Daily Market Blog: Brait in Iceland
"Just a refresher, for their Pepkor stake, the 37 percent interest that Brait held, they got 15 billion Rand in cash and 200 million shares in Steinhoff. The shares have been sold for around 16 billion Dollars. About 80 Rand a share. They are going to use the funds to settle their 14.2 billion Rand obligations."
To market to market to buy a fat pig. Oh dear, what happened to the hosts? That is a first as far as I understand it, the English are left out in the cold, out of the world cup. Elsewhere things were great if you were a bull in equity markets, thanks (or no thanks) to the "jobs report" on Friday. This was a case of when bad news was first interpreted as such, being bad news, and then the Fed watchers (they really have nothing else to do) started to say, oh, the Fed are not going to raise rates this year. And that is apparently very good for equity markets, so we got an almighty rally on Friday, with a 58 point swing on the S&P 500, which closed at the best level in a couple of weeks.
Hey, talking of good or bad notes, did you get a chance to see Ben Bernanke was on the box yesterday, on USA Today. Why? His book titled "The Courage to Act" has been released. He wanted individuals jailed for the financial crisis, he spoke of damage control and not doing enough to explain to ordinary people that if they did not do what they did, then the outcome would have been very, very different. We often said around here that the extraordinary and unpopular methods of the Federal Reserve and the US government through that period led to confidence being restored and more importantly, made sure that trust amongst the financial institutions was restored. Spreads blew out, it was a time of trust nobody, they are all untrustworthy.