The killing follows warnings last year from conservation groups that elephants were being slaughtered in Africa at an alarming rate to feed demand for ivory from increasingly affluent Asian countries, particularly China and Thailand.

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If changes in the federal-funds rate do not feed through into market rates, the dollar or share prices, they will have little effect upon the economy.

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The company struggled to IPO but got public in late 2010 with a major valuation haircut (fraction of cash invested) as the only way to feed a very high burn rate supporting its formulation improvement for a generic migraine drug.

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"But Libor still remains high relative to the Bank rate and any improvement in credit market conditions will take time to feed through into the mortgage market, " he added.

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