Good morning
The headlines:
- Standard Chartered probe “requires” $700 million?
Link: oh – they mean the fine. But THIS article says $5.5 billion.
Here’s a picture of the last few days of StanChart’s share price:
I almost want to give yesterday a round of applause.
A settlement of $700 million would be around the same amount that HSBC has set aside for its money-laundering crisis.
The $5.5 billion that everyone is talking about is coming from a London analyst: who’s talking about gross impact (a $1.5 billion fine; a $3 billion loss of market value when all the CEOs, CFOs and COOs quit à la Barclays; and the loss of $1 billion when they are forced to suspend their Iranian operations).
That figure is a bit confusing though – from what I understand, Standard Chartered has already pulled out of Iran altogether?
- Greece gets another negative credit rating outlook.
Link: this is no longer news.
If you’re at CCC, the only place to go down from there is D. Being Default. So the market, as read by S&P, is feeling a bit like Greece is not going to get the next round of financing.
- Facebook finally reveals a mobile-ad service.
Link: but it looks like we’re only talking about mobile apps?
Something about a mobile app tool that allows software developers to encourage users to install their apps?
My question: are facebook trying to sell advertising or apps? Because, well, if my phone can use apps – then I’m going to buy them off the Apple App Store if I have an iPhone, or download it free if I use Android.
Here’s another look at Facebook embarassing itself:
- Telkom gets an antitrust fine.
Link: $55 million for five years of monopoly – sounds like a good deal.
The amount is about a seventh of what the Competition Commission was look for.
On the brave assumption that the Competition Commission had actually worked out the super-normal profit that Telkom had made by exercising its monopolistic whims, this means that Telkom has actually won.
An antitrust fine is only a fine if you end up losing money. Anything less than that is just a cost of doing business.
That’s all for now.
Have a good day.
