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A (Crumbling) Wall of Money Financial Bricolage, Derivatives And
A (Crumbling) Wall of Money Financial Bricolage, Derivatives and Power by Nicholas Hildyard The Corner House, UK www.thecornerhouse.org.uk 8 October 2008 (Work in Progress) Contents Page Preface: Brief Encounters with Securitisation and Derivatives 1 Introduction 4 Creating a Wall of Money 6 Box: “Questions and Answers” 7 The Music Stops: Who’s Holding the (Toxic) Parcel? 9 Box : “Who Knew What and When . .?” 12 Bricolaging Their Way Out of the Crisis 13 Bricolaged Ancestry: The Faux Historicism of a Speculative Tool 15 Derivatives, Hedging and Speculation 18 Alphabetising the Derivatives: CDOs 19 Creating a Derivatives Market 23 Seven (Unstated) Uses for a Derivative 26 ▪ Permitting the Impermissible 27 ▪ Disguising Risk 28 ▪ Beating Basel 28 ▪ Avoiding Law Suits 30 ▪ Inflating Profits, Hiding Debt 30 ▪ Evading Maastricht 31 ▪ Circumventing Stock Market Rules 32 Bricolaging Institutions: Private Equity and Hedge Funds 34 Box: “You Know a Hedge Fund You See It” 35 Bricolaging a Shadow Banking System 37 Derivative Bricolage and “Financialisation” 39 Leveraged Buyouts 39 Mergers and Acquisitions 40 A Wall of Money – Impacts on the Ground 43 Securitisation & the Expansion of Private Sector Health Care 43 Gambling on Commodities – Mining and Food 44 Box : “Food Prices and Speculation” 45 Buying into Water, Mines, Timber and Dams 47 Infrastructure, Infrastructure, Infrastructure 49 Box : “Securitising Infrastructure” 50 Carbon and Weather – New Sources of Alpha 53 Box : “Depression Now and Then” 55 Bricolaging a “Policy Response” 56 A Bricolage of our Own: Some Reflections for Activism 61 Acknowledgments 63 Notes and References 64 0 Preface Brief Encounters with Securitisation and Derivatives In 2004, I and other non-government organisation (NGO) colleagues went to a meeting with UK government officials. -
What Is the Contribution to the UK Economy of Extractive Industries In
EIS 43 Written evidence submitted by London Mining Network (LMN) 1. Summary The operations of UK-listed and UK-funded mining companies are causing severe damage and creating a legacy of bitterness. Neither engagement with mining companies nor voluntary initiatives such as EITI are in themselves sufficient to hold mining companies accountable: stricter regulation is necessary. We therefore recommend that either the Financial Conduct Authority or some other statutory body be given the power, responsibility, funding and institutional capacity to enforce good conduct on all UK-listed extractives companies, including those trading on the London Stock Exchange’s Alternative Investment Market. This must extend beyond matters of financial concern to shareholders and include compliance with human rights and environmental standards. 2. Introduction London Mining Network (LMN) is an alliance of eighteen member organizations and twelve observer organizations concerned about the negative impacts of UK-listed and UK-funded mining companies. Our network contains organizations and individuals with many years’ experience working with communities directly and negatively affected by the operations of mining companies listed on the London Stock Exchange or funded by London-based financial institutions. This submission is limited to matters of which our network has direct experience or other expert knowledge, so does not answer every question. We would be happy to testify further in oral hearings. 3. What are the corporate governance concerns raised by the number of extractive industries companies listed in the UK? Are there reputational risks for the UK and UK financial institutions in being a centre for such businesses? LMN notes that corporate governance extends to the wider interests of all those affected by a company’s activities and involves adherence to internationally recognised human rights and environmental standards. -
Exclusion List
Exclusion list ROBECO INSTITUTIONAL ASSET MANAGEMENT 1 Sustainability Inside Excluded companies: 61 Rimbunan Sawit Bhd 15 Bots Inc 62 Riverview Rubber Estates BHD 16 Bright Packaging Industry Bhd Controversial behavior 63 Salim Ivomas Pratama Tbk PT 17 Brilliant Circle Holdings International Ltd 1 G4S International Finance PLC 64 Sarawak Oil Palms Bhd 18 British American Tobacco Bangladesh Co Ltd 2 G4S PLC 65 Sarawak Plantation Bhd 19 British American Tobacco Chile Operaciones SA 3 Korea Electric Power Corp 66 Scope Industries Bhd 20 British American Tobacco Holdings The Netherlands BV 4 Oil & Natural Gas Corp Ltd1 67 Sin Heng Chan Malaya Bhd 21 British American Tobacco Kenya PLC 5 ONGC Nile Ganga BV 68 Sinar Mas Agro Resources & Technology Tbk PT 22 British American Tobacco Malaysia Bhd 6 ONGC Videsh Ltd 69 Socfin 23 British American Tobacco PLC 7 Vale Indonesia Tbk PT 70 Socfinasia SA 24 British American Tobacco Uganda Ltd 8 Vale SA2 71 Societe Camerounaise de Palmeraies 25 British American Tobacco Zambia PLC 72 Societe des Caoutchoucs de Grand-Bereby 26 British American Tobacco Zimbabwe Holdings Ltd Palm oil 73 SSMS Plantation Holdings Pte Ltd 27 Bulgartabac Holding AD 1 A Brown Co Inc 74 Sterling Plantations Ltd 28 Carreras Ltd/Jamaica 2 Agalawatte Plantations PLC 75 Subur Tiasa Holdings Bhd 29 Casey’s General Stores Inc 3 Anglo-Eastern Plantations PLC 76 Sungei Bagan Rubber Co Malaya Bhd 30 Cat Loi JSC 4 Astra Agro Lestari Tbk PT 77 Sunshine Holdings PLC 31 Ceylon Tobacco Co PLC 5 Astral Asia Bhd 78 Ta Ann Holdings Bhd 32 Champion -
Broker Upgrades and Downgrades & Key Uk
Shard Capital Stockbrokers T +44 (0) 207 186 9950 rd 23 Floor, F +44 (0) 207 186 9979 20Fenchurch St, E [email protected] London, EC3M 3BY W shardcapitalstockbrokers.com BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS 20 November 2017 UK Broker Upgrades / Downgrades Please contact us for more information Code Company Broker Recomm. From Recomm. To Price From Price To Downgrades SBRY J Sainsbury Plc Bernstein Outperform Market Perform Initiate/Neutral/Unchnaged BOO boohoo.com Plc RBC Capital Markets Underperform 160 Charter Court Financial Services CCFS Peel Hunt Buy Buy 305 305 Group Plc GRG Greggs Plc Barclays Capital Equal weight 1405 OCDO Ocado Group Plc RBC Capital Markets Sector Perform 270 OSB OneSavings Bank Plc Peel Hunt Add Add 445 445 RMV Rightmove Plc RBC Capital Markets Sector Perform 4100 https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ https://www.shardcapitalstockbrokers.com/trading-platform/ BROKER UPGRADES AND DOWNGRADES & KEY UK CORPORATE SNAPSHOTS Key UK Corporate Snapshots Today AIM Access Intelligence Plc (ACC.L) Announced that its new integrated communications platform has driven £450,000 growth in net annual contract value in the last five months. This compares to an increase in net annual contract value of £0.2 million in the first six months of the financial year. Dyson, Thomson Reuters, BMW, Costa, S4C, Sellafield and Lloyds are among the new clients that have signed up to Vuelio services in the period. During the same period, Vuelio has continued to consolidate its strong position in the public sector, with a client base that includes almost half the UK's local councils and universities and over 85% of the UK's police authorities. -
Banks, and London Is Also One of the World’S Main Banking Hubs
CARBON CAPITAL HOW THE CITY BANKROLLS CLIMATE CHANGE The City of London is at the heart of the UK financial sector. It’s where shares are traded, corporate lending is arranged, and all manner of bets are made on the future price of commodities like oil. Through the Corporation of London, it maintains a powerful lobby for lower business taxes and fewer regulations. And while the UK finance sector is keen to talk up its green credentials, in reality it is bankrolling a global fossil fuels boom, driven on by high oil prices, a dash for gas in electricity supplies, and soaring global demand for coal. Fossil fuel companies raise money through a mix of equity and debt. Large companies usually raise equity by selling shares, and the London Stock Exchange is one of the world’s leading share trading venues. The money mostly comes from ordinary people, but we have little say in the decision of fund managers to invest our pensions, insurance revenues and savings in extractive industries. Debt financing is mainly arranged by banks, and London is also one of the world’s main banking hubs. It hosts the global headquarters of HSBC and Barclays, and the Europe, Middle East and Africa (EMEA) operations of every leading US investment bank. Between them they arrange bonds and loans that channel billions of pounds per year into new fossil fuel extraction. Speculation on the future price of oil is a lucrative business too, with London recently surpassing New York as the world’s oil trading capital. The financial sector views fossil fuels as a reliable bet, and is betting on the UK government doing little to curb our oil, gas and coal addiction. -
39. Wall Money
A (Crumbling) Wall of Money THE Financial Bricolage, CORNER Derivatives and Power HOUSE n 2004, I and other non-governmental organisation (NGO) col- leagues went to a meeting with UK government officials. The pur- Ipose was to discuss the UK’s presidency of the upcoming July 2005 Summit of G8 leaders – the heads of government of the eight leading industrialised countries. One item on the Summit agenda was export credit agency (ECA) reform.1 I was familiar with the UK’s agency, the Export Credits Guarantee Department, from our solidar- ity work with communities around the world affected by the dams, pipelines, power plants and other infrastructure projects that this De- partment had funded.2 NGOs at the time were pressing for ECAs to adopt mandatory environmental, human rights and development stand- ards.3 The UK government officials had other proposals in mind, how- Acknowledgements ever. In particular, they seemed keen to expose the extent to which This paper is the outcome of ECAs were subsidised by the taxpayer. This was (to say the least) numerous discussions with surprising. That’s been the NGO line more than the government’s. In many colleagues, whose fact, the ECGD and other ECAs have consistently and vehemently comments were all critical to denied any element of subsidy in their operations. But the officials its evolution and outcome. The seemed to think that, once the subsidies had been exposed, the ra- author, Nicholas Hildyard, would like to thank them all, and tionale for continued government backing for export credit agencies in particular Larry Lohmann, would be removed. -
Directory, Accompanying the Map, Presents All the Company Information in One Document
Corporate Watch Wreckers of the Earth: a guide to ecocidal capitalism in London February 2020 For maps and more see: https://corporatewatch.org/londonmap2020/ Table of Contents Wreckers in London....................................................................................................................4 1. Primary planet-killers.......................................................................................................................6 1.1 Hydrocarbon majors..................................................................................................................6 1.1.1 The national oil companies................................................................................................6 1.1.2 The multinational “oil majors”...........................................................................................9 1.2 Hydrocarbons: smaller oil companies, frackers and UCG......................................................12 1.2.1 Smaller “conventional” oil and gas companies................................................................12 1.2.2 The frackers: “unconventional fossil fuels” specialists...................................................14 1.3 Oil and gas services and shipping............................................................................................16 1.3.1 Oilfield services...............................................................................................................16 1.3.2 Liquefied Natural Gas......................................................................................................17 -
Coal Ownership
Coal Ownership (MW) July 2017 - Includes units 30 MW and larger Announced + Pre-permit Cancelled Company Announced Pre-permit Permitted + Permitted Construction Shelved 2010-2017 Operating Retired 24 Hour Company 0 0 500 500 0 0 0 0 0 A Brown Company 0 0 0 0 135 0 0 135 0 A1 Group 0 0 0 0 0 150 0 0 0 A2A 375 0 0 375 0 0 0 796 160 Aalborg Forsyning 0 0 0 0 0 0 0 716 0 Aarti Steels 0 0 0 0 0 0 0 90 0 Abhijeet Group 0 0 0 0 0 0 8,955 244 0 ABL Co. Ltd. 0 112 0 112 0 0 0 0 0 Aboitiz Group 0 0 200 200 755 344 0 500 0 ACB (India) Limited 0 0 0 0 0 1,200 1,200 1,330 0 ACC Limited 0 0 0 0 0 0 0 30 0 Accord Energy 0 0 0 0 0 360 0 0 0 Aci Energy 0 0 0 0 0 0 0 0 36 ACWA Power 3,850 300 720 4,870 1,200 300 0 0 0 Adani Group 600 3,200 3,200 7,000 0 2,920 6,300 10,440 0 Adaro 300 100 0 400 633 0 0 60 0 Adhunik Group 0 0 0 0 0 0 5,820 570 0 Aditya Birla Group 0 0 0 0 0 0 0 3,173 0 AEI (Ashmore Energy International) 0 0 0 0 0 0 0 300 0 AES 0 168 0 168 168 150 6,780 9,963 4,655 Africa Power House 0 0 330 330 0 0 0 0 0 African Energy Resources 900 0 300 1,200 0 850 0 0 0 AGL Energy 0 0 0 0 0 0 2,000 5,194 0 Agrofert 0 0 0 0 0 0 0 46 0 Air Products & Chemicals 0 0 0 0 0 0 0 0 60 Akfen Group 0 0 0 0 0 0 1,900 0 0 Akkan Enerji A.ş. -
Coal Finance Report Card 2015 the End of Coal? Coal Finance Report Card 2015
THE END OF COAL? COAL FINANCE REPORT CARD 2015 THE END OF COAL? COAL FINANCE REPORT CARD 2015 TABLE OF CONTENTS INTRODUCTION 30 APPENDIX 1: Full Coal Mining Rating Criteria and Bank Ratings 3 Executive Summary 36 APPENDIX 2: Full Coal Power Rating Criteria and Bank Ratings 4 Introduction: A Make-or-Break Moment for Banks and Coal 42 APPENDIX 3: Mountaintop Removal Coal Production Data 5 Key Data 44 APPENDIX 4: Top Global Power Companies by Coal-fired Power Capacity 6 Methodology 46 ENDNOTES COAL MINING 48 ACKNOWLEDGMENTS 9 Background on Coal Mining 10 Extreme Coal Mining 12 Coal Mining Case Studies 15 Coal Mining Rating Criteria 16 Bank Ratings: Coal Mining Finance 18 League Table: Coal Mining Finance COAL POWER 21 Background on Coal Power 22 Coal Power Case Studies 25 Coal Power Rating Criteria 26 Bank Ratings: Coal Power Finance 28 League Table: Coal Power Finance PHOTO: JOE ATHIALY PUBLICATION DATE: MAY 4, 2015 PAGE 2 | THE END OF COAL However, despite these bright spots, if the financial sector does not act swiftly and decisively to end financing for all coal, the death of coal will come too late for the climate. » In spite of the financial distress faced by the coal industry overall, banks have approached financing decisions in a piecemeal fashion, with global financing for coal mining and top coal-fired power companies holding steady at $144 billion, compared to $145 billion in 2013. » Disappointingly, major banks have also continued to finance several worst-of-the-worst “extreme coal” producers with major human and environmental impacts. -
TEI Times February 2019
THE ENERGY INDUSTRY February 2019 • Volume 11 • No 12 • Published monthly • ISSN 1757-7365 www.teitimes.com TIMES Atomic Brexit A smarter world Final Word With Brexit fast approaching, there Distribution Network Operators prepare Does Wylfa demonstrate appears to be only one viable option for an energy market that is much a lack of will for nuclear? to keep nuclear commerce open more distributed. Junior Isles. with the EU. Page 13 Page 14 Page 16 News In Brief USA continues clean energy shift but carbon emissions Wylfa suspension rise in 2018 The USA has seen carbon emissions rise after three years of decline despite coal plants being shut down. Page 2 jeopardises UK Huawei panels pose cyber threat, warns Congress Members of the US Congress have warned that the use of solar equipment manufactured by Chinese nuclear plans group Huawei poses a threat to the country’s cybersecurity. Page 4 China goes big on storage China is planning to build massive amounts of pumped hydro storage and battery capacity as its clean energy transition continues. Hitachi’s Higashihara says a “freeze” Page 6 means the company will not put in any additional investment Germany sets coal phase-out Germany’s government has reached an agreement on when the country will end its reliance on lignite and hard coal fired power generation. Page 7 The UK’s plan to build a new fleet of nuclear power plants is under severe threat following the Uzbek nuclear plans take suspension of another of its proposed projects. Junior Isles shape Construction of Uzbekistan’s first The UK’s plan to build a new fleet of as a private enterprise, noting that “it involved we’ve not been able to cent of electricity demand. -
Glossary of Abbreviations and Acronyms
This Glossary has not been updated since 2015-03-24. Glossary of Abbreviations and Acronyms A A activity A adenine A ampere [unit of electric current] Å angstrom a atto [prefix for SI and metric units, 10-18] a year A1 maximum activity of special form radioactive (IAEA Transport material that can be transported in a Type A Regulations) package A2 maximum activity of any radioactive material other (IAEA Transport than special form radioactive material that can be Regulations) transported in a Type A package AAA awareness, appropriateness and audit AAAID Arab Authority for Agricultural Investment and Development AAA Program Advanced Accelerator Applications Program [In (USA) 2003 this developed into the Advanced Fuel Cycle Initiative (AFCI).] AAAS American Association for the Advancement of Science AAB Audit Advisory Board (India) AAC Austrian Accreditation Council AACB Association of African Central Banks AACR Anglo–American Cataloguing Rules AADFI Association of African Development Finance Institutions AAEA Arab Atomic Energy Agency AAEC Australian Atomic Energy Commission [This was replaced in 1987 by the Australian Nuclear Science and Technology Organisation (ANSTO).] AAEE American Academy of Environmental Engineers (USA) AAEHC Afghan Atomic Energy High Commission AAES American Association of Engineering Societies (USA) AAFICS Australian Association of Former International Civil Servants AAIS Austrian Accident Insurance Scheme (IAEA) - 1 - This Glossary has not been updated since 2015-03-24. Please check IAEAterm (http://iaeaterm.iaea.org) -
Impact of PESTLE Factors on Power Generation Projects of Bangladesh
Impact of PESTLE Factors on Power Generation Projects of Bangladesh Submitted by Farhan Hussain MPSM, Batch-2 Student ID: 13182003 This Thesis Submitted in Partial Fulfillment of the Requirements For the Degree of Masters in Procurement and Supply Management Supervised by Professor & Dean Dr.Nazrul Islam Faculty of Business Administration Eastern University April, 2013 Institute of Governance Studies BRAC University, Dhaka, Bangladesh Declaration I hereby declare that I am the sole author of this thesis. I authorize the Institute of Governance Studies (IGS) and BRAC University to lend this thesis to other Institutions or individuals for the purpose of scholarly research only. I further authorize the IGS and BRAC University to reproduce this thesis by photocopying or by other means, in total or in part, at the request of other institutions for the purpose of scholarly research. Farhan Hussain Student ID: 13182003 Institute of Governance Studies (IGS), BRAC University, Dhaka Acknowledgement I am very grateful to the well known Dr.Nazrul Islam, Professor and Dean, Faculty of Business Administration, Eastern University, Dhaka for reviewing my manuscript in spite of his very busy schedule. He made several important suggestions which enhanced my study. I am also indebted to the Director, the faculty and staff members of Institute of Governance Studies, BRAC University, Dhaka for providing me with crucial study materials on research methodology and dissertation template. They allowed me to use the Computer Lab and the Library facilities of IGS, BRAC University from where I have obtained some important papers and articles which contributed immensely to the success of my study.