Joseph Cotterill
@jsphctrl.ft.com
Emerging Markets correspondent at the Financial Times.
“The US military said in its initial assessment that “multiple” Isis members had been killed… However, residents of Jabo professed surprise at the strikes, saying the bombs had landed in empty fields, causing no casualties” www.ft.com/content/99d2...
Why bomb Sokoto? Trump’s strikes baffle Nigerians
US missile attacks on Christmas Day hit a part of Nigeria’s north-west that is almost entirely Muslim
www.ft.com
December 26, 2025 at 7:32 PM
“The US military said in its initial assessment that “multiple” Isis members had been killed… However, residents of Jabo professed surprise at the strikes, saying the bombs had landed in empty fields, causing no casualties” www.ft.com/content/99d2...
Reposted by Joseph Cotterill
James Merril’s poem “Christmas Tree,” written while he was dying of AIDS. 1995.
December 24, 2025 at 1:43 PM
James Merril’s poem “Christmas Tree,” written while he was dying of AIDS. 1995.
Great line. The “I've been to many countries but never left Lviv” of resource rent extraction. It is theoretically possible Sonangol could add an IPO to this list in 2026 (or 2027, or 2028...)
Incredible quote on continuity in Angola’s oil industry during 40 years of war and upheaval from an executive of the state oil company:
“You see, through colonialism, foreign invasion, Marxist-Leninism and capitalism, I have not left the same building.”
“You see, through colonialism, foreign invasion, Marxist-Leninism and capitalism, I have not left the same building.”
December 22, 2025 at 1:08 PM
Great line. The “I've been to many countries but never left Lviv” of resource rent extraction. It is theoretically possible Sonangol could add an IPO to this list in 2026 (or 2027, or 2028...)
Reposted by Joseph Cotterill
Terrific reporting by Miles Johnson on a morality-free arms dealer (tautologous, I suppose) and how America now fights wars as.ft.com/r/457327c1-3...
Inside the secret supply chain fuelling America’s wars
[FREE TO READ] And what Will Somerindyke’s company, Regulus Global, means for the future of conflict
as.ft.com
December 20, 2025 at 11:03 AM
Terrific reporting by Miles Johnson on a morality-free arms dealer (tautologous, I suppose) and how America now fights wars as.ft.com/r/457327c1-3...
Ukraine will have the €90bn loan from Europe (by joint debt crook if not frozen asset cash hook), which should also unlock a new $8bn IMF bailout. And not least, Kyiv has exorcised its GDP warrants, one of its biggest obstacles in its private debt. www.ft.com/content/4157...
Ukraine seals restructuring of controversial growth-linked debt
Deal replaces $2.6bn of GDP warrants that had become a ‘serious fiscal risk’ for Kyiv, says finance minister
www.ft.com
December 19, 2025 at 10:23 AM
Ukraine will have the €90bn loan from Europe (by joint debt crook if not frozen asset cash hook), which should also unlock a new $8bn IMF bailout. And not least, Kyiv has exorcised its GDP warrants, one of its biggest obstacles in its private debt. www.ft.com/content/4157...
For anyone remembering UK political scandals of a million years or approximately two months ago, I've just been told my Southwark landlord is in the process of obtaining a property licence.
December 18, 2025 at 4:27 PM
For anyone remembering UK political scandals of a million years or approximately two months ago, I've just been told my Southwark landlord is in the process of obtaining a property licence.
If you’re shocked the president’s family would acquire a conglomerate spanning regime-adjacent media and a speculative energy project that needs a lot of state intervention to become viable (if it ever does), you don’t follow EM enough
December 18, 2025 at 12:35 PM
If you’re shocked the president’s family would acquire a conglomerate spanning regime-adjacent media and a speculative energy project that needs a lot of state intervention to become viable (if it ever does), you don’t follow EM enough
Isn't this a chart of beauty? India's RRP Semiconductor Ltd, the world's best-performing billion dollar-plus stock, which as Bloomberg notes, has a promoter-dominated float, exchange trading restrictions, tenuous links to semiconductors, and regulatory interest. www.bloomberg.com/news/article...
December 18, 2025 at 11:41 AM
Isn't this a chart of beauty? India's RRP Semiconductor Ltd, the world's best-performing billion dollar-plus stock, which as Bloomberg notes, has a promoter-dominated float, exchange trading restrictions, tenuous links to semiconductors, and regulatory interest. www.bloomberg.com/news/article...
Reposted by Joseph Cotterill
Great reporting on China’s efforts to replicate the machines that make the most advanced chips. Fake ID cards, oblique networks of suppliers, and a prototype in a Shenzhen lab that almost fills a factory floor.
www.reuters.com/world/china/...
www.reuters.com/world/china/...
Exclusive: How China built its ‘Manhattan Project’ to rival the West in AI chips
In a high-security Shenzhen laboratory, Chinese scientists have built a prototype of a machine capable of producing cutting-edge semiconductor chips that power artificial intelligence, smartphones and...
www.reuters.com
December 18, 2025 at 6:37 AM
Great reporting on China’s efforts to replicate the machines that make the most advanced chips. Fake ID cards, oblique networks of suppliers, and a prototype in a Shenzhen lab that almost fills a factory floor.
www.reuters.com/world/china/...
www.reuters.com/world/china/...
And I still don’t feel like buying one www.bloomberg.com/news/article...
The Real Price of a London Apartment Has Sunk 22% in the Last Decade
For years, Britain’s young professionals have faced a dilemma: the best job opportunities are in a city that has some of the world’s most exorbitant house prices.
www.bloomberg.com
December 17, 2025 at 3:07 PM
And I still don’t feel like buying one www.bloomberg.com/news/article...
Reposted by Joseph Cotterill
Bretton Woods is one of the six historical events that are allowed to exist in public discourse. The others are: Munich, Weimar hyperinflation, Pearl Harbor, the Blitz and the Cuban Missile Crisis.
December 17, 2025 at 1:50 PM
Bretton Woods is one of the six historical events that are allowed to exist in public discourse. The others are: Munich, Weimar hyperinflation, Pearl Harbor, the Blitz and the Cuban Missile Crisis.
Vanke’s denouement has been under the radar a bit, I guess because China property pain is an old and known story by now. But it’s quite interesting because it isn’t getting a bailout this time from a big SOE owner (Shenzhen’s metro group). Just an old fashioned fight for the assets now.
Multiple delayed principal payments and now they don’t even have the vig? RIP.
December 17, 2025 at 2:38 PM
Vanke’s denouement has been under the radar a bit, I guess because China property pain is an old and known story by now. But it’s quite interesting because it isn’t getting a bailout this time from a big SOE owner (Shenzhen’s metro group). Just an old fashioned fight for the assets now.
Reposted by Joseph Cotterill
This is the website of the Ministry of Finance of the Republic of Congo (Brazzaville). It went down around a month ago, not long after the highly expensive Eurobond private placement which included a condition on improved debt reporting. www.finances.gouv.cg
December 17, 2025 at 1:59 PM
This is the website of the Ministry of Finance of the Republic of Congo (Brazzaville). It went down around a month ago, not long after the highly expensive Eurobond private placement which included a condition on improved debt reporting. www.finances.gouv.cg
On the eve of a blockade and who knows what else, bondholders think Venezuela's defaulted bonds may finally work out if Maduro goes. And if he doesn't, well, that would be par for the course for the great woulda coulda shoulda distressed sovereign debt trade of the decade. www.ft.com/content/a8be...
Investors pile into Venezuelan debt in regime change bet
Bonds have risen sharply to the highest level since 2019 as the Trump administration increases pressure on Maduro
www.ft.com
December 17, 2025 at 10:57 AM
On the eve of a blockade and who knows what else, bondholders think Venezuela's defaulted bonds may finally work out if Maduro goes. And if he doesn't, well, that would be par for the course for the great woulda coulda shoulda distressed sovereign debt trade of the decade. www.ft.com/content/a8be...
Reposted by Joseph Cotterill
One has to admit that whatever is going on here, there is something truly astonishing about it
December 17, 2025 at 6:20 AM
One has to admit that whatever is going on here, there is something truly astonishing about it
The US using undocumented workers to process the only refugees it lets in now (over a fake ‘genocide’) while issuing African visa bans left, right and centre??
How ironic.
How ironic.
December 17, 2025 at 8:47 AM
The US using undocumented workers to process the only refugees it lets in now (over a fake ‘genocide’) while issuing African visa bans left, right and centre??
How ironic.
How ironic.
Looks like they weren’t training the delusions of grandeur on data past 1971 in this instance www.ft.com/content/a6a8...
December 16, 2025 at 5:50 PM
Looks like they weren’t training the delusions of grandeur on data past 1971 in this instance www.ft.com/content/a6a8...
Reposted by Joseph Cotterill
Very sad to hear that Peter Doyle has died. May he rest in peace. He was an all-too-rare iconoclastic voice in international macro. Do read @gabrielsterne.bsky.social and @generaltheorist.bsky.social's tribute to him: open.substack.com/pub/moneyins...
Peter Doyle
Tribute to a good salty man
open.substack.com
December 13, 2025 at 6:51 PM
Very sad to hear that Peter Doyle has died. May he rest in peace. He was an all-too-rare iconoclastic voice in international macro. Do read @gabrielsterne.bsky.social and @generaltheorist.bsky.social's tribute to him: open.substack.com/pub/moneyins...
Still, nice of them to put it on the record that stay-at-home parenting without the minimum income will now cast you into the outer darkness of trying to settle in the UK.
December 12, 2025 at 11:51 AM
Still, nice of them to put it on the record that stay-at-home parenting without the minimum income will now cast you into the outer darkness of trying to settle in the UK.
Reposted by Joseph Cotterill
Slides from a Home Office presentation for employers on “earned settlement” — note the case studies: they explicitly play the “good migrant” versus “bad migrant” narrative. Guess which category Sarah, the American, is placed in?
December 12, 2025 at 9:35 AM
Slides from a Home Office presentation for employers on “earned settlement” — note the case studies: they explicitly play the “good migrant” versus “bad migrant” narrative. Guess which category Sarah, the American, is placed in?
A couple of months ago, DC committed not to use generative AI in their comics. Obviously a lot has happened since with DC's owner, but, meanwhile, at Marvel's owner: thewaltdisneycompany.com/disney-opena...
The Walt Disney Company and OpenAI Reach Agreement to Bring Disney Characters to Sora | The Walt Disney Company
Disney and OpenAI have reached an agreement for Disney to become the first major content licensing partner on Sora, OpenAI’s short-form generative AI video platform.
thewaltdisneycompany.com
December 11, 2025 at 2:30 PM
A couple of months ago, DC committed not to use generative AI in their comics. Obviously a lot has happened since with DC's owner, but, meanwhile, at Marvel's owner: thewaltdisneycompany.com/disney-opena...
Private credit had an annus horribilis in the US this year, looking bloated, badly underwritten, and the presumptive source of the next financial crisis. Not so much in emerging markets though. www.ft.com/content/0e1f...
Emerging market private credit surges to record $18bn
Lending booms in developing economies even as US industry struggles following collapse of First Brands
www.ft.com
December 10, 2025 at 12:51 PM
Private credit had an annus horribilis in the US this year, looking bloated, badly underwritten, and the presumptive source of the next financial crisis. Not so much in emerging markets though. www.ft.com/content/0e1f...
A last-minute deal with holders on terms of a restructuring into bonds this month means Ukraine's GDP warrants are going out much as they lived: with insane levels of complexity mof.gov.ua/en/news/ukra...
mof.gov.ua
December 9, 2025 at 5:43 PM
A last-minute deal with holders on terms of a restructuring into bonds this month means Ukraine's GDP warrants are going out much as they lived: with insane levels of complexity mof.gov.ua/en/news/ukra...
An increasing chorus outside China: this trillion-dollar trade surplus just looks unassailable.
Meanwhile, in Qiushi (the Party's policy journal)... China is at risk of deindustrialisation. We don't do enough R&D. We don't file enough patents (etc). www.eastisread.com/p/china-fear...
Meanwhile, in Qiushi (the Party's policy journal)... China is at risk of deindustrialisation. We don't do enough R&D. We don't file enough patents (etc). www.eastisread.com/p/china-fear...
China fears its manufacturing is shrinking too fast and too far
In the Communist Party’s theory journal, senior Shanghai official Xiao Guiyu calls for keeping a solid industrial core as Beijing drafts the 15th Five-Year-Plan.
www.eastisread.com
December 9, 2025 at 3:48 PM
An increasing chorus outside China: this trillion-dollar trade surplus just looks unassailable.
Meanwhile, in Qiushi (the Party's policy journal)... China is at risk of deindustrialisation. We don't do enough R&D. We don't file enough patents (etc). www.eastisread.com/p/china-fear...
Meanwhile, in Qiushi (the Party's policy journal)... China is at risk of deindustrialisation. We don't do enough R&D. We don't file enough patents (etc). www.eastisread.com/p/china-fear...