UK Pound Rises Above Two Dollars

China Investment Corp. has been selling shares in energy companies, including AES Corp., a US utility, as it seeks to limit energy market volatility risk. “CIC, which purchased billions of dollars in resources-related holdings between 2009 and the first half of 2012, is closely watched by investors world-wide for signals on where China is steering its deep pools of capital. The shift comes as the fund’s new leadership grapples with a changing investment landscape triggered by the paring back of easy-money policies in the U.S.” [Wall Street Journal]

This Financial Times editorial argues in favor of privatizing Nigerian National Petroleum Corporation, the state oil company, due to mismanagement and corruption that hampers the country’s economic growth. “According to Lamido Sanusi, the outspoken governor of the central bank, mismanagement at the NNPC and other state agencies in upstream and downstream energy is costing the treasury about $1bn every month. His detailed revelations to a senate committee and the unprecedented scrutiny that oil sector transactions now face as a result, should provide ammunition for reformers in and outside government to demand an urgent clean-up.” [Financial Times]

Tesla Motors will announce its 2013 earnings later today. “Many feel most of the good news has already been priced into the stock given its recent run-up to all time highs – but with Tesla, you never know quite for sure.” []