The Australian dollar touched a one- month high after the Reserve Bank said there were further signs easy policy and a weak currency were having an impact. Strength in the Aussie won’t be sustained, BlackRock Inc. said.
BlackRock Inc., the world’s biggest fund manager, said Australia’s dollar may drop as low as 80 U.S. cents in the coming nine months after bets against the currency helped give one of its bond funds the nation’s best returns.
New Zealand’s central bank may shock investors by raising its benchmark lending rate by as much as half a percentage point at its first policy meeting of 2014, according to the world’s biggest asset manager.
Traders are betting Australia’s dollar will extend its biggest decline in five years as policy makers flag that intervention to weaken the currency is an option, 30 years after they dropped exchange controls.
Galleon Group LLC’s Raj Rajaratnam, potentially facing almost two decades in prison, will have an “uphill struggle” in seeking to overturn his conviction in the biggest insider-trading trial since the 1980s, a former prosecutor said.
Bernard Madoff’s former personal secretary is among five of the con man’s ex-employees who will be the first to face a jury in a criminal trial for their alleged roles in carrying out the world’s biggest Ponzi scheme.
JPMorgan Chase & Co. agreed to pay $153.6 million to settle U.S. regulatory claims it misled pension funds and a Lutheran group while selling a product linked to risky mortgages as the housing market unraveled.
Billionaire Steven A. Cohen’s SAC Capital Advisors LP, the hedge fund accused of fostering a culture of rampant insider trading, has agreed to plead guilty Nov. 8 to securities fraud and wire fraud, pay a record $1.8 billion and shutter its investment advisory business.