| UK currency printer reports increase in production
UK security printer De La Rue today said it was making more money than expected after seeing strong demand across all its businesses.
The group, which made underlying profits of 76.2m (114m) in its last financial year, said its results would be significantly ahead of the Citys forecast for profits of around 90.7m (136m) in the year to March 31.
Shares were 6% higher today as Basingstoke-based De La Rue said it was also confident about prospects for the next financial year.
The company is involved in the production of more than 150 national currencies and a wide range of security documents such as passports and travellers cheques. It also provides cash handling equipment and software to banks and retailers worldwide, helping customers to reduce the cost of handling cash.
Stiffer penalty for illegal forex trading
Kuala Lumpur: The Government has imposed stiffer punishments to curb illegal forex trading by increasing the amount of penalty from RM10,000 to RM1 million and a jail sentence of between three to five years, said Deputy Finance Minister Datuk Dr Ng Yen Yen. She said the Government had amended the Foreign Exchange Act (1953) to provide stiffer sentences for those involved in illegal forex trading. The amendment took effect on Jan 1 this year. "Last year, five illegal forex traders had been caught and now the Bank Negara is investigating 10 cases," she told reporters after launching the Sports Toto Chinese New Year Ang Pow Donation campaign, here, Thursday. Dr Ng said the Ministry of Finance had received many complaints from those had been cheated by the so-called "forex agents" who offered forex investment schemes such as those on Iraq and Iranian currencies.
Russian cbank lets rouble rise, reweights fx basket
MOSCOW, Feb 8 (Reuters) - Russia's central bank allowed the rouble to strengthen by half a percent on Thursday and cut the U.S. dollar's weighting in its target foreign currency basket, following days of speculation it would make such a move. Analysts called the rouble's revaluation against the dollar-euro basket, used as a policy guide by the central bank, a pre-emptive strike against inflation that is likely to be stoked by pre-election government spending. In a later announcement, the central bank changed the dual forex basket's composition to 55 U.S. cents and 45 euro cents, from 60 U.S. cents and 40 euro cents before. It gave no reason for the change, the latest in a series of incremental steps. But analysts said the shift appears designed to insulate Russia from possible weakness in the dollar resulting from the huge deficits on the U.S.
Traders Receive an Account Bonus for Transferring to Global Forex ...
(openPR) - Global Forex Trading (GFT) announced today that it will offer traders up to $1,000 when they open a new GFT forex trading account by transferring funds from an equities, futures or forex brokerage. Traders who transfer funds to open a new GFT account before Feb. 28, 2007, can earn a bonus of $100 to $1,000, based upon the size of their account deposit and the number of trades they complete within three months of opening their account. This incentive is part of a global initiative launched by GFT to encourage traders participating in traditional markets to try the $2 trillion daily forex market using GFT's award-winning software, DealBook® 360. The rapidly growing forex industry and GFT's successful DealBook® 360 software has proven to be a powerful combination in the marketplace.
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