tag:blogger.com,1999:blog-5124857623766724513.comments2024-01-13T08:27:40.266+00:00Suq Al MalAbu 'Arqalahttp://www.blogger.com/profile/01296250358695456059noreply@blogger.comBlogger1147125tag:blogger.com,1999:blog-5124857623766724513.post-59182313021870503172022-12-29T14:00:21.357+00:002022-12-29T14:00:21.357+00:00Hat tip to Jon Johannessen of Venice (the Californ...Hat tip to Jon Johannessen of Venice (the California kind not the Italian) for his letter in the FT 28/12/2022.<br /><br />"Daniel Aronoff’s letter “Look beyond the domain of exchanges for crypto’s real promise” (December 20) uses the kind of language from which red flags should wave violently. Here is just one quote: “Algorithmic smart contracts with zero-knowledge proofs on blockchains open possibilities for improvements in auctions . . . ” etc.<br />.<br />From this kind of word use has come the FTX debacle and will come many more disastrous financial tsunamis."<br /><br />Cryptocurrency is a sham. Something cannot be created from nothing. Setting up monstrous computer systems to “mine” and create wealth is the perfect system for only one kind of person.<br /><br />These people are called conmen.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-76491635488743687842021-07-26T09:02:51.057+01:002021-07-26T09:02:51.057+01:00A footnote.
Apparently one respondent to the qu...A footnote. <br /><br />Apparently one respondent to the questionnaire noted that its back-up site was 300 meters from its "main" site. <br /><br />And that is why we can't have nice things.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-41418617972306964142021-05-31T10:40:08.685+01:002021-05-31T10:40:08.685+01:00Quite!
I'm just thinking ahead to ScotExit.Quite!<br /><br />I'm just thinking ahead to ScotExit.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-70421202330055513132021-05-31T10:38:50.635+01:002021-05-31T10:38:50.635+01:00Typical "Remoaner".
The EU has but 27 m...Typical "Remoaner".<br /><br />The EU has but 27 members following BREXIT.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-16416925593174478182021-05-28T13:04:08.342+01:002021-05-28T13:04:08.342+01:00As noted above, my wiser and elder brother suggest...As noted above, my wiser and elder brother suggested that i not presume that readers know what SEPA is.<br /><br />So here are some additional details.<br /><br />SEPA is similar to the USA’s ACH (Automated Clearing House) or the UK's BACS (Bankers Automated Clearing Service).<br /><br />ACH and BACS were designed to reduce the cost of bank payments within the USA and the UK respectively, compared to a "normal" bank transfer. A very rough estimate is 10% of the bank cost.<br /><br /><br />ACH, BACS, and SEPA provide for recurring and occasional or one-off transactions <br /> <br />Direct Deposits, e.g, salaries, pensions, occasional medical claims payments, etc.<br /><br />Direct Debits, e.g., payment of medical insurance premiums, occasional customer authorized debits. For these the owner of the account authorizes the provider of a service to automatically debit the owner’s account.<br /><br />ACH transactions are also used to make funds transfers similar to those conducted through banks. Primarily B2B payments, e.g., payment of vendors and suppliers, etc. <br /><br />ACH has two types of payment: (1) an ACH Same Day transfer and (2) an ACH Transfer , As implied the former is “completed” the same day it is released. The latter in 2 to 3 days.<br /><br />ACH has a single transaction limit of US $100,000 for each separate ACH Same Day Transfer. This will increase to US $1,000,000 next year..<br /><br />The maximum limit for a non same day ACH Transfer is US $3,500,000.<br /><br />Like ACH SEPA has two types of transfer: SEPA Immediate Credit Transfer (within 10 seconds) and a SEPA Credit Transfer (the sender of the payment can specify the completion time up to 4 or 5 days). <br /><br />The limit for a SEPA Immediate Credit Transfer is Euros 100,000. <br /><br />The limit for a SEPA Credit Transfer is one Euro cent less than Euros 1 billion.<br /><br />NOTE: The above are the system maximum limits. Each bank has the right to set the limit on an individual customer based on its own criteria.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-38391295988684766742021-05-16T13:15:10.538+01:002021-05-16T13:15:10.538+01:00F. Scott Fitzgerald may well have been talking abo...F. Scott Fitzgerald may well have been talking about the three act structure of the "classical" play and making a point about character development rather than intending to say that there were no second chances in American life. Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-21746681425663612732021-04-16T10:25:45.596+01:002021-04-16T10:25:45.596+01:00Sometimes second thoughts are better than the firs...Sometimes second thoughts are better than the first.<br /><br />I reflected carefully on reference to an "impression" and thought maybe I could use this in my career.<br /><br />I straightaway marched (well videoed) to my boss's (electronic) office to note I had the impression I was going to get twice the 2020 bonus I got earlier this year. I pointed out how that "impression" had made me work twice as hard.<br /><br />He responded that he had used his "best efforts" to give me a bigger bonus. But, alas, they were not sufficient. And while he made a promise, he did not provide a "guarantee".<br /><br />Then I remembered an FT editorial during the days of the Dubacle which asserted that the good Shaykh of Abu Dhabi should pony up some money because lenders had the "impression" that HRH stood behind the Emirate of Dubai even though he didn't issue a guarantee. He did actually come through with some US $10 billion. And got naming rights to a local building as well.<br /><br />I'd like to make my appeal to HRH personal so I anyone out there can provide an intro or even an email, I'd be most grateful.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-4563297191382816432021-04-01T10:17:21.487+01:002021-04-01T10:17:21.487+01:00An additional comment.
"Archegos" is us...An additional comment.<br /><br />"Archegos" is used in the New Testament to refer to Jesus. With the meaning of "prince" or "author". Not author in the sense of a writer of documents, but in the sense of one who is responsible for something.<br /><br />It can also mean "pioneer". I prefer to think that Bill named his hedge fund with this term in mind.<br /><br />Special points for those who can respond and tell how many times this word is used in the NT. Extra points if you can name the books and verses.<br /><br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-48870809008193652892021-03-29T05:09:02.640+01:002021-03-29T05:09:02.640+01:00Looks like Mr. Major is ready for "Mission Im...Looks like Mr. Major is ready for "Mission Improbable" on the Indyref.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-45924692851231850032021-03-24T09:38:34.664+00:002021-03-24T09:38:34.664+00:00The cognoscenti among investment banking hands wil...The cognoscenti among investment banking hands will recognize the bound green book AA is resting on.<br /><br />The Green Shoe Manufacturing Company prospectus.<br /><br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-6111578072946618302021-03-23T10:12:20.253+00:002021-03-23T10:12:20.253+00:00As a matter of fairness, I do need to record the f...As a matter of fairness, I do need to record the fact that Mr. Gates finally gave me advice on what to eat -- synthetic meat.<br /><br />While it was not a personal message to me, I suspect that Bill, if I may be so forward, has many requests of this sort and so efficiency demands a bulk answer.<br /><br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-24228216431595222212021-03-22T10:37:24.158+00:002021-03-22T10:37:24.158+00:00Think of the case where a "trade receivable&q...Think of the case where a "trade receivable" wasn't valid. <br /><br />Press reports indicate that Greensill financed "future" invoices including some from "potential new customers". If insurance policies were written on these "receivables" then they would not be insurable as they did not exist.<br /><br />Or if amounts were inflated, e.g., a $1 million receivable was somehow "inflated" and then insured for $10 million.<br /><br />Receivables among related entities. Presumption here is that the policy would exclude these.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-55577439859659313952021-03-20T06:19:29.179+00:002021-03-20T06:19:29.179+00:00A postscript.
You may be wondering why Citi's...A postscript.<br /><br />You may be wondering why Citi's system was programmed to require that when a payment was made, it would be made to all lenders.<br /><br />Generally loan covenants require that all lenders receive a pro-rata share of payments made by the borrower. <br /><br />In the case when the borrower doesn't repay the full amount on a payment date, the Agent Bank then divides the amount received by each lender's share in the loan and pays each lender its pro-rata share.<br /><br />Typically, the lenders also agree to share any payments made to them by the borrower pro-rata with the syndicate. This covenant is designed to protect lenders against the borrower preferring some creditors over others.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-82026061069515118132021-03-19T10:59:23.221+00:002021-03-19T10:59:23.221+00:00A few "late breaking" comments.
One rea...A few "late breaking" comments.<br /><br />One reader --AA's elder and wiser brother, expert in many things Asian, but not US pizza--noted that the "seen and unseen" comment about Mr. Buffett may also relate to his actions not just his vision. In which case, his powers would be even greater.<br /><br />I also sadly forgot to give proper kudos for the use of the phrase "tone at the top". Some may find the smell of napalm in the morning refreshing. I for one find corporate babble refreshing all times of the day.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-501093225707329002020-11-23T06:39:46.266+00:002020-11-23T06:39:46.266+00:00Thanks for the comment and the sentiment.
On a pe...Thanks for the comment and the sentiment.<br /><br />On a percentage basis, this blog generally runs below 1% on serious comments. The remainder are posts touting this or that online lending service.<br /><br />GFH is a consistent but rather predictably sad act.<br /><br />Care to speculate if the recent development in the Kingdom may have an impact on GFH's fortunes?<br /><br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-11929233810929741892020-11-21T04:47:10.705+00:002020-11-21T04:47:10.705+00:00Welcome back we missed you! Had been waiting for t...Welcome back we missed you! Had been waiting for this analysis following the "released financials"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-41020463089809115192020-11-20T09:26:23.584+00:002020-11-20T09:26:23.584+00:00Be sure and read my updated post on Mashreq Bank&#...Be sure and read my updated post on Mashreq Bank's rescue by providing a USD 90 million loan to DG so it could repay the sukuk in full.Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-8437917376900289982020-03-03T07:34:02.306+00:002020-03-03T07:34:02.306+00:00And maybe noted that the Treasury Shares are actua...And maybe noted that the Treasury Shares are actually BHD 11.79 million instead of USD 11.79 million.<br /><br />At least AA beat you to the punch with a comment!Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-42150366376908657882018-07-11T14:51:25.096+01:002018-07-11T14:51:25.096+01:00First, apologies for the delay in releasing your c...First, apologies for the delay in releasing your comment.<br /><br />Second, I think you're probably right. It's going to take a miracle. The Ayatollah is perhaps a better bet than Santa, though the probability of either occurring would appear to be small.<br /><br /> <br /><br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-28080449419572448872018-06-26T09:34:20.028+01:002018-06-26T09:34:20.028+01:00Perhaps shareholders are waiting for the potential...Perhaps shareholders are waiting for the potentially large Iranian payout? <br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-35141715880899092452018-06-04T23:23:37.156+01:002018-06-04T23:23:37.156+01:00This was fantasticThis was fantasticAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-18363379920020552162017-09-19T13:16:47.591+01:002017-09-19T13:16:47.591+01:00Anonymous
A follow-up to my comment above which o...Anonymous<br /><br />A follow-up to my comment above which on a second reading really isn't clear as to my question.<br /><br />(1) Are you looking at PPL's 2014 derived income statement as a proxy for what PPL might earn during the two-year period and thus have concluded that the lion's share, if not all, of the USD 1.2 billion will be realized by PPL during this period? That is, that the PV of the USD 1.2 billion will close to the nominal amount.<br /><br />(2) Or is you comment simply that during the next two years, PPL will enjoy all the revenue from the fields whatever that might be? And that the PV of the USD 1.2 billion is uncertain? <br /><br />Thanks<br /><br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-17156758491998454972017-09-17T14:20:43.096+01:002017-09-17T14:20:43.096+01:00Anonymous
Many thanks for your comment.
We'r...Anonymous<br /><br />Many thanks for your comment.<br /><br />We're on the same page as regards cost recovery coming before sharing under the concession agreement.<br /> <br />But I don't understand the two year horizon you mention. I'm hung up as it were on DG's 2016 FYE Annual report Note 28a. The changes in the overaccruals are only about USD 100 mm from FY 2015 to FY 2016 for PPL in aggregate.<br /><br />If you have time and the inclination, could you explain your two year horizon.<br /><br />And keep on posting!<br /><br />Best<br /><br />AA<br />Abu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-68927251048888953442017-09-16T07:12:40.063+01:002017-09-16T07:12:40.063+01:00for point 6 and 7, PPL will be taking all shares o...for point 6 and 7, PPL will be taking all shares of revenues for the next 2 years; hence no payment to KRG till the sum of $1.2B is paid.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5124857623766724513.post-78830942137378478202017-08-01T16:10:48.950+01:002017-08-01T16:10:48.950+01:00Arkad
Nice to hear from you.
I puzzled as well. ...Arkad<br /><br />Nice to hear from you.<br /><br />I puzzled as well. DG seems to have gone from "clever boots" to "clever socks" with its strategy.<br /><br />Unless for example, .... <br /><br />the legal structure of the deal is unsound. That is, rights to the trust assets are not enforceable. <br /><br />legal procedures in the UAE regarding corporate insolvency/bankruptcy are such that creditors' rights are largely imaginary. Or that procedures can be made to proceed at a glacial pace. Two unrelated points: (1) NBUQ and Global Kuwait were in an epic legal battle in the UAE. (2) The DIFC exists because the Dubai Govt believes that the UAE onshore legal system is unsatisfactory.<br /><br />As to payment by the KRG, there were some press reports in 2016 that the KRG was pushing Washington for funds to fight ISIS claiming their finances were tight. I recall seeing figures being thrown around in the press that the KRG was $18 billion in debt then. Plus the usual problems with corruption. <br /><br />The "problem" then was ascribed to Baghdad tightening the financial screws on the KRG by withholding funds. A key issue related to KRG revenues is the volume of their direct sales to/through Turkey versus those through SOMO. If they sell through SOMO, then Baghdad decides how much they get paid and when they get paid. Direct sales were (are?) at lower than market prices and there is a limited customer base. Turkey no doubt likes the greater energy independence that KRG sales represent but perhaps not enough to see the KRG become independent. In any case for DG to get paid in full, the KRG has to cut a check for roughly USD 2 billion. That's no small amount.<br /><br />Have you heard anything more recent about KRG? Any thoughts about the accuracy of press reports I mentioned above.<br /><br />Best AAAbu 'Arqalahttps://www.blogger.com/profile/01296250358695456059noreply@blogger.com