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India market may be a 'slow moving train wreck'

The downward spiral in the Indian rupee poses a significant threat to the country's equity market, according to one strategist, who warns that continued weakness in the currency could prompt foreign investors to flee domestic stocks.

A loonie idea? Iceland considers adopting Canadian dollar

The Canadian ambassador to Iceland is ready to begin negotiations over the adoption of the Canadian dollar, the "loonie", to replace the krona in the tiny island nation of less than 400,000 people.

Head of Swiss central bank resigns

Philipp Hildebrand was a highly regarded central banker, until allegations surfaced that his wife played the currency markets
HildebrandEnlarge
Philipp Hildebrand, former chairman of the Swiss National Bank, at a press conference last week in Zurich. He suddenly resigned today as further allegations arose about improper currency dealings by his family. (FABRICE COFFRINI/AFP/Getty Images)

Caesar's wife is supposed to be chaste, and clearly so is the wife of the chairman of the Swiss National Bank, the nation's central bank.

Back in the summer, when the Swiss franc was super strong against the dollar, Philipp Hildebrand's wife Kashya, bought $504,000 with Swiss francs.

A few weeks later the SNB, headed by Hildebrand, intervened to weaken the currency by cutting interest rates to zero. In early October, the family used the dollars it had purchased in the summer to buy the now cheaper francs and complete the purchase of a home. In the month and a half they held dollars they made a tidy profit.  The Guardian puts the figure at $80,000.

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