Reunert sees some light after slow year Nov 19, 2009
Reutech Radar Systems fared well, fuelled by exports at a favourable exchange rate, with revenue increasing by 40 percent to R874m while operating profit increased by 55 percent to R212m. The division develops and manufactures ground and naval search and tracking radar systems and subsystems for the SA National Defence Force (SANDF) as well as customers in the export market. (Business Report, South Africa)
Call of Duty sells record $591m in five days Nov 19, 2009
Call of Duty: Modern Warfare 2 sales set entertainment records. November 19, 2009 - 1:17PM. (Sydney Morning Herald -- Technology)
Axa Confirms Axa Asia Pacific Rejected Buyout Bid, Won't Engage in Talks Nov 19, 2009
Axa Says Bid for Axa Asia Stands as Stalemate Lingers (Update1) - Bloomberg. Updated: New York, Nov 19 04:17 London, Nov 19 09:17 Tokyo, Nov 19 18:17. (Bloomberg -- Australia & New Zealand)
New Zealand Dollar Heads for Biggest Decline This Month on Risk Aversion Nov 19, 2009
Demand for New Zealands so-called kiwi dollar also waned after the main opposition said it wants a competitive exchange rate ... We want policy that will keep our exchange rate as stable and competitive as possible. (Bloomberg -- Australia & New Zealand)
New Zealand Opposition Labour Party Drops Support for Central Bank Policy Nov 19, 2009
Nov. 19 (Bloomberg) -- New Zealands main opposition will no longer support the central banks primary policy of targeting inflation, saying it wants a competitive exchange rate and lower borrowing costs ... We want policy that will keep our exchange rate as stable and competitive as possible ... Our Reserve Bank policy targets are not well designed to produce a stable and competitive exchange rate, nor to keep interest rates as low as possible. (Bloomberg -- Australia & New Zealand)
Graduates teach abroad with JET Nov 19, 2009
Bissonette said, "It can be a great opportunity for a brief and fulfilling stay in a foreign country, or it can be a launching point for a life-long career in English education in a country in which the demand for good English teachers is only going up. As for what to expect after one gets accepted, the base salary is roughly $40,000 a year at the current exchange rate, which, for a first job, is not bad," he said. Bissonette said it helps to have a degree in English or Education, along with... (The University Echo, TN)
Amcor turns to US to raise funds Nov 19, 2009
4 per cent from exchange rate impacts on the completion of its $2 ... Exchange rate impacts at the completion of the deal could lower the price paid for the transformational acquisition from 5 ... The current sensitivity in reported earnings to movements in the exchange rate is $3 million in profit after tax for every one cent movement against the US dollar and $3 million in profit after tax for every one cent movement against the euro, he said at the time. (Sydney Morning Herald -- Business)
Govt initiates policies to maintain macro-economic stability for growth Nov 19, 2009
He said Government's monetary policy would continue to focus on stabilising price and exchange rate expectations. "Over the medium term, non-oil real GDP growth has been projected at eight per cent, while the overall budget deficit is to reduce to three per cent of GDP, which is driven by reduction in low-priority public spending and re-allocation of resources to priority areas," he said. (Ghana Web, Ghana)
Obama bids China farewell with Great Wall tour, modest expectations Nov 19, 2009
Addressing the thorny issue of the weakness of the Chinese currency, which gives Beijing's exports an advantage, Obama said he was "pleased to note the Chinese commitment, made in past statements, to move toward a more market-oriented exchange rate over time.". His reference to "past statements" suggested that Hu had made no new pledges. (Christian Science Monitor -- USA)
Singapore Economy May Expand 3%-5% in 2010 After Emerging From Recession Nov 19, 2009
The Monetary Authority of Singapore said last month it will maintain a zero appreciation stance in its currency policy, refraining from further monetary easing after opting for a de- facto devaluation of the exchange rate in April to counter collapsing exports. There is no change in policy, it said today. (Bloomberg -- Asia)
Obama Sought China Progress on Flexible Yuan By Next Year, Huntsman Says Nov 19, 2009
Nov. 19 (Bloomberg) -- President told Chinese leaders this week the U.S. expects to see progress by next year on making the yuans exchange rate more flexible, Ambassador said. Obama in meetings in Beijing with President and Premier said the U.S. wants progress on issues including the exchange rate by next summer, when talks between the U.S. State and Treasury secretaries and their Chinese counterparts are scheduled in the city, Huntsman said in an interview with Bloomberg Television ...... (Bloomberg -- Asia)
Oil Rises for Third Day as U.S. Supplies Drop; Asia Stocks Decline on HSBC Nov 18, 2009
Traders reduced bets on an appreciation in the yuan after U.S. President failed to win agreement that the exchange rate should be set by the market in meetings in Beijing. Twelve-month non-deliverable forwards for the yuan fell 0. (Bloomberg -- Asia)
Giving new definition to being on tour Nov 18, 2009
TIGER'S CHECK: Depending on the exchange rate when the check was written, Tiger Woods earned a little more than $250,000 for his victory in the Australian Masters, which was the sixth-lowest winning check of his career. Two of those checks came on the PGA Tour. (News & Observer -- Sports)
What the dickens? Nov 18, 2009
The strengthening in our exchange rate against the US dollar should be delivering a pricing bonanza for consumers. It doesn't seem to me that the authors or publishers' so-called monopoly (it doesn't last for long) is generating obscene profits. (Sydney Morning Herald -- Business)
Venezuela Economy Shrank More-Than-Expected 4.5% on Oil, Dollar Sale Limit Nov 18, 2009
Venezuelas private sector has atrophied this year as the government cut back on dollars available at the official exchange rate and consumption fell. The government and state oil company have covered a shortfall in revenue this year by selling $11. (Bloomberg -- Latin America)
IMF head eyes global currency change Nov 18, 2009
"I was pleased to note the Chinese commitment made in past statements to move toward a more market-oriented exchange rate over time," Obama said. 1. (India Times)
Emigration: cash it in? Nov 18, 2009
This income would then need to be paid into a blocked rand account and expatriated from time to time at the prevailing exchange rate. Less than R300000 0 percent. (iAfrica.com)
Web site offers new book venue Nov 18, 2009
"Moving here from India, the exchange rate made textbooks really expensive for me," Phumbhra said. "It's why I wanted to start a company like Chegg.com to help students like me save money on something that is a painful thing to do.". (Daily Collegian, PA)
Obama's China Visit Yields Little Progress Nov 18, 2009
"I am pleased to note the Chinese commitment, made in past statements, to move toward a more market-oriented exchange rate over time," he added. But as the China visit winds down, it is increasingly clear that Washington is unlikely to get real satisfaction on the yuan in the near future. (BusinessWeek)
Paycheck isn't much for Woods Nov 18, 2009
Depending on the exchange rate when the check was written, Tiger Woods earned a little more than $250,000 for Sunday's victory in the Australian Masters, which was the sixth-lowest winning check of his career. Two of those checks came on the PGA Tour. (The Augusta Chronicle)
'No growth' for Scots economy Nov 18, 2009
While manufacturing is seen as offering the best signs of recovery, the report said: "We remain concerned that Scottish manufacturing has the size, diversity and capability to take full advantage of a lower exchange rate and the recovery of global demand.". It also noted that Scots were more likely than others in Britain to save, and that could hamper a return to growth. (BBC News -- Business)
Reserve Bank will not weaken rand Nov 18, 2009
"There is no way the bank will intervene to achieve a certain exchange rate. That would be inappropriate," she said at a press conference after announcing the decision of the monetary policy committee (MPC) to keep the bank's repo rate at 7 percent. The repo rate has been cut by 5 percentage points since December, after a similar hike between June 2006 and last June. (Business Report, South Africa)
New central bank chief should focus on demand Nov 17, 2009
The unpredictable link between interest rate changes and the exchange rate makes it even more difficult to know how interest rates will influence the inflation rate in South Africa. Marcus would do well to recognise these difficulties for the practice of monetary policy in South Africa. (Business Report, South Africa)
Will Beijing strengthen yuan? Nov 17, 2009
The central bank's third-quarter monetary policy report omitted a phrase promising to keep the renminbi "basically stable" and added it would consider other major currencies, not just the dollar, in guiding the exchange rate of the renminbi ... The PBoC report has therefore led to intense speculation about a shift in currency policy to coincide with the US president's visit, ahead of which he pledged to raise the issue of exchange rates ... Dominique Strauss-Kahn, managing director of the IMF,... (CNN -- International)
Obama's 'nuclear option' on China's yuan Nov 17, 2009
Selling US dollars at a lower price than the exchange rate would do much more to balance trade than pressuring Beijing ... China has an official exchange rate that puts the value of its currency well below the market exchange rate ... This official exchange rate is widely publicized. (Christian Science Monitor)
Paul Krugman: Chinese economy grows at expense of U.S. workers Nov 17, 2009
And recently China has carried out what amounts to a beggar-thy-neighbor devaluation, keeping the exchange rate fixed as the dollar has fallen sharply against other major currencies. This has given Chinese exporters a growing competitive advantage over their rivals, especially producers in other developing countries. (Sacramento Bee -- Opinion)
Sino-the-times in labour market and economy Nov 17, 2009
"As it has modernised its economy, China has experienced a virtual 'tsunami' of labour supply. Much of it has consisted of young Chinese women between 18 and 22, with not much bargaining power. As a result, China, for a long time could run its economy at 12 per cent growth, with little pressure on wage and price inflation or the exchange rate." ... "In the future, we'll see a tighter labour market in China, so the authorities will either have to accept a higher exchange rate of higher rate of... (Sydney Morning Herald -- Opinion)
RBA flags rate rises Nov 17, 2009
On the downside, they included potentially fragile confidence, the waning of the fiscal stimulus and the constraining impact on growth of the high exchange rate. On the upside, the board worried that leaving interest rate slow for a long time carried its own risks, presumably consumer and asset price inflation, although that was not spelled out. (Sydney Morning Herald -- Business)
End of trend is nigh for central bank sales of gold Nov 17, 2009
The transaction highlights the influential role central banks play in determining the gold price, but investors need to keep an even closer eye on the implications of exchange rates for performance of gold in Australian-dollar terms ... Moving out of US dollar-denominated assets would also require China to adopt a more flexible exchange rate regime ... The Australian dollar exchange rate is positively correlated with the US dollar gold price, so that gains in US dollar terms are usually offset... (Sydney Morning Herald -- Business)
Japan wants yen to be the anchor of Asia Nov 17, 2009
Taking its inspiration from the central role played by the German mark in Europe's exchange rate mechanism, Japan is urging other countries in east and south-east Asia to yoke their currencies together as part of a drive for closer integration and even faster growth. The move comes as Japan's ministry of finance signalled a willingness to continue intervening aggressively on the foreign exchange markets to hold down the yen, but is part of a longer term strategy designed to allow Asia to compete... (Yahoo News -- Asian Economy)
U.S.-China Trade: Prepare for Continued Imbalance Nov 17, 2009
Since 2005, China has been willing to allow the yuan to appreciate a bit (the current exchange rate is 6. 8 yuan to the dollar). (Time.com)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Dominican Republic Nov 17, 2009
International reserves will also be increased to comfortable levels as the exchange rate is gradually made more flexible and the Central Bank adopts a full-fledged inflation targeting regime in the medium-term ... Directors welcomed the monetary authorities commitment to a flexible exchange rate, and took note of the staff assessment that the real effective exchange rate is broadly in line with fundamentals ... Exchange rate (RD$/US$ - period average). (IMF News)
Burundi--Consultative Group Meeting Nov 17, 2009
With international commodity prices higher in the first half of 2008, 12-month inflation peaked at about 30 percent in June before declining to about 26 percent by year-end, which contributed to the 16 percent appreciation of the real effective exchange rate. Higher donor support helped build gross official reserves to about 6 months of imports. (IMF News)
Open Range Energy Corp. Reports Third Quarter Results, Provides Operational Outlook and Announces First-Half 2010 Guidance Nov 17, 2009
This MD&A, and the documents incorporated by reference, contain forward-looking statements pertaining to the following: (a) future production volumes; (b) expected levels of royalty rates, operating expenses and G&A costs; (c) future capital expenditures and the method of financing thereof; (d) amount of asset retirement obligations; (e) future liquidity and the ability to raise capital to continually add to reserves through exploration and development; (f) the future tax horizon of the... (CCNMatthews Press Releases)
Crowflight Announces Third Quarter 2009 Financial Results Nov 17, 2009
73 --------------------------------------------------------------------------- CAD/US exchange rate 1 ... 41 --------------------------------------------------------------------------- CAD/US exchange rate 1 ... 50 per pound at an exchange rate of CDN$1. (CCNMatthews Press Releases)
Gold price jump fails to light up revenues Nov 17, 2009
De Wet said at its present level gold is worth R8 300 an ounce, compared with more than R10 000 in February, when the dollar price was $990 and the rand-dollar exchange rate was just more than R10. Jean-Pierre du Plessis, the joint managing director at fund manager Valugro, said despite the gold price having risen about 30 percent in the year to date in dollar terms, "the rand-gold price, which is the key factor in local mines profitability, is pretty much unchanged". (Business Report, South Africa)
Upbeat Lonmin advances despite loss Nov 17, 2009
"I think we'll see a gradual firming of the revenue basket (in 2010), and that may come through as a slight firming of prices and that also may come from a slight weakening of the exchange rate.". Lonmin shares, which have rebounded nearly 90 percent this year on a recovery in platinum prices, jumped 7. (Business Report, South Africa)
China, US to tackle trade Nov 17, 2009
Washington has stopped short of calling China a currency manipulator, but has urged Beijing to relax its exchange rate regime, hinting that it keeps the value of the yuan artificially low to boost exports. Environmental activists had held out high hopes that Obama and Hu, whose countries are the world's top two emitters of greenhouse gases, would reach some kind of climate change deal before global talks in Copenhagen next month. (iAfrica.com)
› Rand too strong - Gordhan Nov 17, 2009
At the same time, the Treasury has called current strong levels of the rand into question and said it will work together with the central bank to support low inflation and a more stable and competitive real exchange rate. I-Net Bridge Digg. (iAfrica.com)
› 'Jobs killer' rand Nov 17, 2009
"Unless we have a competitive exchange rate everything else we do in industrial policy will be undermined. We cannot have a situation where we just ignore that factor and just talk about other things." ... "The appreciation in recent few months has made our industrial recovery and industrial exports more difficult. Successful industrialising countries have a much more competitive exchange rate than we have. In many respects, addressing this issue is as critical as anything else we can do in... (iAfrica.com)
Verisk Analytics, Inc. Reports Third-Quarter 2009 Financial Results Nov 17, 2009
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For The Nine Months Ended September 30, 2009 and 2008 2009 2008 -------------------- (In thousands) Cash flows from operating activities: Net income $ 133,059 $ 121,789 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization of fixed assets 28,534 25,478 Amortization of intangible assets 24,986 21,978 Allowance for doubtful accounts 692 266 KSOP compensation expense 17,620 17,353... (Primezone Releases)
Brazilian McDonald's Waits for Argentine French Fries as Spat Hurts Peso Nov 17, 2009
I have been unable to export ceiling fans because of the price due to the exchange rate, said Latina Eletrodomesticos President Valdemir Dantas. Technical barriers have also hurt his companys ability to sell over the border, he said in a telephone interview. (Bloomberg -- Latin America)
Currency a low priority in Obamas China visit Nov 16, 2009
Analysts say China will likely wait months before tweaking the yuan-dollar exchange rate, which now stands at about 6. 8 yuan to the dollar. (MSNBC -- Business)
Click to read:In China, Obama Meets America's Lender Nov 16, 2009
While President Obama campaigned on the idea that China artificially keeps the value of its currency low - which makes Chinese goods cheaper and U.S. goods more expensive - this spring, the Treasury Department backed off issuing saying China "has taken steps to enhance exchange rate flexibility.". "What's changed really is China's weight in the world," said Evan Feigenbaum of the Council of Foreign Relations. (CBS News)
China Should Keep Yuan Stable: Commerce Ministry Nov 16, 2009
The yuan's exchange rate has little to do with its trade imbalance, spokesman Yao Jian told a news conference. He added that it was unfair to urge just one country to increase the value of its currency, as other currencies fall in value. (ABC News -- Wire)
IMF chief again says Chinese yuan should rise Nov 16, 2009
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Apec leaders vow to fight protectionism Nov 16, 2009
The lack of any Apec commitment to ending currency controls by China without a floating exchange rate, signals that most of Asia would not join the US in pressing for a stronger yuan. "China's got big issues of its own and certainly doesn't want to move on the currency. It's concerned about some protectionist rumblings from the US," said Stephen Roach, Morgan Stanley's Asia chairman. (Business Report, South Africa)
Another uptrend: Stock market rallied last week Nov 16, 2009
(These rankings do not take exchange rate effects into consideration). (The author is an independent technical analyst). (India Times)
Brazilian McDonald's Wait For Argentine French Fries as Spat Hurts Peso Nov 16, 2009
I have been unable to export ceiling fans because of the price due to the exchange rate, said Latina Eletrodomesticos President Valdemir Dantas. Technical barriers have also hurt his companys ability to sell over the border, he said in a telephone interview. (Bloomberg -- Latin America)
China Cool to Stronger Yuan as IMF Calls for Rise Nov 16, 2009
Any change in policy as important as exchange rate management will need to come from China's top leadership, bridging the views of different parts of the government. The commerce ministry made clear its position. (ABC News -- Business)
IMF head warns of dangers of capital flows Nov 16, 2009
Policymakers had a range of tools to limit the adverse effects, including exchange rate appreciation and tighter fiscal policy, he added. - Reuters. (Business Report, South Africa)
Obama arrives in China for maiden visit Nov 16, 2009
" But Obama -- whose stop in China is the longest leg of his nine-day Asian tour -- and Hu will nevertheless face a number of thorny issues when they sit down for talks on Tuesday in Beijing. On trade, Washington has piqued China's ire in recent months by imposing tariffs on Chinese tyres and preliminary duties on some steel products -- moves which Beijing has slammed as protectionist and as impeding world recovery. The US leader is expected to counter by again urging China to reconsider the... (Channelnewsasia.com)
Perfect World Announces Third Quarter 2009 Unaudited Financial Results Nov 16, 2009
The conversion of Renminbi (RMB) into USD in this release is based on the Federal Reserve Board certified exchange rate on September 30, 2009, which was RMB6 ... 81 Shares used in calculating basic net earnings per share 281,733,114 251,956,208 247,418,982 247,418,982 Shares used in calculating diluted net earnings per share 297,574,386 265,820,234 262,334,324 262,334,324 Total share-based compensation cost included in: Cost of revenues (854,899) (1,342,444) (1,412,278) (206,891) Research and... (Yahoo! Wire -- Entertainment News)
South Africa: Ruling Alliance Reviews Reserve Bank's Role Nov 16, 2009
Asked if the summit discussed rand strength after Economic Development Minister Ebrahim Patel's pronouncements, Mantashe said: "We need to look at all aspects of monetary policy. It must talk to the developmental considerations, so we won't just isolate the issue of the strong rand. "We need to look at the exchange rate and how the issue impacts on the current account deficit," Mantashe said. But the ANC stuck to its guns in winning agreement on Minister in the Presidency Trevor Manuel chairing... (allAfrica.com)
Nigeria: FG Withdraws N121Billion From Excess Crude Savings Nov 16, 2009
623 billion, based on budgeted exchange rate of N125/$1, which showed a decrease of N69. 498 billion or 29. (allAfrica.com)
Obama can't avoid stubborn yuan as dollar swamps Asia Nov 15, 2009
Apec forum finance ministers called for "market-oriented exchange rates that reflect underlying economic fundamentals" in a statement released in Singapore yesterday ... Steelmakers such as Nucor, the second-largest US- based steelmaker by sales, unions such as the United Steelworkers, maize growers and textile companies have ramped up pressure on Congress to enact legislation aimed at forcing China to raise the value of its exchange rate. (Business Report, South Africa)
Asia Currencies Advance, Led by Peso, Rupiah on Economic Recovery Optimism Nov 15, 2009
The Peoples Bank of China said in a quarterly report on Nov. 11 it will improve the yuans exchange rate in a proactive, controlled and gradual manner. . (Bloomberg -- Australia & New Zealand)
Chinese Trade Official Plays Down Talk of Yuan Shift Nov 15, 2009
BEIJING (Reuters) - Chinese Vice Commerce Minister Chen Jian on Sunday played down talk of a shift in the central bank's currency policy as well as mounting expectations of a rise in the yuan's exchange rate ... In its third quarter monetary policy report, the central bank failed to refer to keeping the yuan "basically stable at a reasonable and balanced level" when discussing the outlook for the exchange rate. (ABC News -- Business)
Obama vows 'serious' bid to cut US deficit Nov 15, 2009
China said last month it was encouraged by signs of an economic recovery in the US, but hoped it would keep its budget deficit to an "appropriate size" to stabilise the US dollar exchange rate. Beijing is worried that US deficit spending will threaten the assets of China, which invests more than half of its foreign currency reserves in American bonds and is the United States' largest creditor. (Sydney Morning Herald -- World)
Sinking dollar overwhelms central banks in Brazil, Korea and Russia Nov 15, 2009
"We have to be careful that our exchange rate doesn't appreciate too much as to deindustrialise the country," Marcos Verissimo, the chief of staff at Brazil's state development bank known as BNDES, said on Thursday at a conference in Sao Paulo ... "There are changes in the underlying factors that call for a more appreciated exchange rate," Odd Per Brekk, the Washington-based IMF's senior representative in Russia, told reporters. (Business Report, South Africa)
Taking sides in the Dunn-Allert show Nov 14, 2009
And while you're at it, knock off the four decimal points on the cash and share exchange components of your ''offer'', and do something about the exchange rate mechanism in it that makes the $1. 3796 cash piece rise and fall with gyrations in the $A-$US exchange rate, willya. (Sydney Morning Herald -- Business)
US trade deficit widens 18.2% Nov 14, 2009
President Barack Obama is expected to raise concerns about Chinas exchange rate regime when he meets with Chinese leaders next week in Beijing. On Friday he was in Japan for talks before heading to Singapore for this weekends annual summit meeting with leaders of the Asia Pacific Economic Cooperation forum. (India Times)
Hot money may threaten emerging market stability: IMF Nov 14, 2009
"They include exchange rate appreciation, tighter fiscal policy, and, where appropriate, lower interest rates. In addition, macro-prudential instruments can limit the risk of asset price bubbles. Market-based controls on capital inflows can help reduce the volatility of such flows," he said ... "In my view, the region should not resist a gradual appreciation of its exchange rates, which I consider an important prerequisite for long-term rebalancing." He reiterated that while the world economy... (India Times)
Letter from IMF Managing Director to Open Civil Meetings, Iceland Nov 14, 2009
This massive assistance has helped stabilize Iceland s exchange rate, protecting citizens who were exposed to foreign exchange and inflation-indexed debt from enormous increases in their debt service burden. It has also made it possible for the government of Iceland to run a large fiscal deficit that has cushioned the impact of the crisis on the economy. (IMF News)
A Leadership Role for Asia in Reshaping the Post-Crisis Global Economy, Annual Lecture by Dominique Strauss-Kahn, Managing Director of the International Monetary Fund, at the Monetary Authority of Singapore Nov 14, 2009
They include exchange rate appreciation, tighter fiscal policy, and, where appropriate, lower interest rates ... They could result from problems with the international monetary system and exchange rate regimes, which could cause potentially systemic problems later on ... Let me make one final observation on rebalancing, which relates to exchange rates. (IMF News)
