| Couple pleads not guilty to currency smuggling
The husband-and-wife leaders of a Brazilian evangelical megachurch are accused of smuggling currency at Miami International Airport. BY CASEY WOODS cwoods@MiamiHerald.com Accompanied by a tenacious phalanx of supporters at the federal courthouse in Miami, the husband-and-wife leaders of a Brazilian evangelical megachurch pleaded not guilty Tuesday to currency smuggling and other charges. Estevam Hernandes Filho and Sonia Moraes Hernandes, the founders of the Reborn in Christ Church, stared stoically as Magistrate Judge Chris McAliley asked if they understood the charges against them and as their lawyers entered pleas on their behalf. Their church is the second largest neo-pentecostal church in Brazil, and the charges against the couple both here and in Brazil have ignited a firestorm of media attention in their homeland.
Don’t let Valentine’s Day be a drain on your wallet
If you're planning a romantic weekend in Paris to celebrate Valentine's Day with your beloved, don't let the costs of spending abroad be a drain on your wallet says Find.co.uk, one of the UK's leading consumer finance portals.
The vast majority of credit cards charge an extra 2.75 per cent for foreign currency transactions, as well as making a turn on the exchange rate, which can lead to some nasty surprises when you receive your next credit card statement.
Only the i24 card (i24card.co.uk), Nationwide, the Post Office and Saga's credit cards don't charge a foreign exchange loading (a fee for converting your spending to foreign currency). In Saga's case, the ‘no foreign exchange loading' only applies within the EU. Outside the EU, a 1 per cent loading applies.
Yen Options Volatility to Fall After G-7, Credit Suisse Says
Feb. 9 (Bloomberg) -- Investors should use options to wager that volatility in the yen will drop and the currency will trade in a range versus the dollar after this weekend's meeting of Group of Seven nations, according to Credit Suisse Group. A so-called butterfly options strategy, which profits if the exchange rate remains in a narrow span over the next month, is the best bet because the G-7 will probably refrain from any measures to stem the yen's slide, said Joe Prendergast, head of currency research and strategy at Credit Suisse in London. The yen last month touched a four-year low versus the dollar and a record low against the euro. It briefly pared the losses in the past week as European officials said Japan's currency may be a topic when the G-7 meets in Germany starting today.
G7:ECB Trichet:Mkts Should Be Aware Of Risks Of One-Way Bets2
On the subject of foreign exchange rates, Trichet said Japan's finance minister and central bank governor said that exchange rates should reflect economic fundamentals. "We share that view," said Juncker. "Japan's recovery is on track and is expected to continue." Juncker declined comment on whether he believed that the yen currently reflects economic fundamentals. Prior to the meetings, French and German politicians had called for a discussion on the euro-yen exchange rate, after the euro hit Y158.62 last month, its highest level against the yen since the single currency was introduced in 1999. U.S. Treasury Secretary Henry Paulson has said several times during the past week that he believes the level of the yen reflects fundamentals. (MORE TO FOLLOW) Dow Jones Newswires February 10, 2007 10:34 ET (15:34 GMT) Copyright 2007 Dow Jones & Company, Inc.
Dollar rises against most currencies
NEW YORK (AFX) - The dollar rose against most major currencies Friday as investors positioned themselves ahead of a Group of Seven meeting of finance ministers. The 13-nation euro bought $1.3006 in afternoon New York trading, down from $1.3038 in New York late Thursday. The British pound dipped to $1.9503 from $1.9580. The Bank of England's decision Thursday to keep interest rates unchanged at 5.25 percent continues to weigh on the currency. At its previous meeting, the central bank surprised analysts with a quarter point hike. The dollar rose to 121.64 yen from 121.05 yen on expectations that weakness of the Japanese currency would not be a main focus at the G-7 meeting in Essen, Germany. The meeting ends Saturday. A wider examination of foreign exchange rates and their effect on economies appeared more likely.
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