“From 1800 until well after World War Two, Greece found itself virtually in continual default,” write Carmen Reinhart and Kenneth Rogoff in “This Time Is Different” — it’s a point Nouriel Roubini underlines in our latest look at Europe’s mess, from Noah Barkin.
In other words, for Greece over the long term, default is more steady-state than news.
Scepticism in financial markets about how effective the EU bailout of Greece will prove has long been mounting . One reason is concern that the country cannot deliver on its privatisation schedule. We checked out Greek efforts to sell off real estate, which are supposed to make up the bulk of funds raised there, and found little doing.
A local mayor’s campaign to block the flagship Hellenikon airport project looks like building up into a major psychological battle. He’s used hunger strikes in his past campaigns, and appears to be morally fortified by the bust of Lenin that he keeps on his desk.
LONDON (Reuters) – The Saudi prince seen as most likely to accede may in office prove less conservative than his public image suggests, according to leaked U.S. diplomatic cables, which offer rare insights into the succession debate inside America’s ally and leading oil supplier.
The cables, obtained by WikiLeaks and reviewed by Reuters, run a close commentary on the rules and candidates to succeed King Abdullah, around 87, on the assumption that the current Crown Prince, who is slightly younger and also has health problems, would not remain king for long even if he takes the throne. The cables pre-date the king’s latest publicized illness.
Checking background for our Special Report on Glencore, “The Biggest Company You Never Heard Of”, I stumbled on the novel “The Fortunes of Glencore” by Charles Lever. On a whim I read it. There were some intriguing parallels between the 20th-century company and the book, even though that was published in 1857.
The further I read, the more I asked myself if this little heard-of scrap of 19th-century literature couldn’t be used as some kind of coda. It sounds crazy, but maybe you can understand the temptation. Glencore is a secretive, controversial Swiss-based commodities trading and mining giant, and even though it may soon be quoted on the London and Hong Kong stock exchanges, it works hard to maintain its mystique. Could this little novel be some kind of “Da Vinci Code” for Glencore?
LONDON, Feb 23 (Reuters) – Libya’s ruling family tried to
coerce billions of dollars from Libyan and foreign oil
companies, and its leader Muammar Gaddafi exhorted the United
States to sow division in Saudi Arabia, leaked American
diplomatic cables reveal.
One cable seen by Reuters, sent from the U.S. embassy in
Tripoli, shows Gaddafi’s government exerting heavy pressure on
U.S. and other oil companies to reimburse Tripoli the $1.5
billion Libya had paid in 2008 into a fund to settle terrorism
claims from the 1980s.
We stepped into the new new Media Universe for our report on Augmented Reality, creating our own app which will alert anyone using it (iPhone or Android-phones only so far) when they are near one of the new movers and shakers of the business. It wasn’t so hard — you can see how we did it here.
But for anyone who just wants an overview, here’s the contents of the layer we made and published through Hoppala (on a Firefox browser) and AR browser firm Layar. It’s our take on the movers and shakers in the AR industry, mainly linking to Twitter feeds, and Tarmo Virki is happy to learn of any updates. These entries are unadorned:
Two graphs tell an apparently conflicting story: analysts forecast a steady recovery in BP’s dividends, but its valuation remains weak. Tom Bergin’s close look at the potential costs facing BP as a result of its Gulf of Mexico oil spill helps explain the latter, but less so the former.
“They love a conspiracy theory on the boards,” David Jones, chief market strategist at spread betting firm IG Index told UK correspondents Rosalba O’Brien and Matt Scuffham when they were reporting for “The stock, the web, the CEO and his lawyers” . It’s a look at some of the shenanigans around highly speculative resource stocks when they are discussed on message boards like ADVFN and iii. Late-night gossip and personal insults are par for the course: some suspect organised short-sellers may be behind the talk. Given the high volumes of online trading in the UK, we wonder how long it will be before regulator FSA is forced to take a closer look.
It’s taking a while to filter through to those of us who don’t follow these things that Israel might become an energy exporter. Ari Rabinovich in Tel Aviv explores some of the potential consequences.
“I see it becoming a source of considerable tension until the location and the scale of the reservoirs are better understood,” says Catherine Hunter, a Levantine energy analyst at IHS in London.
BP’s Macondo Gulf spill would be nothing compared to the effect of a drilling accident in the Arctic, Jessica Bachman reports from “the foulest place in all of Russia.” Scientists and Russian officials are just starting to wake up to the fact that “if something happens on the Arctic Barents Sea in November it would be, ‘OK, we’ll come back for you in March,’” Jessica says.
But quite what Russia would do about that is not at all clear. The Russian government gets more than 50 percent of its revenues from oil and gas and Prime Minister Putin’s stated aim is to keep producing more than 10 billion barrels a day through 2020. Environmentalists aren’t the only ones who are worried.