| | Wednesday 21 November 2012 THOUGHT FOR THE DAY  Yankee Doodling Hello Share Fanciers,
I rather fancy that American traders are off the boil a bit. They usually lead from the front. They seemed to buy even when there is uncertainty in the air. Unlike a lot of the big British traders who seemed to me to be a bit too cautious, sometimes.
Of course, our cousins across the Pond have a bit of an unfair advantage when it comes to leading. The USA still has the biggest economy in the world - though China is set fair take over that mantle in about 10 years' time.
You can buy a load of stocks in America and expect the world's other stock markets to take heart and buy a few of their own. This is still the case - when the Dow goes up, the Footsie usually follows. This can happen even when British money news is dire and the USA is having a better time of it.
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Paper Round Greece, H-P/Autonomy, Bank of England
Eurozone finance ministers on Wednesday yet again put off a decision to extend up to 44bn euros of long-overdue aid to Greece, after failing to overcome lasting divisions over how fast to cut Athen's mounting debt pile. After almost 12 hours of intense talks that stretched into the early hours, eurozone governments called a further meeting next week to finally settle differences between themselves and the International Monetary Fund. 'I don't know when [the aid disbursements] will happen,' said Jean-Claude Juncker, the chair of the eurogroup of finance ministers, as he emerged from the meeting. 'Greece has delivered, now it is up to us,' he added, in reference to austerity measures implemented by Athens. [Financial Times]
The millionaire founder of former FTSE 100 darling Autonomy was forced to defend his reputation yesterday as the US computing giant Hewlett-Packard wrote off $8.8bn (£5.5bn) on its acquisition of the software firm and accused managers of "serious accounting improprieties". The technology entrepreneur Mike Lynch, who set up Autonomy in 1996, sold it to HP for $10.3bn in August last year, making about £500m from his stake in the business. Mr Lynch, who left the US company in May, is worth £480m, according to the Sunday Times Rich List.
[…] Mr Lynch said he was "shocked" by the claims, saying: "It's completely and utterly wrong and we reject it completely." He also said the huge write-down was a "distraction" from the worst results in HP's 70-year history. HP's shares slumped 11 per cent as the company tumbled to a $12.7bn full-year loss as a result of the charge. The company "intends to aggressively pursue this matter in the months to come". [The Independent]
More money printing or lower interest rates would simply stoke inflation without driving growth, a Bank of England policymaker has warned. Martin Weale, a member of the Monetary Policy Committee (MPC), said that Britain's weak rate of productivity made it difficult to justify any further stimulus. His comments drive another nail into quantitative easing's (QE) coffin after the Bank voted against extending the £375bn programme this month. [The Telegraph]
Chevron, the US oil group, has filed a complaint calling for an investigation of the comptroller of New York state, alleging that he acted improperly in urging the company to settle a $19bn claim for environmental damage in Ecuador. The company alleges that Thomas DiNapoli, who as comptroller is the administrator of the state's employees' pension funds, backed shareholders' resolutions and made public statements to put pressure on Chevron, as an "apparent quid pro quo exchange" for campaign contributions. [Financial Times]
The first Monday in December is set to be a record day for online shopping in the UK, with transaction volumes on the internet surging by more than a fifth. Consumers are expected to spend £320m on Visa cards on 3 December alone, following the final pay day for many before Christmas on 30 November. Visa Europe forecasts that 6.8 million purchases will be made on "Mega Monday", 21 per cent higher than last year. [The Independent]
It may not be having much luck in its campaign to have the Health Lottery outlawed, but the setback did not prevent the National Lottery operator from pulling in record half-year revenues. Camelot, which is owned by Ontario Teachers' Pension Plan, of Canada, lifted sales by 8.1 per cent to almost £3.53 billion in the six months to September 29, driving a 3.8 per cent increase in the amount contributed to good causes to £952.8 million. It paid out a record £1.86 billion in prize money, a rise of 10 per cent, lifting the total paid to players since the launch of the National Lottery in 1994 to £43 billion. More than 3,000 lottery millionaires have been created. [The Times]
TODAY'S TIP ON SHARECRAZY  WANdisco - Acquisition speeds-up Big Data Entrance A report by GECR - In a move to enhance and accelerate its ability to develop new products in the Big Data market, WANdisco has acquired AltoStor, a Silicon Valley based software company with deep expertise in the Big Data market, for a total consideration of $5.1 million.
- We now expect the provider of global collaboration software to launch its first Enterprise ready Big Data product in H1 FY2013 (we initially anticipated that this will happen in H1 FY2014), and have amended our forecasts accordingly.
- With the lucrative Big Data market representing a significant, long-term growth opportunity for the company (Wikibon estimates that the Big Data market will grow to more than $50 billion by 2017), our recommendation remains as speculative buy.
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THE LATEST ON THE CRAZY BOARD The top 5 hot company threads on the Bulletin Board: Porta Communications Centamin Enterprise Inns Easyjet The Running Trading Thread
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BOOK OF THE WEEK  By Niall Ferguson
A book review by James Faulkner of WatsHot.com One could be forgiven for lifting an eyebrow at the title of Niall Ferguson's book (and television series) exploring the development of global finance - surely a more apposite title given the current climate would be The Descent of Money, or something along those lines? But the really great thing about historians is that they take a much more eclectic and measured view of present circumstances than most of us can afford by the very nature of our own professions and preoccupations. The recent G20 Summit in London demonstrated how angry many people are at their own financial plight, the apparent greed of bankers and financiers, and the great gulf between the haves, the have-nots and the 'have-yachts' as Ferguson puts it. Yet Ferguson shows us that the problems of today aren't products of the financial system itself, rather they are the products of our own tendency to lurch from irrational exuberance to excessive pessimism.
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