Epstein Secrets

ion of Crimea. No breach of international standards of that magnitude had been committed since 52 EFTA00804776 Freedom House Iraq's seizure of Kuwait in 1990. China's claim of ownership of the South China Sea, along with its creeping militarization of previously uninhabited islets, is at least a

ndividual Rights 'Denotes indicators scored on a 12-point scale. All others are scored on a 16-point scale. illiberal governments in countries like Hungary for their rejection of international democratic standards in favor of perceived national inter- ests. Even when there is no direct collaboration,

2005 1994 The largest oil disruption of the last 30 years was the Iranian revolution (5.5 mm bpd), followed by the Iran-Iraq war and invasion of Kuwait (-4 mm bpd each). As we will review on the call, we do not believe a similar crisis is in store for Saudi Arabia. But in my lifetime, I recall how q

ISI Group. 2004 2007 2010 Two views on the impact of an oil price shock %decline GDP 0.0% Australian • U.K Euro land Japar• Brazil • Poland Hungary • • U.S. ChinaU • Indonesia IN Turkey • Philippines • Korea • India MI S. Africa Taiwan • Thailand Ar.. Si ■ Canada Mexico Malaysia •

re on the GCC nations. The Saudi Riyal is already at its highest level since 1986. Saudi Arabia, the United Arab Emirates, Qatar, Oman, Bahrain and Kuwait are scheduled discuss revaluation at a summit in Qatar this week. Ideas under debate include a new peg of which the dollar would only account for 60

orld Bank), Saudi Arabia should in principle account for a greater share of global portfolios. Its GDP is greater than Malaysia, Ireland, Denmark or Hungary. But the following constraints are part of the investing landscape: Public equities: Saudi Arabia is 50% of Gulf region market cap and its equity m

l contributed to Iran's nuclear policy decision making. EFTA00636712 2. The broad anger directed at the U.S. by the governments of Saudi Arabia, Kuwait, Bahrain, the United Arab Emirates, Jordan and Egypt. Though these governments pay lip service to the Palestinian cause, the source of their curren

y an attractive trading partner for Europe, with significant mineral resources, a large landmass bordering four EU member states (Poland, Slovakia, Hungary, and Romania), an educated population of forty-five million, and a 2012 GDP of more than $175 billion. However, it EFTA00636723 has heavy financi

es, Iles Kerguelen, Indonesia, Isle of Man, Israel ,Jan Mayen. Jarvis Island. Jersey, Johnston Atoll, Kingman Reef, Kiribati. Korea, South, Kosovo. Kuwait, La Desirade, Latvia. Lesotho, Lithuania, Macedonia, Madagascar. Malawi, Malaysia, Malta, Marie-Galante, Martinique, Mauritania. Mauritius, Mayotte,

ia, Gibraltar, Greece, Greenland, Guadeloupe, Guam, Guernsey. Heard and McDonald Islands, Herm, Holy See (Vatican City), Hong Kong, Howland Island, Hungary, Ile Amsterdam, Ile Saint-Paul, Iles Crozet, Iles des Saintes, Iles Eparses, Iles Kerguelen, Indonesia, Isle of Man, Israel ,Jan Mayen. Jarvis Islan

. Brazil, Chile. China, Colombia. Costa Rica. Czech Republic. Greece, Hong Kong SAR, Hungary. Iceland. India, Indonesia. Israel, Japan. South Korea. Kuwait. Malaysia. Mexico. New Zealand, Philippines. Poland. Romania. the Russian Federation. Singapore, South Africa, Thailand. Turkey. Ukraine. United Ara

nces to "other selected countries" refer to Argentina. Australia. Brazil, Chile. China, Colombia. Costa Rica. Czech Republic. Greece, Hong Kong SAR, Hungary. Iceland. India, Indonesia. Israel, Japan. South Korea. Kuwait. Malaysia. Mexico. New Zealand, Philippines. Poland. Romania. the Russian Federation.

ad Alghanim & Sons Group of Companies Emke Group LLC MSD USA Germany USA India USA Indonesia USA Malaysia United Kingdom Japan Nigeria Kuwait Nigeria Greece Canada Denmark United Kingdom Spain France United Kingdom Chile Russian Federation Italy United Arab Emirates Kuwait Kuw

co Switzerland Luxembourg India Russian Federation Israel United Arab Emirates Switzerland Switzerland Switzerland Russian Federation USA Hungary USA Switzerland Singapore USA Switzerland United Kingdom Peru DuPont de Nemours and USA Company White & Case LLP USA Alcatel-Lucent SA

ffs, the danger that they will provoke a war increases, as did Saddam Hussein's misreading of U.S. intentions in 1990, which led to the invasion of Kuwait. A strategy reset requires that we define and articulate real red lines, that we maintain the soft and hard power to enforce those red lines and th

d world politics shrewdly enough to understand that their opponents' greater military power wouldn't actually come into play. Once Germany, Austria-Hungary and the Ottoman Empire collapsed, the western allies of World War One could have imposed almost any settlement they liked on eastern Europe, had th

Oo ¢ a D 10% fn ° Le 0% 1970 1975 1980 1985 1990 1995 2000 2005 2010 Note: *Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, lraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria. KP Source: Dept. of Treasury, as of CQ2:10. (@E) www.kpcb.c

e 5 - ! F re) — £ a @ UK ~_ — Linear Trend line (ex. USA) t x - wi ‘ USA 2 15 mse = i im et io ee oo Gs GH GI Re Gm RR tm oe KS Rm eo = Mexico @ S @ Hungary $ xt 70 i T T T T T T T 0 1000 2000 3000 4000 5000 6000 7000 o Total Expenditure on Health per capita, $US (PPP Adj.) Source: OECD a USA Inc. | Wha

ization of Aramco's stake sale, PIF could get a portion of the assets of SAMA. In this scenario, we would effectively transition to the Abu Dhabi and Kuwait model where the central bank holds little reserves and non-transparent SWFs are what matters both in terms of flow and stock. Foreign assets purchase

USSIA = MALAYSIA (EM) = INDONESIA m= THAILAND ~ PHILIPPI m SAUDI = TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPUBLIC Source: : BofA Merrill Lynch Global Research, MSCI and DataStream 46 GEMs Paper #26 | 30 June 2016 3S Merrill Lynch HOUSE