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The Deep, Inner Meaning Of Bank of America's (BAC) TARP Repayment

Fri, 04 Dec 2009 14:19:07 GMT

As expected, Bank of America (BAC) will repurchase its $45 billion TARP preferreds, funded in part by an additional $18.8 billion in "common stock equivalents", $4.0 billion in asset sales, and $1.7 billion in restricted stock issued to employees in lieu of cash bonuses.[More...]

Forget Yesterday, It's All About Jobs

Fri, 04 Dec 2009 13:21:30 GMT

Good morning. Stocks tanked in the last half-hour on Thursday and while the major news outlets attributed the decline to either profit taking or some trepidation in front of this morning's big Jobs report, we'd like to offer a little more substantial reason for the 85 point dive on an otherwise subdued day of trading.[More...]

Fed Balance Sheet Declines By $15 Billion After Improbable Reduction In MBS, Excess Reserves, Monetary Base Hit Record

Fri, 04 Dec 2009 04:14:41 GMT

The Federal Reserve's balance sheet declined by $15 billion to $2,183 billion from the prior week, after the Fed presumably offloaded $2.7 billion in MBS: this is the first time since QE started that MBS holdings have declined. If anyone can tell us just who the idiots are who bought MBS from the Fed (and at what price), and who the even greater idiots are who are supposed to believe this, please send us an email.[More...]

China Will Continue To Drive The Global Economic Recovery In 2010

Thu, 03 Dec 2009 14:38:07 GMT

China isn’t just leading the global economic recovery – it’s lapping the field.[More...]

Interesting Stat: How Much Private Sector GDP Is From Construction And Real Estate?

Thu, 03 Dec 2009 13:15:56 GMT

Back in June, we discussed commercial real estate at length following attendance at a large real estate conference in NYC. Our tone was cautious and one question we wondered about was the percentage of GDP that real estate represents. We actually came across the answer back in August and meant to share then, but didn't get to it. Since the question/topic remains highly relevant to considering the potential negative economic drag from depressed real estate activity, we're sharing now -- the following table is from an 8/28/09 NYTs article, "Construction That Fueled Growth in the Sun Belt Slows":[More...]

Credit Market Overview: Dec 3, 2009

Thu, 03 Dec 2009 12:59:02 GMT

The credit crunch crisis of confidence which we appear to be crawling out of even though the debt and equity markets catapulted themselves higher earlier this year could be similarly argued to be a crisis that started in the credit markets which crunched confidence around the world as it could a collapse in confidence in the value of the securities investors held which corrupted the credit markets causing them to cease funding.[More...]

Grab Some Northern Exposure With EWC

Wed, 02 Dec 2009 21:39:42 GMT

Emerging markets are captivating investors again, but tidy profits aren’t always far away. Placing your bets on well-established global markets can also prove rewarding. That's why we're looking at Canada.[More...]

Unemployment Struggling To Turn A Corner As Job Losses Mount In November

Wed, 02 Dec 2009 21:20:20 GMT

U.S. job losses in the private sector slowed in November but still exceeded economists’ projections, a report by payroll-processing firm Automatic Data Processing (Nasdaq: ADP) indicated yesterday (Wednesday).[More...]

Why Barrick Closed Their Gold Hedge

Wed, 02 Dec 2009 19:15:14 GMT

It sure looks like gold is going to close above $1,200 an ounce today in New York. And large open market purchases from central banks in China, India and Russia are only helping the price surge more. (Just one year ago, some of these same central banks were actually selling gold in an attempt to fill an annual 10,000-ton supply gap.)[More...]

How To Profit From The 'Next' Dubai

Wed, 02 Dec 2009 13:51:42 GMT

The Dubai World default is a matter of only $60 billion – mere peanuts when compared to other elements of the global financial crisis. It’s thus of concern only to those silly enough to invest in real estate there (and the European banks foolish enough to finance it.) For the rest of us, it is a useful reminder that sudden collapses don’t really come out of nowhere – they can be foreseen, and smart investors can plan for them.[More...]

BPO Space Oversupply Seen to Remain Until 2012

Thu, 03 Sep 2009 16:51:00 GMT

Sep. 4--FILINVEST Land Inc. (FLI) said the oversupply in business process outsourcing (BPO) office space in Metro Manila would persist in the next three years.
Joseph Yap, FLI president and chief executive, said the demand for BPO space in Metro Manila remains, but several developers already noted a glut in available supply.
Quezon City and Fort Boni-facio are the two growth areas for BPO office space.

[More...]

Filinvest Land to Bid for Global City Property

Mon, 08 Jun 2009 16:53:00 GMT

Jun. 9--In a disclosure to the Philippine Stock Exchange, Filinvest Land, Inc. (FLI) said it submitted last week the eligibility requirements for the privatization and joint venture development of BCDA's 8.38-hectare property at Bonifacio Global City, Taguig City.
In April, BCDA said the property would be disposed using the National Economic and Development Authority's guidelines for Competitive Challenge Type Procedure for Public-Private Joint Ventures issued last year.
Under this competitive challenge scheme, BCDA would be inviting proposals from other firms to match a proposal submitted by a developer.

[More...]

CHC and First Reserve Announce Closing of Plan of Arrangement - PR Newswire

Tue, 16 Sep 2008 18:28:00 GMT

CHC Helicopter Corporation and First Reserve Corporation are pleased to announce that the Plan of Arrangement between 6922767 Canada Inc., an affiliate of funds managed by First Reserve, and CHC was completed today. The Arrangement was overwhelmingly approved by CHC's shareholders at a special meeting held on April 29, 2008, and was approved by the British Columbia Supreme Court on May 1, 2008. Under the Arrangement, 6922767 Canada Inc. acquired all of CHC's outstanding Class A Subordinate Voting Shares and Class B Multiple Voting Shares for cash consideration of CDN$32.68 per share.[More...]

CHC and First Reserve Announce Closing of Plan of Arrangement - Market Wire

Tue, 16 Sep 2008 17:43:00 GMT

GREENWICH, CT, and HOUSTON, TX and LONDON, UK and VANCOUVER, BC -- -- 09/16/08 -- CHC Helicopter Corporation and First Reserve Corporation are pleased to announce that the Plan of Arrangement between 6922767 Canada Inc., an affiliate of funds managed by First Reserve, and CHC was completed today. The Arrangement was overwhelmingly approved by CHC's shareholders at a special meeting held on April 29, 2008, and was approved by the British Columbia Supreme Court on May 1, 2008. Under the Arrangement, 6922767 Canada Inc. acquired all of CHC's outstanding Class A Subordinate Voting Shares and Class B Multiple Voting Shares for cash consideration of CDN$32.68 per share.[More...]

CHC and First Reserve Announce Closing of Plan of Arrangement - CCN

Tue, 16 Sep 2008 17:43:00 GMT

- CHC Helicopter Corporation and First Reserve Corporation are pleased to announce that the Plan of Arrangement between 6922767 Canada Inc., an affiliate of funds managed by First Reserve, and CHC was completed today. The Arrangement was overwhelmingly approved by CHC's shareholders at a special meeting held on April 29, 2008, and was approved by the British Columbia Supreme Court on May 1, 2008. Under the Arrangement, 6922767 Canada Inc. acquired all of CHC's outstanding Class A Subordinate Voting Shares and Class B Multiple Voting Shares for cash consideration of CDN$32.68 per share.[More...]

CHC Announces Expected Closing Date for Acquisition by First Reserve

Fri, 12 Sep 2008 03:16:00 GMT

- CHC Helicopter Corporation today announced that it expects the acquisition of CHC by 6922767 Canada Inc., an affiliate of a fund managed by First Reserve Corporation, to close on September 16, 2008. The parties have acknowledged that all conditions to close for the transaction have now been satisfied.[More...]