Tuesday, 20 November 2012
stock lending
A temporary transfer of securities (for example, equities) by an owner (typically a pension scheme) to a borrower (usually a fund manager). The borrower undertakes to return those securities to the lender at pre-agreed time.
strategic investment
Carried out by trustees as part of the preparation of their SIP, it is the practice of making long term decisions on asset allocation so that they are able to pay pension benefits as they fall due.
swaps
Arrangements by which one type of income stream is swapped for another (eg an income stream at a variable rate of interest may be swapped for an income stream at a fixed rate of interest). Such an arrangement is often made through an investment bank.
Interest rate swaps are the most frequently used but there are types of swaps available, eg to offset the riskof inflation or longevity.
Interest rate swaps are the most frequently used but there are types of swaps available, eg to offset the riskof inflation or longevity.
tactical investment
Day to day investment decisions (eg stock selection)for which the function and the responsibility may be delegated to the fund managers.
Monday, 19 November 2012
List of banks in Singapore
AAREAL FINANCIAL SERVICES (SINGAPORE) PTE. LTD +65 6372 9750
ABC INTERNATIONAL BANK PLC-SINGAPORE +65 6535 9339
ABN-AMRO BANK +65 236 1000
AFC MERCHANT BANK +65 552 7155
AIG PRIVATE BANK LTD. +65 6557 6700
ALLIED BANKING CORPORATION +65 6536 3886
ARCAPITA PTE. LIMITED +65 6622 5390
BANK BRUSSELS LAMBERT (SINGAPORE) LTD No longer exist
BANK MANDIRI +65 6213 5688
BANK OF BARODA 65 65367749
BANK SARASIN-RABO (ASIA) LIMITED +65 6536 6848
BSI BANK LTD. +65 6424 8350
CHANG HWA COMMERCIAL BANK LTD 65 6532 0820
CIBC - CANADIAN IMPERIAL BANK OF COMMERCE +656 535 2323
CITIBANK 6225 5225
CITIBANK SINGAPORE INTERNATIONAL 65 6224 5757
CLARIDEN LEU LTD +65 6532 5325
CLEASTRAM-SINGAPORE REPRESENTATIVE OFFICE +65 6248 4513
COUTTS BANK VON ERNST LTD +65 6223 3132
CREDIT SUISSE (ASSET MANAGEMENT) +65 6212 2000
DBS BANK +65 6327 2265
DEUTSCHE BANK +65 6533 1818
DZ BANK AG +65 6438 5129
FIRST STATE INVESTMENTS +65 6580 1390
FORTIS BANK LTD +65 6539 4788
GE MONEY +65 6410 3100
GOLDMAN SACHS (SINGAPORE) PTE. +65 889 1000
HSBC BANK INTERNATIONAL LIMITED +65 6731 5699
INDIAN OVERSEAS BANK 62941385
INDUSTRIAL AND COMMERCIAL BANK OF CHINA 65 6538 1066
ING ASIA PRIVATE BANK LTD. +65 65598000
KEPPEL TATLEE BANK +65 222 8 223
KOREA EXCHANGE BANK (BRANCH) 65 6536 1633
LOMBARD ODIER DARIER HENTSCH CIE (SINGAPORE) LTD +65 6305 7788
MONETARY AUTHORITY OFSINGAPORE +65 6225 5577
NORDEA BANK FINLAND PLC +65 63 17 65 22
OVERSEAS CHINESE BANKING CORPORATION
OVERSEAS UNION BANK 65 6539 2705
RAIFFEISEN ZENTRALBANK?TERREICH AG +65 6225 9578
SCHRODER INVESTMENT MANAGEMENT LTD. +65 535 3411
STANDARD CHARTERED BANK SINGAPORE 1800 535 3522
THE UNITED OVERSEAS BANK GROUP OF SINGAPORE +65 6292 8711
UBS IN SINGAPUR +65 6431 8000
UNICREDITO ITALIANO +65 62325728
UNION DE BANQUES ARABES ET FRANCAISES (U.B.A.F.) +65 63 33 61 88
UNITED OVERSEAS BANK +65 337 0204
ABC INTERNATIONAL BANK PLC-SINGAPORE +65 6535 9339
ABN-AMRO BANK +65 236 1000
AFC MERCHANT BANK +65 552 7155
AIG PRIVATE BANK LTD. +65 6557 6700
ALLIED BANKING CORPORATION +65 6536 3886
ARCAPITA PTE. LIMITED +65 6622 5390
BANK BRUSSELS LAMBERT (SINGAPORE) LTD No longer exist
BANK MANDIRI +65 6213 5688
BANK OF BARODA 65 65367749
BANK SARASIN-RABO (ASIA) LIMITED +65 6536 6848
BSI BANK LTD. +65 6424 8350
CHANG HWA COMMERCIAL BANK LTD 65 6532 0820
CIBC - CANADIAN IMPERIAL BANK OF COMMERCE +656 535 2323
CITIBANK 6225 5225
CITIBANK SINGAPORE INTERNATIONAL 65 6224 5757
CLARIDEN LEU LTD +65 6532 5325
CLEASTRAM-SINGAPORE REPRESENTATIVE OFFICE +65 6248 4513
COUTTS BANK VON ERNST LTD +65 6223 3132
CREDIT SUISSE (ASSET MANAGEMENT) +65 6212 2000
DBS BANK +65 6327 2265
DEUTSCHE BANK +65 6533 1818
DZ BANK AG +65 6438 5129
FIRST STATE INVESTMENTS +65 6580 1390
FORTIS BANK LTD +65 6539 4788
GE MONEY +65 6410 3100
GOLDMAN SACHS (SINGAPORE) PTE. +65 889 1000
HSBC BANK INTERNATIONAL LIMITED +65 6731 5699
INDIAN OVERSEAS BANK 62941385
INDUSTRIAL AND COMMERCIAL BANK OF CHINA 65 6538 1066
ING ASIA PRIVATE BANK LTD. +65 65598000
KEPPEL TATLEE BANK +65 222 8 223
KOREA EXCHANGE BANK (BRANCH) 65 6536 1633
LOMBARD ODIER DARIER HENTSCH CIE (SINGAPORE) LTD +65 6305 7788
MONETARY AUTHORITY OFSINGAPORE +65 6225 5577
NORDEA BANK FINLAND PLC +65 63 17 65 22
OVERSEAS CHINESE BANKING CORPORATION
OVERSEAS UNION BANK 65 6539 2705
RAIFFEISEN ZENTRALBANK?TERREICH AG +65 6225 9578
SCHRODER INVESTMENT MANAGEMENT LTD. +65 535 3411
STANDARD CHARTERED BANK SINGAPORE 1800 535 3522
THE UNITED OVERSEAS BANK GROUP OF SINGAPORE +65 6292 8711
UBS IN SINGAPUR +65 6431 8000
UNICREDITO ITALIANO +65 62325728
UNION DE BANQUES ARABES ET FRANCAISES (U.B.A.F.) +65 63 33 61 88
UNITED OVERSEAS BANK +65 337 0204
Big banks give $22 billion inmortgage relief under deal
(Reuters) - Five U.S. banks have provided about $22 billion in mortgage relief to customers under a deal to settle borrowers' accusations over foreclosures, a report bythe settlement's monitor saidon Monday.
The report said that Bank of America Corp ( BAC.N ), which owes the most, improved in providing first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co ( JPM.N ) through September.
Bank of America provided$889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's ( JPM.N ) total was $903.1 million in modifications, the most of thefive banks.
Monday's report by Joseph Smith, the former North Carolina Banking Commissioner who is serving as the settlement's monitor, said the five banks together have provided about $22 billion in customer relief, up from $10.6 billion in August.
The banks reached the settlement in February with state and federal officials to resolve allegations of faulty foreclosures. The pact requires banks to provide around $20 billion of consumer relief by taking actions such as reducing loanbalances for struggling borrowers and refinancing loans for customers whose homes are worth less than the value of their mortgages.
The banks, however, have not necessarily met their obligations yet because the settlement only provides for partial credit for certain kinds of relief. The banks only receive credit for $0.45 of every dollar of a writedown through a short sale, for example.
Short sales - in which borrowers sell their homes for less than the value of the mortgage - accounted for the largest portion of the total relief, about $13.1 billion.
Bank of America delivered$11.8 billion in total relief to consumers, the most of any bank, with short sales accounting for $7.4 billion ofits total. JPMorgan provided the second most relief - about $6 billion.
The other banks in the settlement are Wells Fargo &Co ( WFC.N ) ($2.5 billion in total relief), Citigroup Inc ( C.N ) ($1.1 billion) and Ally Financial Inc ($587.8 million).
"The relief the banks have reported is encouraging," Smith said in a statement, while noting that the banks' obligations still need to be reviewed and credited.
If a lender does not meet its required relief within three years, it will be required to pay a penalty of no less than 125 percent of its unmet commitment, the report said.
Bank of America, which acquired troubled lender Countywide Financial in 2008, owes the most out of five banks, about $11.8 billion in consumer relief and other payments. The bank has said it will meet its obligations within the first year. >
The report said that Bank of America Corp ( BAC.N ), which owes the most, improved in providing first-lien mortgage modifications to customers, trailing only JPMorgan Chase & Co ( JPM.N ) through September.
Bank of America provided$889.2 million in first-lien modifications that reduced loan balances for consumers, a turnaround from August when the bank had completed none. JPMorgan Chase & Co's ( JPM.N ) total was $903.1 million in modifications, the most of thefive banks.
Monday's report by Joseph Smith, the former North Carolina Banking Commissioner who is serving as the settlement's monitor, said the five banks together have provided about $22 billion in customer relief, up from $10.6 billion in August.
The banks reached the settlement in February with state and federal officials to resolve allegations of faulty foreclosures. The pact requires banks to provide around $20 billion of consumer relief by taking actions such as reducing loanbalances for struggling borrowers and refinancing loans for customers whose homes are worth less than the value of their mortgages.
The banks, however, have not necessarily met their obligations yet because the settlement only provides for partial credit for certain kinds of relief. The banks only receive credit for $0.45 of every dollar of a writedown through a short sale, for example.
Short sales - in which borrowers sell their homes for less than the value of the mortgage - accounted for the largest portion of the total relief, about $13.1 billion.
Bank of America delivered$11.8 billion in total relief to consumers, the most of any bank, with short sales accounting for $7.4 billion ofits total. JPMorgan provided the second most relief - about $6 billion.
The other banks in the settlement are Wells Fargo &Co ( WFC.N ) ($2.5 billion in total relief), Citigroup Inc ( C.N ) ($1.1 billion) and Ally Financial Inc ($587.8 million).
"The relief the banks have reported is encouraging," Smith said in a statement, while noting that the banks' obligations still need to be reviewed and credited.
If a lender does not meet its required relief within three years, it will be required to pay a penalty of no less than 125 percent of its unmet commitment, the report said.
Bank of America, which acquired troubled lender Countywide Financial in 2008, owes the most out of five banks, about $11.8 billion in consumer relief and other payments. The bank has said it will meet its obligations within the first year. >
Paul Ottelini Intel CEO would retire in May,
Intel said on Monday that Chief Executive Officer PaulOttelini would retire in May, stepping down from the world's leading chipmaker at time when it isgrappling with weak PC demand as the industry shifts towards mobile computing.
Intel's board said it would consider internal and external candidates for the CEO position. It said in a statement that it expected the "leadership transition" to last six months.
The company said it would promote three executives tobe executive vice presidents. They are Renee James, who is in charge of Intel software; Brian Krzanich, who is chief operating officer and also oversees manufacturing; and Stacy Smith, the chief financial officer and directorof corporate strategy.
Ottelini, 62, was the fifth CEO of the company, stepping into the post in the second quarter of 2005.
Intel's board said it would consider internal and external candidates for the CEO position. It said in a statement that it expected the "leadership transition" to last six months.
The company said it would promote three executives tobe executive vice presidents. They are Renee James, who is in charge of Intel software; Brian Krzanich, who is chief operating officer and also oversees manufacturing; and Stacy Smith, the chief financial officer and directorof corporate strategy.
Ottelini, 62, was the fifth CEO of the company, stepping into the post in the second quarter of 2005.
Total Sells Nigeria Oil Field to Sinopec for $2.5 Billion
Total SA (FP) , France ’s largest oil company, soldits 20 percent stake in anoffshore Nigerian field to China Petrochemical Corp. for about $2.5 billion as part of an asset-disposal program.
The OML 138 block includes the Usan field, which started output in February, Paris-based Total said today in a statement. The asset accounts for about 10 percent of Total’s Nigerianproduction, which averaged 287,000 barrels a day last year.
The sale is part of Total’s plans to complete $15 billion to $20 billion of asset disposals from 2012 to 2014. China’s state-backed energy companiesare seeking new oil and gas reserves abroad to feed the world’s second-largest economy, especially from regions like Africa where government scrutiny is lighter than in North America or Europe .
The sale of a minority stake in the Nigerian block is in line with Total’spolicy of actively managing its portfolio, Yves-Louis Darricarrere, head of exploration and production, said in today’sstatement.
The Usan field production, whose ramp up was slower than expected, could reach 140,000 barrels a day by the end of the year, Chief Financial Officer Patrick dela Chevardiere said in July. The French companyhad said it was expecting a peak rate of 180,000 barrels a day.
Total rose as much as 2 percent and was trading 70 cents higher at 37.67 euros as of 3:05 p.m. in Paris.
Total is also searching for abuyer for its southwesternFrench natural gas network known as TIGF. Current disposals could bring Total about halfway to its target, de la Chevardiere said last month.
Beijing-based Sinopec Group has also approached the French oilfirm Etablissements Maurelet Prom (MAU) , which operates in Gabon, about an acquisition, people familiar with the matter said this month.
Sinopec’s reserves of crude oil declined from 3.3 billion barrels in 2007 to 2.8 billion barrels at theend of last year, enough for nine years of production at 2011 levels,according to data compiled by Bloomberg. Its parent, China Petrochemical, said in January that it will seek toproduce 50 million metric tons of crude a year overseas by 2015. Last year, foreign production was 23 million tons.
The Nigerian National Petroleum Corp. is the OML 138 concession holder. Chevron Petroleum Nigeria Ltd. has30 percent, as does Esso E&P Nigeria (Offshore East) Ltd. Nexen Petroleum Nigeria Ltd. has20 percent.
To contact the reporter onthis story: Tara Patel in Paris at tpatel2@bloomberg.net
The OML 138 block includes the Usan field, which started output in February, Paris-based Total said today in a statement. The asset accounts for about 10 percent of Total’s Nigerianproduction, which averaged 287,000 barrels a day last year.
The sale is part of Total’s plans to complete $15 billion to $20 billion of asset disposals from 2012 to 2014. China’s state-backed energy companiesare seeking new oil and gas reserves abroad to feed the world’s second-largest economy, especially from regions like Africa where government scrutiny is lighter than in North America or Europe .
The sale of a minority stake in the Nigerian block is in line with Total’spolicy of actively managing its portfolio, Yves-Louis Darricarrere, head of exploration and production, said in today’sstatement.
The Usan field production, whose ramp up was slower than expected, could reach 140,000 barrels a day by the end of the year, Chief Financial Officer Patrick dela Chevardiere said in July. The French companyhad said it was expecting a peak rate of 180,000 barrels a day.
Total rose as much as 2 percent and was trading 70 cents higher at 37.67 euros as of 3:05 p.m. in Paris.
Total is also searching for abuyer for its southwesternFrench natural gas network known as TIGF. Current disposals could bring Total about halfway to its target, de la Chevardiere said last month.
Beijing-based Sinopec Group has also approached the French oilfirm Etablissements Maurelet Prom (MAU) , which operates in Gabon, about an acquisition, people familiar with the matter said this month.
Sinopec’s reserves of crude oil declined from 3.3 billion barrels in 2007 to 2.8 billion barrels at theend of last year, enough for nine years of production at 2011 levels,according to data compiled by Bloomberg. Its parent, China Petrochemical, said in January that it will seek toproduce 50 million metric tons of crude a year overseas by 2015. Last year, foreign production was 23 million tons.
The Nigerian National Petroleum Corp. is the OML 138 concession holder. Chevron Petroleum Nigeria Ltd. has30 percent, as does Esso E&P Nigeria (Offshore East) Ltd. Nexen Petroleum Nigeria Ltd. has20 percent.
To contact the reporter onthis story: Tara Patel in Paris at tpatel2@bloomberg.net
News Corp set to take 49 percent stakein Yankee channel:
(Reuters) - Rupert Murdoch 's News Corp is expected to announce this week that it will acquire a 49 stake in the YES Network from the New York Yankees baseball team and its partners, in a deal that would value the sports channel at $3 billion, a person with knowledge of the talks told Reuters.
The deal is structured to allow News Corp to eventually acquire control ofthe channel, which broadcasts Yankees baseball and Brooklyn Nets basketball games to 15 million subscribers, said the person, who spoke on condition of anonymity because the deal has not been announced.
News Corp will share in the profits, according to the NewYork Times, which first reported details of the agreement. News Corp will have an option to increase itsstake to 80 percent in three to five years, the newspaper said, citing unidentified sources.
Yankee Global Enterprises , the parent company of the Yankees, owns 34 percent of YES. Another 40 percent is owned by Goldman Sachs and Providence Equity, with the remainder owned by former owners of the Nets.
A News Corp spokeswoman declined to comment. YES representatives were not immediately available for comment.
The deal would allow YES toraise the $2.99 monthly fee per subscriber it currently charges cable and satellite operators to carry the channel, said the person. News Corp would negotiate on its behalf with the operators as part of a larger package of sports channels.
News Corp, the media company that owns Fox Broadcasting and The Wall Street Journal, owns or holdsstakes in 20 regional sports networks, providing sports programming to more than 67 million subscribers.
Initially, the Fox sports channels are not expected toprovide local or national sports programming to YES, or to manage the channel, the person said.
The deal is structured to allow News Corp to eventually acquire control ofthe channel, which broadcasts Yankees baseball and Brooklyn Nets basketball games to 15 million subscribers, said the person, who spoke on condition of anonymity because the deal has not been announced.
News Corp will share in the profits, according to the NewYork Times, which first reported details of the agreement. News Corp will have an option to increase itsstake to 80 percent in three to five years, the newspaper said, citing unidentified sources.
Yankee Global Enterprises , the parent company of the Yankees, owns 34 percent of YES. Another 40 percent is owned by Goldman Sachs and Providence Equity, with the remainder owned by former owners of the Nets.
A News Corp spokeswoman declined to comment. YES representatives were not immediately available for comment.
The deal would allow YES toraise the $2.99 monthly fee per subscriber it currently charges cable and satellite operators to carry the channel, said the person. News Corp would negotiate on its behalf with the operators as part of a larger package of sports channels.
News Corp, the media company that owns Fox Broadcasting and The Wall Street Journal, owns or holdsstakes in 20 regional sports networks, providing sports programming to more than 67 million subscribers.
Initially, the Fox sports channels are not expected toprovide local or national sports programming to YES, or to manage the channel, the person said.
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