| Gold Reef CEO Joffe defends futures sale
GOLD Reef Resorts CEO Steven Joffe says the Securities Regulation Panel (SRP) has written to him, asking him to explain his sale of single stock futures while the company was in negotiations that might have resulted in it being sold. “We were not under cautionary at the time,” Joffe said on Friday. “I did not know that I had to get permission from the SRP.” Joffe is said to have gained R17m from the sale of the futures at R33 a share. Gold Reef’s current share price of R23 is substantially lower following the withdrawal earlier this month of an offer for the company by a private equity consortium of R34 a share. The consortium comprised Gold Reef Management, Ethos Private Equity and US bank Goldman Sachs.
Le rogue trader
TROUBLE had been expected but nothing like this. Widespread concerns that Société Générale, France’s second-largest bank by market capitalisation, had more subprime-related woes to reveal were proved right on Thursday January 24th, with the announcement of a €2.05 billion ($3 billion) write-down on its exposure to mortgage-related investments and to creaking bond insurers. But those numbers were a sideshow to something far more shocking. The bank also revealed that a single trader had racked up a further €4.9 billion loss by taking unauthorised bets on futures linked to European stockmarkets. Trading in SocGen’s shares were suspended on Thursday morning but it will not escape punishment. .
I swear this site is worse than most high schools.
Minister of Neo Political Correctness from West Palm Beach, United States writes Have we EVER treated one of your PM's in such a shabby manor? --------That would require most Americans to have a clue as to what's beyond their borders. It's hard to protest the leader of another country and watch the latest news on Britney and Lindsay at the same time. GWB is standing up to islamofacism (I used that before he did). -----Yes he's fighting it so well by abandoning the prime terror target in Afghanistan and starting a non related, oil war in Iraq. You call it fighting terror. The world calls is taking your eye off the ball. YOU were first in WW1 and 2 yet now we hear the calls "honest broker" which mean the destruction of Israel. ---We weren't first in these wars but we were well ahead of you. Those were just wars because most Canadians came from lands directly involved in the conflict.
Exhibit to kick off DUSP 75th-anniversary celebrations
A series of events to celebrate the 75th anniversary of MIT's landmark Department of Urban Studies and Planning will kick off with an exhibit in the Wolk Gallery, opening Tuesday, Feb. 12. The show, "Changing Cities: 75 Years of Planning Better Futures at MIT," uses archival, graphic and multimedia materials to portray the evolution and influence of the department in academic and practical spheres. It will continue through April 11. Over the past seven decades, the department has gained renown for pioneering new ways to analyze and enhance the physical form of cities; for embracing the social sciences in planning; and for expanding research to include studies of comparative planning and development practice around the world. "Changing Cities" chronicles changes within DUSP as it has engaged with the scale and pace of urbanization in the larger world.
Hedge funds scent a market turnaround amid turbulence
London: If hedge funds are, as is often claimed, the investment vanguard, their latest moves appear to be telling financial markets it is time to take a break from the trading patterns that have dominated since mid-2007. Investment banks have been poring over the latest data on hedge fund positioning from the Commodities Futures Trading Commission (CFTC) and concluded that a number of speculative bets have been changed. Societe Generale, for example, says long positions on 10-year government bonds have been closed. That is to say, hedge funds are not expecting demand for such bonds to increase and drive yields lower. .
London Gold Market Report
Pegged at $924.8 this morning as crude oil slipped back from $100 per barrel and world stock markets fell yet again, the Gold Price also recorded a new all-time London Fix for British investors at £475.57 per ounce. The Pound Sterling meantime fell towards an 11-month low on the currency markets, driven down by news that the Bank of England is set to continue cutting interest rates despite forecasting "sharply higher" inflation ahead. Asian-Pacific equities averaged a 2% loss for the session while Europe's 300 largest blue-chip stocks stood 1.3% lower by lunchtime in Frankfurt, led down by financial stocks after the Financial Times reported that private equity group Kohlberg Kravis Roberts & Co. has deferred "billions of dollars" in payments to creditors of its listed KKR affiliate, first due last Friday.
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