Muddy Waters Carson Block Muddy Waters, the infamous US short seller headed by Carson Block and which was instrumental in causing the bankruptcy of the $6 billion bogus Chinese forestry company Sinoforest, listed in Canada, in May this year, is at it again. Block alleged in June 2011 that Sinoforest was operating under a smoke…
The latest Federal Reserve Beige book report on the U.S. economy was released yesterday with the New York area hit by Hurricane Sandy but growth in most other areas growing at a “measured pace” though weakness in manufacturing was highlighted as a concern. Seven of the 12 Fed regions reported weak factory activity and two more…
South Falklands basin oil and gas explorer, Falkland Oil and Gas today announced the long awaited results of the Scotia well drill. With a big spike in the share price last week, moving from 55p to 70p intraday, expectations were raised on the bulletin boards (common theme here?!) for an oil bonanza. Sadly, it was…
More bad news for Egyptian gold miner, Centamin, whose shares are down 8% to 60p this morning. First there is the continued fall out from last week’s declaration from Mohamed Morsi, Egypt’s Islamist president granting himself wide-ranging powers and making all his decisions immune to legal challenge!This has fostered fears of a return to the…
Falklands oil explorer, Desire Petroleum, today published a new competent person’s report (CPR) by energy consultancy Senergy (I hope they can tell the difference between oil & water!!) which assessed the Liz gas condensate discovery, the parts of the Sea Lion complex that Desire has interests in, as well as earlier stage exploration prospects. …
The recriminations between ex-Autonomy CEO, Mike Lynch and Hewlett Packard have started in earnest following the shock $8.8 billion write off announced this week with $5 billion relating to the August 2011 acquisition by HP. Hewlett CEO Meg Whitman has accused Mike Lynch and his management team of accounting fraud, specifically of booking software licence…
Falkland Oil and Gas, the South Falklands oil explorer, is currently up 17% to 64p, after dipping as low as 55p this morning. The company is drilling the Scotia prospect in the South Falklands basin and an RNS on November 7th indicated that drilling operations would be likely to be completed 4-6 weeks from this…
A 9% rise in Xcite shares today to just over £1 after the news at 2.30pm that “Xcite Energy has received notification that Global Resource Funding Partners LLC no longer has a shareholding in the Company.” Surprising that they have decided to exit before the forthcoming news on a farm out and potential reserves upgrade…
Struggling U.S. software group, Hewlett Packard, announced yet another blow to its long suffering investors today with a $8.8 billion write down in the value of Autonomy, the FTSE 100 company it acquired for $10 billion in August 2011 after alleged serious accounting irregularities at the software company. This latest write down follows an $8…
After yesterday’s 2.4% increase in the FTSE 100 and 2% rise in the S&P 500 on hopes that a solution to the U.S. fiscal cliff might be found between President Obama and lawmakers on Capitol Hill, the markets have been knocked down a little by a French sovereign debt downgrade. Moody’s has stripped France of…
