Money Matters: Firstline Securities Blog
In T&T: Ramnarine: T&T a leader in natural gas electricity
18 May 2012
Rubbing shoulders with Qatar (sort of). T&T aims to produce electricity exclusively from natural gas.
Trinidad and Tobago is set to be the second country in the world to produce all its electricity through natural gas, when the Cove Industrial Estate in Tobago converts from diesel power to gas “in a few weeks”, Energy Minister Kevin Ramnarine has said. Read more…
In the U.S.: U.S. Banks Sold More Swaps On European Debt As Risks Rose
18 May 2012
Banks bet against Europe. Can you blame them?
U.S. banks increased sales of protection against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the last quarter of 2011 as the European debt crisis escalated. Read more…
In Europe: G8 leaders look to head off euro zone crisis
18 May 2012
Crisis management of the highest order (let’s hope)! Consensus of “demanding Europe’s leaders act more decisively.”
Leaders of major industrial economies meet this weekend to try to tackle a full-blown crisis in Europe where fears are growing that Greece could leave the euro zone bloc, threatening the future of the common currency. Read more…
The Weekly Report: A Groundhog Summer?
16 May 2012
Is this summer going to be a repeat of 2011’s choppy waters?
‘Groundhog Day’ was a brilliant movie from the early 1990s starring Bill Murray as a sardonic, jaded and self-loathing journalist who goes to a town in the Midwestern United States for what is supposed to be a short trip. The protagonist ends up in a bizarre time-space warp where the same day happens over and over again, and in Hollywood tradition, hilarity and self-discovery ensues.
Investors and traders are going through their own sort of Groundhog Day, except unlike Bill Murray’s character, their jaded resignation is punctuated by panicked episodes of frantic activity. The same problems have been persisting for three years now and specifically, this summer looks like it may be a repeat of events from Summer 2011. Read more…
In T&T: Panama deal opens doors for Petrotrin
16 May 2012
Petrotrin’s “presence in the Panama Canal,” ought to provide the company and by extension T&T with ” immense business opportunities.”
A Memorandum of Understanding (MOU) between Petrotrin and Panama-based Melones Oil Terminal Inc (MOTI) now gives the State-owned company an avenue to explore bunkering opportunities in the Panama Canal. Read more…
In the U.S.: Stocks, Euro, Commodities Decline on Greek Crisis Concern
16 May 2012
Growth in the U.S.’ real sector spurs on the stock jocks, Treasuries fall.
U.S. stocks advanced, with the Standard & Poor’s 500 Index rebounding from a three-month low, after reports showed housing starts and industrial production rose more than estimated. European stocks swung between gains and losses, commodities fell and Treasuries retreated. Read more…
In Europe: Greeks vote with wallets in fear of euro zone exit
16 May 2012
“Great fear that could develop into panic,” sums up Greece’s situation quite nicely. A run on the nation’s banks would be disastrous.
Greeks are voting with their wallets and pulling euros out of the banks in fear that their country may leave the European single currency despite the declared determination of EU powers Germany andFrance to keep Athens in the monetary union. Read more…
In T&T: Investment week starts in T&T
14 May 2012
Hectic week ahead, as focus turns to “market access and investment financing”…not to mention the networking opportunities!
Panamanian President Ricardo Martinelli tops the bill of a stellar list of invited speakers who are due to address the two-day Caribbean Investment Forum (CIF), which opens today at the Hilton. President Martinelle is due to join Prime Minister Kamla Persad-Bissessar in the morning session in a discussion on the bilateral relationship between T&T and Panama. Read more…
In the U.S.: Dimon Fortress Breached as Push From Hedging to Betting Blows Up
14 May 2012
USD 2bn trading loss results in executives becoming FORMER executives.
David Olson, a former head of credit trading in JPMorgan Chase & Co. (JPM)’s chief investment office, learned about risk as a U.S. Navy nuclear submarine pilot. Read more…
In Europe: Greece hits political stalemate, euro exit fears grow
14 May 2012
The question that many are afraid to ask: In the long run, is the Eurozone better off without Greece?
Greece’s president met little enthusiasm from political leaders summoned to a final round of talks on Monday to avert a new election, reinforcing fears the country was firmly on the path to bankruptcy and an exit from the euro zone. Read more…
