Unlike the hordes of sellers who wished out at any price, two of the country’s best investment managers – Prem Watsa from Fairfax FInancial Holdings Ltd. and Kim Shannon from Sionna Investment Managers Inc. – were spectators to the dramatic flip in international stock markets.

For Watsa the sell-off was an affirmation of his long command read concerning the fragility of the world economy due to high debt-to-GDP ratios, low inflation (deflation in some cases), low interest rates and less impact from quantitative easing on the economy. “No ammunition left in the West” he said.

The sell-off conjointly reflects his view concerning China, which he expressed in his two recent letters to shareholders. In 2014 letter, Watsa mentioned “a monstrous assets and construction bubble in China, which may burst anytime.” It nearly did in 2011 however China accrued its credit growth considerably since then, he wrote.

Recently, the government of the world’s second largest economy took some terribly public measures by posing restrictions on some stock exchange participants and devaluing its currency.

“We still are distressed and also the market is high. We’ve got concerning 25% hard cash, our stocks square measure hedged.”

Indeed, they're hedged. At the end of June all of Fairfax’s equity positions are matched by equity hedges. For the past 5 years the equity hedges have generated cumulative losses of US$3.7 billion: those losses are matched by portfolio gains.

“These losses measured important,” Watsa mentioned in his 2014 letter. “But they're largely unrealized and that we expect them to reverse once the grand disconnect disappears – maybe sooner you think that.”

The approach is intended to guard Fairfax’s draw back against permanent financial loss. He has taken similar measures within the past: US$498 million of unrealized losses on equity hedges and credit default swaps place in situ in 2003-2006 became US$4.7 billion winners in 2007 and 2008.

For her half, Sionna’s Shannon mentioned that on days like Monday “we would be additional inclined to be web patrons. We tend to price investors are measure contrarians,” which means they ignore the noise and focus on opportunities.

According to a recent U.S. study by consulting firm DALBAR Inc., those opportunities are considerable: over the past 30 years, equity capitalists who created “bad investor selections at important points” performed worse than the market once the indexes fell the most, and underperformed the most once the indexes raised the most.

That behavior shows that “investors sell on panic-down days like [Monday] and obtain on robust days once enthusiasm is high. And that they lose cash,” she said. The higher approach she mentioned would be for investors to ask: what would Warren Buffett do today?

Shannon places very little faith in market temporal arrangement, the power to urge in and out of the market with efficiency. “We know that within the long haul if you get cheaper than average stocks, after they revert back to the mean upward, over time you may build money.”

Shannon mentioned investors may consider dividing their portfolios into four segments (stocks, bonds, assets and gold) and rebalance, a philosophy developed 500 years back by German banker Jakob Fugger the Rich.

“Whatever has gone down the most from an asset combined perspective is what you ought to be conveyance back to traditional weight,” mentioned Shannon, an approach that might be enforced from selling down the winners and using the proceeds to shop for stocks that became cheaper.

[Source: Financial Post]

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Money doesn’t grow on trees, however within the middle of a forest deep within the state country it comes pretty shut. Associate in hour’s drive south of urban center hidden by spruces is Louisenthal, the mill and printing presses that facilitate manufacture banknotes for concerning a hundred currency zones.

Giesecke & Devrient, owner of Louisenthal, is one amongst a couple of corporations competitive to form the 160bn banknotes written annually. Whereas the world’s central banks typically hold monopoly licenses on printing native currencies, up to 70bn banknotes written on material created within the public sector.

Although folks have become snug with paying for merchandise and services electronically, banker's bill production is flourishing.

One reason for the enduring attractiveness of cold, money is that the world economic worsening. Giesecke & Devrient expects banker's bill production to rise by five percent a year for the “foreseeable future”, despite projections of integer increases within the use of cards and other varieties of electronic payments.

“Cash is a hundred percent reliable in times of crisis. It’s in periods of panic wherever a solid national economy has got to prove itself,” said Ralf Wintergerst, a Giesecke & Devrient member. “In a crisis state of affairs, the demand for money usually rises sharply. The rationale for this is often trust in real currency.”

The turmoil in Greece, which not solely sparked speculation of a come to the drachma however conjointly light-emitting diode to a surge in demand for money, may be a case in purpose.

The number of banknotes in circulation in Greece was €45.2bn in month of May: level last seen in June 2012, the last time fears of a Grexit sparked a bank withdrawal. In 2012, the ECB had to fly extra provides of banknotes to Athens from round the region. The €45.2bn amounts to a very little over €4,000 for each Greek.

European financial organization knowledge conjointly show leaps within the demand for banknotes following the collapse of Lehman Brothers, the United States Investment Bank, in 2008. Most of this increased demand was for higher denomination notes like the €200 and €500 bills: a transparent sign the leaps were right down to signboard by anxious savers.

The enduring attractiveness of banknotes isn't simply right down to the money crisis. More than half of payments in stable, advanced economies like Germany’s are still created in cash, whereas globally the figure is concerning eighty percent. Notes conjointly ought to get replaced of, with low worth bills such as the €5 bill taken out of circulation as typically as once each six months.

One of the explanations folks flock to notes throughout money panics and natural disasters lies within the manner they appear and feel. The need to store your wealth during an object will increase because the world around you becomes a lot of unsure. Though banker's bill producers will charge as very little as €25 for a thousand notes, the difficulties in replicating their style and their standing as medium of exchange produce intrinsic worth. Of the quite 17bn monetary unit notes in circulation, but less than half a million were counterfeits, in keeping with ECB figures.

In the Louisenthal plant security is tight — you want to show your passport, and then leave it and any mobile phones at the door. Once you've got passed the airport-style double-door entrance to the building the smell of the solvent, used to build up the notes’ multiple layers, hits guests.

Some of the manufacturing plant presses square measure as abundant as thirty meters long, and five meters high. Workers have largely been replaced by whirring machines. These reel out reams of rainbowed security foil that will feature on banknotes for an African country or paper that will later be used to print the 20 euro note, pocked with the mark of a protect to get replaced with a clear window.

The €20 note is that the most counterfeited within the single currency space, accounting for more than half of all fakes recovered in the first half of this year. The hope is that a replacement style can prompt a visit the quantity of fakes of what's out and away the eurozone’s common note.

Notes’ styles measure inked on the paper individually. Once completed, notes measure sent via central banks and questionable business money centers to bank branches around the 19-member region and loaded into the region’s 3m money machines.

[ Source: FT.com]

Economic reforms imposed on Greece by creditors are going to fail, according to the country’s outspoken former finance minister.

Yanis Varoufakis told the BBC that Greece was subject to a programme that will “go down in history as the greatest disaster of macroeconomic management ever”. Now a deal has been done, what lies ahead for the Greek economy?

His warning came as Greece’s prime minister, Alexis Tsipras, reshuffled his cabinet barely 48 hours after dissidents broke ranks over the bailout deal for the country.

International creditors have demanded that the Greek parliament endorse a wave of measures in order to qualify for further financial assistance – including tax hikes that Syriza has argued will only worsen the country’s economic plight. 


In a major U-turn, after five months of negotiation, Tsipras agreed to enforce significant pension cuts, VAT increases and an overhaul of collective bargaining rules to secure a third bailout package worth up to €86bn (£60bn) to keep bankruptcy at bay.


Varoufakis, who has warned austerity measures for Greece will strengthen support for the far right, told the broadcaster: “This programme is going to fail whoever undertakes its implementation.”

He insisted Tsipras did not fire him from his role as finance minister. “He didn’t get rid of me,” he said.

“Alexis Tsipras at some point decided that his government, our government, was at gunpoint. We were given a choice between being executed and capitulating and he decided that capitulation was the optimal strategy.

Tourists in Greece: 'Don't tell the cook we're German'

“I may disagree with him and I declared that by resigning my post but I understand precisely the very difficult position in which he finds himself.

“We’re completely united in lambasting the highly undemocratic and economically irrational policies of the European Union towards the government.”

The reshuffle saw nine changes overall including the ousting of energy minister and veteran Marxist, Panagiotis Lafazanis, head of Syriza’s militant Left Platform. He was replaced by former labour minister Panos Skourletis.

Meanwhile, Greek banks are set to reopen Monday after a three-week closure and withdrawal limits have been relaxed, but capital controls remain in place, a government decree said on Saturday.

The decree sets a new cumulative weekly withdrawal limit of €420 (£292), with the daily limit remaining at €60.

The bank closure was enacted on 29 June, after Tsipras called a referendum on lenders’ austerity demands that 61% of voters rejected.

The three-week shutdown has cost the country’s struggling economy an estimated €3 not counting lost tourism revenue, according to reports.

[Source : The Guardian]

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• Government of India is planning an admirable gift for the country on its 69th Independence Day in 2016. Solar Energy Corporation of India (SECI) is endeavoring to reach the initial phase of what's being termed as the planet’s biggest solar power project commissioned to end by 15th August 2016. SECI expects that 250 MW capacity of solar photovoltaic power will be commissioned at Madhya Pradesh in India.
• The capacity will be one-third of the entire installed capacity envisaged for perhaps the foremost mega solar power project in the nation. SECI has planned a total of 750 MW capacities. Government has reported that almost 90% of the land (non-agricultural and infertile) needed for the plan has been procured by now while rest 10% is in the process of getting procured.
• Reports say that SECI is anticipated to initiate the auction procedure in April 2015, leaving potential project developers with around a year to finish their allocated capacity. Indian government is expected to permit the project developers prefer amid Indian-made and foreign-manufactured solar PV modules although reserving a tiny portion of capacity being commissioned utilizing solely Indian-made modules.
• Once accomplished, the project is projected to generate approximately 1.25 billion units of electricity per year offsetting around 1 million ton of CO2 emissions. Government officials expect that potential developers would propose assertively for this project and tariffs might be roughly INR 5 per kWh, that is $0.08 per kWh. In 2014, the World Bank proclaimed that it will offer 49% of the investment necessary for the project at smaller interest rates. The loan might be approximately $375 million.
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Indian billionaire Anil Ambani’s Reliance Power Ltd. plans to build 6 gigawatts of solar farms in a northwestern state, the third major project announced in support of Prime Minister Narendra Modi’s renewable energy ambitions.
Reliance, based in Navi Mumbai, signed an agreement Thursday to develop the solar power projects over the next 10 years in Rajastan, according to an exchange filing. Financial terms weren’t disclosed.
Modi is targeting 100 gigawatts of solar capacity by about 2022 from the present installed capacity of about 3 gigawatts. He is hosting a renewable energy investor meeting in New Delhi from Feb. 15 to Feb. 17 and has already tapped investments from SunEdison Inc. and Adani Enterprises Ltd.
Reliance didn’t disclose the technology it will use or how it will fund the projects, which may require as much as $6 billion. The average cost of setting up 1 megawatt of solar power in India is 65 million rupees ($1.04 million), Bloomberg New Energy Finance estimates.
It also isn’t clear how Reliance will get paid for the electricity delivered from its projects, which would require grid links with local utilities that are struggling financially.
Energy – It is the world's largest industry and the global demand for energy continues to rise, while a strong momentum for change is happening.
The road ahead is clear: alternative energy solutions and energy efficiency measures are needed to secure that the world’s energy needs will continue to be covered – now and in the future. Meeting the demands of all stakeholders will require significant investments on the energy supply side, the distribution and storage of energy, as well as in the tools and technologies that enable the efficient use of that (renewable) energy. They will have a lasting impact on our energy mix and the way we use this crucial resource
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Today, the EU Task Force on Investment published a report showing that there is significant potential for investment in Europe. It identifies around 2,000 projects across Europe worth some €1.3 trillion of potential investments, out of which over €500 billion worth of projects could potentially be implemented over the next three years. Many of these projects are currently not being realised due to financial, regulatory or other barriers.

Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced the closing of three additional investment allocations – in Washington, D.C., Philadelphia, and Oakland, Calif. – as part of its $400 million residential real estate development fund with the Arizona State Retirement System (ASRS). All three of the closings were completed before yearend 2014.

As of November 2014, for the third month in a row, renewable energy sources including solar and wind accounted for the majority of new U.S. electrical generation brought into service, according to the latest "Energy Infrastructure Update" report from the Federal Energy Regulatory Commission's (FERC) Office of Energy Projects. Renewable Energy World magazine also reported that natural gas took the lead in the other two months (April and August).