Welcome to the FOREX world

Free Forex Utilities and Downloads

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:19:00 -0700

Forex Manual Download

The 10 Keys to Successful Trading - This is an excellent Forex beginners guide filled with insights and need to know information for anyone interested in the "Forex", Foreign Currency Exchange.

Free Forex Manual

Forex Startup Kit

Free Download MTI Startup Kit - MTI 4.0 advanced forex charting Demo, Lesson one "What is the Forex", and the The 10 Keys to Successful Trading™

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"MTI Charting" is a true multiple time frame analysis software package for professional traders. Trading systems included. All charts have the capacity to plot indicators on three different time frames, which enables traders see what weekly and daily indicators are displaying compared to their intraday indicators on the same chart, all real-time. "MTI Charting" has over 100 indicators and tools, many not available elsewhere. Form completion required.

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Free Forex Lesson

Market Traders Institute is proud to offer free this Forex training video, at no charge, Lesson One of sixteen, is an excellent beginner's forex tutorial. The CEO, President and founder of MTI, Jared Martinez, teaches the ins and outs of the Foreign Currency Exchange Market. There is absolutely no cost.

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Online Currency-Trading Sites Multiply

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:16:00 -0700

IF YOU LIKE TRADING ON VOLATILITY, THERE IS nothing quite like the forex market.

It is open 24 hours a day, five days a week, and the players range from global banks to individuals. The daily volume is well over $3 trillion, according to the Bank for International Settlements. Despite its gargantuan size, the market isn't tightly regulated, and traders can use lots of leverage, which poses benefits and dangers. There is no central exchange; the market moves from one country to another. As Tokyo is closing, for example, London is opening.

Among the 25 firms we evaluated for our annual Best Online Broker review, published on March 16, E*Trade, Interactive Brokers, MB Trading, thinkorswim and TradeStation all come with some kind of built-in forex- trading system. OptionsXpress and TradeKing have enabled currency futures trading, and customers of SiebertNet can place forex trades through a live broker.

Last week, Zecco (www.zecco.com) announced it is partnering with the forex trading firm GAIN Capital (www.gaincapital.com) to launch Zecco Forex. "Today's volatile forex markets have created an attractive and complementary opportunity for our investors," said Jeroen Veth, CEO of Zecco Holdings. "Zecco Forex provides them access to another asset class where they can make trades independent of overall equity-market direction."

ZECCO'S FOREX OFFERING (www.zecco.com/forex) is a separate legal entity from its regular platform, so customers must sign up for a separate account. In time, however, the firm plans to integrate the two platforms into a single display, but that isn't likely to happen until next year, according to Zecco spokesman Gabriel Dalporto.

When you arrive at Zecco's forex site, you will find some educational content, as well as an opportunity to sign up for a practice account with $50,000 to start. The practice account lets you play with the analytical tools in the GAIN Capital platform and gives you a feel for how forex trading works. The account includes real-time quotes and charts, along with all the trading tools and information available to Zecco Forex customers. These tools include single and contingent order types, a real-time newsfeed and market commentary, plus daily and weekly research.

Should you decide to take the leap to trading with your own money, you can sign up for either a mini account, with a minimum deposit of $250, or a standard account, with $2,500. Those who deposit $10,000 or more can use a more advanced trading platform. The Java-based downloadable trading platform, ForexTrader Desktop, runs only on Windows, while the more advanced ForexTrader Web can be used by those with Macs and the Safari browser.

Most forex brokers don't charge explicit commissions; they tack on a fee to the price paid for the trade. Zecco's spreads are in line with what most of its rivals charge; a list can be found at http://www.zecco.com/forex/trade-pricing.html.

A key component of forex trading is leverage. Yes, stock and option traders can employ leverage by trading on margin. But their use of margin is minuscule, compared with that often found in foreign-exchange trades. You can utilize leverage of as much as 200 times the size of your account, so with just $500, you can hold $100,000 of currencies. With high leverage, however, comes much greater risk. It is imperative to stay on top of all your open transactions to avoid a huge margin call. Failure to use leverage prudently can be disastrous, as Lehman Brothers, Bear Stearns and thousands of no-down-payment home buyers found out.

Zecco Forex's offering lets customers trade in 37 currency pairs, though most of the action is in just a few currencies (primarily the U.S. dollar, Japanese yen, euro and British pound). The Zecco community is starting to see action in its newly launched Forex section, so you can discuss your strategies with other traders.

FIDELITY'S FIXED-INCOME AUTO-ROLL program (www.fidelity.com) went live at the end of March. It allows customers to automatically reinvest the principal of their matured new-issue U.S. Treasury bills, notes and FDIC-insured certificates of deposit into similar new-issue instruments. The goal is to make it easier for customers to remain fully invested and leave less cash on the sidelines.

The Auto Roll Program's methodology takes into consideration the original instrument's security type, size, term to maturity and coupon frequency when locating a new purchase. Customers can verify that the pending trade matches their objectives through a Fidelity e-mail alert. If they decide not to reinvest, there is an option to cancel the trade.

Auto Roll is available for new-issue Treasuries and certificates of deposit with a term to maturity of five years or less. If a Treasury or CD that matches the original investment isn't found, Fidelity will alert the customer and move the principal of the mature instrument to the default cash position in his or her brokerage account.

NOTES ON SWITCHING ACCOUNTS: In response to our March 23 "How To Switch Brokers Painlessly" column, Steve Sanders, vice president at Interactive Brokers (www.interactivebrokers.com), tells us that there is a sister system to the Automated Customer-Account Transfer System, or ACAT, used by many firms. Called the Currency and Banking Retrieval System, it passes lot and cost-basis information from one broker to another. Adds Sanders: "It is up to the discretion of the broker to use this system. [Interactive Brokers] makes full use of this system, whenever the ACAT transfer broker also makes use of this system."

China's forex reserves rise, but growth slows

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:13:00 -0700

SAN FRANCISCO (MarketWatch) -- China's foreign exchange reserves rose 16% in the first quarter from a year ago, but the pace from December slowed, media reports quoting central bank statistics said Saturday.

The country's foreign currency balances, the largest in the world, rose to $1.9537 trillion at the end of March, according to statistics released by the People's Bank of China on its Web site.

The increase was $272 billion higher than March 2008 and $7.7 billion more than in December. The gain from the end of last year was smaller than previous quarterly gains and likely reflected the global financial crisis' hit to exports, analysts said. In the September-December period, reserves increased by $40.4 billion.

China sparked a minor furor in March when officials suggested the U.S. dollar be replaced as an international reserve currency.

The country, the largest foreign holder of U.S. Treasurys, has also said it's worried about the safety of its holdings as the U.S. pursues uncharted monetary policies to jumpstart the U.S. economy.

FOREX-Dollar gains vs yen, buoyed by rally in stocks

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:10:00 -0700

* Dollar extends stocks-led gains vs yen, euro

* Many major financial centres shut for Easter weekend

TOKYO, April 10 (Reuters) - The dollar rose against the yen on Friday, buoyed by a rally in U.S. stocks following positive earnings guidance from U.S. bank Wells Fargo (WFC.N), although trade was likely to be thin with many major centres shut for holidays.

Wall Street indexes rose between 3 and 4 percent on Thursday after Wells Fargo said it expected to report a record quarterly profit in an encouraging sign for the troubled banking sector, which has been at the heart of the global financial crisis.[.N]

The greenback hit its highest in six months against the Japanese currency early in the week but then faced a bout of profit-taking on its gains ahead of the long weekend and the onset of quarterly earnings, which tipped it off the peak.

"There's been position-squaring ahead of the Easter holidays and that has been capping dollar/yen and the yen crosses," said Masafumi Yamamoto, head of FX strategy Japan at Royal Bank of Scotland.

"Today the market tried to follow equities."

The dollar rose 0.2 percent to 100.61 yen after climbing 0.8 percent on Thursday. It peaked at 101.45 yen earlier in the week.

The euro eased 0.1 percent to 131.94 yen and lost 0.4 percent to $1.3112.

European Central Bank President Jean-Claude Trichet said the central bank still had some leeway to cut its main interest rate from its record low of 1.25 percent. [ID:nL9724592].

He repeated it would lay out plans for possible unconventional monetary policy measures at its next meeting on May 7 but did not give any details.

The market has been watching for signs the ECB will take unconventional steps to improve credit availability after similar moves by the Federal Reserve and other major central banks.

Fed policy makers warned the U.S. economy would skid more deeply into recession in the coming months but warned it was time to start planning how to wind down spending to avert an inflationary surge. [ID:nN09302273].

The number of U.S. workers filing new claims for unemployment benefit fell last week but was still at levels indicating contraction in the labour market has yet to hit bottom. [ID:nN09264963]. (Reporting by Charlotte Cooper; Editing by Michael Watson)

Forex Quotes

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:08:00 -0700

Symbol	Bid	Ask	Time
Nasdaq 100	1334.73	1334.77	18:08
S&P 500 Indx	847.25	847.75	18:08
USD / JPY	100.36	100.39	18:06
Crude Oil	51.86	51.90	18:08
Gold (Spot)	882.83	883.08	18:08
GBP / USD	1.4641	1.4644	18:08
EUR / USD	1.3177	1.3179	18:08

UPDATE 1-Somali pirates vow revenge over comrades' killings

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:07:00 -0700

By Abdiqani Hassan

BOSASSO, Somalia, April 12 (Reuters) - Somali pirates threatened revenge on Sunday after two separate hostage-rescue raids by foreign forces killed at least five comrades, raising fears of future bloodshed on the high seas.

The latest raid by U.S. forces on Sunday that saved an American hostage and one by France last week have upped the stakes in shipping lanes off the anarchic Horn of Africa nation where buccaneers have defied foreign naval patrols.

'The French and the Americans will regret starting this killing. We do not kill, but take only ransom. We shall do something to anyone we see as French or American from now,' Hussein, a pirate, told Reuters by satellite phone.

'We cannot know how or whether our friends on the lifeboat died, but this will not stop us from hijacking,' he said.

Sea gangs generally treat their captives well, hoping to fetch top dollar in ransoms.

The worst violence has been an occasional beating.

'We shall revenge,' said another pirate, Aden, in Eyl village, a pirate lair on Somalia's eastern coast.

Some fear the U.S. and French operations may make the modern-day pirates more like their more fearsome forbearers.

'The pirates will know from now that anything can happen. The French are doing this, the Americans are doing it. Things will be more violent from now on,' said Andrew Mwangura of the Kenya-based East African Seafarers Assistance Programme.

'This is a big wake-up to the pirates. It raises the stakes.'

PIRACY ESCALATION

Piracy is lucrative business in Somalia, where gangs have earned millions of dollars in ransoms, splashing it on wives, houses, cars and fancy goods.

After a wane in business early this year, pirates have struck back. They presently hold more than a dozen vessels with about 260 hostages, of whom about 100 are Filipino.

Eyl, Haradheere and other pirate havens along the Indian Ocean coastline have come back to life with the windfall of successful operations.

Somalia's anarchy -- whose 18 years of civil war have given sea gangs assault rifles, grenade launchers and little central control -- has long been ignored by world powers.

The saga over the capture of cargo ship captain Richard Phillips has thrown international attention on the long-running piracy phenomenon that has hiked up insurance costs on strategic waterways where warships now patrol.

'Killing three out of thousands of pirates will only escalate piracy,' said Sheikh Abdullahi Sheikh Abu Yusuf, spokesman of the moderate Islamist group Ahlu Sunna Waljamaca.

(Additional reporting by Andrew Cawthorne in Nairobi and Abdi Sheikh and Abdi Guled in Mogadishu; Writing by Jack Kimball; Editing by Andrew Cawthorne and Jon Boyle) (For full Reuters Africa coverage and to have your say on the top issues, visit: http://af.reuters.com/) Keywords: SOMALIA PIRACY/PIRATES

(nairobi.newsroom@reuters.com; +254 20 222 4717)

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

FACTBOX-Five facts about freed U.S. ship captain

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:07:00 -0700

April 11 (Reuters) - American ship captain Richard Phillips was rescued by the U.S. Navy on Sunday from the hands of Somali pirates who had held him hostage since trying to hijack his container vessel five days ago in the Indian Ocean.

Following are five facts about the merchant seaman:

* Phillips, aged 53, grew up in Winchester, Massachusetts, where his father coached high school basketball. He lives in Underhill, in rural Vermont.

* Married since 1987 to Andrea Coggio, an emergency room nurse he met in Boston. They have two college-age children, Mariah and Danny.

* Drove a cab in Boston to pay his way through college at the University of Massachusetts and later at the Massachusetts Maritime Academy, where he graduated in 1979.

* Phillips played the saxophone in his high school band, and still plays the instrument from time to time. He listens to the blues. His favorite: blues singer Taj Mahal.

* Plays pickup basketball at the local YMCA, and golfs with a group of retirees. Supports Boston sports teams, particularly the Celtics basketball team.

Source: The New York Times.

(Compiled by World Desk, Washington +1 202-898-8457)

Keywords: SOMALIA PIRACY/CAPTAIN

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RPT-Q&A-Who are the Somali pirates?

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:05:00 -0700

By Andrew Cawthorne

NAIROBI, April 12 (Reuters) - It took the capture and rescue five days later of an American hostage to draw world attention back to the long-running phenomenon of Somali piracy.

The pirates also grabbed headlines last year for the world's largest sea hijack -- a Saudi supertanker carrying oil worth $100 million -- and the seizure of a Ukrainian ship with a huge military cargo including 33 tanks.

Away from the international limelight, the gangs have been striking regularly for years. After the rescue of U.S. ship captain Richard Phillips, they still hold about 260 hostages, including nearly 100 Filipinos, on 17 captured vessels.

So who are these modern-day buccaneers?

HOW DID THEY START?

* When warlords toppled former dictator Mohamed Siad Barre in 1991, Somalia collapsed into anarchy. That led to a wave of illegal fishing, plus dumping of toxic and industrial waste, in Somali waters by foreign fleets from Europe and Asia.

* Towards the end of the decade, local fishermen and militia formed groups with names like the 'Somali Coastguards' and the 'National Volunteer Coastguards', to drive away or apprehend the vessels from South Korea, Italy, Spain, Thailand and elsewhere.

* Seeing how easy it was to capture ships, those groups metamorphosed this decade into old-fashioned pirate gangs, becoming ever more sophisticated in methods and bold in range.

HOW DO THEY OPERATE?

* In the early days, pirates with a few guns used fishing boats to approach vessels, and then simply tried to scramble on board or throw up ropes.

* As they gained money from ransoms, plus experience, they bought speedboats, tracking devices and more powerful weapons. Typically these days, a 'mother ship' first spots a target, and a couple of speedboats are then launched to approach the vessel on either side and board with hooks and ladders.

* Pirates sometimes fire shots over the bow to scare sailors. Often, boats will try defensive action like zigzagging in the sea or even spraying the pirates with water from high pressure hoses. Most vessels, however, are unarmed, in keeping with international maritime practice, so sailors normally surrender quickly once the pirates are on deck.

* Hostages say they are generally well treated, with the pirates viewing them as common men caught up in a wider game: the pursuit of million-dollar ransoms from owners. Some have described the pirates slaughtering and roasting goats on board to feed them, and passing round satellite phones to let them call loved ones back home.

HOW MANY ARE THERE?

* Although traditional elders disapprove and condemn them as 'immoral', the number of pirates is growing, with hundreds now working in a network of gangs.

* Many poor and unemployed young Somalis see piracy as a dazzling alternative to their hard lives, given the quick money to be made. Somalis say they are lining up to go to sea.

* The gangs are based in villages and small towns along Somalia's long coast, in lairs like Eyl, Hobyo and Haradheere.

HOW MUCH MONEY ARE THEY MAKING?

* Ship owners have been paying increasingly high ransoms with regularity. Earlier this year, the pirates made more than $6 million from the negotiated release of the Saudi supertanker the Sirius Star and the Ukrainian vessel the MV Faina.

* Ransoms during 2008, when 42 vessels were captured, ranged from $500,000 to $2 million, experts say.

* The pirates reinvest some of their money in better equipment and boats. They also spend plenty of it on flashy living, taking new wives, building palatial villas and buying 4x4 vehicles. Some get involved in smuggling.

* Financiers and masterminds, who are generally older than the young pirates, take a large cut of ransoms.

* Local rulers also take a share to allow the pirates to operate unchecked out of their territories.

WHAT CAN THE WORLD DO?

* All analysts agree that the best way to suppress piracy off Somalia is to achieve stability onshore, where civil conflict has raged for the last 18 years.

* Fourteen attempts to restore central government have failed since 1991, and a 15th one is in its infancy. The United Nations and others are hopeful that the administration of President Sheikh Sharif Ahmed, set up earlier this year, is the best chance in recent times of bringing peace to Somalia.

* Ahmed is a moderate Islamist with widespread support inside and outside Somalia, but he faces an insurgency by pro-al Qaeda militant Islamists and his government really controls little but a few parts of the capital Mogadishu.

* At sea, more than a dozen countries have provided ships for a flotilla of naval patrols off Somalia since the end of 2008. That brought an initial dip in the number of attacks, especially in the Gulf of Aden, where the patrols were concentrated. But the ever more brazen pirates have simply moved their operations further out into the Indian Ocean.

WHAT ARE THE CONSEQUENCES?

* Though world attention has been focused on Phillips the American and his rescue, Somali piracy causes enormous hardship and stress for the hundreds of hostages still caught up in it, mainly from the Third World. Released captives say they live in constant fear of being killed by the pirates or during a rescue attempt, and worry about wives and children far away. Some said pirates beat them, though in general their treatment is humane.

* Some shippers have decided to incur the extra cost and time of sending cargoes round South Africa instead of through the Gulf of Aden into the Suez Canal en route to Europe.

* Insurance premiums have risen for the whole industry.

* Somalia has suddenly come into President Barack Obama's foreign policy in-tray. Americans will shudder at the memory of a disastrous U.S. intervention in the early 1990s, including the 1993 'Black Hawk Down' battle when 18 U.S. servicemen were killed.

(Editing by Daniel Wallis)

((nairobi.newsroom@reuters.com; +254 20 222 4717)) Keywords: SOMALIA PIRACY/

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The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

WRAPUP 10-U.S. Navy rescues captain, kills Somali pirates

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:04:00 -0700

By Abdi Sheikh and Abdi Guled

MOGADISHU, April 12 (Reuters) - U.S. naval forces rescued cargo ship captain Richard Phillips from captivity at the hands of Somali pirates in a dramatic shootout that ended a five-day standoff, the U.S. Navy said on Sunday.

Phillips' life was in danger when naval forces shot the pirates, freeing him unharmed and killing three of four pirates who had held him hostage on a lifeboat after trying to seize his vessel, the navy said. The fourth pirate was in custody.

'I can tell you that he is free and that he is safe,' Navy Lieutenant Commander John Daniels said.

The U.S. Navy believed that Phillips, who tried to escape on Friday, faced imminent danger amid tense hostage talks with his captors and deteriorating sea conditions.

'They were pointing the AK-47s at the captain,' Vice Adm. William Gortney, head of the U.S. Naval Central Command, said in a Pentagon briefing from Bahrain.

President Barack Obama had granted the Pentagon's request for standing authority to use appropriate force to save the life of the captain, he said.

The U.S. Navy 5th Fleet in Bahrain said the rescue took place at 12:19 p.m. EDT (1619 GMT) and the lifeboat had drifted to about 20 miles (32 km) from lawless Somalia's coast.

Phillips, captain of the U.S.-flagged Maersk Alabama container ship, had contacted his family, received a routine medical evaluation, and was resting comfortably aboard the amphibious assault ship USS Boxer.

'We are all absolutely thrilled to learn that Richard is safe and will be reunited with his family,' Maersk Line chief executive John Reinhart said in a statement.

CNN showed a photo of a smiling Phillips after his rescue.

Phillips' crew let off flares, hoisted an American flag and jumped for joy at news of their captain's rescue.

'We are very happy. He's a hero,' one crew member of the Maersk Alabama shouted at journalists amid raucous celebrations on the deck of the vessel, docked in Kenya's Mombasa port.

Phillips, 53, was the first American taken captive by Somali pirate gangs who have marauded in the busy Gulf of Aden and Indian Ocean shipping lanes for years.

Three U.S. warships had been watching the situation.

PIRATES VOW REVENGE

Obama, spared from having another thorny foreign policy crisis added to his troubles with the U.S. economic meltdown and Afghanistan, welcomed the rescue, praised the U.S. military and vowed to curb rampant piracy.

'To achieve that goal, we must continue to work with our partners to prevent future attacks, be prepared to interdict acts of piracy and ensure that those who commit acts of piracy are held accountable for their crimes,' he said in a statement.

Somali pirates were quick to vow revenge over Sunday's shooting, as well as a French military assault to rescue a yacht on Friday.

The Maersk Alabama, a container ship carrying food aid for Somalis, was attacked far out in the Indian Ocean on Wednesday, but its 20 American crew apparently fought off the pirates and regained control.

Phillips volunteered to go with the pirates in a Maersk Alabama lifeboat in exchange for the crew, said Vice Adm. Bill Gortney, commander, U.S. Naval Forces Central Command.

'The actions of Captain Phillips and the civilian mariners of Maersk-Alabama were heroic. They fought back to regain control of their ship, and Captain Phillips selflessly put his life in the hands of these armed criminals in order to protect his crew,' he said in a statement.

Joseph Murphy, whose son, Shane, was Phillips's second in command and took over the Alabama after pirates left with Phillips, said in a statement read by CNN, 'Our prayers have been answered on this Easter Sunday.'

'My son and our family will forever be indebted to Capt. Phillips for his bravery. If not for his incredible personal sacrifice, this kidnapping -- an act of terror -- could have turned out much worse,' said Murphy.

'The captain is a hero,' one crew member shouted from the 17,000-ton ship as it docked in Kenya's Mombasa port under darkness on Saturday. 'He saved our lives by giving himself up.'

LEGAL SYSTEM NEEDED

Experts had expected a quick end to the standoff, but the pirates held out for both a ransom and safe passage home. Friends told Reuters the gang wanted $2 million.

The saga has drawn world attention to the long-running piracy phenomenon off Somalia that has hiked shipping insurance costs and disrupted international trade.

Andrew Mwangura, coordinator of Mombasa-based East African Seafarers Assistance Program, said the rescue would change the stakes in future pirate attacks.

'This is a big wake-up to the pirates. It raises the stakes. Now they may be more violent, like the pirates of old,' he said.

Pirates have generally treated hostages well, sometimes roasting goat meat for them and even passing phones round so they can call loved ones. The worst violence reported has been the occasional beating and no hostages are known to have been killed by pirates.

The drama underscored a need for new international agreements to allow other countries to protect shipments in Somali waters and try pirates, U.S. Coast Guard Commandant Adm. Thad Allen told U.S. net work ABC's 'This Week'.

The U.S. Justice Department said in a statement it 'will be reviewing the evidence and other issues to determine whether to seek prosecution in the United States.'

(Additional reporting by David Morgan and Randall Mikkelsen in Washington, Abdi Sheikh and Ibrahim Mohamed in Mogadishu, Jack Kimball, Celestine Achieng and Njuwa Maina in Mombasa, Andrew Cawthorne and Abdiaziz Hassan in Nairobi; Writing by Paul Eckert; Editing by Doina Chiacu)

((nairobi.newsroom@reuters.com; +254 20 222 4717)) Keywords: SOMALIA PIRACY/

(For full Reuters Africa coverage and to have your say on the top issues, visit: http:af.reuters.com/)

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

UPDATE 1-U.S. acted after pirates aimed at ship captain

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:03:00 -0700

WASHINGTON, April 12 (Reuters) - President Barack Obama authorized killing the Somali pirates holding U.S. cargo ship captain Richard Phillips, and a commander acted upon concluding the pirates were about to kill the hostage, a U.S. Navy official said on Sunday.

'They were pointing the AK-47s at the captain,' Vice Adm. William Gortney, head of the U.S. Naval Central Command, said in a Pentagon briefing from Bahrain.

Gortney also said Washington had rejected ransom negotiations with the pirates. 'The United States government's policy is to not negotiate,' he said.

But he said military members had been in hostage talks with the pirate crew, and the talks grew 'heated' before the commander on the scene ordered the shots that killed three pirates holding Phillips in a lifeboat.

'If he was not in imminent danger, they were not supposed to take this sort of action, they were supposed to let the negotiation process work it out,' Gortney said.

'The on-scene commander took it as the captain was in imminent danger and then made that decision (to kill the pirates), and he had the authorities to make that decision, and he had seconds to make that decision.'

'Our authorities came directly from the president. And the number one authority for incidents, if we were going to respond, was if the captain's life was in immediate danger,' Gortney said.

The U.S. Justice Department, which is reviewing how to prosecute the lone pirate taken into custody, wants to take him to Kenya, which recently signed a piracy prosecution deal with Washington, Gortney said. It was also possible the pirate could be taken to the United States, he said.

(Reporting by Randall Mikkelsen; Editing by Eric Walsh) Keywords: SOMALIA PIRACY/MILITARY

(randall.mikkelsen@thomsonreuters.com; +1 202 898 8300; Reuters Messaging: randall.mikkelsen.reuters.com@reuters.net)

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AB InBev considering Rolling Rock sale

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:02:00 -0700

NEW YORK, April 12 (Reuters) - Anheuser-Busch InBev , the world's largest brewer, is considering selling its Rolling Rock brand, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

InBev sold Anheuser-Busch the iconic Rolling Rock brand for $82 million in May 2006 and reacquired it when it bought Anheuser-Busch for about $52 billion last year.

The Journal, citing one person familiar with the matter, said AB InBev looked at bids for the brand earlier this year using investment bank Lazard Ltd., but wasn't satisfied with the offers.

The paper said the brewer remains interested in selling Rolling Rock.

AB InBev spokeswoman Marianne Amssoms declined to comment

(Reporting by Michael Erman; Editing by Leslie Adler) Keywords: ABINBEV/ROLLINGROCK

(Reuters Messaging: michael.erman.reuters.com@reuters.net; +1 646 223 6021)

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China end-March FX reserves hit $1.9537 trln -PBOC

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:01:00 -0700

BEIJING/SHANGHAI, April 11 (Reuters) - China's foreign

exchange reserves, the world's largest, rose by about $7.7

billion in the first quarter to $1.9537 trillion at the end of

March, the central bank said on Saturday.

The figure was slightly below the median forecast of $1.955

trillion in a Reuters poll of 10 economists.

For all of 2008, the foreign exchange reserves rose by $417.8

billion, compared with increases of $461.9 billion in 2007,

$247.3 billion in 2006 and $209 billion in 2005.

China's reserves have ballooned as the central bank, in order

to hold down the yuan, has bought most of the dollars generated

by a large trade surplus, foreign direct investment and periodic

inflows of speculative capital.

The inflows have slowed in recent quarters as the global

economic slowdown has hit trade and investment flows.

Foreign exchange reserves (in billions of dollars, period

ending):

Mar09 Dec08 Sep08 Jun08 Mar08 Dec07 Sep07

1,953.7 1,946.0 1,905.6 1,808.8 1,682.2 1,528.2 1,433.6

(Reporting by Zhou Xin and Edmund Klamann; Editing by Tomasz

Janowski)

((edmund.klamann@reuters.com; +86 21 6104 1799; Reuters

Messaging: edmund.klamann.reuters.com@reuters.net))

Keywords: CHINA ECONOMY/RESERVES

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Indonesian stocks seen edging up after election

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 15:00:00 -0700

JAKARTA, April 12 (Reuters) - Indonesian stocks may rise slightly and the rupiah is likely to trade at current levels when markets open on Monday, analysts said, after the president's party led with one fifth of the votes in last week's election.

President Susilo Bambang Yudhoyono's Democrat Party raised its share to 20.5 percent, from 7.5 percent in 2004, quick count and early official results showed.

The results were in line with market expectations but below the level indicated by some recent opinion polls, reducing hopes that Yudhoyono would be able to push ahead with sweeping reforms of the judiciary, civil service and other institutions considered key to attracting more foreign investment.

Analysts said the results meant 'business as usual', with Yudhoyono continuing his existing policies of tackling graft and addressing economic growth, but that he would find it harder to form a strong cabinet to push tough reforms through parliament.

'The elections have been largely peaceful and smooth. This should help bolster sentiment in the stock market,' said Tjandra Lienandjaya, an analyst at BNP Paribas.

Yudhoyono said last week he would start coalition talks with other parties ahead of presidential elections in July, which he is tipped to win. Several other parties are also in talks about forming rival blocs to field presidential candidates.

For a scenarios on possible coalition outcomes, click on

Indonesia's benchmark stock index, which lost about half its value last year, has risen 8 percent this year to end at 1,465.75 on Wednesday.

The financial markets were shut for holidays on Thursday and Friday. The rupiah currency also firmed ahead of the election to around 11,300 per dollar.

Favourable external factors such as a sharp rise in U.S. stocks on Thursday, before the holiday weekend, as well as strong gains in the rupiah and expectations of a further easing in inflation should help the bond market, which has rallied in the past month, analysts said.

'Foreign investors are likely to continue coming in. They have started coming in for about a month,' said Francis Tjahjo Soetopo, Jakarta-based debt analyst at Deutsche Bank, adding that bond prices would therefore probably remain firm.

'If the rupiah keeps strengthening, there will be more demand for bonds as well as stocks,' he said.

Soetopo said he expected the one-year bond yield could head lower to 8 percent from 9 to 9.3 percent currently, pushing mid- and longer-term yields as well.

Economists noted that the government has already raised a significant portion of this year's borrowing requirement, which means investors are less concerned about Indonesia's ability to fund its budget deficit.

THey said that investors would see the Democrat Party's performance as providing continuity in policy, provided the early results proved accurate.

'It means the current policy can be maintained, and those certainties will prompt a positive reaction,' said Djoko Retnadi, an economist at Bank BRI.

(Reporting by Gde Anugrah Arka and Sonya Angraini in Jakarta; Writing by Sara Webb; Editing by Kazunori Takada)

((ga.arka@thomsonreuters.com; Reuters Messaging: ga.arka.reuters.com@reuters.net; +62 21 384 6364 ext 911)) Keywords: INDONESIA MARKETS/

(If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Zimbabwe shelves own currency for a year-paper

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 14:57:00 -0700

HARARE, April 12 (Reuters) - Zimbabwe will not use its own local currency for at least a year, a state newspaper reported on Sunday, while it tries to repair an economy which critics say was destroyed by President Robert Mugabe.

The southern African state has allowed the use of multiple foreign currencies since January to stem hyperinflation which had rocketed to over 230 million percent and left the Zimbabwe dollar almost worthless.

The state-controlled Sunday Mail said the unity government of Mugabe and opposition leader Morgan Tsvangirai decided the Zimbabwe dollar should only be reintroduced when industrial output reaches about 60 percent of capacity from the current 20 percent average.

'The Zimbabwe dollar will be out for at least a year. We resolved that there will be no immediate plans to (re)introduce the money because there is nothing to support and hold its value,' the newspaper quoted Economic Planning and Development Minister Elton Mangoma as saying.

'Our focus is to first ensure that we have a vibrant industry. If we try to reintroduce the local currency now, it will face the same fate of being wiped out of its value within weeks.'

On Thursday, Zimbabwe's Central Statistical Office (CSO) said consumer prices fell for a third straight month in March after the government abandoned its worthless currency.

The CSO said inflation stood at -3.0 percent month-on-month in March compared with -3.1 percent in February, as food prices fell.

Critics say Mugabe, who has led Zimbabwe since independence from Britain in 1980, has destroyed one of Africa's most promising economies through controversial policies, including the seizure of white-owned commercial farms for redistribution to inexperienced black farmers.

Mugabe, 85, denies the charge and says the economy has been sabotaged by enemies opposed to his nationalist policies.

Zimbabwe is seeking an urgent cash injection of $2 billion to stabilise an economy suffering unemployment above 90 percent and a severe shortage of foreign currency.

Western donors have held back aid, demanding the unity government in which Tsvangirai is the prime minister undertakes political and other reforms.

(Reporting by Cris Chinaka; Editing by Sophie Hares) Keywords: ZIMBABWE CURRENCY/

(cris.chinaka@reuters.com; +263 4 799 112)

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

Ideal World Forex Announces New Forex Resources Page

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 14:56:00 -0700

Ideal World Forex, a full service foreign exchange broker, announces the completion of a new and robust Forex Resources page to the company’s newly launched website. With the recent opening of the company’s website, Ideal World Forex has created a wonderfully helpful Forex Resources page whereby visitors can access some of the Forex industry’s most content rich websites related to numerous germane topics. Ideal World Forex has made their new website a “one stop shop” for all the needs of any Forex trader old or new. The “Forex Resources” page http://www.idealworldforex.com/forexresources.php has become a center for Forex traders to access all the news, information, advice and support they need and desire both quickly and easily.

Trading foreign currency, shares, commodities and futures couldn’t be any easier. With all of the numerous services and robust functions of the Ideal World Forex website, trading currencies, shares, indices and commodities is clear and convenient. This new “Forex Resources” page helps traders find the best Forex content on the web fast and easy. It can take a new trader months or even years to find the best sources of data, information and news about Forex and the myriad of topics and issues that surround currency trading. However, with some of the most useful resources put together on one single web page http://www.idealworldforex.com/forexresources.php Ideal World Forex makes things simple.

Ideal World Forex is excited about the huge growth potential of the Forex and CFD (contracts for difference) market. With the addition of the new demo account, two new languages (Chinese and Indonesian) and a new Forex Resources page, Ideal World Forex believes it offers some of the industry’s most valuable services. Ideal World Forex makes it convenient for both beginners and experts to explore, develop and continue learning about the remarkable investment landscape of the Forex industry. There are many advantages to trading with Ideal World Forex. Traders can rest assured they are working with one of the most qualified, well prepared and adept groups in the Forex market.

Forex trading is dynamic, exciting and ever changing. Many traders don’t fully understand currency trading or need to keep enhancing and updating their knowledge, technique and skills. Ideal World Forex invites all those interested in learning more about Forex trading as well as professionals seeking a convenient and total solution to all of the many daily issues currency traders confront to visit http://www.idealworldforex.com/ . Seamless access to knowledge, sharing and profit is the primary goal of Ideal World Forex. Ideal World Forex cordially invites you to visit the recently launched site. Please visit http://www.idealworldforex.com/ today!

WORLD FOREX: Euro Hits 3-Week Low In Thin Holiday Trade

noreply@blogger.com (Unknown) — Sun, 12 Apr 2009 14:51:00 -0700

NEW YORK (Dow Jones)--In thin holiday trading, the euro extended a week-long decline overnight Friday to more than a three-week low against the dollar.

The common currency has now totally unwound its gains versus the dollar in the wake of the Federal Reserve's mid-March decision to purchase longer-term Treasury notes and bonds. Profit-taking and positioning ahead of the Easter break was behind much of the euro's slide this week.

The dollar had also been supported by a report Thursday that showed the U.S. trade gap shrank to its narrowest deficit in nearly a decade and on a strong first-quarter earnings

Building Blocks Strategy

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 14:20:00 -0700

Building Blocks Strategy

Options are an extremely versatile investment tool. From speculation to hedging, they can be used by a variety of investors seeking more control over their financial assets.

This list reflects Building Blocks shipped with VOptions:

-Long Call

-Short Call

-Long Put

-Short Put

Long Call

Description

Call buying is a strategy used if the investor thinks that XYZ will advance in price. It is important, given the risk, that the investor have a clear idea about where the stock is going and when. Simply thinking XYZ is a "great company that is sure to go up" is not enough. A Call purchase based on such vague notions is likely to cause frustration as losses mount when the advance fails to materialize.

Buying Calls: Why?

For the most part, there are two types of Call buyers:

the bullish speculators wanting to take advantage of the leverage options can offer, and
the investor buying a Call as a substitute for buying the stock.

Risk/Reward Characteristics

Break-even Point: At expiration, the break-even poi

nt (B.E.) is equal to the strike price of the Call option plus the Call option's premium. Before expiration, the break-even point is lower.

Profit: Profits are unlimited as long as the underline

g stock continues in advance.

Loss: Losses are limited to the premium paid for the option. At expiration, for every point XYZ is above the strike price, the Call option increases an additiona

l point in value.

Time Decay: A call option's premium consists of both intrinsic value (if any) plus time value. As time passes, the time value portion of the Call erodes (i.e., decays). At expiration, the Call's value will equal its intrinsic value.

Changes in implied Volatility: Changes in the option's implied volatility has an effect on the "time value" portion of an option's premium. Thus, a change in

the option's implied volatility has the same effect as changing (+/-) the number of days remaining until the option's expiration.

Short Call

Description

The investor writing Call options should firmly believe that XYZ is not going up! XYZ doesn't have to go down, but it most definitely cannot go up. This is because the strategy's break-even point at expiration is a certain distance above the then current stock price. Thus, depending on the option's strike price, writing Call options can be a viewed as a neutral to bearish strategy.

Writing Calls: Why?

Writing uncovered ("naked") Call options is a strategy with very high risk for a small potential return. Given this obvious imbalance, why would a prudent investor wishing to preserve and build his or her capital write Calls?

Unaware of less risky "bearish" strategies.
Strongly believes XYZ "can't go any higher," and therefore, blind to the potential risks.
Time Decay.

Risk/Reward Characteristics

Break-even Point: At expiration, the break-even point (B.E.) is equal to the strike price of the Call option plus the Call option's premium. Before expiration, the break-even point is lower.

Profit: Profits are limited no matter how large the decline in XYZ.

Loss: Losses are unlimited!!

Time Decay: A Call option's premium consists of both intrinsic value (if any) plus time value. As time passes, the time value portion of the Call erodes (i.e

., decays). At expiration, the Call's value will equal its intrinsic value.

Changes in implied Volatility: Changes in the option's implied volatility has an effect on the "time value" portion of an option's premium.

Long Put

Description

Put buying is a strategy used if the investor thinks that XYZ will decline in price. It is often used in place of a short sale in XYZ stock. The speculative Put buyer looks for leverage, emphasizing the number of options he or she can purchase. The "insurance" Put buyer looks to protect a long position in the stock for a period of time covered by the option.

Put Purchase vs. Short Sale:

Prior to exchange-listed options, the average investor only had one choice if he or she wanted to put a bearish opinion into action - sell XYZ short. Now, with Put options, the investor can establish a bearish position while controlling the trade-offs between the position's risk and reward. Along with the difference in the profit and loss profiles, there are other non-dollar specific benefits as well.

Risk/Reward Characteristics

Break-even Point: At expiration, the break-even point is equal to the strike price of the Put option minus the Put option's premium. Before expiration, the break-even point is higher.

Profit: Profits are unlimited as long as the underlying stock continues to decline.

Loss: Losses are limited to the premium paid for the option.

Time Decay: Negative. A Put option's premium consists of both intrinsic value (if any) plus time value. As time passes, the time value portion of the Put erode

s (i.e., decays). At expiration, the Put's value will equal its intrinsic value.

Changes in implied Volatility: Changes in the option's implied volatility has an effect on the "time value" portion of an option's premium. Thus, a change in the option's implied volatility has the same effect as changing the number of days remaining until the option's expiration.

Short Put

ICAP aims to cut bank risks with new FX venture

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 13:46:00 -0700

The broker has teamed up with CLS Group, a specialist in foreign exchange settlement services, to create the service which has already secured the heavyweight backing of Citigroup, Deutsche Bank, JP Morgan and Royal Bank of Scotland.

The foreign exchange market has been identified as an area of concern by global regulators scrutinizing the risks taken by banks.

In recent years, the volumes in the foreign exchange market have soared as a result of participation by hedge funds, algorithmic traders, retail and institutional market investors. Many of these are prime brokerage clients of the banks. There are an estimated two million individual foreign exchange trades between the banks every day, together worth an estimated $3.2 trillion. Regulators have criticised the settlement system for being overburdened and too outdated to deal with the expanding market.

The new joint venture, which will be 51pc owned by CLS and 49pc by Icap, will target smaller trades and aggregate them into groups to radically reduce risks. The companies both said they expect the costs of settlement to be "significantly reduced".

Mark Yallop, Icap's chief operating officer, said: "We have a real opportunity to strengthen the foreign exchange market infrastructure with this joint venture with CLS. By bringing together the leading players in the industry and a sound technology platform, we can reduce risk and increase industry capacity to create the opportunity for very material further growth."

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 13:26:00 -0700

Forex Strategy Outlook: US Dollar Downtrend Boosts Performance

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 13:22:00 -0700

Written by David Rodriguez, Quantitative Strategist

US Dollar depreciation has left our forex trading signals at an advantage through recent weeks, leading to clear outperformance in key trading strategies. Indeed, the Euro and other key currencies have reached multi-month highs against their US counterpart. Trend-following systems aggressively sold the US dollar into early declines and have clearly benefited from its continued downtrend.

Whether or not the USD continues to decline will be a key factor in whether Momentum-based trading signals can remain profitable. The biggest danger remains that currencies return to wide trading ranges—putting Momentum and Breakout systems at clear risk.

Forex Trading Automated Systems Outlook

DailyFX+ System Trading Signals – Momentum2, Breakout2, and Range1 trading strategies remain as our top performers in the past 60 days of trade. We are nonetheless mindful that that Momentum2 and Breakout2 trades may underperform if currencies begin trading within wide ranges. Specifically, a US dollar recovery could put key medium to long-term trading signals at risk.

It will nonetheless be important to monitor US Dollar pairs through the near term and manage our trading biases accordingly. For the moment, we favor Momentum2 trading signals. Yet this could easily change if we see signs of rangebound markets, and we will update our Forex Trading Strategy Outlook accordingly.

DailyFX+ Forex Market Conditions Outlook

NOTE: Data has once again been changed. Due to the ineffectiveness of the 30-day horizon, we are returning to the original 90-day time horizon.

Definitions

Volatility Percentile – The higher the number, the more likely we are to see strong movements in price. This number tells us where current implied volatility levels stand in relation to the past 30 days of trading. We have found that implied volatilities tend to remain very high or very low for extended periods of time. As such, it is helpful to know where the current implied volatility level stands in relation to its medium-term range.

Trend – This indicator measures trend intensity by telling us where price stands in relation to its 30 trading-day range. A very low number tells us that price is currently at or near monthly lows, while a higher number tells us that we are near the highs. A value at or near 50 percent tells us that we are at the middle of the currency pair’s monthly range.

Range High – 90-day closing high.

Range Low – 90-day closing low.

Last – Current market price.

Strategy – Based on the above criteria, we assign the more likely profitable strategy for any given currency pair. A highly volatile currency pair (Volatility Percentile very high) suggests that we should look to use Breakout strategies. More moderate volatility levels and strong Trend values make Momentum trades more attractive, while the lowest Vol Percentile and Trend indicator figures make Range Trading the more attractive strategy.

The information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FOREX CAPITAL MARKETS, L.L.C.® assumes no responsibility for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon this information. FOREX CAPITAL MARKETS, L.L.C.® does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FOREX CAPITAL MARKETS, L.L.C.® shall not be liable for any special, indirect, incidental, or consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results.

Daily Technical Strategist: GBPUSD

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 13:19:00 -0700

GBPUSD: Failing Ahead Of The 1.4981/86 Zone.

GBPUSD: An attempt on the upside following the pair’s strength activated at the 1.4110 level, its Mar 30’09 low failed Monday ahead of its key resistance zone seen at its Jan 16’09/Feb 09’09 highs at 1.4981/86.While this may have halted upside momentum temporarily, as long as the mentioned corrective decline is contained within its established ST rising channel, risk remains to the upside with a retarget of the 1.4981/86 zone expected. Above there will resume GBP’s recovery started at the 1.3655 level, its Mar 11’09 low towards the 1.5374 level, its Jan 08’09 high. Alternative, building on its Monday losses will mean further downside prices targeting the 1.4662 level, its Feb 23’09 high at first with a loss of there accelerating downside losses towards the 1.4305 level, its Mar 06’09 low and next the 1.3845 level, its Mar 18’09 low. All in all, we retain our bullish bias while the pair continues to maintain within its rising channel.

Support Comments
1.4662 Feb 23’09 high
1.4305 Mar 06’09 high
1.4137 Feb 12’09 low

Resistance Comments
1.4981/86 Jan 16’09/Feb 09’09 highs
1.5373 Jan 08’09 high
1.5722 Dec 17’08 high

This is an excerpt from FXT Technical Strategist Plus, a 7-currency model analysis. Take A One Week Free Trial here Premium Plus

This report is prepared solely for information and data purposes. Opinions, estimates and projections contained herein are those of FXTechstrategy.com own as of the date hereof and are subject to change without notice. The information and opinions contained herein have been compiled or arrived at from sources believed to be reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness and neither the information nor the forecast shall be taken as a representation for which FXTechstrategy.com incurs any responsibility. FXTstrategy.com does not accept any liability whatsoever for any loss arising from any use of this report or its contents. This report is not construed as an offer to sell or solicitation of any offer to buy any of the currencies referred to in this report.

Online Currency-Trading Sites Multiply

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 12:51:00 -0700

IF YOU LIKE TRADING ON VOLATILITY, THERE IS nothing quite like the forex market.

It is open 24 hours a day, five days a week, and the players range from global banks to individuals. The daily volume is well over $3 trillion, according to the Bank for International Settlements. Despite its gargantuan size, the market isn't tightly regulated, and traders can use lots of leverage, which poses benefits and dangers. There is no central exchange; the market moves from one country to another. As Tokyo is closing, for example, London is opening.

Among the 25 firms we evaluated for our annual Best Online Broker review, published on March 16, E*Trade, Interactive Brokers, MB Trading, thinkorswim and TradeStation all come with some kind of built-in forex- trading system. OptionsXpress and TradeKing have enabled currency futures trading, and customers of SiebertNet can place forex trades through a live broker.

Last week, Zecco (www.zecco.com) announced it is partnering with the forex trading firm GAIN Capital (www.gaincapital.com) to launch Zecco Forex. "Today's volatile forex markets have created an attractive and complementary opportunity for our investors," said Jeroen Veth, CEO of Zecco Holdings. "Zecco Forex provides them access to another asset class where they can make trades independent of overall equity-market direction."

ZECCO'S FOREX OFFERING (www.zecco.com/forex) is a separate legal entity from its regular platform, so customers must sign up for a separate account. In time, however, the firm plans to integrate the two platforms into a single display, but that isn't likely to happen until next year, according to Zecco spokesman Gabriel Dalporto.

When you arrive at Zecco's forex site, you will find some educational content, as well as an opportunity to sign up for a practice account with $50,000 to start. The practice account lets you play with the analytical tools in the GAIN Capital platform and gives you a feel for how forex trading works. The account includes real-time quotes and charts, along with all the trading tools and information available to Zecco Forex customers. These tools include single and contingent order types, a real-time newsfeed and market commentary, plus daily and weekly research.

Should you decide to take the leap to trading with your own money, you can sign up for either a mini account, with a minimum deposit of $250, or a standard account, with $2,500. Those who deposit $10,000 or more can use a more advanced trading platform. The Java-based downloadable trading platform, ForexTrader Desktop, runs only on Windows, while the more advanced ForexTrader Web can be used by those with Macs and the Safari browser.

Most forex brokers don't charge explicit commissions; they tack on a fee to the price paid for the trade. Zecco's spreads are in line with what most of its rivals charge; a list can be found at http://www.zecco.com/forex/trade-pricing.html.

A key component of forex trading is leverage. Yes, stock and option traders can employ leverage by trading on margin. But their use of margin is minuscule, compared with that often found in foreign-exchange trades. You can utilize leverage of as much as 200 times the size of your account, so with just $500, you can hold $100,000 of currencies. With high leverage, however, comes much greater risk. It is imperative to stay on top of all your open transactions to avoid a huge margin call. Failure to use leverage prudently can be disastrous, as Lehman Brothers, Bear Stearns and thousands of no-down-payment home buyers found out.

Zecco Forex's offering lets customers trade in 37 currency pairs, though most of the action is in just a few currencies (primarily the U.S. dollar, Japanese yen, euro and British pound). The Zecco community is starting to see action in its newly launched Forex section, so you can discuss your strategies with other traders.

FIDELITY'S FIXED-INCOME AUTO-ROLL program (www.fidelity.com) went live at the end of March. It allows customers to automatically reinvest the principal of their matured new-issue U.S. Treasury bills, notes and FDIC-insured certificates of deposit into similar new-issue instruments. The goal is to make it easier for customers to remain fully invested and leave less cash on the sidelines.

The Auto Roll Program's methodology takes into consideration the original instrument's security type, size, term to maturity and coupon frequency when locating a new purchase. Customers can verify that the pending trade matches their objectives through a Fidelity e-mail alert. If they decide not to reinvest, there is an option to cancel the trade.

Auto Roll is available for new-issue Treasuries and certificates of deposit with a term to maturity of five years or less. If a Treasury or CD that matches the original investment isn't found, Fidelity will alert the customer and move the principal of the mature instrument to the default cash position in his or her brokerage account.

NOTES ON SWITCHING ACCOUNTS: In response to our March 23 "How To Switch Brokers Painlessly" column, Steve Sanders, vice president at Interactive Brokers (www.interactivebrokers.com), tells us that there is a sister system to the Automated Customer-Account Transfer System, or ACAT, used by many firms. Called the Currency and Banking Retrieval System, it passes lot and cost-basis information from one broker to another. Adds Sanders: "It is up to the discretion of the broker to use this system. [Interactive Brokers] makes full use of this system, whenever the ACAT transfer broker also makes use of this system."

Forex Educational Tools Including Forex Trading Courses Offered through Ideal World Forex, now Featured on TransWorldNews.com

noreply@blogger.com (Unknown) — Tue, 7 Apr 2009 12:47:00 -0700

Forex educational tools including information on the basics of the forex market and forex trading courses are available through Ideal World Forex (IWF), a well-established foreign exchanges company founded by talented, experienced, and devoted financial consultants. IWF will be appearing as the Featured Company on TransWorldNews.

IWF provides an easy to understand overview of what forex is; forex dealing; difference between stock and forex trading; futures against forex; technical evaluation; as well as online forex courses that include an introduction to the foreign exchange; how trading works; sample trades; exchange rates; interest rates; and more.

IWF works one-on-one with clients, focusing on individual needs as well as business needs, offering state-of-the-art professional services including fundamental analysis tools, real-time trade execution and quality customer service. IWF also offers clients an excellent platform for online forex education and tutorials as well as an unmatched environment for clients to freely access and follow current market news, indicators and trends while trading.

IWF helps clients open accounts to immediately trade 18 ultra-liquid, fast-moving world currency pairs in the foreign exchange market in a free, highly-functional 24-hour software trading platform with 200 times leveraged margin, super-low trading costs and freedom to enjoy complete access to round-the-clock customer service and streaming economic news feeds, signals and charts.

For more information about Ideal World Forex go to:

http://www.idealworldforex.com/index.php

To view the Ideal World Forex profile on YourFINDit go to: http://community.yourfindit.com/IdealWorldForex

As a global leader in news distribution, TransWorldNews and its affiliate sites offer companies and individuals the most comprehensive services available for news dissemination, product and service awareness, and web traffic. When businesses and individuals become featured companies through TransWorldNews or an affiliate site they are afforded exposure and advancement of their products and services to an international market.

Featured Company spots are paid for placement ads. To become a Featured Company please email twn@transworldnews.com or call 404.352.4949

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3rd UPDATE:Citic Pacific Hit By FX Trades; Chmn Vows Rebound

noreply@blogger.com (Unknown) — Wed, 25 Mar 2009 12:00:00 -0700

Citic Pacific Ltd.'s (0267.HK) foreign exchange scandal pushed it to a full-year loss of HK$12.66 billion (US$1.62 billion), but the conglomerate says it will return to profitability in 2009.

"Now that we have put the issues of 2008 behind us we are focused on the future," Chairman Larry Yung told a news conference.

"Our balance sheet is solid, with debt maturity well structured in anticipation of cash flows from our businesses," Yung said. But he warned the economic slump will harm Citic Pacific's steel and property operations this year.

Although Yung sought to answer questions about the forex scandal by saying the company had moved past it, an investigation by Hong Kong's Securities and Futures Commission is still under way. Yung said he doesn't know when the probe will be completed, declining further comment.

Citic Pacific, which has power, property, aviation, ore and steel operations, said it swung to a net loss of HK$12.66 billion for the 12 months ended Dec. 31, from a restated net profit of HK$10.84 billion a year earlier.

The company's first-ever annual loss was wider than the average forecast of HK$11.69 billion in a Thomson Reuters survey of three analysts.

J.P. Morgan analyst Billy Ng said he expects Citic Pacific can return to profitability this year, though the aviation and steel businesses will remain under pressure.

"The timing of a recovery in specialty steel is uncertain, and visibilty on the iron ore project remains low," Ng said.

Citic Pacific's shares fell 8% Wednesday, closing at HK$8.96 after partially bouncing back from losses of as much as 10.2% on the day.

Citic Pacific said revenue rose 20% last year to HK$46.42 billion from HK$38.53 billion.

Citic Pacific directors won't get a bonus for 2008 because of the loss, Yung said, and shareholders won't get a dividend.

Citic Pacific disclosed Oct. 20 it faced billions of dollars in losses over what it called unauthorized forex bets by two executives who left the company. The trades were made through an arrangement known as an "accumulator" that gave Citic Pacific limited upside but unlimited downside, and they turned bad when the Australian dollar unexpectedly fell against the U.S. dollar.

Citic Pacific said Wednesday it booked realized and mark-to-market losses of HK$14.63 billion over the bets.

The conglomerate came under intense criticism after it was revealed the board found out about the trades Sept. 7, about six weeks before the disclosure.

Citic Pacific's state-owned parent, Citic Group, ended up taking over most of the currency bets in exchange for a stake in the listed unit.

The timing of the disclosure is believed to be a focus of the SFC investigation, though the SFC and Citic Pacific have declined comment on specifics.

Yung said that the 2008 loss won't force Citic Pacific to sell any assets, but weak demand for iron ore has prompted it to delay the opening of a mine in western Australia by a year, to the third quarter of 2010.

Citic Pacific, which owns 80% of the mine project, said earlier it planned to produce 27.7 million metric tons a year of a mix of ore concentrate and iron pellets. The company acquired the rights to mine 2 billion metric tons of iron ore in Western Australia's Pilbara region in 2006.

Citic Pacific said Wednesday two directors from its parent, Zhang Jijing and Ju Weimin, were named as non-executive directors of the listed company, effective April 1.

HK's Citic Pacific records $1.6 bln loss in 2008

noreply@blogger.com (Unknown) — Wed, 25 Mar 2009 11:59:00 -0700

HONG KONG: Citic Pacific Ltd., the Hong Kong arm of a Chinese government investment firm, said Wednesday it suffered a massive loss last year after making bad currency bets, but maintained its finances were secure.

The company reported 12.7 billion Hong Kong dollars ($1.6 billion) net loss for 2008, compared to a profit of HK$10.8 billion in 2007, the company said in a statement.

Wrongway bets in the currency market were largely to blame, costing the company HK$14.6 billion (US$1.9 billion), according to the statement.

Citic Pacific stunned investors last year when it revealed huge losses from bad bets on leveraged foreign currency contracts, prompting the company to seek a $1.5 billion bailout from its Beijing-based parent company Citic Group.

Chairman Larry Yung expected the impact of the bad currency bets to diminish and said the company would turn a profit this year.
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"We've already put aside provisions from last year for most of the bets, so we think it will be normal profit for us," Yung said at a news conference in Hong Kong.

The vast conglomerate, whose dealings run from airlines to mining and Wal-Mart stores, also said it is "financially secure" following the bailout. However, maturing debt in the next years requires refinancing which will begin shortly, Citic Pacific said in the statement.

The company recommended against a final dividend and directors will not receive bonuses for last year, the statement said.