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Credit Crisis spurs greater use of supply chain financing

Companies have been increasingly using supply chain financing, which involves using their own receivables to secure financing, as the credit crunch took hold and financial conditions continue to be tough, according to a survey from the consultancy Demica. “Banks in our research were emphatic in their view that SCF is a strong and rapidly growing market, and one which will provide an alternative source of funding for those corporates facing difficulties obtaining traditional bank credit,” said Phillip Kerle, CEO of Demica.

Cambodia rise exports push prices down

Cambodia will sell some of its 1 million-plus tons of rice in warehouses now that it knows it has enough for domestic demand, Prime Minister Hun Sen said. The news adds downward pressure on rice futures, which for two days have fallen by the daily limit set by exchanges. “With major producers in Southeast Asia braced for harvesting bumper crops in the next couple of months, the global market sees more supplies,” said Takaki Shigemoto, an analyst with commodity broker Okachi & Co.

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Moody´s stock looses 17% after rating error

In response to a recent Financial Times article, Moody’s has retained law firm Sullivan & Cromwell to do an external review of the agency’s process for rating European constant proportion debt obligations. Moody’s had rated complex debt products higher than warranted because of a glitch in its computer models but did not fix the error for nearly a year, despite senior staff knowledge. Meanwhile, U.S. Sen. Charles Schumer, D-N.Y., has called on the SEC to investigate the situation.

Oil price hits more than $135 a barrel in Asia

In Asia, oil reached a record high price of more than $135 a barrel today and then retreated. Concerns about supply, increasing global demand and a declining dollar are keeping crude futures moving up. Analysts are starting to question what will stop oil prices from increasing as they continue to set new records almost daily. Although there are technical indications in the futures market that crude might drop, few analysts are ready to call an end to the rally.

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US cuts use of imported oil for first time since 1970´s 

The U.S. has seen its dependency on imported oil dip for the first time since 1977. Imports comprised 57.9% of oil consumption in the first three months of the year, down from 58.2% last year. Americans are using less because of high prices and because more ethanol is in use, said Guy Caruso, head of the U.S. Energy Information Administration.

Buffett keeps eyes on Europe for takeover targets

Investor Warren Buffett said he’s concentrating on Europe, not emerging markets, for companies that his Berkshire Hathaway might be interested in buying. “You want to fish in a pond where the fish are, and Europe is a much better pond,” he said. Buffett is on a four-city European tour designed to form relationships that might identify purchase targets for his investment and holding company.

Microsoft targets Yahoo´s search advertising operation 

In its renewed romance of Yahoo, Microsoft has proposed several ideas for a pairing, including a revenue-sharing partnership and Yahoo selling its search advertising operation. Yahoo is under pressure to negotiate some kind of partnership or deal after resisting Microsoft’s earlier buyout offer. Yahoo’s future might depend on reaching a decision to sell or outsource some of its advertising business, Stifel Nicolaus analyst George Askew said. Microsoft has made it clear that it plans to build its search advertising business one way or another.

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Every week we search for the top stocks to buy, and analyse our prior recommendations. We now believe that the slight upward momentum of Wall Street will be lost, and we have a bearish perspective for the future. We will therefore modify our portfolio:

• Cisco. -2,02% since we bought this stock. Sell this stock due to its difficult momentum. Re-enterying at a lower point might be more appropiate
• Garmin. +6,36% since recommendation. Hold. Garmin is still recovering from their lows a week ago and might continue its upward trend.
• SKF. +6,87%. This ETF that replicates twice the inverse of financials, is our strongest recommendation and expect to triple its performance in a few weeks.
• EWZ. +0,43%. Hold; investing in Brazil helps us to diversify our portfolio and also, the trend is bullish. Read the rest of this entry »

  

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