Financials, Energy & Natural Resources - Trefis Picks
of the Week
Below is a summary of featured articles across the financials,
energy, and natural resources sectors that investors may find
useful on AIG (
), MetLife (
), Bank of America (
), JPMorgan Chase (
), Nasdaq OMX (
), ConocoPhillips (COP) and Anadarko (APC).
AIG offers to buy back subprime bonds
, on March 11, 2011, "Market Watch"
AIG has offered $15.7 billion to the Federal Reserve Bank of New
York to buy back a portfolio of subprime mortgage bonds. The
insurer has gradually been unwinding itself from government
assistance, such as repaying credit lines, though the U.S. Treasury
holds 92% of the common stock.
WikiLeaks: As AIG crumbled, China stepped in
, on March 11, 2011, "SMH"
According to the unpublished diplomatic cables, the US officials
believe that the Chinese regulators passed on proprietary
information about AIG to its Chinese rivals during the American
firm's collapse in 2008.
AIG Adopts Plan To Protect Tax Assets
, on March 10, 2011, "PropertyCasualty360″
AIG has taken steps to protect its $65 billion tax assets by
adopting "Tax Asset Protection Plan." The company's ability to use
its tax assets could be significantly limited if one or more
shareholders buy 5% or more of its shares.
ILFC Plans to Buy $11.8 Billion Worth of Airbus, Boeing Jets, on
March 08, 2011, "Business Week"
AIG's plane leasing unit will buy 100 Airbus SAS aircraft and 33
Boeing Co. 737s, $11.8 billion in planes at list prices, as
airlines refresh their fleets amid rising travel demand.
MetLife Will Reduce Holdings of Financial-Firm Debt, CEO Says,
on March 9, 2011, "SFGate"
Robert Henrikson, CEO of MetLife, said that the company that
owned $160.7 billion of corporate bonds at year-end, plans to
reduce its holdings of debt issued by financial firms
Looking at inheritance for Boomers, on March 06, 2011, "The
According to a study by MetLife Mature Market Institute, baby
boomers stand to inherit $8.4 trillion at 2009 levels.
Who Were the Top 20 Annuity Writers in 2010?, onMarch 4, 2011,
LIMRA released a list of its top 20 writers of overall total
annuities, variable annuities and fixed annuities for 2010. MetLife
emerged at the second spot behind Prudential Annuities with a total
annuity sales of $20.7 billion.
Bank of America (
Bank of America may close 10% of branches, on March 9, 2011,
Bank of America may close 10% of its branches as customers are
migrating to online and mobile banking services for basic
transactions and the bank refocuses on cross-selling and new
JPMorgan Chase (
J.P. Morgan Clears the Air on Derivatives, on March 10, 2011,
J.P. Morgan Chase took what it says is a big step forward by
trading credit derivatives with six customers on terms that it
believes are broadly consistent with new rules for the
over-the-counter swaps market.
JPMorgan Says Dodd-Frank Favors Europe's Banks, on March 9,
A report from JPMorgan Cazenove said that the big banks in
Britain, Germany and France could benefit from regulatory arbitrage
opportunities and gain market share, thanks to the elements of the
Dodd-Frank financial regulatory law.
JPMorgan Ranks No. 1 in Bond Fees as Low Rates Spur Refinancing,
on March 7, 2011, "Bloomberg"
According to Bloomberg data, JPMorgan was the top underwriter in
2010 earning $1.26 billion in fees.
Nasdaq OMX (
Equities traded on NASDAQ Dubai reaches $71 million in February,
on March 13, 2011,"CPI Financial"
The value of shares traded on NASDAQ Dubai reached $71 million
in February 2011, but this was almost half the February 2010 figure
of $133.4 million.
Energy & Natural Resources
ConocoPhillips cuts drilling of new gas wells, on March 9,
2011,"The Globe and Mail"
ConocoPhillips, Canada's third-largest natural gas producer, has
dramatically cut the number of new gas wells it drills, allowing
existing production to fade as it pours money into the oil
Anadarko Petroleum (APC)
Anadarko's Ghana Successes Continue
, on March 4, 2011,"Zacks"
Oil and gas company Anadarko Petroleum
Corporation announced the success of its Enyenra-2A (formerly
known as Owo) appraisal well, offshore Ghana. The well, which
encountered more than 120 net feet of pay, confirms that the Owo
discovery is a major "light oil field".