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- Bill Clinton nominates Obama at Democratic Convention.
The Democrat Convention. And Bill Clinton telling the world that Obama “inherited a deeply damaged economy, put a floor under the crash, began the long hard road to recovery, and laid the foundation for a more modern, more well-balanced economy that will produce millions of good new jobs”.
And unemployment in America is at, like, an all-time high by modern standards.
And. AND. Where is this “floor”?
I may not be with Mitt Romney on the social issues. But when it comes to the economics, Obama does not appear to be solution-driven.
I’m just observing that the data speak for themselves.
- The tumble of Nokia’s share price.
And we’re left asking: what happened yesterday?
Answer: Nokia unveiled two new phones. The Lumias 820 and 920, which look like this:
No one seems to be able to explain why everyone reacted so dramatically. The phones, I read, aren’t too bad.
And it was hardly like Nokia could announce an iPhone 5. Because then Apple would have organised a Californian jury to drub the Nokia share price into the cents range.
- Indian tycoon on the loose.
Venugopal Dhoot, a mobile-phone billionaire, controls Videocon Industries, which in turn owns 10% of Mozambique’s Rovuma-1 offshore block, where the amount of gas discovered exceeds the entire gas reserves of Libya*.
That investment originally cost $75 million (presumably including the costs of sinking the hole). Mr Dhoot is looking for a “$3 billion” payday, which analysts are calling a bit steep.
Thus far, I can’t really tell what all this news is doing to the Videocon share price, which looks like it suffers from the financial version of borderline personality disorder:
*Presumably, it also exceeds the entire gas reserves of countries like Zimbabwe, which have no gas at all. But I assume that Libya does have some natural gas reserves**.
**UPDATE: I did some research in the CIA factbook, which is a book of many useful facts. As of 1 January 2011, Libya had the 22nd highest proven natural gas reserves in the world. Mozambique was 52nd. Zimbabwe was 144th. That said, most of the list was countries with 0 reserves numbered alphabetically. So actually, there were about 103 countries tying for 105th place.
- With less than a week to go: Apple’s competition.
The only important part of this story is that the next Apple media event is scheduled for next week Wednesday.
- Today’s ECB Governing Council Meeting.
Link: what’s at stake.
Wrote about it here.
That’s all for now.
Have a good day.