Tuesday, 2 August 2011
Obama Signs New Debt Bill into Law
Obama has increased the US debt ceiling!!! Senate voted in favour, 74 votes to 26 (74% yes)!
Sunday, 10 July 2011
Closure of the News of the World
10 July 2011 - the final edition of the News of the World is printed. The 168 year old newspaper is no more, following revelations of the paper's involvement in phone hacking since 2002. A slogan from the paper in 1910 reads: "Contains more news than any other paper".
Friday, 10 June 2011
NatGas 8.1% Flash Crash in Futures on 8 June
Could electronic algos be to blame for clsoing the New York Mercantile Exchange floor for more than five hours when late Wednesday, when Nymex July natural gas dropped 39 cents, or 8.1 per cent, to $4.510 per million British thermal units?? After a few seconds, it bounced back up but the damage was done - anomalous price move registered.
In the US natgas has risen 15 per cent in the past month, nearing a one-year high of $5 per mBtu, as people switch on their air-cons in the hot weather and power plant masters boost output accordingly.
In the US natgas has risen 15 per cent in the past month, nearing a one-year high of $5 per mBtu, as people switch on their air-cons in the hot weather and power plant masters boost output accordingly.
Thursday, 19 May 2011
Copthall Avenue's Rencap enters US equity derivatives business
Rencap has hired Leonard Ellis in New York to lead Equity Derivatives and Structuring out there, picking him up from Capstone where he focused on idea- and event-driven volatility strategies. Ellis also managed equity derivatives at Citi, covering equity swaps, DMA, delta one and exchange market making.
Glencore IPO creates money for management and banks
The FTSE 100 will welcome the world's largest commodities firm (by revenue: 2010, $145bn) to its ranks, around May 24, 2011, on its first day of unconditional trading.
Glencore did its primary listing in London, selling 1.14 billion shares @ 530p, and secondary listing in Hong Kong, at 66.53 HKD (around 530p as well). Shares rose 11p to 541p in the first day of trading. At the 530 offer, Glencore has a market value of £36.7 billion.
Ivan Glassenberg, CEO since 2002, studied accountancy at the University of Witwatersrand in South Africa and got his MBA from University of Southern California, and will have a paper fortune of around £6bn following the flotation, being the owner of 15% of the company. Glencore was founded by Marc Rich (real name Marcell Reich) who started his career at Phibro (then known as Philipp Brothers, a firm founded in 1901) and is credited in a book as having created the spot market for crude oil.
Glencore did its primary listing in London, selling 1.14 billion shares @ 530p, and secondary listing in Hong Kong, at 66.53 HKD (around 530p as well). Shares rose 11p to 541p in the first day of trading. At the 530 offer, Glencore has a market value of £36.7 billion.
Ivan Glassenberg, CEO since 2002, studied accountancy at the University of Witwatersrand in South Africa and got his MBA from University of Southern California, and will have a paper fortune of around £6bn following the flotation, being the owner of 15% of the company. Glencore was founded by Marc Rich (real name Marcell Reich) who started his career at Phibro (then known as Philipp Brothers, a firm founded in 1901) and is credited in a book as having created the spot market for crude oil.
Tuesday, 10 May 2011
Sunday, 17 April 2011
The End of Crazy Acquisitions for BoA?
Ken Lewis, BoA's architect of disaster mergers, the last of which was Merrill Lynch, has been gazoomf'ed by his scion Brian Moynihan who has declared "NO MORE DISASTER MERGERS". Adding to the theme of no more acquisitions, he surmised: "We do not need anything".
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