The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
I have to ask myself are similar forces working in oil and would the market do the same again to protect them. If so why invest,if the market is the arbiter of who will win.
LONDON, June 20 (Reuters) - The London Metal Exchange cancelled $12 billion worth of trades when nickel prices went haywire in March 2022 to "save" China's Tsingshan, lawyers for two financial firms suing the exchange told London's High Court on Tuesday.
U.S.-based hedge fund Elliott Associates and market maker Jane Street Global Trading say the LME unlawfully cancelled trades made on March 8, 2022, after the nickel price doubled
The 146-year-old exchange argues it was justified in closing the market and cancelling trades because $19.7 billion of margin calls would otherwise have led to the defaults of multiple clearing members and created systemic risk.
Elliott and Jane Street, which are seeking a combined $472 million in damages, accept the LME has the power to cancel trades in "exceptional cases".
But their lawyers argued at London's High Court that the LME had no power to unwind transactions to prevent defaults or tackle systemic risks.
Jane Street's lawyer James Segan said the LSE had provided a "multi-billion-dollar bailout" to Tsingshan, owned by Chinese tycoon Xiang Guangda, which held large short positions that helped spur the explosive rise in nickel prices.
He said the LME's actions meant Jane Street was forced to give up profitable trades "to save one person (Xiang) ... from enormous losses".
We have the licence already for Bressay and Bentley we need a production Licence, it will be easy for Labour to say they meant no more exploration licences all along.
Someone should tell Ed Miliband and juststopoil that they are cowards! they shout cause chaos but dare not say to the public you must stop using oil! no more cheap food, cloths, and transport back to sailing ships. Tell people what you really advocate.
It would be good to know if the minor change to EPL does sort out Enquest 's RBL funding issue if it does at least it gives us some fire power to take advantage of the bombed out valuations of NS assets to use up our 40% Tax credit.
Send it to Ukraine they will have it rewound and back up running in a week!
Hi Stumpy
I agree with your post except that it assumes the public back juststopoil's aims I see little sign of that, yes they have infiltrated into high places it seems the Labour Party and No10 and No11 but there is still hope of the public not being prepared to go back to the dark ages behind an orange banner!
All of our NS field 's need constant investment to keep production from falling 20% a year so if we have low oil price and high taxes the take by governments will fall of cliff very quickly, so reality will prevail the NHS will not run on just the VAT from imports. And renewables cant be loaded with high taxes yet!
The energy price went up? so the price of everything went up, the answer is to increase Tax? so the bulk of the inflation is caused by the Tax! because not only does the direct tax on the energy go up because the price went up VAT on the fuel + increased revenue by Taxing the profits at 40% then adding an additional 35% but the toilet rolls for example, that use lots of energy to produce go up so the consumer pays 20% VAT on that increase as well if you took a product like toilet rolls you could halve VAT and still get as much tax revenue but no the public want notice!!
Every online post about juststopoil is swamped with negative comments the idea from politicians that they must appease them is against logic. The public want ICE cars they would like less pollution. And I believe the logic of the balance of payments is easy to get the public behind NS oil and gas.
Enquest is probably trying to clinch a deal to get more NS assets from someone who has no Tax credits and sees NS as not worth it. Possibly a larger share of GE for example? GE at the moment has suffered by a bad drill and delayed second drill, update said it was completing so that may trigger some good news on increased production not done sums but it has just about paid for itself, we now need to get the profit from the deal. Magnus is producing a profit for us and good to see substantial increase's to its production. Very negative sentiment on Enquest and all NS producer's but agree with AB may be time for well timed MA.
If a sensible cap on EPL was introduced our bank facilities should dramatically improve and funds for MA will magically appear? Time will tell we look like being able to meet 2023 obligations and reduce debt or go for another refinance on the RB?
I loved the lady who watered the garden shame they trespassed at the time. And they never answer the question how did they get there they use oil for a better purpose than working for a living! Go after the money man but he is funding labours bid for election.
Yes shorter's are sitting on potential profits but as sure as day they have to buy the shares to finish the trade. HBR are buying at these price's and will continue buying if the price starts to rise.
I see we have 3.29% Short positions with buy backs and the shorts at some point having to buy them. Shorts seam a risky strategy it takes balls to keep them open with buy back going on at this low price how much lower before they close?
I for one am adding small trades only investing other dividends as an when. My last two monthly buys were both very close to listed sell price and were listed as sells. This is a 2024/25 stock average stands at 107p in for the ride hopefully up.
I have just invented a system to capture the co2 from cars turn it into liquid co2 that can be discharged into tankers at the garage for transporting to old oil field storage this means the ban on ICE is a waste of time.
I cant get car manufacturers to take it up as the decision has already been made to end their production, or any more development to improve them.
We are on a path to import Everything! rewild our farmland and import food will save dirty Tractors adding to our pollution.
We even Tax diesel so high that Lorries fit massif tanks so they can fill up abroad when making UK deliveries. It all helps cutting our pollution!
How the heck do we stop this madness all parties support this thinking. We need to make any target on carbon caused by our consumption so all imports must state the carbon footprint of the product including it transportation? Stop pretending!
Keep up good work romaron.
A couple of points that have come out recently. 1 net 0 was put into law with a 45 minute debate and had no costings on Taxpayers liability? 2. the effect to the Taxpayer of putting into law is that environmental groups can now challenge government in the courts and claim damages!! 3 The government can only possibly meet its target because it is net 0 on production, not net 0 on consumption meaning we can import Oil gas steel cement bricks and wind turbines and the carbon effect belongs to someone else!
Romaron
They are of course using the Tax revenue from all the cycle lanes that have been installed to finance this scheme?
I gave a cheer yesterday while driving round the Norwich outer ring road I saw my first cycle on the expensive track that had to be put in!
Even paid posters get a holiday dare say they will be back.
At some point fundamental's prevail if market will keep selling shares to Harbour at these prices, those that stay will be getting all the divi pot between them 10% divi soon?
I would suggest under trade description act? A windfall Tax it is not.