| Forex trading ‘guru’ indicted
Joel Nathan Ward, 48, of Turlock has been indicted by a federal grand jury in Sacramento on five counts of wire fraud, two counts of mail fraud, and two counts of engaging in a monetary transactions in property derived from specified unlawful activity, a form of money laundering. Mr. Ward, a frequent commentator and seminar speaker on foreign currency exchange (forex) trading, is alleged to have been running an elaborate scam through two of his companies, the Joel Nathan Forex Investment Group of Turlock and Learn: Forex, Inc., a forex trading educational center based in Sacramento. The indictment alleges that Mr. Ward provided investors with monthly statements that purported to reflect their true profits and account balances. In reality, however, he stole the investors funds and, in order to conceal the theft, made Ponzi payments using other investors funds and provided his investors with altered account statements, according to Assistant U.S.
Australia Dollar Falls After Central Bank Keeps Rate Unchanged
April 4 (Bloomberg) -- The Australian dollar declined the most in a month after the central bank refrained from raising its benchmark interest rate from a six-year high of 6.25 percent. Government bonds rose. The currency retreated from a decade-high as the Reserve Bank of Australia's decision surprised some traders, particularly after an April 2 report showed higher-than-expected retail sales. Australia's dollar declined as much as 0.9 percent as it triggered preset orders to prevent greater losses. ``It's not surprising we've seen such a violent reaction,'' said Ray Attrill, director of foreign exchange research at Forecast Ltd. in Sydney. He had been expecting a rate rise because ``the strength of Monday's numbers had flipped us from waiting at least until May.'' Australia's dollar dropped to 80.92 U.S.
GCC Monetary Union: Relevance Feasibility And Timing (1/2)
This report is the first of a two part series on the Gulf Cooperation Council (GCC) monetary union by Calyons Africa and Middle East Economist Koceila Maames. It deals with the relevance and feasibility. The second, to be published next week, will examine timing. The six Gulf States (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE) plan to introduce a single currency by 2010 and several reform steps have already been taken accordingly. However, the past few weeks have been marked by the casting of the first doubts over this project, calling into question the initially scheduled deadline. Forming the Gulf monetary union has several associated benefits: being better prepared for globalization challenges, lowering of transaction costs, boosting cross-border trade and financial transactions, sustaining diversification, improving risk perception and bolstering foreign investment.
CalPERS Selects LavaFX Product Suite for Foreign Exchange Trading
SACRAMENTO, Calif. and NEW YORK--(BUSINESS WIRE)--The California Public Employees' Retirement System (CalPERS), and Lava Trading Inc., the innovative technology firm that develops high-performance trading solutions for the financial services industry, today announced that CalPERS has selected the LavaFX® product suite for foreign exchange trading. CalPERS will use the platform to execute trades in its new Active Currency Overlay Portfolio, as well as in other internal portfolios. Built upon Lava's leading, proprietary technology core, LavaFX provides a premier offering in electronic foreign exchange trading that is transforming the FX marketplace. It provides a Central Limit Order Book of live dealable prices, full price transparency and depth of book, and the ability to place bids and offers, together with Lava's sophisticated order types.
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