News
Russian gas exports to Europe “seven times less” after pipeline closures
Gazprom Export director general Alexander Medvedev stated today that an overnight shutdown of three transit pipelines by Ukraine had caused a seven-fold drop in Russian natural gas exports reaching Europe.
NCDEX launches gold and silver contracts
India's second largest commodity exchange, the National Commodity and Derivatives Exchange (NCDEX), added gold and silver futures contracts to its portfolio at the end of December 2008. According to the exchange, the contracts were launched in response…
EDF meeting record French power demand
French utility EDF has brought "almost all" of its available generation capacity online to cope with record power demand highs driven by freezing temperatures, the company said today.
Knüpling promoted to deputy CRO at Scor
Frieder Knüpling has been promoted to deputy chief risk officer (CRO) of Paris-based reinsurer Scor.
CDS spreads tighten on aerospace and defence firms
The cost of credit protection on a number of aerospace and defence firms fell today, as the industry continued to outperform the broader market.
Freddie Mac names chief credit officer
Freddie Mac has appointed Raymond Romano as chief credit officer, the company revealed in a statement on December 29.
Ted spread returns to pre-Lehman levels
The New Year has seen the Ted spread, a perceived level of counterparty risk, reach its lowest level since Lehman Brothers filed for Chapter 11 bankruptcy on September 15 last year. Elsewhere, interbank lending rates continued to fall.
IDCG launches rates clearing house
The New York-based International Derivatives Clearing Group (IDCG) launched its interest rate swap clearing house on December 29 and has begun to process trades.
FSA to extend short selling oversight
The UK Financial Services Authority (FSA) will continue to monitor short equity positions until June 30 this year, under proposals released this week.
Shell Energy acquires assets of Enspire Energy
Shell Energy North America, a subsidiary of Shell, announced on December 26 that it has signed a purchase agreement to acquire the assets of Enspire Energy, a Virginia-based energy marketing company.
Po Valley Energy secures sales agreement for Italian gas fields
Po Valley Energy, an Australian oil & gas company, has secured its first gas offtake sales agreement worth €38 million for production from its northern Italian gas fields.
Plastics futures to launch on DGCX
The Dubai Gold and Commodities Exchange (DGCX) is set to launch two plastics futures contracts on February 5. The region-specific contracts for the Middle East and Southeast Asia will be offered on linear low-density polyethylene (LLDPE) and…
EU officials move to settle Russia / Ukraine gas dispute
The European Union today moved to end the impasse in negotiations between Ukraine and Russia to resolve a natural gas supply dispute.
Merrill Lynch sues Reliant over credit facility
Merrill Lynch has filed a suit with the New York Supreme Court claiming Houston-based Reliant Energy defaulted when it cancelled a $300m credit agreement on 5 December 2008.
CME awaits SEC approval for CDS clearing
The launch date for the Chicago Mercantile Exchange (CME) Group's credit default swap (CDS) clearing platform remains unclear, almost two weeks after it received the green light from two US financial regulators.
CDS spreads tighten as markets rally
The cost of credit protection on financial institutions and sovereign debt across Europe and Asia dropped in early trading this morning as equity markets continued to recover.
Households and corporates suffer worsened credit conditions
A net 31.1% of lenders cut back on lending to households and small businesses in the past quarter, blaming a worsened economic outlook, reduced risk appetite and lack of available funds.
FDIC prepares to sell off IndyMac
The US Federal Deposit Insurance Corporation (FDIC) is close to a $13.9 billion deal that would see the failed California mortgage lender IndyMac transferred to a group of private equity investors.
Fed agency MBS purchases to begin within days
The US Federal Reserve will start buying mortgage-backed securities (MBS) issued by Freddie Mac, Fannie Mae and Ginnie Mae within the next few days, fulfilling a promise it made in November.
Isda documentation to cover CDS settlement auctions
The International Swaps and Derivatives Association plans to incorporate the credit default swap (CDS) settlement auction process into the 2003 Isda credit derivatives definitions by mid-March.
StanChart names country heads of commodity trading
Standard Chartered has appointed country heads for its commodity trading and agribusiness (CTA) division in China, Indonesia and the United Arab Emirates (UAE).
Tarp runs out at last
Funds from the Troubled Asset Relief Program (Tarp) have finally been exhausted, following three months of capital injections and loan facilities extended to a variety of institutions.