Politics, Policy, Economics - Since 2010

U.S. District Judge Alison Nathan in Manhattan today dismissed the remaining counts in the suit, after sharply narrowing it in a ruling in 2...

Harbinger Investor Suit Over Lightsquared Dismissed by Judge - BLOOMBERG

U.S. District Judge Alison Nathan in Manhattan today dismissed the remaining counts in the suit, after sharply narrowing it in a ruling in 2013. 

The investors claimed Harbinger acquired an interest in LightSquared, formerly known as SkyTerra Communications Inc., without adequately warning them of the risks. Harbinger ultimately owned 60 percent of LightSquared, which was developing a high-speed wireless broadband network before it filed for bankruptcy in 2012

http://www.bloomberg.com/news/articles/2015-03-30/harbinger-investor-suit-over-lightsquared-dismissed-by-judge

Yet again, DryShips, Inc. slippery deck CEO Mr. Economou ...may be running a scam. The press release really stated such: "In agree...

$DRYS: DryShips Inc. Announces Agreements to Sell Its Tanker Fleet


Yet again, DryShips, Inc. slippery deck CEO Mr. Economou ...may be running a scam. The press release really stated such:

"In agreeing to make the 20% advance payments (approximately $49 million for the 4 firm Suezmax sales) to DryShips rather than to retain a 10% deposit in a joint bank account which is the market standard, and by maintaining the flexibility to deliver the vessels to the purchasers forward, which enables DryShips to capitalize from today's strong spot charter rates, Mr. Economou has once again demonstrated his willingness to go the extra mile to support the best interests of DryShips. At the end of 2014, his personal $80 million equity investment as well as his personal guarantee of the ABN AMRO Bridge Loan, without which that transaction could not have been consummated, were crucial for DryShips. We look forward to his continued support for the benefit of all shareholders."

Is this real?? Does this guy - or his office rather -  use press releases for this (almost) penny stock to rise and fall....Meanwhile traders are loading up on the shares because they are $.80 a pop...not worth the risk if you ask me. Not worth the risk.

Newswire:
DryShips Inc. DRYS 2.41% (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer, George Economou, to sell its four Suezmax tankers, Vilamoura, Lipari, Petalidi and Bordeira, for an en-bloc sales price of $245 million. In addition, it has entered into agreements with entities controlled by Mr. Economou to potentially sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona. The agreements to sell the Aframax fleet are not effective until the purchaser confirms his unconditional acceptance latest by June 30, 2015.

Under the terms of the firm sales agreements on the four Suezmax tankers, the purchasers will pay upfront 20% to DryShips and the balance purchase price will be due on delivery which will be between July 1, 2015 and October 31, 2015, at the Company's option.

Read more: http://www.benzinga.com/news/15/03/5368251/dryships-inc-announces-agreements-to-sell-its-tanker-fleet#ixzz3VvLaL2Vw

LightSquared - Bankruptcy - ReOrg Research, Inc. More than two years and 10 months after LightSquared filed for bankruptcy protection, Ju...

LightSquared - Bankruptcy - ReOrg Research, Inc.

LightSquared - Bankruptcy - ReOrg Research, Inc.

More than two years and 10 months after LightSquared filed for bankruptcy protection, Judge Shelley Chapman confirmed its latest plan of reorganization, which pays off Charlie Ergen’s interests in cash and gives ownership of the remaining company to investors such as Centerbridge and Fortress. In her other major telecom bankruptcy, Judge Chapman also approved the sale of NII Holdings’ Mexican assets to Cingular this week. In RadioShack’s own contested bankruptcy, the company is fervently trying to push the Standard General purchase, but second lien lender Salus continues to contest that path, even promising to amend its competing bid to make it better than what’s currently on the table. Deciding the latest precedent setting make whole arguments, Judge Sontchi denied the EFIH first lien make whole in the Energy Future Holdings bankruptcy, ruling that EFIH’s bankruptcy filing was not an intentional default. Eike Batista’s bankrupt shipbuilder OSX Brasil requested to put various subsidiaries under bankruptcy protection in the Netherlands, while Residential Capital’s liquidating trust filed its expected suit against Equifirst, though with a higher OPB than anticipated.


Superfund Macro Report Headlines Facebook Introduces Free Friend-To-Friend Payments Through Messages - LINK Expect ‘Trench Warfare’ ...

Superfund #11 - Newsletter - www.superfund.today

Superfund Macro Report

Headlines
Facebook Introduces Free Friend-To-Friend
Payments Through Messages - LINK

Expect ‘Trench Warfare’ Among
Investment Banks - LINK

In Depth
Explaining the huge rise of luxury trucks and SUVs. Once the staple vehicle of
contractors and ranchers, pickup trucks and SUVs have grown to become the
luxurious chariots of the wealthy - LINK

AstraZeneca may again become a takeover target if growth fails to materialize -
LINK


Apple's plan for a subscription TV service (bundling existing linear channels
plus on-demand) has not gone away. Launch is planned for the fall.

Onward profits!
Chad

Managing Partner, Hagan Capital
Founding Editor, Superfund Macro Report
Chad Hagan on StockTwits

In recent years, growth in U.S.-China agricultural trade has accelerated. During calendar years 2012-13, U....

USDA Reports on Large and Growing Agricultural Trade with China


















In recent years, growth in U.S.-China agricultural trade has accelerated. During calendar years 2012-13, U.S. exports of agricultural products to China averaged $25.9 billion per year -a tenfold increase from the late 1990s.

Sales to China doubled during 2004-08 and doubled again during 2008-12, while the share of U.S. agricultural exports going to China rose from about 3 percent during the 1990s to 18 percent during 2012-13. China became the largest overseas market for U.S. farm products in 2010.
http://growinggeorgia.com/

www.stocktwits.com/chfx -Dollar falls on more unwinding of bullish bets after Fed  * Last weeks dovish Fed statement still weighing on dolla...

Dollar falls on more unwinding of bullish bets after Fed

www.stocktwits.com/chfx
-Dollar falls on more unwinding of bullish bets after Fed 

* Last weeks dovish Fed statement still weighing on dollar 
* Euro strengthens after Draghi comments 

By Sam Forgione 
NEW YORK, March 23 (Reuters) - The U.S. dollar fell for a 
second straight session against a basket of major currencies on 
Monday after traders unwound bullish dollar positions on the 
likelihood that Federal Reserve policy will be accommodative 
over the near term. 
The dollar added to its losses against the euro following a 
Fed statement on March 18 that suggested a less aggressive 
timetable for hiking interest rates. Last week was the dollars 
worst week against the euro since late 2011. 
The market is still positioned long dollars, short euros, 
so its vulnerable to any kind of correction, said David 
Gilmore, partner at Foreign Exchange Analytics in Essex, 
Connecticut, on the unwinding of long-dollar bets. The dollars 
weakness against the euro last week came after it hit 12-year 
highs against the currency. 
The euro continued to strengthen against the dollar after 
European Central Bank President Mario Draghi said he expected 
consumer prices to rise gradually by the end of the year even if 
they might remain very low or negative in the months ahead. 
ID:nL6N0WP3O0 
Analysts said traders took this as a sign that the ECB may 
end its bond-buying scheme early, though Draghi said it intended 
to carry out purchases at least until end-September. 
Draghis optimistic comments...added fuel to the recovery 
in the euro, said Kathy Lien, managing director at BK Asset 
Management in New York. 
Lien also said that traders who had bet against or shorted 
the euro repurchased the currency ahead of Tuesdays release of 
euro zone manufacturing data for March. She said traders 
anticipated that the data could show improvement on the heels of 
stronger German industrial production data, which would support 
the euro further. ID:nL5N0W80L7 
The euro was last up 1.31 percent against the dollar at 
$1.09650 EUR=EBS , not far from a nearly two-week high of 
$1.10625 hit last week. The dollar was last down 0.24 percent 
against the Japanese yen at 119.750 yen JPY=EBS . 
The dollar was down 1.2 percent against the Swiss franc 
CHF=EBS at 0.96460 franc, not far from a two-week low of 
0.96295 franc hit last week. The dollar index, which measures 
the greenback against a basket of six major currencies, was last 
down 1.07 percent at 96.860. 
On Wall Street, U.S. stocks were little changed, with the 
SP 500 .SPX last up 0.06 percent. Benchmark 10-year U.S. 
Treasury notes US10YT=RR were last up 5/32 in price to yield 
1.91 percent. ID:nL2N0WP1FA ID:nL2N0WP1P6 


(Editing by Peter Galloway and Diane Craft) 
((Sam.Forgione@thomsonreuters.com; +1-646-223-6189; Reuters 
Messaging: sam.forgione.thomsonreuters.com@reuters.net)) 

NZDGPD - ForEx.com The FOMC caused a massive USD sell off. That did not help my EURUSD short position. Also noted:  NZDUS...

Incredible Day In The FX Markets - FOMC

NZDGPD - ForEx.com














The FOMC caused a massive USD sell off. That did not help my EURUSD short position.
Also noted:  NZDUSD’s double boost isn’t enough to break 0.7550

"It has been an incredible morning in the FX market following the FOMC’s decision to lower its forecasts for interest rates, GDP, unemployment and inflation. This resulted in a massive and widespread USD sell-off against every other major currency. At one point in the chaotic aftermath of the FOMC’s meeting EURUSD was over 400 pips higher than its pre-FOMC levels, with the pair briefly breaking above 1.1000. The dollar index is now set for its biggest daily drop since July 2013. In the hours following the FOMC meeting NZDUSD reached an important resistance zone around 0.7550, but the pair’s upward march was stop in early Asia trade by a widespread retracement towards the USD. However, stronger than expected growth figures out of New Zealand provided the pair with another opportunity to test this level, but it failed to break through once again" - LINK

DAKAR, March 18 (Reuters) - Senegal plans to issue between $500 million and $1 billion in foreign debt this year, starting from June, to cov...

Senegal plans to issue $500 million - $1 billion

DAKAR, March 18 (Reuters) - Senegal plans to issue between
$500 million and $1 billion in foreign debt this year, starting
from June, to cover its budgetary needs, an economic advisor to
President Macky Sall told Reuters.
Mamadou Fall Kane also said the West African countrys
government was concerned by the strength of the U.S. dollar and
was using currency swaps to hedge its risk on dollar-denominated
debt.
Senegal, which uses the CFA currency that is pegged to the
euro, was also looking to increase its presence in European
markets, he said.

(Reporting by Daniel Flynn; Editing by Robin Pomeroy)
((daniel.flynn@thomsonreuters.com; +221 33 864 5076; Reuters
Messaging: daniel.flynn.thomsonreuters.com@reuters.net)) 

Economy Oil extended losses to a seventh day , with crude futures  down 2.2%  at $44.20, ahead of stockpiles data and the Federal Reserve...

Oil extended losses to a seventh day

Economy
Oil extended losses to a seventh day, with crude futures down 2.2% at $44.20, ahead of stockpiles data and the Federal Reserve's monetary policy decision. U.S.. crude stocks are forecast to have surged for the tenth straight week to a new record high, fueling new supply concerns of a global oil glut. The Fed is also likely to cut the word "patient" from its policy statement, leaving the door wide open for a rate hike in June.

From SEEKINGALPHA

View Message: http://stks.co/s1hsO Thank you StockTwits http://stocktwits.com/symbol/ORCL $ORCL - pretty epic chart

Oracle Chart - 2000 - Today $ORCL











View Message: http://stks.co/s1hsO
Thank you StockTwits
http://stocktwits.com/symbol/ORCL
$ORCL - pretty epic chart

$UWTI monkey see and Monkeys do.. — Michael NG3 (@NatGasPro) Mar. 17 at 01:06 PM

Crude, WTI and $UWTI - Look at the volume move















$UWTI monkey see and Monkeys do..
— Michael NG3 (@NatGasPro) Mar. 17 at 01:06 PM

Reuters Ukraine's largest creditor, Franklin Templeton, has hired investment and advisory firm Blackstone to advise a creditor group dur...

Franklin Templeton hires Blackstone to advise on Ukraine debt restructuring talks

Reuters
Ukraine's largest creditor, Franklin Templeton, has hired investment and advisory firm Blackstone to advise a creditor group during debt restructuring negotiations with Kiev, sources familiar with the situation told Reuters on Sunday. The sources confirmed an earlier report by the Financial Times, which quoted sources as saying Franklin Templeton had organised a group of creditors holding 50 percent of outstanding Ukrainian international bonds. Blackstone represented Greece's creditors in 2012. "A significant bondholder of Ukraine's foreign debt has appointed Blackstone as adviser and Weil (Gotshall) as legal adviser to assist in creditor discussions with Ukraine," one person familiar with the situation said. The bondholder is understood to be Franklin Templeton, the person added.

Superfund Macro Report Headlines The Euro takes a deeper dive...but then slightly recovers. Currently at $1.0566. An Interest Rate Hike Co...

Superfund Macro Report #10

Superfund Macro Report

Headlines

The Euro takes a deeper dive...but then slightly recovers. Currently at $1.0566.

An Interest Rate Hike Could Cause A Recession? LINK

Why is Apple making a gold watch? Think luxury markets - LINK 

How Billionaires in London Use Secret Luxury Homes to Hide Assets - LINK

U.S. crude fell below $43 a barrel on Monday for the first time since March 2009 - LINK

In Depth

From bust to boom: How the world became addicted to debt Mapped: Eight years on from the financial crisis, the global economy is still awash with record levels of debt. Click on the countries to find who's in the red and who's in the black - LINK

The Bloomberg Commodity Index fell 1.4 percent to 97.5777, the lowest level since August 2002, dragged down by crude oil and raw sugar. The Bloomberg Dollar Spot Index, tracking the greenback against 10 currencies, is set to climb the most since 2008 this quarter and reached the highest level in data going back to the end of 2004. A stronger dollar tends to deter investment in raw materials - LINK

Spine (really head) transplantation is here - LINK 

Onward profits!

Chad

Managing Partner, Hagan Capital
Founding Editor, Superfund Macro Report
Chad Hagan on StockTwits

EURUSD A very light euro area data and event calendar this week is unlikely to stem recent EUR losses, says Barclays Capital. "We an...

EUR: Little To Stop Further Weakness This Week - Barclays

EURUSD


A very light euro area data and event calendar this week is unlikely to stem recent EUR losses, says Barclays Capital.

"We and consensus forecast final February headline and core HICP inflation (Tuesday) to be confirmed at -0.3% y/y and 0.6% y/y, respectively, supporting the ECB’s recently expanded asset purchase programme," Barclays projects.

"The EU summit (Thursday) may also gain some attention as the situation in Greece is likely to be a topic for discussion, at least on the sidelines. However, we do not expect any major decision. First, the Greek government, in collaboration with the Troika, will have to prepare a comprehensive medium-term macroeconomic framework clearly identifying the reform agenda and any fiscal funding gaps. Current funding pressures should encourage Greece to accelerate its efforts in this regard," Barclays adds.

SOURCE: https://twitter.com/efxnews

Hearing dates: 20-22, 26-29 January, 2-4 and 10-12 February 2015 ____________________ HTML VERSION OF JUDGMENT ____________________ ...

OMV Petrom SA Claimant - and - Glencore International AG -



Hearing dates: 20-22, 26-29 January, 2-4 and 10-12 February 2015
____________________

HTML VERSION OF JUDGMENT
____________________

Crown Copyright ©
The Honourable Mr Justice Flaux:

Introduction and background

This case concerns a fraud committed many years ago by the defendant, formerly known as Marc Rich & Co AG (which became Glencore International AG in 1994 and to which I will refer as "Glencore" save where the context requires otherwise) upon the claimant (to which I will refer as " Petrom"). Petrom is a Romanian oil company which, following corporate reorganisations, is the successor in title of two other Romanian oil companies SC Rafirom SA ("Rafirom") and SC Compania Romana de Petrol SA ("CRP"). Rafirom and then CRP after merger in about 1996, was the state owned company with overall responsibility for the import and refining of crude oil and export of petrochemical products in Romania. In 2004, the merged company was privatised and became Petrom .


Prior to 1999, the actual importation of crude oil was organised by another state owned company Petrolexportimport SA ("Petex"). Petex entered all contracts with third parties for the supply of crude oil as principal, but at all material times it was acting as a commission agent for Rafirom/CRP pursuant to a series of Foreign Trade Agreements. Payment for crude oil under contracts with third parties was made by Rafirom/CRP pursuant to letters of credit opened with Banco Romana de Comert Exterior SA ("Bancorex") or another Romanian bank. Although it was sometimes Petex (as opposed to Rafirom/CRP) which instructed the bank to open the letter of credit, Petex did so as agent for Rafirom/CRP and Petex was not entitled to open a letter of credit in respect of any contract without the permission of Rafirom/CRP. Contracts with third parties for the supply of crude oil were usually made on CIF Constantza terms and when, under the terms of those contracts, title and risk passed to Petex, pursuant to the Foreign Trade Agreements (for example Article V(2) of the 1992 Agreement), title and risk passed simultaneously to Rafirom/CRP. Also pursuant to the Foreign Trade Agreements, Petex's remuneration for acting as commission agent was 0.2% of the CIF value of the relevant cargo.


In the period with which this case is concerned, 1993 to 1996, crude oil was being imported in accordance with the requirements of the refineries in Romania pursuant to programmes laid down by the Government, although it is fair to say that difficulties experienced by Romania in obtaining foreign currency from time to time in that period meant that the actual importation of crude oil was more haphazard than the programme might suggest. Again, on occasion, the needs of the refineries were such that Petex had to obtain cargoes of crude oil at short notice. Cargoes of crude oil were discharged at Constantza into the storage facilities of Oil Terminal Constantza, which had eight storage tanks of 50,000 cubic metres each. Imported crude oil was used by four of the ten Romanian refineries, Petromidia, Petrotel, Arpechim and Rafo. The Petrobrazi refinery also seems to have used some imported crude oil, but not any with which this case is concerned. It also had a processing plant for processing domestic crude oil. The other refineries were smaller and processed only domestic crude oil. The imported crude oil was sent to the four refineries through pipelines running from the oil terminal at Constantza to the refineries inland.


During the relevant period, 1993 to 1996, the crude oil imported by Petex for use in the four refineries was principally (but not exclusively) of three grades or types, Iranian (mainly Iranian Heavy although sometimes Iranian Light), Gulf of Suez Mix ("GOSM") a recognised blend of various Egyptian crudes and Urals (Russian crude oil from the Urals also known as Soviet Export Blend) because these were medium heavy/medium sweet crudes which suited the technological profile of the refineries. During this period, Petex entered into supply contracts with a number of oil trading companies (and occasionally direct with the Iranian and Egyptian state oil companies, NIOC and EGPC respectively). About 25% of the crude oil it contracted for was supplied by Glencore. Petex had a long standing trading relationship with Glencore dating back to the foundation of the company by Marc Rich himself in the 1970s.


In the years 1993 to 1996, Glencore made about 80 shipments to Petex of crude oil principally pursuant to contracts calling for the supply of Iranian Heavy, GOSM or Urals (sometimes the relevant contract was for supply of a specific grade, sometimes it gave Glencore the option as to which grade to supply). In addition, in 1995 and 1996, Glencore made over 60 shipments of some 3,500 tons each of Keimir crude oil from the Caspian Sea region which was brought in barges downriver to the Black Sea and then along the coast to Constantza. The court is not concerned with those cargoes, save to the extent that Petrom relies upon the price paid as demonstrating a discount payable for new grades of crude oil, a matter to which I return in more detail later. It will also be necessary to examine in more detail below, a contract for the supply of a cargo described as "Egyptian Blend" ex SEAWIND II, supplied to Petex in February 1993.


Of the 80 or so other shipments made by Glencore to Petex, there were 32 where, although the supply contracts provided for the supply of Iranian Heavy (in the case of cargoes 1 to 14) or GOSM (in the case of cargoes 15 to 31[1]), the crude oil supplied by Glencore was not in fact Iranian Heavy in the case of the first fourteen such cargoes (delivered at Constantza between August 1993 and September 1994) or GOSM in the case of cargoes 15 to 31 (delivered at Constantza between November 1994 and November 1996). Instead the crude oil supplied was in each case a blend of various crude oils blended on behalf of Glencore by the Eilat Ashkelon Pipeline Company ("EAPC") at its storage facility in Ashkelon, Israel. The crudes used in the blends were predominantly Egyptian but not always so and, in the case of the purported GOSM cargoes, contained substantial quantities of Marib, a Yemeni crude oil or Oso, a Nigerian crude oil. The blends were all bespoke and were never identical in terms of the constituent crude oils in the recipe or their quantities or proportions, but the object of the exercise was evidently to create crude oil which resembled Iranian Heavy or GOSM respectively. Although Glencore has not vouchsafed any evidence as to the actual costs of either the purchase of the various crude oil constituents or of the blending exercise, it is a fair inference that the cost overall was less in each case than the CIF Constantza price for Iranian Heavy and GOSM which Glencore charged Petex, so enabling Glencore to make a greater profit than it would otherwise have done.


It is common ground in these proceedings that the actual composition of each of the cargoes was as set out in so-called Table B, at Annex 1 to the Amended Particulars of Claim, reproduced as an Appendix to this judgment. Presumably the information in the Table, which I was told was available in the arbitration between Petex and Glencore ten years ago (to which I refer in more detail below) came at some stage from EAPC, but there is no evidence about how readily available the information about what the recipe had been for any particular cargo would have been at the time the cargo was loaded or delivered at Constantza save in relation to some of the later cargoes (for example cargo 29) where EAPC wrote to Glencore providing the composition of the blends. That information was never passed to Petex at the time. Continue Here - LINK
Thank you Kit Chellel
Thank you http://www.bailii.org/ew/cases/EWHC/Comm/2015/666.html
https://plus.google.com/u/0/+ChadHagan

VIX is everywhere - opportunity is in the markets --- German Consumer Price Inflation sent the Pound to euro exchange rate down today, drfit...

Can the GBP/EUR resume the strong uptrend, or do forecasters believe it has peaked?

VIX is everywhere - opportunity is in the markets ---


German Consumer Price Inflation sent the Pound to euro exchange rate down today, drfiting off recent multi-year best conversions. 

Can the GBP/EUR resume the strong uptrend, or do forecasters believe it has peaked? 

A brief foreign exchange market summary before we bring you the rest of the report: 

The Pound to Euro exchange rate: GBP/EUR converts at 1.405.
The Euro to Pound exchange rate: EUR/GBP conversion is 0.712.
The Euro to US Dollar exchange rate: EUR/USD conversion is 1.05.
The Euro to Swiss Franc exchange rate today is converting at 1.056 EUR/CHF.

NB: the forex rates mentioned above, revised as of 14th Mar 2015, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks. Speak to a recommended FX provider to lock in the best exchange rates. - See more at: http://www.exchangerates.org.uk/news/12073/sterling-vs-euro-drops-following-latest-german-cpi-figure-.html#.dpuf

(Bloomberg) -- Glencore Plc was ordered to pay just over $40 million to OMV Petrom SA by a U.K. court for fraudulently shipping oil of a low...

SC Petrom SA v. Glencore U.K. Ltd. & 3 Ors, High Court of Justice, Queen’s Bench Division, 08-417

(Bloomberg) -- Glencore Plc was ordered to pay just over $40 million to OMV Petrom SA by a U.K. court for fraudulently shipping oil of a lower-than-purported quality to Romania in the 1990s. Marc Rich & Co., later to become Glencore International AG, sold about 32 shipments to Romanian state firms from 1993 to 1996 made up of cheaper crude blends than agreed, and falsified documents, Julian Flaux, the judge in the London court, said in his ruling on Friday. It profited by about $40.1 million from the “deceit,” he said. Glencore will appeal the ruling.


From Bloomberg

The case is: SC Petrom SA v. Glencore U.K. Ltd. & 3 Ors, High Court of Justice, Queen’s Bench Division, 08-417

HANOI, March 13 (Reuters) - Heres a snapshot of Vietnamese dong exchange  rates in the official and unofficial markets, indicative SJC gold ...

Snapshot of Vietnamese dong exchange rates in the official and unofficial markets - NEWSWIRE

HANOI, March 13 (Reuters) - Heres a snapshot of Vietnamese dong exchange 
rates in the official and unofficial markets, indicative SJC gold prices in 
Hanoi and interbank offered rates at 0402 GMT. 
March 13 March 12 
USD/VND mid-point VND=SBVN 21,458 21,458 
USD/VND interbank VND=VN 21,330/21,400 21,345/21,390 
USD/VND unofficial VNDUNOFF=VN 21,665/21,680 21,670/21,700 
SJC gold (mln dong/tael) 35.24/35.36 35.17/35.29 

Interbank offered rates Overnight 3.9-4.4 3.8-4.5 
1 week 4.0-4.6 3.9-4.5 
1 month 4.3-4.5 4.2-4.6 
3 months 4.3-5.0 4.3-5.0 

NOTES: State Bank of Vietnam rules allow dollar/dong transactions to move in 
a band of +/- 1 percent around the mid point set daily. 
The dongs exchange rate against other currencies is not restricted by a 
band. Interbank offered rates are the latest indicative bid/ask prices, quoted 
from market sources. 
One tael is equivalent to 37.5 grams or 1.21 troy ounces. SJC gold prices 
are quoted by state-owned Saigon Jewelry Co. 
For more interbank rate fixings released at 0400 GMT, click on VNIBOR . 
For Vietnam market overview click on: VNDVIEW 
Vietnams bonds market auctions: HNGBAUCSCH01 
Bonds auction results: HNGBAUCRES01 

(Compiled by Hanoi Newsroom) 
((hanoi.newsroom@thomsonreuters.com; +844 3825 9623)) 

Keywords: MARKETS VIETNAM/RATES 


On common theme we’ve been building on lately as central banks work to monetize all net (and sometimes gross) government bond issuance in th...

Fed Will Open "Pandora's Box" With Rate Hike, UBS Warns

On common theme we’ve been building on lately as central banks work to monetize all net (and sometimes gross) government bond issuance in their respective jurisdictions, is that QE is destabilizing markets by sapping liquidity which in turn inhibits price discovery and creates volatility. This is on display in Japan, where 2 out of 3 dealers think the JGB market is impaired thanks to BoJ asset purchases and where many officials are beginning to get more vocal about the possibility that a lack of liquidity could have “dire consequences.” Similarly, market financing via shadow banking conduits has declined by nearly half since 2008 in the US, and with dealers unwilling to hold inventory of corporate paper thanks to tougher capital requirements, the stage is set for what the Center for Financial Stability recently called “an accident.” As a reminder, here’s what  the SEC's Daniel Gallagher had to say recently about liquidity in the US corporate bond market (via Bloomberg): 
Thanks @zerohedge: http://t.co/kmC6q4g66s

Different Degrees Of Interest Surround Apple's Smartwatch Mar. 11, 2015 15:48 PM ET Summary Is Apple positioning itself as a lower ...

Different Degrees Of Interest Surround Apple's Smartwatch


Different Degrees Of Interest Surround Apple's Smartwatch
Mar. 11, 2015 15:48 PM ET

Summary
Is Apple positioning itself as a lower end luxury product company?
20+ available models.
Priced up to $10,000.00.
Luxury product mentality is great for $APPL bottom line.

Apple ($APPL) will make its smartwatches available pre-order on April 10th and available April 24th.

The watch is unique to itself but an apparent and analyzed market move. Critics need to look at the original critique of the iPad, which many considered an item that was not necessarily needed. The same is being said about the smartwatch. But then again a watch is an accessory and accessories are not needed by everyone and Apple is a consumer electronics company.

Apple's smartwatch collection will range in price from $349 to $17,000 (£299 to £13,500 in the UK).

From CNET:
For the case of its entry-level Sport edition (starting price: $349), Apple said that its engineers custom-designed an alloy based on aluminum that is 60 percent stronger but just as light. The company started with pure, raw aluminum that was heated to a molten state and then added magnesium and zinc to form a more protective and stronger compound. For its midrange Apple Watch (starting price: $549), the company started with a steel alloy known for strength and resistance to corrosion. Apple then put the metal through a cold-forging process to make it as much as 80 percent harder and less vulnerable to nicks and scratches. For the black stainless steel edition, Apple added a carbon layer to create a more durable and brighter appearance. And for the top-of-the-line Apple Watch Edition (starting price: $10,000), Apple started with 18-karat solid gold for the body and then used a custom alloy designed to be twice as hard as standard gold. After the body went through its manufacturing process, ultrasonic scanners were employed to detect flaws in the metal. In the end, each case was hand-polished by "jewelry artisans." See Article Here


Not to be left out, competition has followed up to some degree.
Huawei is among the first firms to unveil smartwatch models that operate on Androids Wear platform. The latter by the way is full of smartphone watches, in fact it is like a smartphone competitor showcase explosion. See Link

Wired brought up a good question - especially pertaining to markets and bottom lines - what is the point of this product? It can't beat a smartphone or a watch.

A few okay-but-not-needed functions of the smartwatch:

- using the Watch as your hotel keycard

- opening the garage (assuming it is connected to the internet)

Stocktwits @InsiderMonkey blasted: Surveys Showed 10% Of iPhoneUsers Interested In $AAPL's Smartwatch

From the BBC: The big question is will Apple be able to reinvent the wrist watch industry in the way it has redefined others like computing and music?


Chad Hagan, managing partner of Hagan Capital Group
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Puerto Rico's House clears way for $2.95 bln bond deal March 10 (Reuters) - Puerto Ricos House of Representatives  approved legislation ...

Puerto Rico's House clears way for $2.95 bln bond deal

Puerto Rico's House clears way for $2.95 bln bond deal

March 10 (Reuters) - Puerto Ricos House of Representatives 
approved legislation Tuesday to allow for automatic adjustments 
to a tax on oil that would help ensure sufficient revenue to pay 
back a bond deal of as much as $2.95 billion expected by early 
April. 
The measure was approved by the Senate last week and is 
expected to be enacted quickly by Gov. Alejandro Garcia Padilla. 
Puerto Rico needs to sell the bonds to improve its liquidity 
position outside of financial markets for up to two years while 
it pushes fiscal and economic reforms. 
Lawmakers agreed to ensure that investors in the deal would 
have sufficient coverage by including a clause to hike the oil 
tax if it failed to raise $325 million annually to make the bond 
payments. If oil tax revenue surpasses expectations, the tax 
rate could be adjusted downward. 
The legislation calls for the Treasury secretary to certify 
the amount of money raised by the tax by March 31 of each year. 
The adjustment would then be made effective on the following 
fiscal year starting July 1. The first adjustment will take 
effect July 1, 2017, according to the bill. 
Lawmakers inserted stronger anti clawback language 
protecting the oil tax revenue from being redirected for other 
uses. The legislation extends a general obligation 
constitutional guarantee for the bonds and allows investors to 
sue in New York state courts for any claim arising from the bond 
deal. 
The 68 percent oil tax hike backing the deal raises the tax 
on a barrel of oil to $15.50 from $9.25 and takes effect on 
March 15. 
It is unpopular and comes during an austerity drive this 
year that cut government spending by $1.4 billion. Most of the 
proceeds from the deal will be used to repay a $2.2 billion GDB 
loan to the Puerto Rico Highways Transportation Authority 
(HTA). 
The legislation aims to transfer the GDBs $2.2 billion loan 
to the HTA to the Puerto Rico Infrastructure Financing 
Authority, along with the means to pay for it via revenue 
produced by hikes in the petroleum tax. The oil tax hike would 
also be used to support HTA operations. 
The legislation has been an uphill battle for the 
administration, with the governor calling a special session last 
December after lawmakers refused to approve the tax during the 
ordinary legislative session by a single vote in both chambers. 


(Editing by Edward Krudy and Ken Wills) 
((edward.krudy@thomsonreuters.com)) 

Keywords: USA PUERTORICO/BONDS 


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Superfund Newsletter #8

Superfund Equities Report

Headlines:

A good look at a great move in the startup world. Especially when companies start out seemingly pigeonholed. 
LINK

Warning! US slowdown ahead. LINK

In Depth:
The NASDAQ hit 5000 today. Bill Gross is saying we are in a tech bubble. Remember AOL Time Warner?  We could be in a sub-prime auto finance bubble (see here), or perhaps it is just good old-fashioned growth.  Bio-Tech is half truth half promise, so that could be a bubble?  

Utopia in the NEW ECONOMY is here? LINK

Sadly, a report from Bloomberg Markets: The Delusions of Venezuela and Argentina. LINK

Onward Profits!

Chad

Chad Hagan
Managing Partner, Hagan Capital Group
Founding Editor, Superfund Equities

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Bringing Life Extension to Main Street

Bringing Life Extension to Main Street

https://www.linkedin.com/pulse/bringing-life-extension-main-street-chad-hagan

Article from LinkedIn