Foreign exchange
Fed's near-zero target startles markets
Yesterday's news that the US Federal Reserve would cut its target fund rate to between zero and 0.25% rallied US stocks and sent Treasury bill yields to new lows.
Mark to market needs refining, not scrapping - SEC
Christopher Cox, chairman of the US Securities and Exchange Commission (SEC), backed fair-value accounting in a speech to the American Institute of Certified Public Accountants last week, but said some aspects, particularly rules on impairment, needed…
New York Fed buys AIG assets at half price
The Federal Reserve Bank of New York has paid $19.8 billion to troubled insurer AIG for residential mortgage backed securities (RMBS) with a face value of $39.3 billion.
€10 billion recapitalisation programme for Irish banks
Irish financial institutions are to benefit from a €10 billion stimulus plan put forward by the Irish government and private investors to recapitalise banks.
$2.1 billion loss ends 2008 on sour note for Goldman Sachs
Goldman Sachs has posted a $2.12 billion net loss for the fourth quarter - its first since going public in 1990 - citing "extraordinarily difficult operating conditions, including a sharp decline in values across virtually every asset class".
Lyxor AM launches two new ETFs in Amsterdam
Lyxor Asset Management has listed two new exchange-traded funds (ETFs) on Euronext Amsterdam. The funds have been built on versions of the reference index for the exchange: the Amsterdam Exchange Index (AEX), which tracks 23 of the stocks that trade on…
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Risk Italia Rankings 2008
Opinioni assolutamente flessibili: tra teoria e pratica
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Société Générale offers UK and US recovery products
Société Générale has issued two new UK-listed structured products based on UK and US equity market volatility "and any potential nearside recovery in the UK equity market", says the French bank.
Class action filed on Lehman principal protected notes
A class action has been filed on UBS Financial Services and the officers and directors of Lehman Brothers on losses from investments in principal protected notes issued by the defunct US bank.
Walker Crips bags second issue of Fixed Income Plan
Walker Crips Structured Investments (WCSI) has launched the second issue of its five-year Fixed Income Plan, offering an annual income of 7.6% or a quarterly income of 1.85%. The plan repays capital in full, providing that the FTSE 100 index does not…
Add risk from spring 2009, Barclays Wealth
Investors should stay defensive in the short term, but add risk from spring onwards, says Barclays Wealth Signpost Annual Outlook, entitled 'A long, hard slog'. "We are looking to build overweights in investment-grade credit in Q2, and in equities from…
Global oil demand to slump
Global oil demand is set to fall this year and next, marking the first consecutive two-year decline in three decades, according to the Energy Information Agency (EIA).
UniCredit offers US strategy to Germany, Austria and Luxembourg
UniCredit subsidiary HypoVereinsbank has presented investors in Germany, Austria and Luxembourg with the 4Keys Macro Strategy SI US Fund, which offers profits from both rising and falling markets. Issued by Structured Invest SA in Luxembourg, the…
FSA plans reverse stress tests
According to the Financial Services Authority, stress testing at UK financial firms is too weak to prevent another Northern Rock crisis. It recommends firms perform "reverse stress tests" to identify high-risk scenarios.
UK pensions fell further into deficit in November
UK defined-benefit pension schemes are now £136 billion in deficit as of the end of last month, significantly worse than the £97.3 billion deficit at the end of October.
Kashkari details Tarp oversight plans
Assistant secretary for financial stability Neel Kashkari defended the US Treasury against accusations of poor oversight of the $700 billion Troubled Assets Relief (Tarp) programme in front of the House of Representatives' financial services committee…
China set to provide funding to foreign banks
Chinese authorities may introduce their own version of the Federal Reserve's term auction facility (TAF) to help foreign banks get through their toughest test yet in dealing with China's still-developing interbank market.
Fed seeks comment on proposed changes to Regulation Z
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