The traditional Santa rally seems finally to be here , bringing pre-Christmas cheer to markets. Global bourses are buoyant and US index futures show the S&P 500 will gain another 12 points to 2,073 at the open on Friday, nearly matching its record high and taking its surge in just three sessions to 5.1 per cent. (FT)
Peering into the near future, Europe’s largest economy remains central to the direction for Europe as a whole. And, judged by the recent long profile of chancellor Angela Merkel in the New Yorker, there is self-confidence in the Bundestag. Here she is dismissing the Russian president, after a macho incident with a labrador: I understand why he has to do this—to prove he’s a man,” she told a group of reporters. “He’s afraid of his own weakness. Russia has nothing, no successful politics or economy. All they have is this. Political economy is the point, however.
Presenting: The lifecycle of a virtual currency scheme, via the histories of Beenz, Flooz and DigiCash. (All extracts below by way of Factiva.) Just because, you know, not everyone was around during Dotcom bubble V.1. Beenz.com TAKEOFF From a trade rag called Revolution, (June 9, 1998): “Don’t say loyalty, say currency,” says Letts. “It is the first global currency, but it’s a different concept to both cash and loyalty schemes.”
Markets: “Asian stocks rose, with a gauge of Chinese shares in Hong Kong heading toward a bull market, while Treasuries and oil slipped as investors await data on U.S. services before the Federal Reserve meets this week. Soybeans and corn rallied… U.S. reports on services activity and pending home sales are due before the Fed meets to discuss monetary policy, while Goldman Sachs said last week rising yields may spur a retreat in global stocks and bonds over the next three months.” (Bloomberg) And have a weekly calendar of events (click to enlarge) for what Citi are calling “a volatile week in a boring month”:
Markets: Asian markets were generally higher following a decent Wall Street session buoyed by corporate earnings, with Japanese stocks brushing off figures showing a fall in inflation. The attraction of haven assets dimmed as the S&P 500 notched yet another record high close in New York, gaining 0.1 per cent to 1,987.9 as generally well-received earnings reports outweighed lingering geopolitical worries. (FT’s Global Markets Overview)
Step one, inherit. Keith Rupert Murdoch, second of four children, was born in Melbourne, Australia on March 11, 1931. In 1953, after graduating from Worcester college, Oxford, he assumed control of News Ltd — left to him by his father. Adelaide News was the main asset, and he took control of the Sunday Times in Perth, developing the sensationalist style now seen in many Murdoch papers. Step two, start hunting with ruthless and patience persistence. The following is an updated version of a timeline the FT published back in 2007, and we’ll also put a helpful list of News Corp’s biggest deals at the bottom.
Back in the day, hostile takeover battles in the UK were fought, at least partially, through full page adverts in the press. It was a great money spinner for newspapers and helped fund the growth of business journalism in the 1980s, as a wave of bids were accompanied with bold — and often aggressive — purchased media messages. But it all got out of hand and the ever-so-sensible Takeover Panel decided to introduce Rule 19.4, which effectively put an end to the practice. (Colleagues think the epic battle over the Forte hotel group in the mid-1990s was the final straw, though we stand to be corrected.) Moving forward in time to the big takeover battle of today…
On Saturday Warren Buffett will answer questions about his company in public, in front of an audience of 20,000(ish) people at the Omaha CenturyLink Center. It is part of the Berkshire Hathaway annual meeting. There will be six each from analysts Jay Gelb of Barclays, Jonathan Brandt of Ruane, Cunniff & Goldfarb, and Greggory Warren of Morningstar. Shareholders in attendance can queue up at a microphone, while journalists Andrew Ross Sorkin of the New York Times, Becky Quick of CNBC and Carol Loomis of Fortune will ask the best questions sent to them by email. As FT Alphaville won’t be there (and would be exiled to the stadium’s rafters with the FT’s Stephen Foley and the rest of the world’s press anyway), here are the questions we suggest that someone put to the great Sage — with some explanation of why they’re important.
Markets: Asia-Pacific bourses were on the rise, led by Japan, but Greater China equity markets pared gains after the world’s second-largest economy reported its slowest quarterly growth since late 2012. The tone across the rest of the region was broadly positive after the S&P 500 swung out of negative territory early in the New York session to close 0.7 per cent higher. Forecast-beating earnings from Coca-Cola and Johnson & Johnson helped the mood. (FT’s Global Market Overview)
Markets: A solid end to the first quarter on Wall Street, aided by a dovish Yellen, prepared Asian equity markets for an upbeat start, but a deluge of mixed data took the wind out of a potential rally. In Japan, sentiment was dented by Bank of Japan’s Tankan survey, which revealed that companies are bracing for a slowdown. (FT’s Global Markets Overview)
16 December 2013TMT INVESTMENTS PLC(“TMT” or the “Company”) Cash-for-shares swap by senior management TMT announces that three of its senior executives have signed agreements with the Company to receive all of their 2014 salaries in TMT shares on 31 December 2014 rather than monthly in cash. The number of shares receivable in each case is fixed at a price of US$1.7 per share, which compares with the latest middle market quotation for TMT shares of US$1.6 per share. The agreements are binding on the executives concerned regardless of TMT’s future share price.