Don't think electronic market is changing the market landscape? Think again! case in point, the price of a seat on the NYMEX fell by a staggering 75%!
Cost of Nymex trading seat falls as screen trading surges:
"THE cost to lease one of the 816 seats on the New York Mercantile Exchange, the world's largest energy market, has plunged 75 percent as electronic trading overtakes the traditional open-outcry system.
Three new seat leases, which give the holder the right to trade on the Nymex floor in Manhattan, were issued starting on Friday at US$5,000 a month, and several renewals were also signed at that price. Last month, seats were leased for as much as US$20,000 a month, according to data on Nymex's Website."
and later:
"The shift to electronic trading is drying up liquidity on the floor," said Robert Webb, a finance professor at the University of Virginia and a former trader on the Chicago Mercantile Exchange. "It's totally a reflection of a lack of potential profit opportunity by trading on the floor.""
And from Bloomberg:
"As part of the IPO process, seatholders were issued 90,000 shares in Nymex for each seat they owned. Those shares are now worth about $11 million. Prior to the IPO, Nymex members traded the shares among themselves, often for about $45 each, valuing a seat at about $4 million just a month ago.
The trading right component of a Nymex seat yesterday sold for $500,000, according to Nymex's Web site."
So while trading is still taking place, it is migrating more and more to electronic markets and not the floor
Monday, December 4, 2006
Thursday, August 24, 2006
Common Investment Mistakes
Could almost be called "Behavioral Finance in Practice" by the Wall Street Journal's Jonathan Clements from MoneyWeb:
Some look-ins:
""People tend to buy the investments they wish they had bought last year," says Terrance Odean, a finance professor at the University of California at Berkeley. "Partly, people simply extrapolate the past trend. But also, people feel that the markets are more predictable than they really are."
If we were rational, we would grow leery as an investment rises in price, because we are now paying more for the same investment. Instead, however, we are drawn to hot stocks and hot mutual funds, because we assume that the future will look like the immediate past."
"Rather than accepting that market conditions have changed, home sellers today are often fixated on the price they paid or the price they could have gotten at the market peak. Indeed, whether it is real estate or stocks, folks like to "get even, then get out."
This, of course, is partly about making money. But it is also about avoiding regret"
"According to the Commerce Department's Bureau of Economic Analysis, the U.S. savings rate turned negative over the three months through June 2005 and it has remained that way ever since.
Partly, this reflects our struggle with self-control. Instead of rationally socking away money on a regular basis, we prefer to spend today and put off saving until tomorrow.
I suspect the negative savings rate, however, is also driven by our overconfidence"
As always Clements offers some good advice in a readable fashion.
Some look-ins:
""People tend to buy the investments they wish they had bought last year," says Terrance Odean, a finance professor at the University of California at Berkeley. "Partly, people simply extrapolate the past trend. But also, people feel that the markets are more predictable than they really are."
If we were rational, we would grow leery as an investment rises in price, because we are now paying more for the same investment. Instead, however, we are drawn to hot stocks and hot mutual funds, because we assume that the future will look like the immediate past."
"Rather than accepting that market conditions have changed, home sellers today are often fixated on the price they paid or the price they could have gotten at the market peak. Indeed, whether it is real estate or stocks, folks like to "get even, then get out."
This, of course, is partly about making money. But it is also about avoiding regret"
"According to the Commerce Department's Bureau of Economic Analysis, the U.S. savings rate turned negative over the three months through June 2005 and it has remained that way ever since.
Partly, this reflects our struggle with self-control. Instead of rationally socking away money on a regular basis, we prefer to spend today and put off saving until tomorrow.
I suspect the negative savings rate, however, is also driven by our overconfidence"
As always Clements offers some good advice in a readable fashion.
Friday, April 28, 2006
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
Tuesday, March 28, 2006
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
Tuesday, February 28, 2006
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
globeandmail.com : Mergers hit $166-billion
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
globeandmail.com : Mergers hit $166-billion
globeandmail.com : Mergers hit $166-billion
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
Takeovers have been coming fast and furious of late in Europe and North America. The NY Times' Deal Book reported on trend from a global perspective today. I'll try to further summarize this activity.
First Canada' Globeandmail.com reports on the large spike in Canadian activity: Mergers hit $166-billion:
"Merger-and-acquisition activity in Canada jumped 47 per cent to a near-record $166-billion last year amid “ideal market conditions,” investment banker Crosbie & Company Inc. said Monday.
All told, there were 1,244 announced transactions in 2005 — a rate of more than three a day, seven days a week, and a 42-per-cent increase over the 875 deals in 2004."
The large number of deals has of course drawn politiacl interests as politiicans in many countries try to block some deals. From the NY Times:
"In the past month, efforts in continental Europe to keep foreign buyers out have spread. In the latest instance, French politicians said last weekend that the private utility Suez and Gaz de France would merge, effectively halting a bid by Enel, an Italian company, for Suez.
Elsewhere, the intrusion has been subtler, but palpable. In the United States, lawmakers have raised security concerns over Dubai Ports World's takeover of the British company Peninsular & Oriental Steam Navigation, which manages some United States ports. In Britain, officials fretted earlier this month over scrutiny by Gazprom, the Russian government-controlled monopoly, of the British gas company Centrica as a possible takeover target.
Around the world, globalization has lowered barriers to entry. But some of its costs, like large-scale job losses, have created fertile conditions for politicians hoping to build national champions and keep out foreign buyers. Also, national security concerns — about everything from energy sources to ports — have coalesced into government action to keep strategic assets out of foreign hands."
(for more on this protectionism see Business Week as well)
Finally Bloomberg reports that the surge in M&A activity has led to higher profits at banks such as the Bank of Scotland:
"Revenue gained 14 percent to 25.6 billion pounds....[at the] Bank of Scotland, the biggest arranger of leveraged loans in Europe, benefited from a surge in takeovers by buyout firms that spurred borrowing last year.
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