FURTHER FURTHER READING
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Alexander Friedman, global chief investment officer of UBS AG, and his colleague Kiran Ganesh, cross asset strategist at UBS Wealth Management, share their thoughts on the core issues behind the Washington impasse. For reference, Friedman is American and oversees $1.7 trillion in managed assets…
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On 16 November 2009 Sergei Magnitsky died in prison in Russia. Shortly before his arrest and imprisonment he had been investigating a substantial tax fraud committed against the Russian Federation by a criminal gang. I shall refer to this tax fraud as the Hermitage Fund fraud.
Beyond this short summary, many of the facts in issue between the parties are unknown or controversial, and are subject to stark divisions of opinion…
We should welcome TCS Group Holding to London — the latest Russian firm to take advantage of our attractive Global Depository Receipts regime, which allows a company to describe itself as “London listed” without adhering to all those tiresome governance codes and disclosures that come with a regular full listing.
TCS — better known as Tinkoff Credit Systems or simply TCS Bank — is the creation of Oleg Tinkov, who sounds like a lively chap. He made his first fortune by taking Russian brewing upmarket, before selling out to Inbev in 2005 and then moving into retail financial services in earnest. Read more
Who are Herbalife’s customers?
A fair question, yes. An innocent one, not at all. And answers came there… well many, actually. Read more
Yes — 2013’s Sveriges Riksbank Prize in Economic Sciences will be shared by Eugene Fama, Lars Peter Hansen and Robert Shiller… Shiller and Fama. Hmm. A prize for everything from short-term stock price fluctuations, to the origins of index funds, to stock-picking, to behavioural finance.
Here’s the full Scientific Background doc anyway. (Click to enlarge) Read more
Live markets commentary from FT.com
Senate takes over US budget negotiations || Lloyds warns of Help to Buy bubble || Twitter squeezes banks on IPO || Higher vegetable prices helped fuel Chinese inflation || Gulf oil production hits record || Europe’s financial institutions are more exposed to their domestic government bonds || Netflix pursues cable-TV deals || Urals Energy receives cash bid || Markets || Read more
Markets: Trading in markets across Asia was fairly muted as the stand-off continued in Washingtonover budget cuts and raising the US debt ceiling. Even though there are just a few days until the October 17 deadline when the Treasury has said the US will run out of cash to pay its bills, markets in Asian nations dependent on external trade, while under pressure, have remained relatively calm. (Financial Times) Read more