Another week of volatile trading, with the focus on Celestial. Friday was the day where the convertible bonds were due, but no news were out in particular to the company. Merrill Lynch has been appointed to tackle this problem and likely, there would be some solutions in the next few weeks.
Even Channel U and 早报 made some coverage on Celestial too:
市场谣传，一家大型中国银行可能成为拯救中资企业天圜营养集团(Celestial NutriFoods)的“白武士”，出资收购后者一批总值2亿3480万元的债券(convertible bonds)。
Link: http://www.zaobao.com/cs/cs090613_512.shtml
To translate that, it means there are rumours that there may be a big bank to buy over the bonds from Celestial. I guess there may be more trading done on Celestial and likely it may go below $0.165.
Putting that aside, governments are all trying to find ways to unwind the huge stimulus packages that they have put in place to fight inflation. Once the economy recovers, inflation will be shooting fast and furious. Remember the $150 oil? Oil is now at around $72, which is coming back to the precrisis levels.
Went butter factory last friday, and the queue there is horrible! But then, it was the 1st time that I drink until I got blackout and merlion-ed non stop!
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