Ghana finance minister says local currency to stabilize

Xinhua News Agency | Mar 15, 2019 at 5:29 PM
  • Ghana’s Finance Minister Ken Ofori-Atta on Friday expressed confidence that the local cedi currency, which has seen some of its worst performances in recent years, would begin to stabilize.
  • The minister attributed the fall of the local currency against major currencies to such things as the conclusion of Ghana’s International Monetary Fund (IMF) program.


Sebi slaps Rs 10 cr fine on Sybly Industries for GDR manipulation

Times of India | Mar 15, 2019 at 5:27 PM
  • New Delhi, Mar 15 () Markets regulator Sebi Friday slapped a fine of over Rs 10 crore on Sybly Industries Ltd in a matter related to manipulation in issuance of global depository receipts (GDR).
  • The penalty follows a probe by the regulator regarding the firm’s allotment of 1.51 million GDR amounting to USD 6.99 million on the Luxembourg Stock Exchange in June 2008.
  • The subscription amount for GDR was paid by Vintage after obtaining loan from European American Investment Bank (EURAM).


How SNC-Lavalin became a stock only an analyst could love

Financial Post | Mar 15, 2019 at 5:25 PM
  • Every time MacNicol & Associates portfolio manager Ross Healy and his wife travel to Las Vegas, the couple follows one rule.
  • At the beginning of June, all 13 analysts then covering the company had the equivalent of a buy recommendation on SNC.
  • The bedrock of the analyst community’s valuation of SNC relies on the company’s stake in Highway 407, an Ontario toll road that skirts Toronto to the north.

United States

Illinois’s Credit Problems Are Far From Over

Barrons | Mar 15, 2019 at 5:24 PM
  • Illinois has the lowest municipal credit rating of any state, but it has managed to hang on to its investment-grade status. But that doesn’t mean that the Land of Lincoln is out of its fiscal quagmire, analysts say.

Russian Federation

Calvey case mentioned at Putin’s meeting with members of RUIE

TASS Russian News Agency | Mar 15, 2019 at 4:51 PM
  • The issue of law enforcement pressure upon business was not raised by entrepreneurs during the meeting, much like the problem of using criminal cases as a tool in resolving commercial disputes.
  • Calvey and his accomplices put together a scheme, where the “First Collection Bureau”, under their control, waived its right to a 59.9% stake in a Luxembourg-based company called the International Financial Technology Group (IFTG), to the Vostochny bank to pay it back for a 2.5 bln-ruble debt.
  • Baring Vostok’s projects include CTC Media, Yandex, Avito, Ozon, ER-Telecom, 1C, and Novomet.

United States

Treasuries Flash An “Ominous Sign” As Stocks Surge

Zero Hedge | Mar 15, 2019 at 4:42 PM
  • With both the Dow, and the broader market saved – for now – from an embarrassing Quad Witch slump by news that Boeing is set to roll out a software upgrade for its 737 MAX airplanes (how a software update will fix what many now see as a hardware issue is unclear, nor is it clear how Boeing effectively admitting guilt for the death of hundreds of people which will unleash billions in lawsuits is bullish), bond yields will have none of it and as we showed earlier, the buying ramp across asset classes is the latest confirmation that equities are not trading on fundamentals (as bonds price in the continued deterioration in the US economy).
  • All in all, as BMO’s rate strategist Jon Hill noted “a variety of disappointing releases which will continue to push yields lower.”
  • And speaking bizarre moves during “Freaky Friday”, shortly after the data was released, and the resultant tumble in yield, 3- and 5-year yields inverted modestly vs. fed funds, which according to Hill, was “a self-evident ominous sign.”


Central Bank to examine legal fees added to mortgage arrears accounts

Irish Times | Mar 15, 2019 at 3:47 PM
  • The Central Bank is to examine the practice of financial lenders applying legal fees to the mortgage arrears accounts of homeowners involved in repossession cases.
  • Legal fees, as well as a separate concern about the treatment by lenders of mortgage tax relief at source (TRS) credits, has been raised by the State-run Money Advice and Budgeting Service (Mabs) which guides homeowners in distress.
  • Three lenders – AIB, EBS and Haven – were identified at Waterford Circuit Court as being those behind the three adjourned cases.