What a shock this morning! Flying out from the shadows to provide a massive unforeseen and surely widely applauded thump of an impact that has surprised many all over and undoubtedly brought hollers of joy to some (nope, it’s not what you’re thinking), a disgruntled member of the Italian population threw an object at very close range straight into our favourite “I’m too beautiful to be a monster” Berlusconi – leaving him with a broken nose, broken teeth, a lot of blood and a huge plastic (re)surgery bill. In a move that may be too little too late, what after the ridiculous super-tax the UK imposed, Citi has apparently neared talks to no longer be one of the only banks not to have repaid some TARP funds, preparing to clear $20bn of government intervention/support. Toyota, the most revered of car-makers, has admitted it may be on a course to self-destruct as its Chairman announced they were at the brink of disaster – if the Japanese are faltering in quality there’s little hope for the rest – well apart from the Germans that is. Oh yeah, and in another surprise (you knew I was just stalling) Abu Dhabi bewilders (in a good way) the investment community by finally bailing-out Dubai in a truly eleventh hour fashion, providing $10bn to Dubai World and taking care of the niggling $4.1bn bond problem due for repayment today. The decision makes things much easier for Dubai in re-structuring the remaining large levels of debt with its creditors over the next couple of years.
Saved by the bell…
At the risk of re-hashing many a comment already provided on the issue, and surely to be dissected by many later today, Abu Dhabi’s move is of course a great thing for Dubai (Nakheel bonds at 109.5 from 54 last week, market limit up) but truly also a very good thing for the rest of the region (Doha +2.6%, Saudi +2%). That is something that must be remembered here, the region (the GCC that is, which includes the sleeping-giant Saudi) was heavily concerned at the exceptionally negative (and overdone) reaction the general investment community and global press descended upon the Dubai story. Saudi in particular was surely concerned about its attempt to transform from a tightly family-held regional powerhouse into a truly diversified, industrialised and internationally recognised market through accessing finance and advice from those same international entities that were about to be burnt beyond recognition in Dubai. The last-minute talks between Abu Dhabi and Dubai are one thing, but there’s no doubting an irate phone call from Saudi may have helped.
A little value please…
The fall-out from the UK’s super-tax as expected was harsh in its criticism from bankers and strong in its support from peasants – oops sorry, I meant the masses. Blow after blow continues to reign down upon the investment community in the run-up to Christmas, removing any cheer and good-will-onto-others across the large and boisterous trading floors. As if it wasn’t bad enough already, with gift lists being whittled down in banking households from totally unnecessary luxuries, like tailored matching luggage for the new Aston Martin, to only necessities like Christofle backgammon sets (it’s tough dealing with not getting the first thing on your list), the public simply will not let love into their hearts.
How much worse could it get than being called less trustworthy than insurance sales-men and not being paid correctly? I’ll tell you..now another study (who conducts these darn studies?) bankers have been found to be less worthy than cleaners – that’s right, apparently hospital cleaners are deemed to provide a more worthy value to society than we do. If you think about, actually makes sense, but still hurts those that would like to think themselves humbly providing a service in the financial world. One redeeming piece of information, senior advertising executives are apparently responsible for creating large levels of “stress and dissatisfaction” in creating images and lifestyles so many can only dream to afford. Then they turn to banks to help finance those dreams and before you can say “brand-new-marble-kitchen-counter” it’s the financial world getting blamed for everything again. Blame the advertisers I say.
Talking of advertisers, even worse than a punch in the face, clean-cut Tiger-Woods may be looking slightly grizzlier soon as Gillette announces his “infidelity” will be a cause for limiting their use of his image in their campaigns. Really? Didn’t realise men chose their razors based upon whether or not another man is faithful to his wife. Seeing the propensity for beards in the Middle East, and a certain familiarity with having multiple female partners, wouldn’t be surprised to see Gillette’s sales remain un-assaulted. More than can be said for Berlusconi’s features.
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