29/08/2002
The FTSE fell yesterday, led by the oil companies as traders rightly surmised that OPEC will increase production at their next meeting in 2 weeks time in an effort to appease the "shrub" and stop him invading Iraq.
Shareholders of Marconi should find out today that they now only have 0.5% of the once great company. I am sure that Lord Weinstock will be turning in his grave in the knowledge that the company will now be owned by the same "bankers" ( And I use that word in the cockney rhyming sense ) who persuaded the Muppet management team to sell the defence business, spend their cash pile and to then assume billions of pounds of debt.
In the US executives of building companies have been selling their shares at a record pace. As I have been saying for the last few months I believe that the property market in the US and the UK could be the next bubble to burst. Members can expect some plays in this sector in the next few weeks.
EU competition investigators raided Dutch brewer Heineken for the second time yesterday. An EU spokeman on being asked what evidence had been found answered: " Hic..." This is the first evidence, and quite possibly the last, of the EU being able to organise a piss-up in a brewery.
Harry