| DGCX secures Singapore approval
Dubai: The Dubai Gold and Commodities Exchange (DGCX) yesterday announced that it had secured approval from the Monetary Authority of Singapore (MAS), making DGCX a Recognised Market Operator (RMO) in Asia's key trading hub. With the approval, DGCX - the Middle East's first commodities derivatives market - could now offer Singapore-based market participants direct access to its growing portfolio of commodity and currency contracts. Commenting on the approval, Ahmad Bin Sulayem, chairman of DGCX, said, "Not only will this approval create opportunities for market participants based in Singapore, but is a clear demonstration of our commitment to meet customer demand for wider marker access". .
Recession fears drive FTSE 100's biggest-ever points fall
The benchmark FTSE 100 index suffered the biggest points fall in its history as a number of factors heightened fears of a US recession and sent doom and gloom reverberating through the City.
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Markets are overreacting on news from Wal−Mart and Goldman Sachs
The Standard & Poor's 500 Index climbed 41.87, or 2.9 percent, to 1,481.05, the biggest gain since the Federal Reserve cut interest rates on Sept. 18. The Dow Jones Industrial Average increased 319.54, or 2.5 percent, to 13,307.09. The Nasdaq added 89.52, or 3.5 percent, to 2,673.65. Almost nine stocks gained for every one that fell on the New York Stock Exchange. The Dow Jones Stoxx 600 Index added 1.2 percent to 372.84 as of 8:12 a.m. in London. The Stoxx 50 also increased 1.2 percent, and the Euro Stoxx 50, a measure for the euro region, jumped 1.1 percent. Bank of America Corp.climbed 5.2 percent today even after the second-biggest U.S. bank said it may need to write down $3 billion in mortgage-related debt securities this quarter. Wal-Mart advanced $2.65, or 6.1 percent, to $45.97 today.
London robusta coffee hits 9-year high
London robusta coffee futures hit a nine-and-a-half-year high and cocoa reached a four-year peak on Friday on a wave of enthusiasm among investment funds for all sorts of commodities. Reallocation of investments for the New Year has already seen several basic resource prices, including gold and oil, hit record highs this month and soft commodities such as coffee and cocoa have been tipped as a good bet for the year ahead. "Funds are increasing their holding in both commodities at the moment. It is not an overnight thing, I think it has been building for some time," soft commodities trader Jeff Cooper of Ambrian Commodities said. .
New Method of Creating Embryonic Stem Cells Devised
New Era Canning Co. of New Era, Mich. is recalling cans of Mexican style chili beans, green beans, and dark red kidney beans that may not have been adequately cooked and have the potential for growth of Clostridium botulinum, which can cause botulism, the U.S. Food and Drug Administration said. The recall covers the following products: GFS brand Fancy Mexican Style Chili Beans in 6 lb. 12 oz. cans with lot number 00249 5AJ6LC with a 4-digit time stamp number ranging from 2113 through 2235 printed on the end of the can after the lot number. Kitchen brand Blue Lake Mixed Cut Green Beans in 6 lb. 6 oz. cans with lot number 00249 6FG5GA printed on the end of the cans. They were not sold at retail stores, but were distributed to a Michigan restaurant. Great Value brand Dark Red Kidney Beans in 15.5 oz cans with lot number 00249 CKJ6LD printed on the end of the can.
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