Archives for December 2007

NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here . read more

[Tags]delayed, minutes, , 15, 20, amex, forex news[/Tags]

These original deals, as ET had recently reported, were derivatives contacts with banks where corporates had bet that euro will weaken (or, at least not rise too quickly) against the dollar. Say, a company has entered to a three-year derivatives contract, where it has agreed to sell e1 million at an exchange rate of $1. Now, mark-to-market clause forces the company to show m2m losses at the current market price even if two more years are left for the derivatives contract to expire. According to banking circles, there are indications that Reserve Bank of India will do an inspection of treasuries of large banks, Indian as well as foreign, to assess the extent of such derivatives positions. A few public sector banks who are not exactly experts in derivative products may have been used as routing banks by some of the international players who don?t have a licence to deal in foreign exchange in India. In some cases the corporates are blaming PSU banks for having sold complex, inappropriate financial products which are now hurting, in the market parlance, positions that have turned ?out of money?. read more

[Tags]derivatives, banks, corporates, india, company, deals, forex news[/Tags]

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Zimbabwe is prosecuting a professional hunter who used the country’s near-worthless currency to print business cards that he handed out at a tourism conference in London. Denis Paul, a 41-year-old lodge owner, faces a fine and jail time if he’s convicted of misusing the 10-cent bearer checks last month, according to Reuters . Zimbabwe has the world’s highest rate of inflation. BBC News says the 10-cent bills aren’t much help to the average Zimbabwean, as it would take 300 of of them to purchase a single matchstick. By posting a comment, you affirm that you are 13 years of age or older. read more

[Tags]10cent, comment, zimbabwe, , 0, 13, forex news[/Tags]

Reuters is the world’s largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters. Reuters journalists are subject to the Reuters Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. read more

[Tags]news, reuters, business, delayed, minutes, , forex news[/Tags]

Main Fortune Small Business 100 Small Cap Investing – Top 50 Ultimate Resource Guide Top Schools for Entrepreneurs 5 Best Bosses Which States Love Small Biz? They will also ‘deal a blow, at least temporarily’ to growing hopes that the Federal Reserve could opt for a bigger 50 basis point interest rate cut next week, rather than the expected 25, he added. The dollar was particularly strong against the pound, which has fallen sharply across the board after a string of woeful UK data today significantly increased the chances that the Bank of England will cut interest rates tomorrow. The data included a sharp fall in both the Halifax’s monthly house price survey and in the PMI survey on UK services sector activity, as well as a slump in the Nationwide consumer confidence index released overnight. As a result, concerns about a slowing economy may now be sufficient to push the Bank of England to cut interest rates at tomorrow’s meeting, particularly when UK interbank lending rates remain unsustainably high. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. read more

[Tags]data, 50, business, cut, financial, index, forex news[/Tags]

Nukaga’s comments, the most direct by any Japanese official so far, reflect similar pressure from all G7 leading industrialised nations on China’s currency policy, the newspaper said. Previously the Japanese finance chief had kept largely quiet on the currency issue, even after the G7 as a group demanded faster yuan appreciation at its October gathering. At last week’s EU-China summit in the Chinese capital, Europe also took a much tougher tack, demanding faster appreciation and citing an unacceptable increase in the trade gap. During the Sino-Japanese economic talks the Chinese side said they would work to increase the currency’s “flexibility,” according to Nukaga. However, as Japan’s largest trade partner, its request for yuan gains may have more to do with concerns over China’s unbalanced economic boom. Global ad spending to grow 6. read more

[Tags]appreciation, chinas, chinese, currency, economic, faster, forex news[/Tags]

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Two directors of a local online forex bureau have been arrested by the Banking Fraud Investigations Department (BFID) on suspicion that they could have swindled the public of millions of shillings in the highly risky and unregulated online currency trading bets. A letter obtained by Business Daily from SoftLaw Limited, which currently operates an online forex trading business under the name Genius Forex Ltd shows that the Central Bank of Kenya (CBK) warned the company that its activities are illegal under the Banking Act in March this year. The letter written to SoftLaw's online forex trading customers says CBK had advised the firm that investing other person's funds at the company's risk would require a licence from the Central Bank and therefore the company was terminating existing contracts with its clients then. Genius Forex Ltd which is one of the local online forex trading companies claims that it operates with licence from the Nairobi City Council and the ministry of trade. The directors of Genius Forex Mr Alala and Harrison Karanja claim to have an introducing brokerage licences from Capital Markets Services (CMS), an international online forex trading company. read more

[Tags]forex, online, trading, business, cbk, , forex news[/Tags]