NEW YORK (Reuters) - Foreign exchange trading through Internet-based or electronic systems is expected to grow sharply by 2007, according to a study released on Wednesday by research firm Celent Communications.
Electronic currency trading is split between the dealer-to-client segment, where banks trade with institutional customers, and the interbank market, where banks trade with each other.
SINGAPORE - Industrial metals traded close to multi-year highs on Thursday as funds flocked to red-hot commodity markets and a bruised U.S. dollar made copper a more attractive buy for overseas investors.
Star performer zinc, up more than 12 percent since the start of the year, traded around a 7-1/4-year peak and copper crept $10 toward its all-time high of $3,280 a tonne, set 16 years ago.
Demand from fast-growing China shows little sign of abating, with global mining houses reporting double-digit profits as a result of high commodity prices. CVRD and Rio Tinto have bagged a 71.5 percent increase in iron ore contract prices for sales to some Asian steel makers.
By Joe Leahy -
UBS has sufficient demand from clients to warrant further increases in the amount it is investing in China's domestic stock and bond markets, Leon Brittan, vice-chairman of UBS Investment Bank, said yesterday. Such additional investment by the Swiss-based bank was mainly being held back by regulatory issues. "There is no shortage of demand [from clients]," Lord Brittan said.
BEIJING, Feb. 23 -- The mainland's first exchange-traded fund, or ETF starts trading Wednesday on the Shanghai bourse. The move is aimed at helping to develop the nation's fledgling stock markets.
More than six billion units of Shanghai 50 ETF's are being listed on the Shanghai Stock Exchange on Wednesday.
The index ETF funds are under the custody of the Huaxia Fund Management Co. Ltd, based on the index of the Shanghai Stock Exchange.
Integration of JPMorgan Funds and One Group Funds Creates 5th Largest Fund Family in the U.S.
NEW YORK, Feb. 22 /PRNewswire-FirstCall/ -- JPMorgan Asset Management (NYSE: JPM - News) today announced the official completion of the integration between JPMorgan Funds and One Group Mutual Funds, marking the largest mutual fund merger in the history of the industry. Shares of the newly merged funds, to be sold under the JPMorgan Funds name, will trade for the first time today, supported by a visible sales & marketing campaign.
By Michael Clarke -
THE Isle of Man is planning to increase its already large number of tax exiles by imposing a cap on income tax.
The Irish Sea island, famous for its annual TT motorbike race, is keen to attract high net worth individuals who want to reduce their income tax liabilities.
By Brian Bremner -
With a too-hot economy, China knows it has to change its fixed currency system. But all options are risky, hence Beijing's foot-dragging
"Soon," "someday," "drop dead" -- such are the responses from Beijing officialdom when asked for the umpteenth time about when China will overhaul its fixed currency regime. One hopeful remark electrifies the currency markets momentarily, only to be contradicted days later.
By Beth Marlin -
U.S. depositary receipts are a pure investment play But beware lack of liquidity, effects of exchange rates.
Want your investment portfolio to keep time with the sizzling hot emerging markets of India and China, but you're leery of the fee structures woven into many mutual fund products?
Ideally, Canadian investors would be able to play worldwide stock markets — even those in developing countries run by less-than-democratic governments — with the same ease with which we now buy shares on the New York Stock Exchange or even on the London Stock Exchange.
Can money be called a "commodity"? What do Islamic scholars say about this idea?
Before we get to these questions, let us briefly go over some important points regarding how Islamic banks differ from conventional banks the whole focus of our ongoing discussion through this column over the past few weeks.
An Islamic bank deploys funds from a common pool (obtained from depositors on a Mudaraba basis). It credits profits as well as debits and losses to the same pool.
TORONTO--(BUSINESS WIRE)--Feb. 15, 2005--BluMont Capital Inc. (TSX VENTURE:BCC) has announced that its wholly-owned subsidiary, BluMont Capital Corporation ("BluMont") has launched an offshore version of its BluMont Hirsch Long/Short Fund (the "Fund"), which employs a Canadian long/short equity hedge strategy that was established in January 2001 and has generated an annualized net return of 17.8% and a total net return of 95.2% as of January 31, 2005.
The Fund is advised by BluMont's Chief Investment Officer, Veronika Hirsch, who is widely regarded as one of Canada's leading hedge fund managers. Domiciled in the Cayman Islands, the Fund is available in both Canadian and U.S. dollar denominations to investors not resident in Canada and the U.S.
NEW YORK (Dow Jones)--Emerging market shares trading in New York were rising early Friday afternoon, with investors remaining upbeat over Latin American stocks despite their recent record rallies.
The Bank of New York's Emerging Markets American Depositary Receipt Index was up 1.2% at 153.95 points, with the Latin America ADR index up 0.9% and Asia's 0.8% higher.
But traders said volumes were pretty low with little macroeconomic or political news driving the shares.
This technique can give you the edge in investing overseas - if you stick with it, writes Simon Hoyle.
Currency hedging and dieting have more in common than you may think. Both require that you decide what you're going to do and stick with it.
It's particularly difficult to predict how currencies will move in the short term. One blink from US Federal Reserve chairman Alan Greenspan, and the US dollar rebounds to three-month highs against the euro. When we woke up on Friday, the Australian dollar had jumped above US78c.
Q&A between Lindsay Williams and Peter Rigby;
December 2004 the rand trades at 5.60 to the US dollar - the first weeks of January 2005 the rand weakens to 6.14, strengthens temporarily, and slides once more - should investors be looking offshore? Alexander Forbes Financial Planning Consultants senior advisor Peter Rigby
LINDSAY WILLIAMS: I remember - back three or four years ago, whenever it was the rand started sliding - everybody chucked their money overseas. They burnt their fingers - is it going to happen again?
By Lesley Thomas -
According to predictions from the Forrester Research Centre, the number of Europeans using online brokerage services will almost double from 5 million in 2003 to nearly 10 million by 2007.
Both traditional banks as well as online brokers have been getting more business since the financial market rebounded as of the end of 2003. The years 2001-2003 were marked by gloomy financial markets, the events of 11 September and accounting fraud in some companies. "The market is better and people are confident in making investment decisions," comments General Manager of the international online broker Internaxx, Robert Glaesener.
ING Industrial Fund is the latest vehicle to head offshore but it has its sights more on Europe than the United States.
The plan to head overseas was revealed when the fund announced an 8.5 per cent rise in net profit to $52.7 million for the six months ending December 31, 2004.
Distribution for the period rose 2.8 per cent to 7.3c a unit, while total return, being income and unit price increase, was 24.3 per cent over the six months.
BOSTON, MA, Feb. 7 - Fidelity Management & Research Company and Fidelity Management Trust Company, of 82 Devonshire Street, Boston, Massachusetts, USA, as well as Fidelity International Limited of 42 Crow Lane, Pembroke, Bermuda (hereinafter referred to as "Fidelity") announce that certain funds for which Fidelity serves as investment adviser have purchased 71,000 shares of Boardwalk Real Estate Investment Trust's outstanding common stock. Fidelity has control but not ownership of these shares.
Gold is coming back in fashion in China, according to latest reports, with the middle class queuing up to purchase the precious metal.
Evidence of the demand for gold was particularly clear when the Caishikou department store sold all its gold bars in just a matter of hours last month.
When a second set of gold bars was released, the top gold retailer in Beijing asked people to register by phone and nearly 3,000 people did.
American Depository Receipts (ADRs) have long been one of the easiest ways to invest in emerging market stocks without foreign regulatory complications and J.P. Morgan Chase and Thomson Financial offer a one-stop shop. ADR.com provides market overviews, research and customizable portfolios. Investors can track the performance of country indices and more than 40 sectors. J.P. Morgan white papers cover a variety of topics ranging from ADR proxy voting to a handy report on ADR's whose dividends qualify for the lower tax rate.
By Carla Johnson -
A new investment scheme has been launched in the United Kingdom designed to mitigate the effects of inheritance tax by investing in the Bulgarian property market, it has been reported.
According to the Daily Telegraph, the Black Sea Property Fund, launched by Development Capital Management (DCM), is a seven-year savings plan giving investors the option of putting money into property shares which will have full exposure to the market, or a capital protected option underwritten by Foreign & Colonial.
By Kevin Burrows -
The first offshore operations in the Western Hemisphere were established in the Bahamas in 1936 by British and Canadian interests to provide management services for the investments of wealthy clients. These operations eventually became a wholly owned subsidiary of the National Westminster Bank, which was consolidated into the private banking operations of its parent company. Offshore financial centers provide a number of legitimate and important services that can be broadly grouped into 3 categories:
By Gustavo Capdevila -
DAVOS, Switzerland, Jan 27 (IPS) - All of the rhetoric about corporations' social responsibility, promoted in the international arena and adopted by the World Economic Forum (WEF), suffers from a structural flaw because it pays little attention to corporate tax evasion, say activists.
Despite the recent headline-grabbing cases of tax fraud -- by the likes of Enron, WorldCom and Parmalat -- boards of directors and the WEF itself do not consider tax non-compliance as part of the corporate social responsibility agenda in the business world, said Swiss expert Andreas Missbach.
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