Gail Kelly, the CEO of Westpac (WBC) has sold more than $7 million worth of shares this month which is believed to be an attempt to clear up some debt. However, Mrs. Kelly still obtains shares in her bank that worth as much as $32 million. According to the bank, Mrs. Kelly had dumped 300,000 of her shares in the bank. While talking about the issue, Westpac stated that Mrs. Kelly sold her shares to deal with her personal financial matters.
Michael Panzner submits:
Chief financial officers, corporate treasurers, and other finance professionals are in an unique position. They see what is happening on Main Street’s front lines. They have first-hand knowledge of what the banks are up to and day-to-day conditions in credit and other markets. They have access to raw data and strategic plans that allow them to gauge how things really are in corporate America.
With that in mind, I think most people would agree that their views should carry a bit more weight than the "smart money" types who are using cheap government loans to speculate in over-priced stocks and other risky investments and who are betting on the V-shaped recovery that ivory tower economists and Wall Street strategists love to pontificate about, but which is more permabull fantasy than anything else.
Asciano Group (AIO), one of the leading transportation infrastructure owners in Australia has managed to raise a new $1.14 billion worth of debt funding in an attempt to improve its balance sheet. However, the group also declared that the investors will miss out on a half-year dividend. Asciano stated in a release delivered to the Australian Securities Exchange that the company currently has no repayment obligations till May 2012.
Market Folly submits:
Jim Chanos, the noted short-seller and manager of hedge fund Kynikos Associates was recently interviewed and provided some insight as to what he is shorting. We see that he has taken aim at automakers as he is short the manufacturers and said he would not want to be long Ford (F) or Fiat (FIATY.PK). While it seems he is talking about the equity here, we found this interesting as many hedge funds have been long the debt side of the automotive industry as bonds in GMAC, Ford Motor Credit Corp, and Ford had previously been scooped up by prominent hedge funds.
Interestingly enough, Chanos is also betting against China and is doing so by betting against copper, iron ore, and various other commodities used in China’s expansion. Take note though, that he does not include gold in this list of commodities to short since people typically don’t create buildings out of gold. He says that he is just now putting on these shorts and he may be early but he sees many opportunities there.
The chief executive of Westpac (WBC), Gail Kelly today stated that Westpac has started for the financial year 2010 strongly and the company is current in a good position in the industry as the economy continues to recover itself from the massive financial crisis. Ms. Kelly in her presentation also mentioned that a strong household sector was playing a key role in the recovery of the Australian economy.
Edward Harrison submits:
The headline at Bloomberg reads “Ireland, Greece May Leave Euro, Standard Bank Says.” Before I even started reading this I was sceptical. The Telegraph’s Ambrose Evans-Pritchard makes calls like this, but his Euro-sceptic views are well-known.
Here’s what the article says:
Australian Competition and Consumer Commission gave Virgin Blue (VBA) the approval to go for operating the Pacific route through a joint venture with US based Airline giant Delta Airways. The decision came from ACCC after the plan got approval from the US Department of Transportation last month allowing the two airlines to sign a joint services agreement.
Practical Day Trading helps stock traders and investors take advantage of practical stock trading opportunities every day at http://www.PracticalDayTrading.com