NEW YORK Oct 13 (Reuters) - A Loss At JPMorgan Chase & Co’s Private Equity Group Signals A Tough Quarter

In a tender involving global giants such as Total and China National Offshore Oil Corporation (CNOOC), Russian Rostec wants to set up the first oil refinery in the fast growing market of Uganda, one of the most business-friendly places in Eastern Africa.

The subsidiary of  Russian state corporation Rostec - RT – Global Resources -  will partner the VTB Capital, while Tatneft will take over the operational role.  

Preliminary estimates suggest the cost of the country’s first oil refinery to be built in the city of Hoima will be around $3 billion, the Izvestia paper reports.

The Ugandan oil market is growing 10 percent annually. It’s one of the most politically-stable countries in Eastern Africa, with not local conflicts or warring neighbors, the paper quotes Karen Simonyan, the President of the Russian-African fund to support science, culture and business cooperation. Production from the refinery will go both to internal and external markets, which don’t have any refineries. Because the country is landlocked the oil products will carry a premium. 

According to the tender 40 percent of financing will be provided by Uganda, while the company that wins will be responsible for the remaining 60 percent. More than 50 international bidders are interested in developing the refinery. The results of the tender will be announced in 2014, while construction process will commence in 2015, according to Daily Monitor.

New exploration will also take place at Alberta Lake that has estimated reserves from 6 to 8 million barrels of oil. The refinery is expected to provide 1.5 million tonnes of products a year by 2017, which will almost completely cover Ugandan needs. By 2020 production at he plant is expected to double.

Investment from Russia will be less than $1 billion, according to Andrey Korobov, the General Director of RT – Global Resources,Izvestiya reports. The consortium aims to recoup the money spent on the project in a short time due to the high oil price.

Rostec considered 25 companies as major rivals, including those from the UK, US and China. The main criterion for Uganda is the construction time. Ugandan representatives have only visited Russia to talk about the proposed agreement.

(Russian oil looks to Africa: Rostec bids for first $3bn Uganda refinery via rt.com)

This is truly tragic. It’s time to count 87,000 Blue Cross and Blue Shield of Alabama customers among the millions of Americans who have lost their health insurance because of Obamacare.

From AL.com:

Blue Cross and Blue Shield of Alabama recently notified about 87,000 policy holders in the...

#NYSE : $UA · Under Armour, Inc.  

40.4% gain 3-months : 56.35 -> 79.11   0.1% gain 2-weeks   : 79.0 -> 79.11

1,154,500 median volume (3 months) …max: 5,778,100 …avg: 1,260,723 …min: 475,400

70.1%  daily positive gains (47/67 days)

Gold has become the most hated commodity lately. What happened to the days when everyone had to own the precious metal? After all, more and more centr…

Gold has become the most hated commodity lately. What happened to the days when everyone had to own the precious metal? After all, more and more central banks around the world are printing money faster than ever. The Federal Reserve (U.S. central bank) is still creating $85 billion a month out of thin air. Other central banks in England, Japan, Asia, and Europe continue to do the same thing. So why has gold struggled so much? It seems that gold is now trading inversely to the USD/JPY (U.S. Dollar vs the Japanese Yen). Today, the USD/JPY is falling sharply and this is causing gold futures to rally. Currently, the USD/JPY chart remains in an up-trend on the daily chart. Up-trending markets are very tough to fight since that is where the momentum is. Should the USD/JPY chart start to fall gold should start to trade higher. Traders and investors might need to take a wait and see approach, but I would say that you shouldn’t get too bearish on gold at this stage of the game. Gold could be setting up to make a sharp move higher very soon if that up-trend in the USD/JPY chart starts to reverse. Nicholas Santiago InTheMoneyStocks.com

Top Ten investment symbols

Whatsontop.tublr.com:

September 08 : What’s On Top Ten Symbols

NASDAQ:FNSR · Finisar Corp.

NASDAQ:FANG · Diamondback Energy, Inc.

NASDAQ:ALNY · Alnylam Pharmaceuticals, Inc.

NYSE:MAN · ManpowerGroup Inc.

NYSE:SDRL · SeaDrill Limited

NASDAQ:SAPE · Sapient Corp.

NYSE:CI · Cigna Corp.

NYSE:STJ · St. Jude Medical Inc.

NASDAQ:MDAS · MedAssets, Inc.

NYSE:RH · Restoration Hardware Holdings, Inc.

Why is your credit card APR so high? Yahoo Finance’s Lauren Lyster explains in this new #JustExplainIt video: http://yhoo.it/19kQhaC

HSBC lawsuits and federal security law

HSBC has to pay 2.46 billion after a class action lawsuit claiming it violated federal securities laws.Lawyers for the plaintiff said this lawsuit included $1.48 billion in damager and nearly $1 billion in prejudgement interest. This is the biggest settlement ever following a securities fraud class action trial. HSBC formerly Household International is Europe's biggest bank by market value. In the lawsuit there were three plaintiffs represented by James Glickenhaus of Glickenhaus & Co. My Glickenhaus said that the judgment, "shows that the fraud committed by Household International and the individual defendant officers will not go unpunished, and we look forward to having the judgment affirmed on appeal." The lawsuit claimed that the company fraudulently misled investors on numerous cases including, predatory lending practices, quality of loans, and its financial accounting. HSBC's U.S. shares dropped $0.08 on Thursday and are up less than 2% for the year.

http://aclassasset.blogspot.com/2013/10/hsbc-lawsuits-and-federal-security-law.html

England is the only country in the developed world where the generation approaching retirement is more literate and numerate than the youngest adults, according to the first skills survey by the Organisation for Economic Co-operation and Development.

Continued

It’s official: Obama nominates Janet Yellen as first woman to lead Federal Reserve

(Photo: Eugene Hoshiko / AP file)

President Barack Obama nominated Janet Yellen on Wednesday as the next head of the Federal Reserve, positioning her to become the first woman to head the central bank in its 100-year history.

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