Posts from Friday Apr 19 2013

PETActivism

An upsized IPO offering that raised $700m+.

A first-day pop of 25 per cent at pixel time.

A return of more than 2.5 times Blackstone’s investment.

It’s certainly been a good week for the management of SeaWorld and its private-equity backers. But one new shareholder in the newly public aquatic theme-park group is already shaping up to be a nuisance. Read more

Weekender

This week on FT Alphaville,

- Gabriel Sterne called for a transparency revolution at the IMF. Read more

Cypriot banks, the Pimco report

Click to enlarge. Hat-tip to the FT’s Kerin Hope and Sigma TV:

 Read more

And what took *you* so long, Fitch?

Our headline is the same question you could have asked of Moody’s back in February

The UK lost its second AAA rating on Friday night after Fitch cut its rating to AA+. The outlook’s stable. S&P is now the only one of the big three giving Britain a top rating. The rationale from FitchRead more

How much of Reinhart/Rogoff has survived?

This post by Gavyn Davies has been cross-published at Gavyn’s own blog.

The work of Carmen Reinhart and Ken Rogoff (RR) on public sector debt ratios, and their relationship with GDP growth, has been extraordinarily influential in academic and policy circles since 2010. Before this week, their statistical analysis, based on a 200-year database which they had painstakingly assembled covering dozens of countries, had appeared to establish an important stylised fact: that debt ratios above 90 per cent were associated with much lower rates of GDP growth than debt ratios under 90 per cent. The sudden drop in growth at a debt ratio similar to that reached in many developed economies acted as a wake up call to governments and encouraged the adoption of austerity programmes. Read more

“You and all your relatives. Even in Israel you cannot hide…”

Wanna know what you have to put up with being an internal investigator at a Kazakh miner like ENRC?

Lombard supremo Jonathan Guthrie got hold of this email after writing last week about the threatened resignation of ENRC’s chairman, Mehmet Dalman. Read more

Guest post: Time for a transparency revolution at the IMF

The IMF holds its Spring Meeting in Washington DC this weekend, amid continued debate over how it has responded to the eurozone crisis. Gabriel Sterne, a senior economist at Exotix with two decades of public sector experience including at the IMF, presents his case for reforming the Fund.

____________________________________________________ Read more

So, the Panel does have a line to Astana…

From the RNS on Friday…

Mr. Alexander Machkevitch notes the recent press speculation with respect to Eurasian Natural Resources Corporation plc (“ENRC”). Read more

Have the inflation-paranoid capitulated?

Thursday’s 5-year US Treasury TIPS auction was something of a noteworthy one, according to Kit Juckes at Societe Generale. Click to enlarge…

 Read more

Markets Live: Friday, 19th April, 2013

Live markets commentary from FT.com 

The (early) Lunch Wrap

The rise of rail oil || Italy ditches promise of ratable payment to bondholders || Blackstone abandons its $25bn offer for Dell || IBM posts rare miss || Votorantim Cimentos intends to raise $5.4bn || Microsoft signals change of heart over Windows 8 || Google reports mixed results || SAP’s shortfall || Morgan Stanley suffers trading activity decrease || Markets update Read more

The rise of rail oil

An interesting chart from the American Enterprise Institute showing to what degree oil shipments by rail have risen in the last two years:

 Read more

Further reading

Elsewhere on Friday,

- On cigarette money as commodity money.

- Correlation, causality and casuistry.

- Soros is not dead.

- Will robotic cars enable super-suburb cities? Read more

The 6am Cut London

Asian stocks rebound after earlier falls || Aso says G20 okay with Japan easing || Osborne vs IMF || Italian centre-left in disarray after failure to agree President || Blackstone pulls out of bidding for Dell || IBM misses expectations || Google beats on profits, misses on revenue || Ireland picks through debtors’ lifestyles  Read more