| Venezuelan bank president detained
The president of a Venezuelan bank has been detained in a rare crack down by authorities on those evading government currency controls to obtain US dollars.
Exchanging Venezuelan bolivars for other currencies is extremely difficult due to strict 2003 foreign exchange controls aimed at stemming capital flight and stabilizing the economy.
Yet demand for the US dollar has surged steadily, and many Venezuelans have turned to the black market and other illegal methods to obtain the scarce greenback.
Authorities have not aggressively pursued violators, who can face jail terms and fines, and the detention late Thursday of Eligio Cedeno marks a rare high-profile crack down in such a case. Cedeno is president of Bolivar Bank, although his arrest did not involve the bank.
Stocks flat as oil hits $60; yen droops vs dollar
NEW YORK, Feb 9 (Reuters) - U.S. bond prices fell on Friday as traders took advantage of strong demand from Thursday's debt auction, while oil scraped its way back above the $60-a-barrel-mark, keeping equity indexes on edge. Meanwhile, the dollar and the euro both gained ground against the yen as the Group of Seven nations meeting got under way in Germany. German Finance Minister Peer Steinbrueck told Reuters the yen's recent weakness is not a problem for the European economy, adding to speculation that finance chiefs of the G7 will not seek to stem yen weakness. "What can the G7 do?" said Joe Francomano, vice president for foreign exchange at Erste Bank in New York, noting that the G7 cannot truly dictate how currencies are traded. "The G7, other than making an official statement and rattling the cage, can't really do anything, unless they intervene.
Canada Morning: C$ Little Changed In Continued Range Trading
TORONTO (Dow Jones)--The Canadian dollar is little changed Tuesday morning as the currency continues to remain in narrow ranges, with caution ahead of the G-7 meeting later in the week contributing to a lack of movement in currency markets. Canadian bonds are up modestly and are outperforming U.S. Treasurys in subdued trading. The U.S. dollar was trading at C$1.1835 at 9:52 a.m. EST (1452 GMT), from C$1.1825 at 8:00 a.m. EST (1300 GMT), and from C$1.1826 late Monday. "I think we will stay in tight ranges here," said Tim Mazanec, senior currency strategist at Investors Bank & Trust in Boston. There is no clear direction for the Canadian currency coming from commodity markets, and little from the monetary policy front, as expectations point to steady interest rates in Canada and the U.S. in the next few months, he said.
Icap founder's most recent bet looks on the money
London - Michael Spencer does not like talking about his gambling days. There is a story about him making more money wagering on backgammon than he did at his job as a broker in the late 1970s, when he used to play with London Playboy Club's boss, Victor Lownes. And then there is the one about him winning a few hundred thousand pounds betting with his office mates on the rugby World Cup. Spencer would rather talk about the gamble he took when he founded Icap 20 years ago with an investment of 50 000 (R713 908 at today's exchange rates). Since then, the Icap chief executive has built the firm into the world's leading interdealer broker. At the time he started Icap, then called Intercapital, Spencer gave himself 50-50 odds of making it. His bet has paid off handsomely, making Spencer one of the richest men in London.
FOREX-Yen turns lower after Paulson comments
NEW YORK, Feb 6 (Reuters) - The yen slipped broadly on Tuesday after Treasury Secretary Henry Paulson said the currency's value is set by market fundamentals, suggesting that the U.S. government sees no problem with the yen's weakness. "Some people might not like where it's trading, but it's my job to support and fight for free competitive markets, and I believe that the yen is trading in a competitive marketplace based upon underlying economic fundamentals," Paulson said in response to questions from the House of Representatives Ways and Means Committee. For details, see [ID:nWBT006534]. The yen earlier climbed to three-week highs against the dollar and euro, as investors further held off from selling the currency in anticipation of discussions of its broad weakness at this weekend's G7 meeting.
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