July 27 (Reuters) – Sterling extended gains against the dollar on Tuesday, rising to a five-month high, as investors tentatively stepped into risk-taking trades. The pound rose as high as $1.5530 GBP=D4, its highest since late February. It was last at $1.5518, up 0.2 percent on the day. (Reporting by London forex team)
German FinMin confident of EU short-sale ban -paper
June 26, 2010 By Leave a Comment
June 25 (Reuters) – European countries are moving towards a joint ban of naked short-selling, Germany’s Finance Minister was quoted on Friday as saying.
Germany surprised its European Union partners last month by announcing a unilateral ban on the speculative trades in top financial stocks, euro zone government bonds and related credit default swaps (CDS).
“I am confident of a ban on naked short-selling (on the EU level),” Wolfgang Schaeuble told German daily Boersen-Zeitung.
“And in financial sector taxation, we are also making progress.” (Reporting by Sakari Suoninen and Jonathan Gould; editing by Patrick Graham)
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* UPDATE 2-IMF sees slow Irish recovery, risk to fiscal reformsJun 24, 2010
S.Korea to give banks time to meet FX steps-report
June 11, 2010 By Leave a Comment
June 10 (Reuters) – South Korea plans to give banks, both domestic and foreign, two years to adjust their currency forward positions when it announces restrictions on such trades early next week, an online media outlet reported on Thursday.
The government also plans to cut the ceiling on currency forwards by export companies down to 100 percent of their physical trades from 125 percent at present, the EDaily report quoted an unnamed finance ministry official as saying. (Reporting by Yoo Choonsik; Editing by Jonathan Hopfner)
Rupee set to bounce after steep slide
May 24, 2010 By Leave a Comment
The rupee should pull back on Monday after posting its biggest weekly decline in 14 years last week, as Asian shares pointed to a positive opening of the local sharemarket.
* But the dollar’s strength against major currencies could limit the rupee’s rise.
* At 0238 GMT, the MSCI index of Asian stocks ex-Japan was up nearly 1 percent while the Nifty India stock futures traded in Singapore were up 1.2 percent.
* Asian currencies were mixed.
* The index of the dollar against six major currencies was up 0.4 percent.
* The euro slipped on Monday as investors sold into its latest bounce, while the Australian dollar eased as carry trades funded in the single currency continued to be unwound on fears of a global slowdown.
* The partially convertible rupee had closed at 46.95/96 per dollar on Friday, down 3.8 percent on the week in its biggest fall since an 11.7 percent dive in mid-July 1996.
* Dealers said they expected the rupee to open around 46.80-85.
(Reporting by Neha D’silva; Editing by Ranjit Gangadharan)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
EuroCCP Launches Clearing Service for US Equity Issues
April 15, 2010 By Leave a Comment
First European equities clearing service that supports trading of US securities
during European trading hours with settlement in DTC
LONDON–(Business Wire)–
EuroCCP announced today that has launched a new service offering central
counterpary clearing of trades in US stocks and US exchange-traded funds (ETFs)
to European trading firms. EuroCCP is the first European equities central
counterparty (CCP) clearing US securities and settling them directly in the
central securities depository in their home market of issue, The Depository
Trust Company (DTC).
EuroCCP`s new service gives European trading firms their first-ever opportunity
to trade US securities on a variety of pan-European platforms during European
trading hours and to settle those trades in DTC.. By offering a service where US
securities settle directly at the US CSD, EuroCCP provides European trading
firms with a more cost-effective post-trade solution.
Its clearing service for US issues allows EuroCCP to extend the efficiency,
cost-saving and counterparty risk protection benefits it already provides to
clients` European-listed securities transactions to US stock and US ETF
transactions. Initially, the US securities eligible for clearing through EuroCCP
include approximately 100 stock issues and 50 ETFs. EuroCCP expects over time to
expand the scope of eligible instruments to further equities, ETFs, and to ADRs.
EuroCCP`s clearing service for eligible US issues is open to any trading venue
cleared by EuroCCP that offers trading in the securities. Trading will be
against US dollars.
“With our new service, we expect to encourage the development of liquidity in US
equities in Europe. European trading firms will have a centralised clearing
solution to facilitate their trading of US securities on multiple European
trading venues,” said Andrew Simpson, EuroCCP`s head of Product Management in
London. “We are leading the way by providing European investors with the most
comprehensive array of central counterparty services on a single post-trade
platform – and at the same time offer a lower-cost settlement alternative than
previously available to firms trading in Europe. We`re focused on delivering
services that reflect the demands of firms, making it easier to build trading
strategies across multiple asset classes-US and European equities issues, GDRs
and Exchange-Traded Funds – and driving down the cost of post-trade.”
The new service increases the number of markets cleared by EuroCCP to 19, more
than any other European equities CCP. This service extension marks the latest in
an ongoing series of enhancements EuroCCP is bringing to Europe`s clearing
space, and demonstrates EuroCCP`s commitment to support the European trading
community with a cost-effective, creative clearing solution that best addresses
firms` trading needs and business aspirations.
To view the initial list of US securities eligible for clearing through EuroCCP,
please go to www.euroccp.co.uk.
About EuroCCP
European Central Counterparty Limited (EuroCCP) is a UK-incorporated,
FSA-regulated Recognised Clearing House that is governed by its European users.
It is the European subsidiary of The Depository Trust & Clearing Corporation
(DTCC) and is headquartered in London. EuroCCP is a pan-European clearing
solution offering the scale economies and risk management expertise of the US
market to European market participants. It currently clears equity trades in 18
markets. EuroCCP has been appointed to provide central counterparty services by
Turquoise, SmartPool, NYSE Arca Europe and Pipeline for equity trades. EuroCCP
has also entered into a Memorandum of Understanding with NASDAQ OMX to provide
clearing services for its exchanges in Copenhagen, Helsinki and Stockholm.
Market participants can trade equities on any venue EuroCCP supports and have
their transactions netted for settlement and/or margin purposes for the same
security traded on the same day, thereby reducing costs and operational risks.
For more information on EuroCCP, visit www.euroccp.co.uk.
About DTCC
The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries,
provides clearance, settlement and information services for equities, corporate
and municipal bonds, government and mortgage-backed securities, money market
instruments and over-the-counter derivatives. In addition, DTCC is a leading
processor of mutual funds and insurance transactions, linking funds and carriers
with financial firms and third parties that market these products. DTCC`s
depository provides custody and asset servicing for more than 3.5 million
securities issues from the United States and 121 other countries and
territories, valued at US$33.9 trillion. In 2009, DTCC settled more than US$1.47
quadrillion in securities transactions. DTCC has operating facilities and data
centres in multiple locations in the United States and overseas. For more
information on DTCC, visit www.dtcc.com.
For EuroCCP
Judith Inosanto, +1 212 855 5424
jinosanto@dtcc.com
or
Citigate
Lucie Holloway, +44 (0)20 7638 9571
lucie.holloway@citigatedr.co.uk
Copyright Business Wire 2010
Chinaoil sells gasoline direct to Iran-trade
April 15, 2010 By Leave a Comment
DUBAI, April 14 (Reuters) – State-run Chinaoil has sold two gasoline cargoes for April delivery to Iran, industry sources said on Wednesday, stepping into a void left by fuel suppliers halting shipments under threat of U.S. sanctions.
The cargoes were Chinaoil’s first direct sales to Iran since at least January 2009, according to Reuters Data. Chinese firms have previousluy sold through intermediaries, traders said. [ID:nPEK505199]
“Prior to this there was some third party trades going on, but this was a direct sell,” a trader said. (Reporting by Luke Pachymuthu; Editing by James Jukwey)
Satyam hits upper circuit, Tech Mahindra gains 17%
June 9, 2009 By Leave a Comment
Satyam has hit the 10% upper limit after the company announced its earnings today. The stock is locked at Rs 66.85. The counter has seen trades of around 11.72 million shares so far on the BSE, with pening buy orders for nearly 1.50 million shares.
According to a release issued by Satyam to the BSE today, the company’s standalone net profit for the quarter ended December 31, 2008, stood at Rs 181 crore. Total income stood at Rs 2,294 crore.
Further the release added that, standalone net profit for the month of January 2009 was Rs 4 crore and total income was Rs 647 crore. For February, the company recorded a net profit of Rs 52 crore and total income of Rs 676 crore.
Meanwhile, Tech Mahindra too has zoomed significantly and is now up 13.4% at Rs 673 at 11.55 am. Around 527,000 shares have changes hands at the counter so far on the BSE.
Satyam Computer today surged as much as 10 per cent on the Bombay Stock Exchange after the IT firm reported a rise in February net profit at Rs 52 crore over the month-ago period.
After opening firm on the bourses, the shares of Satyam hit upper circuit at Rs 66.85 on the BSE, up 9.95 per cent over its previous close on the exchange.
The scam-tainted company, in which Tech Mahindra has acquired a controlling stake in April, has reported a standalone net profit of Rs 52 crore for the month of February, up from Rs four crore in January 2009.
Shares of Tech Mahindra surged 16.71 per cent to a high of Rs 692.35 in the morning trade on the BSE.
Satyam’s total income in February stood at Rs 637 crore, while in January it was at Rs 647 crore.
On the National Stock Exchange, Satyam gained 10.04 per cent to touch the day’s high at Rs 66.80. On the volume front, a good over 3.5 crore shares changed hands on the bourses.
Besides, Tech Mahindra shot up 15 per cent to touch a high of Rs 694 on the NSE.
In morning trade today, IT stocks remained top performers with the 13-share BSE IT index gaining 3.43 per cent to touch a high of 3,313.77 points.
Bangalore child prodigy trades numbers for toys as playmates
May 22, 2009 By Leave a Comment
Bangalore, May 22 (ANI): A four and a half years old girl from Bangalore is well on way to become a mathematical genius.
Little Medha can recognise the numbers up to one billion and can do the big additions and subtractions mentally.
This tiny prodigy, a student of Vani Shishu Vihara, is confident that she can solve sums no sooner than the teacher writes them on the blackboard!
Medha’s ability was first recognised by her parents when they saw that she could identify the numbers on vehicles when she was just a two years old toddler.
“She can recognise numbers from one to one billion. She can do additions of five rows (five digits) in twenty seconds and three rows (three digits) in 10 seconds. Her memory is very good. Her grasping ability is more compared to children her age. Since she had already given demos in school. Even the teachers concede that her abilities are higher than children her age,” said Medha’s mother Sowmya Raj.
Her teachers believe that she is a sharp student possessing a strong grasping ability.Medha’s grasping power is more than the normal children. If I teach a particular method, she would grasp it immediately and apply it at the moment for solving problems,” said Lakshmi, Medha’s teacher.
Medha’s parents though want her to be an engineer so that her mathematical capabilities can be put to use but they are clear that they would not pressurize the girl with their own aspirations and let her chose her own vocation. By ShwetaANI)
Gold touches new peak at Rs 15,200
February 17, 2009 By Leave a Comment
Gold touched new heights at Rs 15,200 per 10 gram in the morning trading in Delhi, in line with significant rise in gold prices in the international market. Another reason for high price in India was decline in Indian currency and stock market.
Stockists kept on buying the precious metal, considering it as the safest investment mode amid tight financial conditions under the impact of global slowdown. Asian investors have shown high interest in the metal in order to preserve their wealth in the wake of global slowdown, fearing grimmer situation ahead.
Gold touched 960.20 dollars an ounce, the highest since July 22, in the foreign market according to Asian Pacific MSCI index. Experts believe that this trend would continue for some time due to uncertainty in stock market and deepening of global financial crisis besides large scale buying by retailers for the current marriage season.
The condition was not different for gold futures which touched Rs 15,050 per 10 gram in early deals. MCX Gold August contract was traded with increase of 2.35 percent while COMEX Gold touched a new level at $948.80 per ounce in the early Asian trades.