You see, Italy is really a very poor and weak country, and that’s what makes us so strong…
Making my somewhat “dusty” way up to London this morning, I had the opportunity to peruse the “Pink ‘Un” [Financial Times], and there is some great stuff about Cat-bonds against meteor strikes – 15% yield but 100% loss if a space-rock takes out Swiss Re’s book. Or the fact that Italy – with a debt/GDP ratio that compares to Greece and an economy with less oomph than a three-legged tortoise, is now trading at record low yields. There is even a thoughtful piece about the consequences for bond markets if the current chronic illiquidity is not reversed.
Speed read: Deutsche Bank appointed as depositary bank for the JD.com's sponsored level III American depositary receipt programme.
Deutsche Bank today announced its appointment as depositary bank for JD.com's capital raising sponsored Level III NASDAQ-listed american depositary receipt (ADR) programme.
JD.com is described as the largest online direct sales company in China in terms of transaction volume in 2013, with a market share in China of 46.5%, according to iResearch, a third-party market research firm. JD.com strives to offer consumers the best online shopping experience.
Jose Sicilia, global head of global equity services at Deutsche Bank, said: “We...welcome the company to our established franchise of Chinese ADR issuers. We look forward to providing JD.com with the highest level of customised ADR services to optimise the visibility of its ADR programme and broaden its investor base.”
Philip Tiffin, Asia Pacific head of global equity services sales, global transaction banking at Deutsche Bank, said: "This notable mandate from one of China’s e-commerce leaders exemplifies our strong capabilities in ADR depositary services, leveraging our global network and market knowledge to support the capital strategies of our clients."
I was speaking to a cyber security authority earlier today, who was waxing lyrical about the internet of things. If this comes about, every 'smart' device in an individual home's network will require a separate IP address, he told me. Great news for those of us who struggle to persuade a wifi router to work, and whose wife complains that the wireless revolution means our living room floor is covered in devices and plugs and wires.
A separate issue is the increased threat of hacking; your toaster and/or your kettle could prove to be Achilles heels, allowing access to your network via the back door. We are opening ourselves up to the digital equivalent of a burglar crawling in through the waste pipes. Just one question. Why?
I also read that Apple is is working on making homes smarter, including creating apps that will enable the user to switch lights on and off. I already have several scattered around the house. They've been known as light switches for over 100 years...
I've just read a piece in this morning's Financial Times about 'smart' homes. Apparently there is an app that allows people to chat with ovens, fridges and washing machines. Seriously, how sad would you have to be to want to do that?
The houses might be made smarter but are owners really getting dumber?
Speed read: BNY Mellon appoints new chair of enterprise product management group. Nikos Kardassis will lead new role overseeing product management across Asset Servicing and strategic client platforms.
CACEIS has been mandated to provide depository services for real estate and other physical assets in Sal. Oppenheim’s open- and closed-ended funds in Germany. Sal. Oppenheim and CACEIS say they are working closely together to ensure all concerned funds will be migrated to CACEIS by the end of 2014, subject to the approval of clients and institutional end-investors. The migration volume amounts to some €12bn in physical assets.
Who can take tomorrow, dip in a dream, separate the sorrow and collect all the cream..
It would be fair to say I’m ultra refreshed this morning – ! spent a long bank holiday weekend racing back and forward across the English Channel. On the way to France it started wet, wild and miserable, and on the way back it ended up just wet and miserable. But what brilliant fun and great company! We came second in the race, but won the good time prize. The wind was on the nose the whole time, which meant the yacht was heeled right over whole time so very little sleep… but, hey that’s what the office is for…
By James Butterfill, global equity strategist at Coutts
The market for initial public offerings (IPOs) has been exuberant as uncertainties over the US ‘fiscal cliff’ and eurozone debt crisis have diminished and corporate confidence returns. Though UK IPOs are showing some signs of frothy prices, the deals keep coming.
HarbourVest, a private markets investment firm, reports that HarbourVest Partners (Europe) Limited has been authorised by the UK’s Financial Conduct Authority (FCA) as an Alternative Investment Fund Manager (AIFM).
The European Securities and Markets Authority (ESMA) has launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.
I start with reports of reasoned dabate from the top floors of Mint Towers this morning. Our macro genius, the marvelous Martin Malone, has decreed: “It’s an absolute impossibility for stocks to go down from here.” Come again?? I’ll have a quarter ounce of whatever he’s smoking! These are the same stock markets that have barely gained from the beginning of the year on a succession of half-hopes and false dawns on economic recovery.