Market research
US companies' inability to exceed earnings expectations, combined with their conservative forecasts for 2004, led to a lackluster performance on Wall Street yesterday. The dollar continued to face pressure, despite recovering some losses, and the euro remained strong following comments from European Central Bank officials. Despite this, Corporate America
Markets (Economics)
Four foreign exchange dealers at the National Australia Bank have been suspended after running up losses of $180m through unauthorised derivatives deals over a three-month period. The scandal, which began last October, resulted in the bank asking regulators for assistance in investigating the matter. The unauthorised trades in options on
Stocks
Hedge fund managers have come under fire for charging unusually high fees, with a report revealing that they charge an average of 80% more in fees than offshore equity fund managers. According to the report by Fitzrovia, a London-based fund research company, this excessive fee charging is further exacerbated by
Stocks
Investors in two collapsed Hong-Kong-based hedge funds, Global Diversified Trading (GDT) and Global Opportunities Trading (GOT), are anxiously waiting for the outcome of a regulatory investigation into the funds' collapse more than a year ago. The liquidator, Deloitte & Touche, is expected to release its report by the end
Markets (Economics)
The platinum market has seen a significant surge in recent months, with prices reaching a 24-year high of $852 an ounce. The sell-off in December, triggered by a weakening of the South African rand, has been swiftly reversed, prompting investors to buy on dips. The platinum market is heavily influenced
Market research
The row between the Financial Services Authority and Standard Life has sent shockwaves through the industry, as the mutual's 2.3m with-profits policyholders face further cuts in annual bonus rates. Standard Life is struggling to meet the regulator's new "realistic" reporting regime, which seeks
Market research
Woori Financial Group's plan to sell a 15% stake through an American depositary receipt issue has been pushed back to May due to concerns over the impact of LG Card's financial troubles. As the main creditor of LG Card, Woori has suffered from rising bad loans
Stocks
A record number of companies have left European stock markets this year, totaling a staggering $20 billion ( £16 billion) exodus. This trend marks a significant shift, with the value of public-to-private deals surpassing the money raised by new listings. In the UK, $10 billion of equity disappeared from the stock
Stocks
Markets in London continued their winning streak, with the FTSE 100 reaching a 16-month high of 4,457.5 after a 0.3% gain. The mid-cap FTSE 250 also rose by 0.4% to 5,775.9. Retailers were a key focus, with Next, Gus, and Matalan experiencing significant gains
Markets (Economics)
US retail sales showed mixed signals over the holiday period, with both Sharper Image and Amazon.com reporting strong preliminary sales despite warnings from some traditional retailers. Sharper Image reported a 21% increase in same-store sales and a 30% jump in group sales, while Amazon.com claimed to have enjoyed
Markets (Economics)
The technology industry is on the brink of facing a significant hit in 2005 due to changes in US accounting rules that will require companies to deduct the cost of employee stock options. Despite the rearguard fight from Silicon Valley, the standards-setters are unlikely to back down, potentially wiping out
