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in exchange for an aggregate of 183,865,778 shares of Parent’s Class A common stock (valued at $12 billion based on the average closing price of the six trading days preceding February 18, 2014 of $65.2650 per share (“Specified Price”)) and $4 billion in cash… In addition, upon Closing, Parent will grant 45,966,444 restricted stock units to WhatsApp employees (valued at $3 billion based on the Specified Price). Read more
The January FOMC meeting, Bernanke’s last, had an uneventful outcome: the taper would continue at the same pace, while the statement itself had only mild changes to the economic outlook.
If the minutes to that meeting were slightly more interesting, this passage is the reason (paragraph broken up for easier reading): Read more
It’s a big day for Fed-watchers, with the FOMC minutes to the January meeting just out and Fed speeches by three district presidents (Dennis Lockhart, James Bullard, John Williams).
Moscow doesn’t send tanks into revolting former vassals any more. It sends dollars.
For anyone who decides to follow the money when it comes to Ukraine’s split between the EU and Russia, the consequences can sometimes be grimly surreal when it gets to the prosaic matters of bond finance. Read more
blur Group today announced an expansion of its global finance and payments teams as it scales processes and systems to support the next phase of blur’s growth. There are extended remits for existing team members and new senior appointments in the Projects & Payments function and in blur’s Southern California strategy team.
Good news, eh? There’s more… Read more
Pets at Home is the latest addition to the pipeline of high-quality initial public offerings set to greet the Great British investing public, according to the FT:
It plans to raise £275m from the offering, which it will use to pay down debt. It will also use £325m from new banking facilities to cut debt. The group plans to have net borrowings of £275m when it comes to market. Read more
So, mortgages are more affordable because interest rates are low, right? Pick your chart provider and timespan of choice, but it is a well worn argument in favour of higher house prices: afford bigger mortgage, buy
bigger more expensive house.
Not so fast. There is a case to be made that basing the analysis on the size of the initial payment is a form of mass delusion.
You see, the logic of affordability has its roots in the 1970s, but it is the reverse effect of something most people will have to fish out of the intellectual dustbin where the Taylor Rule and other inflation related analysis now molder: money illusion. Read more
Live markets commentary from FT.com
Markets: European stocks are opening flat following a mixed session in Asia as investors express wariness over the pace of growth in the world’s biggest economy. Recent soft US data leave the dollar trading at its lowest level this year and this is encouraging funds into government bonds, nudging down yields. Industrial commodities are a touch weaker as “risk appetite” wanes. Read more
Actually, it’s a €1.5tn question… at least according to SocGen. But it’s not very clear if that matters considering the barriers to euro area QE are so high.
We don’t suppose the killer argument in favour will be that “an ECB QE programme of €1.5 trillion could lower the 10y Bund yield by 100bp, pushing it down close to the 10y yield of JGBs (0.6%)”, though it’s worth a shot. There might be more mileage in pushing the Dax angle. Read more
Markets: Asian equity markets pulled back in response to more signals that the US economy slowed down last month. US equities were held back from reclaiming record highs after a survey of US homebuilder confidence saw its biggest monthly drop on record, blamed on snowstorms that hit the eastern seaboard. A reading of New York state manufacturing conditions also disappointed. (FT’s Global Markets Overview) Read more