| Citi buys 14.5 pc of Globe Capital for Rs 168 cr
Citi Venture Capital International (CVCI), the private equity arm of Citigroup, has picked up around 14.5 per cent in the Delh-based Globe Capital for Rs 168 crore. At this price the company is being valued at over Rs 1,000 crore. While confirming the deal, Ashok Agrawal, chairman of Globe Capital, said Citi had invested $42 million for a minority stake in the company.. The company would use the proceeds for expanding into the retail segment and margin financing, he added. Globe Capital had reported a net profit of Rs 70 crore on a gross income of Rs 130 crore in the first nine months of 2007. Last fiscal, the company posted a net profit of Rs 50 crore. One of the leading clearing members in the futures and options (F&O) segment, the company plans to expand overseas and has already established operations in Dubai through a subsidiary and plans to acquire ICON Capital, a member of the London Stock Exchange.
NYMEX to Launch 11 New Balance of Month Petroleum Products Swap ...
NEW YORK, Nov. 20 /PRNewswire-FirstCall/ -- The New York Mercantile Exchange, Inc. today announced that it will introduce 11 new balance of month (BALMO) petroleum products swap futures contacts on NYMEX ClearPort clearing and trading, beginning on December 2 for trade date December 3. The new BALMO contracts will be cash-settled based on the balance of month average Platts price starting from the day of execution through the last trading day of the contract month. These contracts allow users to customize the balance of month period by selecting the start date of the BALMO averaging period. The first listed month will be the December 2007 contract, and the next contract month will be listed 10 business days before the start of the contract month. The new swap futures contracts and their commodity codes are: Singapore 180cst fuel oil BALMO (BS); Singapore 380cst fuel oil BALMO (BT); Singapore jet kerosene BALMO (BX); Singapore gasoil BALMO (VU); Singapore naphtha BALMO (KU); Dubai crude oil BALMO (BI); European 3.5% fuel oil (Northwest Europe) BALMO (KR); European 1% fuel oil (Northwest Europe) BALMO (KX); European naphtha BALMO (KZ); New York Harbor 1.0% fuel oil BALMO (VK); and Gulf Coast 3% fuel oil BALMO (VZ).
CFFEX approves 13 new members
The China Financial Futures Exchange (CFFEX) announced the fourth group of members on Monday. Including the 13 new members, the total number of CFFEX member brokers is now 52, accounting for about one third of all of China's futures brokers. Analysts believe continuous expansion of the membership indicates accelerated preparations for the launch of the country's first financial futures products based on the CSI 300 index. Two of the 13 new members - Donghai and Everbright - have been granted full clearing rights . Six of them are trading and clearing brokers: Topwin, Henan Wanda, Haitong, Shanghai Tonglian, Shanghai Zhonggu, and China Merchants. Five are trading members: Chuangyuan, Hengyin, SC, Zhujiang and Zhejiang Tiandi. As of yesterday, of the total 52 CFFEX members, seven are full clearing brokers, 27 are trading and clearing brokers, and 18 are trading members.
Rebate checks might prove skeptics wrong
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Another brutal day on Wall Street
The Nasdaq composite fell 2 percent and hit a 10-month low. The Russell 2000 (RUT.X) small-cap index lost 2.8 percent and hit a more than 17-month low. The Russell 2000 has now fallen over 20 percent from its all-time high reached in July of last year. The decline is the technical definition of a bear market. After the close Thursday, IBM (IBM, Fortune 500) reported higher quarterly sales and earnings that topped estimates. In addition, Advanced Micro Devices (AMD, Fortune 500) reported a quarterly loss - narrower than analysts had expected - on higher revenue. Also after the close Thursday, Washington Mutual (WM, Fortune 500) reported a wider quarterly loss that missed estimates, due in part to the weakening value of its mortgage portfolio. Separately, the company is being sued for appraisal fraud.
The skill of being different when it comes to buying the 'unloved'
We asked several leading multi-fund managers their strategies for making money in these uncertain times – and what their contrarian bets are at the moment. Gary Potter, Thames River Capital Gary Potter, who runs the recently launched Global Boutiques fund, said the biggest mistake anyone can make is buying a good performance after it has been achieved in the belief that it is going to continue. He said: "A rise in the tide lifts many boats. When the tide comes in, most boats tend to float. But it is when the tide goes out that you know who is left exposed. Investors should also examine in what stock market conditions the performance of a fund was created as these conditions may be very different in the future." Mr Potter said that fund managers have a particular approach and those approaches may not always work.
CORRECT: WALL STREET OUTLOOK Flat-to-higher open seen ahead of ...
(Corrects SEC chairman name in 4th graph) LONDON, Feb. 14, 2008 (Thomson Financial delivered by Newstex) -- Wall Street is looking at a flat-to-higher open ahead of congressional testimony from Federal Reserve Chairman Ben Bernanke, with Yahoo (NASDAQ:YHOO) likely to be an early focus on news reports it is mulling a tie-up with News Corp. (NYSE:NWS) According to spread bettors IG Index, the Dow Jones Industrial Average is expected to open down 4 points at 12,548 points. Separately, S&P 500 futures edged up 3 points at 1,366.70, while Nasdaq 100 futures were up 6 points at 1,826.25. Yesterday, stocks ended sharply higher after the Commerce Department reported an unexpected increase in retail sales last month and eased some concerns about consumers' willingness to spend despite economic uncertainty.
Stocks Finish Higher After Pullback
Stocks began the day lower amid concern about a rise in consumer prices and lackluster readings on home construction. But observers said the economic figures ultimately didn't prove all that surprising given a recent run-up in oil prices and the well-documented woes of the housing sector.
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