July 28, 2005
Edited by Ryan Scott Lothian*
* In the past, when leaving the newsletter in the hands of others, John has still been the one to send the newsletter out. This affords him the final editorial say. However, he is without email for the next couple of days and so has left me completely in control. To prove the fact that he has no editorial control whatsoever, I have included an embarrassing photo of him in John’s Comments. Enjoy.
Lead Stories
Discovery docks with space station, as NASA grounds shuttle fleet
The
http://news.yahoo.com/news?tmpl=story&u=/afp/20050728/ts_alt_afp/usspaceshuttle_050728124311
NYSE Criticized Over Governance Policies
When the New York Stock Exchange unveiled its landmark acquisition of Archipelago Holdings Inc., Big Board Chief Executive John Thain pledged that the merged company would be a "model for best practices in corporate governance."
http://news.yahoo.com/news?tmpl=story&u=/ap/20050727/ap_on_bi_ge/nyse_governance_1
Indian oil platform fire kills 10
The death toll from a massive fire on a drilling platform in
Most of state is declared farm disaster
Agriculture Secretary Mike Johanns on Wednesday designated nearly all of
http://www.suntimes.com/output/business/cst-nws-drought28.html
Hamish Purdey in
Hamish Purdey has officially assumed responsibility as President of FFastFill Inc., the
Coffee delivery in a shamble
The first delivery of coffee futures at the National Multi-Commodity Exchange (NMCE) has landed in trouble with none of the buyers willing to take delivery of the 456 tonnes at the end of the July contract.
http://www.financialexpress.com/fe_full_story.php?content_id=97687
Quick Guide will help consumers choose the right investment products
Proposals for a Quick Guide setting out the most important factors consumers need to consider before buying a particular investment product were set out today by the Financial Services Authority.
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/085.shtml
Financial Services Companies Lead the Charge to Linux
On the server side, perhaps no single industry has tested Linux's enterprise mettle more than the financial services sector. Companies were facing mounting pressure to cut costs at the turn of the millennium. When the market slump hit in 2001, financial institutions had to think out of the box -- fast. Several of the largest firms started to shift to cheaper x86 hardware running Linux.
http://www.linuxinsider.com/rsstory/44982.html
Counterparty Risk Management Policy Group Releases Report
The Counterparty Risk Management Policy Group today released its report entitled: "Toward Greater Financial Stability: A Private Sector Perspective."
http://www.crmpolicygroup.org/press-release.html
Recent trends in the exchange landscape
http://www.exchange-handbook.co.uk/articles_story.cfm?id=54128
HedgeStreet Launches Agricultural Contracts
Introduces Hedgelets(R) for USDA Corn and Soybean Production Forecasts
http://biz.yahoo.com/bw/050728/285019.html?.v=1
Making Permanent 2003 Dividend And Capital Gains Tax Cuts Will Help Sustain Economic Momentum
Crapo Bill Will Greatly Benefit Investors And The Economy
http://www.sia.com/press/2005_press_releases/04597857.html
Exchange & ECN News
International Securities Exchange Reports Second Quarter 2005 Results; Record quarterly revenues of $35.0 million; net income up 17.1%
http://phx.corporate-ir.net/phoenix.zhtml?c=176358&p=irol-newsArticle&ID=736351&highlight
CBOT Strike Price Notice July 28, 2005
http://www.cbot.com/cbot/pub/cont_detail/0,3206,1032+29598,00.html
Icelandic exchange considers merger
After years of standing on the sidelines of European consolidation,
http://news.ft.com/cms/s/34c25ed6-ff03-11d9-94b4-00000e2511c8.html
SGX Posts Creditable Performance
Singapore Exchange Limited (SGX) today announced its full year results for the financial year ended 30 June 2005. SGX Group registered a net profit after tax of S$109.5 million on the back of improved results in the second half of the financial year. The Group's return on equity reached a new high of 23.1% at the end of FY2005.
iShares Leaving AMEX: Hidden Benefits?
http://www.etfzone.com/articles/PHP/20050727_isharestonyse_iss_etf_ES.php
The
http://www.phlx.com/news/pr2005/05pr072805.htm
Regulatory News
The SEC News Digest
The SEC News Digest provides daily information on recent Commission actions, including enforcement proceedings, rule filings, policy statements, and upcoming Commission meetings.
http://www.sec.gov/news/digest/dig072705.txt
Discovery Arbitrator Pilot
NASD Dispute Resolution Offers a Voluntary Discovery Arbitrator Pilot to Improve the Discovery Process in Arbitration
http://www.nasd.com/web/idcplg?IdcService=SS_GET_PAGE&ssDocName=NASDW_014765&ssSourceNodeId=5
FSA praises Scottish commitment to improving financial capability
The Financial Services Authority (FSA) today praised the work of Scottish financial firms and public bodies in supporting the drive to improve financial awareness and understanding amongst
http://www.fsa.gov.uk/pages/Library/Communication/PR/2005/084.shtml
SEC, CFTC Amend Exchange Acts
The Commodity Futures Trading Commission and the Securities and Exchange Commission adopted technical amendments to the Commodity Exchange Act and the Securities Exchange Act of 1934 providing a method for determining market capitalization and dollar value of average daily trading volume. The amendments are intended to reflect the new terminology and rule designations that will come into effect as a result of the adoption by the SEC of Regulation NMS.
http://www.compliancereporter.com/default.asp?page=1&SID=537913&ISS=17887&pressbox=1
NYSE Regulation’s New Fee-Based Accounts Rule Requires Significant Disclosure by Member Firms
New York Stock Exchange Regulation today announced that the U.S. Securities and Exchange Commission has approved Exchange Rule 405A that requires member firms to provide investors with significant disclosure on non-managed fee based accounts. This type of account offered by broker-dealers is an increasingly popular investment option, but may not suit all customers.
http://www.nyse.com/Frameset.html?displayPage=/press/2_2005.html
Managed Futures - Managed Funds
Hedge-Fund Inflows Declined 60% in Second Quarter
New money placed in hedge funds fell 60 percent in the second quarter as investment returns lagged the overall stock market, according to Hedge Fund Research Inc.
http://www.bloomberg.com/apps/news?pid=10000103&sid=anS09AKNjmjQ
Bear Stearns to Roll Out New Asian Hedging Fund
Bear Stearns will roll out a new fund investing in hedge funds specializing in Asian markets.
http://au.biz.yahoo.com/050728/17/6b40.html
Affluent investors prefer mutual funds, study finds
Ultra high net worth investors reluctant to accept greater risk
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=29824&IdSection=1&cat=1
Hedge Funds may enter into insurance underwriting
Hedge funds are increasingly drawn into insurance underwriting business in an ever-ending search for alpha for their investors. New reports show that many hedge fund managers have been active in purchasing “catastrophe bonds” through such transactions money is provided to insurers as well as reinsurers when catastrophic events such as hurricanes and earthquakes occur.
http://www.hedgeco.net/news/07/2005/hedge-funds-may-enter-insurance-underwriting.html
Reports
Bond Talk Today's Events
http://www.bondtalk.com/global.cfm?S=todaysevents
USDA Today
http://www.usda.gov/nass/PUBS/TODAYRPT/TODAY.HTM
Miscellaneous News
Jim Rogers' Beeland Management Hires Robert Mercorella as COO
Robert Mercorella has joined Beeland Management Company, L.L.C. as chief operating officer according to Jim Rogers, founder, majority owner and member of the firm. Beeland Management is the general partner and commodity pool operator of the Rogers International Raw Materials Fund, L.P., a public commodity pool registered under the Securities Act of 1933.
Notice to All Salomon Smith Barney Inc, n/k/a Citigroup Global Markets Inc., Customers Between 1999 and 2001: The Securities Arbitration Law Firm of Klayman & Toskes, P.A. Urges You to Explore Your Legal Options Regarding the Global Research Analyst Settlement Fund -- C, T, LVLT, CMVT, XOCM
http://biz.yahoo.com/pz/050727/82816.html
ADM Investor Services, Inc. Announces the Formation of ADM Derivatives, Inc.
ADM Investor Services, Inc. (ADMIS) has announced the launch of ADM Derivatives, Inc., which will offer Foreign Exchange services to institutional and retail clients through its Global Foreign Exchange department. The department will provide principal and agency currency markets to its clients through the deployment of an electronic trading platform.
http://biz.yahoo.com/prnews/050727/cgw051.html?.v=18
Barclays takes charge at Absa
Barclays, which yesterday took control of
http://www.busrep.co.za/index.php?fArticleId=2643019
Deutsche Bank Profit Beats Estimates for Fourth Time
Deutsche Bank AG,
http://www.bloomberg.com/apps/news?pid=10000087&sid=a1Q07yumB5vI
Kazkommertsbank buys ABN AMRO's local pension fund
The Kazakh subsidiary of ABN AMRO Bank will sell its pension fund and asset management company to
http://asia.news.yahoo.com/050728/3/24q7r.html
Dutch set to wrest temporary control of Italian bank
Dutch bank ABN Amro snatched control of Italian takeover target Banca Antonveneta, stealing a march on its bidding-rival Banca Popolare Italiana (BPI), sidelined by a market-rigging investigation.
http://www.terra.net.lb/wp/Articles/DesktopArticle.aspx?ArticleID=236276&ChannelId=6
Out of
The recent emergence of South African companies in the European high-yield bond market is breaking up these corporations’ historical dependence on their domestic banks.
http://news.ft.com/cms/s/c5fae508-feb8-11d9-94b4-00000e2511c8.html
John's Comments
Hire Me
As John mentioned before, I recently graduated from the
New Website
I have recently (last night) re-designed my website which oddly enough is located at:
Lessons About Trusting Family Members To Write Your Newsletter
As promised here is a link to a picture of John from my parent’s wedding in 1981. While he may have had no say in wearing the fashionable brown tuxedo, you can be the judge of the rest of his appearance.
http://www.lothianinc.com/jpic.gif
Blog Update
I have installed an RSS feed for those of you with blog readers. I tested it with BlogExpress and it seems to be running fine. If you have any questions post them on the blog. Here is the link; we will be incorporating it into the blog interface soon:
http://www.johnlothiannewsletter.com/phpbb/rss.php
Regards,
John J. Lothian
Publisher
John Lothian Newsletter
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Disclaimer: The John Lothian Newsletter is a product of John J. Lothian & Company, Inc. The opinions expressed are strictly the opinion of John Lothian, and not necessarily those of his employer, The Price Group and its management, and is intended solely for informative purposes and is not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers.
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