Showing posts with label Uncertainty. Show all posts
Showing posts with label Uncertainty. Show all posts

2019-03-15

Brexit Madness - UK PM Theresa May to Ask EU for Brexit Delay (video)

Time Left Until Brexit, London time: 11:00 P.M., Friday, 12 Apr 2019 

Original Countdown to Brexit: 11:00 pm UK time on Friday, 29 March 2019.

UPDATES now at  UK Dysfunction | Brexit Or Not, Final Days Or Kick The Can Again? (video)
March 25, 2019: MPs pass Letwin Amendment to seize control of the Commons agenda on Wednesday – how MPs voted--brexitcentral.com.
March 21: May dashes to salvage Brexit deal in Brussels (video); Arriving in Brussels on Thursday for an EU summit, Mrs. May did not rule out leaving the European Union without a deal reports news.sky.com which also reports EU leaders agreed to extend the March 29th deadline to Apil 12. The deadline would be extended to May 22 only if UK MPs pass the prime minister's Brexit deal by the end of next week.

See also "... The faltering and badly drafted [UK Prime Minister's] letter to Mr Tusk is unacceptable, asking as it does for a delay of three months in our exit from the EU ... I agree some MPs have been delaying Brexit as the PM says. These MPs clearly include the Prime Minister herself who has wasted far too much time on a negotiation and Agreement which the public rejects massively. The latest poll shows just 14% support  for Mrs May’s Agreement."--johnredwoodsdiary.com.

March 20: EU ultimatum to May: you can only delay Brexit if deal is passed--Channel 4 News video published March 20, 2019: UK Prime Minister Theresa May has ruled out a long extension to Brexit while she is Prime Minister. See also the Prime Minister's statement (video) later in the day on Wednesday, March 20, 2010. See also: May's Letter Asking for Only Short Extension Came as Shock to EU--"EU officials say they see the risk of a looming catastrophe and the mood in Brussels is bleak as they realize that May has backed them into a corner too."--bloomberg.com.

March 20, 2019: UK Prime Minister Theresa May requests three-month Brexit extension--"I am therefore writing to inform the European Council that the UK is seeking an extension to the Article 50 period under Article 50(3) of the Treaty on European Union, including as applied by Article 106a of the Euratom Treaty, until 30 June 2019." --Letter in full here. See also Newspaper headlines: May's 'blame game' Brexit speech to nation | bbc.com.

But European Council President Donald Tusk said an extension would only be granted if MPs back the Prime Minister's Withdrawal Agreement next week. Three things could happen now: 1) no-deal Brexit, 2) May's 'deal' is somehow voted on yet again and passes,  or 3) UK revokes Article 50.  After Donald Tusk spoke, the UK pound sterling (GBP) fell, an indication that markets think there is now a greater chance of no-deal Brexit, but the London Stock Exchange benchmarks FTSE100 and FTSE250 have been resilient:
FTSE100
FTSE250
March 19, 2019: EU's chief Brexit negotiator Michel Barnier: "Everyone should now finalise all preparations for a no-deal scenario" ... UK MPs "voting against no-deal does not prevent it  happening." See also France ready to veto any meaningless Brexit delay: Elysee official--reuters.com: "French officials say in private that they are not alone in their stance but that they are more willing than other countries to stick their necks out because Britain will always blame the French for their misfortunes."
France’s EU minister Nathalie Loiseau named her cat ‘Brexit’ because ‘he meows loudly to be let out each morning, but then refuses to go outside when she opens the door.’
March 18, 2019: House of Commons Speaker John Bercow told MPs he would not allow PM Theresa May to ask the Commons to vote a third time if the motion hadn't changed. The announcement took the government by surprise--Channel 4 News video.

March 18, 2019: A 'Hard" a/k/a 'No Deal' Brexit will benefit UK and emerging markets, says Mark Mobius, founding partner of Mobius Capital Partners. He also says he fears a soft Brexit will prohibit the U.K.'s economic potential, video below:

Ignore the nay-sayers – here’s why we’re still on course for a clean Brexit on 29th March: "MPs are not fearful of a weak unimaginative Government desperate to push through a failed deal. Parliament does not want to re-join the EU, it does not want a referendum. It cannot ask for an extension to implement the deal if MPs don’t want the deal. And nobody could stomach another drawn-out negotiation going on for potentially years and the imminent prospect of European Elections, manifestos, campaigns and all that comes with them. Once you have eliminated all the alternatives, the conclusion is staring you in the face – the UK will leave on 29th March and take back control"--Christopher Howarth | BrexitCentral.com.

Original post March 15, 2019:
The UK Government and UK Politicians Have Made A Shambolic Mess of Brexit (and the UK civil service is complicit)
Analysis and Opinion by the Editor:
The House of Commons ended its voting on a flurry of Brexit-related motions this week with one more humiliation and embarrassment for the hapless government formed by Prime Minister Theresa May--going back to Brussels and pleading for the EU (via its 27 other members) to agree to an extension of the Brexit date of March 29, 2019, a date May and her UK government chose following the Brexit referendum results of June 23, 2016.

Wherever you live, and whatever you may think of your own national government or its politicians, pity the poor British--Brexit outside the bubble: How do the British think Brexit is going?--UK Channel 4 News video published Mar 14, 2019, indicates how all this latest Brexit chaos is being seen by people who are not obsessives confined to the Westminster bubble.

Unless the British get lucky and get a quick exit from the EU by default on March 29, 2019, their economy will likely soon "tank" due to the continual uncertainty,  the UK government having chosen a no-man's land of "neither in nor out" of the dysfunctional European Union (EU) which is already entering its own economic recession--Italy is already there, Germany and France are not far behind despite renewed "easing" by the European Central Bank (ECB)--see Euro falls as Eurozone growth forecasts slashed | cityam.com: "European Central Bank (ECB) president Mario Draghi today announced a significant downgrade in Eurozone growth predictions as he renewed a stimulus programme of cheap loans to bolster the struggling economy." (March 7, 2019)

It appears a majority in the House of Commons prefer to drown with bureaucrats in Brussels and EU member states trapped in the Eurozone, rather than swim to safety and a world full of opportunities. This is Dunkirk all over again, but the boats aren't coming this time. Don't expect even the Almighty to help those who refuse to help themselves.
Regarding Brexit, the single biggest issue gripping the U.K. is indecisionCitadel (citadel.com) billionaire founder Ken Griffin said. “Until they pick a path, it deters capital investment. Politicians don’t appreciate when they create uncertainty it kills the willingness to invest.
President Trump Meets with the Prime Minister of Ireland

U.S. President Donald Trump and Irish Taoiseach Leo Varadkar discuss Brexit at a press conference at the White House, March 14, 2019. Trump: "The European Union treats us very unfairly." 

UK Channel 4 News recap video of March 14, 2019, in the House of Commons: "May wins vote to seek Brexit delay"-- "In a narrow Commons victory this evening the government fought off an attempt by MPs to take control of Brexit in Parliament. Instead, Theresa May has presented a stark choice to MPs: back her deal in another vote next week - or risk a long delay to Brexit - and even the possibility of having to hold European elections in May. MPs are now expected to have a third meaningful vote on Brexit next week. That's just before Theresa May heads off to Brussels for what is currently set to be the last European summit with a British Prime Minister at the table."

More on Brexit:


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2019-01-05

Tech Review | 5G Roll Out: What's Coming In 2019 (video)

graphic "Tech Review" ©2017 DomainMondo.com
Tech Review (TR 2019-01-05)--Domain Mondo's weekly review of tech investing news with commentary, analysis and opinion: Features • 1) 5G Roll Out: What's Coming In 2019, 2) Office 3.0 - As Robots Take Over, 3) Investing: The Week, Notes,  4)ICYMI Tech News: Apple, Amazon, Tesla, Tencent, YouTube.

1) 5G Roll Out: What's Coming In 2019

5G Will Be Ultrafast, but the Roll Out May Not Be. WSJ.com video above first published Nov 14, 2018. See also:

2) Office 3.0 -- As Robots Take Over

As robots take over mechanical tasks, is going in to the office simply a way to interact with others? This is the belief that has shaped Office 3.0, an office design philosophy which runs through the headquarters of The Agnelli Foundation in Turin. FT.com Content Solutions video above first published Jun 6, 2018.

3) Investing
graphic: "INVESTING"  ©2017 DomainMondo.com
The Week (Friday close to Friday close) ending January 4, 2019: 
NASDAQ Composite +2.36% | S&P 500 Index +1.76% | DJIA +1.53%
NASDAQ Composite
S&P 500
DJIA
Sign of the times: DrudgeReport.com headlines, Jan 4, 2019:
JOBS UP BIG! +312,000 RECORD NUMBER WORKING -- MANUFACTURING BEST IN 20 YEARS -- HISPANIC UNEMPLOYMENT LOWEST EVER -- DOW +750
"One fact that no one is talking about, the S&P is up 60+% in the last 30 months. Markets don’t go up forever, they do have corrections."--seekingalpha.com
Long View:
Trendline (graphic) ©2018 DomainMondo.com
Investing Notes:
  • The Best And Worst Performing Hedge Funds Of 2018--zerohedge.com.
  • Better Days Ahead For Tech--the downturn has created an opportunity for investors with a long-term view--seekingalpha.com.
  • US equities are still very tech-centric, subjecting the S&P 500 to both valuation contraction and regulatory uncertainty. Just five tech companies--Apple, Microsoft, Alphabet/Google, Amazon, and Facebook--represent 14.6% of the S&P 500, more than all Financials (13.2%) and close to all Health Care (15.4%).--datatrekresearch.com.
  • China’s Startup Bubble Runs Aground: Bike-share companies, among the hottest startups, are wiping out investors--WolfStreet.com.
  • Euroone: at 20, euro is currency giant on fragile footing--France24.com.
  • 2019: The year after peak global growth--dw.com.

4) ICYMI Tech News:
graphic: "ICYMI Tech News" ©2017 DomainMondo.com
source: statista.com
  • India: New Regulations a Massive Blow For Amazon--Amazon will be disadvantaged versus Flipkart-(Walmart)--seekingalpha.com. But Amazon is opening tiny stores, adding local language descriptors, and accepting cash payments to target the 800M people living outside India's big cities--wsj.com.
  • Amazon is planning to build and expand Whole Foods stores across the U.S. to put more customers within range of its Prime Now two-hour delivery service--wsj.com.
  • Tesla names Oracle's Larry Ellison to the Board of Directors. Ellison owns nearly $1 billion of $TSLA stock.--reuters.com.
  • "Everything Is Fake"--Ex-Reddit CEO Confirms Internet Traffic Metrics Are Bullshit--zerohedge.com.
  • YouTube says over 200M people view gaming content each day globally, and 50B+ hours of gaming videos were viewed in the past year--venturebeat.com.

-- John Poole, Editor, Domain Mondo  

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2018-12-27

Economics 2018: Stock Market Turmoil, Trade Wars, Brexit Uncertainty

2018 in economics: from market turmoil, to trade war and Brexit

Market turmoil, a trade war, a softening global economy, a sputtering Germany, a budget-busting Italian government and Brexit: FT.com's economics commentator Martin Sandbu reviews a tough year in economics. Video above published Dec 21, 2018.
On the other hand, Martin Wolf, associate editor and chief economics commentator at the Financial Times, disagrees:
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2018-08-20

Three Causes of China's Stock Market Plunge: Trade, Debt, Uncertainty

Three Causes of China's Stock Market Plunge

Emma Dunkley, the FT.com's Asia markets correspondent, blames the threat of a trade war, economic uncertainty and debt levels for the steep fall in Chinese equities this year. Financial Times (ft.com) video above published Aug 8, 2018.

See also:
Tech Review: 1) Collapsing Chinese Tech Stocks, 2) Tesla Turbulence | DomainMondo.com



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2018-03-02

MacroView: Hard Brexit or Else? When Will The EU and UK Face Reality?

UPDATE: Theresa May's Brexit speech March 2, 2018

UPDATE March 2, 2017: UK Prime Minister Theresa May delivers her Brexit speech on Friday, March 2, 2018. “We all need to face up to some hard facts ... Neither of us can have exactly what we want, so we need to strike a new balance. But we will not accept the rights of Canada and the obligations of Norway”--UK Prime Minister Theresa May. See May pitches mixture of concession and detail in Brexit vision | Reuters.com.

So Far, Brexit Negotiations Have Been Going Nowhere Fast:
Unclear Brexit vision from a divided cabinet

Financial Times (ft.com) video above published Feb 15, 2018: Political columnist Janan Ganesh and FT editor Lionel Barber discuss how Boris Johnson's call for national unity comes at a time when the Conservative cabinet remains divided on Brexit.

Boris Johnson’s Brexit Speech at Policy Exchange (video)

Jacob Rees-Mogg on Boris's speech and the transition period (video)

At best, the UK may not be able to strike anything other than an ordinary trade deal with the EU in its Brexit negotiations. Late last year, the EU produced a graphic which warned that the UK is heading for a hard Brexit. The  infographic below is based on that, and shows how Theresa May's demands may be incompatible with the current relationship Norway (a non-EU nation) enjoys with the EU, or  Iceland and Liechtenstein. Included in UK's previous demands were to be free of European courts, trade rules, migration, regulation and financial contributions, which would mean it could not use Switzerland as a future template, or the Ukraine and Turkey deals with the EU. So the UK-EU deal may reflect the same type of relationship as that agreed upon by the EU with Canada and South Korea, or if there is no deal, the UK and EU would be left with the WTO rules to govern trade with each other. Why the UK hasn't already opened up trade negotiations with the U.S., Canada, and others, is shortsighted, if it is serious about Brexit. Unfortunately, the EU is also being shortsighted as a "hard Brexit" will actually hurt the EU countries, particularly Germany, harder--the UK imports more than it exports to the EU.

The current trajectory of Brexit negotiations, in the short term, with the delay and uncertainty, is hurting the UK economy, and in the long term, the EU is "cutting off the nose to spite the face."

Infographic: Why Hard Brexit Could Be Inevitable  | Statista Statista.com

Related links:


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2017-02-20

Oaktree Capital's Howard Marks on Cycles, Panics & Valuation (video/audio)

Oaktree's Howard Marks Is Cautious, But Still Investing

Video above: Oaktree's Howard Marks Is Cautious, But Still Investing (February 9, 2017). Howard Marks, co-chairman at Oaktree Capital, discusses his firm's investment strategy and the importance of using caution as an investor in times of market uncertainty. He speaks with Bloomberg's Erik Schatzker on "Bloomberg Daybreak: Americas." (Source: Bloomberg)

Oaktree Capital's Howard Marks on Cycles, Panics & Valuation (podcast audio here): Barry Ritholtz interviews Howard Marks of OaktreeCapital.com, for Bloomberg's Masters in Business (MIB) podcast series. Ritholtz last interviewed Marks in July 2015 for MIB (interview here).

Marks and his partners formed Oaktree Capital in 1995 with a focus on high-yield bonds, distressed debt, private equity, and other credit based strategies. Oaktree currently manages 22 separate debt funds, totaling over $100 billion dollars in assets under management. Oaktree's 17 distressed funds' returns have averaged over 19% per year (after fees) over the past 22 years.

Ritholtz has noted that "Marks had the foresight to set up an 11 billion dollar distressed fund (7B) raising capital from March 2007-08. By June 2008 they had called 12% of it; following the collapse of Lehman Brothers on September 15th 2008, they began putting half a billion dollars per week to work in the credit marks. They finished the year about 70% invested, deploying 6.5 billion dollars by years end."
“All you had to do to make money in the crisis – was have money to spend and the nerve to spend to it. You didn’t need caution, conservatism, risk control, patience selectivity, discipline, any of those things. All you needed was money & nerve. But not all the time, because sometime money and nerve will get you killed. One of the keys to investing is to know which is which.”--Howard Marks
Marks may be best known for his Chairman’s Memos that he has been writing since 1990, noting that he spent the first decade printing them, inserting them into envelopes and physically mailing them off into the world, with zero response. Finally, with his January 2000 letter “Bubble.com,” there appeared to be evidence that people were actually reading them. At Warren Buffett’s urging, Marks wrote the book The Most Important Thing.


Domain Mondo Editor's Note: last MacroView post (Feb 16, 2017) at least for awhile.

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2016-07-09

Brexit Impact On Tech Startups, Business & Global Economy (videos)

London Stock Exchange benchmark index FTSE 100, market close Friday, July 8, 2016:
London Stock Exchange benchmark index FTSE100 UP 4% since Brexit Vote (source: google.com)
Chart above: London Stock Exchange benchmark index FTSE100 Friday, July 8, 2016, UP 4% since Brexit Vote on June 23, 2016, while Germany's DAX and France's CAC40 are still DOWN (see charts at bottom of this post below).


Managing partner at GGV Capital (domain: ggvc.com) Glenn Solomon weighs in on Brexit's short term impact and what's moving in the tech industry, specifically startups. Published by CNBC.com July 8, 2016

See also: This Is What Brexit Means For You And Your Startup | Mattermark.com"Given the volume of noise, I have some advice for the founders, engineers, retirees, marketers, and cab drivers on what they should do: Nothing. ... What should startup founders do? Focus on hiring great people, closing more deals, and making their customers happy. The rest is noise. When you get to the size of Oracle or IBM, growing at the global GDP rate—or worse—you can worry about shifting macro trends."

IMF's Christine Lagarde on Brexit uncertainty:

Shawn Donnan talks to the IMF.org's Managing Director, Christine Lagarde, about Brexit and how global growth has been impacted following the UK's referendum to leave the EU. Published by FT.com July 7, 2016.

See also: Heard in the Hutong: Beijingers on Brexit - China Real Time Report | WSJ.com: Do you think the European Union will become weaker if Britain leaves? Do you think Britain will be better off on its own? "The EU will become weaker. For the U.K., as I said before, it’s hard to tell..." Do you see any consequences for China of this? "No."

Since Brexit vote on June 23, 2016, 3 other nation's benchmarks (see chart below):
  • Germany's DAX Down 6%
  • France's CAC40 Down 6%
  • USA's S&P500 Up 1%
Top to bottom: DAX, CAC40, and S&P500 (source: google.com)

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2016-07-07

London Property Market: Massive Undersupply, Cheap Pound, Uncertainty

Massive Undersupply in London Property Market: Knight Frank

Knight Frank (knightfrank.com) global head of research Liam Bailey discusses the impact of the Brexit vote on the U.K. property market for long-term investors and speculators. He speaks with Bloomberg TV Malaysia's Sophie Kamaruddin, July 5, 2016. See also: ‘Panic’ Withdrawals Halt Four More U.K. Property Funds | Bloomberg.com and British Pound-US Dollar Chart.

“Never let a good crisis go to waste”--Winston Churchill
“Be fearful when others are greedy and greedy when others are fearful”--Warren Buffett

Andrea Leadsom: 'I want to make the UK the greatest country on Earth':

The energy minister and a leading Leave campaigner, Andrea Leadsom, responded to accusations of hypocrisy, made in the Mail on Sunday, which referred to a speech she gave in 2013 - to the Hansard Society - warning about the dangers of leaving the EU. Speaking to Andrew Marr, she rejected the accusations of hypocrisy, and said she had argued for radical change of the European Union. On her bid to be the next Conservative leader and prime minister, she said: "The next person to lead this country has to somebody who believes in the opportunity of leaving the EU." Published July 3, 2016.
UPDATE: Theresa May and Andrea Leadsom Will Run-Off in Race to Be Next U.K. Prime Minister: Theresa May and Andrea Leadsom will face off in an all-female battle to succeed David Cameron as U.K. prime minister and lead the country’s negotiations to leave the European Union.--Bloomberg.com  See also:  Brexit Postscript: FTSE100 Roars, Theresa May, Sword in Hand, Next PM? | DomainMondo.com

John Gray's article: The strange death of liberal politics | NewStatesman.com"... Europe’s image as a safe option has given way to the realisation that it is a failed experiment. A majority of British voters grasped this fact, which none of our establishments has yet understoodNo single leader or party is responsible for the debacle of the Remain camp. It is true that gross errors were made in the course of the campaign. Telling voters who were considering voting Leave that they were stupid, illiterate, xenophobic and racist was never going to be an effective way of persuading them to change their views. The litany of insults voiced by some leaders of the Remain campaign expressed their sentiments towards millions of ordinary people. It did not occur to these advanced minds that their contempt would be reciprocated ..." (emphasis added)

See also: Deutsche Bank $DB $DBK, Italian Banks, Approaching a 'Lehman Moment'? | DomainMondo.com

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2016-04-15

IMF Spring Meetings: Uncertainties, China, Brexit, Geopolitical Risks (video)

Lagarde Says Political Uncertainties Threaten Global Growth: 

International Monetary Fund (IMF) Managing Director Christine Lagarde talks about uncertainty surrounding "Brexit" debate in the U.K. and the top geopolitical risks she sees for 2016. She speaks with Francine Lacqua on "The Pulse." Published April 5, 2016

IMF Spring Meetings, Washington, D.C., April 15-17, 2016:
    Above video: 2016 Spring Meetings promo


G20 finance ministers gather in Washington to discuss world economy problems, earnings season begins for the troubled US banking sector, and GDP data will focus concern on China's cooling growth prospects. Seb Morton-Clark reports for FT.com (April 10, 2016).

International Monetary Fund, Washington, D.C., commonly referred to as the IMF, also known as the Fund, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s. The IMF's responsibilities: The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.

IMF Governance structure: Board of Governors
Domain: imf.org
Official language: English
Membership: 188 countries
Parent organization: United Nations

IMF -- About"The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 188 countries that make up its near-global membership."



See also on Domain MondoWill the UK Leave the EU? Brexit Is More Likely Than You Think (video)




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2014-09-18

ICANN Budget Freeze, Uncertainty in Revenues, US Politics, IANA Transition, Volunteer Fatigue

Interesting topics discussed at the June 24th meeting in London between ccNSO and ICANN Board, according to the released transcript--ICANN budget freeze, uncertainty in ICANN revenues, U.S. politics and the IANA Transition, as well as ICANN volunteer fatigue due to the ongoing ICANN accountability and IANA transition processes--

ccNSO Meeting in London - Audio & Transcripts | Country Code Names Supporting Organisation:
LONDON – Board with ccNSO, Tuesday, 24 June 2014 – 09:45 to 10:45, ICANN – London
Meeting excerpts (begins at  Page 17 of 33, emphasis added):

ROELOF MEIJER: And, Fadi, you shouldn't see this as an attempt to raise a discussion about how you forecast your revenues.  It's more a warning on the fact that this is a forecast; and if we look at the budgeted costs, there's a risk that the cost increases faster than the revenues.  That was the message that I wanted to get across.

FADI CHEHADE: Absolutely. That point is well‐taken. And just to be clear, I have frozen the budgets of all departments of ICANN effective June 30th for the entire next year except the three areas that convinced me we need to invest a little more because we have invest ‐‐ frankly, we have a deficit of investment: I.T., compliance, and the new GDD division that has to grow with the growth of the new gTLDs. But everything else has been frozen: Engagement, every other area. Legal wanted ‐‐ everybody wanted more. We froze it. It is completely frozen. So the spend level they have on June 30th, zero dollar increase past June 30th for the next fiscal year. So I am cognizant ‐‐ someone yesterday said, I think we had to grow ICANN to deliver a certain level of services. But it's time to start curbing that growth, partly to deal with uncertainty in revenues. We don't want to have a rosy picture of revenues and find ourselves in a difficult place. So keenly aware of that. And I really appreciate it because I think as CEOs, we certainly should not fall into the trap of seeing the cost line continue to go up based especially on uncertainties on the revenue side. So you have my commitment to watch for that. I'm already starting the curbing across most departments and will continue to do that next year....

BYRON HOLLAND: And I'm sure you've already heard the commentary about volunteer fatigue. When we look at the various threads here, be it the steering group, whatever the final shape of the accountability process looks like, there's currently also a separate but related cross‐community working group on Internet governance. There is a cross‐community working group on the IANA transition taking shape right now. But just asking ‐‐ asking ICANN to be ‐‐ to recognize that and to do everything that ICANN can to try to mitigate volunteer fatigue....

BECKY BURR: I just want to say in case anybody is under any misconceptions about this, the CC [ccTLD] community is quite aware of the deadline [September, 2015, for the IANA transition] and the need to get this done and those of us who follow American presidential elections know very well why that's critical. I ‐‐ and I understand the balance, but I think that you guys have put it in our court. It's now up to us. You guys have to give us the opportunity ‐‐ it's going to take some hard work to get this going and to take responsibility for it. But that's what has to happen now. And any chance ‐‐ any effort to sort of control the timing is going to backfire.

FADI CHEHADE: Let me be careful. I didn't say we are controlling the timing. I was pointing to the fact that your community [ccTLDs?] is not monolithic on this issue. There are people within your community who would like the transition to never happen. There are people in your community who want to slow it down until it's maybe the Republicans running the U.S. government. There are people in your community who would like it to happen yesterday. So your community is not monolithic on this issue, and therefore, we have to also be careful, as you are coming back to us with varying inputs, that we understand, you know, how to keep this thing balanced with the other communities who will be affected by this transition as well. So this is our role, not as staff but as a coordinating committee by our ‐‐ I meant the coordinating committee….

CHRIS DISSPAIN: Byron, can I just clarify? Jay, I understand what you are saying. I think what ‐‐ I think what Fadi meant was "the" community as opposed to "this," specifically the ccTLD community. So within the wider community there are people who do not want this to happen. Within the wider community there are people who want to slow it down, speed it up, et cetera. So I think ‐‐ I think he said your community. But I think he meant the community generally....





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