| Icap rides volatile markets to beat forecasts
Shares in Icap made their biggest one-day gain on Thursday after the world's largest interdealer broker said its full-year pre-tax profit would top analysts' expectations. The group, which brokers transactions between banks, said unprecedented losses for banks and insurers had boosted trading of bonds, currencies and commodities. .
ACM Silver Sponcer Forex Expo in Abu-Dhabi
(MENAFN Press) ACM Advanced Currency Markets SA has once more joined the 2nd Middle East Forex Expo as a Silver Sponsor following its very successful presence in the First event which was concluded in Dubai last month. The 2nd Middle East Forex Expo will be held in Abu-Dhabi this November and will feature ACM as a leader in the world of Forex trading.
Based in Switzerland, and having its Middle East representation office in Dubai, ACM is among the world's largest and most competitive on-line Forex brokers. Today, ACM has second most visited on-line Forex site in the world and is the first online Forex broker to implant in the Middle East. The ACM platform deals in currencies commodities . The site is translated into 15 different languages and ACM is the only online trading platform to offer fully Islamic conditions to its clients.
HSBC to set up brokerage in UAE equity markets
The company, to be called HSBC Middle East Securities, will offer UAE domestic market brokerage services to both institutional and retail investors. The company is expected to begin trading for institutions by the end of 2007, and to offer retail brokerage services in 2008. Emirates Securities and Commodities Authority (ESCA), the regulator for the UAE's securities markets, recently granted HSBC authorisation to establish the brokerage company. The authorisation is subject to the various legal and infrastructural requirements meeting the approval of ESCA, as well ADSM and DFM. With this approval, HSBC is poised to become the first global bank on the UAE's exchanges. HSBC already buys and sells UAE shares on behalf of Western institutions through third party brokers. In addition, HSBC is a sub-custodian on both ADSM and DFM, and this service will continue to be provided by the bank's specialist sub-custody operation.
Refco ex-VP pleads guilty
A former senior executive at Refco Inc. became the first company official to plead guilty to defrauding investors in the failed trading giant on Wednesday, one day after a Mayer Brown lawyer was indicted on criminal charges.
Santo Maggio, former executive vice president, admitted in a New York federal court that he "participated with others to hide the true financial health of Refco." He worked at Refco from the late 1990s to October 2005, when the futures and commodities broker collapsed after disclosing that an entity partially owned by former Chief Executive Phillip Bennett owed the company about $430 million.
The debt stemmed from client losses that had piled up since the mid-1990s, according to federal prosecutors. Mayer Brown partner Joseph Collins, who represented Refco for more than a decade, helped hide the debt for several years, prosecutors charge in his indictment.
Citigroup, GM Slide; Xerox Rises
As Citigroup and General Motors helped push the Dow Jones Industrial Average to its lowest close since mid-August, investors turned to EchoStar Communications amid the prospect of the satellite-TV provider's being purchased. "Goldman predicting additional steep subprime write-downs for big U.S. brokerages, including Citigroup, and Chinese officials telling their domestic banks to freeze lending through year end raised deep concerns about the sustainability of global growth," said Robbert van Batenburg, head of trading research at Louis Capital Markets. "As a result, there was broad selling, with financials bearing much of the brunt. But commodities and industrials that had been holding ... .
Johnson making 7th to Cuba to pitch farm products, mainly spuds
North Dakota Agriculture Commissioner Roger Johnson is making another trip to Cuba next month to push North Dakota farm products.Johnson says it will be his seventh trip in the past seven years pitching the state's commodities. He said the state has sold about $30 million worth of peas and lentils to Cuba since 2001. But he said a deal he helped broker last year that would have sent 100 tons of seed potatoes to Cuba has languished.Rules have not been crafted to deal with potato food-safety issues, known as "sanitary and phytosanitary measures," that ensure the commodity is disease and insect-free, Johnson said."It's disappointing," Johnson said. U.S. regulators "are still dithering around with the protocol - it's hard to say where the block is."The United States established a trade embargo with Cuba in 1962, but Congress passed a law in 2001 allowing cash sales of U.S.
Pink and husband Carey Hart call it quits after two years
To whom it may concern, who gives a flying F#@K about some person who has no talent. She was "going steady" to put it in American terms, this is what Americans do, hence why this paper is tabloid trash. I say shut it down. Posted by: The Citizens of of Australia 2:26pm February 20, 2008 Read all 19 comments We welcome your comments on this story. Comments are submitted for possible publication on the condition that they may be edited. Please provide your full name. We also require a working email address - not for publication, but for verification. The location field is optional. Read our publication guidelines. .
Your View
It might have been pertinent to mention that during all of 2007, the domestic airlines in the United States had no fatalities due to accidents. When one thinks of the millions of passenger miles flown in a year in this country, it almost seems like a miracle. ENID HALLOCK Austin Maybe a revived Republican Once I was a Republican. I voted for Ronald Reagan when I was 18. But as the "ditto heads" took the party farther right in the 1990s and the evangelicals took control, the Republican Party became more about faith than thought. I found that my beliefs in economic conservatism, social moderation, separation of church and state and educated discourse for political difference left me in the apparent minority and often ridiculed.
UPI NewsTrack Business
NEW YORK, Dec. 6 (UPI) -- U.S. stocks rose Thursday as signs pointed to healthy employment and President George W. Bush announced a plan to steady the beleaguered mortgage market.
The Dow Jones industrial average gained 174.92 points, or 1.30 percent, to close at 13.619.89. The Nasdaq composite was up 42.67, or 1.40 percent, at 2,709.03. The S&P 500 was up 22.33 points, or 1.50 percent, at 1,507.34.
The volume on the New York Stock Exchange was 1.023 million shares traded Thursday, with 2,428 stocks advancing and 748 declining.
Bonds declined as the 10-year Treasury note skidded 19/32 to yield 4.025 percent Thursday.
The dollar was mixed. The euro traded at $1.4628 from $1.4611 late Wednesday, while the dollar changed at 111.26 yen from 110.90 yen Wednesday.
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