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Arbitrage

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  • Hedge funds bleed as AbbVie reconsiders Shire bid Wednesday, 15 Oct 2014 | 11:51 AM ET

    LONDON, Oct 15- Some of the world's best known hedge funds lost hundreds of millions of dollars in the value of the stock they hold as Shire plunged after AbbVie's decision to reconsider its $55 billion bid for the British healthcare group. Chicago- based AbbVie was eager to buy Shire to reduce its U.S. tax bill by moving its tax base to Britain. "It seems Abbvie is...

  • NEW YORK, Oct 7- World oil prices resumed a months-long rout on Tuesday to close at their lowest in more than two years, pressured by reduced economic and demand growth forecasts. The International Monetary Fund cut its global economic growth forecasts for the third time this year, warning of weaker growth in core euro zone countries, Japan and Brazil.

  • LONDON, Sept 30- U.S. oil refiners have been among the biggest beneficiaries of free trade in the last decade, so it is ironic some continue to lobby hard to maintain the protectionist ban on crude exports. Production, profits and jobs at U.S. refineries are increasingly underpinned by exports to Europe, Latin America and Asia.

  • NEW YORK, Sept 29- U.S. crude oil rose on Monday, hovering around $94 a barrel on support from strong U.S. economic data last week, while Brent edged up after nearing a two-year low last week. "I think demand by U.S. refiners to make product to export is definitely supporting WTI prices," said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut.

  • BEIJING, Sept 29- China will see choppy cross-border capital flows in the second-half of this year, the country's currency regulator said on Monday. There would also be more volatility in the yuan, the State Administration of Foreign Exchange said in an online report about China's balance of payments.

  • Bank of America Corp was recently questioned by U.S. regulators about the potential legal and reputational risks from the maneuver, the newspaper said, citing a spokesman for the Federal Reserve Bank of Richmond.

  • West Texas Intermediate delivered into Midland, Texas, dropped some 90 cents a barrel and traded at $8.50, $8.75 and $9 a barrel below the front-month light-crude contract. West Texas Sour also fell about 90 cents and traded at $8.50 a barrel below WTI. Mars Sour delivered into Clovelly, Louisiana, slipped about 5 cents and traded at $1 and $1.10 a barrel under WTI.

  • UPDATE 7-Oil drops as ample supply overtakes demand Friday, 12 Sep 2014 | 4:34 PM ET

    *Weaker oil demand growth in China and Europe- IEA. NEW YORK, Sept 12- Crude oil prices fell on Friday on pressure from weak demand, ample supplies and a strong dollar. "We've seen a lot of selling pressure lately and concerns of a lot of oil on hand to meet demand," said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut.

  • EXCLUSIVE-Famed gold bug sued for not paying trader Friday, 29 Aug 2014 | 1:00 AM ET

    CHICAGO, Aug 29- Henry Jarecki, one of the world's most prominent gold bugs, is a celebrated advocate of free markets with a legendary record in precious metals trading.

  • SAN FRANCISCO/ NEW YORK, Aug 26- Investors are looking over portfolios to make room for Chinese e-commerce giant Alibaba Group Holdings Inc's market debut next month- and that means some less attractive stocks that funds are holding might be shown the door.

  • SAN FRANCISCO/ NEW YORK, Aug 26- Investors are looking over portfolios to make room for Chinese e-commerce giant Alibaba Group Holdings Inc's market debut next month- and that means some less attractive stocks that funds are holding might be shown the door.

  • IPO VIEW-Fund managers look to make room for Alibaba Tuesday, 26 Aug 2014 | 12:00 AM ET

    SAN FRANCISCO/ NEW YORK, Aug 26- Investors are looking over portfolios to make room for Chinese e-commerce giant Alibaba Group Holdings Inc's market debut next month- and that means some less attractive stocks that funds are holding might be shown the door.

  • *Letter sent to BCBS, IOSCO. HONG KONG, Aug 21- The international banking industry has asked regulators for more time to implement derivatives rules that could add $800 billion to the global financial industry's cost of doing business, people familiar with the matter said.

  • NEW YORK, Aug 20- U.S. crude oil rose in choppy trading on Wednesday ahead of the September contract's expiration and after government data showed crude stocks in the United States fell sharply last week. U.S. crude stocks slid by 4.5 million barrels last week, the U.S. Energy Information Administration said, more than analysts had expected.

  • NEW DELHI/ SINGAPORE, Aug 1- India is scrambling to crack down on a new gold smuggling tactic that it fears could accelerate a flood of illegal imports of the precious metal into the world's second-biggest buyer.

  • *Q2 drop in demand first in eight years- GFMS. SINGAPORE/ LONDON, July 31- Chinese gold jewelry demand fell for the first time in eight years in the second quarter and could drop as much as 20 percent in the full year, a leading precious metals consultancy said.

  • EU throws down gauntlet to U.S. over derivatives Friday, 27 Jun 2014 | 11:13 AM ET

    *Transatlantic tug-of-war over derivatives continues. LONDON, June 27- The European Union said it will help build a seamless global market in financial derivatives by accepting rules used in five countries, adding the United States would get the green light too if it showed flexibility.

  • *Foreign central bank auction participation declines. NEW YORK, June 11- U.S. Bids totaled $60.5 billion for a decent 2.88 bid-to-cover, versus 2.63 in April and an average of 2.65.

  • SHANGHAI, June 8- China's imports of major commodities fell in May from the previous month, official customs data showed on Sunday, as companies scaled back on orders after robust shipments in the previous months caused a supply overhang. High stocks and a poor import arbitrage also kept buyers away, "said Lian Zheng, a base metals analyst at Xinhu Futures.

  • Whether it be copper from Chile, oil from the Gulf or soybeans from Brazil, it all has to be shipped to consumers. Over the last decade more and more of that flow has been heading to China to feed the country's insatiable demand for the commodities it needs for industrialisation and urbanisation programmes.