| N.C. Man Indicted on Wire Fraud
A North Carolina man has been indicted on wire fraud, money laundering and other charges in connection with an alleged scheme to defraud foreign-exchange customers of International Foreign Currency Inc., a defunct firm where he served as president and treasurer, according to court documents unsealed Friday. Prosecutors have alleged that Thomas W. Qualls and other unnamed coconspirators misrepresented to investors the experience and success of its brokers to get them to invest in IFC and later failed to return hundreds of thousands of dollars of investor funds after the firm ceased operations in 2003. Qualls, who previously lived on Long Island and now lives in Wilmington, N.C., has been charged with two counts of conspiracy, one count of mail fraud, 16 counts of wire fraud, two counts of money laundering, one count of engaging in unlawful monetary transactions and two counts of obstruction of justice.
FOREX: Ringgit Softer Against US Dollar In Early Trading
KUALA LUMPUR, Jan 26 (Bernama) -- The ringgit was softer against the US dollar in early trading Friday on commercial buying of the greenback, dealers said. As at 9.34 am, the local currency was quoted at 3.5020/5040 against Thursday's closing of 3.5000/5020. Dealers said players are waiting for the outcome of today's Monetary Policy Committee Meeting of Bank Negara Malaysia which is expected to decide on interest rate direction. Against the Singapore dollar, the ringgit was firmer at 2.2752/2778 from 2.2797/2825 yesterday and higher against the yen at 2.8814/8842 from 2.9000/9029 previously. The ringgit also appreciated against the British pound at 6.8814/8864 from 6.9006/9056 at Thursday's close and strengthened against the euro at 4.5295/5335 from 4.5482/5518 previously. -- BERNAMA .
Iceland Rate Cuts May Be Modest
STOCKHOLM -- As Iceland's central bank prepared to announce its latest decision on interest rates today, assumptions that rates would tumble this year and push the Icelandic krona lower are looking unsteady. The tiny country moved into the international spotlight in recent years as hot money sought high-yielding krona bonds. But last year, jitters over the currency pummeled the country's stock market and depressed other markets around the world. This year, the krona has strengthened against the euro by nearly 6%. ... .
Speculation on foreign exchange market
Some financial analysts have cited speculative pressures as the reason for the increased demand for US dollars in the local foreign exchange market. This pressure has been evident since the end of last year and in the early days of the new year. The view about speculative pressure is based on the fact that brokers have been identified as the source of the increased demand. Simultaneously, end users have shown little sign of stepped-up activity. That the pressure has come at a time when the foreign exchange market is usually either in a surplus or well-balanced position is why it is being regarded as being speculative. Moreover, the broader picture of significant growth in exports, both merchandise and services, as well as greater inflows of investment, suggests that supply ought to be adequate to meet demand in this period of the year.
Stocks fall as oil hits $60; yen off vs dlr
NEW YORK, Feb 9 (Reuters) - U.S. stocks fell on Friday after a major global chip maker sparked concerns about weakening consumer demand, and crude oil rose above $60 a barrel for the first time in a month. Meanwhile, the yen fell against the euro for the fourth straight day and against the dollar for the third session in a row, on growing doubts that finance officials at the Group of Seven meeting in Germany this weekend would take any action to stem the Japanese currency's decline. The euro was up 0.2 percent at 158.14 yen, recovering from a short, sharp fall earlier in European trade. The dollar was up 0.5 percent at 121.63 yen, rising as high as 121.75, according to Reuters data, its highest since Jan. 31. In the stock market, Micron Technology Inc. , the biggest U.S.
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