| CME’s Nymex bid set to trigger battles
The CME Group's $11.3bn bid for energy exchange Nymex is facing opposition from within the derivatives industry over concerns that it will create a dominant exchange with excessive pricing power. The CME could also be on a collision course with some members of Nymex who hold trading rights and feel that the CME's proposal to buy them out for $500m understates the long-term value of the benefits associated with those rights. At least one hedge fund is thought to be looking at the option of threatening to sue the Nymex over the terms of the proposed deal. .
Wild swings leave investors breathless
A frenetic year in markets saw worries about the credit squeeze do battle with the hope for “Chindia"-driven global growth, causing markets to whipsaw in spectacular fashion. The turmoil left many casualties, particularly among financial institutions, with Northern Rock, the UK bank, the most notable. But amid the frenzy, there were opportunities for picky and patient traders to pocket worthwhile gains. In equity markets, the trick was two-fold – be selective and keep your nerve. Even veteran investors remarked on the extraordinary switches in sentiment. The floor of the New York Stock Exchange would often pulse with fearful anticipation as the last hour of the trading day approached, so often did the market reverse direction, turning gains into heavy losses, and vice versa.
Quiz team bound for nationals
We're looking forward to going. It should be fun."The PCC Academic Excellence Team won the National Academic Quiz Tournaments regional competition and will participate in the national competition on April 11 and 12 in St. Louis, said team sponsor Carol Matulka, director of PCC learning resource center. .
Afghanistan:Manley Report
The trans-Afghan pipeline remains on hold until it can be built safely through Taliban territory. We find ourselves in a situation where, though we'd like to leave, if we cut our ties and left, the puppet would collapse. So before we leave we need to create an Afghan army that we can control from afar and that will prop up the Karzai government and secure the region for the US. But it seems we are having trouble finding Afghan recruits to replace us. But why should we be surprised? Afghanistan is a Muslim nation that has been invaded by infidels bent on imposing their godless values on the people. (Think of Britney Spears or Paris Hilton as poster girls for women's rights and freedoms.) Why would Muslims surrender their country to agents of the Great Satan? So of course they will fight us.
HSBC to set up brokerage in UAE equity markets
The company, to be called HSBC Middle East Securities, will offer UAE domestic market brokerage services to both institutional and retail investors. The company is expected to begin trading for institutions by the end of 2007, and to offer retail brokerage services in 2008. Emirates Securities and Commodities Authority (ESCA), the regulator for the UAE's securities markets, recently granted HSBC authorisation to establish the brokerage company. The authorisation is subject to the various legal and infrastructural requirements meeting the approval of ESCA, as well ADSM and DFM. With this approval, HSBC is poised to become the first global bank on the UAE's exchanges. HSBC already buys and sells UAE shares on behalf of Western institutions through third party brokers. In addition, HSBC is a sub-custodian on both ADSM and DFM, and this service will continue to be provided by the bank's specialist sub-custody operation.
Thomson Financial Europe AM at a glance share guide: Stocks, oil mixed
STOCKS: Wall Street retreated Thursday after Federal Reserve Chairman Ben Bernanke predicted a "sluggish" economy until later in the year and more mortgage-related losses at banks. Bernanke said the housing and credit crises have weighed on the economy and curbed hiring. Though the Labor Department Thursday said the number of workers filing unemployment claims fell 9,000 to 348,000 last week, Wall Street remained worried that businesses are becoming cautious about hiring and that unemployment will compound the debt problems that have been slamming the markets and the greater economy after the January jobs report that showed the first net jobs loss in more than four years. In addition, the Commerce Department reported Thursday that the trade deficit narrowed in 2007, dropping to 711.6 bln usd, after five years of record expansion.
Bernanke rate hope lifts shares
This would come within days of Tuesday's Reserve Bank meeting, when the Australian central bank is expected to hold off lifting its 6.75 per cent cash rate despite fears of bubbling inflation pressures. "It's the 'Bernanke put' with expectations of a big night in the US and rate cuts to come over the next quarter at least -- because he didn't just hint at one, he hinted at more than one," Macquarie Private Wealth associate director David Halliday said yesterday. Financial markets yesterday shrugged off news that Australia's current account deficit narrowed slightly to $15.59 billion compared with $15.62 billion in the June quarter. Separate figures yesterday showing business credit growing by a vigorous 21.7 per cent over the year to October came as a Reuters survey of market economists highlighted an expectation that the economy would post a strong 4.8 per cent annual growth rate when official numbers were released next week.
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