Not much today.
Credit - Italy down by a few points. Wasn't expected but the day mover was Spain, we were at 350 for the 5 year on december 5th, we are at 365 today.
The day number 130 Billions a new Greek package to avoid default as early as next March (Bloomberg)

Well, saw she was on Lou's it seems.

U know what. Could "Freedom Fries" be considered to belong to the category of face-to-face epithets, or "fighting words," that was wholly outside of the protection of the First Amendment : those words "which by their very utterance inflict injury" and which "are no essential part of any exposition of ideas." the Supreme Court sustained in 1942.... I doubt it... 

Speaking of what, it seems I missed Ann.... bad luck. Not entering the firing squad Jeb mentioned, I think that a more than 6 millions check to the Government isn't exactly a free ride on the tax payer and it'd be a bit sad it acts as a distraction whether it is or isn't in a trust, to become a topic distracting the debate over the true free riders costing money to society with no respect for the Law and Society, directly impacting every budget from cities to the federal gov increasing the fiscal pressure on everyone including the good people fighting to make ends meet and making the minimum wage.... 

It doesn't help much. What do u have?

Alright have some data now. (Thanks to Markit)
Portug CDS 5 years was at 1049 on december 2nd and is at 1263 on january 19th. 200 bps in a little more than a month if discounting the holidays. Not good...

Leading MNI to write - Fears that Portugal could be the next Eurozone member to restructure its debt drove up yields on the country’s sovereign bonds Wednesday as the cost of insuring them rose to a record high.

Credit default swap contracts on Portugal climbed 62 basis points to 1,240, signalling a 64 percent probability of default within the next five years, according to the financial information firm Markit.

Yields on Portugal’s 2-year notes climbed 9 basis points to 15.24%, while its 10-year bond yields rose 5 basis points to 14.30%. 

Well, saw Art once I was done, on CNBC and he signaled Portugal was back on the sreen adding that should Italy to join, we'll be back where we were just before the ECB eased a bit with its 3 years loan program. Though didn't have the details. R u around?

I'm watching some at the same time so I'm helping as much as I can.

For the French to dream

I predict future happiness for French if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. ~ Anonymous

Copyrights/ With all due honor to the great Thomas Jefferson.

I don't see why Breizh should be deprived of the right to shop for itself if they get a better price from Companies in Canada with private deals. Why should they be held prisoners of the Paris jacobin cretinism never acting, never fighting for their best interests. Breizh interests will never be better protected than if they negociate their own deals. The same apply to Normandy much better off buying gaz from Centrica or SSE than from GDF. It is clear GDF and other household energy retail suppliers exploit outrageously the lack of competition.

Gaz (update)

I'd support a special status for Breizh, Euskadi to shop for cheaper gaz with Canada and the lauch of a new pipeline to link Normandy to the UK pipeline network at much cheaper rate than what is seen now. Would Brookfield LP be part of it?

That's why I'd start with the munis, building a muni exchange + tour mutual and pension funds.

Well, again please,  I love it when u come short....!

Well, not in my opinion, not that I mind that much critics of the Davos crowd and how of touch they sometime seem to be and I understand finance and banking international elite get on people's nerves BUT if u had the choice u'd rather be the taxpayer of a city that owns u some tax exempt interest and a part of ur savings u invested to fund some equipment u and ur kids use or u'd rather be the taxpayer of a city having some bank loans CHF indexed?

Come on be honest tell me?

Guess what. It has been a long time since I paid a visit to Lou and talking about the muni bonds and all the good they have allowed thought oh well what's Lou up to in this primary race unless it was because John's name surface unexpectedely. I used to appreciate on election night when he was around Wolf, that's years ago now. Anyway, decided to pop to Lou's website and can't believe it, what did I see, first page well, well, well no kidding, he was on Bill's show! Amazing! Bill is all the same, hope John won't take too hard Bill's suggestion of CNN on fire.... Bill be good.

Don't know and frankly it doesn't really matter as long as they will keep acting as a bunch of hippocrits, for quite sometime now from London to NYC and Washington a lot has been done to try to avoid crisis, to deny these efforts just undermine the tepid recovery and can only worsen the recession in the eurozone. I suggest this address to have a better idea of what has been done before and since 2008 including the major overhaul  of 2002. http://www.sec.gov/about/whatwedo.shtml  

It gives a very good idea of the regulation in place and France is free to enter a similar process of public hearings to find how it can improve, in this case, create and adopt a legislation to protect investors, maintain market integrity and facilitate capital formation which is a major problem in the french economy undermining any effort to boost the economy.
Add a visit here www.sipc.org
Situations differ from one country to another and legislation in place in the US may need to be adapted but from the tax exempt muni market doing so much for communities whether they are rural or urban, bonds and stock markets financing small and middle sized companies to mortgages securitization, innovative finance has done so much to grow the US economy and allowed so many communities to improve or create municipal equipments that when in search of a new economic deal, it is worth looking at the pioneers of innovation rather than repeat the ugly jacobinism in finances and else that has failed again and again and again.

Eating....?

Down a little bit and 5.3% for the TA Banking index.

my keyboard is screwed.

f died.

Not quite as far as I know. The ECB independance isn't a subject of debate in Germany but more than anything else, the German stand prevents Northern Europe to leave the euro.
Have u had the pd?

Haven't yet but following what u said I'd recommend u have a look at the below if u guys still going ahead with a legislation proposal at the EU level. But making sure the proposed legislation include must treat investors fairly and honestly, putting investors' interests first for any professional involved in dealing with the public and securities looks to me the very first priority. 

• Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 on Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers
• Study and Report on Violations by Securities Professionals: Section 703 of the Sarbanes-Oxley Act Of 2002 (January 24, 2003; in PDF format)

Pre market.

Well, have to go now. What time tomorrow?

It came to my mind cause I have shares and I did subscribe to the full extent of the rights I had.

Look I don't know, don't have the details yet. But the example that comes to my mind is National Grid, recently the company exposed an investment project plan and went to the market to fund the project, shareholders of the company were asked to subscribe what will be improvements and new projects to better serve the company's customers and that's exactly how it should be.

If later on once the projects are up and running, the improved service and new projects are a better value for customers, the company may enter talks with the regulator.

But it is not what's happening with the french retail energy businesses, should the companies need capital to fund new projects or maintenance, they raise the retail consumer's prices sometime in advance.... and don't bother going to the market. To me it is just incredible, those guys have "ideas" to regulate any industry.

Just wondering really, u know, I mean why someone that doesn't bother regulate at home his own retail banking industry in the best interest of consumers, doesn't feel the need for a decent regulation at home fixing the terrible consequences of the natixis scandal and other financial products sold to consumers that lead to the crisis making sure

• Companies publicly offering securities for investment euros must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing.
• People who sell and trade securities – brokers, dealers, and exchanges – must treat investors fairly and honestly, putting investors' interests first.  

that never surveyed the household retail energy market to regualte it once more to end the terrible abuse of the french consumer, would want to regulate the world banking and finance industry?

Beside, I don't get why countries that have less advanced regulation in the interest of consumers at home want more regulation for those (understand The City and Wall Street) who are already much more advanced when it comes to investor's protection?

am I making myself clear? I mean;

Took me sometime to get around it but that's how I feel about it. When there is a move to regulate an industry following the need for public intervention tax payer's money assisted, I guess it is reasonable to look at what the proposed regulation can solve. As of today, proposed regulation or transaction tax proposal coming from the EU commissioner and some countries haven't address retail abuses seen in the industry that I won't bother deny (letters invoiced $50 a piece, no limit on the number directly debited on customer's account - seen in France and much more) and should probably be adressed. But when proposed regulations come from some people that haven't been able to demonstrate at home any successful and decent regulation of their own retail banking businesses or their household retail energy businesses, it is making me somewhat suspicious.

not yet. didn't get a chance to. What else?

Natural Gaz price hits a ten year low

Pritchard slashes 2012 price outlook, 2013's price call 

The price of natural gas — which consumers use largely to heat their homes — fell 6.8 per cent to US$2.49 on the New York Mercantile Exchange on Tuesday.

"As a general rule, when the commodity prices are lower, utility bills trend down over time," said Timothy Egan, president and chief executive officer of the Canadian Gas Association.

"It's not going to vary month to month. The utilities are revisiting this according to formulas that they've got in place with regulators."

Article can be found here Winnipeg Free Press

Unregulated household retail operating french companies are raising prices once more.... despite getting a retroactive ressource price reduction Gazprom just handed over of at least 10%. UK regulated Utilities Companies have just decided broadly a significant retail price reduction.

The french water companies Veolia, Suez and Saur which households retail operations are also unregulated, are under an EU investigation for fraud and it is expected to see the unregulated french market of household gaz and electricity retail operations to follow as the lack of transparency raises.

Do u expect a full scale fraud investigation to be lauched over GDF and other gaz retailers since it appears they are not acting in their ressources buying in the best interests of consumers at the lowest prices but put their industrial, drilling and production business or power generating business ahead of their interests into their household retail businesses that should be regulated, rather than fighting for the consumer?

Guess what, right now, I m under the impression the french retail consumer is through the bills, funding an outrageous proportion of the investments and capital needs to operate what should be the unregulated business of these companies. The shareholders do not want or can't fund appropriately these companies without going on the market diluting themselves...and use with the assistance of state intervention in most cases the unregulated energy retail french market to fund the capital needs the investments the comapnies need.  Let's say that compared to that...financial capitalism and subprime mortgages securitization are T Bills and Community Bank term deposits...?

The EU has a credibility problem and need to act to end such practice.

Not exactly... But put it that way, can u remember NGG CEO's interview? What did he say, that he will file and file again if necessary and that is how u do business in the energy regulated energy retail business. The thing is there is no regulatory body and that leads to GDF doing as it pleases, kind of, then u get a political show with elected officials making very offensive comments about business and shareholders promising a price freeze, of course it doesn't work and gets nowhere, and the consumer is trapped again and again. It is fair to ask the company to share with the consumers the retroactive price reduction it just obtained from Gazprom in a regulated environment should they had a decent regulation in place for GDF household retail operations (keeping in mind power production isn't regulated). According to the latest news, the significant ressource price reduction GDF has gained should according to the available numbers allow the company to pass it on to the consumers at no cost. In a statement following a show down with politicians, the company had set the price freeze toll at 400 millions and agreed on an increase of 4.4% out of...? nobody knows what, not being in a regulated environment, what's the share of investment, infrastructures and grid maintenance, ressource costs, operating costs and shareholders return on investment??? But now no doubt the 4.4% was at least covering the ressource price increase of long term contracts oil indexed the company stated to be the main motive to oppose the freeze and claim an increase was absolutely necessary, therefore, a ressource retroactive price reduction of at least 10% on long term contracts oil indexed can only lead to reconsider the need for an immediate retail price hike, first of all because the company has failed to produce evidence of the 2011 ressource rising costs of its long term contracts oil indexed, second of all the retroactiveness of the ressource price reduction applied to the long term contracts appear to be much more profitable than the expected return of the retail price increase just covering the ressource increasing costs. Would the regulator intervene if there was one...? Given the circumstances, my guess is he wouldn't have to, the company would take the right initiative towards the consumer to protect its name, the future of its business, avoid the prospect of difficult relations with the Press and jeopardise its relations with the regulator.
What's the odd of seing a similar move when u have no regulator and no Press caring for the Public?
U bet?

Gaz Price (Update)

Today Bloomberg reports Russia’s gas-export monopoly said yesterday it revised the price formula for clients including Germany’s Wingas, GDF Suez (GSZ) SA of France and Sinergie Italiane Srl to reflect “changing gas market conditions.” (Article can be found here)
Gazprom’s Deputy Chief Executive Officer Alexander Medvedev said in a statement reports RT (Article can be found here)“Gazprom Export reached agreement with a number of major European  purchasers, which  involve  certain adjustments  to  the price for  Russian  gas purchased  under  these contracts,  taking  into account the gas market in Europe and the situation with the economy  and energy sector of certain European states”.
At this stage the discount Gazprom's customers obtained (including GDF) isn't known precisely but Bloomberg reports that two officials at Gazprom's export unit have excluded the adjustment to reflect the full extent of the declining spot price. The discount which will be applied retroactively probably averaged 10%.

The retail price hike due january first should now be revised to reflect at least the discount retroactive action effect on GDF profit since the company argued to justify the increase the ressource rising cost in 2011 of its long term contracts oil indexed.

It is amasing, all countries using the euro had a rule regarding the level of General government gross debt they had, through a referendum, asked every nation to approve. At the end of 2002 the french debt level was as a percentage of GDP 58.8% and Germany was at 60.7% and both as well as others had reached the debt ceiling the approved international treaty had set.
Starting in 2003, I can't think of any speculation, bank crisis or rating agencies pushing governments to ride a crazy spending spree....
2003, France 62.9%, Germany 64.4%,
2004, France 64.9%, Germany 66.3%
....
....
2010, France 82.3%, Germany 83.2%
Have any elected officials explained why they thought acceptable to go over the debt ceiling the approved treaty had set without going through a vote whether it had been in parliament or through a referendum?
I can't think in between 2003 and 2008 any french parliament debate regarding the consequences the rising debt will have nor any motivation for the break of the debt ceiling.
The rising debt has no other cause than unfunded spending policies govs made.

For Electricity (Europe's energy portal data can be found at www.energy.eu ), the average price per kWh is 
€ 0.17281. The following goup of countries Bulgaria, Estonia, Latvia, Romania, Lithuania, Greece, France, Czech Rep, Finland, Poland, Slovenia, United Kingdom, Malta, Hungary has a retail price per kWh for a consumption of 3,500kWh/year under the EU average price while Slovakia, Portugal, The Netherlands, Luxemburg, Sweden, Spain, Italy, Cyprus, Ireland, Austria, Belgium, Germany, Denmark enjoys a higher than average retail price for electricity.
Cheapest electricity can be bought in Bulgaria for € 0,09070 a kWh and most expensive in Denmark for
€ 0.26710. France runs at € 0.13960, the UK at € 0.15870, Germany at € 0.26710 and Italy at € 0.20410.

For Gaz (Europe's energy portal data can be found at www.energy.eu ), the average price per kWh is 
€ 0.04618. The following group of countries, Romania, Estonia, Bulgaria,  Finland, Lithuania, United Kingdom, Latvia, Austria, Poland, Spain, Czech Rep, Ireland, Hungary and Luxemburg pay cheaper than average while Slovakia, Italy, Germany, France, Belgium, Portugal, The Netherlands, Slovenia, Sweden, Denmark pay more.
Cheapest Gaz can be bought at € 0,02290 a kWh in Romania and most expensive in Denmark for € 0.09040.
France runs at € 0.04950, the UK at € 0.03720, Germany at € 0.04890 and Italy at € 0.04850.

Here we go for Reuters Africa last wednesday,

* Economic slowdown to add to oversupply as demand sinks
    * Low wholesale prices to force suppliers to cut bills
    * Plants may use running hours in 2012 ahead of carbon
tax

**************************

So, the big six have now all lowered power retail prices.

('Big Six' energy suppliers:EDF Energy, RWE npower, E.ON,Scottish Power, Centrica and SSE,to lower retail tariffs)

Looks to me a rather fair deal for now but doesn't give much information on how thehell the french get prices to go up (4.4% it seems on January 1st 2012), donot havea decent regulatory body which explains I guess a price hike when wholesale prices come under pressure.  An additional 3,355 MW of new power

production capacity will enter the United Kingdom market in 2012, do u have 

the number for France? If not, can the lack of a decent regulatory body making impossible to know precisely the number and capacity of power plants phasing out in 2012 helped the industry to rise the prices when everybody else are lowering retail prices the wholesale prices coming under pressure?

What have u got ?

Quick update following EDF Energy natural gas price cut of 5%

U will find interesting to visit the following site http://www.energy.eu/  to find  the retail (end-user) energy prices for households and usefully compare prices. Prior to EDF action the price was as of june 2011 

€ 0.0442 in the United Kingdom while being € 0.0594 in France according to the site.  Therefore the recent pricehike in France of 4% allowed by the state (no jokes) while EDF energy is l owering its prices by5% BBC News - EDF Energy to cut gas price by 5%) can hardly be motivated by a sharp fall in the priceof wholesale gas over the winter period due to the mild weather, can it?  Well, ill inspired will of course state that the price cut comes after a price hike of 15% in november, never the less, on average, EDF energy prices were anyway prior to that 20 to 25% cheaper than GDF  prices prior to the 4% price increase which now surely deserve a better explanation than the wholesale  long term contract prices verses the spot...  Sacre Francois!

Warren has been unair on that one if u ask me... and if I don't mind ur political opinions I oppose at home, let me tell u I will not agree. First of all, it is not in the GOP dna, wonder what the Fathers'd think of that...., deeply shocking I guess, to make money even if in doing so it'd be to hand it to the government which probably shouldn't be in a situation to have spend more than it takes in, second of all, has the Old Party prior to Warren's birth kept the freedom of enterprise and the fiscal balance in order to allow an exceptional individual to fulfill his ambitions through hard and smart work with society at large today benefiting through jobs and the great added value Berkshire has created? If yes, then I guess the GOP founders dreams are fulfilled and rather than matching any donation it may make to the budget, I hope the Old Party is making sure no gov, no policies, fiscal imbalances, cartels and monopolies are compromising the opportunities that once allowed Warren's outstanding creativity and entrepreneurship to florish... No offense. That's just how I feel about it.

Well. I have. What r u up to?

France presidential debate relative poorness finds no justification other than leading contenders and politicians recklessness, lasyness and lack of consideration for their citizenry

fueling of course extreme populism if any and to be honest providing a confort zone as they engage in a war of words against it while living on the tax payers money not having to explain themselves over their catastrophic performances as leaders....
Get some fresh air seems to say this morning Bloomberg and get on with ur future, it needs all ur attention and here we go folks, Europe's $39 Trillion Pension Threat grows as Economies Sputter  .
The numbers are stagerring and the need for each and every individual to get on with financial planning for his old days should take center stage while the industry and govs should be elaborating strategies, tools and products to satisfy the needs.
Have it great.

EDF Energy announces 5% cut in gas prices from 7 February due to fall in wholesale gas costs - BBC

EDF was said to be in talks to sell its business in the UK but I don't have have any more than what's been posted before the holidays.... U got more?

What I forgot yesterday.... (Bloomberg) Pimco's lauching two funds with unconventional strategies, may be not intentional but will be a support to the divergence option Blackrock states.... 

I recommend today : here . Watch out the kiwi, forex this morning and the treasury auction showed a high level of uncertainty remains throughout and it is still deep.

Was kidding philippe really... doubt he'll ever join. By the way, how would u translate Burgundians, u know when I mentioned the "bourguignons" as français de souche... didn't get any success out of it, they r known to have arrested Joan Arc and arrange her transfer to the Beauvais Bishop... but no one seemed to get the joke at the time. Well, how went ur day?

In case u decide to come, we r generally joined by a group of very decent English gentlemen from Jersey, Guernsey and Gibraltar, fond of Anglo-Normand language and always keen of a good laugh as long as it is in good company.

Philippe..... is that reasonable for someone like u? Never mind, let's meet next May the 30th Place du Vieux Marche for a toast to celebrate the foreseable return of the Land of Normandy to a more decent government. Join the few we r for a pleasant conversation over the plan for independance and return of the Land to a more decent government.

Doubt it... but if the lack of agreement among leading eurozone politicians move from issues discussed at gov level to the ECB board talks and business we r soon to watch the demise... cause I don't see the countries with healthy public financies and policies tolerate much monger the kind of mess going on...

Not long ago and don't have much for now, what r u up to?

Here we go for a boogie week kick off, The Scotsman today, here. Looks to me that policies issues and lack of deals among leading eurozone govs are on the move and spreading. A statement of that nature from a former head of the Netherlands’ central bank isn't just unusual, leads me to conclude, on the Dutch side,... patience is running out almost as fast as in many other northern europeans nations with the big spenders and tax maniacs.

U wanna hear a joke?