reparation loan.
November 21, 2025 at 2:29 PM
I'm inevitably coming at this from a sovereign finance angle, but it's interesting that the new US-Russia plan on Ukraine would encumber $100bn in frozen Russian assets in reconstruction (with US getting half the profit) just as the EU was close to attaching them for the reparation loan.
Slightly boring addition to the explanations for the sell-off, but one offered by EM managers is - it's close to year-end, many assets such as in EM had a (crazily?) unexpectedly good year, and before the holidays/lower liquidity no one wants to take much more risk on that until the new year.
November 21, 2025 at 11:26 AM
Slightly boring addition to the explanations for the sell-off, but one offered by EM managers is - it's close to year-end, many assets such as in EM had a (crazily?) unexpectedly good year, and before the holidays/lower liquidity no one wants to take much more risk on that until the new year.
Reposted by Joseph Cotterill
Great Bloomberg story on how Oracle CDS have become an incredibly busy trade. Very low spread + lots of people want a hedge + a very strong balance sheet = massive increase in volume.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
November 20, 2025 at 7:55 PM
Great Bloomberg story on how Oracle CDS have become an incredibly busy trade. Very low spread + lots of people want a hedge + a very strong balance sheet = massive increase in volume.
www.bloomberg.com/news/article...
www.bloomberg.com/news/article...
British citizens who marry foreigners will have to make sure their spouses have a minimum income of £12,500 for 3 to 5 years, or they won't get indefinite leave to remain, the UK government has proposed. assets.publishing.service.gov.uk/media/691edd...
November 20, 2025 at 1:47 PM
British citizens who marry foreigners will have to make sure their spouses have a minimum income of £12,500 for 3 to 5 years, or they won't get indefinite leave to remain, the UK government has proposed. assets.publishing.service.gov.uk/media/691edd...
Reposted by Joseph Cotterill
ONS is so bad. (This is about specifically British nationals.) www.ons.gov.uk/peoplepopula...
November 18, 2025 at 11:26 AM
ONS is so bad. (This is about specifically British nationals.) www.ons.gov.uk/peoplepopula...
Reposted by Joseph Cotterill
This would actually make a lot of sense. We know from BaFin/Deutsche that it is incredibly difficult to run a bank supervisor with only one big complicated national champion bank, and it's not like FINMA was doing a great job when it had two.
www.ft.com/content/fc27...
www.ft.com/content/fc27...
UBS chair talked to Scott Bessent about moving bank to US
Discussions came as Colm Kelleher tries to pressure Swiss government to back down over proposed capital rules
www.ft.com
November 17, 2025 at 1:14 PM
This would actually make a lot of sense. We know from BaFin/Deutsche that it is incredibly difficult to run a bank supervisor with only one big complicated national champion bank, and it's not like FINMA was doing a great job when it had two.
www.ft.com/content/fc27...
www.ft.com/content/fc27...
“We greatly appreciate the administration's effort to provide relief to natural resources not commonly grown in the United States, including coconut water,” said Vita Coco investors.thevitacococompany.com/news-release...
investors.thevitacococompany.com
November 17, 2025 at 12:53 PM
“We greatly appreciate the administration's effort to provide relief to natural resources not commonly grown in the United States, including coconut water,” said Vita Coco investors.thevitacococompany.com/news-release...
Another small but telling sign of how China's boom in low-cost exports is affecting emerging markets. WeBuyCars, a South African used car dealer, says new Chinese brands in the new car market are cheap enough to push it to lower prices in the used market. (Via www.webuycars.co.za/investors/fi...)
November 17, 2025 at 11:34 AM
Another small but telling sign of how China's boom in low-cost exports is affecting emerging markets. WeBuyCars, a South African used car dealer, says new Chinese brands in the new car market are cheap enough to push it to lower prices in the used market. (Via www.webuycars.co.za/investors/fi...)
Reposted by Joseph Cotterill
This would provide asylum seekers with an incentive to deal with human traffickers, who will offer to liquidate valuables and lodge the proceeds with unlicensed hawala exchanges for collection after entry
The Sun has been told Home Secretary Shabana Mahmood will on Monday propose confiscating jewellery, watches, necklaces from asylum seekers to meet asylum costs
This reflects the most controversial aspect of the Danish scheme - the Jewellery Law. The toughest Labour MPs thought this was OTT
This reflects the most controversial aspect of the Danish scheme - the Jewellery Law. The toughest Labour MPs thought this was OTT
November 17, 2025 at 7:35 AM
This would provide asylum seekers with an incentive to deal with human traffickers, who will offer to liquidate valuables and lodge the proceeds with unlicensed hawala exchanges for collection after entry
“Thames Water’s main treatment works in the British capital is so vulnerable that just one system failure could leave millions of Londoners without running water... lays bare the scale of the challenge for any buyer of TW, which is in the hands of its senior creditors“:
www.ft.com/content/97e4...
www.ft.com/content/97e4...
Single fault at Thames Water works could imperil London’s supply
Coppermills plant, which serves up to 4mn people, underscores scale of the challenge for troubled utility
www.ft.com
November 14, 2025 at 3:56 PM
“Thames Water’s main treatment works in the British capital is so vulnerable that just one system failure could leave millions of Londoners without running water... lays bare the scale of the challenge for any buyer of TW, which is in the hands of its senior creditors“:
www.ft.com/content/97e4...
www.ft.com/content/97e4...
The Telegraph, a newspaper well known for its traditional editorial stance that the Telegraph is not worth £500mn, www.ft.com/content/c48e...
Telegraph sale to RedBird collapses
US private equity group walked away due to regulatory uncertainty and negative commentary from newspaper
www.ft.com
November 14, 2025 at 12:53 PM
The Telegraph, a newspaper well known for its traditional editorial stance that the Telegraph is not worth £500mn, www.ft.com/content/c48e...
The US and Argentina “agreed to work toward stabilizing the global soybean trade” 😏 www.whitehouse.gov/briefings-st...
Joint Statement on Framework for a United States-Argentina Agreement on Reciprocal Trade and Investment
President Donald J. Trump and President Javier Milei reaffirm the strategic alliance between the United States of America (United States, or U.S.) and the
www.whitehouse.gov
November 14, 2025 at 12:14 PM
The US and Argentina “agreed to work toward stabilizing the global soybean trade” 😏 www.whitehouse.gov/briefings-st...
US holdings of IMF SDRs went down by 640.8mn in October. Argentina's holdings of SDRs went up by 640.8mn in October. Then it had a 621mn SDR payment to the IMF. So did the US backstop this payment? The authorities involved wouldn't comment. www.ft.com/content/2730...
US drew $900mn from IMF account as Argentina debt payment loomed
Buenos Aires’s reserves rose by the same margin as Washington seeks to bolster Javier Milei’s government
www.ft.com
November 13, 2025 at 10:53 AM
US holdings of IMF SDRs went down by 640.8mn in October. Argentina's holdings of SDRs went up by 640.8mn in October. Then it had a 621mn SDR payment to the IMF. So did the US backstop this payment? The authorities involved wouldn't comment. www.ft.com/content/2730...
Whenever the Justice League crosses the multiverse to meet the Avengers, let's just say members Batman, Blue Beetle and Hawkgirl shouldn't be surprised to encounter an institutionally similar team despite wildly different origins.
This may not be an accurate analogy, but the fact that insects, bats, and birds all got wings independently maybe suggests we should not overthink/overextrapolate the similarity of initial conditions supposedly needed to reach certain social, political or economic outcomes?
November 12, 2025 at 4:54 PM
Whenever the Justice League crosses the multiverse to meet the Avengers, let's just say members Batman, Blue Beetle and Hawkgirl shouldn't be surprised to encounter an institutionally similar team despite wildly different origins.
Senegal: well that escalated quickly. Another big sell-off today means the 2031 bond has gone from over 80 cents to 67 cents on the dollar in the past month.
France is perhaps once again about to contemplate how you restructure a country's debt inside a euro currency union...
France is perhaps once again about to contemplate how you restructure a country's debt inside a euro currency union...
How does the IMF deal with the fallout of debt that was hidden on its watch? When it comes to Senegal, not so well so far: www.ft.com/content/84f9...
Senegal’s foreign bonds plunge as government rules out restructuring
West African nation has become a test of IMF’s ability to deal with hidden debt and secure relief from creditors to support bailouts
www.ft.com
November 12, 2025 at 12:15 PM
Senegal: well that escalated quickly. Another big sell-off today means the 2031 bond has gone from over 80 cents to 67 cents on the dollar in the past month.
France is perhaps once again about to contemplate how you restructure a country's debt inside a euro currency union...
France is perhaps once again about to contemplate how you restructure a country's debt inside a euro currency union...
Interesting that Russia is not planning a panda bond (ie renminbi debt issued in China itself) for its first RMB issuance, but dim sum OFZs. I wonder what China may have signalled on a panda bond (which is otherwise being pitched to plenty of sovereigns)...
If you think this is an important sign of global de-dollarisation, I have a bridge to sell you.
RUSSIA SAYS IT WILL LAUNCH DEBUT YUAN-DENOMINATED DOMESTIC BONDS ON DECEMBER 8
November 12, 2025 at 11:28 AM
Interesting that Russia is not planning a panda bond (ie renminbi debt issued in China itself) for its first RMB issuance, but dim sum OFZs. I wonder what China may have signalled on a panda bond (which is otherwise being pitched to plenty of sovereigns)...
Brought down by Barclays ‘public policy thought leadership content’. What a way to go on.ft.com/3LslGp4
November 12, 2025 at 9:03 AM
Brought down by Barclays ‘public policy thought leadership content’. What a way to go on.ft.com/3LslGp4
“However, 2030 funding needs are in excess of $1.4 trillion, which will likely require funding contributions from all capital providing markets.” The rough size of the current market for emerging market sovereign dollar debt is about $1.5trn, for comparison. www.ft.com/content/5913...
‘The global data centre and AI build-out will be an extraordinary and sustained capital markets event’
Inside JPMorgan’s big data centre report
www.ft.com
November 11, 2025 at 5:17 PM
“However, 2030 funding needs are in excess of $1.4 trillion, which will likely require funding contributions from all capital providing markets.” The rough size of the current market for emerging market sovereign dollar debt is about $1.5trn, for comparison. www.ft.com/content/5913...