Retail forex traders now have access to gold and silver asset class on MahiFX platform.
London (PRWEB UK) 25 July 2012 MahiFX, the proprietary built retail foreign exchange trading platform, has introduced the facility for forex traders to trade precious metals with the introduction of gold and silver to its offering. The metals are tradeable against the US Dollar and at launch spreads in XAG/USD and XAU/USD will be 30 and 50 pips respectively during London hours.
“The introduction of gold and silver as an asset class represents one of many developments we have been working on to build out our product offering and enable traders to diversify their investment portfolio,” says David Cooney, CEO of MahiFX. “Gold has been falling since September and there is significant market interest around forthcoming price movements with many commentators predicting that gold is about to make a break out – the question is whether it will be on the upside or fall further. MahiFX clients can now express their own views on this exciting market.”
MahiFX, developed by ex-interbank traders, analysts and developers, is headed by David Cooney, former global co-head of currency options and e-FX trading at Barclays Capital and Susan Cooney, former head of electronic FX institutional sales in Europe for Barclays Capital. Operating as a market maker, MahiFX provides traders direct access to institutional level spreads and execution speeds through its proprietary-built fully automated pricing and risk management technology, lowering the cost of retail trading.
Consistent with MahiFX’s philosophy of equal access for all traders there is no minimum lot size, no commission fee and traders will be able to hedge their positions in the metals.
Developments are underway to provide the full range of Forex crosses and metals trading to Android and iOS powered mobile devices in the coming months.
To tweet this news, copy and paste: MahiFX adds gold and silver to its forex trading platform to your twitter handle with suggested hashtags #Forex #gold #metals #trading
To view this press release online please visit the MahiFX website media area.
Notes for Editors:
About MahiFX
MahiFX launched its new proprietary-built browser-based forex trading platform in February 2012.
Developed by a team of ex-interbank traders, analysts, statisticians and developers, MahiFX is headed by David Cooney, former global co-head of currency options and e-FX trading at Barclays Capital and responsible for the award winning e-commerce platform BARX and Susan Cooney, former head of electronic FX institutional sales in Europe for Barclays Capital.
MahiFX operates as a market maker and provides retail FX customers access to the same tight spreads and cutting edge technology as institutional FX traders. Prices are tradeable – there are no ‘from’ prices, hidden costs, slippage, re-quotes or minimum trade sizes.
MahiFX global operations are headquartered in Christchurch, New Zealand with offices in London. The company has dedicated development and support teams in both locations for 24 hour service. MahiFX is regulated by The Australian Securities and Investments Commission (ASIC), Australia’s corporate, markets and financial services regulator.
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Wells Fargo remains top US mortgage lender but share slips - Reuters UK
July 25 |
July 25 (Reuters) - Wells Fargo & Co remained the largest U.S. mortgage originator in the second quarter, but ceded market share to its biggest rivals, Inside Mortgage Finance said on Wednesday.
The fourth-largest U.S. bank made 32.4 percent of mortgages, down from a record 33.9 percent in the first quarter. The next three largest lenders -- JPMorgan Chase & Co, U.S. Bancorp and Bank of America Corp -- all gained share, according to the industry publication.
A surge in mortgage banking income helped Wells and other banks boost profits in the second quarter as homeowners continued to refinance at low interest rates.
Bank of America has fallen to fourth from second in the rankings since deciding last year to stop buying loans from smaller banks and mortgage companies, which is known as correspondent lending. But in the second quarter it showed the biggest increase in new loans, more than 18 percent, according to Inside Mortgage Finance.
Wells Fargo still has nearly three times the market share of its closest competitor, JPMorgan, but some of its rivals stepped up their efforts in the second quarter, said Guy Cecala, Inside Mortgage Finance's publisher. Bank of America, for example, has said it is adding more loan officers.
"Wells Fargo has a huge lead over other lenders, but the notion that they would take it from 30 percent to 40 percent was a little over optimistic," Cecala said. (Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by Tim Dobbyn)
MIDEAST MONEY-Egypt relies on c.bank to finance growing deficit - Reuters
* Government faces daunting fiscal challenge
* Borrowing costs a quarter of state outgoings
* Lending may raise questions over c.bank independence
By Patrick Werr
CAIRO, July 25 (Reuters) - Egypt's cash-strapped government has been borrowing from the central bank on a large scale over the last 12 months, an unusual measure that indicates it may be running out of options to finance its persistently high budget deficit.
The borrowing has helped the army-backed interim cabinet to keep the economy running during the delicate transition to democracy, but shows the sheer scale of the task the new government will face as it tries to resolve Egypt's daunting financial problems.
"Central banks don't lend to the government on that kind of a scale, except when there's no choice," said an economist based outside of Egypt, who did not want to named because of the sensitivity of the issue.
A popular uprising last year hammered the economy by chasing away tourists and foreign investors and sparking a series of worker strikes for higher wages. Gross domestic product (GDP)growth slowed to around 2 percent in the 2011/12 financial year from 5 percent or more in previous years.
The military-backed government in June 2011 rejected a loan that the IMF had offered to help it over the crisis and instead turned to the local market to finance its deficit, now running at 8.2 percent of GDP.
This has pushed the lending ability of local banks to the limit and caused the government's cost of borrowing to soar. In June the interest rate on 364-day treasury bills surged to nearly 16 percent from only 10.44 percent immediately before the uprising that unseated Hosni Mubarak.
In October, Egypt's then Finance Minister Hazem el-Beblawi warned that the local market's ability to lend to the government had almost reached its limit.
But in a draft budget published on Sunday, for the fiscal year that began this month, the government said it expects the budget deficit to grow by 12.5 percent to 135.0 billion Egyptian pounds ($22.26 billion).
A quarter of state expenditure would go to pay the interest on debt, which will rise 26 percent.
Information about direct government borrowing from the central bank appears on the bank's website, which shows its "net claims on government" rising by 71.7 billion Egyptian pounds ($11.8 billion) to 186.4 billion pounds during the fiscal year that ended on June 30.
This is equivalent to well over half of last year's 120 billion pound budget deficit and to about 4.5 percent of total GDP. Over the previous five years the net claims on government figure had remained relatively unchanged.
"If the central bank didn't do it, interest rates would have gone through the roof," said an economist at an international lending agency.
This type of borrowing at such high levels is unsustainable in the long term. It also makes it tougher for the government to build political momentum to reduce its deficit and risks stoking more inflation, economists say.
The central bank did not reply to an email seeking comment.
Until now, the creation of Egyptian pounds caused by the central bank's lending has been balanced by a simultaneous decline in foreign reserves, which is the other side of money supply. But once Egypt depletes its reserves, any further lending to the government would be pure monetary creation.
"It's not sustainable in a non-inflationary way," said an analyst with a Cairo-based investment bank. "After they run out of net foreign assets then all you have is this growth in net domestic assets. This risks triggering stronger inflationary pressure."
The government has been selling its foreign reserves to support the Egyptian pound, partly out of concern that a more expensive dollar would increase the cost of imports and boost inflation already running at about 8 percent a year, fuelling more political discontent.
During the 2011/12 fiscal year, reserves fell by $11 billion, an amount roughly equal to the amount of money the central bank lent to the government. Of the remaining $15.5 billion in reserves, only about $8 billion is in liquid cash or negotiable securities, economists say.
The drain shows little sign of abating. Despite large one-off inflows of dollars in May and June, reserves barely increased.
During those two months, Egypt received at least $1.5 billion in loans from Saudi Arabia and $1.5 billion from the sale of dollar-denominated treasury bills.
It also gained $500 million from an annual revaluation of the central bank's holdings of gold and collected at least part of the proceeds from the $3.15 billion sale of shares in telecoms operator Mobinil to France Telecom.
The government's borrowing and its determination to keep the currency pegged to the dollar also raise questions as to how independent the central bank is and whether fiscal rather than inflationary concerns are driving its policy, economists say.
But a banker with knowledge of central bank thinking compared the operation to quantitative easing in the United States, and said the amounts were still small enough to be within the safety range of monetary creation.
MotoNovo Finance Announces Free Online Finance Application - YAHOO!
Independent motor finance provider releases free online finance application for dealers.
(PRWEB UK) 25 July 2012 MotoNovo Finance are delighted to announce the release of a new online finance calculator and application form, for use on their customers and dealer’s websites. The application is free of charge and will be open to all MotoNovo Finance associated dealers with sites built by either Razor or Spidersnet. The latter of these platforms is especially linked with the car trading and car finance industry, supplying motor traders with sites and stock management for over a decade; with a portfolio stretching from SGM Fiat to Islington Motor Group. Spidersnet was also awarded winners of the 2012 Car Dealer Power Award for SEO services.
Now MotoNovo Finance are making their finance application available for free on these extremely popular website platforms. The application will allow the integration of an all new funding calculator and application system into their websites; meaning the decision and process of pursuing car finance is made that little bit easier.
The new software has been fostered by MotoNovo Finance in conjunction with Webzation and released in partnership with the motor digital marketing firms Razor and Spidersnet. Webzation use web-based technology to help revolutionise and maximise business, sales and profit for companies throughout the UK. They have a management team with a robust pedigree within the motor finance industry and possess an incredibly experienced IT crew.
It is hoped that the new software will make it easier for customers to calculate the costs of finance and turn potential customers into clients. Karl Werner, the sales and marketing manager at MotoNovo Finance, said that he expects the service will help to convert “virtual tyre kickers” by allowing potential consumers to calculate dealer finance offers against every car advertised for sale. Dealers are asked to request the free finance feature and it will be implemented as part of their website.
MotoNovo Finance, formerly Carlyle Finance, aims to become the market leader in independent motor finance and hopes that this new partnership will not only help them to achieve this but will also provide a helpful service to their customers. The new software package not only allows customers to calculate finance costs on various different models and then compare them, but also offers customers the opportunity to apply for finance directly. It is hoped that this will help existing customers to get the most from their relationship with MotoNovo Finance.
About MotoNovo Finance
As one of Cardiff’s leading providers of car finance, via motor dealers throughout the UK, MotoNovo Finance pride themselves on supplying products and services swiftly and efficiently. For well over forty-years, MotoNovo Finance have assisted more than a quarter of a million customers, earning them a two-star rating from ‘Best Companies.’
Supported financially by multi-national bank FirstRand, the motor finance company has also been awarded with the Investors in People Silver Standard award. With over 160 employees across the country, this expanding company is managed by a team with decades of motor finance experience.
Karl Werner
MotoNovo Finance
0844 7704438
Email Information
Forex Flash: EUR/USD with scope for moderate recovery in H2 2012 - Wells Fargo - FXStreet.com
"The main trigger for today's market moves are comments from ECB policymaker Nowotny who hinted at the possibility of giving a banking license to the European financial aid funds. To the extent that such a move would enable those funds to borrow from the ECB, their capacity could be increased substantially, which would be of particular significance for the larger peripheral economies such as Spain and Italy", they explain. "While some European policymakers have in the past spoken against the idea of a banking license, the recent rise in European bond yields is testing the tolerance levels of the European authorities, while prompting a search for policy options".
"With the convergence between the US and European rates already largely complete (European three-month interbank rates fell below US rates for the first time since January 2008), we suspect the euro's near-term direction will largely depend on the ability of European authorities to reverse the deterioration market sentiment", Wells Fargo says. "While significant risks remain, we still see scope for an easing in the Eurozone bond market tensions and a moderate euro recovery in H2 2012".
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