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’Regulatory arbitrage with Tony & Nat – redux
More on Tony Hayward’s first big oil deal at his new investment vehicle Vallares– the $2.1bn acquisition, via a reverse takeover, of Turkish E&P company Genel Energy.
We have already mused on whether Genel would be allowed to list in London given the share dealing misdemeanour’s of its executive team,
Further further reading
For the commute home, or while marking your over/under on tomorrow’s payrolls number,
- Banks’ litigation losses in tabular form.
- 200 years of treasuries.
- PE conference attendees say that PE firms add value some of the time.
Casualties of the currency war
This is ironic, Brazil.
That’s a Nomura chart showing the Brazilian government as the biggest ‘loser’ of the currency war. You know the war we’re talking about: Brazil was the first and loudest to declare it in 2010.
[Wilmot's PMI tour] The trend continues
Same sort of messages from Turkey, Poland and Norway: New orders were up 3.2 and 1.7 points, respectively. Norway was basically flat.
Not going to move the global needle but reassuring consistency.
Turkish stocks falling? Blame Mark Mobius
On Tuesday evening, October 26, Mark Mobius — the most wanted man in the world — put into effect his dastardly plan to crush the Turkish economy.
Mobius — whose previous schemes included plotting to increase the value of his own gold stocks by detonating a dirty nuclear bond inside the US Bullion Depository at Fort Knox,
There’s always Schadenfreude, Greece
At least now, Athens probably won’t quite get to the point of having to fend off rumours that it’s about to go cap in hand to the IMF. Unlike, say, its old enemy in Ankara. As Reuters reported on Wednesday:
For Greece, another insult
From S&P:
Chop, chop, chop the dollar
The FT reported on Tuesday that Brazil and China have come one step closer towards dropping the dollar in trade transactions in favour of their own currencies. Brazilian president Luiz Inácio Lula da Silva is currently visiting Beijing on a state visit.
Political fat tails
Probability distributions didn’t do a great job predicting financial meltdown, and we’re not sure they’ll be much better at predicting general events. But, since it’s not far-fetched to think that political extremes can follow economic ones,
Emerging Europe outlook: still bleak
It’s still not looking good for Emerging Europe according to the latest report on the region from Fitch:
Growth in EE is expected to drop more than in other regions as the characteristics of many countries — such as trade openness,
CDS report: Markets go into reverse
After an expected bounce in the market for credit default swaps on the back of rally in equities, sentiment in the debt markets has deteriorated.
European credit derivative indices were trading wide of their closing levels on Tuesday.
IMF firepower could soon run short
With its $2bn rescue loan to Iceland and $16.5bn to Ukraine, the IMF has started to dip into an arsenal that is full to the brim — yet the organisation could soon run short of firepower. It has about $200bn in easily reachable money and another $50bn or so it can access rapidly.
Emerging (markets) squeeze
Speaking of emerging market economies in the 1990s, we may be having a repeat.
This is from Sean Corrigan, chief investment strategist at Diapason Commodities Management.
Public sector surpluses
Citigroup in Turkey talks
Citigroup Venture Capital is in talks to buy stakes in two of Turkey’s leading retail chains in a deal that highlights the growing interest of private equity groups in acquiring Turkish assets. The Boyner family,