Archive for the 'news' Category
$A400m missing from PNG finance dept
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More than 1 billion kina ($A400 million) has gone missing from Papua New Guinea’s finance department over the past 10 years.
The revelation by PNG’s Auditor General came alongside a warning that accounting and reporting systems in all government departments had collapsed.
Australia - which is PNG’s largest aid donor - had six senior bureaucrats and other advisors in the country’s finance department during the time the billion kina went missing. Read more
No comments5 Most Important Events for the Forex Market This Week
Written by Terri Belkas, Currency Analyst
Normally, the release of US Non-farm Payrolls takes center stage in the forex markets, as the figure tends to spark significant volatility and can shape interest rate expectations for the Federal Reserve. However, Wednesday’s FOMC rate decision may steal the limelight, as futures are currently pricing in an 82% chance of a 25bp cut to 2.00% and an 18% chance that the Fed will leave rates unchanged.
No commentsBusiness scepticism over ‘glowing’ economic forecast
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New figures from Access Economics show Tasmania’s economy is in a strong position, and business confidence is growing.
However Tasmania’s Chamber of Commerce and Industry (TCCI) is not convinced it is all good news. Read more
No commentsCIT Focuses On Finance
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Steep dividend cuts and losses in their company’s home- and consumer-lending divisions didn’t seem to faze CIT Group’s investors, who were happy to bid up the stock on hopes for a future focused on the firm’s commercial finance business. Read more
CMS Forex Goes Wireless with the Release of VT Mobile Trader
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CMS Forex announced the release of its Java based platform, VT Mobile Trader. This revolutionary application features comprehensive trading on cellular phones as well as other handheld devices. “VT Mobile gives our clients the same platform quality and advanced charting and technical analysis tools of VT Trader, but with the freedom to trade nearly anywhere at any time and with data updated in real time,” said Eugene Hawkin, COO of Capital Market Services, LLC. Read more
No commentsGordon Brown’s US speech calls for new global finance rules
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An international early warning system should be established to ensure that future credit squeezes are identified and dealt with before the effects become widespread, says Gordon Brown.
In a foreign policy speech in Boston, the Prime Minister urged America to join him in pushing for reform of the major international institutions including the International Monetary Fund and World Bank. Read more
No commentsADB willing to finance four-nation gas project
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ISLAMABAD, April 18: The Asian Development Bank (ADB) is willing to invest $5 billion in the Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline and wants to support energy sector projects in Pakistan.
Talking to reporters at the end of his two-day visit on Friday, ADB’s Director-General for Central and West Asia Department Jaun M. Miranda said that although the bank was willing to finance the Tapi project, it would not finance the $7 billion Iran-Pakistan-India gas pipeline project on which the United States had reservations. Read more
No commentsBBS course spotlight on finance
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MANAMA: Bahrain Businesswomen’s Society, (BBS) in co-operation with the Businesswomen Committee of Bahrain Chamber of Commerce and Industry is organising a finance course.
“Finance for Non-Finance Managers Level II” will be held from 9.30am to 1.30pm on Thursday at the Bahrain Institute of Banking and Finance (BIBF). Read more
No commentsForex reserves jump $482 m to touch $314 bn
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Foreign exchange (forex) reserves rose $482 million to touch $314 billion during the week ended April 11. After a pile-up of almost $8 billion in the past two weeks, the growth in reserves has slowed down this week. The government, on the other hand, is withdrawing surplus cash parked with the central bank, which is adding to the liquidity in the system in the process. Read more
Deutsche Bank cuts 150 corporate finance jobs-source
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LONDON (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research) has laid off about 150 people in corporate finance since January in addition to the less than 300 worldwide cuts made earlier in global markets, a source close to the bank said on Friday.
Deutsche Bank declined to comment.
The corporate finance unit let go of 70 people in late January and roughly 80 within the past few weeks, the source said.
The latest cuts have affected mainly junior employees, such as analysts and associates, from the unit which includes advisory, commercial real estate, asset finance and leasing, debt finance and equity capital markets businesses.
A spokesman for the German bank said on Jan. 16 it would cut up to 300 jobs worldwide in investment banking, or 2 percent of its workforce in that business.
Investment banking at Deutsche consists of global markets and global banking divisions, where corporate finance is part of the latter.
Financial companies have slashed between 60,000 and 70,000 jobs in the United States and Britain since the U.S. subprime mortgage crisis hit in August and dealt a blow to deal-making.
Royal Bank of Scotland (RBS.L: Quote, Profile, Research) has shed up to 200 jobs this week in parts of its debt and investment banking units worst hit by the slowdown in financial markets, people familiar with the matter said on Wednesday.
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