CORPORATE DEALS | CORPORATE INSOLVENCY

I am Kubi Michael Udofia, a PhD-er and an incorrigible Corporate Deal Junkie! This is my "Diary" of Corporate Deals and Bankruptcy/Insolvency Law

Biggest Banks Face Tougher Basel Rule on Risk Concentration | Bloomberg News [read more]

Banks identified as systemically important to the global economy face tighter rules on how much business they can do with each other as part of a push to limit the chance a single failure would drag down multiple lenders 

The Basel Committee on Banking Supervision published rules that from 2019 will cap one too-big-to-fail bank’s financial dealings with another at an amount no greater than 15 percent of its capital.

The measures also refine an existing rule capping the amount of business that a bank can do with a single counterparty at no more than 25 percent of its capital.[…]

World’s Biggest Commercial Buyer Of LNG 
The Tangguh Palung liquefied natural gas (LNG) tanker unloads LNG as it sits moored at the Korea Gas Corp. (Kogas) LNG terminal in Tongyeong, South Korea.Kogas distributes gas to utilities in South Korea, where power consumption is almost twice the average of nations in the Organization for Economic Cooperation and Development relative to the size of its economy. Supply has failed to keep pace with demand, especially after the government suspended operations at two nuclear reactors amid a corruption scandal last year in the industry at home and increased concern about atomic safety following the Fukushima nuclear disaster in neighboring Japan.South Korea’s LNG demand may grow to about 45 million metric tons a year by 2020 from a range of 39 million to 40 million in 2013, Kogas CEO Jang Seok Hyo said on March 25. Photographer: SeongJoon Cho/Bloomberg© 2014 Bloomberg Finance LP

Despite the selloff, gold is flashing a secret buy sign

Tuesday’s steep selloff breaks gold’s five-day winning streak. The yellow metal had hit a three-week high to $1,328 per ounce as tensions mount between Ukraine and Russia.

But, according to “Talking Numbers” contributor Richard Ross, global technical strategist at Auerbach Grayson, the rout is providing a good buying opportunity, as the charts are doing something they haven’t done in a while: flash a buy sign.

"There are some signs that make gold very attractive at these levels," said Ross. "I’m not a gold bug per se but I do like a nice chart and I think that’s what we can see here with gold. It has a lot of things in its favor."

(Source: yahoofinance)

marissamayr:

Q1 2014 earnings webcast - here we come!

marissamayr:

Q1 2014 earnings webcast - here we come!

"I’m not sure I understand it. I mean, it is totally surreal."
James Gorman, Morgan Stanley CEO, on virtual currency bitcoin — in an interview on Fox Business Network.
"We look forward to becoming a major iron ore producer on an international scale." 
Billionaire Gina Rinehart, Chairman of Roy Hill. 
Roy Hill has secured $7.2bn in debt for the Roy Hill iron ore mining project in Western Australia which is 30% built and is due to start producing in late 2015. 
The 55-million-tonnes a year mine will make Roy Hill Australia’s fourth largest iron ore producer. The $10bn project. The debt financing transaction is the biggest ever provided for a mining project.
JPMorgan Chase has agreed to sell its physical commodities trading unit to the Mercuria Energy Group, a fast-growing Swiss trading firm. The deal is valued at $3.5bn. The deal is expected to close in the third quarter.Mercuria was founded by former Goldman Sachs traders and has become one of the world’s four biggest independent commodities traders. It has offices in 28 countries and employs more than 1,000 people.The sale will enabke JPMorgan to comply with regulatory rules. The Volcker Rule, part of the Dodd-Frank financial regulatory overhaul, restricts banks’ ability to trade for their own accounts. That extends to limits on such firms’ abilities to engage in some commodities trading.

JPMorgan Chase has agreed to sell its physical commodities trading unit to the Mercuria Energy Group, a fast-growing Swiss trading firm. The deal is valued at $3.5bn. The deal is expected to close in the third quarter.

Mercuria was founded by former Goldman Sachs traders and has become one of the world’s four biggest independent commodities traders. It has offices in 28 countries and employs more than 1,000 people.

The sale will enabke JPMorgan to comply with regulatory rules. The Volcker Rule, part of the Dodd-Frank financial regulatory overhaul, restricts banks’ ability to trade for their own accounts. That extends to limits on such firms’ abilities to engage in some commodities trading.

Fairfax Financial Holdings has purchased additional 3.4% shares in Torstar Corp. This increases its holding in the Canadian newspaper firm to 22.7%.
Torstar owns the Toronto Star, Canada’s largest daily newspaper by circulation, as well as other publishing assets.
Mobile messaging app-maker Tango claims it has raised $280m in a new funding round led by Chinese e-commerce giant Alibaba Group Holding Ltd.
Alibaba invested $215 million while the remainder of the funding came from Tango’s prior investors such as Access Industries, Draper Fisher Jurvetson and Jerry Yang, a co-founder of Yahoo Inc.
General Electric has signed an agreement to build an industrial complex to produce gas and steam turbines in partnership with Algeria’s Sonelgaz. The contract is worth $400m and will be one of GE’s biggest plants on completion.A joint venture called General Electric Algeria Turbines (GEAT) will be set up to build and operate the complex, which will start operating in 2017. Sonelgaz will hold a 51% stake, while GE Industrial France will hold the remaining 49%. It will produce 6-8 generators and control systems annually with a total capacity of 2,000 megawatts.
The Financial Conduct Authority has approved Aberdeen Asset Management Plc’s  planned acquisition of Scottish Widows Investment Partnership, the fund management arm of Lloyds Banking Group. 
The deal which was struck last November values the management fund at about £660 million ($1.10 billion) will create Europe’s number 1 listed stand-alone fund manager.
Asian Luxury Yachts Sales To Boom
Luxury yachts sit moored at the Singapore Yacht Show in front of Sentosa Cove, right, and the city skyline in Singapore. The annual yacht show finished yesterday. Asians with at least $1 million in investable assets are set to see their riches climb to $15.9 trillion by 2015 from $12 trillion in 2012, the 2013 Asia-Pacific Wealth Report said. The Asian market for super-yachts, loosely defined as boats stretching more than 24 meters, although slow to cultivate is one that that has huge potential amid the boom in high-net-worth individuals.
Photographer: Charles Pertwee/Bloomberg 
© 2014 Bloomberg Finance LP

Just In: Chinese Consortium Buys Peru Mine for $6 Billion | Deal Book [read more]

A consortium of state-owned Chinese companies led by China Minmetals Corporation, one of the country’s biggest metals miners, announced on Monday an agreement to buy a giant copper mine in Peru from Glencore Xstrata for more than $6 billion […]

The Top Ten Stocks for April 11 - Bloomberg TV

(Source: jumbiz)

Mexican homebuilder Geo has filed for bankruptcy after gaining the support of the majority of its creditors. The pre-packaged bankruptcy deal will replace most of its debt with stock.Geo was once Mexico’s biggest homebuilder with sales of 55,485 homes in 2012. Its financial woes has been attributed to a heavy debt load and slumping home sales.ban