Money Matters: Firstline Securities Blog

Ethics In Business

16 July 2012

I was once told that financial services institutions really offer one product. Not deposits, repos, mortgages, bonds or anything else, but CONFIDENCE. In light of recent misgivings unearthed among Barclays et al, I feel compelled to depart from my typical product-focused spiel. These almost seem to be happening in cyclical waves, as Sarbanes-Oxley was thought to have eased the tendency for firms to engage in ‘creative’ accounting nearly ten years ago. However, that is but one way in which ethics can be breached. Read more…

In T&T: Bharath to oversee State enterprises

11 July 2012

Bharath to monitor “Caribbean Airlines, the First Citizens banking group…National Flour Mills.,” et al.

Government Minister Vasant Bharath is now charged with overseeing State enterprises which fall under the purview of the Finance Ministry. Read more…

In the U.S.: U.S. Stock Futures Climb Before Release Of Fed Minutes

11 July 2012

Investors hope that Fed ‘eases’ its stance on monetary support. S&P year end close forecasted at 1400.

U.S. stock futures advanced, indicating the Standard & Poor’s 500 Index will snap four days of losses, as investors awaited minutes of last month’s Federal Reserve meeting for signs of further stimulus measures. Read more…

In Europe: Spain unveils new austerity under European pressure

11 July 2012

“These measures are not pleasant, but they are necessary.” ‘Tastes awful but it works?’

Recession-plagued Spain unveiled new austerity measures on Wednesday designed to slash 65 billion euros from the public deficit by 2014 as Prime Minister Mariano Rajoy yielded to EU pressure to try to avoid a full state bailout. Read more…

In the U.S.: Fed knew of Libor issue in 2007-08, proposed reforms

10 July 2012

What recourse is there when central banks fail to act quickly enough (or at all)?

The Federal Reserve Bank of New York may have known as early as August 2007 that the setting of global benchmark interest rates was flawed. Following an inquiry with British banking group Barclays Plc in the spring of 2008, it shared proposals for reform of the system with British authorities. Read more…

In Europe: EU talks up Spanish banks package, markets skeptical

10 July 2012

Markets rightly cautious about supposedly “clear path towards stabilization.”

Euro zone ministers struggled to reassure financial markets on Tuesday that an aid package for Spain they outlined overnight will help stabilize the currency bloc – a task made all the harder by a German legal challenge to its crisis-figh

In T&T: Foreigners invading scrap iron industry Dealers call for Govt to step in

9 July 2012

One man’s trash is another man’s treasure? Locals look for protection from foreign competition.

SCRAP IRON dealers are calling for the government’s help to control the infiltration of foreigners in the industry, which, they say, will cause the death of the lucrative business. Read more…

In the U.S.: U.S. Stock Futures Fall On Europe As Spanish Yields Climb

9 July 2012

Declines likely today as European woes are “getting everyone nervous.”

U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will drop for a third day, after an advance in Spanish yields intensified concern about Europe’s debt crisis and

In Europe: U.K. Stocks Decline For Second Day As Spanish Yields Rise

9 July 2012

Markets likely to be under far more scrutiny in the wake of rate-fixing probe.

U.K. stocks fell for a second day as Spanish bond yields surged before euro-area finance ministers meet in Brussels to discuss measures to contain the region’s sovereign-debt crisis. Read more…

In T&T: Dormant fund gets $24m kick-start. Designed to assist firms in oil, gas industry…

6 July 2012

Energy sector’s SME players to receive assistance as “NGC will continue its efforts to increase the percentage of local content.”

A fund which has been dormant for several years and was designed to help small firms in the oil and gas industry is getting a kick-start.

National Gas Company president Indar Maharaj announced yesterday that $24 million in the fund which has been “dormant for several years will now be available to assist small companies involved in the energy sector”. Read more…

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