Saturday, January 10, 2015

Russia “highly likely” to demand early repayment of Ukraine’s $3bln debt

Russia looking to get its loan back early as the stand-off continues

So says Russia’s RIA Novosti agency this morning, citing an anonymous government source who said that Ukraine was in violation of a “whole series” of conditions for Russia’s loan.
In these circumstances it is highly likely that Russia will be forced in the near future to demand from Ukraine the early repayment of the $3 billion debt
Russia lent the money in December 2013 by buying Ukrainian Eurobonds, before the overthrow of   pro-Moscow Yanukovich in February last year.
The comments seem to contradict remarks made in November by President Putin, who told German media that Russia did not intend to demand early repayment of Ukraine’s debt as this would cause a financial collapse. I guess though now that their need is a little more urgent.
Earlier this week I reported that the EU were considering another EUR 1.8 bln loan to Ukraine, proving once again that what the left hand receives the right hand may well have to give away.

Forex market closed today for Parsi New Year

Mumbai - The forex and money market will remain closed on Monday on account of 'Parsi New Year'. The rupee appreciated for the second week in a row last week and closed up by 39 paise to end at two-week high of 60.76 against the US dollar during the shortened week under review following sustained dollar selling by exporters and some banks amid bullish local equities.
The forex market was closed on Friday, August 15, on account of 'Independence Day'.
At the Interbank Foreign Exchange (Forex) market, the local unit commenced the week better at 61.09 a dollar from last weekend's close of 61.15 and dropped to a low of 61.30 on Wednesday on fresh dollar demand from importers, amid uptick in retail inflation and slowing industrial production growth.
Later, it bounced back to settle the week at its highest level of 60.76, showing a rise of 39 paise, or 0.64 per cent.
On Thursday, it gained 45 paise -- its best single day gain in three months -- amid fall in wholesale inflation to five-month low in July.
The benchmark S&P BSE Sensex snapped its two-week losses and closed the week sharply higher by 774.09 points, or 3.06 per cent, while FIIs bought shares worth Rs 1,595.72 crore during last week, including provisional data of August 13 and 14.
Meanwhile, the country's industrial production (IIP) slowed to 3.4 per cent in June as against 5 per cent in May, while retail inflation, as measured by consumer price index (CPI) rose to 7.96 per cent in July from 7.46 per cent in June, as per government data announced on Tuesday. (PTI)

Friday, January 9, 2015

Do You Know What’s In Your Water?

Water is something that everyone needs in order to survive, but it’s not something you likely think about on a regular basis. For most people in the United States, having access to clean, readily available water is something we have come to take for granted.
However, just because we have access to water doesn’t mean that it’s the safest thing for us to be drinking. If you live near a major water supplier, they are supposed to test the water at least once a year to ensure that it’s safe, and they’re also supposed to filter the water to remove any harmful debris, chemicals and bacteria.
But just because they’re supposed to do that doesn’t mean they actually do. Some water suppliers have tried to cut corners in order to reduce costs, which puts your health at risk. In order to cut corners, they may not filter the water as best they can, and instead are content with supplying only the most basic level of filtering.
This is why many homeowners opt to have water filtration systems installed in their own home. This way, even though they may receive “filtered” water through their tap, they can ensure the water has been processed as best as possible, and that they’re consuming the cleanest possible water. Not only is clean water good for your overall health, but clean water is better for the environment.

So, the question remains—do you know what’s in your water?
Bacteria thrives in damp places, making water the perfect home for bacteria of all sorts. Because bacteria can live in water, it’s possible that harmful bacteria are currently residing in the water you drink, cook, and wash with every day. These bacteria can carry a wide array of illness and disease, and putting this bacteria into your body can cause you to  become sick.
Farmers all over the world use pesticides in order to keep bugs away from their crops. Some farmers continue to use pesticides that contain harmful chemicals, and these chemicals can end up in the water supply that you drink from. Pesticides contain chemicals that can be extremely dangerous if consumed, and if there are pesticides in your water, you are putting your health at risk.
Although fluoride is touted as being extremely beneficial for your teeth, it can be extremely dangerous in high amounts. Water has been known to contain high amounts of fluoride, and if this isn’t controlled, it could put you at serious risk or becoming ill.

Chances are you are going to find some traces of chlorine in your water, and as long as it remains as only traces, it’s safe. However, when the chlorine amount becomes larger, it can do severe damage to your respiratory system, which could result in illness or even death.
The dangers of lead have been discussed for many years, but lead is still a toxic ingredient found in some water supplies throughout the world. If you were to consume water with high levels of lead, it would be poisonous. This could do damage to your nervous system, as well as completely damage your brain or your bloodstream.
Article Submitted By Community Writer.

Arrested RBS forex trader named as Paul Nash: sources

(Reuters) - Royal Bank of Scotland currency trader Paul Nash has become the first individual arrested in connection with a global inquiry into alleged manipulation in the foreign exchange market, sources familiar with the matter said on Thursday.
Nash, who was suspended by RBS in 2013, was named by the sources as the man arrested in Billericay, southeast England, on Dec. 19. One of the sources said his arrest came only days before he emigrated to Canada.
Nash emigrated to Canada on Christmas Day and has rented out his family home, the source said. His arrest was not by appointment, as is typical in such cases, but was an "arrest and raid", the source added.
Nash, who has not been charged with any offense, appeared at Westminster Magistrates' Court on Dec. 23 over variations to his bail conditions, a court official confirmed. These included that he would reside at a specified address in British Columbia.
Attempts to reach Nash via LinkedIn were unsuccessful.
Britain's Serious Fraud Office (SFO) said only that a 48-year-old man had appeared at the London court on Dec. 23 in connection with a global investigation into allegations of manipulation in the $5.3 trillion-a-day forex market.
The increasingly aggressive agency, which is preparing for the trials this year of individuals alleged to have manipulated global benchmark interest rates, said last July that it might file the first charges in the high-profile inquiry this year.
About 30 forex traders have been put on leave, suspended or fired as prosecutors and regulators continue to examine allegations of wrongdoing in the world's largest market.
RBS, a state-backed British lender that has been reviewing the conduct of more than 50 current and former traders, said in December that six employees could face disciplinary action.
It declined to comment further on Thursday.
The bank was one of six lenders fined a combined $4.3 billion by regulators last November for failing to stop traders trying to manipulate currency markets.
The other banks to settle British and U.S. regulatory allegations of failings were HSBC Holdings, JPMorgan Chase & Co, Citigroup, UBS and Bank of America Corp.
The U.S. Department of Justice, Federal Reserve and New York's financial regulator are among those still investigating banks over foreign exchange trading in an inquiry that has put the largely unregulated market on a tighter leash and accelerated the push to automated trading.

Canadian Dollar Touches 5 1/2-Year Low as Jobs Fall Second Month

Canada’s dollar reached a 5 1/2-year low after employment unexpectedly shrank last month as U.S. payrolls grew more than forecast, adding to speculation the Canadian economy is falling behind that of its biggest trade partner.
The currency dropped for a seventh week, the longest losing streak since November 2000, after data showed Canada lost jobs for a second month. Bank of Canada Governor Stephen Poloz said in December the slump in crude oil, the nation’s biggest export, will damp economic growth in this year, while the Federal Reserve indicated the U.S. was on course to an interest-rate increase in 2015.
“The story for Canada is an ongoing divergence between the Canadian economy and the U.S. economy,” said Camilla Sutton, chief foreign-exchange strategist at Bank of Nova Scotia, by phone from Toronto. “The jobs report just really highlights that divergence with a stronger U.S. economy and underperformance in Canada.”
The loonie, as the currency is nicknamed for the image of the aquatic bird on the C$1 coin, depreciated 0.2 percent to C$1.1858 per U.S. dollar at 2:37 p.m. in Toronto. It touched C$1.1890, the weakest level since May 2009, and has lost 0.6 percent on the week. One Canadian dollar buys 84.33 U.S. cents.
The currency has slid 8.8 percent since mid-June as crude oil tumbled amid a mismatch in supply and demand. Prices for the global benchmark, Brent crude, sank below $50 a barrel this week for the first time since 2009. Futures touched $48.90 today, after reaching a 2014 high of $115.71 in June.

Bonds Climb

Canadian 10-year government bonds rose, pushing yields down four basis points, or 0.04 percentage point, to 1.67 percent. The price of the 2.5 percent securities due in June 2024 gained 32 cents to C$107.19.
Payrolls (CANLNETJ) in Canada decreased by 4,300 jobs, following a drop of 10,700 in November. Economists surveyed by Bloomberg forecast a gain of 15,000 last month. U.S. employers added 252,000 jobs in December, more than projected, the Labor Department reported, and the jobless rate dropped to 5.6 percent, the lowest level since June 2008.
Canada’s unemployment rate was 6.6 percent, matching the previous month, while the labor-force participation rate fell to 65.9 percent, the lowest since 2001, as more people dropped out of the job market.
Job losses were led by declines in part-time positions, which dropped by 57,700, while full-time employment rose by 53,500, Statistics Canada figures showed.
“If you look at some of the details in full-time versus part-time, full time was fairly strong,” Greg T. Moore, a senior currency strategist at Royal Bank of Canada, said by phone from Toronto. “The story is still of very moderate, subdued employment gains, a subdued labor market.”

BOC, Fed

Bank of Canada policy makers meet Jan. 21 to decide whether to leave their key interest-rate target at 1 percent, where it’s been since September 2010.
Swaps traders now see only a 19 percent chance of an increase by year-end, according to Bloomberg calculations based on trading in overnight index swaps. Economists surveyed by Bloomberg in December forecast a rate boost by the end of 2015.
There’s a 50 percent possibility the Fed will raise its benchmark, which it has kept in a range of zero to 0.25 percent since 2008, in September, swaps trading showed.

Fake FX Trader Who Spent Client Cash at Casinos Guilty of Fraud

A London man who cheated investors out of more than 5 million pounds ($7.6 million) in a fraudulent currency-trading scheme, spending the money at casinos and nightclubs, was found guilty of fraud by a London jury today.
Alex Hope took more than 5 million pounds from investors between March 2011 and April 2012, and spent 2 million pounds himself, including 950,000 pounds at casinos, prosecutors said. Hope had already pleaded guilty to operating a collective investment scheme without authorization, the Financial Conduct Authority said in a statement.
The 25-year-old “promised fantastic returns but, as is so often the case with unauthorized investment schemes, those who invested ended up with significant losses and the main beneficiary of the scheme was Hope himself,” Georgina Philippou, the FCA’s acting director of enforcement and market oversight, said in the statement.
The conviction is another black eye for the foreign-exchange trading industry, which has already been roiled by global investigations into the manipulations of key benchmarks.
Before the trial, Raj Von Badlo pleaded guilty to recklessly making false representations to investors and promoting a collective investment scheme without authorization.
Both men will be sentenced Jan. 16 at London’s Southwark Crown Court.

USD (US Dollar)

The US Dollar is the single most popular currency in the world, and is the dominant reserve currency in use around the globe. The USD is often called 'The Greenback' in reference to its green coloring and can often be a favorite vehicle of traders looking to buy assets from or in The United States. When risk aversion runs high, traders will often look to buy US Treasuries, which can create demand for US Dollars.

Latest Forex Rates

Major Currencies
Currency Symbol Units per USD USD per Unit  
   Australian Dollar AUD 1.2197 0.8199
   Canadian Dollar CAD 1.1857 0.8434
   Euro EUR 0.8449 1.1835
   Japanese Yen JPY 118.5614 0.0084
   Pakistan Rupee PKR 100.686 0.0099
   U.A.E Dirham AED 3.6732 0.2722
   UK Pound Sterling GBP 0.6594 1.5164
   US Dollar USD 1 1