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The Roubini-Rosenberg indicator
We missed this on Friday… H/T the delightful Brazilian Bubble.
Further reading:
Hold the presses, Dr Doom is turning bullish – WSJ MarketBeat
A new bull market? Are you out of your mind? – BI
Japanese companies invest in Vietnam
The FT reports that Japanese companies are flocking to Vietnam in record numbers seeking cheap labour and growth markets and business is booming for the Hanoi branch of Izakaya Yancha, a Japanese restaurant chain.
Citigroup took $50m loss over traders in Libor probe
Citigroup was forced to write off $50m after two traders accused of attempting to influence global lending rates left the bank, according to people familiar with a worldwide investigation that is gathering pace.
Albert the (financial) Populist
Albert Edwards is with Terry Smith on this one. If Shredded Fred must lose his knighthood, then certain other players in this game of bubble and crunch need to forego an honour or two.
But while Smith has focused on Sir Alan Greenspan,
Further reading
Elsewhere on Thursday,
- No, banks shouldn’t be in the tail risk-selling business.
- Hempton on Diamond Foods: “There is seldom only one cockroach…”
- Economic recovery complacency?
- Oil &
RBS shake-up has cost £38bn so far
Stephen Hester has revealed that the dramatic restructuring of Royal Bank of Scotland has cost £38bn in a rallying memo to staff days after the embattled chief executive waived a £1m bonus, the FT reports.
Yahoo chairman, three board members to step down
Yahoo’s chairman, Roy Bostock, and three other directors are to step down as part of a boardroom clear-out, marking the latest attempt to win back investor confidence as the US internet company pursues a change in strategic direction,
Peer-to-peer lending takes root in China
The rich farming soil in central China is an unlikely field for financial innovation but that is exactly what it has become. When Shang Meigong faced a cash crunch in her vegetable seed business in Xiangyang,
Google & Facebook pull content in India
Reuters reports that Google and Facebook have reacted to a court directive in India on Monday warning them of a potential crackdown by authorities if they do not take steps to protect religious sensibilities.
That statement-in-full from EFG-Hermes…
Unexpurgated:
The company learnt yesterday that Mr. Yasser El Mallawany, the Chief Executive Officer of the company was banned from traveling.
That’s it. Not even a contact number.
EFG-Hermes, of course,
Posen leans towards £75bn extra QE
Bank of England policymaker Adam Posen looks set to vote for another cash injection for the faltering British economy next week, and expressed some confidence that other central bankers may join him, says Reuters.
SNB head warns of political fallout after crisis
The independence of the Swiss National Bank risks being compromised due to political pressure following the departure of Philipp Hildebrand as chairman, the central bank’s acting chairman has warned. Mr Hildebrand resigned last month after it emerged that his wife had conducted controversial foreign exchange trades shortly before the SNB intervened to weaken the franc last September.
One brave Unilever executive… (updated)
Undeterred by his experience last year, Unilever chief financial officer Jean-Marc Huet has agreed to come back on Markets Live on Thursday to discuss the company’s year-end numbers.
He’ll be joining Bryce Elder and Paul Murphy here at 11am on Thursday,
Calls mount to cut Trinity Mirror chief’s pay
Trinity Mirror is facing renewed pressure to rein in the pay of its chief executive Sly Bailey from some of the biggest shareholders in the media group, the FT reports. The shareholders will set out their
Hong Kong steps up file-sharing scrutiny
The Hong Kong government is stepping up its scrutiny of local internet businesses after US authorities led a high-profile crackdown on Megaupload, the file-sharing website accused of copyright theft, which was set up in the Chinese territory in 2005. Hong Kong Customs,
Ex-Credit Suisse traders plead guilty to mispricing
Two former Credit Suisse traders have have pleaded guilty to conspiring to overvalue mortgage-related securities at the height of the financial crisis. David Higgs and Salmaan Siddiqui admitted to criminal charges that were the first involving valuations of mortgage-backed securities during the crisis and come four years after the alleged mispricing,
The Iron Lady
Meet Gina Rinehart.
She’s the richest person in Australia, and if the iron ore price holds, the daughter of Australian mining pioneer, Lang Hancock, could soon be the world’s richest woman — a position currently occupied by the Wal-Mart widow Christy Walton.
Ex-Credit Suisse traders face US charges
Two former Credit Suisse traders are to be hit with criminal charges for allegedly mispricing mortgage-related securities that resulted in a $2.8bn writedown by the bank at the height of the financial crisis,
Unemployment rises in peripheral Europe while confidence falls in US
Unemployment figures have highlighted the widening gap between Germany and many fellow eurozone members, a day after Angela Merkel secured a new treaty enshrining Berlin’s vision for tough fiscal discipline,
Management reshuffle at AT&T
Wireless provider AT&T has put company veteran John Stankey in charge of strategy amid a management reshuffle after its failed attempt to take over Deutsche Telekom’s US mobile unit, reports Reuters.
Pay cuts and job losses loom at banks
Bloomberg reports that Morgan Stanley, Citigroup, and Credit Suisse cut the average pay of their investment bankers by 30 per cent year-on-year, after reporting lower revenues. There has also been a trend for firms to pay less of bonus awards in the form of cash,
Former UBS trader pleads not guilty
Kweku Adoboli, the former UBS trader accused of causing the largest unauthorised trading loss in British history, has denied charges of fraud and false accounting, reports the FT. Mr Adoboli, 31, entered
Euro slides as Greek fears cast shadow
The euro moved off a seven-week high against the dollar on Monday as investors grew nervous about the lack of an outcome on talks between Greece and its creditors to restructure the nation’s debt, the FT reports. The single currency slid 0.9 per cent to $1.3111,
On austerity and political suicide
Governments across Europe can breathe a deep sigh of relief. Even the unlucky few who can’t convince Ms. Merkel to carry their standard on the campaign trail may not be brutalised at the polls by vengeful electorates beaten down by austerity.
BofA shuffles investment bank leaders
Bank of America is shaking up the leadership of its investment bank as it looks to find its footing in a difficult market environment, says Reuters, citing a memo sent to employees on Sunday by co-chief operating officer Tom Montag.
Lloyds chief plans management changes
The chief executive of Lloyds Banking Group is set to unveil plans to simplify the bank’s management structure and hand more power to top executives, the FT says, citing people familiar with his plans. António Horta-Osório recently returned from a two-month period of medical leave promising to reduce the day-to-day responsibilities he took on when he became chief executive in March 2011.
Hester agrees to give up £1m bonus
RBS chief executive Stephen Hester agreed on Sunday night to give up a bonus worth almost £1m, bowing to an intense media and political campaign and averting what threatened to be a humiliation in the House of Commons,
It’s bonus season, so what’s the meaning of life?
Around exam time at university, the conversation always seemed to fluctuate between points of revision, questions that might be asked, and what the meaning of life actually is. “Exams aren’t a test of your real ability,”