| Culling weak funds will strengthen ETF herd
The long-expected culling of the weak has begun in the world of exchange-traded funds. Eleven duds listed in the U.S. market are being closed and the safest bet on the stock markets right now is that more of these mutual fund alternatives will bite the dust before long. "We've always thought that the next bear market – and we're probably in one right now – would eliminate a lot of the duplicate funds and the esoteric funds," said Tyler Mordy, director of research at Hahn Investment Stewards & Co. Bring it on, baby. Closing ETFs addresses the confusing glut of products, while the impact on people who actually own doomed funds is minimal, other than a potential tax hit. ETFs are stocks that provide a clean, cheap way to buy the returns of hundreds of stock indexes and commodities.
London shares down midmorning; housebuilder weakness helps offset ...
LONDON, Feb. 11, 2008 (Thomson Financial delivered by Newstex) -- UK blue-chips slipped lower midmorning after comments from the G7 summit about the global economic outlook reignited investor fears, and with weakness among the housebuilders helping to offset strength in the commodities sectors. At 10.07 am, the FTSE 100 index was 15.7 points weaker at 5,768.3, albeit off the early morning low of 5,732.4, while the FTSE 250 slipped 36.7 points lower to 9,770.8. Volume was average, with 182.6 mln shares having changed hands in 56,929 deals. Over the weekend the Group of Seven (G7) finance chiefs conceded that global economic prospects have deteriorated since they last met in October and that they stand ready to take collective and individual action to boost prospects. 'The G7 comments are weighing on the market this morning,' one senior trader said.
Icap rides volatile markets to beat forecasts
Shares in Icap made their biggest one-day gain on Thursday after the world's largest interdealer broker said its full-year pre-tax profit would top analysts' expectations. The group, which brokers transactions between banks, said unprecedented losses for banks and insurers had boosted trading of bonds, currencies and commodities. .
Egypt vows to help Gazans restock
Egypt has said it will continue to allow Gazans to cross the breached border and help them stock up on supplies. Hundreds of vehicles crossed from Gaza into Egyptian territory for the first time overnight, after bulldozers gouged two new breaches in the wall as security forces failed to stem the human flow into the Sinai peninsula. Fighting erupted at one petrol station on the Egyptian side of Rafah as stocks of one the most popular commodities to take back into the Gaza Strip runs out. .
Idaho votes against Sudan divestment bill
Representatives of several state employee groups opposed the bill, saying they want their retirement investments protected. Numerous others spoke out in favor of the divestment bill. Theres a lot of talk whether the country has lost its moral high ground, Ben Sherrill, a Boise retiree and PERSI member, told the panel. The board has never denied that these companies facilitate genocide in Sudan. They worry about an imagined slippery slope. Several senators on the committee said they shared that concern. If you start making retirement funds vehicles of political issues, its no end in sight, said Sen. Mike Jorgenson, R-Hayden Lake. Jorgenson declared, If a person wants to opt out of PERSI, theyre free to do that. Jody Olson, chairman of the PERSI board, told the panel, Divestment will cost money and it will lower our returns.
Knight Capital Group to Acquire EdgeTrade, a Leading Agency-Only Trade ...
JERSEY CITY, N.J. and NEW YORK, Nov. 19 /PRNewswire-FirstCall/ -- Knight Capital Group, Inc. (NASDAQ: NITE) today announced that it has agreed to acquire EdgeTrade Inc., a leading agency-only trade execution and algorithmic software firm, for approximately $29.5 million of cash and 2.3 million shares of unregistered Knight stock, subject to adjustment based on Knight's stock price prior to closing and the working capital of EdgeTrade at the closing. "EdgeTrade is a recognized leader in developing algorithmic trading strategies that increase alpha for client firms," said Thomas M. Joyce, Chairman and CEO of Knight Capital Group. "As algorithmic trading increases in a fragmented market environment, the acquisition of EdgeTrade will enhance our trade execution services and provides us with a significant advantage as demand continues to grow for sophisticated, next generation algorithms.
Update: Library Has 10 Copies of "Water for Elephants"
I also told her that I would like to interact more with bloggers in other parts of the state and incorporate that into what we have here. We'll be test-driving this approach for the rest of the summer. Your suggestions are always welcome re: how we can improve Huckleberries Online. Anyone involved in blogging knows that you can't stay static. We've come a long ways. We have many challenges ahead. That's why the blogosphere remains interesting and my job challenging. Thanks for being part of the adventure. .
Caltrans sees possible conflict of interest by Placentia consultants
In an audit released in January, Caltrans says Placentia could owe the state $36 million. Of that, the agency says $11.8 million must be paid back: $7 million in contracts issued by Becker, $4.3 million in questionable land purchases and more than $400,000 in other "unallowable costs." For the rest, $24 million, the state says it wants documents by June 1 on how the money was spent if the amount is to be cut. The centerpiece project overseen by OnTrac was to place railroad tracks in a trench in the city so trains, cars and trucks didn't cross paths as much. Much of the planned work never materialized because the city did not win sufficient federal funding. The letter says Kreuzer, of KFM Engineering, "could have been involved in the decisions to unnecessarily purchase" Orange County Transportation Authority property by the city in 2002.
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