Forex – Dollar rises on news of coordinated central bank action UPDATE – Forbes. LONDON (Thomson Financial) – The dollar was higher against major currencies after central banks announced coordinated central bank action to shore up liquidity. The Bank of Canada, the Bank of England, the European Central Bank, the Federal Reserve, and the Swiss National Bank have all announced measures to ease strains on money markets. 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. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more

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A survivor is eBucks, originally created by FirstRand as a standalone Internet bank before it became clear that its existing bricks and mortar First National Bank would need a cyberspace branch. Whereas Standard Bank’s Bluebean Internet business has dwindled into a credit card brand, presumably to replace the Barclaycard franchise Standard lost when the UK banking group bought Absa, eBucks has grown in its niche as a loyalty programme. Much of eBucks’ growth has been over the past four years since Lezanne Human was appointed as the FirstRand unit’s chief executive officer. As far as the nascent e-commerce industry has veterans, Human is one, having worked at Liberty Life’s MyLife foray into cyberspace before it was merged with Standard Bank’s bluebean venture. Critics who say loyalty programmes need advanced maths to understand may be disconcerted to hear that Human is an applied mathematician trained at Stellenbosch University. Human said IFAC(13) doesn’t affect eBucks because all its “virtual money” is backed by real currency. read more

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I got nailed with a dynamic currency conversion charge at Schiphol Airport in Amsterdam last weekend, although I had sworn I wouldn’t let that happen. I’m talking about the practice of converting a transaction in a foreign currency to the customer’s native currency for a fee – usually 2 or 3 percent of the transaction amount. Paying for dynamic currency conversion gets you absolutely nothing except the illusory comfort of paying in a familiar currency. When I got the credit card charge slip for some chocolates I bought at a duty-free shop, the charge had been converted to dollars. Visa requires that you be provided a meaningful choice at the point of sale and you have the right to buy your purchase in the local currency to avoid any additional fees the merchant may assess. So from now on, whenever charging something on a credit card outside the United States, I will specify in advance that I want the charge made in the local currency. read more

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Before diving into currency trading, investors should take the time to learn how to properly trade forex. Most large investors will trade forex through hedge funds, while smaller investors will typically use a retail forex broker. The Simulated Trading software lets users try their hand at forex trading without using real money. The top 10 forex websites provides a handy list of links that will be valuable to any investor learning forex trading. read more

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Nigerian forex reserves hit new high of $56. LAGOS (Reuters) – Nigerian foreign reserves rose to a new high of $56. The latest figure published on the bank’s Web site did not state how many months of Nigeria’s imports the reserves can finance, but it had said the January figure could support 28 months of the top African oil exporter’s import bills. Nigeria, sub-Saharan Africa’s second biggest economy, has recorded significant growth in its forex reserves in the past three years thanks to rising oil prices, Nigeria’s main stay. read more

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Forex – Pound comes off all-time low against euro after strong services PMI – Forbes. LONDON (Thomson Financial) – The pound came straight off a fresh all-time low against the euro after a key UK service sector survey came in much stronger than expected, cementing expectations the Bank of England will hold off cutting interest rates tomorrow. 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. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Sitemap Help Contact Us Investment Newsletters Forbes Conferences Forbes Magazines Forbes Autos Ad Information Forbes. read more

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HONG KONG (Thomson Financial) – The US dollar was firmer against the euro and the yen in afternoon trade in Asia on Tuesday after European and Japanese officials aired their concerns about the impact their strong currencies are having on their respective economies. PK – news – people ) UFJ Securities foreign exchange manager Minoru Shioiri. 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. The content on this site, including news, quotes, data and other information, is provided by AFX News and its third party content providers for your personal information only, and neither AFX News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more

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The company said it expects its revenues in the first quarter of 2008 to be in the range of 330 – 350 mln yuan, with full year revenues growing 70-80 pct over 2007. 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. Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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The upgrade of HDFC Bank’s local currency deposit ratings is underpinned by the significant growth in the bank’s balance sheet in recent years, with an increased market share in terms of assets, deposits and advances, and its growing systemic importance in the Indian banking community, Moody’s said. The ratings agency also assigned ‘Baa2’ foreign currency long-term ratings to notes to be issued under HDFC Bank’s 1 bln usd medium term note programme. The challenge for HDFC Bank will be to integrate the business and cultures of HDFC Bank with its merger partner Centurion Bank of Punjab/Lord Krishna Bank, into a single cohesive unit, the ratings agency noted. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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