Archive: 08/22/2008
Main
News
Paulson
Risks Goldman Standard as Fannie, Freddie Shares Erode
Bloomberg - USA
So he turned to Fed Chairman Ben S. Bernanke, whose support would be critical
to convincing skeptical Democrats to back the plan. During one of their weekly
...
Hedge
Investors on Cautious Tack in Choppy Markets
By: Reuters
Posted: 08/21/2008 11:22:12 AM ET
http://www.hedgeworld.com/news/read_news.cgi?section=dail&story=dail15210.html
Analysis:
Private Equity to Beat Hedgies to Distressed Assets
By: Reuters
Posted: 08/21/2008 9:51:13 AM ET
http://www.hedgeworld.com/news/premium/read_news.cgi?section=peop&story=peop3576.html
Reward is worth risk for emerging market gurus
Aug 20 2008 23:30
Read more »
From
the desk of Dick Fuld, Lehman Brothers CEO
Credit Apocalypse Now
Top economist sees a big bank failure in the coming months. Read More
Subprime
Mortgage Bonds Lead `Extinct' Credits, Moody's Says
Bloomberg - USA
21 (Bloomberg) -- Subprime mortgage-backed bonds lead credit products rendered
``extinct'' by the collapse of the US housing market, according to Moody's ...
Global
Market Brief: Sorting Out China's Economic Conundrum
August 21, 2008 1509 GMT
Two divergent paths for China's economy have emerged, and the government has
been involved in an internal struggle over which path to take.
http://www.stratfor.com/analysis/global_market_brief_sorting_out_chinas_economic_conundrum
Few
Speculators Dominate Vast Market for Oil Trading
(By David Cho, The Washington Post)
Wednesday
, 20 Aug 2008
Frank Holmes of US Global Investors feels that the downturn in commodity prices
has been overdone with commodities and stocks due a considerable rally.
Weekly
Economic Update
Hot And Cold<http://app.en25.com/e/er.aspx?s=795&lid=6650&elq=DEBDD095FFA941108E23EBC7827A42C7>
While economic data remains cold, inflation for July was hotter than hoped.
Both headline and core prices were much stronger than expected, and a concern.
However, with commodity prices on the retreat in August, the report is unlikely
to spook the Fed into raising rates. S&P believes the next move will be
upward, but probably not until spring and almost certainly not until after the
election. Additionally, S&P expects the dollar to stabilize in its recent
range, perhaps heading to $1.45/euro early next year, which will take further
pressure off the Fed. The stronger dollar is helping push oil prices lower, but
the main driver is the weaker demand growth and the reversal of speculative
flows as expectations of future increases diminish.
49
Ratings Lowered On 11 U.S. CDOs Of ABS; $4.441 Billion In Issuance Affected<http://now.eloqua.com/e/er.aspx?s=795&lid=6660&elq=DEBDD095FFA941108E23EBC7827A42C7>
334
Ratings From 46 U.S. Subprime RMBS Transactions Lowered; 295 Ratings
Affirmed<http://now.eloqua.com/e/er.aspx?s=795&lid=6661&elq=DEBDD095FFA941108E23EBC7827A42C7>
August
2008-Credit
markets: Life after the crunch
It’s
a year since the credit crunch began and still there is no end in sight to the
bloodletting. Euromoney looks at the prospects for bankers facing this
unprecedented downturn as traditional alternative employment avenues struggle
to pick up the slack...
Hedge
fund Andor Capital to close down: report
MarketWatch - USA
By Simon Kennedy LONDON (MarketWatch) -- US hedge fund Andor Capital Management
will close down and return money to investors, according to a report in the ...
Who
Needs A Hedge Fund Anyway?
CNBC - Englewood Cliffs,USA
By Albert Bozzo Senior Features Editor | 20 Aug 2008 | 11:38 AM ET
“Institutions have taken over the hedge fund space," says Morningstar
analyst Nadia Van ...
By
MARK DeCAMBRE
Major
US investment banks are seeing a lot less junk in their trunks this year - and
as it turns out, that's a bad thing. Underwriting volume this year for
high-yield securities, known widely on Wall Street as junk debt, has sunk at
firms...full
story
|
U.S.
Bank Losses Threaten U.K. Finances |
China's ICBC emerges as world's most profitable bank
A resilient economy and the ability to sidestep the credit crisis helped Industrial
and Commercial Bank of China become the most profitable bank in the world.
ICBC's first-half earnings reached a record $9.42 billion. "This shows the
rise of economic power in China," said Yuk Kei Lee, a Core
Pacific-Yamaichi International analyst. "ICBC's earnings power has already
overtaken other global giants, but we need time to see if this achievement can
be sustained." Bloomberg (21 Aug.)
Germany
puts sovereign funds under further scrutiny
German Chancellor Angela Merkel's cabinet has increased its scrutiny of
sovereign wealth funds with the approval of a bill that would empower the
government to prevent non-EU investments greater than 25% in German
companies. (The Times)
http://mail2.efnmail.co.uk/r/390609/MTk4MTI1OjE4Mzcx/
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Yield
Curve Corner
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Natural
Disaster Corner
Climate
Prediction http://www.nws.noaa.gov/predictions.php
World
Meterological Organization http://severe.worldweather.org/
Tornadoes:
http://www.disastercenter.com/tornado.htm
Great
Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/TRCfay234_N7.jpg
Climate resolutions 'having big impact'
Aug 20 2008 22:16
A coalition of investors and environmental groups claim climate change-related
shareholder resolutions filed in the US this year achieved breakthrough results
Read more »
_________________________________________________________________________
Iranian
Situation and Other Man Made Disasters
Iran
central bank issues own high denomination notes
AFP via Yahoo! News Thu, 21 Aug 2008 6:28 AM PDT
Iran's central bank has begun issuing its own high-denomination paper notes to
replace the promissory notes issued by private banks which will now be banned,
state media said on Thursday.
What
Russia’s Moves on Georgia Could Mean for Iran
Newsweek Thu, 21 Aug 2008 10:47 AM PDT
Given Russia's moves on Georgia, it's time for the United States to rethink its
policy toward Iran.
Russian,
Swiss and Canadian firms bidding on Iran reactor projects
World Tribune Thu, 21 Aug 2008 9:21 AM PDT
NICOSIA — Iran plans to construct a series of nuclear reactors. A senior
Iranian official said Teheran has signed contracts to establish six nuclear
power plants by 2021. They said this was in addition to the Russian reactor at
Bushehr, expected to begin operations by 2009.
GCC:
Compares Iran To Israel
August 21, 2008 1548 GMT
Gulf Cooperation Council secretary-general Abdulrahman al-Attiyah compared
Iran’s installation...
http://www.stratfor.com/sitrep/gcc_compares_iran_israel
_________________________________________________________________________
Opalesque’s
Corner
-
Opalesque Exclusive: As Congress investigates further regulatory oversight of
SWF investing, Wall Street firms take a more proactive stance, Goldman Sachs
hires lobbyist
- Fund Launches - Opalesque Exclusive: Quilvest to launch a non-equity FoHFs,
the QSAM Diversified, Penso Capital Markets to launch alpha risk overlay
strategy this month, London`s Nau Capital to market macro fund, Update: Cohen
& Steers launches Global Real Estate L/S offshore fund, Macquarie plans
AUS$1bln mortgage fund
- Opalesque Exclusive: Advent launches Global Opportunity Strategy to take
advantage of current dislocations in capital structure
- Closures - Andor Capital to shut down and return money to investors,
co-founder Daniel Benton to retire, Gracie Capital redistributes 50% of assets
of closed fund to investors
- Performance - Harbinger loses 5.8% MTD due to long energy, short financials
trades, Thames River increase fee earnings thanks to its oldest hedge funds,
RAB Special Situations may buy back shares after decline
- Assets - BlueCrest seeks assets for credit fund
- Distressed assets - Start-up HF Hildene to buy distressed products, Private
equity to beat hedgies to distressed assets
- Niche Investing - Former UBS banker Jorge Mora starts wine fund
- Investment outsourcing for the hedge fund world will continue to grow
- Credit Crunch Update - Fannie and Freddie may need to raise as much as
$100bln to cover potential mortgage losses, Comment: Years of soft regulation
and lax management siphoned off investor value, Lehman failed to secure $5bln
from Korean SWF, Analyst Brad Hintz slashes Q3 forecasts for Goldman, Morgan
and Lehman, UBS chairman wants `radical transformation`, Bond kings on the
credit crunch (video)
- Dr. Doom: Global recession will drive down energy prices by 30%
- A.R.S. Update - Cuomo steps up ARS probe of banks and brokerages, BofA,
Goldman and Deutsche Bank face more ARS scrutiny
- Regulatory - Third Point`s Daniel Loeb under SEC probe, defends communication
practices with other hedge funds, UNI Finance welcomes Euopean Parliament`s
draft report on hedge funds and private equity calling for new regulation,
Taiwan deregulates ETF business
- Institutions - BBC`s pension scheme to increase alternatives
allocation, MassPRIM allocates $540m to three portable alpha FoHF managers
- People - BlueCrest seeks four credit derivatives traders, State Street
appoints David Puth to lead investment research, securities finance and trading
activities worldwide
- Europe - UK retail demand for hedge funds is outstripping supply, Gartmore
targets Germany, Gartmore reveals consumer shorts, Harcourt to get Swiss
license, Lipper: European ETF assets under management up 3.2% to Eur110.9bln in
Q2
- Africa - Old Mutual alternatives unit buys a quarter of credit management
services group Real People
- Asia - Sumitomo to liquidate FoHF advisory platform Sumisho Capital
Management on 1st September, Samsung Securities plans alternative-investment
desk in Singapore, ICBC set for world record profit
- Emerging Markets - EM performance up, inflows down: HFR, Comment: The wild
card of political risk in EM investing, Buyout groups warned on EM assets
- Commodities - Goldman reiterates $149 per barrel end-2008 oil forecast
- Environmental - Carbon funds grow in 2008 but slowed by uncertainty
- Tech Update - Electronic trading will oil the wheels of covered bonds,
Archway Technology and M.S. Howells & Co. form strategic alliance to launch
new portfolio reporting platform
- Activist News - Holders fight Natixis rights issue, Elliott Associates takes
9.9% stake in software firm Epicor, explores `strategic alternatives`
- News Briefs - TCW named one of the `best places to work` in Los
Angeles, US survey finds consumers adapting credit card behavior to meet
current market conditions, New accord ends legal battle between CBOT and CBOE,
Woman who sued Caxton-Iseman pleads guilty to theft, Nymex Holdings removed
from Dow Jones Global Exchanges Index
- ...And finally: Bizarre advertisements
- Logon: http://www.opalesque.com/index.php?act=archive
_________________________________________________________________________
Misc.
Items of Interest
_____________________________________________________________________
Funnies,
Facts, Quotes, etc….
juju
JOO-joo, noun:
1.
An object superstitiously believed to embody magical powers.
2. The power associated with a juju.
_________________________________________________________________________
Conference,
Courses, Books, Papers
Great
Research Sites:
Merrill
Lynch research Link to full report including important disclosures see example
John
Mauldin’s Weekly Analysis
James
Altucher’s Website:
Other
useful sites:
_________________________________________________________________________
Index
Corner
The
CSFB/Tremont Hedge Fund Index www.hedgeindex.com.
The
Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp
The
Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent
(free registration)
_________________________________________________________________________
Regulatory
Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
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