| Foreign exchange market braces for rise of algorithms
CHICAGO (Reuters) - Global investors using complex, computer-driven models will increasingly pump up the foreign exchange market's volume, creating both opportunities and headaches for market makers. In algorithmic trading, hyper-fast computer programs based on mathematical models essentially make split-second financial decisions to find optimal prices. With hedge funds and other high-frequency investors gravitating to so-called algos, the programs are already helping to keep trading volume robust even as volatility in the currency markets generally declines, according to panelists at an industry conference sponsored by FX Week magazine this week. "The barriers to entering this market have decreased, yet how does one on the buy side or the sell side manage liquidity when it is spread across so many different venues," said Darren Jer, regional FX sales manager with ICAP.
US Plans WTO Case Against China on Movies, Books (Update4)
April 6 (Bloomberg) -- The U.S. may file a complaint at the World Trade Organization as early as next week over what it calls China's piracy of copyrighted movies and books, according to four people briefed by the Bush administration. Officials have prepared two cases, one saying China sets too high a value on pirated movie or music disks before prosecuting violators, and another objecting to restrictions on the sale of foreign books and movies in the nation, they said. The people, three industry officials and one lawyer, spoke on condition they not be identified. China's illegal copying of movies, music and software cost companies $2.2 billion in 2006 sales, according to an estimate by lobby groups representing Microsoft Corp., Walt Disney Co., and Vivendi SA.
29-03-2007: AmInvestment expects rate cut in 2Q
AmInvestment Management Sdn Bhd expects Bank Negara Malaysia to reduce its overnight policy rate (OPR) by 25 basis points (bp) in the second quarter due to a strong ringgit and mild inflation rate. Its chief investment officer Yvonne Phe Kheng Peng said a strong currency might not be too good for the economy as Malaysia was export-oriented. “I think the rate cut would be in the second quarter and it would be very aggressive, at best it will be cut by 25 bp, which is the normal case for Bank Negara. We are looking at an OPR of between 3.25% and 3.3% by year-end." She added that other factors such as ample liquidity and the government's push to implement the Ninth Malaysia Plan all pointed to Bank Negara easing interest rates to accommodate growth. “By lowering the rates, it gives more room for the economy to grow," she told reporters after the AmInvestment Bank treasury solution presentation in Kuala Lumpur yesterday.
La Mancha Reports Net Earnings Of $5.0 Million
La Mancha Resources Inc. (TSX: LMA, thereafter "La Mancha" or the "Company") is pleased to report its first year-end financial results following the closing of its reverse takeover (the "Transaction") by Compagnie Franaise de Mines et Mtaux ("CFMM") in September 2006. This transaction transformed La Mancha into an internationally diversified gold producer with gold producing and exploration assets in Australia, Cte d'Ivoire and Sudan. In 2006, La Mancha generated net earnings of $5.0 million (or $0.049 per share), which compares to $6.3 million (or $0.07 per share) in 2005. Despite an improved profitability at the Ity mine in Cte d'Ivoire, the weaker than expected results recorded at our Hassai mine led to lower consolidated profits. La Mancha recorded revenues of $60.2 million in 2006, compared to $79.3 million a year earlier.
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