Tag Archives: UBS

Calumet Specialty Products Partners, L.P. to Attend Upcoming Investor Conferences

Calumet Specialty Products Partners, L.P. (CLMT), a leading independent producer of specialty hydrocarbon and fuels products, today announced that members of management will attend the following upcoming investor conferences:

Goldman Sachs Global Energy Conference
January 8, 2015
InterContinental Hotel – Miami, FL

UBS MLP One-on-One Conference
January 14, 2015
St. Regis Deer Valley – Park City, UT

Calumet’s latest investor presentation will be provided at each of these conferences.  Prior to Calumet’s attendance at the listed conferences, the Partnership will post an electronic copy of the presentation it intends to use in the “Investor Relations” section of the Partnership’s corporate website at www.calumetspecialty.com.

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As Canadian M&A Soars on Oil, Goldman Sachs Becomes Top Adviser, edging out JPMorgan Chase, Royal Bank of Canada, Barclays and Citigroup

Mergers and Acquisitions Conference 2015 New York City

Mergers and Acquisitions Conference 2015 New York City

Goldman Sachs was the top investment banking adviser on Canadian mergers and acquisitions in 2014, as oil and gas and cross-border deals drove takeovers to a seven-year high.

According to Bloomberg, Canadian firms were involved in $229 billion worth of transactions through Dec. 29, the highest annual tally since 2007 and up 45 percent from last year, according to data compiled by Bloomberg.

Goldman advised on $61.6 billion worth of those deals, its highest ever in Canada, and narrowly edging out JPMorgan Chase, which advised on transactions valued at $61.3 billion. Royal Bank of Canada slipped to third spot after three consecutive years at No. 1, while Barclays and Citigroup rounded out the top five. The figures and rankings are based on announced date and subject to change as more deals are recorded.

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U.S. Stocks Drop as Budget Deal Spurs Bets on Fed Cuts

According to Bloomberg,

U.S. stocks fell a second day, after an all-time high for the Standard & Poor’s 500 Index, as a Congressional budget accord fueled speculation that the Federal Reserve could trim stimulus next week.

Cisco Systems Inc. dropped 2.2 percent after losing a European Union court bid to overturn approval of Microsoft Corp.’s 2011 takeover of Skype Technologies SA. Laboratory Corp. of America Holdings plunged 10 percent after issuing a profit forecast below analysts’s estimates. MasterCard Inc. (MA) climbed 3.8 percent after saying its board of directors approved an 83 percent dividend increase and a 10-for-1 stock split.

The S&P 500 fell 0.7 percent to 1,790.90 at 11:58 a.m. in New York. The Dow Jones Industrial Average dropped 75.48 points, or 0.5 percent, to 15,897.65. Trading in S&P 500 stocks was in line with the 30-day average at this time of day.

“We’ve moved much closer for the Fed to taper in December,” Jeffrey Kleintop, chief market strategist at LPL Financial LLC in Boston, said in a telephone interview. “Markets are increasing their views that we are a week or so away from tapering because of improving economic data and clearing the hurdle for a budget deal. This deal is great, it’s a positive, but also a negative because it could prompt the Fed to taper sooner.”

The S&P 500 (SPX) fell 0.3 percent yesterday after reaching a record 1,808.37 the day before. Fed stimulus has helped propel the benchmark gauge higher by as much as 167 percent from its bear-market low in 2009. The index has rallied 26 percent this year and is challenging 2003 for the biggest annual jump since 1998.

Budget Deal

Investors are considering when the central bank, which meets next week, may reduce the pace of its monthly bond buying. Fed officials cited the drag from fiscal policy in their Oct. 30 statement and Jeffrey Lacker, president of the Richmond Fed, said in a speech Dec. 9 that budget uncertainty is weighing on business investment decisions.

Congressional negotiators yesterday agreed to a budget deal that would ease automatic spending cuts by about $60 billion over two years and will reduce the deficit by $20 billion to $23 billion. The budget compromise, which needs to pass both chambers of Congress, doesn’t raise the U.S. debt limit, setting up another potential fiscal showdown after February.

“The budget deal itself is at best a signal that we won’t shut the government down at the start of the new year,” Alexander Friedman, chief investment officer at UBS AG’s wealth-management unit, told Anna Edwards on Bloomberg Television. “It’s a low base that we’re declaring victory from. The key message for 2014 is the real economy is getting better. For investors however, it’s probably not going to be the same sugar high we’ve seen for the last five years.”

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Libor scandal: William Hague rejects George Osborne apology calls

William Hague has backed George Osborne in his row with Ed Balls, saying the shadow chancellor still has “questions to answer” over the Libor scandal.

A Tory MP has called on Mr Osborne to apologise to Mr Balls for suggesting he was implicated in rate fixing.

Andrea Leadsom, a member of the Treasury committee, said the chancellor had “made a mistake” with his claim.

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EU’s Barnier pushes for criminal sanctions for Libor abuse

(Reuters) – Europe’s top regulatory official intends to propose new rules that would criminalize the manipulation of benchmarks such as Libor, a spokesman for the EU commissioner in charge of financial reform said on Monday.

Michel Barnier wants to amend proposed market-abuse legislation that is designed to clamp down on insider trading and other wrongdoing to include the manipulation of a reference such as Libor, which is a basis for lending and derivatives contracts around the world.

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Tucker Faces Libor Grilling With BOE Governor Race At Stake

Bank of England Deputy Governor Paul Tucker will testify today on the Libor scandal that costBarclays Plc (BARC)’s top three managers their jobs and cast doubt on his prospects of succeeding his boss, Mervyn King.

Tucker, 54, will relate to lawmakers at a Parliament hearing his side of a 2008 phone call with former Barclays Chief Executive Officer Robert Diamond that has drawn the Bank of England into the furor on interest-rate manipulation. A memo Diamond wrote suggested Tucker might have hinted that Barclays could lowball its Libor submissions.

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Libor Scandal Seen Boosting NYSE Repo Futures

The scandal impairing confidence in the London interbank offered rate, a benchmark for $360 trillion in securities, may drive demand for interest-rate futures that NYSE Liffe U.S. will start offering this month.

The contracts on NYSE’s U.S. futures exchange will be tied to indexes that track movements in a $400 billion market where bond dealers that trade directly with the Federal Reserve finance securities holdings. The futures were developed to give banks a more direct method of hedging changes in the cost of those transactions, known as general collateral finance repurchase agreements, or GCF repos.

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