Financial issues have never been at the top of my list of things I find simple to deal with -- with romance, of course, coming in a close second. That's extra true right now, and especially so if I’m at the dead center. Mean be in the UK+Chap man). If someone are bring me a speculative document and claims it must be signed immediately? (…” President José Eduardo dos Santos promises to pay debts to SMEs in two months. published on 07.19.2010 at 18:21. Angolan President José Eduardo dos Santos, said today that Angola's debts to Small and Medium Enterprises (SMEs) Portuguese will be paid within two years. In a press conference after a meeting with the Portuguese President, Cavaco Silva, who began today a state visit to Angola, the Angolan President also said that the debts will be paid to large companies at 40 percent initially and then will be made for rescheduling for one, two years. " Without specifying the amount of debt to the Portuguese companies, Eduardo dos Santos referred to the overall debt to Angolan firms, from 6.8 billion dollars (5.2 billion euros), estimating that "30 percent of this value" is referring to Portuguese companies. Lusa. NYSE Liffe defends London cocoa market. July 21 2010 12:07. The London cocoa exchange has said it saw “no evidence of abusive behaviour” in the market last week, responding to complaints from small and medium-sized processors about the recent spike in prices to a 33-year high of £2,732 a tonne. Armajaro, the trading house and commodities hedge fund, took physical delivery of almost all the cocoa inventories held in Europe after the expiry last week of the Liffe July futures contract, triggering complaints of a squeeze. The delivery, equal to about 7 per cent of the global cocoa crop, was the largest in Europe in 14 years. NYSE Liffe, which operates the cocoa exchange, said the market had been orderly in spite of the swing in prices and the large delivery. In a letter to a group of cocoa processors which had complained about what they viewed as speculation, it said: “While we are sensitive to the points you have made regarding market volatility, from our investigations there is no evidence of abusive behaviour or that any market participant is trading with the specific purpose of distorting the price of the July 2010 delivery month.” The letter was a response to a protest from the processors, which had accused the London-based market of lacking transparency and control. “What we are experiencing today is clearly a manipulation of the contract, which is bringing the London market into disrepute and which, we believe, should not be allowed,” the critics said. Chris Herman, NYSE Liffe’s head of operations, replied: “We note your assertion that the current price activity is due to speculation. We are unclear on what factual basis that conclusion can be reached.” The exchange added that its contracts supported the needs of a range of market participants, “including those who wish to use the market to make or take physical delivery” as well as those using the market to hedge physical risk. The exchange and the German Cocoa Trade Association, one of signatories to the critics’ letter, declined to comment on Wednesday. The processors and Liffe plan to meet in London next Tuesday to discuss last week’s events. But the exchange said in its letter that it wanted to address the matter directly rather than through the media, in reference to public complaints by the German association in recent weeks. “Although it has been interesting to read the inevitably disparate views expressed as a result of this week’s media coverage, we consider that the interests of the market as a whole are better served by a more direct dialogue,” Liffe said. The exchange has also promised that it will soon start publishing a report stating the number of contracts in the hands of speculators and commercial operators. Liffe said the report had been delayed, in part because it needed to develop new systems. Cocoa for delivery in September in London fell on Wednesday to £2,314 a tonne. Traders said prices could remain subdued in July and early August, before picking up again in September”…) I should first find out what the rush is all about? ISIT? Is there something crucial that I need to know in the fine print?
BP Rises After Agreeing on $7 Billion Sale of Fields to Apache. Jul 21, 2010. BP Plc rose in London trading after agreeing to sell oil and gas fields in the U.S., Canada and Egypt to Apache Corp. for $7 billion, raising cash to meet the costs of the Gulf of Mexico spill. BP climbed as much as 4 percent and traded at 402.65 pence as of 10:20 a.m. local time. The stock is down 39 percent since the Deepwater Horizon rig exploded on April 20, killing 11 workers and triggering the worst oil spill in U.S. history. Europe’s largest oil producer by volume said last month it would sell $10 billion of assets to raise cash for the $20 billion fund demanded by President Barack Obama to compensate victims of the oil spill. BP said yesterday that it plans to sell assets in Pakistan and Vietnam, and the company was said to be in talks with Apache earlier this week about selling half its stake in Alaska’s Prudhoe Bay oil field. “It’s a nice tidying up of the portfolio,” said Iain Armstrong, an analyst at Brewin Dolphin Ltd., which overseas more than $31 billion in London, including BP shares. “If they can get rid of Vietnam and Pakistan assets as well, even better.” Apache will buy BP’s Permian Basin holdings in Texas and southeast New Mexico and gas properties in western Canada, London-based BP said yesterday after the close of trading. BP also agreed to sell exploration concessions in Egypt. Cash Deposit. BP said Apache will pay a deposit of $5 billion in cash on July 30. The total price of $7 billion includes $3.1 billion for the Permian properties, $3.25 billion for assets in western Canada and $650 million for the Egyptian assets, according to BP’s statement. The Prudhoe Bay stake was on track to be sold for $10 billion to $11 billion, according to a person with knowledge of the matter. Jason Kenney, an analyst at ING Wholesale Banking in Edinburgh, values BP’s assets in Vietnam and Pakistan at about $1.7 billion altogether. BP suspended its $10 billion annual dividend for three quarters and cut investment spending to help pay for spill costs, which Brewin Dolphin’s Armstrong predicts will reach $40 billion. BP reports second-quarter earnings July 27. Robert Dudley, the BP executive running the spill cleanup operation, is the front-runner to replace Chief Executive Officer Tony Hayward, who is set to step down in the next 10 weeks, the London-based Times reported today, citing unidentified people close to the company. Hayward has the full support of the board and will stay in his post, a BP spokesman said.
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