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Forex Flash: Leveraged funds significantly long USD, but only against the EUR - Standard Chartered - FXStreet.com
David Cameron: no 'bottomless pit of money' to fund fuel duty cut - Daily Telegraph
"I think people sitting at home know that the Government doesn't have a bottomless pit of money," he said.
"Obviously we look at all these things, I think there are dos and don’ts for the Government. What the Government mustn’t do is try and borrow its way out of debt. You can’t borrow your way out of the situation we’re in, it would be very dangerous for Britain.”
He suggested that the Coalition would focus on making sure householders and businesses have access to cheap loans.
"What we can do is use the fact that we have credibility, we have some of the lowest interest rates we’ve had in Britain for hundreds of years, use that credibility to make sure those interest rates are also available to the homeowner, to the small businessman wanting a loan,” he said.
Danny Alexander, the Chief Secretary to the Treasury, has already signaled that the Government is unlikely to be able to afford to scrap the increase.
“Given the huge issues we have with public finances, we also need to make sure that we’ve got the money coming through the tax system, and the increase in fuel duty is part of that,” he said earlier this week.
Motorists groups have urged the Government not to take advantage of the recent falling petrol prices to argue that the 3p tax rise should go ahead.
Brian Madderson, chairman of the Petrol Retailers Association, said it would be “opportunistic” of the Treasury to hope that people would not notice the extra tax.
“David Cameron knows it is right to scrap this increase while the country struggles with a second recession,” he said. “The decision to do so would not be a U-turn, but common sense prevailing as the economic outlook deteriorates.
“Road fuel is no longer a luxury but an essential part of everyday life. The planned duty increase will penalise lower income earners, pensioners and the unemployed and will push inflation up."
The average price of petrol has fallen by 9.83p a litre since its peaks in April to around 132.65p this week.
The price of oil on the international markets has fallen by around a quarter since March, helping to bring down inflation.
However, Paul Watters, head of public affairs at the AA, warned that the planned duty rise will only "increase the inflation rate and put more pressure on hard-pressed families and business in the UK once again”
Sopranos star 'was friend of real-life mobster who tried to extort money from Joe Pesci's cousin' - Daily Mail
By Lyle Brennan and James Nye
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A star of hit TV series The Sopranos made a dramatic appearance in the trial of a real-life mob boss today - as a court saw a gangster accused of trying to recover a loan for the actor.
Federico Castelucci, who played a feared hitman in the hit HBO series, allegedly lent $50,000 to a restauranteur - Joe Pesci's cousin - and struggled to get the money back.
A recording played in a New York courtroom today appears to shows Mafia boss Andrew 'Mush' Russo ordering one of his lieutenants to 'recover' the money.
Assistant U.S. Attorney Liz Geddes for the prosecution says Russo can be heard talking about how his friend, Castelluccio had invested thousands in Gino Pesci's New Jersey Italian bistro, and orders one of his 'captains' to demand the money back from Mr Pesci.
Courtroom drama: Federico Castelluccio, left, played Furio Giunta on The Sopranos and allegedly loaned $50,000 to Gino Pesci to open a restaurant in New Brunswick. Mob boss Andrew 'Mush' Russo is accused of ordering one of his associates to demands the money back
The New York Post reports Russo says: 'Joe Pesci’s cousin. He [cheated] some kid... took $70,000. When they went, when they went to grab him, [he said] "I blew it, I don’t have it'.
'This kid, you know the kid, Federico Castelluccio?... The kid who played Furio on the Sopranos.'
The mafioso does not appear to give his man specific instructions on how he should get the money back, but federal agents believe it would be through means of extortion.
'I'll get you all the information,' Russo is heard to promise.
However, court papers show Russo's lawyer, George Galgano insisted the conversation was merely an innocent discussion between film fans.
He contends that his client had been talking about the role played by Joe Pesci - his alleged target's famous cousin - in the hit children's Christmas movie Home Alone, starring Macaulay Culkin and directed by John Hughes.
Arguing in court papers that Russo never intended to extort any money from Gino Pesci, Mr Galgano wrote, 'This never happened'.
Sticking to their claim the Russo was only discussing Joe Pesci's role in 'Home Alone', Mr Galgano wrote that Russo also mentioned a script that Gino Pesci is supposed to have borrowed money for.
Edie Falco (left) and Federico Castelluccio (right) appearing as Carmel Soprano and Furio Giunta respectively on the hit HBO show
Countering the prosecutions version of events, Mr Gargano seems to suggest in the court documents that Russo had been misinformed, and that there was no script, no dispute and no money owed to Mr Castelluccio.
Regardless of Russo's claims it was enough for Judge Kiyo Matsumoto to reject a bail request by Russo, who is due to go on trial for racketeering, saying: 'The evidence in this case is strong.'
The origin of the case against Colombo street boss Russo stems from Castelluccio investing $50,000 in 2002 in Gino Pesci's Attilio Pasta Kitchen, based in New Brunswick.
Folding two years later, Gino Pesci acknowledged that his relationship with Castelluccio fell apart.
Andrew 'Mush' Russo's defence claimed that he was talking about Joe Pesci (pictured right) and his appearance in the hit 1990 film 'Home Alone' which Joe Pesci starred in
'Federico is an incredible artist, but he’s not a businessman. Maybe that’s why he took it harder than the rest,' said Pesci to the New York Post.
However, a bone of contention opened up between the two when Pesci went on a spending spree after the closure, while Castelluccio felt that his investment should have been returned claims the New York Post.
It is known that Castelluccio and Russo are friends and in 2011 the actor showed up at Russo's bail hearing in Brooklyn.
Ray Liotta (left), Robert de Niro (second left), Paul Sorvino and Joe Pesci (right) starred in the 1990 film 'Goodfellas' about organised crime in the 1960's and 1970's
At the time of a an October 2011 article in the New York Post investigating his friendship with Russo, Castelluccio issued a statement.
'Gino Pesci has never owed me any money, and therefore, it is hard to imagine why anyone would even think about asking him for anything on my behalf.
'It never happened. And anyone who claims that it did happen is simply not telling the truth.'
Both the Sopranos star and Gino Pesci deny any knowledge of an extortion plot.
As well as the charge relating to Mr Pesci, Russo is accused of extorting medical expenses from the rival Gambino crime family, after one of their number allegedly stabbed a Colombo family mobster.
FXCM Leads The Way In Forex - Seekingalpha.com
Forex refers to the market in which currencies are traded. The forex market is the largest, most liquid market in the world with an average traded value that exceeds $1.9 trillion per day and includes all of the currencies in the world. The market is open 24 hours a day and currencies are traded worldwide. When forex trading first started popping up, the markets were very risky. It was new and so the rules and regulations were a bit confusing and a bit slim. The high volatility of the currency markets was, and for the most part still is, a factor that most investors have trouble stomaching. The internet is flooded with trading systems promising to make you rich. Everyone claims to be an expert. However, as more and more reputable sources are touting the successes of forex trading, the market is slowly growing.
Retail foreign exchange broker FXCM (FXCM) recently acquired a 50% controlling stake in boutique computer-model driven trading firm Lucid Markets Trading Limited for $176 million. This deal serves to underscore the clout of new, often high-speed trading firms. U.K. Based Lucid Markets has seen a stellar rise in its status in the traditionally banks-dominated field of price-making. The company has had only four days of losses since its inception in 2009, the biggest one-day loss being less than $70,000. This is the largest acquisition that FXCM has undertaken. FXCM traditionally serves individual market traders, but in recent years has made a push into the institutional space. This deal will extend its capabilities into the institutional currency markets. In addition, FXCM will have the right to purchase the remainder of the business within the next four years. This will give FXCM in expanding its business past individual traders.
E*Trade Financial Corporation (ETFC) is a popular online brokerage for the individual investor. In recent years they have partnered with FXCM to bring forex trading services to their wide clientele. Ameritrade (AMTD) offers forex services for its clients through its own proprietary forex trading platform. Interactive Brokers (BKR), similar to Ameritrade, also offers its investors forex trading services through its own proprietary platform. However, while E*Trade and Ameritrade target the everyday investor, Interactive Brokers caters to the more high net worth clientele. Interactive Brokers also offers its services to institutional investors. However, if you are looking for a solid forex experience, this is FXCM's area of expertise.
As more and more people are facing their fears in the forex markets, those companies that cater to the needs of foreign currency exchange investors will see their companies grow. This is a global market with endless opportunity for growth. FXCM is perhaps one of the largest forex brokers. They are certainly one of the most reputable and well-respected. This company, especially with its new acquisition, would make a great addition to any long-term portfolio. And without the risk and volatility of actually investing in forex markets.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Julian Assange's leading supporters face losing £240,000 in bail money - The Guardian
Some of Julian Assange's most prominent supporters stand to lose up to £240,000 in bail money, provided to secure the WikiLeaks founder's freedom when he first faced extradition proceedings.
A leading criminal lawyer said that following Assange's decision to seek asylum in the Ecuadorean embassy in London and breach the terms of his bail, they would have to persuade the courts why they should not forfeit their money and prove they had done all they could to prevent him breaking the court order.
A group of celebrities and activists, including the socialite Jemima Khan, film director Ken Loach and publisher Felix Dennis, posted cash security of £200,000 to Westminster magistrates court with a further £40,000 as promised sureties when Assange was freed in December 2010.
"The people who have posted the money would have to go to court and plead their case as to why they shouldn't lose their money," said Oliver Lewis, partner at solicitors Powell Spencer and Partners. "There would have to be a pretty good reason why the money shouldn't be forfeited. Usually the court says 'thank you very much, you have lost your money'. You have to show that you have been vigilant and put every effort in to stop it happening."
Vaughan Smith, the founder of the Frontline Club for journalists, hosted Assange at his Norfolk home for over a year and stands to lose £20,000.
"It is not clear to me whether I have a liability but either way I am concerned," he said. "I do believe Julian genuinely feels he will be sent to America – and of course I think the money is important because it relates to the welfare of my wife and children, but they don't feel they are at risk of being sent to America.
"I remain a supporter and it is important we recognise he is a western dissident. There are a lot of people who believe the work he did at WikiLeaks was in the public interest."
Khan confirmed on Twitter that she had also posted bail money for Assange. "I had expected him to face the allegations," she said. "I am as surprised as anyone by this."
Tracy Worcester, the model and actress turned environmental campaigner, confirmed that she had put up a surety for Assange but said she had not yet been able to speak to his legal team about the latest developments and declined to comment further.
The human rights activist Bianca Jagger denied reports that she had contributed to the bail money, tweeting: "I would like to set the record straight. I didn't post bail for Julian Assange."
A spokeswoman for the courts service said it was normal for breaches of bail to be considered at the court that set the bail conditions in the first place, in this case Westminster magistrates court.
"What happens to the money will be decided by a judge if and when he is brought back before the court," she said. "It depends on what the police say about what they think a person has done and what should follow on from that."
FOREX-Dollar resilient after Fed largesse, euro dips - Reuters UK
* Fed adds to twist, leaves options open for more QE
* Aussie extends losses slightly after weak China report
* NZD buoyed by surprisingly strong GDP (Adds comments, updates prices)
By Masayuki Kitano and Ian Chua
SINGAPORE/SYDNEY, June 21 (Reuters) - The dollar held above a one-month low against a basket of major currencies on Thursday, no worse for wear even after the Federal Reserve delivered another dash of monetary stimulus and said it was ready to do more if necessary.
What prevented dollar bears from rampaging was the fact the Fed stopped short of launching a more aggressive programme of buying bonds outright, or QE3, which some in the market had expected, traders said.
The central bank expanded its "Operation Twist" by $267 billion, meaning it will sell that amount of short-term securities to buy longer-term ones to keep long-term borrowing costs down. The program, which was due to expire this month, will now run through the end of the year.
Analysts said the outlook for the dollar remained clouded with more market players likely to position for fresh stimulus from the Fed following the central bank's move to downgrade its U.S. growth forecast.
"We expect more monetary easing down the road," Rabobank's senior U.S. strategist Philip Marey wrote in a client note. "The unemployment rate is still far above its target and expected to remain above target at least until 2014. What's more, the recovery remains fragile and uneven."
The dollar index stood at 81.588, staying above a one-month low of 81.186 hit earlier in the week.
The euro dipped 0.3 percent to $1.2672, having risen to a high of $1.2744 the previous day, near a one-month peak of $1.2748 set on Monday.
A focal point for the euro is the possibility of further policy steps to contain the euro zone's debt crisis.
The single currency got a lift on Wednesday after German Chancellor Angela Merkel said that both of Europe's bailout programmes included mechanisms for buying state debt on the secondary bond market.
Merkel stressed that this was a "purely theoretical" question and was not being discussed.
Her comments, however, were taken by traders as leaving the door open for such bond purchases, said a trader for a major Japanese bank in Singapore.
"Merkel's remarks seem to be leaning toward doing whatever it takes, so I was expecting to see a further unwinding of risk-off positions today," the trader said, adding that the market's moves so far on Thursday had caught him off guard.
Against the yen, the euro slipped 0.3 percent to 100.83 yen , backing away from a one-month high of 101.42 yen hit on Wednesday.
Euro-selling by Japanese exporters helped drag the single currency lower against the yen, said a trader for a European bank in Tokyo.
The dollar held steady against the yen at 79.57 yen, getting some support after U.S. Treasury yields edged up the previous day.
SURVEY SHOWS CHINA WEAKNESS
The prospects of more stimulus, eventually, from the Fed helped underpin the euro and commodity currencies.
The Australian dollar dipped 0.2 percent to $1.0163 , but was not far off a seven-week high of $1.0225 set overnight.
The Aussie dollar hit an intraday low after a private-sector survey showed that China's factory sector contracted for an eighth straight month in June, with export orders at their weakest since early 2009.
Still, the Aussie dollar's reaction to the signal of weakness in China was relatively subdued.
"I think the indications from China at least, are that they are taking the slowdown a bit more seriously. So I don't think the number is going to be a huge driver," said Todd Elmer, currency strategist at Citi in Singapore.
If the weakening in Chinese data is sustained, however, market players may start to question the effectiveness of Chinese policy steps to support its economy, Elmer said.
"That could present a much more serious threat to Aussie strength," he added.
China is Australia's top export market and developments there tend to affect the Australian dollar.
Earlier on Thursday, the New Zealand dollar jumped above $0.8000 for the first time since early May after data showed New Zealand's economy grew 1.1 percent in the January-March quarter, more than double what economists had expected. (Additional reporting by Antoni Slodkowski in Tokyo; Editing by Richard Borsuk)
Cuba brushes off Miami money laundering allegations - Reuters UK
HAVANA |
HAVANA (Reuters) - Cuba brushed off allegations that it has been used as a money-laundering centre for a U.S. healthcare fraud scheme in Florida, saying on Wednesday it closely regulates domestic and foreign banking operations on the island.
"It is not Cuba, but rather the United States that is the central country for money laundering in the world," Johana Tablada, deputy director for North American policy at Cuba's Foreign Ministry, said in a statement to Reuters.
U.S. prosecutors in Miami have charged a South Florida man with funnelling into Cuba more than $30 million (19 million pounds) obtained illicitly from Medicare, the U.S. federal health insurance program for the elderly.
They said there was no evidence that the Cuban government was involved, although some Miami news reports cited outside experts who said it had to be aware such large amounts of money were flowing in.
Prosecutors said the money was moved to Cuba through foreign shell companies and banks in Canada and Trinidad, including Republic Bank of Trinidad's Havana branch.
So far, Republic Bank officials have not responded to requests for comment.
Tablada said foreign banks in Cuba "are obligated to operate in strict adherence to international and Cuban regulations and must answer for the trustworthiness of their transactions and the correct use of their accounts to pass lawful operations."
Cuban banks have "a mechanism of vigilance and supervision," directed by the country's central bank, to detect fraud, Tablada said.
Cuba also cooperates with banks elsewhere to detect fraud, but, due to the longstanding U.S. trade embargo against Cuba, not with American banks, she added.
Because of U.S. policy toward Cuba "this type of collaboration does not exist with North American institutions," she said.
Because of the embargo, "transactions that Cuba makes with foreign banks are done in different currencies from the United States dollar, which causes substantial losses to our finances," she said.
(Reporting by Jeff Franks; Editing by David Adams, Tom Brown and Vicki Allen)
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