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Category Archive: Uncategorized
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Canada: Of Resource Investment and ‘Net Benefit’s
Two important pieces of news for the Canadian resource sector were announced today, both reference in some way the “net benefit” clause for investment in Canada, one at a national level (Nexen-CNOOC), the other at a provincial (National Gateway pipeline review), both important to Canadian and global resource supply chains. First, the proposed takeover of Nexen [...]
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How Much Did Barclays Make From Manipulating Libor?
No doubt at some point a full calculation will be forthcoming. It is important to remember that many banks are involved in the scandal, and that for every long derivative there’s a short, so there were winners and losers and the sums are all mixed up. It may well be that just as Bank X’s [...]
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India Is Likely to Move Out of Policy Logjam
The last few months of Pranab Mukherjee (India’s prime Presidential candidate now) being at the helm of India’s Ministry of Finance has been tumultuous, to say the least. Maybe, not as much for him but surely for the economy, as a whole. Not that the entire blame lies at his doors. The global economy continued [...]
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EU Summit: Some Good Progress, But Any Game Changers?
This EU summit marked many firsts for eurozone crisis era EU summits: it was the first time Greece hasn’t been discussed in years, it was the first time Italy and Spain bonded together and it was the first time President Hollande attended an EU summit. By dinner time on Thursday, the EU summit seemed a [...]
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A Week in Sovereign Wealth: From Nigeria to Qatar
Its been an important week for two funds at different ends of the sovereign investment risk tolerance spectrum – Nigeria and Qatar, both of which have sparked a series of headlines and have intentionally or not taken some new strides. The Nigerian governors breaking the deadlock on the country’s new US$1 billion fund and Qatar [...]
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EFSF/ESM Bond Buying in Primary Market Not Much Better
I’ve already explained why EFSF/ESM secondary market bond purchases wouldn’t really help. One of the ideas floating around the EU summit is that the EFSF/ESM can buy bonds in the primary markets. While this would be more effective in terms of reducing borrowing costs and buying time, it is unlikely to buy enough time to [...]
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Markets Tire of EZ Tricks: RGE’s Parul Walia Sits Down with Megan Greene for a Discussion on the EZ Summit and Implications for Europe and the UK
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EFSF/ESM 2ndary Market Bond Purchases Wouldn’t Bring Much Relief
A number of ideas have been mooted over the past two weeks for steps towards a banking and fiscal union in the eurozone. Of all of these options to be discussed today at the EU summit in Brussels, it seems that the idea of having the EFSF/ESM purchase bonds in the secondary market to suppress [...]
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Poised for a Correction
Over the past couple of weeks equity markets have stood up against the gods, shrugging the heightened EZ crisis and continued disappointments in global macro prints. The market seems poised for disappointment in our view as the recent price actions seem to have more than reflected our views on the latest global easing cycle. As [...]
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Angela’s Ashes: Could a Slowdown in German Growth Save the Euro?
Athens to Madrid: back to you Following the June 17 elections, Greece seems set to be governed by a broad, awkward coalition formed by the center-right New Democracy party, its historical rival, the center-left Pasok, and several small parties. A consequence of this electoral outcome is that Greece is less likely to exit the eurozone [...]
