Widows&Orphans'  Instablog

• US bank stocks suffer in Cyprus sell-off
  Mar 18 2013 14:34 GMT
  Bank stocks took the biggest beating as investors pulled back from US equities, fearing a new round of financial volatility as a result of the eurozone crisis. JPMorgan Chase was the worst performer in the Dow Jones Industrial Average, down 1.3 per cent at $49.39 in early trading, followed by...
• STMicro and Ericsson to end joint venture
  Mar 18 2013 14:00 GMT
  STMicroelectronics and Ericsson will close their lossmaking chip manufacturing joint venture at a cost of 1,600 jobs after failing to find a buyer for the Switzerland-based business. ST-Ericsson, which has not made an annual profit since the joint venture was created in 2008, has struggled in a fiercely competitive market...
• Statoil in fresh Tanzania gas find
  Mar 18 2013 13:31 GMT
  Norway's Statoil said it had found more gas off the coast of Tanzania, boosting the reserves of a region that is set to emerge in the next decade as a significant exporter of liquefied natural gas to Asia's energy-hungry markets. It was one of two announcements on Monday that underscored...
• CME launches swaps clearing in London
  Mar 18 2013 13:20 GMT
  Three-way competition in clearing interest rate derivatives has formally begun in Europe after CME Group began processing trades at its London clearing house on Monday. Aviva Global Investors became the first institutional investor to clear an interest rate swap, the largest assets of the derivatives market by notional value, via...
• Eurozone banks hit by Cyprus levy
  Mar 18 2013 09:22 GMT
  Shares in eurozone banks took a pummelling and bond yields spiked on Monday morning as investors sold out of risk assets on concerns over the implications of a Cyprus bailout agreed by international lenders over the weekend. Rating agency Moody's warned that the deal - which has yet to be...

Disclosure: I am long FRO, NAT, CEL, DHY, ALSK, MT, KLAC, RAI, FL, MO.