Nukaga’s comments, the most direct by any Japanese official so far, reflect similar pressure from all G7 leading industrialised nations on China’s currency policy, the newspaper said. Previously the Japanese finance chief had kept largely quiet on the currency issue, even after the G7 as a group demanded faster yuan appreciation at its October gathering. At last week’s EU-China summit in the Chinese capital, Europe also took a much tougher tack, demanding faster appreciation and citing an unacceptable increase in the trade gap. During the Sino-Japanese economic talks the Chinese side said they would work to increase the currency’s “flexibility,” according to Nukaga. However, as Japan’s largest trade partner, its request for yuan gains may have more to do with concerns over China’s unbalanced economic boom. Global ad spending to grow 6. read more

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Two directors of a local online forex bureau have been arrested by the Banking Fraud Investigations Department (BFID) on suspicion that they could have swindled the public of millions of shillings in the highly risky and unregulated online currency trading bets. A letter obtained by Business Daily from SoftLaw Limited, which currently operates an online forex trading business under the name Genius Forex Ltd shows that the Central Bank of Kenya (CBK) warned the company that its activities are illegal under the Banking Act in March this year. The letter written to SoftLaw's online forex trading customers says CBK had advised the firm that investing other person's funds at the company's risk would require a licence from the Central Bank and therefore the company was terminating existing contracts with its clients then. Genius Forex Ltd which is one of the local online forex trading companies claims that it operates with licence from the Nairobi City Council and the ministry of trade. The directors of Genius Forex Mr Alala and Harrison Karanja claim to have an introducing brokerage licences from Capital Markets Services (CMS), an international online forex trading company. read more

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Main Fortune Small Business 100 Small Cap Investing – Top 50 Ultimate Resource Guide Top Schools for Entrepreneurs 5 Best Bosses Which States Love Small Biz? Others think the dollar could enjoy further gains over the coming days and weeks if the markets reverse their aggressive Fed rate cut expectations for 2008. The dollar’s resilience will be tested somewhat later today when US data on personal incomes and personal expenditures are published, followed by the Chicago manufacturing PMI survey. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. read more

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Go elsewhere ———————– News Business Market Watch Metro Sports Lifestyle Entertainment Technology Education Mind Our English Columnists Photos Video Clips Last 7 Days 30-Day Archive RSS Mobile Edition What’s Hot Write to Us ———————– MyStar AllMalaysia. The move will give exporters greater control and flexibility in managing their foreign currency cash flow and more effectively settle their domestic and overseas transactions. Governor Tan Sri Dr Zeti Akhtar Aziz told a press conference that the objective was to enhance local companies' competitiveness, by allowing them to settle their transactions effectively. The ringgit was banned from being traded offshore in 1998 and was pegged to the US dollar, as part of the currency control introduced to put off currency speculators. She added that the focus now was on developing a vibrant and well-developed foreign exchange market in Malaysia. read more

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Many companies had built short positions through exotic deals with banks, taking a call that these currencies would fall against the dollar. Unlike stock or regular dollar-rupee trades, this is a more opaque, synthetic market where corporates punt on currencies through one-to-one deals with banks. But while these derivatives ?” sold under exotic names like target redemption notes, range accruals and options barrier ?” lower the interest outgo on loans and may even generate upfront income, corporates take a hit when the currencies start appreciating. While such naked bets are in violation of rules, corporates often hide the positions by cutting deals with multiple banks. Significantly, the present development is not exactly an outcome of any mis-selling of derivatives products by banks where the client is ignorant of the risks being taken; many corporates who have bought them to take large positions have sophisticated treasuries. read more

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