Overseas reports on the weekend said that bankers advising BP were trying to gauge the interest of rival oil companies and sovereign wealth funds in making a 5% to 10% investment in the company at a cost of around US$9-billion. Adding fuel to the speculation, a top oil executive in the North African state of Libya said Monday he would recommend the country's sovereign wealth fund invest in BP. BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the [Libyan Investment Authority]," Shokri Ghanem, chairman of Libya's Nation Oil Co., told Dow Jones. "It's a good opportunity for bargain hunters." "Based on our numbers, BP doesn't need to do this by any means," said Pavel Molchanov, an energy analyst with Raymond James. "But clearly many investors have a lack of confidence in BP after the last two and a half months and a capital injection from a sovereign wealth fund would provide a tangible vote of confidence from a high-profile investor." Among those high up on the list of potential investors is the Kuwait Investment Office, a Middle East sovereign wealth fund that already owns a nearly 2% stake in BP.... Certainly the shares look cheap based on many metrics, but the headline risk is still very high," said Mr. Molchanov, who's had a "hold" on BP's shares since April 29. Read more...
Adding fuel to the speculation, a top oil executive in the North African state of Libya said Monday he would recommend the country's sovereign wealth fund invest in BP.
BP is interesting now with the price lower by half and I still have trust in BP, I will recommend it to the [Libyan Investment Authority]," Shokri Ghanem, chairman of Libya's Nation Oil Co., told Dow Jones. "It's a good opportunity for bargain hunters."
"Based on our numbers, BP doesn't need to do this by any means," said Pavel Molchanov, an energy analyst with Raymond James. "But clearly many investors have a lack of confidence in BP after the last two and a half months and a capital injection from a sovereign wealth fund would provide a tangible vote of confidence from a high-profile investor."
Among those high up on the list of potential investors is the Kuwait Investment Office, a Middle East sovereign wealth fund that already owns a nearly 2% stake in BP....
Certainly the shares look cheap based on many metrics, but the headline risk is still very high," said Mr. Molchanov, who's had a "hold" on BP's shares since April 29.
Read more...
Diversity is the key to economic and political evolution.
General Motors is seeking a line of credit of at least $5 billion from banks to enable it to repay debt and prepare for another decline in U.S. auto sales, said a person familiar with the talks. GM had $23.3 billion of cash and about $14 billion of debt as of March 31, according to its first-quarter financial report. Although the automaker repaid the final $5.8 billion of government loans in April, the federal government still owns a 61% stake. A public stock offering, expected to begin later this year, would enable the government to sell at least some of its shares in GM.... The automaker is restructuring unprofitable European operations, but growing in China, Russia, India and Brazil, where most of the auto industry's growth is to occur in the next decade. GM sold more cars in China in the first half of 2010 (1.21 million) than in the U.S. (1.08 million). It also has given stock valued at $6.66 million to 14 top managers, including $1.33 million worth to Chairman and CEO Ed Whitacre, according to a filing with the Securities and Exchange Commission. Read more...
GM had $23.3 billion of cash and about $14 billion of debt as of March 31, according to its first-quarter financial report. Although the automaker repaid the final $5.8 billion of government loans in April, the federal government still owns a 61% stake. A public stock offering, expected to begin later this year, would enable the government to sell at least some of its shares in GM....
The automaker is restructuring unprofitable European operations, but growing in China, Russia, India and Brazil, where most of the auto industry's growth is to occur in the next decade. GM sold more cars in China in the first half of 2010 (1.21 million) than in the U.S. (1.08 million).
It also has given stock valued at $6.66 million to 14 top managers, including $1.33 million worth to Chairman and CEO Ed Whitacre, according to a filing with the Securities and Exchange Commission.
Or should I write GROWTH!!!1!!eleventyone!!11!!!
Selling one product in the first year and five products in the second year is 500% growth. And it also means you've sold 6 products over those two years.
Dippy-whoop.
And there's also the sad fact the planet doesn't have enough oil or even enough power production capability for China to achieve the same car ownership percentage as the US.
Or even Europe.
The whole thing is a Marketing Fantasy.
...clearly many investors have a lack of confidence in BP after the last two and a half months
Golly. Yah THINK?
Could it be that the hundreds of billions in potential liability for being a bunch of fuck-ups has ANYTHING to do with that?
