FunTimes Capital? FugTin Asset Management? Figtan Advisors? FatTom Fund Capital? NagNag Capital? FitNag Fund Management? GitNaf? GaffIt? How can thinking up a name be so difficult? My compliance officer has set up a couple of companies and I have the Change of Name resolutions ready for signing. Starting a new business, even if you have done it before, is not as fun second time round.
It was pleasing to hear that the next UK government is to scrap National Insurance tax for companies with less than 10 employees; given most Asset Managers set themselves up as Limited Liability Partnerships where there is no NI for the partners, this is a kind gesture but doesn’t go far enough. NI should be abolished completely.
Not that have a simplified tax system has helped Latvia. With projected growth of -30% and the country being bailed out by me and the rest of the EU, I still don’t understand why the Euro is such a popular currency. Spain and Ireland are bankrupt too and France is lying through its teeth.
Another day of inactivity and I opened up a spread betting account (after getting sign off from the new Compliance Officer that I wasn’t breaching Personal Account dealing rules: it seems not – betting is fine but running a portfolio is not).
I am getting itchy feet already but I have to learn to be patient. Today I travel British Airways. I hope they don’t go on strike because I do hate it when my plans don’t go to plan. A bit like my prediction of crash 2.0. It will happen, and is happening, it is just that there are lots of newbies piling in at the top of the W. In the case of BA I just hope the unions are slow to do anything.
GOLD SURGES AS TRADERS DITCH DOLLAR
A surprise interest rate rise in Australia contributed to the US currency falls, as the higher yields on offer Down Under caused traders to ditch the dollar.
Spot gold prices rose as high as $1,043.45 an ounce during intra-day trading yesterday, while US gold futures were as high as $1,045 an ounce in New York.
Gold going up at the same time as Equities? Of course this new Arab currency has been discussed here many times. The Euro will soon replace the Dollar as the oil currency of choice. All this talk about a Chinese basket is pants. Most of the Asian currencies are implicitly or explicitly pegged to the USD anyway.
telegraph says ” Gold price hits record high “
breaking views says ” Appreciation when it’s due “
RECESSION IS OVER; DEPRESSION HAS JUST BEGUN
Denial. Pure an’ simple.
green faucet says ” The Quant View: Looks Like Groundhog Day “
HEDGE FUND ASSETS MAY RISE 10% IN SECOND HALF
HedgeFund Intelligence said on Monday there were signs that investors were beginning to put money back into hedge funds, while continued performance gains in the third quarter would also increase asset levels, Reuters reported.
Now that is good news. Unfortunately most of this rise is outside of Europe.
bloomberg says ” Asian Hedge-Fund Assets to Double on New Money “
finalternatives says ” Hedge Funds Up 2.2% In September “
PRIVATE BANKS REACH OUT TO THE LESS WEALTHY
Poor ol’ Switzerland. UBS has trashed its banking model and nobody wants to bank there.
financial times says ” ING to sell Swiss private banking unit to Julius Baer “
EUROPEAN COMPANIES FEAR OTC CURBS
Eon , Europe’s largest utility, said that it could have to raise about €7.5bn in new credit lines or extra cash reserves if the proposals from the European Commission were passed.
It is clear the Socialists of the EU want to ban derivative trading. They want old fashioned loans and deposits. No more futures trading (welcome to volatile commodity prices), no more hedging (welcome to volatile NAVs), no more structured products (no more tax arbitrage).
After the Romans left the UK, for many hundreds of years we went back to living in mud huts and eating grass. Looks like Europe is going to be doing the same. History repeating itself.
The USA and Asia must be laughing themselves to sleep …
CHICKEN FEET AND CHUMP CHANGE
Funny how this has been kept quiet.
FOUNDER OF NEW FREE WOMEN’S MAG PLAYS DOWN THREAT TO GRAZIA
Around 400,000 copies of the magazine – which can be seen in digital form exclusively here – will be distributed in six cities across the UK.
Good to see GLG behind this. I shall certainly be reading it everyday or should I say looking at the pictures…