| Paulson Sides With Japan in Congress, Spurring Swings in Yen
Feb. 7 (Bloomberg) -- Henry Paulson's defense of Japan's currency policies over the last week is forcing traders to pay more attention to a U.S. Treasury secretary than they have in years. Paulson caused fluctuations in the yen at least three times in the past week by responding to questions about whether it is undervalued, as alleged by some Democrats and European finance ministers. He sparked an hour-long slide yesterday when he told the House Ways and Means Committee that the currency is set in an open market and that Japan is still struggling with deflation. The market reaction reflects Paulson's credentials as a former chief executive officer of Goldman Sachs Group Inc., the world's largest securities firm by market value, as well as the fact that he has rarely spoken on the subject.
MasterCard Turns To Profit In Q4 On Strong Top Line Growth, Lower ...
(RTTNews) - Friday morning, payment solutions company MasterCard Inc. (MA | charts | news | PowerRating) said it turned around to a profit in the fourth quarter, supported by a 17.2% upside in top line, as well as a drop in operating expenses. A 13.8% year-over-year growth in gross dollar volume, coupled with a 16.7% rise in purchase volume drove the quarterly revenues, company noted. Meanwhile, the company's fiscal year 2006 profit fell 81% from last year, on higher expenses and one-time items. Excluding items, adjusted earnings climbed 44.2%, with a 13.2% growth in revenue. Further, MasterCard's Board of Directors declared a 66.7% growth in quarterly cash dividend. Q4 Results For the fourth quarter, the New York City-based company's net income was $40.90 million or $0.30 per share, compared to a loss of $52.91 million or $0.39 per share in the same quarter last year.
Rupee ends slightly firm against US currency
The rupee today ended slightly firm at Rs 44.1150/1250 against the US currency on sustained inflows from foreign funds in equity markets, though it shot up to 1-1/4-year high in early trade on some dollar buying. In active trade at the Interbank Foreign Exchange (FOREX) market, the domestic unit opened strong at Rs 44.0450/0550 per dollar from yesterday's close of Rs 44.1250/1350 a dollar due to heavy foreign portfolio investments. It touched a 1-1/4-year high of Rs 44.02 a dollar before the intervention of the central bank and failed to break Rs 44.00-level. Strong Foreign Institutional Investors (FIIs) inflows to the tune of USD 486.40 million since February two in equity markets, however, helped the rupee to remain firm. Dollar buying by central bank through state-run banks to keep the exporters' competitiveness and spiralling global crude oil prices capped the rupee upsurge, forex dealers said.
FXCM sponsors Middle East Forex Trading Expo in Dubai
Arabcom Group, organizer of The Middle East Forex Trading Expo has the participation of Forex Capital Markets LLC (FXCM), the largest Forex Dealer Member, as the Main Sponsor of the event. The Middle East Forex Trading Expo will be held at the Dusit Dubai Hotel on 1-2 March 2007.This 2-day Expo and Workshop is the first of its kind in the Middle East. Geared towards meeting the regions interest and demand on forex, The Middle East Forex Trading Expo will play host to all forex enthusiasts in and outside the region.With the growing trend of the market and the superabundant liquidity in the region, the expo is expected to draw the participation and support of international forex corporations, banks and financial institutions, software tools, training providers and data suppliers, said Jean Louis Farwaji, Vice President of Arabcom Group.The Middle East Forex Trading Expo is an avenue to explore the vast oportunities available in the region, learn the tricks of the trade and know how to consistently profit from trading currencies only from the experts, network with the international and the most exciting forex companies and to tap and meet potential clients.
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