Taiwan?s stock market and currency soared on Monday reflecting investor hopes that closer links with China, promised by a new president elected at the weekend, would give the island?s economy a much-needed boost. The Taiwan Weighted index closed 4 per cent higher at 8865. The local currency took a jump to 30. You have viewed your allowance of free articles. read more

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The company has $300 million in external commercial borrowings, Euro 165 million leverage buyout debt, $108 million foreign currency convertible bonds and Rs 2. The loan repayment schedule of the company shows $26 million in 2008, $20 million and euro 28 million in 2009 and $175 million and euro 20 million in the year 2010. Wockhardt generated about 49 per cent of revenue or Rs 3,748 million from European markets in the fourth quarter of 2007, around 15 per cent or Rs 1,147 million from the US, Rs 1,825 million or around 24 per cent from India and Rs 898 million or 12 per cent from rest of the world. News about ICICI Bank suffering losses on mark-to-market margins and losses suffered by L&T arm in commodities derivatives prevented investors to hold positions in (Wockhardt) such a choppy markets,? said Ramesh Kuvare of DBM Wealth Management. read more

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Their run was stopped by the CCB sleuths on Sunday when they raided the quarters and arrested two persons and recovered fake currencies worth Rs 12 lakh. Money doubling is a deceitful game in which they lure people by promising to treble the money in a few minutes and vanish giving them fake currencies. The raiding police teams have recovered fake notes in the Rs 100 denomination and currencies in the same denominations worth Rs 2,400. The doubling agents ?” who from the lower rung of the mafia ladder ?” strike a deal to treble the money and would pass it on to the arrested duo,” the officials explained. read more

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RTTNews – Currency Trading, Currency Market Update, Trading Opportunities, US Market Update . The dollar-loonie pair closed last week’s deals at 1. Latest report form the Japanese Ministry of Finance, showed that business sentiment index, which determines the difference between those companies that feel the economy will get worse in the coming months and those companies that feel it will get better stood at -9. The pair that closed last week’s trading at 1. read more

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On the background of the weakening US dollar, against the European single currency, Algeria has increased the Euro rate in the foreign exchange holdings totalling $120 billions, by early current March, a source close to finances sector said. Although the US dollar is still the reference currency for all trade deals, including oil and gas, as well as in the key stock markets trading worldwide, numerous oil producing countries, such as Venezuela, which has decided recently to adopt the euro when sealing oil deals. Such a decision has been taken after the US dollar underscored its unprecedented lowest level. In this context, the Algerian foreign exchange holdings are valued at $120 billions, or 55% in euro, and 40% in US dollar, while 5% in other currencies. This step is aiming at securing a minimum level of earnings, however a sizable foreign exchange holdings not exceeding 4%, have been changed in bonds, and put in the US central bank, these bonds are secured from at-risk loans crisis hitting the US economy which is threaten by a recession. Also a rate has been changed to gold assets, so Algeria’s gold assets reaching more than 147 tons by early 2008, rank it as a key gold assets owner in Middle East, and North Africa. read more

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Contrasting the fast-growing hoard held by both government and residents, China’s fixed-assets due to overseas investment reached100 billion U. Chinese banks are expected to stage more m&a abroad, also a challenge for them, said ICBC’s chairman Jiang Jianqing on the ongoing China Economic Development forum. Considering clients demand and risk dilution, Chinese banks are eager to go global, Guo said on the forum, stressing CCB sticks to localization, other than direct control of the banks. Compared with leading global banks, overseas performance is still weak in Chinese banks. read more

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The Bank of Tanzania (BoT) is working to reduce interest on Treasury-bills to force down the high lending rates being charged by commercial banks. The central bank has in the past relied heavily on the sale of Treasury-bills to mop up excess liquidity in the financial system. Prof Benno Ndulu, Governor of the Bank of Tanzania, told The EastAfrican in Dar es Salaam that in order to achieve reasonable market-determined interest rates and minimise the adverse impact of high interest rates on domestic credit, the bank had opted to use various strategies. Prof Ndulu said the measures taken included stepped up foreign-exchange sales in the inter-bank market for sterilisation purposes, thereby reducing reliance on Treasury-bills. Due to the need to address high and volatile Treasury-bill rates, the BoT reduced over dependence on Treasury-bills for liquidity management by increasing sales of foreign exchange. Starting January this year, the Bank also reduced the frequency of Treasury-bills auctions from weekly to fortnightly and Treasury bonds to once a month, a move taken mainly to foster competitive bidding and stimulate secondary trading of securities. read more

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Sonia Gandhi should thank Finance Minister Chidambaram for resisting proposals to put part of India’s foreign exchange reserves into a Sovereign Wealth Fund, which would buy equity shares in top global companies. Many countries with surplus forex reserves?”mostly oil exporters, but also China and Singapore?”have set up SWFs that invest in equities. India has experienced a huge inflow of dollars in recent years, raising its reserves to $ 290 billion, vastly in excess of any balance of payments needs. In a seminal paper two years ago, economist Larry Summers, former US Treasury Secretary, made a strong case for developing countries to put excess reserves into stock markets. Even after that, he calculated, 121 developing countries would have excess forex reserves of $2 trillion, equal to 19% of their combined GDP in 2004. So, Summers proposed that all developing countries should put excess reserves into SWFs that would invest in shares. read more

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RTTNews – Currency Trading, Currency Market Update, Trading Opportunities, US Market Update . Currently, the franc is trading at multi-day lows of 2. Currently, the dollar is trading at 12-day highs of 1. Against the pound and the yen, the dollar is now trading at 4-day highs of 99. Feedback | Terms of Service | How To Use RTTNews. read more

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