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Frontrunning: May 28

Tyler Durden's picture




 
  • Merkel Prepares to Strike Back Against Hollande (Spiegel)
  • China to subsidise vehicle buyers in rural areas (Reuters) - what could possibly go wrong
  • Bankia’s Writedowns Cast Doubts on Spain’s Bank Estimates (Bloomberg) - unpossible, they never lie
  • Shares in Spain's Bankia plunge on bailout plan (AP) - oh so that's what happens when a bank is bailed out.
  • SNB’s Jordan Says Capital Controls Among Possible Moves (Bloomberg)
  • Greeks Furious Over Harsh Words from IMF and Germany (Spiegel)
  • Tehran defiant on nuclear programme (FT)
  • Finally they are getting it: Greece needs to go to the brink (Breaking Views) - of course, Citi said it a week ago, but it is the MSM...
  • OTC derivatives frontloading raises stability concerns (IFRE)
  • Wall Street Titans Outearned by Media Czars (Bloomberg)

Overnight media summary

FT

XSTRATA TO PAY BIG BONUS TO KEEP CHIEF

Xstrata is this week set to reveal a bonus package worth tens of millions of pounds in an effort to retain Mick Davis, its chief executive, ahead of its merger with Glencore , the world's biggest commodity trader.

KKR'S INTEREST IN BHP DIAMOND MINE FADES

KKR has backed away from the sale of a BHP Billiton diamond mine, raising questions about demand for such assets, just as peer Rio Tinto starts work on a potential sale of its diamond division.

NEWEDGE TO LEAVE GREEK STOCK MARKET

Newedge, a leading broker, is abandoning the Greek stock market in a sign of mounting concern over the country's future in the euro zone.

BANKERS' SALARIES UP 37 PERCENT IN FOUR YEARS

Investment banks globally have increased salaries by 37 percent over four years to retain staff and bypass regulation, burdening the sector with higher fixed costs at a time when profits are under constant pressure.

EX-OLYMPUS CHIEF SEEKS $60 MILLION COMPENSATION

Michael Woodford, the whistleblowing ex-chief executive of Olympus, will seek up to $60 million of compensation from his former company at an employment tribunal hearing scheduled to start on Monday in east London.

RIM EXPECTED TO REVEAL JOB CUTS

Research In Motion, the Canadian manufacturer of BlackBerry smartphones, is expected to announce significant job cuts soon as part of a global shake-up designed to cut costs by $1 billion a year.

PORTUGAL PREPARES FOR AVIATION SELL-OFF

The Portuguese government has appointed financial advisers for the privatisation of large swaths of the country's aviation industry, with stronger interest expected in its airport operator than in the main airline.

UNILEVER IN SOAP OPERA DIGITAL ADS DEAL

Unilever is attempting to reinvent "soap opera" sponsorship for the digital age by striking international, multimillion-dollar partnerships with media groups Viacom and News Corp.

RABOBANK EYES SALE OF FUND MANAGEMENT ARM

Rabobank, the Netherlands-based financial services group, has appointed Barclays to advise on a possible sale of its fund management arm, Robeco, people familiar with the matter said.

FIRSTGROUP CHAIRMAN PRESSED TO STEP DOWN

FirstGroup's longstanding chairman, Martin Gilbert, is facing calls to step down as the world's largest listed rail and bus company by revenue seeks to regroup after a series of profit warnings stemming from falling margins in two of its most important divisions.

WESTERNZAGROS LOOKS AT LONDON LISTING

WesternZagros Resources, the Canadian oil explorer with assets in the Kurdistan region of northern Iraq, is considering plans for a London listing to help boost the valuation of its stranded oil and gas reserves.

 

Russia

VEDOMOSTI

www.vedomosti.ru

- Russian investment bank Renaissance Capital is significantly cutting its personnel after reporting record losses in 2011, the paper cites sources as saying.

- A criminal case against a user of social network Vkontakte.ru who was accused of copyright violation has been suspended because the suspect cannot be found, the paper writes.

- Russia's government may invest up to 20 billion roubles ($624 million) in a car making cluster consisting of 6 plants with the capacity of 350,000 cars per year, which Russian car maker Avtotor plans to build in Kaliningrad region by 2018.

KOMMERSANT

www.kommersant.ru

- Authorities in Orenburg region are demanded that local university evicts foreign students from dorms near a children's summer camp, saying they might abuse children, the paper says.

- Russia's largest lender Sberbank together with Moscow authorities plan a joint venture to produce up to 150,000 cars per year at the ZIL plant, and plan to invest 12 billion roubles ($375 million) in it, the paper writes.

- The volume of direct foreign investments in Russia dropped 18 percent year-on-year in the first quarter of 2012, reaching $36.5 billion, the paper writes.

 

Hong Kong

SOUTH CHINA MORNING POST

- China's largest privately held investment bank Chinese Renaissance Partners has set up its first office outside the mainland in Hong Kong as it looks to expand overseas and compete with western rivals.

- Honghua Group plans to acquire minority stakes in shale gas exploration projects on the mainland when private firms are given the green light to invest in shale gas projects, its Chairman Zhang Mi said.

HONG KONG ECONOMIC JOURNAL

- China's Ministry of Finance is expected to issue 25-30 billion yuan bonds in Hong Kong to mark the 15th anniversary of the territory to China sovereignty, an amount higher than the 20 billion yuan last year, according to sources.

HONG KONG ECONOMIC TIMES

- Hong Kong Financial Secretary John Tsang said the government will take measures to curb the price of the city's property market, as the underlying risk in the market is seen as increasing as property prices show no signs of easing.

TA KUNG PAO

- Guangdong party secretary Wang Yang will visit New Zealand next month, marking the 40th anniversary of the Free Trade Agreement between China and New Zealand, said Ivan Kinsella of New Zealand Trade and Enterprise. Kinsella said he foresees an increase in Chinese investment in New Zealand.

MING PAO

- Jewellery retailers Luk Fook Holdings expects to see a rebound in sales in the second half of 2012 on anticipation of rising bullion prices to attract customers back to snap up the precious metal, as gold price rise, said financial controller Paul Law.

 

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Mon, 05/28/2012 - 07:54 | 2468765 dannyboy
dannyboy's picture

One wonders with that Bloomberg article on Bankia's write-downs if they actually do that shit with a  strait face, or they are just all pissing themselves laughing as they do it.

Mon, 05/28/2012 - 08:30 | 2468824 Al Gorerhythm
Al Gorerhythm's picture

Chinese to subsidize rural car buyers.

Trade in your Junkers?

Mon, 05/28/2012 - 10:44 | 2469213 LeBalance
LeBalance's picture

the second in the trilogy would be:

Merkel Strikes Back. LOL

anyone want to play with this concept?

:)

Mon, 05/28/2012 - 10:59 | 2469245 roadhazard
roadhazard's picture

"China to subsidize rural car buyers".

If Nixxon hadn't, "Gone To China" they might still all be rice farmers. Thank you, Tricky Dick.

 

Mon, 05/28/2012 - 11:40 | 2469337 michaelsmith_9
michaelsmith_9's picture

USD - showing some big signs of being very bullish.  http://bit.ly/KzX6dj  www.marketoverflow.com

Wed, 05/30/2012 - 08:00 | 2474756 boa74520
boa74520's picture

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Sun, 07/15/2012 - 15:23 | 2618077 adnan202
adnan202's picture

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