© The Financial Times Ltd 2014 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
Posts from Monday Jul 1 2013
Interesting. Blackrock has issued an open letter in the spirit of investor
reeducation about its products, no doubt in response to the terrible reporting that’s been going on about its err… recent NAV discounts.
You can read the full open letter (complete with lots of bolding emphasis by Blackrock just to make sure you get the point) but a critical extract we think is the following (Blackrock’s emphasis). Read more
It’s really starting to feel like Groundhog Day waiting for the Second Circuit to make that final decision in the Argentina case. It’ll provide answers on the form of ratable payment to holdouts, the risk to those all-important third parties, and the question of enforcing the payment injunction outside the US.
That’s from Barclay’s, via the Economist, and as with most word-mashes we have mixed feelings about passing it along. On the one hand, it’s nice to have a term to use when explaining “the emerging doctrine of Li Keqiang, China’s prime minister” while on the other hand, it sounds kind of annoying and every time you use it you’ll have to
shower vigorously explain it anyway. Ho hum.
Creator credit/ blame goes to Barc’s Yiping Huang, Jian Chang and Joey Chew, who wrote last week that: Read more
This is is a guest post from Philip Pilkington, a writer and research assistant at Kingston University.
Gavyn Davies recently had an interesting take on stock prices in the US. Davies made the point that the profit share in the US had risen substantially against the wage share in recent years, and then argued that this rise in the profit share is what currently underpins equity prices. Read more
Sir Merv, as portrayed by Diana Blakeney. Click the image for full effect.
The European Commission has been investigating goings-on in the CDS world since Deutsche Borse and CME tried to enter between 2006 and 2009. The commission today said it’s reached a preliminary conclusion that — deep breath — ISDA, Markit, Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland, and UBS all infringed EU antitrust rules. Deutsche and CME tried to get in and were denied exchange trading licences by ISDA, Markit, and the banks, says the commission.
From the statement (our emphasis):
Brussels, 1 July 2013
Antitrust: Commission sends statement of objections to 13 investment banks, ISDA and Markit in credit default swaps investigation
Live markets commentary from FT.com
Chinese PMI data comes in weak || Share rout set to delay Chinese banks’ Hong Kong listings || Nokia to pay €1.7bn to buy Siemens out of telecoms joint venture || EU demands answers over claims US bugged its offices || Onyx rejects $10bn takeover proposal || Kuwait plans $5bn UK investment || Apple did not pay UK corporation tax last year || Japonica offers to buy more Greek debt Read more
The corporate contraptions, by which control of the Daily Mail and General Trust has been passed from one generation of Rothermeres to the next, clanked into action again on Monday. From the statement…
The Company has been notified that Rothermere Continuation Limited has entered into a definitive agreement to acquire the entire shareholding of The Esmond Harmsworth 1998 Settlement in the Company’s ordinary voting shares, increasing Rothermere Continuation Limited’s shareholding of ordinary voting shares in the Company from 59.9% to 89.2%.