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The optimal time to trade the forex foreign exchange market is when it's at its most active levels. That's when trading spreads the differences between bid prices and ask prices tend to narrow. In those situations, less money goes to the market makers facilitating currency trades, which leaves more money for the traders to pocket personally. Forex traders need to commit their hours to memory, with particular attention paid to the hours when two exchanges overlap. When more than one exchange is open at the same time, this increases trading volume and adds volatility—the extent and rate at which forex market schedule or currency prices change. The volatility can benefit forex traders. This may seem paradoxical.

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Medie mobli semplici forex cargo

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Number of Pages : VII, Skip to main content. Search SpringerLink Search. Authors: Joseph L. Sections Table of contents About this book Bibliographic Information. Buying options eBook EUR Softcover Book EUR Hardcover Book EUR Learn about institutional subscriptions. Table of contents 26 chapters Search within book Search. Page 1 Navigate to page number of 2.

ENI Group , having its head office m Rome. Piazza L Cerva 7, Is hereby advising that the procedure started on April 24, has not produced a result. As Erwteocsa's Interest to sea is confirming, the vendor wishes to receive and evaluate purchasing offers for the whole of the share capital of Pertusola Sud SjxA. Pertusoia's plant and headquarters are located in Crotone and its business is the production and marketing of zinc. The plant produces approximately , m.

Germanium, etc. The company employs about persons; turnover in was bBHon tire. Bain, Cuneo e Associate, is assisting Eririsorse In this transaction. For the purpose of acquiring information, interested parties should contact Bain, Cuneo e Assodati Via Croceflsso, 10 Milano Tel.

Luca d Giacomo. Neither the present invitation nor the receipt of an offer win create an obligation or commitment far Enfrisorse to sen to any bidder, nor give any bidder any right or claim whatsoever on or against Enlrisorse or its advisor, including payment of brokerage or consultancyfees. The Italian text of the present Invitation prevails over any other pubBshed in a different language outside Italy.

The present imitation and the sale procedure are subject to the Law ofttaiy. Any dispute relating to the present invitation and the sale procedure will be submitted to the exclusive jurisdiction ot the Court of Borne Italy. VZkIZ tothe countxy to 7m by the year A Transport Ministry plan to sttamfatc overseas demand through increased marketing, mainly fa Aste. The tnxxustry. Scheherazade DarmhJcfm. Under an agreement with Dr Stanley Ha who holds the casino monopoly, the government raised the franchise's tax from 30 per cent to 31 J3 per cent c A gam blin g gross takings, and backdated the higher rates to January Dr Ho win also pay "at least" m patacas to the government to build a cultural centre: and a further m patacas plus L6 per cent of annual gross takings to a yet to be established development foundation operating under the government Dr Ho is betting on the gambling business remaining robust fa return for has increased contributions to the government, he has won permission to open his tenth casino in the enclave.

Louise Lucas. Mr Alexander Downer, Australia's foreign minister, said fa a radio interview yesterday. It passed a constitution fa setting aside parliamentary seats on the baste of race and guaranteeing a majority for ethnic Fijians. A new constitution allowing for a multi-racial government will become law fa Fiji tomorrow. Fijian Prime Minister Sitivenl Rabuka said this year his nation might reapply for Commonwealth membership at the group's heads of government meeting in Scotland fa October.

Mr S B Chua, ADB resident representative fa Pakistan, said the loan was expected to be approved by the tank's board before the end of this year. It would also rationalise the tax system for private corporate income securities and mutual funds. A securities and exchange commission is to be set up to oversee regulation of the securities market and the state Corporate Law Authority is to be restructured. Islamabad ri " ,d Bonus shift for Japan bureaucrats By GDEan Tett in Tokyo After decades of running a tightly regimented bureau- cracy, Japan is about to inject a new hint of individ- ualism.

The National Per- sonnel Authority NPA , the public-sector pay body, plans to change the pay sys- tem to award bonuses more on merit than rank and age. The move comes after a rough year for the bureau- crats: they used to be held in high esteem, but their reputation has been attacked in the Japanese press because of a host of bribery scandals. The NPA's move reflects a broader wind of change in Japan.

Pay has traditionally been decided according to seniority, but companies such as International Bank of Japan and Daiwa Securi- ties are now considering introducing more merit- based systems. Others, such as Toyota, plan stock option systems as another way of rewarding individual initiative. Japan's 1. But civil service jobs have other perks. They are secure; no major cute have occurred fa public-sector employment tn recent years; they carry benefits such as travel allowances.

Also, civil servants have traditionally received two hefty bonuses: last year, these amounted to almost half a year's pay, with a tiny variation for merit. Now the NPA wants to make the bonus more flexible to encourage individual achievement: next year, it wants employees who per- form well to receive an extra 6. Another fringe benefit is also under threat Japan's top civil servants have boosted their earnings at careers -end by moving to lucrative jobs in private companies; a practice known as amafcudari - "descent from heaven".

But some ministries are catting back this practice; in fiscal it applied to only officials, against in At the Finance Ministry, numbers fed from 44 in fiscal to 19 last year. Australia CPI falls 0. It would be the fifth con- secutive cut by the Reserve Bank. But any decision wfll also be influenced by official wage growth numbers for the May quarter, due for release today. The annual underly- ing inflation rate fell to L7 per cent from the previous year's 2 per cent - the low- est since figures were first compiled in this form in The rate is also well within the Reserve Bank's stated targets.

The headline inflation fig- ures were driven by four consecutive 0. These contributed to an S. Mr Peter Costello, the Aus- tralian Treasurer, yesterday described the inflation fig- ures as. In addition to our regular programme of residential conferences we arc organising a study tour of Semite Africa and Namibia, which will examine on the spot the chaltagn pedmeti and economic reconstruction these countries bee into the 21 st cxnotfy.

John Lotbcrtafttoo. Trains and boats and In Antwerp they are trans- ferred to flatbed rail wagons and moved on t rains consist- ing of up to SO wagons reserved exclusively for Chrysler. OOCL planned the train timetables across Belgium, Germany and Austria but the locomotives, their cr e w s and the wagons are char- tered from Transfracht Inter- national , the marketing arm of German Railways. The private sector rail freight companies are being drawn- to. Europe by the break-up of the large slate owned rail monopolies and the more commercial approach being taken by some rail managements.

Japanese survey clears Fuji By 'Bettwn Hutton in Tokyo Fuji Photo Film's business practices ih the Japanese fflin and phnfcngra phr n paper maricet do not breach, the anti-monopoly law, accord- ing to a survey by the Japan Fair Tfr wSp- fin twmterfitn "The finding is new ammu- nition for the Japanese in -the dispute between Full and Eastman TTorfwv thp us pho- iafiLm man u fa c turer, which is. Miti said the. There was no factual' support for claims that Fuji.

The sur- vey's findings "confirm many of the anti-competitive practices thoroughly docu- mented by the US and EU in this sector. While the JFTC said that Fuji had not breached any trade rules, it did suggest some ways in which Fuji might alter its business prac- tices. Fuji should review its systems of guarantee depos- its, and its sales promotion payments, in order to give greater flexibility to the pri- mary wholesalers, the com- mission said: Other recom- mendations applied to the industry as a whole, such as not tying sales of below -cost minilab processing equip- ment to sales of photo- graphic paper.

The case was taken to a WTO panel last year, and a r uling is due in October this year, but appeals could pro- long the dispute into S. Ontario Hydro and Hydro Quebec, two of North Amer- ica's three biggest power companies, have for years displayed the traits one might expect from govern- ment-controlled monopolies - an aversion to competition and.

When the federal govern- ment pushed the 10 prov- inces -three years ago to dis- mantle inter-provincial trade barriers, electricity was one of the first sectors taken off the negotiating table. In return, Hydro-Quebec agreed to sell Enron's gas to its cus- tomers in Quebec. FERC set. These rules give FERC a powerful lever over foreign as wall as domestic utilities. The Canadians are loathe to jeopardise their US busi- ness. The Montreal-based utility, which is me of North Amer- ica's kwest-cost power gen- erators, thanks to vast hydro-electric resources, sees huge potential In the north-east US.

Tbe provincial government will nntKnP. Mr Allan Kupcis. Ontario Hydro's chief execu- tive, said: "The market must prevail. To disagree would be to fly in the face of all that is going on around us. The partner- ship would have offered US consumers different pack- ages of energy depending on cost and convenience. Furthermore, a breath of fresh air has swept through Hydro-Quebec since Mr An dr Cailli's appointment last year as chief executive. Mr Cain previously headed a publicly-traded gas utility.

According to Mr Gary Vol- lans, an Ottawa power industry consultant. Mr Calll realises that Hydro- Quebec will be able not only to survive but, as a low-cost producer, to prosper under open competition. Hydro-Quebec is now tak- ing a more conciliatory stance towards Order It has set up a new transmis- sion division to give non-dls- criminatory access to out- side suppliers.

Its change of heart is especially evident in a long-simmering dispute over the Churchill Falls hydro-electric project in neighbouring Labrador. Cb archill Falls is the world's sixth biggest hydro- electric scheme, with a gen- erating capacity of over 5, megawatts.

Two undevel- oped sites. Gulf Island and Muskrat Falls, could boost tbe total to 8, megawatts. Hydro-Quebec buys virtu- ally the entire Churchill Falls output under a deal with the government of Newfoundland and Labra- dor. The year agreement has turned out to be a bonanza for Hydro-Quebec. UntiJ recently, Quebec has turned a deaf ear to New- foundland's pleas to renego- tiate the agreement. But under Order , Hydro-Quebec would have to make its transmission grid available to Newfoundland if the latter decided to expand Churchill Falls and export its electricity to the US.

However, Hydro-Quebec would be an obvious partner. Mr Tobin disclosed recently that Newfoundland and Quebec bad begun secret talks on a new Chur- chill Falls agreement The two provinces aim to reach agreement by the end of the year, allowing New- foundland to share more profitably in its resources and Quebec to realise its ambitions in the US.

The agreement will avert a threatened EU ban on Tur unports from the two countries. The UK. Austria and Bel- gium continued to oppose the deal, saying It was inade- quate and had to be extended to the US. Animal rights groups also attacked the agreement, warning that it would not end animal suffering.

Bm Sir Leon Brittan. The agreement will allow wooden jaw-type traps to con- tinue to be used by certain indigenous peoples in Russia, plus plastic-padded and under- water leghold traps - although these have been condemned as cruel by animal rights groups. But it will immediately ban the use ot all jaw-type leghold traps in Canada for seven of the 12 spe- cies for which they are used.

Steel-jaw traps will be out- lawed for the remaining five species by Efforts will now switch to getting a deal with the US. Neil Buckley. Dutch, French, Spanish and US airport management companies have also expressed an interest in the Mexican privatisation. Mr Jorge Silberstein. Leslie Crawford. The two-year contract is for the network planning, installation and supply of radio technology for Reuter, Johannesburg r. Your DP network has become the lifeblood of your organization. Its performance stands and tells with its availability.

The oWadage applieshere too: "An ounce of prevention is worth a pound of cure" Potential sources of trouble have to te identified and avoided early on in order to prevent serious outages with ali their consequences. But this necessitates highly specialized expertise and on- going systemmonitoriftfl. Effort and expensethat you. The better option is to put the responsibility in the hands of the specialists from Siemens Nixdorf. Because they're experienced in auto- mated, preventive remote or on-site problem identification and resolution.

They intervene before the network ever goes down, while also taking all of the other system-related tasks off your hands: From end-user support to software and data managementto complete administration of your IT operations. So you can concentrate on the challenges of your market and leave the support of your systems end networks to Siemens Nixdorf IT Service. To assure you information technology with- out the thorns. Don't forgetto add your name and address! General Nicolas Her- moza Rios, along with almost 40 military officials, entered Congress after an invitation by the newlv-ap- pointed defence minister.

Mr Cesar Saucedo, himself an army general. However they were forced to abandon attempts to address a closed session after protests from the opposition and after they bad objected to the use by Mr Diez Canseco of a cellular phone to speak live to a TV station.

The session was called to discuss the recent govern- ment decision to strip the popular owner of a television station of his nationality illicitly wiretapped pub- lic figures, including dozens of journalists, politicians and judges. The military officials who entered Congress, including the three heads of Peru's armed forces, reportedly had information linking Mr Ivcher to "secret business deals" with Ecuador.

The entry of the military had followed a concerted attempt by President Alberto Fujimori's ministers to defend the government over the case and the wiretapping allegations. Cabinet minis- ters. The developments have prompted street protests.

Stock market prices fell and Mr Fujimori's approval rat- ings hit their lowest level in seven years of government. President Alberto Fujimori: his ministers defended government orer wiretapping revelations Horse trips up Chilean minister By Imogen Mark in Santiago The heavy winter rains in Santiago last month have washed out the political career of Mr Edmundo Her- mosilla, Chile's housing minister.

He resigned on Tuesday after admitting he had received the gift of a valuable horse from one of the ministry's biggest contractors. The same contractor. Mr Francisco Perez Yoma. Since then the 7, families have been living precariously, their homes swathed in sheets of heavy plastic as temporary protec- tion.

Ironically, Chile's housing policy for low-income groups had been one of its most successful social initia- tives. In May, President Eduardo Frei congratulated the ministry for building half a million new homes in the past three years. Mr Hermosilla'5 fellow ministers and other mem- bers of the Christian Demo- crat party to which he belongs rallied to defend his record. President Frei, however, apparently took a more crit- ical view. Stock and bond prices, which soared on the chair- man's remarks on Tuesday, moved higher again yester- day.

At noon the Dow Jones Industrial Average was up 42 at 8. The Treasury's benchmark year treasury bond held on to Tuesday's g ains , with the yield steady at 6. Mr Greenspan continued to give comfort to financial markets yesterday, suggest- ing consumer price inflation remained subdued, even as unemployment was near a year low. His latest round of Humphrey-Hawkins testi- mony was the most positive assessment of the US econ- omy he has ever delivered. Luf- kin. Conspicuously, Mr Green- span did not use the second day of his testimony to remove any of the shine from the markets' reaction to his first day's comments.

In the past he has often slightly shifted emphasis on the second day if he believes markets may have mis-inter- p reted him. In his prepared statement on both days. He went on to suggest these expectations might be justified by recent signs that a combination of technologi- cal change, and globalisation of the US economy, might have shifted long-term US growth potential upwards. On the immediate outlook, the Fed chairman's bullish- ness also helped markets. There was no repeat of his warning in his last testi- mony in February about the possible need for a preemp- tive strike against inflation.

That warning was followed by a quarter point rise in interest rates four weeks later. The reaction in the fixed-income market even suggested investors might be expecting that the next move in interest rates might be down, not up. But some analysts were concerned investors had over-reacted to the testi- mony. Given this sentiment it is hard to fathom the market reaction.

Mr Luiz Inario Lula da Silva. Mr da Silva is now favourite to be the candi date of a group of leftwing parties. The inquiry followed allegations from a party activist that several PI municipalities had hired a company. C Teoff Dyer. Police arrested the man at the weekend and searched the room he was renting at Guanabo. The incident followed small bomb blasts at two Havana tourist hotels on July Cuban officials think the explosions are part of a campaign by rightwing anti-communist exiles to damage the island's Cuba's industry.

Pascal Fletcher. Hai'crm U S mutual funds look to export markets U S mutual fund com- panies seem finally to have found a way to export their products. Early in June. The month ended with a similar deal. And at the end of last month, the New York firm of Scudder. Scud- der, which is privately held, maintained a large stake in the operation, and made clear the main aim of the deal was to allow it to com- pete internationally, particu- larly in Europe. July started with another big tie-up.

Alliance is managing funds worth Sl. In the US. These factors are not replicated exactly out- side the US- But they have also made at least two product innova- tions which could be copied overseas. With emerging markets now reaching the stage where employees want to save, and many established state social security systems lacing the need to switch to the US pension model, US fund groups believe they now have an opportunity to export their expertise.

But to date most US companies have found expansion sur- prisingly difficult. There is also controversy within the industry over whether expansion should be attempted organically, via joint ventures, or by taking direct equity stakes. But Mr David Wil- liams. He said: "American firms are somewhat disadvantaged because we are all struc- tured along specialist lines. A traditional pension fund in Britain, for example, is a global balanced account with a UK equity bias.

Some US fund managers distribute direct to the pub- lic, led by Fidelity Invest- ments of Boston, which became the world's largest fund manager on the back or the tactic. Few apart from Fidelity itself, which has now built an influential position in the UK market without approaching the dominance it enjoys in the US.

Other companies have rejected the joint venture. According to Mr Edmond Villani, chief executive of Scudder "We have pursued a number of joint ventures in Asia and Latin America with large commercial firms which clearly have an investment outreach, and were very interested in our Investment expertise.

But in all cases the strategic short- comings persuaded us that it was not the way to build a global asset management business. Once a venture is well established, it is easy for the two partners to become com- petitors. It took a long time for that to be accepted in the US. That could be a stimulus for the develop- ment of equity capital mar- kets. In its Economic Policy Review for this month, the bank published research into the correlation between flows of money into mutual Pads and market perfor- mance.

The strong net sales registered by the Tund industry in the last two years have coincided with a strong bnll market in equi- ties. Some economists, such as Mr Henry Kaufman, a highly influential commen- tator. There was a slight effect for more conservative funds, but a market decline of I percentage point for govern- ment or corporate bonds would lead to an outflow of less than a tenth of l per cent.

UPS and security equipment. Contract No. General Both contracts will be for a period of approximately 3 years. In addition for each contract Manager Airport PLC roll require one party to undertake single point liability for ihc provision of services. Guarantees and performance bonds may be required and applicants may he requeued ip an end an interview.

Interested ponies are requested 10 uipply 3 copies of informal kn containing details of the compny profile and in-twac capacity to provide the relevant sen ice with particular reference to legislative irquiremraits.

The informal ion should also contain a pro Tie of the contractors company structure in relationship to any subsidiary, associate, parent or ultimate holding company, together with a list of directors, management and Khniruanaiivc suff and technical support staff by discipline. Contractors may be requested lo submit aU atonal information oi a Lncr stage.

Applications to be included on the tender list should be submitted to the Administradaa Manager. Ground Floor. Olympic House. Manchester Airport PLC. The two companies, Telcel and MovilneL were told that excessive demand appeals to have caused a deterioration in service and were ordered to sort out the problem before expanding their cus- tomer base.

But industry analysts see the decision as part of a wider problem of inadequate regulations and arbitrary government decision-mak- ing. These have contributed to investor uncertainty when whole areas of business are opening up for the first time.

Earlier this year the tele- communications regulator. Analysts suspected attempts to renege on the previously agreed rate for- mula. In the transport and power sectors, companies also complain about arbi- trary rate policies. It is now negoti- ating to subsidise the differ- ence. Why have a concession if you're going to subsidise in the end? Yet problems are not lim- ited to low rates. Inadequate legislation and untrained regulators add to the frustra- tion of operators.

An April tender held by Conatel for a rural telephony contract was shrouded in controversy and legal uncertainty. The Venezuelan-American chamber of commerce says the recent controversy between Conatel and private companies in basic and cel- lular telephony has over- shadowed the positive investment climate in the country. Others attribute the rem- nants of populism to the sur- vival of hardliners in minis- tries unwilling to give up power.

The ministers have until nest week to explain how they will implement the cuts. By cutting the defence budget by 0. Sbn in spending. Instead, he is now saddled with finding ways of cut ting defence spending by ShkflflS rn. Mr Netanyahu, who appears to be putting finally in place a consistent fiscal policy and his privatisation programme, said it was nec- essary to press ahead with the cuts given the slowdown in the economy as well as the fall in immigration which is expected to decrease from last year's 71, to Not only must he seek , to restore economic stability to a country with.

The budget has also to be sold to an electorate increas- ingly disillusioned with the government t exemplified by a rash of strikes and go- slows across the economy. In spite of the scale of the task, financial markets have already given Mr Murerwa the thumbs-up. In recent weeks, the Zimbabwe dollar has continued to appreciate in real terms, while share prices have hit record highs on the Zimbabwe stock exchange.

Such market optimism contrasts sharply with devel- opments on tie ground. In recent days, the country has been hit by the worst indus- trial unrest - some of it vio- lent - for 17 years, resulting in a government ban on all ;; Zimbabwe - Budget deficit as a ratio of GOP to 83 95 87 demonstrations for the next fortnight.

Employers have been granting pay increases of 25 per cent to 40 per cent - and In one reported case as much as 70 per cent Elec- tricity tariffs have been increased by per cent, spread over three years. Against this inflationary background, a credible bud- get will require a blend of spending cuts and tax increases.

SE toduistriaia. In feet, it has barely changed over the past year, averaging 19 per cent Now, sharply higher fuel and energy prices, rapid monetary expansion and wage awards way above pro- ductivity growth seem almost cer tain to push infla- tion into the high twenties later in the year.

This could force the central bank, which until April was com- mitted to lowering rates, to raise its rediscount rate from the current level of 25 per cent with a subsequent fur- ther increase in bank lend- ing rates. On the positive side, the combination of strong eco- nomic growth - 6. The IMF reportedly wants him to increase energy taxes substantially; raise taxes on beer and tobacco; force dvfl servants to pay higher pension contri- butions; and cut government grants.

Other suggestions indude increasing prices for state services, retrenching more people from the uni- formed services including the police force , and the imposition of a land tax which could bring in upwards of USttOOm. T he practicality of some of these sugges- tions is questionable. This, coupled with addi- tional privatisation reve- nues, might make it possible to bring the defitit down to levels which the IMF could recommend, with a moder- ately straight face, to donors and lenders.

If he produces the tight fiscal budget the country needs, he will probably exacerbate Inflation in the short-term, while alienating both the business community and the public. The budget, moreover, comes at a time when the electorate is becoming increasingly disillusioned with the government. In recent months. President Robert Mugabe's administra- tion.

This, and recent industrial unrest, indicates that the elector- ate's patience is wearing thin. Perhaps Dr Murerwa will find the courage to break the mould. Daiid Buchan. In the village of Yemma M'guita, in the wflayn province of Blida, 39 people, including a family of A newspaper claw to the presidency said this week a massive army sweep in Hattatba, west of Algiers, had led to the killing of 90 militants. Mr Georges Ruggiu, who is alleged to have made broad- casts urging Hutus to eliminate Tutsis and political mod- erates in , was arrested by Kenyan authorities.

Scores of Hutu suspects have been rounded up in Kenya follow- ing a fence-mending visit to Nairobi by Major Paul Kagame, Rwanda's military strongman. Michela Wrong. A report by the US-based human rights campaign group said wide-scale government and security forces vio- lations of the civil and political rights of Bahrainis were a major factor behind nearly three years of unrest, which has led to bomb blasts and rioting.

The Gulf banking cen- tre's Shia majority has been demanding political reforms from the Sunni rulers. The components segment also gathered momentum following a slow start at the beginning of the year. Buoyant business in the Americas and Asia-Pacific more than compensated for a light decline in Germany. Growth was again gener- ated exclusively by inter- national business, where the double-digit increase was favored nearly four percentage points by positive currency trans- lation effects and around three percentage points by the first-time consoli- dation of new companies.

Business in Germany, in contrast, edged off slightly. In the U. The communications, transportation, and infor- mation segments again posted double-digit growth as their interna- tional business continued to boom. Health care and components returned to higher growth rates; Semiconductors gathered momentum again with double-digit growth.

Medical Engineering's international business more than compensated for stagnating domestic demand. While the company's international workforce increased largely due to the first-time consolidation of new companies, the domestic workforce was reduced through divestitures and spin-offs. Net income was DM1. Lower earnings in Semiconduc- tors. Medical Engineering and Transportation Systems were offset by higher income in most of the other operating groups.

Nc-te: In accordance with German legal requirements, the information contained in this Interim Report has not been audited. Copies of the interim Report are available from S. Warburg, attn Mr C. The proposals are contained tn a long-awaited review of higher edu- cation led by Sir Ron H earing Sir Ron's report, published yes- terday, calls for the biggest shake-up In the university system for 35 years. Mr Blunkett promised there would be a white paper in the autumn.

The announcement to charge tuition fees prompted Lord Glena- mara, a Labour education secre- tary under Harold Wilson, a former prime minister, to threaten to resign the Labour whip. He said he believed 70 per cent of Labour backbenchers shared his view, but that the party's tight discipline would see most toe the party line. Senior sources indicated that the opposition Conservative party would vote against tuition fees, although Mr Stephen DorreU, the shadow education secretary, is likely to attack the form in which the government proposes them rather then the principle.

In a report presenting a vision of higher education Cor the next 20 years, the Dearing committee said the government should lift the cap on student numbers. It would like to see 45 per cent participation rates, and anticipates that an extra , undergradu- ates could enter higher education each year by It also warned the govern- ment against raising the tuition fee contribution with- out parliamentary approval.

The widely leaked recom- mendation, which would mean the end of free higher education for all, is seen as the best way of rescuing uni- versities from a dire finan- cial crisis. To boost the university sector's short-term financial needs, the committee is also asking government to reduce planned spending cuts, put at 6.

If these go ahead, the sec- tor could be seriously dam- aged. The committee's decision to recommend tuition fees is justified by evidence show- ing that graduates receive salaries between 11 and 14 per cent higher than non- graduates. It also says that students will become more demand- ing of institutions, forcing up standards; that it would help to level the playing field between full and part-time students: and it would mean there was a clearer expectation that the funding released should be reinvested in higher educa- tion.

The Revenue would collect the loans on behalf of a new- ly-formed Student Support Agency, which would streamline the number of student support bodies. This currently exceeds But unlike those, the UK government would not be allowed to increase unilaterally the pro- portion of tuition costs paid by graduates.

The committee says such a change should not be allowed to take place with- out an independent review and the assent of both houses of parliament. The money accruing from tuition fee contributions could be slow in filtering through the system. To rem- edy this, the committee sug- gests discounts for up front payment or a modest real rate of interest on loans to encourage those who can Oman Carr afford it to make a contribu- tion at the time of study.

Proposals to secure private finance for loans - instead of government finance - were rejected because the commit- tee was not satisfied they would deliver value for money. But in order to remove the loan book from the public spending borrowing require- ment, the committee recom- mends the government fol- lows international accounting practice, which does not treat the repayable part of loans in the same way as grants to students. NI talks in doubt as arms plan is rejected By John Murray Brown in Belfast and John Kampftier in London The government's proposals for paramilitary arms decommissioning in North- ern Ireland were rejected yesterday by the region's three main pro-British unionist parties, casting doubt on the prospects for talks in September aimed at bringing them together with Sinn Fein, the political wing of the Irish Republican Army.

The Ulster Unionists, the province's largest party, insisted they would stay in the negotiations. Mr Ray Burke, the Irish Republic's foreign min- ister. In the House of Commons. Mr Tony Blair, the prime minister, denied the govern- ment had shifted its position on decommissioning to accommodate republicans.

Responding to the first public stirrings of concern from the opposition Conser- vatives. MPs question cause of helicopter crash By Liam Halligan and Jimmy Bums The official cause of the Chinook helicopter crash, which killed 25 Northern Ireland intelligence experts in June , was yesterday called into question by the new defence committee.

In a separate develop- ment, the National Audit Office, the public spending watchdog, has received information raising ques- tions about the way an updated version of the Chi- nook was re-introduced into service prior to the crash, after a refit by Boeing, its US manufacturer.

The NAO is considering examining evidence from Chinook flight trials as part of a forthcoming investiga- tion into MoD procurement Mr Michael Tapper, the father of one of tbe dead pilots, hopes that both the NAO and the committee will examine the fatal accident Inquiry of Sir Stephen Young, a Scottish sheriff. Mr Monks said: "We are now attracting hot money because of a combination of high interest rates and the fact that we are unlikely to be in the first wave or membership of Emu.

Order-driven trading, under which investors and bro- kers can place bids and offers for shares on an electronic order book that will appear on all traders' screens, is due to be introduced by the exchange on October A policy paper on devolution will set out tbe transfer of legislative and administrative powers to a new parliament in Edinburgh, which is almost certain to be approved by voters in Scot- land in a referendum on September It will make clear that responsibility for negotiating with the European Union will remain firmly in the hands of ministers based in London.

The number of clinically suspect cases at June 30 this year was 56 per cent lower than the same time last year and 70 per cent down on The threat to exports would in turn bring fur- ther threats to jobs, he said. Mr Blair made it dear be had invited them because be wanted to use their talents. British designers have long grumbled But the community has an uneasy relationship with business, writes Alice Rawsthorn about being neglected in their own country.

There are dozens of examples of hi g hl y educated Britons whose tal- ents are exploited abroad: from Mr John Galliano and Mr Alexander McQueen, chief designers at Christian Dior and Givenchy, the Paris fashion houses, to industrial designers such as Mr Jasper Morrison and Mr Lovegrove, most of whose clients are German and Italian companies.

Until now, successive governments have done little more than listen to the complaints. One Is the millennium dome, and another fnclndes the international events - such as G7 summits - that the UK will best over the next three years. He sees them as showcases for contemporary design and other cre- ative sectors, such as film, music and multimedia. The third priority is to improve the design of airports, railway stations and terminals which define foreign visitors' first impressions of the UK.

The three projects will be the subject of brainstorming sessions organised by the Design Council this autumn. Spotlighting designers at highly pub- licised tntanwttonai events should pro- vide welcome publicity for them and help Labour's efforts to modernise Britain's tweedy traditionalist image. But these initiatives may amp ly suc- ceed in making British designers appear more attractive to foreign com- panles.

There is no guarantee it will become easier for John Galliano to secure investment to operate in the UK. To tackle these problems, the govern- ment needs to embark on a long-term exercise of encouraging the City of London and industry to adopt a more imaginative approach to design. There are some encouraging signs. The UK's image is being examined with a view to an overhaul and Demos, the think tank, will publish a study on the subject this autumn.

His department has asked the Design Council for advice on developing a new identity to mark its name change from Heritage to Culture, Media and Sport, hoping to set an example for other departments. He must now find the way. Alice Rausthom is a member of the Design Council. One pclamation point was bad in Star. The viewer picks them out' of his body like darts before settling down to watch a filmed play about Aids, death and bearing up. It is two hours of American Chekhov in which eight gay friends meet in a lakeside New England dacha over three holiday week- ends.

Gregory Stephen Bogar- dus. Any more artfully ravish- ing pathos and we could expect the next visitor to be Giacomo Puccini, setting it all to music. After a gauche prelude cross-cutting conver- gent car journeys, complete with obligatory shot of an old farmer on a tractor shak- ing his head as one gay road- ster speeds by. And there is plenty of that skin- ny-dipping : caveat Aunt Edna. McNally, who wrote The Ritz and Frankie And Johtmy, has a talent for cho- reographing busy casts and letting each member have his stand-out solos.

His fnmip skills, thoug h, spend much of their time apologis- ing for his excess pathos. This play is steeped in com- munal self-pity, placing gay characters in a ghetto no less oppressive for its voli- tional air of privileged trag- edy than previous ghettoes have been far being on the receiving end of bigotry and persecution. In Chekhov, comedy and tragedy are in symbio- sis: they do not operate as a checks-and-balances system.

Here we know that every time seriousness threatens - the blind boy's moment of passion with the bunk, the death of an offscreen loved one - the epi grams will fol- low close behind. For all gay people are clowns beneath the tears, at least in pieces like this, forever doomed to ensure that the Show Goes On.

The title town of the charm- ingly wheezy comedy PaJoo- kaville is on no map of New Jersey. No ore comes back from there, least of ah Sid William For- sythe , Russ Vincent Gallo and Jerry Adam Trese , three no-hopers whose flirta- tion with crime begins with a burgled pastry shop - they brake in thinkin g it was a jeweller's - and ends with two fiascos Involving a bank and a security van.

Sid is a love-bruised loner who lives with his dogs. Russ is an Italian firecracker experienc- ing early burn-out. And Jerry is a henpecked newly- wed who has to apologise to the supermarket manager he punched for harassing indeed for all but raping his wife, just so that she can get her awful job back. Everyone is distracted from the main business of life by not knowing what exactly it is.

Life in New Jersey never gets any better than a good TV show. If It did. Broken English is another tragicomedy about waking up to find yourself in the wrong postal area of Life. This time it is Palookaville. New Zealand. The proud Croatian father Hade Ser- bedzija rules with a rod of iron, or rather a free-swung baseball bat, over bis two wilful daughters. Both are of marriageable age though waitress Nina is not of mar- riageable disposition.

When she flings herself at the handsome young Maori chef Julian Arahanga. Like Once Were W arriors , the film suggests that New Zealand is a race war waiting to happen, though more races than we thought are lining up for weapons. The f unni est scene is a con- test between two loud, adja- cent garden parties - one Maori, one Croat - in which ethnic tensions splutter as fiercely as the pig spitted by the ex-Yugoslavians.

There is much deft comedy, laced with a little terror in every scene where Bade Serbedzija appears, an actor with a frown like Mars, a beard like Zeus and a soaring power pylon in his backyard whose symbolism needs no spelling out. Also fierce, funny and Antipodean is Idiot Box. Ben Mendelsohn and Jeremy Sims play the Syd- ney retards, two ebullient teenagers who swear, drink and talk dirty but can never quite muster the will or the nous to do any thing. Such as.

Writer-director David Caesar excels at alter- nating the manic with the meditative: the leads are excellent; and Graeme Blun- dell and Deborah Kennedy make a fine pair of maladroit detectives. The must- miss movie of the week is Martine Dugow- son 's Portraits Chinois : one of those French films in which everyone takes turns to love everyone else, across a large social spectrum of Pans, and the audience needs a pocket cul.

Faces from a hundred noted Euro- puddings pass by. S uzanna Julie Christie is considering renting an eight- bedroomed holiday borne on the coast for a month. It costs FFrlm but her hus- band Jean is a millionaire, so why is she vacillating? For the first time in her life she has taken a secret lover. As the two of them admit a shade implausibly this is the first time they have ever discussed their past, we real- ise what Duras is up to.

In true existentialist fashion, her characters have lived solely for the present, but now they must face both past and future. The moment Catherine Milliken's wistful woodwind music threads its way through the silence at the opening of Lindy Davies's revival, you know exactly what you are in for. Her sug- gestive chamber score has an austere, desiccated feel. As the comedy act Trevor and Simon would put it.

Duras, alas, is not famous for her jokes. Old Times. Suzanna Andler shares that play's preoccupation with secrets and lies, but where Pinter brilliantly creates a forward momentum while unravell- ing a mysterious shared past, Duras merely poses conflicting positions.

Every calibration of feeling has clearly been plot- ted. By the interval, your patience with her indecision is wearing thin; by the end, Fm sorry to say, mine had worn out completely. At the Minerva Studio, Chi- chester. Euridice has just been revived at the Drott- ningh nlm court theatre near Stockholm, in a controver- sial production which tries to marry musical authentic- ity to an arty modem stag- ing.

In recent summers, visi- tors to Drottningholm have been treated to the reper- toire associated with its golden era at the end of the 18th century. This year marks a change. Per-Erik Ohm, Drottningh- olm's new artistic director, has gone back to an earlier era, with two works offering contrasting approaches to an identical story. Euridice, the first surviving stage work to employ continuous music, follows the 16th century tra- dition of pastoral drama - the aim of which was to entertain while encouraging a few tears along the way.

Before he came along, court entertain- ments took the form of a commedia with spectacular musical interludes. Peri was a leading light in a decade of dramatic experiments at the Medici court, and Euridice marked its climax. But the work was too intimate to impress an audience eager for spectacle, and Florence reverted to what it knew and liked best To make the Orpheus myth acceptable for a Medici wedding celebration.

Peri dropped the tragic ending and substituted a scene of infectious joy in which Orpheus and Euridice are reunited on earth. Other- wise. Within the style of melancholy arioso. Peri's score could hardly be more affecting: emotional truthful- ness and lyrical delicacy move hand in hand. But until the fifth and final scene, it suffers from one fatal flaw - unvaried pace. O r so it seemed at Drottningholm. Peder Freiij's fea- tureless tunics bathed the cast in grey uni- formity, broken only by Plu- to's outrageous Father Christmas outfit.

It looked sensational. And it was Joe. Boyish and glum, he was outshone by Jeannette Kohn's statuesque Euridice. Full marks, too. Leading the way with his own contributions on chitarrone. Despite my reservations about the staging. I felt noth- ing but pleasure to he back at Drottningholm. The thea- tre itself is a marvel - not just for what you learn about how a court opera looked years ago.

With fulsome state support and sponsorship from Shell Sweden. Drottningholm is free of the snobbery that would attach to such an operation in the UK. Prices are affordable and the per- formance is of festival stan- dard. This time it is the turn of the works produced when the artist lived in Nuenen, With violinist Tasmln Little and counter-tenor David James. Conducted by Valerie Gergiev in a staging by Herbert Wernicke. Samuel Ramey sings the title role.

Cast also Includes Philp Langridge. Christoph von Dohnfinyi conducts a new production by Achim Freyer. New production directed by Peter Stein, with sets by Moidele Bickel. Libussa is played by Dorte Lyssewskl; at the Pemer-lnsel; Aug 1,2, 3. Kiel on Aug 6; at the Musik- und Kongresshalle. Saint-SaSns and Rachmaninoff.

New production. Conducted by Angelo Campori. This applies equally to his modernising of the Greek economy as to his building on the ground- breaking agreement reached with President Suleyman Demirel of Turkey a fort- night ago at the Nato sum- mit in Madrid. One year after the death of his unpredictable predeces- sor, Andreas Papandreou.

Mr Simitis looks increas- ingly self-confident. His pragmatic style contrasts with that of Papandreou, a leftwing economist and founder of the governing Panhellenic Socialist Move- ment Pasok. Papandreou was always quick to exploit Greek insecurity about its larger and historically domi- nant Turkish neighbour.

To he fair, Papandreou did once try for a rapproche- ment with Turkey when he established a personal rap- port with the late President Turgut Ozat during the world economic forum at Davos in Mr Simitis believes that Davos failed because too much was attempted too quickly. Insufficient atten- tion was paid to detail: a mistake he is determined not to repeat this time.

Intervening in English to correct tbe Oxford-trained economic adviser summoned to trans- late. Greece and Turkey have been at odds for years over sovereignty and economic rights in the Aegean waters surrounding hundreds of Greek islands, some of which lie only a few miles off the Turkish coast Tbe most contentious issue con- cerns the continental shelf, which is believed to contain valuable oil deposits.

On tbe very day that Mr Simitis took office last year, the two countries came close to fighting over lmia. It took the intervention of Mr Richard Holbrooke, the top US troubleshooter, to avert a military clash. Mr Simitis insists that, before a dia- logue, Turkey must either agree that it does not dis- pute Greek territory any- where in the Aegean, or sub- mit any outstanding claims to the World Court.

He also took a firm line on Cyprus, an issue not men- tioned in tbe Madrid declara- tion although it stirs more feeling in Greece and Turkey than any other bilateral problem. Turkey, which sent troops to the island in to secure a separate enclave for the Turkish Cypriots, does not recognise the Greek administration in southern Cyprus as a legitimate gov- ernment.

But Greece is ener- getically sponsoring that government's application for inclusion in the next wave of EU members. Separate UN-sponsored negotiations between the island's Greek and Turkish communities took a step for- ward when their leaders met in upstate New York earlier this month.

Efforts to solve tbe political problem will continue in parallel. But he refuses to rule out the possibility that Greece would veto other candidates Tor membership in an enlarged EU it. More pressing problems confront Mr Simitis at home, where he expects the coming winter to bring a renewal of widespread social protests as he pushes ahead with attempts to bring Greece's economy in line with Euro- pean competitors.

Mr Simitis has given prior- ity to meeting the Maas- tricht convergence criteria for eventual membership of the proposed single Euro- pean currency. He knows that better relations with Turkey would help, by enabling Greece to cut its inflated defence budget and encouraging foreign invest- ment. But he fears that any hasty move In that direction could provoke a revival of nationalist passions at a time when he already faces entrenched opposition from powerful interest groups opposed to economic reform.

It hopes to qualify for a possi- ble second wave of entrants by hitting tbe targets next year or in Inflation has fallen but, at an annual 5. While Greece is on track to reduce the budget deficit this year from 7.

Mr Simitis ftiahna to have made impor- tant strides in liberalising Greece's telecoma and energy markets. But he admits there is much still to be done, not least the restructuring of Olympic Airways, the troubled state carrier which has failed to implement reforms agreed more than two years ago with the European Commis- sion.

There is nothing flamboy- ant or even charismatic about Mr Simitis. Yet be has something in common with Mr Tony Blair, the UK prime minister, in that be has reshaped an old-fashioned socialist party by pushing through policies that would have been bitterly opposed just a few years ago. Bat Mr. Either way, it is clear that Mr Simitis wants to leave b ehind Greece's third world socialist tradition of the past Instead he wants to be judged by tbe standards of western European social democracy.

From Mr Unchum Fischer. In view of the recent central bank gold disposals alluded to by Robert Chote.

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Per ottenere il valore del giorno seguente della stessa SMA a 5 giorni, dobbiamo escludere dalla formula 1. Le altre impostazioni dipenderanno dalla strategia di trading. Nonostante sia usata di rado senza affiancarla ad altri indicatori, esistono determinate strategie che impiegano la SMA da sola. Affinando le strategie tradizionali, i trader professionisti possono talvolta decidere di cambiare non solo il periodo ma anche il metodo di media mobile sostituendo la EMA alla SMA.

La media mobile ponderata si imposta come abbiamo visto per le precedenti. Apri una posizione corta nei seguenti casi:. La media mobile levigata si imposta esattamente come tutte le altre: scegli Periodo , Spostamento , Stile e alla voce Metodo MA selezioni Smoothed. La si utilizza raramente nelle varie strategie di trading e trova applicazione principalmente nei sistemi di trading automatizzati complessi o come parte di indicatori personalizzati.

Le strategie e gli approcci al trading che fanno uso delle medie mobili sono molteplici. Come mostra chiaramente questo esempio, la seconda MA permette di filtrare molti falsi segnali. Per le negoziazioni a breve termine, le medie mobili di 5, 10 e 20 periodi sono le migliori, mentre il trading a lungo termine funziona al meglio con medie mobili di 50, e periodi. Oppure ancor meglio una doppia media mobile esponenziale DEMA. Le strategie che abbiamo descritto in questo articolo sono disponibili sulle piattaforme di trading di AvaTrade.

Non a caso la media mobile a 50 giorni tende a sostare, una volta perforata, per molto tempo al di sopra o al di sotto del prezzo. Per il resto, funziona esattamente come le altre medie mobili: se utilizzata in concomitanza a medie mobili di diverso ritmo genera segnali di entrata e di uscita discretamente affidabili. Il segnale di vendita viene generato esattamente nel modo opposto.

Il motivo? Strategia SMA a giorni. Per questo motivo, si trova sempre molto lontano dal periodo di prezzo. Strategia SMA giorni. Qui sotto puoi trovare i link ufficiali e sicuri per aprire un conto demo con alcuni dei migliori Broker per trading online a disposizione:. I conti demo sono illimitati e gratuiti per sempre, non ci sono limiti di utilizzo.

Inoltre, queste sono le migliori piattaforme per fare trading online. Le medie mobili sono formidabili strumenti di analisi tecnica. Ecco una guida esaustiva. Quando il prezzo si avvicina alla media mobile, la tocca e poi rimbalza mantenendosi comunque al di sopra si ricava un segnale di acquisto. Ad ogni modo, ecco alcune strategie che hanno come protagoniste le medie mobili esponenziali. Le strategie con le medie mobili semplici Strategia SMA a 50 giorni.

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This may take a second or two. Inizia a fare trade con Avatrade X. In ogni suo punto, la media mobile ci indica il valore medio dei prezzi in un dato intervallo di tempo. Nella finestra Parametri inoltre puoi scegliere gli intervalli temporali , alla voce Visualizzazione.

La maggior parte delle strategie utilizza la SMA. Apri il tuo conto di trading su AvaTrade o prova il nostro conto demo senza rischi! Ad esempio, se in un grafico 5D 5 Giorni i prezzi giornalieri di chiusura sono 1. Per ottenere il valore del giorno seguente della stessa SMA a 5 giorni, dobbiamo escludere dalla formula 1. Le altre impostazioni dipenderanno dalla strategia di trading.

Nonostante sia usata di rado senza affiancarla ad altri indicatori, esistono determinate strategie che impiegano la SMA da sola. Affinando le strategie tradizionali, i trader professionisti possono talvolta decidere di cambiare non solo il periodo ma anche il metodo di media mobile sostituendo la EMA alla SMA. La media mobile ponderata si imposta come abbiamo visto per le precedenti.

Apri una posizione corta nei seguenti casi:. La media mobile levigata si imposta esattamente come tutte le altre: scegli Periodo , Spostamento , Stile e alla voce Metodo MA selezioni Smoothed. La si utilizza raramente nelle varie strategie di trading e trova applicazione principalmente nei sistemi di trading automatizzati complessi o come parte di indicatori personalizzati.

Le strategie e gli approcci al trading che fanno uso delle medie mobili sono molteplici. Come mostra chiaramente questo esempio, la seconda MA permette di filtrare molti falsi segnali. Per le negoziazioni a breve termine, le medie mobili di 5, 10 e 20 periodi sono le migliori, mentre il trading a lungo termine funziona al meglio con medie mobili di 50, e periodi.