Global Investing

The haves and have-nots of the (energy) world

February 24, 2012

Nothing like an oil price spike to bring out the differences between the haves and have-nots of this world. The ones who have oil and those who don’t.

The missing barrels of oil

February 24, 2012

Where are the missing barrels of oil, asks Barclays Capital.

Oil inventories in the United States rose sharply last week, with demand for oil products  such as gasoline at the lowest in 15 years and crude stockpiles at the highest since last September. Americans, pinched in the wallet, are clearly cutting back on fuel use.

Central banks and the next bubble (3)

February 23, 2012

Expectations are running high ahead of next week’s LTRO 2.0 (expected take-up is somewhat smaller than the first time and the previous estimate though, with Reuters poll predicting banks to grab c492 bln euros).

Discovering the pleasure of dividends in Russia

February 20, 2012

American financier J.D. Rockefeller said watching dividends rolling in was the only thing that gave him pleasure. But it is a pleasure which until now has largely bypassed shareholders in most big Russian companies. That might be about to change.

Calculating euro breakup shocks

February 6, 2012

Euro breakup risks, although subsiding, are still high on investor minds.

Almost one in two fund managers surveyed by Bank of America Merrill Lynch last month said they expect a euro zone country to leave the monetary union.

Iran looms larger on Gulf radar screens

January 19, 2012

Tensions over Iran may be helping to push up oil prices as traders worry about a widespread embargo on the country’s crude oil but markets in neighbouring Gulf energy-rich economies are not benefiting.

Clinging to hope in bear-bitten Russia

August 19, 2011

Poor Russia. After spending six months as the world’s best performing emerging market, the Moscow bourse  has been the big loser of this month’s rout – year-to-date returns of over 10 percent until mid-July have since dissolved in a sea of red, with a plunge of over 20 percent since the start of August. As oil prices fell and the outlook for U.S. and European growth darkened, overweight positions in Russia halved versus July, a survey by Bank of America/Merrill Lynch showed this week.

Venezuela — high risk, higher yield

June 10, 2011

Venezuela's Chavez with Lukashenko of Belarus

Which bond would you rather buy — one issued by a country with an unpredictable leader but huge oil reserves, or one with  a dictatorial president as well as empty coffers? The answer should be a no brainer. Not so. The countries are Venezuela and Belarus, and a basic comparison of their debt profiles shows how strangely risk can be priced in emerging markets.

Libya: a mixed bag

July 7, 2010

It has debt levels to die for and huge amounts of oil, but economically it’s lagging and political concerns remain.  Speakers at a Libyan trade and investment forum this week saw the North African country as a mixed bag.

Investors wary of BP oil spill cost estimates

April 27, 2010

BP logo

BP’s CEO Tony Hayward reckons the $100 million cost of drilling a well to divert the flow from a leaking oil well in the Gulf of Mexico  is the biggest hit the oil major will take in the Deepwater Horizon tragedy.