• 16 May 2013 at 5:20 PM

Vikram Pandit Returns!

Kind of! Read more »

  • 02 Jan 2013 at 1:19 PM

India Looking To Innovate With IPOs That Can Only Go Up

Of all the things you can get mad about in the world, volatile prices for companies that have recently IPOed seems like sort of a silly one. Like, yesterday there was no market for this stock, and today there is, and tomorrow that market may have a price that is very different from today’s, and you’re mad about that? Something was created out of nothing! It’s magic! And you’re complaining about some bugs in that creation?

Speaking of magic, the Journal today has a cute story about the Indian stock market and how its IPOs are volatile. There is of course an implication of “… because of fraud” but it’s not clear how much more than an implication it is:

“There was a feeling in this country that many IPOs are manipulated,” U.K. Sinha, chairman of the Securities & Exchange Board of India, said in an interview.

Note the delicacy of saying “there was a feeling that IPOs are manipulated,” which means “IPOs are volatile,” versus saying “IPOs are manipulated,” which means “IPOs are manipulated.” He only said the first one.

Anyway here is Mr. Sinha’s entertaining solution: Read more »

  • 03 May 2011 at 3:33 PM
  • Banks

DE Shaw Might (Help) Start A Bank

With Indian billionaire Mukesh Ambani. Read more »

  • 24 Nov 2009 at 10:51 AM

Fear And Self-Loathing In Mumbai

Asia’s oldest stock exchange has fallen on hard times. Its crosstown rival is getting a lot more play these days and has stolen a march on all the fancy new products a stock exchange can offer.
Rather than go quietly into the night, the Bombay Stock Exchange and its hotshot new CEO are going to do something. Something drastic. Something like listing on said aforementioned crosstown rival?

Read more »

  • 26 May 2009 at 12:56 PM

Sugar So Sweet

Sarad Pawar_PIB.jpgHaving set the clear example that markets are to blame for the evils of commodity price inflation, the United States is beginning to find companions in the membership list of the Market Lockdown Club.

India banned futures trading in sugar, a day after Farm Minister Sharad Pawar said the government may extend a program allowing duty-free imports of raw sugar to bolster local supplies.
The ban will remain until Dec. 31, Forward Markets Commission spokesman Anupam Mishra said today, without giving a reason for the move. While existing contracts will remain valid, new contracts won’t be allowed, he said in a telephone interview today from Mumbai.
Sugar prices have risen 3 percent on Mumbai’s National Commodity & Derivatives Exchange since April 20, when N. Sanyal, joint secretary at the food ministry, said futures trading may be halted if prices continue to rise. The increase in prices is not related to futures trading, analyst Amol Tilak said.

They love free markets. Except when they don’t.
India Bans Sugar Futures Trade With Immediate Effect [Bloomberg]

Baby Donald Trump Launching An Indian Real Estate Fund

Donald Trump Junior.jpgThe son of Donald Trump is also called Donald Trump, and now he is following his father’s footsteps by attaching his name to a financial company that will speculate on real estate. Two years ago, Donald Trump launched a mortgage company that would focus on luxury properties. It failed dramatically when the housing market crashed. Now Bloomberg is reporting that Junior Trump is planning on launching a “hedge fund” that will invest in property in India.
Trump mortgage turned out to be a company that was run by a shifty chief executive and had very little to do with anyone called Trump. The Donald Senior had licensed his name out to the company but had little role in management–a fact that no-one knew until it failed.
So will The Little Donald be running a hedge or just attaching his name to it? It’s not clear right now. What is clear is that he intends for the fund to invest money in the same way that Trump Mortgage did–specializing in high end properties. Others who are looking to invest in real estate in India? Oh, right. Those real estate savvy folks over at Lehman Brothers.

Trump Jr. Plans $1 Billion Fund for Indian Property