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This is Money
Speculators last night stood to make hefty gains from bets they had placed against the pound after the embattled currency hit another low and skidded ever closer to parity against the euro.
Gamble pays off for currency speculators after sterling is driven to new low
The European Central Bank is studying radical plans to reboot Europes bank lending market, a senior policymaker revealed Monday after warning that financial market tensions could wreak significant further economic damage. Ideas for a clearing house to boost the interbank lending market, which is at the heart of the financial system, were potentially applicable, said Lucas Papademos, ECB vice-president.
ECB studies radical lending plans
Russia is to join Opec in a co-ordinated cut in oil production for the first time in a highly-controversial move that will further raise tensions with the West.
Russia to join oil cartel moves to cut supplies
HSBC Holdings Plc, Europes biggest bank, may seek to raise about $14 billion as increasing bad-loan provisions erode profit, CLSA Asia-Pacific Markets said.
HSBC May Seek to Raise $14 Billion Capital, CLSA Says
That the auditors to Bernie Madoff's $50bn exclusive fund were an unknown firm consisting of a 78-year-old retiree living in Florida, one accountant and a secretary, all technically operating from an 13ft by 8ft office in northern New York state, should have sent alarm bells ringing in the minds of the individuals, charities and hedge funds who often fought hard to gain access to his consistent 10pc to 12pc annual returns.
The $50bn hedge fund audited by a one man band and a secretary