10 most popular finance stocks among hedge funds
Photo / Paul Estcourt Finance companies could make a comeback in the wake of the Reserve Bank’s clampdown on low deposit lending by banks. From October 1, banks must cap new lending to house buyers with a deposit of less than 20 per cent to 10 per cent of the overall total, but the change does not apply to non-bank lenders. Second-tier lenders suffered a major blow when much of the industry collapsed in 2007 and 2008, leaving investors out of pocket by an estimated $5 billion. But mortgage lenders report a boost in inquiries from brokers looking for alternative places for clients to borrow from, and there is talk of new players entering the market. Peter Rollason, executive director of Liberty Financial, which owns Mike Pero Mortgages, said the firm was preparing to ramp up its business after receiving a number of new inquiries.
Grandson of first finance minister now in home for elderly
I don’t ask my relatives to visit me or send money.” R K Shanmukham Chetty resolved the ‘sterling crisis,’ managing to get a huge amount from the then British administrators. He also served as the Diwan of Cochin. Says Jagadheesh: “My grandfather had a lot of determination. Nehru made him finance minister even though he was in the Justice Party.” He remains optimistic though the country is going through a financial crisis.
Market Chatter-Corporate finance press digest
* Japanese oil refiner Cosmo Oil Co shut the 100,000 barrels per day (bpd) No.1 crude distillation unit (CDU) at Sakai refinery on Friday for planned maintenance, an industry source said on Monday. * Brazil’s oil industry watchdog plans to reject OGX Petroleo e Gas Participacoes SA’s plan to develop the Tubarao Azul offshore oil field, two government sources with direct knowledge of the situation told Reuters. * Pratt & Whitney, a unit of United Technologies Corp has reached agreement in principle with the Pentagon on a contract to build 39 engines for a sixth batch of F-35 Joint Strike Fighters, three sources familiar with the deal said Monday. * Abu Dhabi National Energy Co (TAQA) may shelve a $12 billion power project in Turkey amid a deteriorating economic outlook and increasingly difficult financing conditions, Turkish energy industry sources said on Monday. * Thai billionaire Charoen Sirivadhanabhakdi is looking to raise at least $500 million by listing a hospitality trust in Singapore next year to help refinance some of the debt that his companies took on to win control of Fraser and Neave (F&N) , people with knowledge of the matter said.
Multiple Tiger Cub funds, including billionaire Stephen Mandel’s Lone Pine Capital, were buying (here are more of Mandel’s picks) . Finishing off our list is $68 billion market cap retail and commercial bank U.S. Bancorp /quotes/zigman/278238/quotes/nls/usb USB -1.07% . Without as much exposure to the investment bank business, recent results have been about flat though the trailing and forward P/Es are only 13 and 12 respectively.