| Oil price strikes record $US90
CRUDE oil prices struck a record $US90 a barrel in after-hours trading in New York overnight, amid increased tensions between Turkey's government and Kurdish rebels in northern Iraq. Traders said a weak US dollar and supply jitters had also stoked the price surge. The price gains came after New York's main oil futures contract, light sweet crude for delivery in November, had jumped $US2.07 to a record close of $US89.47 a barrel. London prices also pushed higher in after-hours trading, as Brent North Sea crude for December delivery soared to $US84.88 after the contract had earlier settled $US1.47 higher at $US84.60. Oil prices have pushed higher this week amid geopolitical angst related to the Turkey-Iraq border and a weakening dollar, which makes dollar-priced commodities such as oil cheaper for buyers with stronger currencies and therefore lifts crude demand.
NCEL launches awareness drive for rice trading
KARACHI: National Commodities Exchange Limited (NCEL) on Monday launched a month-long pre-launch programme and investor awareness drive ahead of the commencement of listing and trading of its IRRI-6 Rice Futures Contract.
Managing Director Assim Jang said NCEL will be in Kandhkot, in upper Sindh, holding the first of investor awareness seminars aimed at informing the potential participants, including growers, millers, traders and exporters of the details of Futures Trading in IRRI-6 rice and encouraging their participation.
We have chosen these areas to start out investor awareness drive as they are the trading hubs of IRRI-6 rice, Assim said adding, we feel it is important to reach out to the key participants in our market on a one-to-one basis, they will not only ultimately benefit from this new contract, but also will provide NCEL with the necessary depth and liquidity, he added.
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Sam Seiden brings over 15 years experience of equities and futures trading which began when he was on the floor of the Chicago Mercantile Exchange. He has traded equities, futures, interest rate markets, forex, options, and commodities for his personal interests for years and has educated hundreds of traders and investors through seminars and daily advisory services both domestically and internationally.
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Traders Bracing For Slump Drive Up Platinum, Wheat, Coffee And Cocoa
Platinum and spring wheat hit record highs Thursday and arabica coffee and cocoa set new trading peaks as well, as investors in commodities pursued markets deemed less vulnerable to the slowing U.S. economy. Copper, an economically sensitive base metal, overcame jitters over U.S. growth by reacting to Wednesday's cut in interest rates. Traders said copper was also inspired by Thursday's rebound in Wall Street stocks and lingering production issues in China. But broad commodity futures indexes closed mixed, with the Reuters-Jefferies CRB and Dow Jones-AIG up and the S&P GSCI down. U.S. crude oil also fell, closing 58 cents lower at $91.75 a barrel on fears of slowing growth in the world's largest economy and the leading energy-consuming nation. Investors in energy were also sidelined ahead of an OPEC meeting on production quotas set for Friday.
Disowned by the Ownership Society
Remember the "ownership society," fixture of major George W. Bush addresses for the first four years of his presidency? "We're creating…an ownership society in this country, where more Americans than ever will be able to open up their door where they live and say, welcome to my house, welcome to my piece of property," Bush said in October 2004. Washington think-tanker Grover Norquist predicted that the ownership society would be Bush's greatest legacy, remembered "long after people can no longer pronounce or spell Fallujah." Yet in Bush's final State of the Union address, the once-ubiquitous phrase was conspicuously absent. And little wonder: rather than its proud father, Bush has turned out to be the ownership society's undertaker. Well before the ownership society had a neat label, its creation was central to the success of the right-wing economic revolution around the world.
Sask. woman wins legal battle against drug dealer
Actions have consequences and she needs to learn to live with the fallout of her poor choices. While the dealer did provide her with the drug it was ultimately her decision to use it. This precedent opens the door to similar cases in the future and that is very unfortunate. We need to accept responsibility for our actions. .
Societe Generale backs top execs
The directors of Société Générale unanimously decided Wednesday to retain the bank's top executives, even though the two men were in charge when a trader cost the company $7.09 billion US. Chairman and CEO Daniel Bouton and co-CEO Philippe Citerne had offered to resign, but the board asked them to stay on, the bank said in a statement. The board of Société Générale decided Wednesday to retain CEO Daniel Bouton, right, and co-CEO Philippe Citerne. Both men had offered to resign in the wake of a trading scandal that cost the bank more than $7 billion US. (Jacques Brinon/Associated Press) Several hundred bank employees demonstrated in support of Bouton, claiming that the situation would be worse without him. The bank also announced that a special committee of three independent directors, headed by Jean-Martin Folz, will look into the situation.
Share market plunges
Wall Street itself was closed for a holiday, but a big fall on a key futures contract signalled a slump on the opening tonight. Tags: business-economics-and-finance, finance-markets, stockmarket, futures-markets, currency-markets, australia .
Obama stays close in race as Republican rivals lag
Who knows what eventually could turn out, just like so many fancy stocks during the dotcom craze days eventually turned into dogs and lemons in the aftermath of the dotcom meltdown. Obama might just become another Crispy Cream, which had so much anticipation and later so mcuh disappointment. .
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