Australian shares close sharply higher after late surge - UPDATEAustralian shares close sharply higher after late surgeTFN economic and business calendar

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NIKKEI	AUSTRALIA	SHANGHAI	HANG SENG

TFN UK calendar and forecasts for today

A serious conflict at the European Central Bank has broken into the open after Spain's finance minister revealed that a number of board members are pushing for an immediate rate cut in light of the emergency action by the US Federal Reserve week.
US Fed move sparks ECB dilemma

The world's financial institutions will have to write down a further $300bn (152bn) of US sub-prime losses before the crisis is over, according to a study by consulting firm Oliver Wyman.
Banks 'face a further $300bn sub-prime hit'

Bonds insurers - known as monolines as they insure a single line of business, bonds - are facing significant capital adequacy problems as a result of their involvement in the US sub-prime mortgage crisis. The problems are so serious that a number of the insurers, Ambac included, risk losing their cherished AAA credit ratings. If that were to happen, all the bonds that they have insured would lose their ratings as well, triggering banks, institutional investors and pension funds that own those bonds to sell them.
15bn tonic scheme for ailing bond insurers

SociGale has made itself vulnerable to takeover bids from other large international financial institutions after it revealed one of its traders committed the biggest ever alleged bank fraud, losing 4.9bn (3.7bn) in the first few weeks of this year, bankers said.
SociGale in danger of takeover

SociGale's rogue trader used to be a risk controller who knew how to get around the system.
SociGale' trader turned poacher

What happened to SociGale looks like deja-vu all over again. The similarities to the Barings/Nick Leeson fiasco are poignant: a rogue trader who was able to hide huge losses by skirting the risk management processes in place and then, once discovered, disappeared into thin air.
SociGale's enemy within

When Jerome Kerviel in Facebook's Banque SociGale group was named in the media as the man who has cost French bank 4.9bn (3.7bn) he still had 11 friends. One hour after his name was published on news sites, four friends had already deserted the 31-year-old. At the time of writing, the list has shrunk further to just four friends.
Facebook 'friends' desert French rogue trader

Je Kerviel believed that he was executing a brilliant trading strategy. Instead, the traders activities over the past year appeared yesterday to have cost his employer, SociGale, 4.9 billion (3.7 billion), and fuelled a global crisis in stock markets.
Did rogue trader set off world market panic?

To a lot of people Je Kerviel is a hero. Sure, he lost his employer 3.7 billion, but by definition the people he traded with therefore made 3.7 billion. With a few reckless bets, the junior banker has created the equivalent of 3,700 millionaires among the hedge fund managers and traders of the City and other financial centres.
US may have rogue to thank for huge rate cut

The number of mortgages granted to new home buyers plunged to a record low last month as banks struggled with the credit crunch and potential buyers hesitated in the face of higher mortgage rates. Only 42,088 mortgages were approved for new buyers by banks in December, lower than at any time since records began in September 1997, figures from the British Bankers Association (BBA) showed.
Mortgage approvals hit by credit crunch

As confidence in the Land of the Rising Sun takes a fall, no one seems to have control of the country's destiny.
Japan feels the chill as it peers nervously down slippery slope of economic decline

Peter Hambro, the founder of the second-largest gold producer in Russia, expects the prospect of worldwide stagflation to drive gold past the $1,000 barrier this year.
Gold to hit $1,000 on stagflation fears, Hambro says

His combined fortune with his brother Vincent has been estimated at 850m - wealth on a par with Lord Ashcroft and Sir Alan Sugar. He inhabited the world of the Monaco yacht set, celebrity parties and the gossip columns. But the luck of the dice has turned: the Mayfair-based investor has emerged as one of the biggest and most high-profile victims of the credit crunch.
Meet Robert Tchenguiz: he's lost 560m and counting. But he says the yacht is safe

Tokyo shares close higher for 3rd day on Wall Street lead

Tokyo shares close higher for 3rd day on Wall Street lead - UPDATELondon shares outlook - higher; Asia, NY firmer; Scottish & Newcastle in focus

BROKERWATCH Royal Dutch Shell cut to 'underweight' vs 'neutral' by JP Morgan

BROKERWATCH British American Tobacco cut to 'equal-weight' at Morgan Stanley

Thomson Financial UK at a glance share guide

STOCKWATCH Carlsberg shares seen opening lower after S&N bid with Heineken

BROKERWATCH AB Foods upped to 'buy' vs 'neutral' by Goldman Sachs

UK smallcap opening - Vividas lower on FY warning

UK smallcap opening - Engel East Europe slides on below book value land sales

UK smallcap opening - Cambridge Mineral Resources firms on funding news

UK smallcap opening - Litho Supplies down on FY pretax profits warning

London shares open higherUK smallcap opening - Prezzo drops on FY profits cautionLondon shares open higher after Wall St, Asian gains; Scottish & Newcastle up

STOCKWATCH EMGS surges 19 pct on India contract win

UK smallcap opening - Inspired Gaming gains on maiden FY numbers

Metals - Gold hits record above 920 usd/oz on dollar weakness, safe-haven buying