CURRENCY TRADING INFOR

Also inflation has proven persistent, in large part due to commodity prices,” said Sean Callow, currency strategist with Westpac in Sydney.

“This has very much limited central banks from delivering the easings (in interest rates) that might have otherwise occured,” he said.

Japan’s Nikkei share average .N225 was 0.6 percent higher, with Sony Corp (6758.T: Quote, Profile, Research) one of the biggest gainers after Goldman Sachs upgraded shares in the company to “buy.” Sony rose 2.3 percent but overall market trading volumes were light.

Technology stocks also boosted Taiwan’s TAIEX index 0.6 percent.

China Mobile (0941.HK: Quote, Profile, Research) and China’s third-largest oil producer CNOOC (0883.HK: Quote, Profile, Research) led Hong Kong’s Hang Seng index .HSI 1.2 percent higher, one of the largest risers in the region. Continued…

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Forex dealers say the currency received a lift from stronger global markets.

On the capital market, the yield on the R153 government bond is firmer at 11.54%.

Petra Diamonds says that it had been granted the transfer of new order mining rights for Cullinan diamond mine from De Beers. Petra says ministerial consent has been granted for the cession and transfer of the Cullinan new order mining right to Cullinan Diamond Mine from De Beers Consolidated Mines.

Bankers say that mining giant Anglo American will increase a $3.5 billion dollar syndicated loan after raising an oversubscription, underlining loan market demand for defensive commodity-linked credits.

US and European markets
Commodity stocks drove Europe’s major markets.

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The new self-regulatory body, Investment Industry Regulatory Organization of Canada, oversees 214 Canadian investment dealer firms plus trading activity on Canadian debt and equities markets, including the Toronto Stock Exchange, small-cap TSX Venture Exchange, and eight alternative trading systems. 

RBC Capital Markets to buy U.S. energy advisory firm

TORONTO (Reuters) – The investment banking arm of Royal Bank of Canada will acquire U.S. energy advisory firm Richardson Barr & Co., Canada’s biggest bank said on Monday without revealing the terms of the deal. The terms of the transaction weren’t disclosed, but RBC said in a statement it would boost its services to energy-sector clients and increase its footprint in U.S. investment banking.

Lululemon profit doubles, cuts forecast slightly

CALGARY, Alberta (Reuters) – Lululemon Athletica said on Monday its first-quarter profit more than doubled as it sold more yoga-inspired sportswear, but it lowered its profit forecast for the rest of the year slightly.

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A weak local currency plus skyrocketing commodity prices resulted in the surge in domestic inflation. In April alone, price increases accelerated to a three-year high of 8.3 percent. The official figures for last month will be released this week. But this early, the BSP had warned that double-digit inflation was within striking distance.

Now double-digit inflation is alien to the majority of Filipinos who have just come of age. The last time price increases hit the double-digit territory was in the early 1990s, particularly during the Gulf War, when Iraq�s invasion of Kuwait created geopolitical tensions that reverberated across the world. Both countries after all were in the heart of the world�s biggest oil reserves, so any supply disruption caused by the conflict would send oil prices sky-high�as what transpired at that time.

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Unless they raise the dollar price of their oil, or demand it be paid for in a more stable currency, they will be losing money in their international commerce.

Top executives of the oil companies who testified to Congress a few days before the holiday weekend shrugged off any responsibility for the higher gas prices, blaming it all on the market. What they can’t hide, however, is that their monopoly control over the refining and distribution of petroleum products has allowed them to take record profits even as high prices create a real crisis for millions of workers.

Yet another factor in rising oil speculation involves the imperialist wars and aggression against Iraq, Iran and Venezuela—a neocolonialist policy that has been aided and abetted by the oil companies in no small fashion.

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US crude on the New York Mercantile Exchange, or NYMEX, settled up 73 cents at $US127.35 a barrel after trading as high as $US128.30.

NYMEX crude prices have doubled since the summer of 2007, reaching a record high of $US135.09 last week. The market has retreated since on growing signs that global energy demand growth was slowing under the strains of high costs and economic turmoil in the United States.

Investors in oil were also spooked by news on Thursday that the U.S. futures market regulator was stepping up surveillance of energy trading to better track down speculators accused of manipulating prices.

US gold futures for August settled up $US9.80, or 1.1 percent, at $US891.50 an ounce on the COMEX division of NYMEX. COMEX silver for July closed up 35.0 cents, or 2.1 per cent, at $US16.865 an ounce.

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