LISTED PRODUCT NEWS November 10, 2010 SOURCE ENTERS SWISS ETF MARKET Source entered the Swiss ETF market earlier this week with the listing of 15 exchange-traded commodities (ETC) on the SIX Swiss Exchange. Source has initially listed 14 T-ETCs (Treasury Bill-secured ETCs) that track S&P GSCI total return commodity indices and one physical gold P-ETC that tracks the spot gold price [...]
Five reasons for investing with ETFs November 10, 2010 IT HAS not been an easy few weeks for exchange-traded products (ETP). First, analysts as good as wrote off physically backed industrial metal exchange-traded commodities (ETCs) before they had even been launched. And earlier this week, an American report from the Kauffman Foundation criticised ETPs, arguing they might pose a greater threat to the markets [...]
All you need is ART November 10, 2010 Selector for ING Discerning EYE 2010 ON Tuesday night this week the Dutch bank ING hosted a private view for the annual art event it sponsors, the ING Discerning Eye exhibition, which features the works on this page among hundreds of others. Focussing on small works – small enough for easy hanging in the home [...]
Huge fines for airline cartel November 9, 2010 ELEVEN airlines including British Airways have been handed massive fines for running a price-fixing cartel on cargo flights, paving the way for a flood of compensation claims against the firms. The EU competition commission said the cartel was “deplorable” and fined the companies €799m (£688.4m), following a four-year investigation. The firms illegally fixed surcharges for [...]
StanChart hires 4,000 staff in Asia November 9, 2010 Standard Chartered yesterday revealed it will create 4,000 jobs in Asia, fuelling fresh fears that London is missing out on a global banking jobs boom. A StanChart spokesman told City A.M. the majority will be based in Singapore, with some in Indonesia. The announcement came as David Cameron and George Osborne arrived in Beijing to [...]
IMF: UK faces faster growth November 9, 2010 BRITAIN’S recovery is on track and it will continue to grow both this year and next, according to influential international body the IMF. In its annual forecast for the UK, it said that GDP would grow 1.7 per cent this year and two per cent next year, accelerating thereafter, with little expectation of recession. The [...]
PM’s trade targets missing the point November 9, 2010 TRADE missions look good on TV but in reality are little more than an expensive distraction. They allow politicians, including David Cameron, to travel to China, a bevy of CEOs in tow, and to take the credit for contracts and deals. Nearly all of these would have happened without the PM’s help; unfortunately, he appears [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 9, 2010 FINANCIAL TIMES EX-CLINTON AIDE TO ADVISE NEWS CORP ON EDUCATION Joel Klein, the chancellor of New York City’s schools and former deputy White House counsel to Bill Clinton, is joining News Corp as a senior adviser to Rupert Murdoch, as the company looks to make investments in educational start-ups. ASIAN EQUITY HEDGE FUNDS OUTPERFORM Asian [...]
BGC sues Tullett for theft November 9, 2010 BGC Capital Markets has accused its fellow inter-dealer broker Tullett Prebon, run by Terry Smith, of stealing proprietary pricing data and began a lawsuit yesterday to recover the resulting profit. BGC filed a complaint at the New York supreme court yesterday that centred around US Treasury data that BGC supplies to Tullett Americas for use [...]
Fitch fired by Portugese bank November 9, 2010 One of Portugal’s biggest banks fired credit-rating agency Fitch yesterday after it was downgraded for the second time since July. Banco Espirito Santo told the stock market the move from an A rating to BBB+ did “not reflect the financial soundness of the bank”, which it said was in a “strong position…to face current challenges”. [...]
