| New blow for Wendy Alexander as key aide quits
While we cannot comment on any individual case which may or may not be under investigation, we have no reason to believe that any member has been provided with erroneous advice from officials." Dr Dyer issued a statement yesterday insisting he had no option but to refer Ms Alexander's case to the procurator- fiscal once he believed the rules had been broken. He said: "I am not a final arbiter of what should be counted as a registrable interest - that is, in the end, a matter for the parliament and in some cases the courts." A former deputy leader of the SNP also waded into the row by claiming Dr Dyer owed Ms Alexander an apology. Jim Sillars said: "If I had been in Wendy Alexander's shoes this weekend, I would have sought judicial review of the administrative process and actions taken by the office, and person, of the Standards Commissioner in relation to this decision to make a referral to the procurator-fiscal." .
CME bid spurs fears of merger monster
THE commodities boom is intensifying the merger mania among the world's financial exchanges. But the $US11 billion ($12.4 billion) bid by CME Group to acquire Nymex Holdings may fuel worries that consolidation is leaving the survivors with too much power. A purchase of the 135-year-old New York Mercantile Exchange's owner by CME, parent of the Chicago Mercantile Exchange, would create the largest exchange in the world, with a stock market value of about $US45 billion. And acquiring Nymex's crude oil futures, one of the largest commodity contracts in the world, would fill the last major hole in the 110-year-old Chicago exchange's product line-up, while squeezing remaining rivals in the energy market. The deal also highlights some unsettling consequences of the global scramble for alliances and market share in trading financial securities.
Roxas Holdings secure P2-B loan from BPI, RCBC
Holding and investment firm Roxas Holdings Inc. said Friday it has secured a P2-billion loan from Bank of the Philippine Islands and Rizal Commercial Banking Corp. for the expansion of its sugar business and construction of an ethanol plant.
Earlier this week, the company also obtained a P4.69-billion loan from Banco de Oro-EPCI Inc. to bankroll the said expansion.
Roxas Holdings said that it was alloting about P6.5 billion for its capital expenditure program until 2009, mainly for increasing the capacity of its sugar milling and refinery arm CADP Group Corp.
It said it planned to buy the equipment of two sugar milling firms in the US and Australia to be installed in its plants.
The company is also putting up a P1.4-billion ethanol fuel plant in Negros Occidental that is slated for commercial operations next year.
Stocks take rocking ride on bourses
Volatility is in these days. ‘Playing safe' and ‘going long-term' play no longer play a role in the modus operandi of the new-age investor in India. The new breed of investors likes to play the market and thrives on taking risks.
While volatility is generally perceived as an indicator of high risk, it can also be used to one's advantage by utilising it to earn returns in a very short span of time. To provide a reckoner on volatility ET Investor's Guide analysed intra-day volatility of BSE 100 stocks over a three-month period from September to November '07. We calculated the daily volatility for 64 trading sessions to arrive at the average volatility.
While there are complicated mathematical ways of calculating volatility, a simple method is by looking at the highest and lowest value of the stock.
Pork producers have opportunities to lock-in profits
With feed prices high and headed higher, pork producers may continue to see losses at least through the first quarter of 2008. That's according to USDA's Livestock, Dairy and Poultry Outlook, which the Agency released Friday. But a noted hog marketing expert says the futures market is providing opportunities for pork producers to avoid red ink next year.
The USDA report said for the first quarter of 2008, hog prices are expected to average between $38 and $40 dollars a hundredweight, more than 15% below a year ago. USDA estimated production costs in the low-to-mid $50's per hundredweight and also said most hog producers are likely to lose money in 2008. But University of Missouri livestock economist Glenn Grimes told Brownfield taking advantage of strength in lean hog futures at the Chicago Mercantile Exchange (CME) may help pork producers avoid that prediction.
Fans make an early exit as new boss takes over
Although there were no rousing renditions of Nigel Pearson's red and white army,' those present did get behind the side for the first 30 minutes. Some positive play and evidence of a willingness to close the opposition down gave encouragement to the supporters. Yet the mood markedly changed thanks to a horrific two- minute spell. When Plymouth's Peter Halmosi slammed in his side's first, after 31 minutes, following Andrew Surman's errant pass, the restlessness that has become all too familiar at St Mary's this season reappeared. The home support was swiftly taunted with cries of There's only one Paul Sturrock' from the Plymouth faithful. Just two minutes later, some fans decided they could take no more. As Jim Paterson curled home past a bemused Kelvin Davis, a cacophony of boos rang around the ground, followed by the incredible sight of a stream of fans heading for the exits.
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