WikiMapia: Switzerland / Zurich / Zurich, 9 km
KLOTEN
Saturday, November 01, 2008
Tuesday, October 21, 2008
Project 10 to the 100th
Project 10 to the 100th: "Why this project?
Never in history have so many people had so much information, so many tools at their disposal, so many ways of making good ideas come to life. Yet at the same time, so many people, of all walks of life, could use so much help, in both little ways and big.
In the midst of this, new studies are reinforcing the simple wisdom that beyond a certain very basic level of material wealth, the only thing that increases individual happiness over time is helping other people."
Never in history have so many people had so much information, so many tools at their disposal, so many ways of making good ideas come to life. Yet at the same time, so many people, of all walks of life, could use so much help, in both little ways and big.
In the midst of this, new studies are reinforcing the simple wisdom that beyond a certain very basic level of material wealth, the only thing that increases individual happiness over time is helping other people."
Development Marketplace - DM2008 - Winners
Development Marketplace - DM2008 - Winners:
22 project were selected for grants from 1,768 proposals at the 2008 Global Development Marketplace on Sustainable Agriculture for Development."
22 project were selected for grants from 1,768 proposals at the 2008 Global Development Marketplace on Sustainable Agriculture for Development."
Saving Wildlife Home
Saving Wildlife Home: "The Wildlife Conservation Society saves wildlife and wild lands through careful science, international conservation, education, and the management of the world’s largest system of urban wildlife parks. These activities change attitudes toward nature and help people imagine wildlife and humans living in sustainable interaction on both a local and a global scale. WCS is committed to this work because we believe it essential to the integrity of life on Earth."
IDE - Enabling Prosperity
IDE - Enabling Prosperity: "CORE VALUES
IDE is a different kind of non-profit organization. We are dedicated to ending poverty in the developing world not through handouts, but by helping poor farmers invest in their own success. Our core values are:
We believe in the right of poor women and men to a secure livelihood
We believe that markets can be a powerful force for poverty reduction
We listen to and learn from the people we work with
We value innovation and entrepreneurship
We have confidence in our ability to make a significant difference"
IDE is a different kind of non-profit organization. We are dedicated to ending poverty in the developing world not through handouts, but by helping poor farmers invest in their own success. Our core values are:
We believe in the right of poor women and men to a secure livelihood
We believe that markets can be a powerful force for poverty reduction
We listen to and learn from the people we work with
We value innovation and entrepreneurship
We have confidence in our ability to make a significant difference"
Sunday, October 19, 2008
International Association of Microfinance Investors | Programs & Services
International Association of Microfinance Investors Programs & Services: "Programs & Services
IAMFI helps members achieve their goals for attractive returns and social impact. Member-driven programs and services include access to the following:
Information Portal
An interactive Web site providing a repository of third-party information and data about microfinance and microfinance investing, including a password-protected “Members Only” section, reviewed for relevance and accuracy so that investors may evaluate information more efficiently.
Research
White papers, reference materials and original research for use by investors on topics such as macroeconomic information, investment performance, best practices, and ongoing trend analysis.
Journal
A quarterly e-newsletter offering the latest information on microfinance investing, profiles of industry insiders, and commentary from microfinance leaders and IAMFI members.
Education, Conferences & Events
IAMFI-hosted and co-hosted international conferences on microfinance investing as well as issue-specific events and seminars for special interest groups within the Association’s membership.
Community
A forum for members to discuss interests, concerns and best practices, opening a dialogue amongst all sector actors in the microfinance industry.
Advocacy
Activities to increase awareness of microfinance investment as an asset class; foster consensus on industry issues; offer investor-perspective input to other industry organizations and constituencies; and engage in outreach to public institutions, regulators and other influencers to discuss and, when appropriate, encourage reform to policies and practices."
IAMFI helps members achieve their goals for attractive returns and social impact. Member-driven programs and services include access to the following:
Information Portal
An interactive Web site providing a repository of third-party information and data about microfinance and microfinance investing, including a password-protected “Members Only” section, reviewed for relevance and accuracy so that investors may evaluate information more efficiently.
Research
White papers, reference materials and original research for use by investors on topics such as macroeconomic information, investment performance, best practices, and ongoing trend analysis.
Journal
A quarterly e-newsletter offering the latest information on microfinance investing, profiles of industry insiders, and commentary from microfinance leaders and IAMFI members.
Education, Conferences & Events
IAMFI-hosted and co-hosted international conferences on microfinance investing as well as issue-specific events and seminars for special interest groups within the Association’s membership.
Community
A forum for members to discuss interests, concerns and best practices, opening a dialogue amongst all sector actors in the microfinance industry.
Advocacy
Activities to increase awareness of microfinance investment as an asset class; foster consensus on industry issues; offer investor-perspective input to other industry organizations and constituencies; and engage in outreach to public institutions, regulators and other influencers to discuss and, when appropriate, encourage reform to policies and practices."
About WWB | Women's World Banking
About WWB Women's World Banking: "Women’s World Banking seeks to alleviate global poverty by expanding the economic assets, participation and power of the poor, especially women.
WWB is a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services and information to low-income entrepreneurs. The network serves 11 million micro-entrepreneurs directly, and another 10 million indirectly through our bank partners and others. WWB’s advisors and technical experts work hand in hand with our network members to provide a range of ongoing, carefully designed technical and advisory services and to actively promote the exchange of best practices. During the past three decades, this global partnership has enabled many of our network institutions to evolve from donor-dependent, philanthropic initiatives to self-sustaining financial institutions offering credit, savings, insurance and other essential products and services to millions of microentrepreneurs, the majority of them women. In this partnership, network members are free to make their own decisions and reach their own conclusions; WWB’s philosophy is that self-determined, locally controlled organizations know their markets best and are the real agents of change."
WWB is a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services and information to low-income entrepreneurs. The network serves 11 million micro-entrepreneurs directly, and another 10 million indirectly through our bank partners and others. WWB’s advisors and technical experts work hand in hand with our network members to provide a range of ongoing, carefully designed technical and advisory services and to actively promote the exchange of best practices. During the past three decades, this global partnership has enabled many of our network institutions to evolve from donor-dependent, philanthropic initiatives to self-sustaining financial institutions offering credit, savings, insurance and other essential products and services to millions of microentrepreneurs, the majority of them women. In this partnership, network members are free to make their own decisions and reach their own conclusions; WWB’s philosophy is that self-determined, locally controlled organizations know their markets best and are the real agents of change."
Microfinance Council of the Philippines Website
Microfinance Council of the Philippines Website: "The Microfinance Council of the
Philippines, Inc. (MCPI) is a network of
44 institutions working towards the
rapid development of the microfinance
industry in the Philippines. The 45
institutions include 36 practitioners and
9 service providers. While membership
among the practitioners is currently
dominated by non-government organizations
(NGOs), the roster of practitioners also
includes microfinance-oriented rural banks
and one thrift bank."
Philippines, Inc. (MCPI) is a network of
44 institutions working towards the
rapid development of the microfinance
industry in the Philippines. The 45
institutions include 36 practitioners and
9 service providers. While membership
among the practitioners is currently
dominated by non-government organizations
(NGOs), the roster of practitioners also
includes microfinance-oriented rural banks
and one thrift bank."
APRACA Asia-Pacific Rural and Agricultural Credit Association
APRACA Asia-Pacific Rural and Agricultural Credit Association: "APRACA stands for the Asia-Pacific Rural and Agricultural Credit Association. The establishment of a Regional Association that promotes cooperation and facilitates mutual exchange of information and expertise in the field of rural finance was first proposed at a regional seminar on Agricultural Credit for Small Farmers in Asia in October 1974. Subsequently, rural finance and agricultural credit institutions in the region formally launched APRACA during its first General Assembly Meeting in New Delhi, India on October 10 - 14, 1977, held in conjunction with the Third Asian Conference on Agricultural Credit and Cooperatives. Its Constitution and By-laws were also adopted during the meeting."
Imp-Act: Making microfinance work for the poor and excluded
Imp-Act: Making microfinance work for the poor and excluded: "Social performance is the effective translation of a microfinance institution's (MFI's) mission into practice in line with commonly accepted social values.
Social performance management (SPM) is an institutionalised process which involves setting clear social objectives, monitoring and assessing progress towards achieving these, and using this information to improve overall organisational performance."
Social performance management (SPM) is an institutionalised process which involves setting clear social objectives, monitoring and assessing progress towards achieving these, and using this information to improve overall organisational performance."
CARD MRI- Center for Agriculture and Rural Development - Mutually Reinforcing Institutions
CARD MRI- Center for Agriculture and Rural Development - Mutually Reinforcing Institutions: "CARD MRI is a member of The Imp-Act Consortium; a global group of organisations working to promote and support the management of social performance by MFIs.
CARD MRI is a member of the Asia Pacific Rural and Agricultural Credit Association (APRACA) - Thailand, Microfinance Council of the Philippines (MCPI) - Philippines, and the Women's World Banking (WWB) - USA"
CARD MRI is a member of the Asia Pacific Rural and Agricultural Credit Association (APRACA) - Thailand, Microfinance Council of the Philippines (MCPI) - Philippines, and the Women's World Banking (WWB) - USA"
Another Ticking Time Bomb: $71.2 Trillion Dollars in "Unallocated" Derivatives
Another Ticking Time Bomb: $71.2 Trillion Dollars in "Unallocated" Derivatives: "According to the CIA Fact Book, the world economy was $54.62 trillion (at official exchange rates) in 2007.
You've probably heard that the amount of credit default swaps (CDS) is greater than the world economy. This is confirmed by the Bank for International Settlements - the official organization which tracks derivatives - there were $57.9 trillion dollars worth of CDS as of December 2007 (Table 19).
But did you know that the amount of unallocated derivatives as of December 2007 was an additional $71.2 trillion dollars (Table 19)?
I'm not sure if anyone except the financial players themselves know what these unallocated derivatives are. But one thing is for sure: CDS and the unallocated derivatives have to be canceled or valued at a penny each, and regulated quickly."
You've probably heard that the amount of credit default swaps (CDS) is greater than the world economy. This is confirmed by the Bank for International Settlements - the official organization which tracks derivatives - there were $57.9 trillion dollars worth of CDS as of December 2007 (Table 19).
But did you know that the amount of unallocated derivatives as of December 2007 was an additional $71.2 trillion dollars (Table 19)?
I'm not sure if anyone except the financial players themselves know what these unallocated derivatives are. But one thing is for sure: CDS and the unallocated derivatives have to be canceled or valued at a penny each, and regulated quickly."
CIA - The World Factbook -- World
CIA - The World Factbook -- World: "Global output rose by 5.2% in 2007, led by China (11.4%), India (9.2%), and Russia (8.1%). The 14 other successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 8%-10% range of growth. From 2006 to 2007 growth rates slowed in all the major industrial countries except for the United Kingdom (3.1%). Analysts attribute the slowdown to uncertainties in the financial markets and lowered consumer confidence. Worldwide, nations varied widely in their growth results. Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. Internally, the central government often finds its control over resources slipping as separatist regional movements - typically based on ethnicity - gain momentum, e.g., in many of the successor states of the former Soviet Union, in the former Yugoslavia, in India, in Iraq, in Indonesia, and in Canada. Externally, the central government is losing decisionmaking powers to international bodies, notably the EU. In Western Europe, governments face the difficult political problem of channeling resources away from welfare programs in order to increase investment and strengthen incentives to seek employment. The addition of 80 million people each year to an already overcrowded globe is exacerbating the problems of pollution, desertification, underemployment, epidemics, and famine. Because of their own internal problems and priorities, the industrialized countries devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized. The introduction of the euro as the common currency of much of Western Europe in January 1999, while paving the way for an integrated economic powerhouse, poses economic risks because of varying levels of income and cultural and political differences among the participating nations. The terrorist attacks on the US on 11 September 2001 accentuated a growing risk to global prosperity, illustrated, for example, by the reallocation of resources away from investment to anti-terrorist programs. The opening of war in March 2003 between a US-led coalition and Iraq added new uncertainties to global economic prospects. After the initial coalition victory, the complex political difficulties and the high economic cost of establishing domestic order in Iraq became major global problems that continued through 2007."
Currency Swap - Ofdict
Currency Swap - Ofdict: "Currency swap is a foreign currency exchange in which the currencies are returned at a future date, with possible interest from maturity. A slightly longer name used for the term is a cross currency swap. The maturity length of a currency swap may commonly be between 10 to 30 years. An interest rate swap is frequently used in conjunction with a currency swap."
Currency swap - Wikipedia, the free encyclopedia
Currency swap - Wikipedia, the free encyclopedia: "A currency swap (or cross currency swap) is a foreign exchange agreement between two parties to exchange a given amount of one currency for another and, after a specified period of time, to give back the original amounts swapped.
[edit] Structure
Currency swaps can be negotiated for a variety of maturities of up to 30 years. Unlike a back-to-back loan, a currency swap is not considered to be a loan by United States accounting laws and thus it is not reflected on a company's balance sheet. A swap is considered to be a foreign exchange transaction (short leg) plus an obligation to close the swap (far leg) being a forward contract.
Unlike interest rate swaps, currency swaps involve the exchange of the principal amount. Interest payments are not netted (as they are in interest rate swaps) because they are denominated in different currencies. Further, many currency swaps are traded on organized exchanges - lowering counter-party risk, as evidenced by the bid-ask spread on most listings. See also John Hull.
[edit] Uses
Currency swaps are often combined with interest rate swaps. For example, one company would seek to swap a cash flow for their fixed rate debt denominated in US dollars for a floating-rate debt denominated in Euro. This is especially common in Europe where companies shop for the cheapest debt regardless of its denomination and then seek to exchange it for the debt in desired currency."
[edit] Structure
Currency swaps can be negotiated for a variety of maturities of up to 30 years. Unlike a back-to-back loan, a currency swap is not considered to be a loan by United States accounting laws and thus it is not reflected on a company's balance sheet. A swap is considered to be a foreign exchange transaction (short leg) plus an obligation to close the swap (far leg) being a forward contract.
Unlike interest rate swaps, currency swaps involve the exchange of the principal amount. Interest payments are not netted (as they are in interest rate swaps) because they are denominated in different currencies. Further, many currency swaps are traded on organized exchanges - lowering counter-party risk, as evidenced by the bid-ask spread on most listings. See also John Hull.
[edit] Uses
Currency swaps are often combined with interest rate swaps. For example, one company would seek to swap a cash flow for their fixed rate debt denominated in US dollars for a floating-rate debt denominated in Euro. This is especially common in Europe where companies shop for the cheapest debt regardless of its denomination and then seek to exchange it for the debt in desired currency."
Bush, European leaders propose summits on economy - MarketWatch
Bush, European leaders propose summits on economy - MarketWatch: "In a statement after Bush met with French President Nicolas Sarkozy and European Commission President Jose Manuel Barosso at Camp David, the trio said they would reach out to other world leaders in the coming week with the idea of starting a series of summits on the 'challenges facing the global economy.'"
Bank of England|Markets|The United Kingdom's Official Reserves of Foreign Currency and Gold|Institutional Framework
Bank of EnglandMarketsThe United Kingdom's Official Reserves of Foreign Currency and GoldInstitutional Framework: "The United Kingdom's official holdings of international reserves comprise gold, foreign currency assets, International Monetary Fund (IMF) Special Drawing Rights (SDRs), and the UK's Reserve Tranche Position (RTP) at the IMF. With the exception of the RTP, these reserves are held in a government account administered by Her Majesty's Treasury (HMT), the Exchange Equalisation Account (EEA). The Bank of England (the Bank) acts as HMT's Agent in the day-to-day management of the EEA. The Bank deals in foreign exchange and invests the reserves within the framework of a Remit set by HMT."
Yen Carry Trade Unwinds | Gold News
Yen Carry Trade Unwinds Gold News: "THE JAPANESE YEN has been the star performer on the currency markets over the past few weeks, writes Gary Dorsch of Global Money Trends, even with Japan's economy sliding deep into a recession.
Amid slumping exports, the Nikkei-225 equity index is also plunging, now far below the psychological 10,000-level for the first time in five years.
Yet the Japanese Yen has been the only currency to climb against the US Dollar since August 1st, even while the greenback has moved sharply higher against the Euro and all other major foreign currencies.
In fact, the Yen's best gains have been against the higher-yielding currencies, the traditional targets of 'carry trade' investors. The yen is 36% higher against the Brazilian Real, 29% against the Australian Dollar, 33% vs. the New Zealand Kiwi, 16% higher vs. the British Pound, and 18% higher against the Euro over the past nine weeks.
Traditionally, bubbles emerge in hotbeds of speculation, such as the commodity or stock markets. Some glaring examples this year were the spectacular rise and fall of the Shanghai stock market and the wild gyrations of crude oil and soybeans. But the Yen's latest rally represents the bursting of another bubble, this time in the currency markets.
Japan sits at the epicenter of 'bubble-mania' in foreign exchange, because its yield starved domestic investors plowed $6 trillion of their savings into overseas assets."
Amid slumping exports, the Nikkei-225 equity index is also plunging, now far below the psychological 10,000-level for the first time in five years.
Yet the Japanese Yen has been the only currency to climb against the US Dollar since August 1st, even while the greenback has moved sharply higher against the Euro and all other major foreign currencies.
In fact, the Yen's best gains have been against the higher-yielding currencies, the traditional targets of 'carry trade' investors. The yen is 36% higher against the Brazilian Real, 29% against the Australian Dollar, 33% vs. the New Zealand Kiwi, 16% higher vs. the British Pound, and 18% higher against the Euro over the past nine weeks.
Traditionally, bubbles emerge in hotbeds of speculation, such as the commodity or stock markets. Some glaring examples this year were the spectacular rise and fall of the Shanghai stock market and the wild gyrations of crude oil and soybeans. But the Yen's latest rally represents the bursting of another bubble, this time in the currency markets.
Japan sits at the epicenter of 'bubble-mania' in foreign exchange, because its yield starved domestic investors plowed $6 trillion of their savings into overseas assets."
AFP: Swiss socialist leader plans legal action against ex-UBS boss
AFP: Swiss socialist leader plans legal action against ex-UBS boss: "GENEVA (AFP) — The chairman of Switzerland's Socialist Party said Saturday he plans to lodge a civil complaint against the former head of UBS amid growing anger at the 60-billion-franc bailout of the bank last week.
'I am going to go to the extraordinary general meeting of UBS and lodge a complaint against Marcel Ospel,' Christian Levrat told the Tages-Anzeiger newspaper.
'People like this shouldn't simply get away with this and carry on playing golf,' he said.
Ospel was forced to resign as UBS chairman earlier this year after the bank racked up colossal losses of over 40 billion dollars (19.7 billion euros) in the US subprime crisis.
Ospel has been the whipping boy of the crisis, irking many with the massive bonuses he raked in during the bank's better years.
'Please pay up, Mr. Ospel!' cried Switzerland's main tabloid Blick on its front page.
The newspaper is encouraging readers to write to Ospel and demand he pays back 44 million Swiss francs worth of bonuses accrued in previous years.
UBS's current chairman Peter Kurer provoked more anger last week when he suggested that managers could still get bonuses in double-digit millions.
On Saturday he sought to calm the waters, telling German-language radio DRS that he thought any bonuses over 10 million francs were 'shocking,' and that he would not claim any bonus this year.
Switzerland leapt to the rescue of the once-mighty UBS with a 60-billion-dollar lifeline on Thursday."
'I am going to go to the extraordinary general meeting of UBS and lodge a complaint against Marcel Ospel,' Christian Levrat told the Tages-Anzeiger newspaper.
'People like this shouldn't simply get away with this and carry on playing golf,' he said.
Ospel was forced to resign as UBS chairman earlier this year after the bank racked up colossal losses of over 40 billion dollars (19.7 billion euros) in the US subprime crisis.
Ospel has been the whipping boy of the crisis, irking many with the massive bonuses he raked in during the bank's better years.
'Please pay up, Mr. Ospel!' cried Switzerland's main tabloid Blick on its front page.
The newspaper is encouraging readers to write to Ospel and demand he pays back 44 million Swiss francs worth of bonuses accrued in previous years.
UBS's current chairman Peter Kurer provoked more anger last week when he suggested that managers could still get bonuses in double-digit millions.
On Saturday he sought to calm the waters, telling German-language radio DRS that he thought any bonuses over 10 million francs were 'shocking,' and that he would not claim any bonus this year.
Switzerland leapt to the rescue of the once-mighty UBS with a 60-billion-dollar lifeline on Thursday."
Swiss government announces support package for country's banks, UBS to get billion-dollar loan -- chicagotribune.com
Swiss government announces support package for country's banks, UBS to get billion-dollar loan -- chicagotribune.com: "By BALZ BRUPPACHER Associated Press Writer
9:28 AM CDT, October 16, 2008
BERN, Switzerland (AP) _ Switzerland followed the lead of other European countries and the United States on Thursday by announcing it would inject billions of dollars into its banking system, chiefly to the benefit of its largest bank UBS AG.
The bank will receive up to $54 billion so that it can part with securities that have gone bad since the start of the worldwide financial crisis.
UBS, which racked up losses and writedowns totaling about 45 billion francs ($40 billion) over the past year, will also receive 6 billion Swiss francs ($5.29 billion) from the government in return for mandatory convertible bonds.
The measures will allow UBS to dispose of about $31 billion in high-risk assets linked to the U.S. subprime market and $18 billion in non-U.S. securities, by handing them over to a specially-created fund whose sole purpose is to sell them off."
9:28 AM CDT, October 16, 2008
BERN, Switzerland (AP) _ Switzerland followed the lead of other European countries and the United States on Thursday by announcing it would inject billions of dollars into its banking system, chiefly to the benefit of its largest bank UBS AG.
The bank will receive up to $54 billion so that it can part with securities that have gone bad since the start of the worldwide financial crisis.
UBS, which racked up losses and writedowns totaling about 45 billion francs ($40 billion) over the past year, will also receive 6 billion Swiss francs ($5.29 billion) from the government in return for mandatory convertible bonds.
The measures will allow UBS to dispose of about $31 billion in high-risk assets linked to the U.S. subprime market and $18 billion in non-U.S. securities, by handing them over to a specially-created fund whose sole purpose is to sell them off."
Top Swiss bank UBS gets giant infusion -- chicagotribune.com
Top Swiss bank UBS gets giant infusion -- chicagotribune.com: "Switzerland provided its biggest bank, UBS AG, a lifeline worth tens of billions of dollars Thursday and pushed Credit Suisse Group AG to raise funds, joining authorities around the world in shoring up banks.
Hit harder than any other European financial institution by losses stemming from bad investments in subprime American mortgage debt, UBS will receive as much as $60 billion from the Swiss National Bank.
The country's other banking powerhouse, Credit Suisse, announced it would raise $8.75 billion in fresh capital from private backers, including the Qatar Investment Authority, after turning down the offer of direct government help."
Hit harder than any other European financial institution by losses stemming from bad investments in subprime American mortgage debt, UBS will receive as much as $60 billion from the Swiss National Bank.
The country's other banking powerhouse, Credit Suisse, announced it would raise $8.75 billion in fresh capital from private backers, including the Qatar Investment Authority, after turning down the offer of direct government help."
Saturday, October 18, 2008
1,000,000,000 yen to dollar - Google Search
1,000,000,000 yen to dollar - Google Search: "1 000 000 000 Japanese yen = 9.85600 million U.S. dollars
Rates provided for information only - see disclaimer. More about currency conversion."
Rates provided for information only - see disclaimer. More about currency conversion."
Search:
Search: <margin trading>: "Recent Trends in Japanese Foreign-Exchange Margin Trading
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
Search:
Search: <margin trading>: "Recent Trends in Japanese Foreign-Exchange Margin Trading
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
About EuroWeek.com - Weekly news and analysis on the global capital markets.
About EuroWeek.com - Weekly news and analysis on the global capital markets.: "EuroWeek is a unique source of daily, weekly, quarterly and annual information on the global capital markets.
Published every Friday in London, it gives you hard news and informed comment on the deals, the firms and the people driving the world's toughest and fastest financial markets.
But a year's subscription to EuroWeek gives you far more than a weekly read. It brings you over 70 publications of the highest quality, covering the world's most complex, dynamic, innovative and competitive markets. The online service is included in the subscription package and complements the printed newspaper. EuroWeek.com brings you weekly market and people news wraps, the most important breaking news to your desktop or PDA and represents a powerful research tool through its 10 year archive."
Published every Friday in London, it gives you hard news and informed comment on the deals, the firms and the people driving the world's toughest and fastest financial markets.
But a year's subscription to EuroWeek gives you far more than a weekly read. It brings you over 70 publications of the highest quality, covering the world's most complex, dynamic, innovative and competitive markets. The online service is included in the subscription package and complements the printed newspaper. EuroWeek.com brings you weekly market and people news wraps, the most important breaking news to your desktop or PDA and represents a powerful research tool through its 10 year archive."
BOJ announces dollar - yen swap deal with Fed | The Agonist
BOJ announces dollar - yen swap deal with Fed The Agonist: "Extra funds pumped into markets
BBC
Global central banks are pumping $180bn (£99bn) of extra money into the markets in a co-ordinated move to lift the amount of funds available.
The $180bn has been released by the US Federal Reserve to five other main central banks, who in turn are issuing the funds in their own countries.
The Bank of England is making $40bn available, while the European Central Bank is to provide $55bn.
Central banks in Switzerland, Canada and Japan are also taking part.
The Swiss National Bank is releasing up to $15bn extra, while the Bank of Japan is offering $60bn, and the Bank of Canada $10bn.
Commercial banks in each country will be able to access the funds in the form of loans to boost their short-term funding requirements.
'Appropriate steps'
'These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets,' said the Bank of England.
'The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures.'
The co-ordinated move comes after four days of almost unprecedented turmoil in the global financial industry.
Firstly, US giant Lehman Brothers filed for bankruptcy protection, while compatriot Merrill Lynch lost its independence in a rescue takeover by Bank of America.
The US government has also had to bail-out insurance giant AIG, while in the UK, thousands of jobs are predicted to go at banking group HBOS following its sale to rival Lloyds TSB."
BBC
Global central banks are pumping $180bn (£99bn) of extra money into the markets in a co-ordinated move to lift the amount of funds available.
The $180bn has been released by the US Federal Reserve to five other main central banks, who in turn are issuing the funds in their own countries.
The Bank of England is making $40bn available, while the European Central Bank is to provide $55bn.
Central banks in Switzerland, Canada and Japan are also taking part.
The Swiss National Bank is releasing up to $15bn extra, while the Bank of Japan is offering $60bn, and the Bank of Canada $10bn.
Commercial banks in each country will be able to access the funds in the form of loans to boost their short-term funding requirements.
'Appropriate steps'
'These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets,' said the Bank of England.
'The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures.'
The co-ordinated move comes after four days of almost unprecedented turmoil in the global financial industry.
Firstly, US giant Lehman Brothers filed for bankruptcy protection, while compatriot Merrill Lynch lost its independence in a rescue takeover by Bank of America.
The US government has also had to bail-out insurance giant AIG, while in the UK, thousands of jobs are predicted to go at banking group HBOS following its sale to rival Lloyds TSB."
BOJ announces dollar - yen swap deal with Fed | The Agonist
BOJ announces dollar - yen swap deal with Fed The Agonist: "Japan's central bank agreed with the U.S. Federal Reserve Thursday to work together to swap dollars and yen as the Bank of Japan pumped more cash into financial markets amid worries about the collapse of Lehman Brothers.
Japan's central bank said it reached a dollar-yen swap agreement with the Federal Reserve until Jan. 30, 2009, for a maximum amount of US$60 billion, which will make it easier to exchange dollars with yen, ensuring the smooth operations of the money market."
Japan's central bank said it reached a dollar-yen swap agreement with the Federal Reserve until Jan. 30, 2009, for a maximum amount of US$60 billion, which will make it easier to exchange dollars with yen, ensuring the smooth operations of the money market."
NAMC Worldwide Investment Banking and Commodities Consulting Services
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NAMC Worldwide works with various financial institutions as well as private equity firms that can assist in public offerings that an emerging company may be looking to execute.
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EU calls for clear plan on valuing derivatives - International Herald Tribune
EU calls for clear plan on valuing derivatives - International Herald Tribune: "BRUSSELS, Belgium: European Union regulators called Friday for a clear plan on valuing some of the shadowy high-risk credit derivative investments — estimated at around US$600 trillion (€444 trillion) — that are now a key issue in easing the global financial crisis.
Billions of euros (dollars) have been wiped off banks' balance sheets in recent months on fears that some complex investments may be based on assets that are nearly worthless — such as housing loans that may not be paid back when a recession puts people out of work.
The market for derivatives boomed over the last decade as investors sought new ways to parcel out risk, with many jumping on a gravy train that few really understood. Billionaire investor Warren Buffett has been vocal in avoiding them, dubbing them 'financial weapons of mass destruction.'
EU financial services chief Charlie McCreevy called on national supervisors and the financial industry to agree on the real risks credit derivatives pose — and how they can be limited to prevent further losses unraveling.
'I would like to have, by the end of this year, concrete proposals as to how the risks from credit derivatives can be mitigated,' he said in a statement."
Billions of euros (dollars) have been wiped off banks' balance sheets in recent months on fears that some complex investments may be based on assets that are nearly worthless — such as housing loans that may not be paid back when a recession puts people out of work.
The market for derivatives boomed over the last decade as investors sought new ways to parcel out risk, with many jumping on a gravy train that few really understood. Billionaire investor Warren Buffett has been vocal in avoiding them, dubbing them 'financial weapons of mass destruction.'
EU financial services chief Charlie McCreevy called on national supervisors and the financial industry to agree on the real risks credit derivatives pose — and how they can be limited to prevent further losses unraveling.
'I would like to have, by the end of this year, concrete proposals as to how the risks from credit derivatives can be mitigated,' he said in a statement."
Got $596 trillion? Well, kind of
Got $596 trillion? Well, kind of: "By Slate.com
Iowa Sen. Tom Harkin has issued a call for regulation of the over-the-counter derivatives market, which has an estimated size of $596 trillion. By contrast, the value of the world's financial assets -- including all stock, bonds and bank deposits -- was pegged at $167 trillion last year by consulting firm McKinsey.
How can the derivatives market be larger than the entire world's financial wealth?
Because the same assets might be involved in several different derivatives. A derivative is a financial instrument whose value depends on something else, such as a share of stock, an interest rate, a foreign currency or a barrel of oil."
Iowa Sen. Tom Harkin has issued a call for regulation of the over-the-counter derivatives market, which has an estimated size of $596 trillion. By contrast, the value of the world's financial assets -- including all stock, bonds and bank deposits -- was pegged at $167 trillion last year by consulting firm McKinsey.
How can the derivatives market be larger than the entire world's financial wealth?
Because the same assets might be involved in several different derivatives. A derivative is a financial instrument whose value depends on something else, such as a share of stock, an interest rate, a foreign currency or a barrel of oil."
The £2 trillion craziness that swept the globe - Telegraph
The £2 trillion craziness that swept the globe - Telegraph: "By Alistair Osborne
Last Updated: 10:52PM BST 17 Oct 2008
How else to comprehend the £2 trillion of craziness that swept the globe – the sort of financial caper that would have had the little green men scurrying for their spacecraft, sharpish.
It started, in Britain, with a twist on a popular TV programme. Call it 'Darling's Den' – the Chancellor's lair to which quivering bank chiefs were hauled last weekend.
With Treasury and Financial Services Authority officials applying the thumbscrews, the bankers were shown just how much capital they needed to raise. If they had thought they might get away with offering the taxpayer, say, a 10pc stake for a £5bn cash injection, the heads of Royal Bank of Scotland, HBOS and Lloyds TSB were swiftly disillusioned.
In what Lloyds boss Eric Daniels described as 'bullet-proofing the banks against any downturn', the trio were told they needed to pump in £37bn among them to improve their capital ratios."
Last Updated: 10:52PM BST 17 Oct 2008
How else to comprehend the £2 trillion of craziness that swept the globe – the sort of financial caper that would have had the little green men scurrying for their spacecraft, sharpish.
It started, in Britain, with a twist on a popular TV programme. Call it 'Darling's Den' – the Chancellor's lair to which quivering bank chiefs were hauled last weekend.
With Treasury and Financial Services Authority officials applying the thumbscrews, the bankers were shown just how much capital they needed to raise. If they had thought they might get away with offering the taxpayer, say, a 10pc stake for a £5bn cash injection, the heads of Royal Bank of Scotland, HBOS and Lloyds TSB were swiftly disillusioned.
In what Lloyds boss Eric Daniels described as 'bullet-proofing the banks against any downturn', the trio were told they needed to pump in £37bn among them to improve their capital ratios."
Wednesday, October 15, 2008
BBC NEWS | Business | US unveils $250bn banking rescue
BBC NEWS Business US unveils $250bn banking rescue: "The US government has announced a $250bn (£143bn) plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector.
President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.
US federal authorities will also temporarily insure most new debt issued by US banks.
The moves echo similar steps taken by the UK and other European countries.
'This is an essential short-term measure to ensure the viability of America's banking system,' Mr Bush said."
President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.
US federal authorities will also temporarily insure most new debt issued by US banks.
The moves echo similar steps taken by the UK and other European countries.
'This is an essential short-term measure to ensure the viability of America's banking system,' Mr Bush said."
LaRouche: It's The Derivatives, Stupid! | LaRouche Political Action Committee
LaRouche: It's The Derivatives, Stupid! LaRouche Political Action Committee: "Derivatives: The Hyperinflationary Bomb Crushing The International Financial System
October 9, 2008 (LPAC)--Lyndon LaRouche today mocked Treasury Secretary Hank Paulson's bailout scheme, warning that “Paulson and all the other central bankers have been lying through their teeth about their ever-changing so-called bailout swindles. The real problem, that none of them wish to talk about, is the mass of derivatives obligations, that are in the quadrillions of dollars.”
LaRouche called the derivatives bubble the “hyperinflationary bomb, crushing the international financial system,” warning, “Until you just shut down the whole derivatives trade--wipe these gambling obligations off the books of the financial system--you are just kidding yourself.” LaRouche declared, “It is time to break the silence on derivatives. The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.”
According to the most recent data, released June 30, 2008 by the Office of the Comptroller of the Currency, the three largest American bank holding companies, JP Morgan Chase, Bank of America and Citicorp, had current outstanding derivatives contracts, totaling $179.4 trillion dollars. The three banks combined have total assets of just under $5.6 trillion!"
October 9, 2008 (LPAC)--Lyndon LaRouche today mocked Treasury Secretary Hank Paulson's bailout scheme, warning that “Paulson and all the other central bankers have been lying through their teeth about their ever-changing so-called bailout swindles. The real problem, that none of them wish to talk about, is the mass of derivatives obligations, that are in the quadrillions of dollars.”
LaRouche called the derivatives bubble the “hyperinflationary bomb, crushing the international financial system,” warning, “Until you just shut down the whole derivatives trade--wipe these gambling obligations off the books of the financial system--you are just kidding yourself.” LaRouche declared, “It is time to break the silence on derivatives. The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.”
According to the most recent data, released June 30, 2008 by the Office of the Comptroller of the Currency, the three largest American bank holding companies, JP Morgan Chase, Bank of America and Citicorp, had current outstanding derivatives contracts, totaling $179.4 trillion dollars. The three banks combined have total assets of just under $5.6 trillion!"
Shut Down the Derivatives Markets To Save Civilization
Shut Down the Derivatives Markets To Save Civilization: "by John Hoefle
[PDF version of this article]
Oct. 10—'It is time to break the silence on derivatives,' Lyndon LaRouche said yesterday, after observing the carnage in the financial system and the pathetic response from the so-called regulators. 'The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.'
LaRouche described the derivatives market as a 'hyperinflationary bomb, crushing the international financial system,' and warned that 'until you just shut down the whole derivatives trade—wipe these gambling obligations off the books of the financial system—you are just kidding yourself.'"
[PDF version of this article]
Oct. 10—'It is time to break the silence on derivatives,' Lyndon LaRouche said yesterday, after observing the carnage in the financial system and the pathetic response from the so-called regulators. 'The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.'
LaRouche described the derivatives market as a 'hyperinflationary bomb, crushing the international financial system,' and warned that 'until you just shut down the whole derivatives trade—wipe these gambling obligations off the books of the financial system—you are just kidding yourself.'"
LAROUCHE IN DIALOGUE WITH ECUADOR'S PÁEZ: Repercussions, Alternatives To World Financial Crisis
LAROUCHE IN DIALOGUE WITH ECUADOR'S PÁEZ: Repercussions, Alternatives To World Financial Crisis: "Lyndon LaRouche was interviewed on Quito, Ecuador Radio 530 AM on Oct. 6, along with Pedro Páez, Ecuador's Minister of Economic Policy Coordination. Their host was Patricio Pillajo. LaRouche appeared on the same program with Mr. Páez on Jan. 30, 2008 (see EIR, Feb. 7, 2008). Translation from Spanish was supplied by EIR's Dennis Small. Here is an edited transcript.
[PDF version of this article]
Pillajo: Greetings to everybody. The subject we are going to be dealing with today is: 'Repercussions and Alternatives to the World Financial Crisis,' with the American statesman and economist Lyndon LaRouche, who is in touch with us by phone from Washington; and in Quito, with economist Pedro Páez, the Coordinating Minister for Economic Affairs of the government of Rafael Correa."
[PDF version of this article]
Pillajo: Greetings to everybody. The subject we are going to be dealing with today is: 'Repercussions and Alternatives to the World Financial Crisis,' with the American statesman and economist Lyndon LaRouche, who is in touch with us by phone from Washington; and in Quito, with economist Pedro Páez, the Coordinating Minister for Economic Affairs of the government of Rafael Correa."
JPMorgan Chase CEO: Political leadership lacking - BusinessWeek
JPMorgan Chase CEO: Political leadership lacking - BusinessWeek: "BOSTON
The top executive of JPMorgan Chase & Co. on Tuesday railed against the nation's political leadership -- but didn't name names -- saying government too often proposes solutions that appeal only to 'the madness of the crowd' while letting complex issues such as energy policy go unresolved.
'We've seen this consistently -- an oversimplifying and casting aside of issues and facts,' Jamie Dimon said in panel discussion on leadership issues at Harvard Business School, where Dimon earned an MBA in 1982.
When complex matters come before lawmakers on issues such as financial regulation and energy policy, many politicians are often unwilling to embrace appropriate policy solutions 'because they say they're not politically feasible,' Dimon said.
Dimon, who is chairman and chief executive of JPMorgan Chase, one of the biggest U.S. banking companies, acknowledged there's plenty of blame to go around in the banking industry amid a financial crisis that has taken down several of his company's key rivals"
The top executive of JPMorgan Chase & Co. on Tuesday railed against the nation's political leadership -- but didn't name names -- saying government too often proposes solutions that appeal only to 'the madness of the crowd' while letting complex issues such as energy policy go unresolved.
'We've seen this consistently -- an oversimplifying and casting aside of issues and facts,' Jamie Dimon said in panel discussion on leadership issues at Harvard Business School, where Dimon earned an MBA in 1982.
When complex matters come before lawmakers on issues such as financial regulation and energy policy, many politicians are often unwilling to embrace appropriate policy solutions 'because they say they're not politically feasible,' Dimon said.
Dimon, who is chairman and chief executive of JPMorgan Chase, one of the biggest U.S. banking companies, acknowledged there's plenty of blame to go around in the banking industry amid a financial crisis that has taken down several of his company's key rivals"
Paulson's $250 Billion Bank Buy Begins - BusinessWeek
Paulson's $250 Billion Bank Buy Begins - BusinessWeek: "U.S. Treasury Secretary Henry Paulson announced a deal on the next stage of the massive package to rescue the financial sector and get the frozen credit markets working again on Tuesday, Oct 14. The announcement came the day after Paulson called in the heads of six major banks and pressed them to 'voluntarily' back Treasury's plan to devote $250 billion of the $700 billion recently approved by Congress to buy direct equity stakes in financial institutions in return for senior preferred shares."
Paulson's $250 Billion Bank Buy Begins - BusinessWeek
Paulson's $250 Billion Bank Buy Begins - BusinessWeek: "To prevent any stigma to taking bailout funds, the feds will invest in several big banks simultaneously rather than wait for requests
by Jane Sasseen and Theo Francis"
by Jane Sasseen and Theo Francis"
Bloomberg.com: Economy
Bloomberg.com: Economy: "Oct. 14 (Bloomberg) -- Treasury Secretary Henry Paulson urged banks getting $250 billion of taxpayer funds to channel the money to customers quickly to halt a credit freeze that's threatening to bankrupt companies and hammer the job market.
``Leaving businesses and consumers without access to financing is totally unacceptable,'' Paulson said in Washington. He rolled out the emergency program after a crisis of confidence in the financial system last week spurred the biggest stock sell-off since 1933. Paulson told companies getting the government funds to ``deploy'' the money in loans."
``Leaving businesses and consumers without access to financing is totally unacceptable,'' Paulson said in Washington. He rolled out the emergency program after a crisis of confidence in the financial system last week spurred the biggest stock sell-off since 1933. Paulson told companies getting the government funds to ``deploy'' the money in loans."
Financials rally again as rescue plan details emerge - MarketWatch
Financials rally again as rescue plan details emerge - MarketWatch: "NEW YORK (MarketWatch) -- U.S. financial stocks rallied again on Tuesday after the U.S. unveiled plans to invest directly in the nation's banks and expand deposit insurance in a coordinated effort to thaw frozen credit markets."
The Associated Press: Government moves again to unclog credit lines
The Associated Press: Government moves again to unclog credit lines: "WASHINGTON (AP) — President Bush on Tuesday announced a $250 billion plan by the government to directly buy shares in the nation's leading banks, saying the drastic steps were 'not intended to take over the free market but to preserve it.'
Nine major banks will participate initially including all of the country's largest institutions, he announced, in a move that sent stocks soaring on Wall Street.
Some of the nation's largest banks had to be pressured to participate by Treasury Secretary Henry Paulson, who wanted healthy institutions that did not necessarily need capital from the government to go first as a way of removing any stigma that might be associated with banks getting bailouts.
'We regret having to take these actions,' Paulson said. 'Today's actions are not what we ever wanted to do — but today's actions are what we must do to restore confidence to our financial system.'"
Nine major banks will participate initially including all of the country's largest institutions, he announced, in a move that sent stocks soaring on Wall Street.
Some of the nation's largest banks had to be pressured to participate by Treasury Secretary Henry Paulson, who wanted healthy institutions that did not necessarily need capital from the government to go first as a way of removing any stigma that might be associated with banks getting bailouts.
'We regret having to take these actions,' Paulson said. 'Today's actions are not what we ever wanted to do — but today's actions are what we must do to restore confidence to our financial system.'"
Sunday, October 12, 2008
World Bank Besieged By Hackers, Or Not -- Network Security -- InformationWeek
World Bank Besieged By Hackers, Or Not -- Network Security -- InformationWeek: "The World Bank's computer network has been repeatedly raided by hackers for over a year, according to a Fox News report.
But a World Bank spokesperson insists the Fox report is inaccurate. 'The story is fundamentally wrong,' the spokesperson said in an e-mail. 'It is riddled with falsehoods and errors and cites misinformation from unattributed sources and e-mails that are taken out of context.'"
But a World Bank spokesperson insists the Fox report is inaccurate. 'The story is fundamentally wrong,' the spokesperson said in an e-mail. 'It is riddled with falsehoods and errors and cites misinformation from unattributed sources and e-mails that are taken out of context.'"
FOXNews.com - World Bank Under Cyber Siege in 'Unprecedented Crisis' - International News | News of the World | Middle East News | Europe News
FOXNews.com - World Bank Under Cyber Siege in 'Unprecedented Crisis' - International News News of the World Middle East News Europe News: "The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year, FOX News has learned.
It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.
In total, at least six major intrusions — two of them using the same group of IP addresses originating from China — have been detected at the World Bank since the summer of 2007, with the most recent breach occurring just last month."
It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.
In total, at least six major intrusions — two of them using the same group of IP addresses originating from China — have been detected at the World Bank since the summer of 2007, with the most recent breach occurring just last month."
Hackers take aim at World Bank - vnunet.com
Hackers take aim at World Bank - vnunet.com: "The World Bank's internal networks have been compromisd by outside attackers at least six times in the last year, according to a recent report.
Fox News cited internal memos in reporting that the bank had been attacked at least twice from IP addresses originating in China and that last spring the network was hit with a massive spyware infection."
Fox News cited internal memos in reporting that the bank had been attacked at least twice from IP addresses originating in China and that last spring the network was hit with a massive spyware infection."
FOXNews.com - World Bank Under Cyber Siege in 'Unprecedented Crisis' - International News | News of the World | Middle East News | Europe News
Monday, September 22, 2008
Tuesday, September 16, 2008
Bloomberg.com: Opinion
Bloomberg.com: Opinion: "Sept. 15 (Bloomberg) -- The only sure thing in the financial markets is that there is no sure thing.
It had long been conventional market wisdom that the bonds of Fannie Mae and Freddie Mac were the next best thing to U.S. Treasury securities.
The bonds were virtually guaranteed by the companies' clout as government-sponsored enterprises -- so wouldn't their profits rise forever? Banks, foreign investors and money managers everywhere thought so, buying Fannie and Freddie common and preferred shares almost as eagerly as they did their fixed- income securities.
Those stock investors can now only look at their monitors and weep. While Fannie and Freddie bonds are safe after the government takeover of the two mortgage companies the weekend before last, their common shares trade for pennies -- like those of bankrupts. Their preferred shares have been clobbered too.
Fannie Mae closed Friday at 74 cents a share. That was down from $68.60 last October and $7.04 before the federal takeover.
Freddie Mac had sunk to 46 cents a share by Friday's close from $65.88 in October and $5.10 on Sept. 5.
More tears. Fannie Mae 8.25 percent preferred stock dropped to $2.65 from $13.70 in the week after the takeover. Freddie Mac 5.57 percent preferred fell to $1.50 from $9.15 during the week. Both stocks have a par value of $25."
It had long been conventional market wisdom that the bonds of Fannie Mae and Freddie Mac were the next best thing to U.S. Treasury securities.
The bonds were virtually guaranteed by the companies' clout as government-sponsored enterprises -- so wouldn't their profits rise forever? Banks, foreign investors and money managers everywhere thought so, buying Fannie and Freddie common and preferred shares almost as eagerly as they did their fixed- income securities.
Those stock investors can now only look at their monitors and weep. While Fannie and Freddie bonds are safe after the government takeover of the two mortgage companies the weekend before last, their common shares trade for pennies -- like those of bankrupts. Their preferred shares have been clobbered too.
Fannie Mae closed Friday at 74 cents a share. That was down from $68.60 last October and $7.04 before the federal takeover.
Freddie Mac had sunk to 46 cents a share by Friday's close from $65.88 in October and $5.10 on Sept. 5.
More tears. Fannie Mae 8.25 percent preferred stock dropped to $2.65 from $13.70 in the week after the takeover. Freddie Mac 5.57 percent preferred fell to $1.50 from $9.15 during the week. Both stocks have a par value of $25."
Barclays Wins By Losing Lehman - Forbes.com
Barclays Wins By Losing Lehman - Forbes.com: "LONDON - All-American boy Bob Diamond, head of the Barclays Capital investment bank arm, is regarded by his peers as the good-at-everything man who is used to getting what he wants.
So perhaps it came as a surprise when last weekend Diamond, who is keen to see the bank's merger and acquisitions business expand internationally, saw the U.S. government refuse to act as a guarantor to Lehman's debt after Barclays approached the liquidated bank about a bid.
But according to analysts consulted by Forbes.com, the Springfield, Mass-born banker, who graduated first in his class from the University of Connecticut business school, made the right decision by pulling out of any bailout plan, which caused Lehman Brother Holdings to file for Chapter 11 to 'protect its assets and maximize value.'
'It was an entirely sensible decision,' Alexander Potter, an analyst with Collins Stewart in London, told Forbes.com. 'Barclays needs to deal with its balance sheet first, instead of going around increasing risk. It's disappointing that it engaged in conversations in the first place,' Potter said.
In a note to investors, Potter said, 'Barclays confirmed [Monday] morning it had considered and then decided against bidding for Lehman Brothers. While we take the decision not to proceed as a positive, having considered a deal does highlight management's apparent unwillingness to delever the balance sheet.'
A deal would help it escape the fate of Lehman, which sought bankruptcy protection after Barclays (nyse: BCS - news - people ) walked away from buying it. (See 'Lehman Goes To The Wall.') But according to TradeTheNews, Lehman says Barclays is still interested in its broker-dealer unit."
So perhaps it came as a surprise when last weekend Diamond, who is keen to see the bank's merger and acquisitions business expand internationally, saw the U.S. government refuse to act as a guarantor to Lehman's debt after Barclays approached the liquidated bank about a bid.
But according to analysts consulted by Forbes.com, the Springfield, Mass-born banker, who graduated first in his class from the University of Connecticut business school, made the right decision by pulling out of any bailout plan, which caused Lehman Brother Holdings to file for Chapter 11 to 'protect its assets and maximize value.'
'It was an entirely sensible decision,' Alexander Potter, an analyst with Collins Stewart in London, told Forbes.com. 'Barclays needs to deal with its balance sheet first, instead of going around increasing risk. It's disappointing that it engaged in conversations in the first place,' Potter said.
In a note to investors, Potter said, 'Barclays confirmed [Monday] morning it had considered and then decided against bidding for Lehman Brothers. While we take the decision not to proceed as a positive, having considered a deal does highlight management's apparent unwillingness to delever the balance sheet.'
A deal would help it escape the fate of Lehman, which sought bankruptcy protection after Barclays (nyse: BCS - news - people ) walked away from buying it. (See 'Lehman Goes To The Wall.') But according to TradeTheNews, Lehman says Barclays is still interested in its broker-dealer unit."
The Universal Appeal Of BofA - Forbes.com
The Universal Appeal Of BofA - Forbes.com: "When Wall Street goes on clearance, someone gets a bargain.
As Lehman Brothers (nyse: LEH - news - people ) hurtled toward liquidation Sunday, Bank of America (nyse: BAC - news - people ) swiftly hammered out a deal to acquire its more attractive rival Merrill Lynch (nyse: MER - news - people ) for $29 a share.
The $50 billion deal will give Bank of America the largest brokerage operation in the country, and leaves the remaining major independent brokerages, Goldman Sachs (nyse: GS - news - people ) and Morgan Stanley (nyse: MS - news - people ), looking increasingly thin compared to “universal banks” such as Bank of America and JPMorgan, with their substantial deposit-taking retail banking operations.
As possible rescuers pulled back from Lehman over the weekend--including Bank of America--Merrill Lynch was under incredible pressure to find its own buyer or face a similar fate. Last week, Merrill’s stock plunged 36.6% because many believed that the investment bank, saddled with mortgage losses, would confront liquidity problems of Lehman-esque proportions."
As Lehman Brothers (nyse: LEH - news - people ) hurtled toward liquidation Sunday, Bank of America (nyse: BAC - news - people ) swiftly hammered out a deal to acquire its more attractive rival Merrill Lynch (nyse: MER - news - people ) for $29 a share.
The $50 billion deal will give Bank of America the largest brokerage operation in the country, and leaves the remaining major independent brokerages, Goldman Sachs (nyse: GS - news - people ) and Morgan Stanley (nyse: MS - news - people ), looking increasingly thin compared to “universal banks” such as Bank of America and JPMorgan, with their substantial deposit-taking retail banking operations.
As possible rescuers pulled back from Lehman over the weekend--including Bank of America--Merrill Lynch was under incredible pressure to find its own buyer or face a similar fate. Last week, Merrill’s stock plunged 36.6% because many believed that the investment bank, saddled with mortgage losses, would confront liquidity problems of Lehman-esque proportions."
Regulators Clear Way For AIG Restructuring - Forbes.com
Regulators Clear Way For AIG Restructuring - Forbes.com: "New York state officials cleared the way for American International Group to borrow from itself as the struggling insurer tries to raise billions of capital.
Insurance regulators and representatives of New York's governor's office huddled with AIG (nyse: AIG - news - people ) over the weekend to pour over a reorganization and a plan to raise $40 billion or more in capital. The saga at AIG, coming on the same weekend as the collapse of Lehman Brothers (nyse: LEH - news - people ) and the sale of Merrill Lynch (nyse: MER - news - people ) to Bank of America (nyse: BAC - news - people ), is raising alarms that another major financial institution is about to fall.
So important is AIG's survival that New York's Gov. David Patterson appeared in a press conference Monday afternoon to announce he had cleared AIG to borrow up to $20 billion from its operating subsidiaries to cover day-to-day needs at the holding company.
The approval comes at the request of the company. AIG, with 33,000 employees, was said to have sought an emergency loan from the Federal Reserve, though it is not a bank or a primary dealer. It was also said to be in talks with Berkshire Hathaway's (nyse: BRK - news - people ) Warren Buffett.
AIG lost $18 billion over the last few quarters and raised $20 billion of capital, but it has not been enough to stop the bleeding from its exposure to mortgage securities and derivatives.
Making a bridge loan to itself buys a limited amount of time to scrounge up more capital."
Insurance regulators and representatives of New York's governor's office huddled with AIG (nyse: AIG - news - people ) over the weekend to pour over a reorganization and a plan to raise $40 billion or more in capital. The saga at AIG, coming on the same weekend as the collapse of Lehman Brothers (nyse: LEH - news - people ) and the sale of Merrill Lynch (nyse: MER - news - people ) to Bank of America (nyse: BAC - news - people ), is raising alarms that another major financial institution is about to fall.
So important is AIG's survival that New York's Gov. David Patterson appeared in a press conference Monday afternoon to announce he had cleared AIG to borrow up to $20 billion from its operating subsidiaries to cover day-to-day needs at the holding company.
The approval comes at the request of the company. AIG, with 33,000 employees, was said to have sought an emergency loan from the Federal Reserve, though it is not a bank or a primary dealer. It was also said to be in talks with Berkshire Hathaway's (nyse: BRK - news - people ) Warren Buffett.
AIG lost $18 billion over the last few quarters and raised $20 billion of capital, but it has not been enough to stop the bleeding from its exposure to mortgage securities and derivatives.
Making a bridge loan to itself buys a limited amount of time to scrounge up more capital."
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:: "BofA also joined nine other powerful world banks Sunday, committing to make $70 billion in lending available in advance of an expected bankruptcy filing by Lehman Bros. & Co.
BofA and the other banks said each of them has committed to $7 billion for the loan pool and that any of them could borrow as much as one-third of the total. Other banks may join and the loan pool could grow, the banks said.
In addition to BofA, other banks in the group are Barclays PLC (NYSE:BCS), Citigroup Inc. (NYSE:C), Credit Suisse Group (NYSE:CS), Deutsche Bank AG (NYSE:DB), Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Merrill Lynch & Co. (NYSE:MER), Morgan Stanley (NYSE:MS) and UBS AG (NYSE:UBS)."
BofA and the other banks said each of them has committed to $7 billion for the loan pool and that any of them could borrow as much as one-third of the total. Other banks may join and the loan pool could grow, the banks said.
In addition to BofA, other banks in the group are Barclays PLC (NYSE:BCS), Citigroup Inc. (NYSE:C), Credit Suisse Group (NYSE:CS), Deutsche Bank AG (NYSE:DB), Goldman Sachs Group Inc. (NYSE:GS), JPMorgan Chase & Co. (NYSE:JPM), Merrill Lynch & Co. (NYSE:MER), Morgan Stanley (NYSE:MS) and UBS AG (NYSE:UBS)."
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:
Bank of America agrees to buy Merrill Lynch - Phoenix Business Journal:: "Bank of America Corp. has agreed to acquire Merrill Lynch & Co. Inc. in a $50 billion deal that creates a global financial-services company.
'Acquiring one of the premier wealth-management, capital-markets and advisory companies is a great opportunity for our shareholders,' BofA Chairman and Chief Executive Ken Lewis said in a statement Monday morning. 'Together, our companies are more valuable because of the synergies in our businesses.'
Under terms of the transaction, BofA would exchange 0.8595 shares of its common stock for each Merrill Lynch common share.
The price is 1.8 times stated tangible book value.
'Merrill Lynch is a great global franchise, and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms,' said John Thain, chairman and CEO of Merrill Lynch (NYSE:MER), in a statement."
'Acquiring one of the premier wealth-management, capital-markets and advisory companies is a great opportunity for our shareholders,' BofA Chairman and Chief Executive Ken Lewis said in a statement Monday morning. 'Together, our companies are more valuable because of the synergies in our businesses.'
Under terms of the transaction, BofA would exchange 0.8595 shares of its common stock for each Merrill Lynch common share.
The price is 1.8 times stated tangible book value.
'Merrill Lynch is a great global franchise, and I look forward to working with Ken Lewis and our senior management teams to create what will be the leading financial institution in the world with the combination of these two firms,' said John Thain, chairman and CEO of Merrill Lynch (NYSE:MER), in a statement."
Bloomberg.com: Asia
Bloomberg.com: Asia: "Temasek May Reap $1.5 Billion Gain From Merrill Lynch Takeover
By Chen Shiyin
Sept. 15 (Bloomberg) -- Temasek Holdings Pte., the biggest shareholder of Merrill Lynch & Co., may reap gains of $1.5 billion from the sale of the third-biggest U.S. securities firm to Bank of America Corp.
The biggest U.S. consumer bank said today it agreed to buy Merrill for $50 billion in stock, or $29 a share. The Singapore sovereign wealth fund paid $5.9 billion since December for about 14 percent of Merrill at an average price of $23.11 a share, based on Bloomberg calculations from exchange filings.
Bank of America's purchase price is 70 percent more than Merrill's closing price of $17.05 in New York trading on Sept. 12. The shares fell 68 percent this year, after the company reported writedowns and credit losses of more than $52 billion, the second-most among the world's largest banks and securities firms, according to data compiled by Bloomberg."
By Chen Shiyin
Sept. 15 (Bloomberg) -- Temasek Holdings Pte., the biggest shareholder of Merrill Lynch & Co., may reap gains of $1.5 billion from the sale of the third-biggest U.S. securities firm to Bank of America Corp.
The biggest U.S. consumer bank said today it agreed to buy Merrill for $50 billion in stock, or $29 a share. The Singapore sovereign wealth fund paid $5.9 billion since December for about 14 percent of Merrill at an average price of $23.11 a share, based on Bloomberg calculations from exchange filings.
Bank of America's purchase price is 70 percent more than Merrill's closing price of $17.05 in New York trading on Sept. 12. The shares fell 68 percent this year, after the company reported writedowns and credit losses of more than $52 billion, the second-most among the world's largest banks and securities firms, according to data compiled by Bloomberg."
Lehman and AIG woes pummel Wall Street | Markets | Hot Stocks | Reuters
Lehman and AIG woes pummel Wall Street Markets Hot Stocks Reuters: "By Kristina Cooke
NEW YORK (Reuters) - Stocks slid on Monday on cascading fears about the stability of the U.S. financial system after investment bank Lehman Brothers filed for bankruptcy and concerns grew about insurer AIG.
Financial services companies' shares led a broad and steep decline in major indexes as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. Lehman Brothers Holdings Inc shares dropped 95 percent to 19 cents in composite trading.
Shares of American International Group, once the world's largest insurer by market value, plunged 51 percent to $5.92. The company made an unprecedented request to the Federal Reserve for $40 billion in short-term financing. Savings and loan Washington Mutual fell 17.6 percent to $2.25.
'The turmoil continues,' said Robert Francello, head of equity trading for Apex Capital hedge fund in San Francisco.
'And it seems to be people underestimated the impact of AIG and what the fallout of that could be.'
The Dow Jones industrial average fell 271.37 points, or 2.38 percent, to 11,150.62, while the Standard & Poor's 500 Index slid 30.04 points, or 2.40 percent, to 1,221.66. The Nasdaq Composite Index was down 42.48 points, or 1.88 percent, at 2,218.79.
Lehman, weighed down by losses spawned by the U.S. mortgage crisis, sought bankruptcy protection on Monday following a scramble over the weekend in which it failed to find a buyer.
Merrill Lynch, meanwhile, agreed to be bought by Bank of America Corp, the No. 2 U.S. bank. Merrill's stock jumped 13.6 percent to $19.37 but Bank of America shares dropped 18 percent to $27.65."
NEW YORK (Reuters) - Stocks slid on Monday on cascading fears about the stability of the U.S. financial system after investment bank Lehman Brothers filed for bankruptcy and concerns grew about insurer AIG.
Financial services companies' shares led a broad and steep decline in major indexes as investors worried about the impact of the latest twists in the credit crisis on the economy and the outlook for profits. Lehman Brothers Holdings Inc shares dropped 95 percent to 19 cents in composite trading.
Shares of American International Group, once the world's largest insurer by market value, plunged 51 percent to $5.92. The company made an unprecedented request to the Federal Reserve for $40 billion in short-term financing. Savings and loan Washington Mutual fell 17.6 percent to $2.25.
'The turmoil continues,' said Robert Francello, head of equity trading for Apex Capital hedge fund in San Francisco.
'And it seems to be people underestimated the impact of AIG and what the fallout of that could be.'
The Dow Jones industrial average fell 271.37 points, or 2.38 percent, to 11,150.62, while the Standard & Poor's 500 Index slid 30.04 points, or 2.40 percent, to 1,221.66. The Nasdaq Composite Index was down 42.48 points, or 1.88 percent, at 2,218.79.
Lehman, weighed down by losses spawned by the U.S. mortgage crisis, sought bankruptcy protection on Monday following a scramble over the weekend in which it failed to find a buyer.
Merrill Lynch, meanwhile, agreed to be bought by Bank of America Corp, the No. 2 U.S. bank. Merrill's stock jumped 13.6 percent to $19.37 but Bank of America shares dropped 18 percent to $27.65."
RLPC-Lenders assess Lehman fallout on Europe leveraged loans | Markets | Markets News | Reuters
RLPC-Lenders assess Lehman fallout on Europe leveraged loans Markets Markets News Reuters: "By Tessa Walsh
LONDON, Sept 15 (Reuters) - Bankers are grappling with the implications of Lehman Brothers' (LEH.N: Quote, Profile, Research, Stock Buzz) demise for European leveraged lending as they scrambled to contain their exposure to the failed U.S. bank.
The fallout from Lehman, which filed for bankruptcy protection earlier on Monday, will affect primary leveraged loans, any new underwriting commitments and the trading of existing loans in the secondary cash market and synthetic leveraged loan credit default swap (LCDS) market, senior banking sources said on Monday."
LONDON, Sept 15 (Reuters) - Bankers are grappling with the implications of Lehman Brothers' (LEH.N: Quote, Profile, Research, Stock Buzz) demise for European leveraged lending as they scrambled to contain their exposure to the failed U.S. bank.
The fallout from Lehman, which filed for bankruptcy protection earlier on Monday, will affect primary leveraged loans, any new underwriting commitments and the trading of existing loans in the secondary cash market and synthetic leveraged loan credit default swap (LCDS) market, senior banking sources said on Monday."
A top Lehman exec’s lament - Postcards
A top Lehman exec’s lament - Postcards: "A top Lehman exec’s lament
“It didn’t have to go this way,” a devastated Barbara Byrne, a vice chairman at Lehman Brothers (LEH), told me this morning. Like a lot of senior folks at the now-bankrupt firm, she spent most of the weekend at the office, hoping, praying, and consoling the rank and file. “Talking to a single mother of two, a secretary, in tears is the hardest thing,” she said."
“It didn’t have to go this way,” a devastated Barbara Byrne, a vice chairman at Lehman Brothers (LEH), told me this morning. Like a lot of senior folks at the now-bankrupt firm, she spent most of the weekend at the office, hoping, praying, and consoling the rank and file. “Talking to a single mother of two, a secretary, in tears is the hardest thing,” she said."
Saturday, July 19, 2008
F2020 Fuel Saver featured on TV Patrol World
F2020 Fuel Saver featured on TV Patrol World: "F2020 Fuel Saver is a fuel additive that comes from 80% palm oil plus 20% creative and original formula that helps to improve the fuel in the combustion area.
It was invented by a Filipino, Bernie Pacheco. His invention allegedly helps your engine run smoothly thus reducing its high operating temperature, wear & tear, fuel consumption, reduces maintenance cost, and pollutant emissions, which could save you 10% up to 35% on your fuel consumption. According to the product’s website, www.f2020intl.com, it is safe to use with catalytic converters, oxygen sensors, oxygenated gas and ethanol blended gasoline. Unlike, ethanol, which normally decreases engine power the F2020 fuel Saver supposedly increases engine power and performance, improve drivability and further assist in emission reduction in fuels with ethanol."
It was invented by a Filipino, Bernie Pacheco. His invention allegedly helps your engine run smoothly thus reducing its high operating temperature, wear & tear, fuel consumption, reduces maintenance cost, and pollutant emissions, which could save you 10% up to 35% on your fuel consumption. According to the product’s website, www.f2020intl.com, it is safe to use with catalytic converters, oxygen sensors, oxygenated gas and ethanol blended gasoline. Unlike, ethanol, which normally decreases engine power the F2020 fuel Saver supposedly increases engine power and performance, improve drivability and further assist in emission reduction in fuels with ethanol."
Wednesday, July 09, 2008
Fed plans new rules to protect future homebuyers - Yahoo! News
Fed plans new rules to protect future homebuyers - Yahoo! News: "WASHINGTON - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs."
Saturday, May 31, 2008
Building Green: A Complete How-To ... - Google Book Search
Building Green: A Complete How-To ... - Google Book Search: "Building Green: A Complete How-To Guide to Alternative Building Methods ... By Clarke Snell, Tim Callahan"
Greenroof.co.uk - NatureMat™
Greenroof.co.uk - NatureMat™: "Developed exclusively by BHC, Nature Mat® consists of a geotextile base layer (which can be synthetic or biodegradable), a specially formulated substrate layer and a plant layer of selected species including Sedums. Once prepared, the system is grown on in the field to create a vegetation 'blanket' or 'mat' that has a minimum of 90% mature plant cover. This product can then be cut to size, rolled, placed on pallets and transported to site."
Thursday, May 29, 2008
Sunday, May 18, 2008
Ruined rice fields spell more despair for Myanmar - INQUIRER.net, Philippine News for Filipinos
Ruined rice fields spell more despair for Myanmar - INQUIRER.net, Philippine News for Filipinos:
Agence France-Presse
First Posted 15:22:00 05/18/2008
KYUAKTAN, Myanmar--Manian should be planting his next rice crop now, but more than two weeks after Myanmar's devastating cyclone he is still too busy trying to get basic food and shelter for his family.
His dilemma is a common one across a vast swathe of the agricultural south that was hit in the disaster, which destroyed rice paddies, drowned buffaloes used for ploughing and ruined stocks of grain and seed."
Agence France-Presse
First Posted 15:22:00 05/18/2008
KYUAKTAN, Myanmar--Manian should be planting his next rice crop now, but more than two weeks after Myanmar's devastating cyclone he is still too busy trying to get basic food and shelter for his family.
His dilemma is a common one across a vast swathe of the agricultural south that was hit in the disaster, which destroyed rice paddies, drowned buffaloes used for ploughing and ruined stocks of grain and seed."
Saturday, May 17, 2008
Crude Oil Price Forecast
Crude Oil Price Forecast: "That the Chinese used oil from natural seeps as fuel to boil salt brine into salt. Initially bamboo was pounded vertically into oil containing seeps and removed by suction. With time this led to drilling for oil, as they needed to penetrate deeper and deeper into oil containing underground seeps. In 347 AD oil wells were drilled in China up to 800 feet deep using bits attached to bamboo poles. Connecting lengths of bamboo to carry oil to their salt brine work sites; they were the first to invent an elementary oil pipeline."
Thursday, May 08, 2008
Tuesday, May 06, 2008
BBC NEWS | Science/Nature | Green movement forgets its politics
BBC NEWS | Science/Nature | Green movement forgets its politics: "Organisations campaigning on climate change need to learn the lessons of the anti-slavery and anti-apartheid movements, says Ann Pettifor. By focusing on individuals rather than governments, initiatives such as the recent Energy Saving Day are bound to fail in their bid to reduce emissions, she argues."
Bloomberg.com: Worldwide
Bloomberg.com: Worldwide: "May 6 (Bloomberg) -- UBS AG, battered by $17.3 billion of first-quarter losses at its investment-banking unit, plans to cut 5,500 jobs and said clients withdrew a net $12.2 billion from its asset- and wealth-management divisions."
Wired News - AP News
Wired News - AP News: "SAN FRANCISCO (AP) -- Yahoo shares fell 14 percent Monday as hopes for the once-dominant Internet icon dimmed following Microsoft's withdrawal of a $47.5 billion takeover bid.
The sell-off wiped out nearly half the gain in Yahoo Inc.'s stock price since Microsoft Corp. made its initial offer on Jan. 31 in an effort to challenge online advertising and search leader Google Inc. The downturn left Yahoo's market value about $13 billion below Microsoft's last offer.
Last-ditch talks between Yahoo and Microsoft were fruitless, leading Microsoft to walk away from a deal Saturday."
The sell-off wiped out nearly half the gain in Yahoo Inc.'s stock price since Microsoft Corp. made its initial offer on Jan. 31 in an effort to challenge online advertising and search leader Google Inc. The downturn left Yahoo's market value about $13 billion below Microsoft's last offer.
Last-ditch talks between Yahoo and Microsoft were fruitless, leading Microsoft to walk away from a deal Saturday."
Monday, May 05, 2008
UBS - Board of Directors
UBS - Board of Directors: "Peter Kurer was elected to the Board of Directors at the AGM in April 2008 and thereafter appointed as Chairman. Peter Kurer became a member of the Group Executive Board in 2002. He has been the Group General Counsel since 2001, when he joined UBS. He is a member of the Corporate Responsibility Committee. Between 1991 and 2001 he was a partner at the Homburger law firm in Zurich. Between 1980 and 1990 he was with Baker & McKenzie in Zurich, first as associate, later as partner, having been a law clerk at the District Court of Zurich. Mr. Kurer graduated as a doctor iuris from the University of Zurich and was admitted as attorney-at-law in Zurich. He holds an LL.M. from the University of Chicago and was born on 28 June 1949. He is a Swiss citizen."
UBS shareholders vote Peter Kurer as Ospel successor - swissinfo
UBS shareholders vote Peter Kurer as Ospel successor - swissinfo: "UBS shareholders have backed legal expert Peter Kurer to steer the troubled Swiss banking giant out of its present crisis by electing him the new chairman.
Kurer will replace Marcel Ospel, who took his leave at the bank's annual general meeting on Wednesday. UBS has lost more than SFr37 billion ($37 billion) in the subprime mortgage crash.
Shareholders also voted in favour of a proposal to raise SFr15 billion of capital via a rights issue.
Kurer was elected to the bank's board of directors on Wednesday and will be confirmed as chairman in the new future"
Kurer will replace Marcel Ospel, who took his leave at the bank's annual general meeting on Wednesday. UBS has lost more than SFr37 billion ($37 billion) in the subprime mortgage crash.
Shareholders also voted in favour of a proposal to raise SFr15 billion of capital via a rights issue.
Kurer was elected to the bank's board of directors on Wednesday and will be confirmed as chairman in the new future"
UBS boss quits amid $19bn write-down | Business | guardian.co.uk
UBS boss quits amid $19bn write-down | Business | guardian.co.uk: "UBS, already one of the biggest victims of the US sub-prime crisis, has been forced to write off another $19bn (£9.6bn) from the value of its mortgage assets, forcing its under-fire chairman to step down.
The Swiss bank said today it was seeking fresh capital through a rights issue, after admitting that its losses from so-called 'toxic debts' -- securities underpinned by US home loans whose value has plunged in recent months - had doubled. Chairman Marcel Ospel, who had previously fought off calls for his resignation, will step down at its AGM later this month.
The latest write-down was caused by another drop in the value of the company's holdings in securities backed by US mortgages, and doubles its overall sub-prime losses. It pushed the company into a loss of SFr12bn (£6bn) for the first quarter of 2008."
The Swiss bank said today it was seeking fresh capital through a rights issue, after admitting that its losses from so-called 'toxic debts' -- securities underpinned by US home loans whose value has plunged in recent months - had doubled. Chairman Marcel Ospel, who had previously fought off calls for his resignation, will step down at its AGM later this month.
The latest write-down was caused by another drop in the value of the company's holdings in securities backed by US mortgages, and doubles its overall sub-prime losses. It pushed the company into a loss of SFr12bn (£6bn) for the first quarter of 2008."
Feed Article | Business |
Feed Article | Business |: "By Andrew Hay and Natsuko Waki
MADRID, May 5 (Reuters) - ADB President Haruhiko Kuroda called on Monday for determined action to secure food supplies for Asia's poorest people as a battle brewed among the Bank's backers over how to fund a growing crop of projects.
'The global fight against poverty will be won or lost in our region,' Kuroda said in a keynote speech to delegates at the Asian Development Bank's Annual meeting.
'Soaring food prices are hitting the poor very hard. This price surge has a stark human dimension and has greatly affected over a billion people in Asia and the Pacific alone,' he said.
Asia is home to two thirds of the world's poor and risks rising social tension as a doubling of wheat and rice prices in the last year has slammed people who spend more than half their income on food.
Citing grain stocks at their lowest levels in decades, turmoil in global financial markets and an uncertain outlook for the world economy, Kuroda made a plea for 'money and ideas' to boost development and rescue millions of people from poverty.
'The absence of such measures could seriously undermine the global fight against poverty and erode the gains of the past decades,' Kuroda said.
But the call for action is accompanied by a need to rapidly accelerate the ADB's investment programme, particularly its core portfolio of infrastructure project lending, funded by loans linked to market interest rates."
MADRID, May 5 (Reuters) - ADB President Haruhiko Kuroda called on Monday for determined action to secure food supplies for Asia's poorest people as a battle brewed among the Bank's backers over how to fund a growing crop of projects.
'The global fight against poverty will be won or lost in our region,' Kuroda said in a keynote speech to delegates at the Asian Development Bank's Annual meeting.
'Soaring food prices are hitting the poor very hard. This price surge has a stark human dimension and has greatly affected over a billion people in Asia and the Pacific alone,' he said.
Asia is home to two thirds of the world's poor and risks rising social tension as a doubling of wheat and rice prices in the last year has slammed people who spend more than half their income on food.
Citing grain stocks at their lowest levels in decades, turmoil in global financial markets and an uncertain outlook for the world economy, Kuroda made a plea for 'money and ideas' to boost development and rescue millions of people from poverty.
'The absence of such measures could seriously undermine the global fight against poverty and erode the gains of the past decades,' Kuroda said.
But the call for action is accompanied by a need to rapidly accelerate the ADB's investment programme, particularly its core portfolio of infrastructure project lending, funded by loans linked to market interest rates."
AFP: ADB chief warns a billion Asians at risk from soaring food prices
AFP: ADB chief warns a billion Asians at risk from soaring food prices: "MADRID (AFP) — The head of the Asian Development Bank called on Monday for an 'immediate response' to soaring food prices which he said threatened more than a billion Asians with a risk of malnutrition.
ADB President Haruhiko Kuroda also warned that the food problem could cut into decades of economic gains in the Asia-Pacific region.
And he announced a special fund to combat climate change and its effects, which he termed a 'fundamental threat' to the region.
'These are troubling times for the world economy. On the heels of turmoil in the financial markets and economic slowdown in the US and elsewhere, soaring food prices are hitting the poor very hard,' he said in an inaugural speech to the ADB's board of governors meeting in Madrid."
ADB President Haruhiko Kuroda also warned that the food problem could cut into decades of economic gains in the Asia-Pacific region.
And he announced a special fund to combat climate change and its effects, which he termed a 'fundamental threat' to the region.
'These are troubling times for the world economy. On the heels of turmoil in the financial markets and economic slowdown in the US and elsewhere, soaring food prices are hitting the poor very hard,' he said in an inaugural speech to the ADB's board of governors meeting in Madrid."
BBC NEWS | Europe | LSD inventor Albert Hofmann dies
BBC NEWS | Europe | LSD inventor Albert Hofmann dies: "Albert Hofmann, the Swiss chemist who discovered the hallucinogenic drug LSD, has died of a heart attack at his home in Basel at the age of 102.
Mr Hofmann first produced LSD in 1938 while researching the medicinal uses of a crop fungus.
He accidentally ingested some of the drug and said later: 'Everything I saw was distorted as in a warped mirror.'
He argued for decades that LSD could help treat mental illness, but in the 1960s it became a popular street drug.
'Turn on, tune in, drop out'"
Mr Hofmann first produced LSD in 1938 while researching the medicinal uses of a crop fungus.
He accidentally ingested some of the drug and said later: 'Everything I saw was distorted as in a warped mirror.'
He argued for decades that LSD could help treat mental illness, but in the 1960s it became a popular street drug.
'Turn on, tune in, drop out'"
BBC NEWS | UK | UK Politics | Brown's biofuels caution welcomed
BBC NEWS | UK | UK Politics | Brown's biofuels caution welcomed: "Gordon Brown has pledged to examine the impact of biofuels on world food prices, at a meeting with aid agencies, scientists, supermarkets and farmers.
The prime minister said Britain had to be 'selective' in supporting biofuels and change its approach if necessary.
Oxfam's Phil Bloomer welcomed the news, saying biofuels pushed up food prices and led to 'land grabs' from the poor."
The prime minister said Britain had to be 'selective' in supporting biofuels and change its approach if necessary.
Oxfam's Phil Bloomer welcomed the news, saying biofuels pushed up food prices and led to 'land grabs' from the poor."
BBC NEWS | Business | World Bank tackles food emergency
BBC NEWS | Business | World Bank tackles food emergency: "The World Bank has announced emergency measures to tackle rising food prices around the world.
World Bank head Robert Zoellick warned that 100 million people in poor countries could be pushed deeper into poverty by spiralling prices.
The crisis has sparked recent food riots in several countries including Haiti and Egypt."
World Bank head Robert Zoellick warned that 100 million people in poor countries could be pushed deeper into poverty by spiralling prices.
The crisis has sparked recent food riots in several countries including Haiti and Egypt."
BBC NEWS | Africa | UN food body 'should be scrapped'
BBC NEWS | Africa | UN food body 'should be scrapped': "An African leader has dismissed the UN's food agency as a 'waste of money' and called for it to be scrapped.
President Abdoulaye Wade of Senegal spoke out days after the UN announced an emergency plan to bring soaring world food prices under control.
Mr Wade said the Food and Agriculture Organisation (FAO) was itself largely to blame for the price rises."
President Abdoulaye Wade of Senegal spoke out days after the UN announced an emergency plan to bring soaring world food prices under control.
Mr Wade said the Food and Agriculture Organisation (FAO) was itself largely to blame for the price rises."
Sunday, May 04, 2008
Sunday, April 20, 2008
Europabio
Europabio: "EuropaBio's mission is to promote an innovative and dynamic biotechnology-based industry in Europe. EuropaBio, (the European Association for Bioindustries), has 81 corporate and 5 associate members operating worldwide, 6 Bioregions and 25 national biotechnology associations representing some 1800 small and medium sized enterprises."
UEPA
UEPA: "Created in 1959, UEPA1 is the Brussels-based organisation representing almost all EU producers of agricultural ethyl alcohol used for industrial, beverage or fuel purposes. Synthetic alcohol is represented in a separate association.
UEPA gathers national associations and companies originating from all producing countries in EU-15. Amongst the ten new Member States, Hungary and the Slovak Republic have already joined the association and contacts are being developed with others. Today UEPA represents 14 producing countries.
UEPA’s role is to address the issues of the Industry by establishing a constructive dialogue with decision-makers, at both EU and national level, and actively co-operate towards the definition of appropriate solutions. UEPA keeps its Members abreast of new developments taking place in the EU which affect their business.
UEPA is represented in a number of consultative committees of the European Commission and acts as the spokesman of the agricultural alcohol industry in these different fora."
UEPA gathers national associations and companies originating from all producing countries in EU-15. Amongst the ten new Member States, Hungary and the Slovak Republic have already joined the association and contacts are being developed with others. Today UEPA represents 14 producing countries.
UEPA’s role is to address the issues of the Industry by establishing a constructive dialogue with decision-makers, at both EU and national level, and actively co-operate towards the definition of appropriate solutions. UEPA keeps its Members abreast of new developments taking place in the EU which affect their business.
UEPA is represented in a number of consultative committees of the European Commission and acts as the spokesman of the agricultural alcohol industry in these different fora."
M.M.Warburg & CO | Mezzanine & Off-Balance
M.M.Warburg & CO | Mezzanine & Off-Balance: "Sophisticated concepts for optimum structuring
Our Corporate Finance division offers you innovative and approved solutions for mezzanine financing. On request, the mezzanine capital can be designed in an equity-like way. A design as IFRS-compliant equity is also possible. Profit-sharing rights, hybrid bonds, convertible bonds, silent partnerships and subordinated debt are also basic components of our concepts. We draw up integrated planning models for you, derive optimum capital structures, structure the overall financing and raise mezzanine and debt capital.
If an acquisition should be executed and kept out of the investor’s balance sheet (off-balance financing), we develop innovative concepts while taking into account the requirements of national and international statutory accounting regulations and tax-related aspects. It is particularly in these cases that we can also acquire investments of our own and address other private equity investors from within our own circle.
Effective utilisation of mezzanine financing requires experience and confidence in dealing with the complex structures of equity, debt and mezzanine capital. In the last few years we have structured numerous financing deals with a value of € 25 million to € 350 million and furnished them with the necessary capital.
CONTACT PERSON
Dr. Jens Kruse
Ferdinandstraße 75 · 20095 Hamburg
Tel. +49(0)40 32 82 - 22 25
Fax +49(0)40 36 18 - 11 09
jkruse@mmwarburg.com"
Our Corporate Finance division offers you innovative and approved solutions for mezzanine financing. On request, the mezzanine capital can be designed in an equity-like way. A design as IFRS-compliant equity is also possible. Profit-sharing rights, hybrid bonds, convertible bonds, silent partnerships and subordinated debt are also basic components of our concepts. We draw up integrated planning models for you, derive optimum capital structures, structure the overall financing and raise mezzanine and debt capital.
If an acquisition should be executed and kept out of the investor’s balance sheet (off-balance financing), we develop innovative concepts while taking into account the requirements of national and international statutory accounting regulations and tax-related aspects. It is particularly in these cases that we can also acquire investments of our own and address other private equity investors from within our own circle.
Effective utilisation of mezzanine financing requires experience and confidence in dealing with the complex structures of equity, debt and mezzanine capital. In the last few years we have structured numerous financing deals with a value of € 25 million to € 350 million and furnished them with the necessary capital.
CONTACT PERSON
Dr. Jens Kruse
Ferdinandstraße 75 · 20095 Hamburg
Tel. +49(0)40 32 82 - 22 25
Fax +49(0)40 36 18 - 11 09
jkruse@mmwarburg.com"
M.M.Warburg & CO | Investments
M.M.Warburg & CO | Investments: "Rewarding prospects for profit-orientated entrepreneursWe offer you entrepreneurial investments in whose shaping M.M.Warburg & CO has been involved or which come from carefully selected partners. The returns on these investments are often independent of events on the stock markets and therefore are suitable for rounding out your investment strategy – no matter whether this refers to investments in real-estate, ships or companies.
As our private client, you are a member of a select group of investors whom we proactively inform of suitable investment opportunities. In addition, we offer our clients the opportunity of participating in exclusive, private placements.
REAL-ESTATE INVESTMENTS
Investing in real estate is an important component of a balanced portfolio and in addition to an income optimisation…
moreSHIP INVESTMENTS
Ship investments offer good returns with an attractive risk-reward ratio. Since they are stable assets…
more
COMPANY INVESTMENTS
This well established investment form contributes in many ways to the optimisation of your asset growth. With private equity, you invest in the source. With high return prospects…
more
PRIVATE PLACEMENTS
Private placements are characterised by a small number of investors, high minimum investments and therefore minimal initiation costs. Most of all, they…
more"
As our private client, you are a member of a select group of investors whom we proactively inform of suitable investment opportunities. In addition, we offer our clients the opportunity of participating in exclusive, private placements.
REAL-ESTATE INVESTMENTS
Investing in real estate is an important component of a balanced portfolio and in addition to an income optimisation…
moreSHIP INVESTMENTS
Ship investments offer good returns with an attractive risk-reward ratio. Since they are stable assets…
more
COMPANY INVESTMENTS
This well established investment form contributes in many ways to the optimisation of your asset growth. With private equity, you invest in the source. With high return prospects…
more
PRIVATE PLACEMENTS
Private placements are characterised by a small number of investors, high minimum investments and therefore minimal initiation costs. Most of all, they…
more"
M.M.Warburg & CO | Private placements
M.M.Warburg & CO | Private placements: "Small circle with great impact
Private placements are primarily designed for alternative investments that are largely unaffected by events on the stock markets. They primarily include real estate, ships and private equity investments.
A group of approximately 10 to 20 investors participate with high minimum investments to the value of six-digit sums. Mostly, these investors make decisions directly and autonomously about their investments without influence by any supervisory committees. This distinguishes individual private placements fundamentally from large retail funds with several hundred stockholders.
The considerable administrative savings, plus the fact that there is virtually no need for advertising campaigns, mean costs are much lower and the payouts much higher.
Through our intensive and diverse activities in the areas that are relevant to private placements, and thanks to our good relationships with mid-market companies, we can continually offer you selected private placement investments.
CONTACT PERSON
Erich Waller
Ferdinandstraße 75 · 20095 Hamburg
Phone +49(0)40 32 82 - 21 05
Fax +49(0)40 36 18 - 10 07
privatebanking@mmwarburg.com"
Private placements are primarily designed for alternative investments that are largely unaffected by events on the stock markets. They primarily include real estate, ships and private equity investments.
A group of approximately 10 to 20 investors participate with high minimum investments to the value of six-digit sums. Mostly, these investors make decisions directly and autonomously about their investments without influence by any supervisory committees. This distinguishes individual private placements fundamentally from large retail funds with several hundred stockholders.
The considerable administrative savings, plus the fact that there is virtually no need for advertising campaigns, mean costs are much lower and the payouts much higher.
Through our intensive and diverse activities in the areas that are relevant to private placements, and thanks to our good relationships with mid-market companies, we can continually offer you selected private placement investments.
CONTACT PERSON
Erich Waller
Ferdinandstraße 75 · 20095 Hamburg
Phone +49(0)40 32 82 - 21 05
Fax +49(0)40 36 18 - 10 07
privatebanking@mmwarburg.com"
Oil (Petroleum) and Gasoline - News - Times Topics - The New York Times
Oil (Petroleum) and Gasoline - News - Times Topics - The New York Times: "In 1999, the price of oil hovered around $16 a barrel. In the fall of 2007 it began to approach the $100 a barrel mark. The reasons for the surge ranged from the relentless growth of the economies of China and India to widespread instability in oil-producing regions, including Iraq and Nigeria's delta region. The prospect of triple-digit oil prices has redrawn the economic and political map of the world, challenging some old notions of power. Oil-rich nations are enjoying historic gains and opportunities, while major importers — including China and India, home to a third of the world’s population — confront rising economic and social costs."
Saturday, April 19, 2008
Deutsche Bank - Trust & Securities Services
Deutsche Bank - Trust & Securities Services: "Deutsche Bank`s Trust & Securities Services is one of the world’s largest and most experienced providers of administrative services for capital market instruments and other types of financing.
It also provides custody, clearing and related services in 28 securities markets worldwide."
It also provides custody, clearing and related services in 28 securities markets worldwide."
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos: "MANILA, Philippines -- Our beaches are a lure, but these students from the Massachusetts Institute of Technology’s Sloan School of Management were enticed to come for an entirely different reason -- the lowly backyard malunggay.
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos
4 MIT students here studying ‘malunggay’ - INQUIRER.net, Philippine News for Filipinos: "MANILA, Philippines -- Our beaches are a lure, but these students from the Massachusetts Institute of Technology’s Sloan School of Management were enticed to come for an entirely different reason -- the lowly backyard malunggay.
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
Malunggay (scientific name: Moringa oleifera) is a fast-growing, drought-resistant tree with leaves that can, among other things, increase lactation in nursing mothers and address the problem of malnutrition.
It has actually been dubbed “the most nutritious plant in the world,” and is also an obligatory ingredient in chicken tinola (soup)."
Friday, April 18, 2008
Tuesday, April 15, 2008
Jonathan_Beckerlegge
Jonathan_Beckerlegge: "UBS Think Tank in Wolfsberg
Trends in the Bio-Fuels Industries
Jonathan M. Beckerlegge, CFO, Bio Diesel Fuel Inc., York, U.K.
Thursday, 24 April 2008, 9.30 a.m. to 12.30 p.m., followed by a Buffet Lunch
Printversion
The Bio-Fuels industry is new, but it is already highly controversial. Some people argue that it is the way forward in a world that needs more and more energy, while others argue that bio-fuels compete with food products for humans, so bio-fuels are inherently immoral.
What is the history of the bio-fuels movement? What are latest developments in the field? Are there different sorts of bio-fuels and how are they positioned against one another? What are the factors that are going to influence the industry over the next 3 to 5 years?"
Trends in the Bio-Fuels Industries
Jonathan M. Beckerlegge, CFO, Bio Diesel Fuel Inc., York, U.K.
Thursday, 24 April 2008, 9.30 a.m. to 12.30 p.m., followed by a Buffet Lunch
Printversion
The Bio-Fuels industry is new, but it is already highly controversial. Some people argue that it is the way forward in a world that needs more and more energy, while others argue that bio-fuels compete with food products for humans, so bio-fuels are inherently immoral.
What is the history of the bio-fuels movement? What are latest developments in the field? Are there different sorts of bio-fuels and how are they positioned against one another? What are the factors that are going to influence the industry over the next 3 to 5 years?"
Sun.Star Bacolod - Hybrid rice savings pegged at US$50M
Sun.Star Bacolod - Hybrid rice savings pegged at US$50M: "THE Philippines stands to save US$50 million if hybridization technology is adapted without resistance and strong political commitment to public investment in irrigation system is done to ensure increased national productivity of rice by 25 percent.
In a study presented by Philippine Rice Research Institute (PhilRice) Negros station manager Edgar Libertario, he said this is despite problems on increasing 'young devouring' population by 2.6 as 60 percent of these are adolescents even as the Philippines is only presently producing two percent or even lower because of land conversion to non-rice ventures."
In a study presented by Philippine Rice Research Institute (PhilRice) Negros station manager Edgar Libertario, he said this is despite problems on increasing 'young devouring' population by 2.6 as 60 percent of these are adolescents even as the Philippines is only presently producing two percent or even lower because of land conversion to non-rice ventures."
Monday, April 14, 2008
Housing bubble is spreading overseas - UPI.com
Housing bubble is spreading overseas - UPI.com: "WASHINGTON, April 14 (UPI) -- Britain, Spain, India and Ireland are feeling the effects of falling real estate prices as the U.S. housing bubble spreads around the world, analysts said.
The International Monetary fund estimates homes in Spain, where prices tripled in the past 10 years, are overvalued by 15 percent, The New York Times reported. In parts of India, houses have declined 20 percent in the past year.
In Ireland, a home bought for $575,000 by university administrator Emma Linnane in May of 2006 would sell for about $475,000 in the spring of 2008, the report said."
The International Monetary fund estimates homes in Spain, where prices tripled in the past 10 years, are overvalued by 15 percent, The New York Times reported. In parts of India, houses have declined 20 percent in the past year.
In Ireland, a home bought for $575,000 by university administrator Emma Linnane in May of 2006 would sell for about $475,000 in the spring of 2008, the report said."
Friday, April 11, 2008
Gulfnews: Citi unveils $11.2m scheme to promote microfinance
Gulfnews: Citi unveils $11.2m scheme to promote microfinance: "Dubai: The Citi Foundation yesterday said it has launched a three-year $11.2 million international grant programme to advance the integration of microfinance into the mainstream economies of developing countries. Dubai: The Citi Foundation yesterday said it has launched a three-year $11.2 million international grant programme to advance the integration of microfinance into the mainstream economies of developing countries."
Monday, April 07, 2008
What has happened in 2005
What has happened in 2005: "What has happened in 2005
On November 24 through 26, Our President, Mario Emmanuel Salvdor and Vice President Gensei Ito participated in the 6th World Summit of Nobel Peace Laureates organized jointly by Gorbachev Foundation and City of Rome, in Rome, Italy. The theme of the conference was “Africa Emergency”.
The following is the speech that our President gave at the final session of the conference on 26th of November:"
On November 24 through 26, Our President, Mario Emmanuel Salvdor and Vice President Gensei Ito participated in the 6th World Summit of Nobel Peace Laureates organized jointly by Gorbachev Foundation and City of Rome, in Rome, Italy. The theme of the conference was “Africa Emergency”.
The following is the speech that our President gave at the final session of the conference on 26th of November:"
Daily Times - Leading News Resource of Pakistan - US to affect Philippines bourse
Daily Times - Leading News Resource of Pakistan - US to affect Philippines bourse: "US to affect Philippines bourse
MANILA: Philippine share prices will likely be determined by developments in the US economy in the coming days, dealers said Friday.
“We’re keeping track of what happens in the US market,” said Rommel Macapagal of Westlink Global Equities. If results are favourable, the Philippine composite index could “hurdle the 3,000-point level,” he said.
“The market depends a lot on jobs data coming out of the US,” said Prince Yeung of AB Capital Securities. If the job decline is less than expected, the index “will rally above the 3,000 level,” he said. However BPI Securities, in an advisory to clients, said “the pressure on share prices may persist as we head into a longer holiday weekend.”
“Investors may opt to stay somewhat liquid given the still uncertain and volatile US equity market,” it added.
There will be no trading on Monday which is a national holiday. For the week to April 4, the composite index rose 27.02 points or by 0.9 percent to 2,983.04 points.
Average daily turnover fell to 1.41 billion shares but average daily value rose to 3.2 billion pesos ($76.4 million) from 2.19 billion shares and 2.015 billion pesos in the previous week. afp"
MANILA: Philippine share prices will likely be determined by developments in the US economy in the coming days, dealers said Friday.
“We’re keeping track of what happens in the US market,” said Rommel Macapagal of Westlink Global Equities. If results are favourable, the Philippine composite index could “hurdle the 3,000-point level,” he said.
“The market depends a lot on jobs data coming out of the US,” said Prince Yeung of AB Capital Securities. If the job decline is less than expected, the index “will rally above the 3,000 level,” he said. However BPI Securities, in an advisory to clients, said “the pressure on share prices may persist as we head into a longer holiday weekend.”
“Investors may opt to stay somewhat liquid given the still uncertain and volatile US equity market,” it added.
There will be no trading on Monday which is a national holiday. For the week to April 4, the composite index rose 27.02 points or by 0.9 percent to 2,983.04 points.
Average daily turnover fell to 1.41 billion shares but average daily value rose to 3.2 billion pesos ($76.4 million) from 2.19 billion shares and 2.015 billion pesos in the previous week. afp"
Sunday, April 06, 2008
World rice crisis should help local growers - Chico Enterprise Record
World rice crisis should help local growers - Chico Enterprise Record: "By ROGER H. AYLWORTH - Staff Writer
Article Launched: 04/06/2008 12:04:38 AM PDT
Click photo to enlargeDick Carriere and his crew harvest some of his 1,300 acres of rice near Aguas Frias and Grainland...«1234»A growing global crisis with the potential to become a catastrophe may ironically have positive effects in this area.
For nearly half of the planet's population, survival hangs on having enough rice to eat daily. But the availability of this essential grain is sagging while the price skyrockets.
Government decisions, climate, and supply-and-demand pressures are behind the exploding prices.
Worldwide, there is going to be a 3.2 million metric ton shortage of rice this year, according to Lorenzo Pope, chief executive officer of Rice Researchers in Ord Bend."
Article Launched: 04/06/2008 12:04:38 AM PDT
Click photo to enlargeDick Carriere and his crew harvest some of his 1,300 acres of rice near Aguas Frias and Grainland...«1234»A growing global crisis with the potential to become a catastrophe may ironically have positive effects in this area.
For nearly half of the planet's population, survival hangs on having enough rice to eat daily. But the availability of this essential grain is sagging while the price skyrockets.
Government decisions, climate, and supply-and-demand pressures are behind the exploding prices.
Worldwide, there is going to be a 3.2 million metric ton shortage of rice this year, according to Lorenzo Pope, chief executive officer of Rice Researchers in Ord Bend."
AFP: Thai PM warns against rice hoarding
AFP: Thai PM warns against rice hoarding: "BANGKOK (AFP) — Thai Prime Minister Samak Sundaravej on Sunday urged the public not to hoard rice, promising for the second time in three days there would be enough for everyone in the kingdom.
With soaring global rice prices setting off fears of shortages and even unrest in some nations, the people of Thailand -- the world's number one rice exporter -- will not have to go without, he said.
The rising prices have sparked panic buying, as people stock up in hopes of beating future price hikes. Meanwhile exporters have accused mills and middlemen of hoarding in hopes of more price increases in the near future."
With soaring global rice prices setting off fears of shortages and even unrest in some nations, the people of Thailand -- the world's number one rice exporter -- will not have to go without, he said.
The rising prices have sparked panic buying, as people stock up in hopes of beating future price hikes. Meanwhile exporters have accused mills and middlemen of hoarding in hopes of more price increases in the near future."
Cost of rice "stable" in China_English_Xinhua
Cost of rice "stable" in China_English_Xinhua: "China only imports a small amount of rice for the high-end market, according to Li Chenggui, an agricultural expert with the Chinese Academy of Social Sciences. 'But the amount of rice China imports from Thailand is very small, so the higher price won't affect the overall situation,' Li said.
Rice from Thailand and Vietnam, the world's major exporters of the product, has seen a sharp price increase, causing turmoil on the global market.
Rice shortages have been reported in many countries and consumers have begun stockpiling the product.
The cost of a ton of medium-grade rice from Thailand has more than doubled since the beginning of the year. A Thai government official recently said prices could rise higher still, according to a Wall Street Journal report.
But consumers and the business community in China remain calm. One trader in Panjin, a key rice-producing area in Liaoning province, said the price has actually dipped slightly this year."
Rice from Thailand and Vietnam, the world's major exporters of the product, has seen a sharp price increase, causing turmoil on the global market.
Rice shortages have been reported in many countries and consumers have begun stockpiling the product.
The cost of a ton of medium-grade rice from Thailand has more than doubled since the beginning of the year. A Thai government official recently said prices could rise higher still, according to a Wall Street Journal report.
But consumers and the business community in China remain calm. One trader in Panjin, a key rice-producing area in Liaoning province, said the price has actually dipped slightly this year."
Cost of rice "stable" in China_English_Xinhua
Cost of rice "stable" in China: "BEIJING, April 5 -- The cost of rice remains stable, despite the staple food's worldwide price hike, government sources said.
The grain's price is stable in China, the National Development and Reform Commission said on its website. Meanwhile, the Ministry of Commerce said the rice retail price has seen a 'continual decline' in the past week.
Rice is a staple food for Chinese, but its price isn't influenced by the world market as the nation mainly relies on domestic supply rather than imports to meet demand, traders and agricultural experts said."
The grain's price is stable in China, the National Development and Reform Commission said on its website. Meanwhile, the Ministry of Commerce said the rice retail price has seen a 'continual decline' in the past week.
Rice is a staple food for Chinese, but its price isn't influenced by the world market as the nation mainly relies on domestic supply rather than imports to meet demand, traders and agricultural experts said."
Asian countries looking for ways amid soaring rice prices_English_Xinhua
Asian countries looking for ways amid soaring rice prices_English_Xinhua: "Asian countries looking for ways amid soaring rice prices
www.chinaview.cn 2008-04-06 09:48:07 Print
By Lin Rong
HONG KONG, April 6 (Xinhua) -- Philippine President Gloria Macapagal-Arroyo convened a food summit with top officials and farm experts on Friday, looking for ways to prevent the emerging rice crisis from severely affecting the world's biggest importer of rice.
This came as the latest effort by the Philippine government to ensure food supplies and control soaring rice prices, which is also seen a major task in other Asian countries, where rice is consumed daily by every household.
CRISIS BEYOND PHILIPPINES
Part of a surge in global food price, international rice prices have increased by about 20 percent in the past three months and at least doubled since 2004, said a recent statement by the UN Food and Agriculture Organization. There are concerns prices could rise further in coming months."
www.chinaview.cn 2008-04-06 09:48:07 Print
By Lin Rong
HONG KONG, April 6 (Xinhua) -- Philippine President Gloria Macapagal-Arroyo convened a food summit with top officials and farm experts on Friday, looking for ways to prevent the emerging rice crisis from severely affecting the world's biggest importer of rice.
This came as the latest effort by the Philippine government to ensure food supplies and control soaring rice prices, which is also seen a major task in other Asian countries, where rice is consumed daily by every household.
CRISIS BEYOND PHILIPPINES
Part of a surge in global food price, international rice prices have increased by about 20 percent in the past three months and at least doubled since 2004, said a recent statement by the UN Food and Agriculture Organization. There are concerns prices could rise further in coming months."
Saturday, April 05, 2008
biofuels international
biofuels international: "Philippines bioethanol capacity to expand
12th March, 2008
The Philippine government signed a $30 million (€19.6 million) project agreement to expand the capacity of the country's first bioethanol plant from 145,000 litres a day to 200,000 litres.
The pact calls for increased cooperation in developing biofuel feedstock.
'The department is prioritising the development of fuel ethanol and bioenergy industries to supply the needs of the domestic market as well as fulfill the goals of the Biofuels Act of 2006,' Agriculture Secretary Arthur Yap says.
US-based private equity fund manager FE Clean Energy and UK-headquartered bioenergy developer and investor Bronzeaok are building the country's first ethanol and bioenergy plant, San Carlos Bioenergy, in San Carlos, Negros Occidental, with the backing of the National Biofuel Feedstock Development Programme and Philippine Agricultural Development and Commercial Corp.
Using sugarcane as a feedstock, the plant will produce ethanol for blending with petroleum and electrical power for the national grid. The San Carlos plant is expected to be fully operational by November, in time to contribute to meeting the January 2009 bioethanol-petroleum blending requirements of the Biofuels Act."
12th March, 2008
The Philippine government signed a $30 million (€19.6 million) project agreement to expand the capacity of the country's first bioethanol plant from 145,000 litres a day to 200,000 litres.
The pact calls for increased cooperation in developing biofuel feedstock.
'The department is prioritising the development of fuel ethanol and bioenergy industries to supply the needs of the domestic market as well as fulfill the goals of the Biofuels Act of 2006,' Agriculture Secretary Arthur Yap says.
US-based private equity fund manager FE Clean Energy and UK-headquartered bioenergy developer and investor Bronzeaok are building the country's first ethanol and bioenergy plant, San Carlos Bioenergy, in San Carlos, Negros Occidental, with the backing of the National Biofuel Feedstock Development Programme and Philippine Agricultural Development and Commercial Corp.
Using sugarcane as a feedstock, the plant will produce ethanol for blending with petroleum and electrical power for the national grid. The San Carlos plant is expected to be fully operational by November, in time to contribute to meeting the January 2009 bioethanol-petroleum blending requirements of the Biofuels Act."
biofuels international
biofuels international: "Russia to build 30 bioethanol plants
20th March, 2008
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successfulThe Russian government will back the construction of 30 new ethanol plants to produce biofuels, Prime Minister Viktor Zubkov has announced.
A government programme to develop biofuel production will begin this year. Apart from the construction of new ethanol plants, the programme will also upgrade existing facilities.
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successful. Some of the plants are likely to produce ethanol from timber waste, such as sawdust, Alexei Ablayev, director of the National Biofuel Association, says. The Russian plants could also make ethanol from such crops as wheat.
Researchers are close to developing a technology to make fuel out of timber waste that will be as efficient as the current conversion of crops into fuel.
Approximately 30 Russian plants which made ethanol from non-crop raw materials became bankrupt with the collapse of the Soviet Union due to the plants' technology making the fuel too expensive.
Plans to divert some of the country's crop harvests to make fuel should not send bread prices soaring because there is room to grow larger harvests, Ablayev says. In October Agriculture Minister Alexei Gordeyev stated that Russia has 20 million hectares of unused arable lands.
If ethanol production does take off in Russia, it will target the export market to begin with, Ablayev says. The government charges an excise duty of at least 26 rubles (€0.71) to sell 1 litre of ethanol."
20th March, 2008
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successfulThe Russian government will back the construction of 30 new ethanol plants to produce biofuels, Prime Minister Viktor Zubkov has announced.
A government programme to develop biofuel production will begin this year. Apart from the construction of new ethanol plants, the programme will also upgrade existing facilities.
Russia will eventually produce 2 million tonnes of ethanol a year if the programme is successful. Some of the plants are likely to produce ethanol from timber waste, such as sawdust, Alexei Ablayev, director of the National Biofuel Association, says. The Russian plants could also make ethanol from such crops as wheat.
Researchers are close to developing a technology to make fuel out of timber waste that will be as efficient as the current conversion of crops into fuel.
Approximately 30 Russian plants which made ethanol from non-crop raw materials became bankrupt with the collapse of the Soviet Union due to the plants' technology making the fuel too expensive.
Plans to divert some of the country's crop harvests to make fuel should not send bread prices soaring because there is room to grow larger harvests, Ablayev says. In October Agriculture Minister Alexei Gordeyev stated that Russia has 20 million hectares of unused arable lands.
If ethanol production does take off in Russia, it will target the export market to begin with, Ablayev says. The government charges an excise duty of at least 26 rubles (€0.71) to sell 1 litre of ethanol."
biofuels international
biofuels international: "New yeast brews better bioethanol
27th March, 2008
Gekkeikan General Research Institute has developed a new production technology for bioethanol.
The institute produces ethanol from inedible plant materials such as chaff and paddy straw by using sake yeast genetically modified with koji mould (aspergilli) genes.
The new method pre-treats plants for fermentation with high-temperature and pressure water, not with chemical agents.
The research was conducted as a part of the Innovative Technology Development Research Project, which was established by Japan Science and Technology Agency (JST), with the help of researchers from Kobe University, Kyoto University and Tohoku University.
Plant cellulose, a raw material for bioethanol, has a chemically-stable and robust structure. The strength of the structure is weakened by the subcritical water treatment method to be ready for fermentation.
In a subcritical region, water is at a high temperature and pressure (150-370°C) and acidic. But when the temperature and pressure decline, it quickly becomes neutral. Plant cellulose can be pretreated with a devise simpler than the one used for supercritical water (above 374°C and 22.1MPa).
From the perspectives of environmental load and safety, the new method is superior to the existing pretreatment method that uses chemical agents such as sulfuric acid.
Koji mould's genes that produce cellulolytic enzymes were incorporated in sake yeast so that the enzymes are densely arranged on the surfaces of the yeast cells.
In normal sake brewing, alcohol is produced by two processes: Koji mould dissolves rice starch into sugar, and yeast ferments the sugar. The new yeast has the functions of koji mould and can produce ethanol by itself from cellulose pretreated with subcritical water."
27th March, 2008
Gekkeikan General Research Institute has developed a new production technology for bioethanol.
The institute produces ethanol from inedible plant materials such as chaff and paddy straw by using sake yeast genetically modified with koji mould (aspergilli) genes.
The new method pre-treats plants for fermentation with high-temperature and pressure water, not with chemical agents.
The research was conducted as a part of the Innovative Technology Development Research Project, which was established by Japan Science and Technology Agency (JST), with the help of researchers from Kobe University, Kyoto University and Tohoku University.
Plant cellulose, a raw material for bioethanol, has a chemically-stable and robust structure. The strength of the structure is weakened by the subcritical water treatment method to be ready for fermentation.
In a subcritical region, water is at a high temperature and pressure (150-370°C) and acidic. But when the temperature and pressure decline, it quickly becomes neutral. Plant cellulose can be pretreated with a devise simpler than the one used for supercritical water (above 374°C and 22.1MPa).
From the perspectives of environmental load and safety, the new method is superior to the existing pretreatment method that uses chemical agents such as sulfuric acid.
Koji mould's genes that produce cellulolytic enzymes were incorporated in sake yeast so that the enzymes are densely arranged on the surfaces of the yeast cells.
In normal sake brewing, alcohol is produced by two processes: Koji mould dissolves rice starch into sugar, and yeast ferments the sugar. The new yeast has the functions of koji mould and can produce ethanol by itself from cellulose pretreated with subcritical water."
biofuels international
biofuels international: "Brazilian state to build 10 ethanol and sugar plants
4th April, 2008
The southern Brazilian state of Paraná will construct 10 ethanol and sugar plants due for operation in 2010.
The state is the country's second largest ethanol producer and the fourth largest sugar producer. Planted area for sugarcane is set to increase by 16.5% in the 2007/2008 crop.
In 2007, two new units entered into operation. Another unit should be inaugurated this year, and by 2010 nine others are expected to join the 23 active plants.
According to the Association of Alcohol and Sugar Producers of the State of Paraná (Alcopar), in the 2005/2006 crop the state ranked as the second largest Brazilian ethanol producer. Production totalled 1.042 million m3, against 9.951 million in the state of São Paulo.
The Secretariat of Agriculture estimates that the 2007/2008 sugarcane crop might reach 55.2 million tonnes, which would represent an increase of 16.5% over the previous crop. Planted area should rise from 536,071 hectares to 622,506 hectares.
Last year, the state of Paraná exported 1.465 million tonnes of sugar, generating revenues of $384.4 million (€245 million) for the state."
4th April, 2008
The southern Brazilian state of Paraná will construct 10 ethanol and sugar plants due for operation in 2010.
The state is the country's second largest ethanol producer and the fourth largest sugar producer. Planted area for sugarcane is set to increase by 16.5% in the 2007/2008 crop.
In 2007, two new units entered into operation. Another unit should be inaugurated this year, and by 2010 nine others are expected to join the 23 active plants.
According to the Association of Alcohol and Sugar Producers of the State of Paraná (Alcopar), in the 2005/2006 crop the state ranked as the second largest Brazilian ethanol producer. Production totalled 1.042 million m3, against 9.951 million in the state of São Paulo.
The Secretariat of Agriculture estimates that the 2007/2008 sugarcane crop might reach 55.2 million tonnes, which would represent an increase of 16.5% over the previous crop. Planted area should rise from 536,071 hectares to 622,506 hectares.
Last year, the state of Paraná exported 1.465 million tonnes of sugar, generating revenues of $384.4 million (€245 million) for the state."
Bloomberg.com: News
Bloomberg.com: News: "Russia May Sign 3-Sub Deal With Venezuela By May, Interfax Says
By Patrick Henry
April 4 (Bloomberg) -- Russia may sign a contract to sell Venezuela three Varshavyanka-class diesel-powered submarines in the next two months, Interfax reported today, citing an unidentified Russian defense-industry official.
Negotiations on the contract are ``practically complete,'' and the signing of the contract will ``probably'' be timed to coincide with Venezuelan President Hugo Chavez's visit to Moscow next month, the Russian news service said, citing the official.
To contact the reporter on this story: Patrick Henry in Moscow at phenry8@bloomberg.net
Last Updated: April 4, 2008 05:47 EDT"
By Patrick Henry
April 4 (Bloomberg) -- Russia may sign a contract to sell Venezuela three Varshavyanka-class diesel-powered submarines in the next two months, Interfax reported today, citing an unidentified Russian defense-industry official.
Negotiations on the contract are ``practically complete,'' and the signing of the contract will ``probably'' be timed to coincide with Venezuelan President Hugo Chavez's visit to Moscow next month, the Russian news service said, citing the official.
To contact the reporter on this story: Patrick Henry in Moscow at phenry8@bloomberg.net
Last Updated: April 4, 2008 05:47 EDT"
Bloomberg.com: News
Bloomberg.com: News: "Russian Stocks: Gazprom, Rosneft, Wimm-Bill-Dann Shares
By William Mauldin
March 28 (Bloomberg) -- Russia's Micex Index rose for a second day, gaining 0.8 percent to 1,631.31 at 12:56 p.m. in Moscow as 19 stocks advanced and 11 retreated. The dollar- denominated RTS Index increased 0.9 percent to 2,047.34.
The following were among the most active stocks in the Russian market today. Symbols are in parentheses.
OAO Gazprom (GAZP RX) climbed 1.4 percent to 301.20 on the Micex Stock Exchange, its highest level in two weeks. Deutsche Bank AG boosted its price estimate for shares of the world's biggest natural-gas producer 6.7 percent to $20.80 (489 rubles), saying Gazprom may benefit from higher global gas prices.
OAO Rosneft (ROSN RX) rose 2.4 percent to 210.98 rubles, the best performer in the Micex Index today. Deutsche Bank raised its price estimate for shares of Russia's biggest oil producer 4.6 percent to $18.30 (430 rubles), citing Brent crude prices that may average $95.50 a barrel this year and $102.50 next year."
By William Mauldin
March 28 (Bloomberg) -- Russia's Micex Index rose for a second day, gaining 0.8 percent to 1,631.31 at 12:56 p.m. in Moscow as 19 stocks advanced and 11 retreated. The dollar- denominated RTS Index increased 0.9 percent to 2,047.34.
The following were among the most active stocks in the Russian market today. Symbols are in parentheses.
OAO Gazprom (GAZP RX) climbed 1.4 percent to 301.20 on the Micex Stock Exchange, its highest level in two weeks. Deutsche Bank AG boosted its price estimate for shares of the world's biggest natural-gas producer 6.7 percent to $20.80 (489 rubles), saying Gazprom may benefit from higher global gas prices.
OAO Rosneft (ROSN RX) rose 2.4 percent to 210.98 rubles, the best performer in the Micex Index today. Deutsche Bank raised its price estimate for shares of Russia's biggest oil producer 4.6 percent to $18.30 (430 rubles), citing Brent crude prices that may average $95.50 a barrel this year and $102.50 next year."
Bloomberg.com: News
Bloomberg.com: News: "Russian Oil Output May Fall for First Time in Decade in 2008
By Greg Walters
March 27 (Bloomberg) -- Russian oil output may fall this year for the first time in a decade as the world's second-biggest supplier struggles with rising costs and harder-to-reach fields, Natural Resources Minister Yuri Trutnev said.
``Two years ago, we said the growth rate was falling, and we said this was bad for Russia, remember?'' Trutnev said in televised remarks after a government meeting in Moscow today. ``Now we're saying the production rate is falling this year. This is not a bogeyman, unfortunately, this is real,'' Trutnev said, without giving a specific forecast.
A decline would end a 10-year, 58 percent surge in production, which fell to 6.2 million barrels a day in 1998, when prices dipped below $10 a barrel and Russia defaulted on about $40 billion of domestic debt and devalued the ruble."
By Greg Walters
March 27 (Bloomberg) -- Russian oil output may fall this year for the first time in a decade as the world's second-biggest supplier struggles with rising costs and harder-to-reach fields, Natural Resources Minister Yuri Trutnev said.
``Two years ago, we said the growth rate was falling, and we said this was bad for Russia, remember?'' Trutnev said in televised remarks after a government meeting in Moscow today. ``Now we're saying the production rate is falling this year. This is not a bogeyman, unfortunately, this is real,'' Trutnev said, without giving a specific forecast.
A decline would end a 10-year, 58 percent surge in production, which fell to 6.2 million barrels a day in 1998, when prices dipped below $10 a barrel and Russia defaulted on about $40 billion of domestic debt and devalued the ruble."
Bloomberg.com: News
Bloomberg.com: News: "Russia May Cut Oil Tax by $4.2 Billion a Year in 2009 (Update3)
By Greg Walters and Alex Nicholson
March 25 (Bloomberg) -- Russia, the world's biggest oil exporter after Saudi Arabia, may cut its crude extraction tax by 100 billion rubles ($4.2 billion) a year to help companies boost output, Finance Minister Alexei Kudrin said.
``I suspect this is just a start,'' Ronald Smith, chief strategist with Moscow-based Alfa Bank, said by phone today. ``Four billion dollars probably isn't enough to make a big difference, but this is a very good beginning.''"
By Greg Walters and Alex Nicholson
March 25 (Bloomberg) -- Russia, the world's biggest oil exporter after Saudi Arabia, may cut its crude extraction tax by 100 billion rubles ($4.2 billion) a year to help companies boost output, Finance Minister Alexei Kudrin said.
``I suspect this is just a start,'' Ronald Smith, chief strategist with Moscow-based Alfa Bank, said by phone today. ``Four billion dollars probably isn't enough to make a big difference, but this is a very good beginning.''"
Bloomberg.com: News
Bloomberg.com: News: "Lukoil Plans `Big Acquisitions' This Year; Cuts Output Target
By Torrey Clark
April 4 (Bloomberg) -- OAO Lukoil, Russia's largest independent crude producer, plans ``big acquisitions'' this year after cutting the output target for its existing oil fields, Chief Executive Officer Vagit Alekperov said.
Oil output, not including possible acquisitions, will increase 1.8 percent to 2 percent this year, Alekperov said in St. Petersburg, according to an e-mailed statement. In January, he said combined crude and natural gas production may rise 5 percent to 7 percent in 2008.
``The company is preparing for big acquisitions,'' Alekperov said. Lukoil is still looking to buy refineries in southern and northern Europe, Alekperov said. He declined to comment on whether the company would by ERG SpA's refinery in Sicily."
By Torrey Clark
April 4 (Bloomberg) -- OAO Lukoil, Russia's largest independent crude producer, plans ``big acquisitions'' this year after cutting the output target for its existing oil fields, Chief Executive Officer Vagit Alekperov said.
Oil output, not including possible acquisitions, will increase 1.8 percent to 2 percent this year, Alekperov said in St. Petersburg, according to an e-mailed statement. In January, he said combined crude and natural gas production may rise 5 percent to 7 percent in 2008.
``The company is preparing for big acquisitions,'' Alekperov said. Lukoil is still looking to buy refineries in southern and northern Europe, Alekperov said. He declined to comment on whether the company would by ERG SpA's refinery in Sicily."
BLOOMBERG: Search Results: OIL
Search Results: OIL: "Crude Oil Rises as US Refinery Shutdowns Reduce Fuel Supplies ... Crude Oil Rises as US Refinery Shutdowns Reduce Fuel Supplies April 4 (Bloomberg) --
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Crude oil rose in New York as lower refinery production and unplanned ...
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