In U.S. Cybercrime Case, Track Record Indicates Russia Willing To Cooperate
While dozens of arrests were made last week by U.S. authorities investigating a multinational, multimillion-dollar fraud ring, not all those named in the case are in the United States. U.S. officials …
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ACM – Your Online Forex Trading Solution
If you are actively trading in the New York Stock Exchange, one of the most active exchanges in the world, you should be very thankful. Its total daily transactions are averaging approximately at U.S. $50 billion, making it the largest stock exchange in the United States in terms of dollar volume. There are many individuals who want to get their feet wet on the ground of this New York City-based stock exchange.
Yet, you are luckier if you are actively involved in trading foreign currencies, or commonly known as Forex trading, which is considered to be the largest market on the world. Its average daily trading turnover is approximately U.S. $2 trillion, exceeding the combined magnitude of all other equity markets, including the New York Stock Exchange. Thus, you are luckier since you have the opportunity of getting more profits out of that $2 trillion traded everyday.
If you are not yet involved in Forex trading, then you are currently missing the benefits of trading foreign currencies-24 hour trading time, transactions conducted in real time, extreme liquidity, and others. Thus, you should decide to get a Forex trading account and start trading right away.
However, just like other types of investment, you must be aware of what kind of ground you are stepping into. In other words, before getting a live Forex trading account, you must be properly educated first about the background of Forex trading. You must learn how you will maximize your earning potentials as well as decrease the risk that you are into through practicing with free demo accounts. Moreover, you must have a trading system to follow and the necessary tools that will help you analyze varying conditions of the Forex market to position yourself on the profiting aspect of a certain trade.
Once you know what you are getting into, you are now ready to get your live Forex trading account, web-based trading system and platform, and other tools that you will need in your Forex trading career. Most neophyte Forex traders obtain their trading accounts and platforms through a Forex brokerage company or agents. There are many brokerage firms out there and you need to be selective, or else you will suffer the adverse consequences.
If you are still uncertain which Forex trading company you will trust in the early start of your Forex trading career, why don’t you try ACM Forex? They probably got what you need and at the same time the key towards the success of your Forex trading career.
ACM Forex stands for Advanced Currency Markets Forex, a Swiss-based online Forex trading company that is founded in the city of Geneva, Switzerland in 2002. Since it was founded on that year, ACM is now one of the major Forex institutions, particularly in online day trading, with an average monthly trade volume of U.S. $70 billion. They offer their clients quick access to the speculative Forex market through online dealing platforms that allows forward and stop trading of 27 pairs of foreign currencies as well as of several precious metals.
If you will open a live Forex trading account with ACM Forex, you will receive several benefits such as the following:
o WYCIWYG or “what you click is what you get” advantage. It means that the price you clicked on at the start of the deal will be the price you are executed at, thus no single movement on the foreign currency price.
o NRFQ or “no request for quote”. You can click on any live streaming price list and there are no requisites even on fast markets. Expect that there will be no dealer intervention and timers.
o There will be no commission collected for every transaction that will be completed using the ACM Forex trading platform. All profits will go to your pockets and not to somebody else.
o You are allowed to have multiple online trading platforms for maximized trading flexibility.
o With ACM Forex, your risk is only limited to deposits or funds. Thus, you will never owe more than what you have invested in your Forex trading account. This means that there are no negative balances, whatsoever.
o You can open a live Forex trading account for as low as U.S. $5,000.
o There are 27 pairs of foreign currencies that you can trade within several clicks.
o You have access to 24-hour foreign currency trading and technical support services even on weekends.
o There are no confirmation delays-only instant and real time trade executions.
o Secured online trading platform.
o Technical analysis and real time charting tools for your market evaluation tasks.
With ACM Forex, the start of your Forex trading career is as good as a veteran trader. A good jump start and continuous success awaits you in ACM Forex.
Author: Seth Hamilton
Article Source: EzineArticles.com
Canadian crossborder shopping
China Pledges to Balance Trade as U.S. House Prepares Tariff Vote
Washington, D.C., United States (AHN) – The Chinese government announced Wednesday it would allow the value of its currency to rise one day before a vote in Congress on whether to penalize countries that undervalue their money.
China will “further improve” its currency exchange rate and “increase the flexibility” of the yuan, the People’s Bank of China said in a statement on its Web site.
U.S. economists accuse China’s government of subsidizing its currency exchange rate to make it artificially low compared to the currency of the United States and other countries.
As a result, its manufactured products can be sold internationally at lower prices compared with competitors.
Some members of Congress say the undervalued Chinese currency is unfair competition that is forcing American manufacturers out of business and has cost millions of jobs.
A bill in Congress would allow American companies to petition the U.S. government to impose tariffs on the products of any country with undervalued currency, such as China.
The bill is set for a vote Sept. 30 in the House of Representatives. The Senate plans to vote on its version of the same bill after the November elections.
“The bill we vote on this week will help level the playing field for American businesses and workers,” House Majority Leader Steny Hoyer (D-Md.) said in a speech Tuesday.
However, a new Congressional Budget Office report questions whether the proposed legislation would be effective in equalizing trade between China and the United States.
Some economists say China’s undervalued currency helped it surpass Japan this year as the world’s second largest economy. China beat out Germany last year as the biggest exporter.
Chinese government reforms would “enhance exchange rate flexibility against the backdrop of a recovering global economy,” the People’s Bank of China announcement said.
However, it gave no details of the planned reforms.
Some members of Congress are skeptical of the Chinese government’s sincerity.
In June, the Chinese made other pledges to stop underwriting the value of their currency.
Since then, the value of the Chinese yuan has risen only 2 percent while the value of the U.S. dollar declined amid ongoing economic problems.
During congressional hearings in recent weeks, economists said China’s exchange rate has contributed to the high U.S. unemployment rate, which stands at 9.6 percent.
Congress is under pressure from voters and industry to create more jobs.
The Precision Metalforming Association, a trade group of small auto-parts makers, said in a statement this week that China’s currency exchange rate “gives an unfair and illegal advantage to our overseas competition.”
China’s central bank did not mention the pending congressional bill in its announcement Wednesday of currency reform measures.
The new value of the yuan would be “based on market supply and demand with reference to a basket of currencies,” the Web site announcement said.
If Congress does approve the trade bill, the new tariffs are likely to raise only $20 million a year, a Congressional Budget Office report released this week said.
The $20 million a year is tiny compared with the $1 billion per day China imports into the United States, the report said.
“Many [Chinese] imports do not injure domestic firms because there are no competitors currently operating in the United States,” the Congressional Budget Office report said.
U.S. businesses that previously made the products already have shut down after being overwhelmed by foreign competition.
As a result, there are likely to be few U.S. manufacturers who would petition for the U.S. government to impose tariffs on Chinese competitors, the Congressional Budget Office reported.
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US delays debut of 100-dollar bill
The United States has postponed the launch of redesigned 100-dollar bills indefinitely due to production problems.
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Schwarzenegger vetoes Calif. ski safety bill
Gov. Arnold Schwarzenegger has vetoed legislation that would have imposed the nation’s toughest safety standards at California ski slopes. Schwarzenegger on Friday signed legislation that would have required helmets for skiers and snowboarders under 18. But… Arnold Schwarzenegger – California – Snowboard – United States – Veto
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PGA Tour Championship Is Like A Wall Street Payday
Atlanta, GA, United States (AHN) – It is a payday that would make a Wall Street hedge fund manager take notice.
The Tour Championship, the PGA Tour’s version of the Super Bowl, is a cash bonanza. There is huge money there for the taking at the East Lake Golf Club outside Atlanta this week.
And get this, with only 30 players left to divide the spoils, the rich get richer this time of year on the PGA Tour.
The Tour doesn’t like to talk about money. It prefers to talk about all the dollars that are donated to charity over the course of a long golf season. But the fact remains that even the unlucky guy who finishes dead last on Sunday, will walk away with $295,000.
Not bad for hitting four days worth of substandard golf shots, but just chump change compared to the top of the heap.
The FedEx Cup bonus pool, the cash carrot that has been dangled in front of the tour’s players all season, starts with a whopping $10 million to the winner. The top five players who have emerged from three weeks of “playoffs” leading up to this money-grab opportunity, have the best chance of carting off the $10 million.
The $10 million is just for the winner, there is a total pot of $35 million that will come into play on Sunday.
Matt Kuchar, who lives near East Lake for the time being, but will soon call Sea Island on the coast of Georgia his new home, is first in the standings and naturally has the best chance to win it all. He’s followed in the top five by Dustin Johnson, Charley Hoffman, Steve Stricker and Paul Casey.
So you don’t finish first and win “The Cup” — no problem. Would you settle for a mere $3 million? The overall FedEx Cup runnerup banks that amount. Third place, $2 million, fourth $1.5 million and fifth, a lousy $1 million.
It’s like a Wall Street bonus payment week.
Tenth in the final standings still warrants a $500,000 payday.
Oh, and don’t forget the prize money for the Tour Championship. There’s still $7.5 million to pass out there. There’s the measly $1,350,000 to the winner, $810,000 to the runnerup, $517,000 for third, $360,000 for fourth and $300,000 to finish fifth.
Last man in the field pockets $120,000 with the chance for another $175,000 from the FedEx pool.
Nice work if you’re good enough to have a tour card and finish in the top 30.
However, the world’s richest golfer won’t get richer this week.
Tiger Woods, the top-ranked player in the world, did not earn a spot in the championship and he’ll have to be content to keep working on his game for the upcoming Ryder Cup matches.
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Treasuries Yield Increases On 10-Year Notes
New York, NY, United States (AHN) – Mid-day trading on Wall Street markets by investors sent Treasuries falling for the third consecutive Friday.
As 10-year Treasuries fell, the yield rose to a one-month high, a signal that investors did not anticipate the world’s largest economy was falling into another recession.
The yield on 10-year notes gained 3 basis points as of mid-day Friday, which was 0.03 percentage points, to 2.79 percent. So far this week, yield on the notes has gained 8 basis points.
News on Friday that U.S. inventories grew the most in two years, coupled with news on Thursday that first time jobless claims were down, helped to bolster investor confidence.
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General Guides for FOREX Trading Newbie
Being new to FOREX trading? Don’t worry, getting started in FOREX trading is easy and you can always test your skills first in a demo account before you go ‘live’ with real money. To get started in FOREX trading, we have to get to know what FOREX is. For the inexperienced, FOREX trading involves buying and selling the different currencies of the world. A FOREX deal is made when one buys one currency and sells another at the same time. It is always traded in pairs, Euro/USD, CHF/USD, USD/JPY…you get ‘short’ in a currency every time to buy another and the profit is made when you buy-low and sell-high.
FOREX market is the largest trading market in the world. It yields an average turnover of $1.9 trillion daily and the figure is nearly 30 times larger than the total volume of equity trades in United States. FOREX trading is very unique as the trades are done between two counterparts via electronic network or telephone connections. There is no centralized location as stocks or futures markets and trades are done around the clock. Everyday FOREX trade begins when the financial centers in Sydney start their day, and moves around the globe to Tokyo, London, and then New York. Traders can always response to the market regardless of the local time.
Although FOREX trading involves such a big volume of trades nowadays, it is not made available for the publics until year 1998. In the past, the FOREX market was not offered to small speculators or individual traders due to the large minimum business sizes and extremely strict financial requirements. At that time, only banks, big multi-national cooperation and major currency dealers were able to take advantage of the currency exchange market’s extraordinary liquidity and strong trending nature of world’s main currency exchange rates. Only until the late 90s, FOREX brokers are allowed to break huge sized inter-bank units into smaller units and offer these units to individual traders like you and me. Nowadays with the rapid growth of Internet and communications technology, FOREX trading has become one of the hottest make-money-at-home-businesses for those who wish to avoid conventional 9-5 day job.
As a fact in FOREX trading, FOREX is mainly traded in large international bank. According to Wall Street Journal Europe, 73% of the trade volume is covered by the major ten. Deutsche Bank, topping the table, had covered 17% of the total currency trades; followed by UBS in the second and Citi Group in third; taking 12.5% and 7.5% of the market. Other large financial cooperation in the list is HSBC, Barclays, Merril Lynch, J. P. Morgan Chase, Coldman Sachs, ABN Amro, and Morgan Stanley. For market participants segment, approximately half of the transactions done were strictly between dealers (i.e. Bank, or large currency dealer); others are mainly between dealer and non-financial institutions.
To start trading on FOREX, one must first learn how to read FOREX quotes. Foreign exchange quotes are always listed in pairs (e.g. USD/JPY 109.2): the first listed currency is known as the base currency with a constant value of 1 unit; while the currency listed in the second is known as counter. In our given example, USD/JPY 109.2 means a dollar of United States Dollar is equal to 109.2 Japanese Yen. In other words, the quote shows the relative value of one currency compare to the other. It means the value USD had been increased when USD/JPY quote goes up
However, a two-sided quote (e.g. EUR/USD 1.2435/1.2440) consisting of a ‘bid’ and ‘ask’ is often seen. The ‘bid’ price is the price at which you can sell the base currency; while the ‘ask’ price is where you can buy the base currency. The different of ‘bid & ask’ price is commonly known as ‘spread’. In the example of EUR/USD 1.2435/1.2440, this means you can buy 1 Euro Dollar with 1.2440 USD or sell 1 Euro 1.2435. Currency brokers make their profit through these differences of ‘bid & ask’ price and this is how they manage to provide their services to individual investors without charging them commission fees.
You don’t need much tools to trade in FOREX market. A computer with Internet access, a funded FOREX account with foreign currency exchange broker, and a trading system should be sufficient to get things started.
To reduce the risks of losing money, some basic charting knowledge is as well recommended before you start trading FOREX. FOREX charts assist the investor by providing a visual representation of exchange rate fluctuations. Many variables affect currency exchange rates, such as interest rates, bank policies, geopolitics, and even the time of day may affect exchange rates. As stated by expert FOREX trader Peter Bain, charting is an essential tool in FOREX trading. In his newsletter, he reveals that daily charts, hourly charts, and 15-minute charts are used while trading in FOREX. As quoted from his informative newsletter — “Daily chart will help you define the overall trend from a position trading point-of-view, and the hourly (one hour) chart will give you a feel for the intraday trend. The 15-minute chart is used for entry and exit – with assistance from the five-minute chart, where price is moving quickly, and you need to be closer to the action.”
Being one of the technical method, FOREX charting is based on the principal ‘history repeats itself’. FOREX traders who study charts predict the market future by evaluating past market performance. The time frame used for charting might differs for different traders, some analyze the past one week, some prefer six months analysis, and there are also traders who analyze the market for the past five to ten years before getting involved in a FOREX trade. A huge variety of FOREX charts are available in the market. Some charting methods are very simple, using a few FOREX indicators to show trading direction; other charts may include up to forty indicators and those are mainly for advance traders that are more skillful. MACD Divergence, RSI, RSI range, and price are some of the well-known indicators in charting.
As the article is meant for FOREX rookies, you are probably one of those who are looking forward to get involved in the FOREX market. However, there is no shortcut to be success in FOREX trading. Trading in FOREX is not as simple as it seen from outside. Especially there’s margin involved in FOREX trading, you might lose a lot of money in the beginning and learn your lessons in a hard way. Take all the time you need to learn this new trading skill well — practice everything you learn with a demo account before you consider going ‘live’ with your own money. Seminars, eBooks, Internet, papers, as well as video courses are all your needs to get involved. I wish you good luck and good profit making in your FOREX trades.
Author: Teddy Low
Article Source: EzineArticles.com
Import duty tariff
UAE Restricts Money Dealings with Iran
Dubai, United Arab Emirates (TML) – The waters between Iran and the United Arab Emirates used to be crowded by small cargo vessels carrying goods from the Dubai port to Tehran markets, but as the United Nations sanctions on Iran come into effect the flow of boats has slowed to a trickle and the cash flow is slowing considerably.
The United Arab Emirates, a close ally to the United States, is putting transactions between its banks and Iranian counterparts under increased observation, which in some cases has led to a total stop of transactions, according to AFP.
“United Arab Emirati banks are prohibited from dealing with individuals and entities that are specifically named in the latest sanctions document but the Central Bank is also tightening rules for transactions with Iran in general,” Ayesha Sabavala, who follows the Emirati banking sector for Economist Intelligence Unit, told The Media Line.
“Examples of this tightening include asking for prior approval from the Central Bank when transacting with Iranian companies,” she said. “This has made United Arab Emirati banks reluctant to lend or provide letters of credit to Iranian companies.”
For the month of August, the Central Bank has directed UAE banks to provide it with details of all remittances to and from Iran. Local financial institutions no longer accept property in Iran as collateral in borrowing deals. Therefore, transactions with Iran, both with corporations and individuals have been affected,” Sabavala said.
The trade between the United Arab Emirates and Iran is estimated at $8 billion.
“Although it is hard to gauge the impact on banks in the United Arab Emirates, one has to assume that this tightening has led to some loss of business since trade mostly re-exports between Iran and the UAE, specifically Dubai, is quite substantial and also due to the sizeable Iranian community in Dubai,” she said.
“That said, one must realize that a lot of trade with Iran also goes through unofficial channels and although sanctions will likely impact trade with Iran, trade between the two countries will continue,” Sabavala added.
Dr. Christian Koch, director of international studies at the Gulf Research Center in Dubai said that while sanctions are affecting trade it would not grind to a halt.
“Trade with Iran is still going on and will also continue despite the sanctions being imposed on Iran,” Koch told The Media Line.
“What is being done is that sanctions are being applied more effectively and yes, that leads to some curtailing in trade as conditions are getting more difficult,” he said.
“For the United Arab Emirates however, this is not an either/or issue and they do not see the declining trade with Iran as coming at a cost to the US relationship. United Arab Emirates – United States relations are strategic in nature and given the difficult GCC-Iran relationship as a whole, this is not going to change at any time soon,” Koch said referring to the Gulf Cooperation Council, a regional economic bloc made up of Kuwait, Bahrain, Qatar, Oman, Saudi Arabia, and the United Arab Emirates.
“Furthermore, as a whole, trade volume with Iran is only a small part of the United Arab Emirates’ trade balance so in the end the actual impact will also be less than is usually assumed,” he added.
Tim Williams, a senior analyst with global intelligence firm Stirling Assynt, said that in the end Iran still needs the services of the United Arab Emirates.
“There may be some hostile rhetoric from Tehran and there is some risk that unresolved territorial issues could flare up,” Williams said referring to the contested ownership of three small islands in the Gulf.
“Iran will still be seeking to exploit United Arab Emirates’ relatively loose trade and financial controls to smuggle goods and, possibly, funds through Dubai,” he concluded.
The United Nations Security Council slapped a fourth round of sanctions on Iran in June, barring dealings with firms linked to the Iranian Revolutionary Guard Corps.
The Revolutionary Guard is a separate organization from the Iranian army and operates its own armed forces, navy, air force and militia. Its goal is to preserve the theocracy in Tehran, but over the years it has widened its scope to run a vast business empire, ranging from construction to telecommunications.
The new UN sanctions are the latest stage in an ongoing dispute between the United States and Iran over the end goal of Iran’s nuclear program. Washington and others claim Iran is using its program as a cover to produce atomic bombs, but Tehran argues the program is for the peaceful purpose of power production.
Following the new UN sanctions, which cover all 192-member states of the global body, both the United States and European Union tightened their sanctions further.
In June, shortly after the sanctions were imposed, authorities in the United Arab Emirates closed down 40 companies for selling products to Iran or dealing with Iran’s Revolutionary Guard in violation of UN sanctions on Iran.
The 40 companies that were shut down reportedly had been found to be trading strategic dual-purpose goods, which could be used in both civilian and military production, as well as other dangerous materials.
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Obama’s Tax Break
President Obama’s big economic policy speech tomorrow should be interesting. The Journal is calling it “one of his most dramatic gestures to business.” [Obama] will propose that companies be allowed to more quickly write off 100% of their new investment in plants and equipment through 2011…Companies can now deduct new investment expenses, but over a longer period of timethree to 20 years. The proposed change, which would let companies keep more cash now, is meant to give companies who may be hesitant to invest an incentive to expand, acting as a spur to the overall economy.
Also planned is a $100 billion research and development tax credit. USAToday reports that the credit would rise from 14 percent to 17 percent and would become permanent.
The NFIB, which tends to oppose Democrats on pretty much everything, is already dismissing this as window dressing, but these policy announcements seem significant. Other business groups quoted in the Journal’s story are giving the proposals faint praise. We should know more tomorrow. Barack Obama – Research and development – President of the United States – Investment – Tax credit
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