| 'Rogue trader' rips off French bank for $8.2bn
A ROGUE trader has been accused of defrauding one of France's largest banks to the tune of $8.2 billion, in what would be the largest trading fraud in history. Trader Jerome Kerviel, said by Societe Generale bank to have racked up 4.9 billion euros in fraud-related losses, had been suffering from "family problems", according to three union officials who have been briefed by management. Mr Kerviel, a Frenchman in his 30s, is at the centre of the fraud case uncovered last weekend. His lawyer Elisabeth Meyer said on French television network BFM that he "is not fleeing" and is "available for judicial authorities", without specifying where he was. Union officials representing employees at the bank - Michel Marchet of CGT, Alain Treviglio of CFDT and Pascal Colin of CFTC - said managers who briefed them today about the case told them that the trader was having "family problems".
Investors lose over USD 300 bn in 6 days
Mumbai, Jan 21: Investors on Dalal Street have lost over 300 billion dollars (Rs 11,85,285 crores) in the last six days with more than half of the loss coming from Monday`s fall of the benchmark index Sensex--its biggest ever.
The 30-share index Sensex today witnessed a fall of 1,400 points, tumbling below the 18,000-point to close at 17,605.35. The huge drop in the index was led by blue chip heavyweights - Reliance Energy, ACC, Bajaj Auto, DLF and Reliance Industries.
The Sensex has lost 3,222.1 points in last six trading sessions, while investors` wealth -- measured in terms of cumulative market capitalisation of all the listed companies -- has declined by Rs 11,85,285.46 crores.
The total market capitalisation stood at Rs 59,53,525.87 crores at the end of today`s trading against Rs 71,38,810 crores before bourses began business last week on January 14.
OTA launches first professional financial training center in UAE
'The U.S. Consulate is pleased to welcome OTA to Knowledge Village and to Dubai and the U.A.E. In our increasingly globalized world, the demand for quality international education programs is skyrocketing. OTA has rightly seized that opportunity, and we look forward to helping it flourish here,' said Peter Neisuler, Public Affairs Officer, U.S. Consulate. Online Trading Academy™ has conducted financial and active trading training since 1997. From its headquarters in Irvine, California, the company has established and progressively developed live classes and online mentoring as its core curriculum in teaching its courses to active self-directed investors and traders. Its teaching methods evolved from the company's roots as one of the largest trading floors in the world with 180 traders who were trading over half a billion dollars of securities daily.
Gold to hit $1,000 on stagflation fears, Hambro says
Peter Hambro, the founder of the second-largest gold producer in Russia, expects the prospect of worldwide stagflation to drive gold past the $1,000 barrier this year. Get the latest news on the economyGold was stronger today, helped by safe-haven buying as fears over a US recession continue. The yellow metal had slipped amid the week's wild stock market swings, and alongside the dramatic interest rate cut from the Federal Reserve earlier this week. .
After the downturn, city mood’s upbeat
I expected a fall around the time of the Budget, but this is quite shocking. The prices of shares have fallen to a great extent. It will badly affect the financial position of investors. I have also suffered a loss of around Rs2.5 lakh, but I think I will be able to recover my money soon, within a short span of time. I would also prefer to invest in Reliance mutual funds, as it is growing at a faster rate. I don't think such companies are manipulating market prices. Many small investors have created a panic, as they aren't being allowed to make further investments in shares. I think that this step is just a temporary one, and it is being implemented for the good of the small investor.
Sheetal Agarwal I will definitely consult a broker
I am quite interested in investing my money in shares, but I haven't invested any yet.
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