Oil surges on gasoline shortfall

Crude posts biggest one-day gain in nearly 3 weeks on surprise decline in supplies and Goldman forecast of higher prices.

NEW YORK - Oil prices rallied as much as $5 a barrel Wednesday after a surprise decline in the nation's gasoline stockpile, and a forecast from Goldman Sachs that said crude could hit $149 a barrel by year's end.

Light, sweet crude for September delivery rose $4.58 to settle at $126.77 on the New York Mercantile Exchange, posting its biggest one-day gain since it rose $5.60 on July 10.

A report from the Energy Department showed a 3.5-million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil in the week ended July 25.

Investors anticipated a drop in crude stocks due to the limited effects of Hurricane Dolly on production in the Gulf of Mexico, but they hadn't expected a draw in gasoline supplies.

"That gasoline data was a positive surprise (for prices)....that is taking crude up," wrote Tom Orr, head of research at Weeden & Co. in an e-mail.

Analysts polled by energy research firm Platts had expected to see a 400,000 barrel increase in gasoline supplies, and a decline of 1.3 million barrels of crude oil.

Gasoline demand: The government's inventory report reinforced a weekly survey released Tuesday from MasterCard Advisors that showed demand for gasoline at the pump had hit its highest level since the beginning of the year, though it still remained significantly lower than the same week a year ago.

"It seems the hard lessons that were learned at $4 a gallon (gasoline) and above have faded," said John Kilduff, energy analyst with MF Global in New York.

Average prices for regular gasoline in the U.S. fell for the 13th straight day Wednesday to $3.926 a gallon after hitting a peak of $4.114 on July 16. Still, prices remain more than 35% higher than they were a year ago, according to motorist group AAA.

$149 a barrel?: A report by Goldman Sachs predicting prices could reach new heights was also feeding the rally.

The falling demand for crude, which had driven down prices more than $25 a barrel over the past two weeks, was only temporary, a Goldman analyst wrote in a report released Wednesday. The report went on to predict that prices would jump back up again to hit $149 a barrel by the end of the year.

"Basically Goldman Sachs hit right at the heart of why the market was going down," said Phil Flynn, senior market analyst at Alaron Trading in Chicago.

Oil's about-face: Just before the report's release, oil was down $1.08 to $121.11 a barrel as the anticipated increase in gasoline stocks would have indicated that demand has fallen in the United States, the world's largest consumer.

Oil investors worried that high prices for fuel made from crude oil have seriously damaged demand.

Despite Wednesday's rise, oil remained down 14% from the trading peak of $147.27 set July 11. Prices remained 65% higher than they were 12 months ago.

Supply: Concerns about supply disruptions from volatile oil producing nations such as Nigeria also gave prices a small boost.

On Tuesday, Royal Dutch Shell (RDS) said it would be unable to fulfill production obligations from Nigeria for three months due to an attack by militants that destroyed two pipelines.

Supply disruption worries have been a major factor in oil's record price increase. But because attacks on oil infrastructure in Nigeria have been relatively common over the past several months, many analysts believe the oil market may have already factored them into the price.

如何写支票

有本事就来捉我！由《铁达尼号（Titanic）》男主角李奥纳多狄卡皮欧 主演的电影《捉智双雄（Catch me if you can）》，讲述一名年轻人如何伪造支票，并藉此致富。虽然这只是一个电影情节，但片中的这名男主角何以如此消遥法外？

即使是科技如此发达的今天，在填写支票方面，还是会出现一些常见的错误或疏漏。

现在就让我们来谈谈有关填写支票的一些细节。

（1）收款人（Payee）——不论收款人是个人或公司，我们填写支票时，都必须填写收款人的全名。举例说，如果支票的收款人是John Tan Chi Min，我们不可填写诸如“John Tan”、“Tan C M”及“Mr J Tan”这类缩写名称。不过，一些常见的缩写名称，例如“Sdn Bhd”（私人有限公司，Sendirian Berhad的缩写），倒是通常会获得银行接受。此外，您在填写收款人的名字时，每个字眼必须紧密相连。如果字体之间的间距太大，收款人姓名将很容易被篡改。比方说，您在支票收款人的空位上填写“John Tan Chi Min”，将很容易被篡改成“John Tang Chin Ming”，结果对方将收不到支票。我还记得一个真实的个案，收款人是一家称为“ABC Limited”的公司，结果支票邮寄途中被一名邮差截获，并把支票的收款人窜改成“ABCD Limited”。这名不道德的邮差做法很简单，就是把所有收款人字体间距太大的支票，加上一个“D”字。

（2）或持票人（or bearer）——通常是印在支票空挡部位的尾端，致给收款人。这意味着，支票持有人可以索取有关数额。因此自然的，如果John Tan不小心遗失了有关支票，捡获该支票者将可领取有关款项。同样的，该支票传递者、邮差等也可以领取。这和开出一张现金支票（Cash Cheque）或没有在支票上填写收款人没有两样。要避免这种情况很简单，只要把“or bearer”这两个字划掉即可。（or bearer）

(3) 划线支票（Crossed Cheques）——在某些情况下，您可能会发现，所接获的支票中端已印上两条直线。一些人则在支票左上角划上两条平行线。通常，此举表示该支票只是发给帐户收款人（account payee only）及不可转让（not negotiable）。这和上述（2）相似，即一张印有“or bearer”或是已经划线的支票，让银行已经完全的表明，有关支票只有一名指定的收款人，即支票收款人一栏的个人或公司收款人。

保护自身财务利益

(4) 支票数额（Amount）——通常，国内支票款额栏目的货币单位，已预先印上“$”或“RM”的字眼。您必须谨记的是，您在支票上所填写的数目字，一定要紧贴在货币单位$或RM的后头。

当您填写数额时，把$及Cents（仙）明确的分开。我个人选择以下的方式：

此外，您必须确保所填写的数额，和填写的英文字母相符。通常，支票已预先印有货币单位，所以您可马上填写数额在后头。您必须写完整个词句，并以“Only”结束。例子如下：“Dollars One Thousand, Two Hundred and Thirty Four, and Cents Twenty Only. ”

(5)窜改，修正（Alternations, Amendments）——大马银行协会多年前已发出一项指南，不允许在支票上作出任何的窜改或修正。当然这是一件好事，因为任何的窜改，都将更轻易的被发现。

(6) 日期（Dating）——避免填写或接受期票（post-dated cheques）.

(7) 截停支票（Stop Cheques）——如果您已开出一张支票，只要还没过帐，仍可截停有关支票，阻止该支票过帐。只要致电银行，就有可能截停银行将该支票过帐。通常这项指示是免费的。然而，随着银行如今非常高效率的处理支票结算与过帐，要截停支票的机会其实已变得非常小。

(8) 将支票存入户头（Banking in a Cheque）——如果您是支票收款人，在把支票存入银行户头之前，必须在支票背面填上您的户头号码，以及您的联络电话。一些人甚至在支票背面填上身份证号码，虽然通常没有必要这样做。

今时今日，填写及开支票几乎是人人都会，没有人会多加留意的事。本文旨在提醒大家填写支票必须注意的事项，以保护大家自身的财务利益。

20高手熊市掘金

美國樓市低迷，全球油價突破100美元大關，但是去年華爾街上最大的贏家卻藉此賺進了190億美元。

過去幾個月間，無力償還的房貸、日益高企的油價和一路走高的食品價格，讓成千上萬美國人的生活質量急劇下降，但對於那些管理大量資本的人來說，卻是另一番天地，他們中很多人因為在去年正確預估到了美國房地產市場的崩盤和商品價格的飛漲，紛紛賺到盆滿缽滿。

20大基金經理‧去年賺187億美元

今年是福布斯第二次對華爾街的對衝基金和私募基金經理的收入情況進行排行，榜上的前20名基金經理去年共賺得187億美元，比2006年多出了46%，上榜的門檻是3.5億美元，比上一年度提高了9000萬美元。這一標準足以讓華爾街傳統投資銀行的首席執行官們望洋興嘆。

鮑爾森33億美元收入稱冠

排在是第一位的是對衝基金經理鮑爾森（John Paulson），他的個人收入達到了33億美元，其中大部份來自賣空與次級房貸市場走勢密切相關的ABX指數；有23億美元來自投資者支付的管理費；另外10億美元則來自他在鮑爾森公司（Paulson & Co）旗下基金的資產增值。

基金經理法爾科恩（Philip Falcone）在榜上排名第3，去年收入為17億美元。他通過做空次級信貸而獲得了3位數的增長率。去年他所管理的先驅資本（Harbinger Capital）基金除去投資者的新增投資外，資產總值的增長達到了110億美元。伯班克（John Burbank）管理位於舊金山的派司資本公司（Passport Capital），去年的收入為3.7億美元，其中大部份也來自於做空次級信貸公司和房貸相關債務。

一些上榜基金經理人─如收入12億美元的皮根斯（Texans T. Boone Pickens）和7億美元的阿諾德（John Arnold），都是靠傳統投資理念致富的，那就是投資能源行業。皮根斯管理的總值27億美元的BP資本凈值基金（BP Capital Equity Fund）在除去管理費用之後仍有24%的增長率。其管理的總值5.9億美元的日用品基金大量持有森高能源公司（Suncor Energy）、埃克森美孚和西方石油公司（Occidental Petroleum）的股票，因而在過去一年中大漲了40%。

索羅斯收入多來自資產增值

和皮根斯一樣，本榜排名第二的索羅斯（收入24億美元）賺到的錢更多地是來自資產增值，而非基金管理費用。索羅斯的個人投資在其管理的基金資產中佔據了很重要的份額。其中，量子基金（Quantum Endowment Fund）的資產總值達到了170億美元，去年的回報率為32%，為索羅斯個人帶來了20億美元的收入增長。

收入不包括售自家股份

為了評選出2007年收入最高的華爾街風雲人物，我們調查了華爾街上所有的對衝基金，私募基金和共同基金的發起人，經紀人，還有投資銀行家，對衝基金和杠杆收購發起人所抽取的報酬相當於基金利潤的20%，基金資產總值的2%，在衡量候選人的收入時，我們採用的是扣除公司運營開支後的稅前淨收入，但不包括拋售自己公司股份的所得。

例如，入選本榜的黑石集團（Black Stone）基金經理施瓦茨曼（Stephen Schwarzman）去年共獲4億美元收入，這裡頭包括了年薪，管理費用提成以及他在黑石旗下各基金的投資所產生的增殖，但他向公眾和中國政府出售股份所得的48億美元卻不在考慮之列。

SEC files insider-trading case over option buys

NEW YORK - U.S. regulators filed insider trading charges on Friday against unknown individuals accused of making suspiciously well-timed purchases of call options in two companies before they announced multibillion-dollar mergers.

The case was brought in U.S. District Court in New York against "one or more unknown purchasers" of call option contracts to buy shares of defense company DRS Technologies Inc and American Power Conversion Corp, a power and cooling services company.

DRS is in a pending deal to be acquired by Italy's Finmeccanica SpA, for $3.94 billion, while American Power was bought by French engineering group Schneider Electric SA for $6.1 billion last year.

Through an account at UBS AG in Zurich, the purchasers made "well-timed purchases" of call options of DRS and American Power that yielded profits of about $3.3 million, the U.S. Securities and Exchange Commission said.

The SEC brings cases against unknown defendants when, for example, the commission staff gets indications of unusual trading in an account at a broker-dealer firm but does not have the name of the account holder. The commission then often tries to freeze the account so that the holder cannot get to the profits.

The lawsuit, which seeks civil penalties and disgorgement of trading profits, says the purchases were made in the days and weeks prior to public announcements about the acquisitions. The activity occurred twice in a period of less than two years, the SEC contends.

In the first instance, the SEC said, Schneider Electric contacted American Power on September 13, 2006 about its interest in acquiring the company and American Power positively responded a week later.

From September 21 to October 20, 2006, the SEC said, the unknown purchasers bought 2,830 American Power call options that were well out of the money. After Schneider publicly announced a buyout offer on October 30, American Power stock jumped 26 percent and the unknown purchaser liquidated the call option holdings for a profit of about $1.7 million, regulators said.

In the other instance, the SEC said, the unknown purchaser bought out-of-the-money DRS call options beginning on April 29, 2008 through May 7, 2008.

The next day, it was publicly reported for the first time that Finmeccanica was in advanced talks to buy DRS, and the unknown purchaser liquidated the entire holding for a profit of about $1.6 million, the SEC contends. Finmeccanica announced May 12 it would acquire DRS.

Bush says Wall Street has hangover, must sober up

WASHINGTON - President Bush, in an unguarded moment, said Wall Street "got drunk and now it's got a hangover."

He made the comment at a political fundraiser in Houston last Friday after asking members of the audience to turn off their video cameras. Someone obviously ignored his request and a snippet wound up on a blog Tuesday by Miya Shay of ABC affiliate KTRK in Houston.

Bush clearly was in a good mood as he addressed a crowd in a private home. Members of the media were barred from the appearance.

"There is no question about it. Wall Street got drunk," the president said. "That's one reason I asked you to turn off your TV cameras."

"The question is, How long will it (take to) sober up and not try to do all these fancy financial instruments?"

He segued to problems in the housing market but said they weren't an issue in Houston. "Evidently not in Dallas because Laura's over there trying to buy a house today." Bush has six months left in office and is expected to return to Texas.

Bush expressed his fondness for Crawford, where he owns a ranch. "Unfortunately, after eight years of asking her to sacrifice I am no longer the decision-maker," he said, amid laughter from the crowd. "She'll be deciding — thanks for the suggestion."

He said he reminded her, "Honey, we've been on government pay now for 14 years. Go slow."

White House spokesman Tony Fratto said Bush simply was describing the stock market the way many observers have.

"The president has made this point before," Fratto said. "Markets were dealing with very complex financial instruments, and it's clear to everyone that the markets didn't fully understand the risk those instruments posed."