AP Business NewsBrief at 7:15 am EDT July 31, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
The 15-nation currency rose to an all-time high of $1.6038 in European trading, surpassing its previous record of $1.6018 set on April 22.
Airlines to begin selling ads on boarding passesMINNEAPOLIS (AP) _ Luggage? Got it. Boarding pass? Check. Ads on boarding pass to help beleaguered airline industry pay for expensive fuel? Check. Several major airlines will begin displaying ads on boarding passes for customers who check in from home. Customers can print the boarding passes without ads if they want.
Court finds Mitsubishi executives guiltyTOKYO (AP) _ A Japanese court found Mitsubishi Motors and its three former executives guilty Tuesday of falsifying a report to the government in a fatal accident suspected of being linked to a wheel defect. The Tokyo High Court threw out a lower court decision from December 2006 that acquitted the three executives, including Takashi Usami, former chairman of Mitsubishi Fuso Truck and Bus Corp., the automaker’s truck division at the time of the accident.
Know Your New York-Lovin’ Russian Oligarchs July 30, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
After making an initial fortune in currency trading, he created an industrial empire with fellow billionaire Sergei Popov. He landed in the newspapers in New York when his MDM-Bank was involved in the scandal in which Russian organized crime rings were accused of laundering $7 billion through the Bank of New York. He’s also known for his lavish spending. His 2005 wedding to a Serbian model near Cannes cost him $40 million, including a $3.6 million for a performance by Christina Aguilera. He paid Jennifer Lopez $2 million to perform at his wife’s 30th birthday party in 2007.
Roustam TarikoWorth $3.5 billion, Tariko is best known for creating the high-end brand of Russian vodka, Russian Standard, but he also owns banking and insurance businesses under the Russian Standard name. In New York, he’s best known for spending $3 million in 2005 on a party on Liberty Island to introduce his vodka to New Yorkers.
Canada’s Dollar Falls After US Job Report, Trichet’s Comments July 29, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
“In general, what we’ve seen is the Canadian dollar trading in sympathy with the U.S.,” said John McCarthy, a director of currency trading at ING Financial Markets LLC in New York. “If people are quite bearish in the U.S., they became bearish on the Canadian dollar. We should see a rejection of the C$1.0200 level, and maybe we drift back to C$1.0130 or C$1.0140.”
Canada’s dollar will decline to C$1.07 by the second quarter of 2009, according to the median forecast of 33 analysts in a Bloomberg survey.
The two-year government bond’s yield decreased 2 basis points, or 0.02 percentage point, to 3.21 percent. The price of the 3.75 percent security due in June 2010 rose 4 cents to C$101.
The difference in yields between two- and 10-year securities has narrowed to 53 basis points from 81 basis points on June 5.
Oil prices plunge on worries about economic downturn July 28, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
The weakening US currency stimulates demand for dollar-denominated raw materials like oil, which become relatively cheaper for buyers using stronger currencies.
A five-day strike by oil workers in Brazil against state-run Petrobras meanwhile exacerbated supply concerns, traders said.
Demand worries were stoked by the oil producers’ cartel OPEC, which revised lower its forecast for world demand growth this year to 1.20 percent from 1.28 percent, citing the economic slowdown and the effect of high fuel prices.
“The new price structure and slower world economy have helped dampen oil demand growth in many regions,” the Organization of the Petroleum Exporting Countries said in its monthly report.
The price of oil has more than doubled over the past 12 months.
Currency Technical Analysis July 27, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
SWING TRADING: Yesterday’s rise and daily close, make us cautious regarding the immediate resumption of the decline, as the double top scenario or a move higher is back in the game. A clear break of 1.5830-35 could lead to a position reduction, which could be tried again in the area of 1.5900-10 or 1.5950-70, with stops above all time highs…INTRADAY TRADING : We will use any reaction to 1.5825-32 and 1.5855 area for sell positions with stops above 1.5875. If the second orders are not triggered, out target will be at 1.5760 area. If the pair reaches 1.5850-60 area, our target will be at 1.5800…Sell positions for a quick move could be tried in the first reach of 1.5800 area and the upper Bollinger in the hourly chart…GBP/USD Resistance : 1,9750-70/ 1,9800/ 1,9850/ 1,9890Support : 1,9680-00/ 1,9650/ 1,9625/ 1,9580/ 1,9550Comment : The pound is clearly weaker than euro, and yesterdays reaction proved to be a corrective move.
Greenback moves up sharply against Pakistani rupee July 25, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
The euro gained significantly versus the national currency during the week. It commenced the week’s trading at Rs 104.75 at buying, appreciated and continued its upward march throughout the week against the national currency and was changing hands at Rs 107.22 at buying and at Rs 107.44 at selling, thus the rupee incurred a lost of Rs 2.47.
The pound sterling was also firm against the rupee. The British currency started off the days trading at Rs 132.49, appreciated and was changing hands at Rs 135.10 at buying and at Rs 135.30 for selling at the end of the weeks trading. The national currency lost Rs 2.61 against the British currency.
Open Market: The national currency continued to lose strength against the American dollar amid modest surge in dollar demand this week.
Australian stock market trades weak July 24, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
In currency trading, the Australian dollar soared to above US$0.9700 for the first time since the days of a fixed exchange rate as the U.S. currency weakened on continued credit market concerns. In early trades, the Australian dollar was trading at US$0.9705-0.9712, up one cent from Friday’s close of US$0.9605-0.9609.
Among the bankers, National Australia Bank declined 1.17%, Commonwealth Bank of Australia eased 0.20%, Australia and NZ Bank slipped 1.17%, St. George gave away 0.63% and Westpac edged down 0.05%.
In the mining space, BHP Billiton eased 0.52% and rival Rio Tinto lost 1.58%. However, gold miners gained after Comex gold climbed to a four-month high at US$963.30 an ounce. Lihir Gold rose 3.41%, Newcrest mining jumped 4.16% and Oxiana advanced 0.90%.
Energy stocks rose after oil closed sharply higher on Friday.
Burberry Sales Rise 22% on Earlier Shipments of Goods (Update4) July 23, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
Wholesale revenue jumped 45 percent excluding currency movements.
Burberry added shops in Budapest and the Azerbaijani capital of Baku during the quarter, helping to double emerging-markets revenue. It shipped goods earlier after improving computer systems and installing SAP AG software. First-half wholesale revenue will rise more than 10 percent, Burberry said, above its prior forecast.
“Sales came out well above market expectations” because of the earlier wholesale deliveries, Antoine Colonna, an analyst at Merrill Lynch in Paris with a “neutral” rating on the stock, wrote in a research report. Still, same-store revenue has “been consistently decelerating as the company faces volatile consumer demand,” he added.
Chief Financial Officer Stacey Cartwright cited “increased confidence from being able to reduce cancellations and the opportunity for reorders” as contributing to the higher prediction on a conference call with analysts.
SAfrica’s rand steady vs rallying dlr, stocks flat July 22, 2008
Posted by malibusac in Currency News.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
But, as soon as we have a wobble in the currency, bonds will probably fall out of favour,” de Vleeschauwer said.
STOCKS FLAT
On the bourse, stocks were flat after the Johannesburg Stock Exchange started trading several hours late due to technical problems.
“There is no real trading here, so it’s very difficult to say what has the market done today,” Tubby Goodwin, a trader at Investec Securities said. “Most institutions have gone home. It’s low volumes.”
Bourse heavyweight BHP Billiton rose 0.55 percent at 265.50 rand and rival miner Anglo American gained 0.34 percent to 452.50 rand.
Liberty Group took the biggest hits among blue-chips, shedding 5.52 percent to 56.50 rand. Shares in Africa’s largest private hospital group Netcare fell 4.31 percent to 6.66 rand.
Sorouh Real Estate to sell bonds July 21, 2008
Posted by malibusac in Currency Topic.Tags: currency, currency broker, currency change, currency chart, currency conversion, currency convert, currency day trade, currency dealing, currency e trading, currency exchange, currency foreign trading, currency forex trading, currency markets, currency rate
add a comment
It never materialised, and Gulf central banks have since reaffirmed their commitment to the pegs ahead of a unified currency to be introduced as early as 2010.
When revaluation and de-pegging was an issue, people didn’t want to put their money into dollars, Mr Hussain said. People hit the market and got deals done. Now the talk of de-pegging and revaluation has receded, at least for the time being, and interest in the local dirham market has waned.
Market conditions may indeed be rough, but with oil prices reaching all-time highs in recent weeks, the GCC is awash with cash, and Sorouh hopes that some of it makes it into the company coffers.
Pricing would be the key, said Samer Aojaouni, the general manager of Middle East Financial Brokerage Company in Dubai.
