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Tuesday, September 23, 2008

Oil makes biggest single-day price jump ever



Oil prices make biggest single-day price jump ever on bailout unease, contract expiration

NEW YORK (AP) -- Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain as unease about the government's $700 billion bailout plan pummeled the dollar and spurred investors to buy safe-haven assets. An expiring crude contract added fuel to the frenzied rally.

Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37. The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.

Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market. The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.

The November crude contract, which became the front-month contract at the end of Monday's session, settled at $109.37, up $6.62, still a very sharp gain.

The severity of the price move shocked veteran market participants and prompted the U.S. Commodity Futures Trading Commission to launch an investigation into whether illegal manipulation was to blame.

Acting CFTC Chairman Walter Lukken said the agency's surveillance and enforcement staff was analyzing the price spike "to ensure that no one is taking advantage of the current stresses facing our financial marketplace for their own manipulative gain."

Phil Flynn, analyst and oil trader with Alaron Trading Corp. in Chicago, said the late-session surge in oil appeared to be the result of a large investment fund scrambling to cover their short positions, or bets that prices would fall.

"When people sense that someone is short, it's like blood on the streets. It just accelerates the rally," Flynn said.

In other trading, gold prices shot up more than $44.30 to settle at $909 an ounce, and other safe-haven commodities also rallied, underscoring investors' uncertainly about the direction of the economy and their fear of more turmoil ahead.

"We're off to the races again," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "There's a renewed scramble for commodities because of a general weakness in the dollar."

Crude has gained about $30 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.

The rally came as energy traders grappled with the implications of the government's proposed initiative to stem the U.S. financial crisis by absorbing billions of dollars of banks' bad mortgage-related securities. Anxiety over the plan also sent stocks sharply lower Monday; the credit markets were calmer than they were last week, but still showing the effects of investors' nervousness.

Investors fear that the government will have to dramatically ramp up borrowing to pay for the mammoth rescue effort, an inflationary move that could further devalue the dollar and trigger another wave of safe-haven buying in investments like commodities.

"They're going to have to continue auctioning off a whole lot of Treasurys to finance these projects, so the dollar is going to suffer," said Matt Zeman, head trader at LaSalle Futures in Chicago. "Right now it's fear and anxiety driving people who want tangible assets."

The 15-nation euro rose to $1.4796 in afternoon trading, up from the $1.4470 on Friday. A weak greenback was a catalyst for the commodities boom of the past year, and analysts said large investment funds were expected to pour money back into the sector.

"That trade was very successful in past so if the dollar keeps weakening, a lot people are going to want to own hard assets like crude," said Andrew Lebow, senior vice president and broker at MF Global in New York.

Crude's resurgence could halt steadily sliding pump prices. A gallon a regular shed 1.8 cents overnight to a new national average of $3.739, according to auto club AAA, the Oil Price Information Service and Wright Express.

But there is still much uncertainty about what impact the U.S. rescue plan will have on energy demand. Oil's run-up near $150 a barrel in July and a weak U.S. economy has forced Americans to cut back on their driving and led business to scale down operations. Though pump prices have eased from record levels above $4 a gallon, they remain expensive, and more softening in the economy would likely further curtail energy use in the world's thirstiest consumer.

Given the dire economic outlook, some analysts questioned whether oil prices would keep rising.

"We've already seen that the world can't afford oil at these prices. If it keeps going up, demand will drop off again," Flynn said.

However, he cautioned that oil's future direction hinged on the outcome of the government bailout plan and its effect on the U.S. economy.

"If the dollar keeps getting whacked and everybody panics, then we are going up again," he said.

U.S. congressional leaders endorsed the plan's main thrust, saying passage might occur in a matter of days. But they also want independent oversight, protections for homeowners and constraints on excessive executive compensation, House Speaker Nancy Pelosi said Sunday.

Treasury Secretary Henry Paulson pushed lawmakers, who received the package on Saturday, to approve the proposal as soon as possible.

The Federal Reserve also announced late Sunday it granted a request by investment banks Goldman Sachs and Morgan Stanley to change their status to bank holding companies, a move that will allow the two institutions to open commercial banking subsidiaries, greatly bolstering their resources.

In other Nymex trading, heating oil futures rose 14.52 cents to settle at $3.043 a gallon, while gasoline futures rose 10.41 cents to settle at $2.7038 a gallon. Natural gas futures rose 9.5 cents to settle at $7.943 per 1,000 cubic feet.

In London, November Brent crude rose $6.43 to settle at $106.04 a barrel on the ICE Futures exchange

Source:  Yahoo

Monday, September 22, 2008

R-Power gets 1,800 acres for Andhra project




Reliance Power, an Anil Dhirubhai Ambani group company, has got possession of 1,800-acre land required for its power plant in Krishnapattnam.

The land will be sufficient to begin work for the main plant and related facilities, and a further 700-acre land for residential and ash ponds will be acquired soon. 

The land was acquired by the Andhra Pradesh government and handed over to a special purpose vehicle created for Coastal Andhra Power, said a source.

The SPVs are created by the central government to facilitate faster implementation of Ultra Mega Power Project, each with a capacity of 4,000 MW.

These SPVs, which will get government and regulatory approvals, are transferred to companies after they won the bidding. Thus, CAPL is now a wholly-owned subsidiary of Reliance Power.

The acquisition is in sharp contrast to the problems faced by the Tata Group at Singur. Tata Motors [Get Quote] have stopped work at the plant because of protest against the land acquisition

 
Source: Rediff

The Players Remaking Financial World




by Susanne Craig, Carrick Mollenkamp, Deborah Solomon and Dan Fitzpatrick
Saturday, September 20, 2008
provided by Wall Street Journal

History has thrown a handful of men together this week with a task that they themselves might have brushed off as unthinkable just days ago: Give the U.S. financial system its biggest makeover since the 1930s. And do it quickly.

They hail from all parts of the financial world, a banker from North Carolina, a London financial executive, the U.S. Treasury chieftain who himself once ruled a Wall Street powerhouse. Along with small cadre of other men, they are struggling to shore up the foundations of Wall Street, on the fly.

It's too early to know whether the choices they've made -- rapid-fire acquisitions of Wall Street icons Merrill Lynch & Co. and Lehman Brothers Holdings Inc., government seizure of one of the world's biggest insurers, American International Group Inc. -- were the right ones. Rarely are decisions on the trillion-dollar scale made so hastily and with so little vetting.

Now, the government appears ready to embark on yet another attempt to stem the financial carnage. The Treasury Department and the Federal Reserve are considering ways to take bad assets off the balance sheets of financial institutions, according to a person familiar with the matter.

Here is a look at how this group was thrown together and the influences that have shaped their decisions to date. The account is based on interviews with numerous primary players, as well as individuals who witnessed the action.

Henry Paulson

Too Big to Fail

Since Alexander Hamilton first held the job 219 years ago, the position of Treasury secretary largely centered on advising the administration on economic and fiscal policy.

In a few short months, Henry Paulson has rewritten that job description.

Today he finds himself in a position of power unmatched by his predecessors. He decides whether Wall Street firms live or die, picking winners and losers with the power of the federal purse. It's a particularly unusual role, given the Bush administration's laissez-faire approach to markets.

Mr. Paulson, 62 years old, has used this expanded power to set a precedent that's now coming back to haunt him. In recent days he helped orchestrate government takeovers of insurer AIG and mortgage giants Fannie Mae and Freddie Mac. Prior to that, in March, he helped structure a rescue of Bear Stearns Cos., which included an agreement that the Federal Reserve would take on $30 billion in Bear Stearns's assets if J.P. Morgan Chase & Co. would buy the struggling investment bank.

In all of these cases, shareholders suffered huge losses. Still, these decisions raised the difficult issue of "moral hazard" -- the idea that government bailouts encourage more risk-taking, since financial firms assume they'll be thrown a lifeline if they get into trouble.

But are some companies simply too big to be allowed to fail? There's no way to be certain, without letting them fail. And that has risks of its own.

In recent days, the AIG matter presented precisely this conundrum. The immense company had more than $1 trillion in assets at the end of the second quarter, and insured everything from lives in India to cars in the U.S. to airplanes and oil rigs, operating in 130 countries.

The bailout question puts Mr. Paulson in an uncomfortable position. A Republican who came to Washington only in 2006, he once headed investment bank Goldman Sachs, a veritable icon of the free market.

As the financial crisis has deepened, Mr. Paulson's views on bailouts have evolved. A look at his actions in the past week illustrate this difficult balancing act.

With Lehman's shares plunging early last week, Mr. Paulson fielded phone calls from Wall Street executives. The message: They would consider buying the firm and saving it from possible collapse -- but only if they, too, got the benefits of the Bear deal.

Huddled with advisers in his office overlooking the White House, Mr. Paulson decided he had had enough. The government must stand pat: No bailout for Lehman.

He decamped to New York City, and on Friday evening, in a high-ceilinged conference room at the massive stone-and-iron New York Fed building in lower Manhattan, he tried to persuade Wall Street executives that it was their job, not the government's, to fix the unfolding mess at Lehman.

"You have a responsibility to the marketplace," he told them, according to a person who was there.

Saturday morning, in the same room, Mr. Paulson and Timothy Geithner, president of the New York Fed, ordered the assembled Wall Street titans to break into three groups and start cooking up some solutions.

One group included top brass from Morgan Stanley, Merrill and Citigroup Inc. It was dubbed the "LTCM Group," and its task would be to propose something modeled on the 1998 bailout of Long Term Capital Management, a huge hedge fund that collapsed and was bailed out when Wall Street firms contributed some $3.63 billion.

The second group, including executives from Goldman and Credit Suisse Group, began poring over Lehman's commercial real-estate business, which has caused huge losses. Their job: Figure out the assets' actual value.

The third group, dubbed "Lights Out," was charged with studying the fallout of a Lehman failure.

By midday Saturday, however, Mr. Paulson started thinking more closely about AIG. He started talking to executives at Goldman and J.P. Morgan Chase to see if they could help AIG, perhaps by pulling together private loans.

Earlier on Saturday -- with Lehman executives also in the building seeking a bailout -- Mr. Paulson was disinclined to give AIG financial support until he knew more about the scope of the insurer's problems.

AIG's chief, Robert Willumstad, persisted. "I'm proposing a transaction, not a bailout," he told Messrs. Paulson and Geithner, according to a person familiar with the exchange.

By Sunday, however, with the potential for a private-sector solution collapsing, Mr. Paulson began realizing that government money would have to be involved.

He believed an AIG collapse could be disastrous to the global economy because AIG's financial tentacles extended so deeply into world financial markets. Officials were particularly concerned that AIG's troubles would spill over into the money-market mutual funds held by millions of Americans, given its role in insuring some of the investments popular among funds like these.

By Monday, things were moving too quickly: In the wake of a ratings downgrade of AIG, it now would take an $85 billion loan to avert possible collapse. Goldman and J.P. Morgan couldn't raise the money fast enough.

So on Tuesday, Mr. Paulson decided to support a government loan. "A disorderly failure of AIG," the Fed said, "could add to already significant levels of financial market fragility," boost borrowing costs and cut into household wealth while triggering "materially weaker economic performance."

John Thain

Get Ahead of the Tsunami

On Saturday, John Thain, Merrill's chief executive, was busy at the New York Fed working on Lehman's problems when a sudden realization hit him: If he didn't act fast, his own brokerage firm, Merrill, might not survive this crisis.

It occurred while listening to Lehman's president, Herbert H. "Bart" McDade III, give a sobering summary of Lehman's assets and liabilities. "This could be me by Friday," Mr. Thain thought, according to people who have spoken to him.

The stakes were high for Mr. Thain, a Goldman alum and former head of the New York Stock Exchange who had been Merrill's CEO only since December.

Over the past year, Merrill has written down more than $46 billion due to bad bets on real estate and other mortgage-related investments. Mr. Thain was brought in to clean up the mess. Still, Merrill's stock was getting hammered. It had fallen more than 12% on Friday alone.

The 53-year-old Mr. Thain ducked out of his meeting, called Kenneth D. Lewis, the CEO of Bank of America Corp., and asked him if he'd be interested in buying Merrill.

By 2:30 that afternoon, the two men were face to face in New York. The meeting set in motion a 36-hour marathon negotiating session.

Mr. Thain dispatched Merrill's president, Gregory Fleming, to meet with Bank of America's team so they could start combing through Merrill's books.

Saturday afternoon, another twist came: Two top Goldman executives were expressing interest in buying a 9.9% stake in Merrill.

Merrill Lynch, the biggest brokerage in the U.S., was officially in play.

By midafternoon Sunday -- only 24 hours after the first approach -- Merrill and Bank of America deal makers had agreed on a price: $29 a share. Merrill's top managers and directors hastily gathered for a special board meeting to approve the sale.

"When I took this job, this was not the outcome I intended," Mr. Thain said, according to people who were there. "But it is what is best for shareholders

 

Kenneth D. Lewis

Emerging on Top

The boldest gamble of Mr. Lewis's career started with the Saturday morning phone call from Mr. Thain.

Mr. Lewis didn't hesitate. Here was a chance for the Mississippi-born son of a soldier and night-shift nurse -- a man known among bankers for craving the respect of the Wall Street establishment -- to elevate Bank of America as rivals crumbled around him.

Bank of America is the only employer Mr. Lewis ever had. He started in 1969 as a credit analyst when the bank was called North Carolina National Bank.

He took over as CEO in 2001 and since then has engineered more than $162 billion in acquisitions. Bank of America now ranks as the biggest retail bank in the U.S.

Earlier this year, its purchase of Countrywide Financial Corp., the foundering mortgage giant, was thought to be Mr. Lewis's crowning moment. Buying Merrill, with its slogan of "bringing Wall Street to Main Street," would be far more significant.

Only days earlier, Mr. Lewis had considered buying Lehman. By Friday, he decided he couldn't do a deal without government financial support, something Mr. Paulson, the Treasury chief, was unwilling to offer.

So Saturday morning, Mr. Lewis had told his exhausted deal team to return to Charlotte. Then came Mr. Thain's call.

Mr. Lewis ordered his team straight back to New York. The prospective deal already had a code name: "Project Alpha."

Mr. Lewis himself rushed to the Big Apple that afternoon. He met with Mr. Thain for an hour inside Bank of America's corporate apartment, overlooking Central Park.

When Mr. Lewis returned home Monday, a voicemail awaited him. It was from his mentor, Hugh McColl, a buccaneering figure who had kicked off Bank of America's expansion efforts in the 1980s. Mr. McColl offered his congratulations.

Robert E. Diamond Jr.

A Second Chance

Robert E. Diamond Jr., on a plane to New York from London last Thursday, napped for four hours. He knew he'd get little sleep the next few days.

The 57-year-old president of Barclays PLC, the U.K.'s third-largest bank by market value, was thinking of buying Lehman. It represented a golden opportunity to set up a big shop on Wall Street. For the past dozen years, he had helped expanded Barclays from a middling London bank into a broad-based European investment house.

But he felt a deal would be unlikely without some support from the U.S. government or from other big Wall Street firms.

On Friday Mr. Diamond -- using a freight elevator to avoid the media at Lehman's office -- met with Lehman's chief, Richard Fuld. But the structure of the deal he proposed would require funding help from other Wall Street firms, as well as an assist from the U.S. government to cover the value of Lehman's assets.

By late Sunday morning, Mr. Diamond was told his idea was a no-go. Barclay's withdrew. It appeared Lehman would file for bankruptcy.

Then, on Sunday evening, it suddenly looked like Mr. Diamond might get a second chance. As he walked to Smith & Wollensky steakhouse in midtown Manhattan, Mr. Diamond's thoughts had turned to a cool beer, when his cellphone rang. It was Mr. McDade, Lehman's president, raising the possibility that a bankruptcy filing might actually open another path to a deal.

"Is there any chance that if this goes into receivership, we can try and do something?" Mr. McDade asked, according to a person familiar with the call.

Within hours, Lehman had filed for bankruptcy protection. Mr. Diamond then plowed headlong into bankruptcy law to see if he could quickly swoop in and cut a deal. He knew he would have to move quickly before Lehman started losing its employees, one of the firm's key assets.

On Tuesday, Barclays agreed to buy the bulk of Lehman's North American business, which won't include the firm's risky holdings and liabilities, for $1.75 billion.

Richard Fuld Jr.

Down and Out

Lehman colleagues long marveled at Mr. Fuld's knack for winning, at bond trading and on Wall Street. One Lehman partner once told an associate: "If Dick Fuld were in front of you on line to buy a lottery ticket, hand him your $2 because that bastard is going to win."

That luck ran out Sunday. After repeatedly insisting that he would never sell 158-year-old Lehman -- a firm he worked at for 41 years -- Mr. Fuld was forced to try to do just that.

Mr. Fuld, 62, spent much of the weekend holed up in his 31st-floor executive suite overlooking midtown Manhattan. With Lehman employees angry at the firm's precarious condition, Mr. Fuld was given extra security detail.

As he and other Lehman executives scrambled to find a deal, Mr. Fuld told a top adviser: "I just want my people to survive."

A lot was riding on this for Mr. Fuld, who was credited with almost singlehandedly rebuilding Lehman in the mid-1990s after it was spun off from American Express. But in the past two fiscal quarters the firm has rung up losses of $6.7 billion on bad real-estate bets.

He arrived at work at 7 a.m. on Saturday, wearing a blue suit and tie. Exhausted from the week's events, he tried to take a quick nap around 10 a.m., but it was a short one., Almost immediately, Mr. Paulson, the Treasury secretary, called to get a status report, according to a person familiar with the matter.

When Bank of America withdrew from takeover talks with Lehman Saturday afternoon, Mr. Fuld phoned Mr. Lewis several times to make another appeal, according to a person familiar with the matter. Mr. Lewis didn't return the calls.

What Mr. Fuld didn't know was that, by then, Bank of America was already deep in talks to buy rival Merrill.

Sunday, in a last-ditch effort to find a buyer, Mr. Fuld called John Mack, Morgan Stanley's chief, and asked him if a deal was possible.

The answer was no.

With that, Lehman's fate was effectively sealed, and it filed for bankruptcy early Monday.

It was a remarkable fall for an executive who relished control. Under Mr. Fuld, there never were casual Fridays. His signature look included crisp, white, hand-tailored shirts. Employees routinely referred to him as "The Chairman."

Outside Lehman headquarters on Monday, a painter offered angry employees an outlet. He exhibited a large portrait of Mr. Fuld and asked people to sign it. One employee scrawled: "Nice trade, Dick!"

Also on Monday, according to regulatory filings, Mr. Fuld sold more than two million Lehman shares at about 20 cents a share. The sale netted him almost $525,000, filings show.

Those same shares were valued at more than $145 million at the beginning of 2008.

Then, on Tuesday, a quick turnabout: Barclays agreed to buy Lehman's U.S. brokerage unit. That move salvaged, at least for now, part of the once-proud securities firm.

In a letter to employees announcing that deal, Mr. Fuld wrote: "I know that this has been very painful on all of you, both personally and financially. For this, I feel horrible."

-- Jon E. Hilsenrath contributed to this article.

RIL to pump oil from KG-D6 early next year




MUMBAI: Reliance Industries chairman Mukesh Ambani on Sunday announced that oil production from KG basin would start early next year, with an initial output of 5.5 lakh barrels a day, and the company would account for 40-45 per cent domestic oil and gas production going ahead.

Making a major announcement on the company's oil and gas operations at a Editors' conference here, Ambani said the gas produced from its KG-D6 block would be offered at a base price of USD 4.2 per mmBtu (or about USD 26 a barrel oil equivalent).

However, there was no clarity on when and what condition the gas could be sold in view of the stay on RIL from selling gas from the block to any third party, pending disposal of a litigation between it and younger brother Anil Ambani's group company RNRL.

Asked if the company could sell the gas in the present condition and if Mukesh Ambani was willing to meet Anil in this connection, RIL spokesperson Paresh Chaudhry said the issue is sub-judice.

As per the available indication, any such meeting is unlikely.

Ambani said Reliance Industries would start commercial production of gas in the January-March quarter of 2009 and the gas would be sold to whoever bids and gets it.

Krishna Godavari basin, off India's east coast holds huge potential of oil and gas and as also Mahanadi and in Cauvery. Of the total production that RIL is targeting, 80-85 per cent would be gas and 10-25 would be crude of high quality.

The company is also looking at making huge investments in rural transformation and renewable and alternate energy resources, Ambani said.

RIL at present is working on exploration and production of uranium, he added.

Asked about the group's retail business, Ambani said that this venture had benefited 6-8 lakh farmers.

Reliance Industries has 90 stake in the predominantly gas-rich Block KG-DWN-98/3 or D6. It pumped first oil from the block on September 19.

Oil flowed at the rate of 200 barrels per day and will rise to 10,000 to 15,000 barrels per day within weeks.

The firm has made 18 oil and gas discoveries in D6 and is at present developing Dhirubhai 1 and 3 gas finds at an additional investment of USD 5.2 billion.

RIL plans to drill two more wells on the field, which would raise the output to 34,000 barrels per day (1.7 million tonnes a year).

D6 will be the first area in deep-sea to produce crude oil since India opened up its oil hunt programme for private and foreign players in 1999 with the advent of New Exploration Licensing Policy (NELP).

Niko has 10 per cent stake in the 7,645 sq km KG-D6 block. The block was awarded to Reliance-Niko in India's first international bid round in 1999.
 
Source: ET

Sunday, September 21, 2008

RIL to pump oil from KG-D6 early next year




MUMBAI: Reliance Industries chairman Mukesh Ambani on Sunday announced that oil production from KG basin would start early next year, with an initial output of 5.5 lakh barrels a day, and the company would account for 40-45 per cent domestic oil and gas production going ahead.

Making a major announcement on the company's oil and gas operations at a Editors' conference here, Ambani said the gas produced from its KG-D6 block would be offered at a base price of USD 4.2 per mmBtu (or about USD 26 a barrel oil equivalent).

However, there was no clarity on when and what condition the gas could be sold in view of the stay on RIL from selling gas from the block to any third party, pending disposal of a litigation between it and younger brother Anil Ambani's group company RNRL.

Asked if the company could sell the gas in the present condition and if Mukesh Ambani was willing to meet Anil in this connection, RIL spokesperson Paresh Chaudhry said the issue is sub-judice.

As per the available indication, any such meeting is unlikely.

Ambani said Reliance Industries would start commercial production of gas in the January-March quarter of 2009 and the gas would be sold to whoever bids and gets it.

Krishna Godavari basin, off India's east coast holds huge potential of oil and gas and as also Mahanadi and in Cauvery. Of the total production that RIL is targeting, 80-85 per cent would be gas and 10-25 would be crude of high quality.

The company is also looking at making huge investments in rural transformation and renewable and alternate energy resources, Ambani said.

RIL at present is working on exploration and production of uranium, he added.

Asked about the group's retail business, Ambani said that this venture had benefited 6-8 lakh farmers.

Reliance Industries has 90 stake in the predominantly gas-rich Block KG-DWN-98/3 or D6. It pumped first oil from the block on September 19.

Oil flowed at the rate of 200 barrels per day and will rise to 10,000 to 15,000 barrels per day within weeks.

The firm has made 18 oil and gas discoveries in D6 and is at present developing Dhirubhai 1 and 3 gas finds at an additional investment of USD 5.2 billion.

RIL plans to drill two more wells on the field, which would raise the output to 34,000 barrels per day (1.7 million tonnes a year).

D6 will be the first area in deep-sea to produce crude oil since India opened up its oil hunt programme for private and foreign players in 1999 with the advent of New Exploration Licensing Policy (NELP).

Niko has 10 per cent stake in the 7,645 sq km KG-D6 block. The block was awarded to Reliance-Niko in India's first international bid round in 1999.
 
Source: ET

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