MisterFund dot com

NEW YORK, (Reuters) - The euro again targeted record highs against the dollar on Monday after higher-than-forecast euro-zone price data reinforced expectations that the inflation-focused European Central Bank will not start cutting rates soon. Read more

A $1.2 million tourism campaign will highlight the biggest events in Sydney’s calendar in a bid to attract more visitors to the city, the NSW government says.

State Tourism Minister Brown officially launched the campaign - dubbed Sydney, Designed to Inspire - at a breakfast at the city’s Museum of Contemporary Art on Tuesday. Read more

KUALA LUMPUR, April 10 (Bernama) — The ringgit ended at a new 10-year high against the US dollar today following the surprise move by the Monetary Authority of Singapore to tighten its foreign exchange policy to contain inflation, a dealer said.

At 5pm, the ringgit traded firmer against the U.S. dollar at 3.1500/1530 compared with 3.1750/1785 at yesterday’s close.

The ringgit recorded its last 10-year high against the greenback on March 13 when it hit 3.1560.

“The market moved fast today, forcing the ringgit to another new record. This trend is likely to be sustained for quite some time,” the dealer said.

He attributed the ringgit’s appreciation to the strengthening of the Singapore dollar.

Singapore today moved to re-centre its foreign exchange policy band at the current firm level of its dollar nominal effective exchange rate.

The move is expected to be beneficial for Singapore’s economy as a strong currency will help cushion its economy from rising global commodity prices, dealers said. Singapore which has limited natural resources is highly dependent on imports.

The ringgit today declined against the Singapore dollar to 2.3194/3237 from 2.3007/3040 at yesterday’s closing and depreciated against the Japanese yen to 3.1328/1361 from 3.1044/1067.

Compared with the euro, the ringgit was also weaker at 4.9987/9041 from 4.9965/9014 yesterday but it strengthened against the pound sterling to 6.2294/2363 from 6.2597/2649.

– BERNAMA

MANILA — The Philippines will explore the Canadian housing finance system in a bid to create a system for securitization of housing mortgage in the country, according to the Department of Foreign Affairs.

Quoting a report from the Philippine Ambassador to Canada Jose Brillantes, the DFA said on Wednesday that a senior level delegation from the National Housing Mortgage Finance Corporation (NHMFC) visited Canada from March 17 to 19 and met with officials of Canada Mortgage and Housing Finance Corporation (CMHC).

The department said that the NHMFC was tapping CHMC’s expertise and experience in mortgage-backed securities (MBS) and as the leading provider of liquidity in Canada’s housing markets, a role similar to the one envisioned by NHMFC.

Canada Mortgage and Housing Finance Corporation (CMHC) is Canada’s national housing agency, and premier provider of mortgage loan, mortgage-backed securities, housing policy and programs and housing policy research. It has globally recognized expertise in housing finance, mortgage funding, capital markets policy, business development and new products, strategic planning, international housing policy and evaluation and legal and default management.

DFA Spokesperson Claro Cristobal said that during the three-day workshop-meeting, the officials of both housing agencies discussed and exchanged views on all aspects of securitization, its evolution and development, challenges, market analysis, funding, legal infrastructure, risk management, among others.

The members of the Philippine delegation came from the Department of Finance, Housing and Urban Development Coordinating Council (HUDCC), National Housing Mortgage Finance Corporation (NHMFC), Home Guaranty Corporation (HGC), and Home Develoment Mutual Fund (HDMF). They included Undersecretary Jeremias N. Paul, Jr., Lucille P. Ortille, lawyer Joseph Sison, Gonzalo A. Bongolan, lawyer Romeo S. Quimbo, laywer Rene N. Carreon, Daisy S. Dulay, lawyer Daniel Q. Lacuata, Rosabella C. Jose and Virgei A. Paz.

Brillantes hosted a dinner for the delegation at the “Tahanang Rizal,” the ambassador’s Official Residence, which was also attended by embassy officers and staff. A reception in honor of the Philippine delegates was also hosted by Pierre David, Executive Director of CHMC International.

By Cynthia Balana
Philippine Daily Inquirer

KUALA LUMPUR, April 9 (Bernama) — The ringgit was in a firm position against the U.S. dollar at close today on strong demand for the local unit as the greenback lost its attractiveness in overseas markets, a dealer said.

At 5pm, the ringgit was traded stronger against the U.S. dollar at 3.1750/1785 from 3.1880/1900 at yesterday’s closing.

The dealer indicated that today’s steady ringgit movement against the U.S. dollar was due to market players shifting their positions towards the Asian markets following growing negative news over the U.S. economy.

“Investors prefer to invest in Asian countries, including Malaysia, where interest rates are expected to trend higher, so they can potentially reap higher yields,” she added.

According to the dealer, some investors also kept to the sidelines to await tomorrow’s rate decisions by the Bank of England and the European Central Bank as well as the meeting of the group of rich nations or G7 on Friday.

The meeting will be attended by finance ministers from Canada, France, Germany, Italy, Japan, the United Kingdom and the U.S. to discuss the global economy amid turmoil in the credit markets, including the weakness of the greenback.

The dealer is also expecting the greenback to continue to decline on expectations of further cuts in the U.S. interest rates at the Fed policy meeting on April 29-30.

“Another cut may trigger another round of sell-off on the greenback as investors are losing their confidence in the U.S. markets. This is likely to support the ringgit and it could break into the 3.15 level,” she added.

The ringgit was also traded higher today against other major currencies, rising against the Singapore dollar to 2.3007/3040 from 2.3078/3113 at yesterday’s closing and appreciating against the Japanese yen at 3.1044/1067 from 3.1224/1256.

Compared with the euro, the ringgit was up, to 4.9965/9014 from 5.0233/0271 yesterday and also against the pound sterling at 6.2597/2649 from 6.3001/3054.

BERNAMA

LONDON (Thomson Financial) - The dollar and pound remained weaker against other major currencies after a report from the International Monetary Fund slashed global economic growth forecasts, particularly for the United States and United Kingdom. Read more

Image credit to Arabia

A United Arab Emirates committee charged with studying foreign exchange policy has recommended that the oil producer should keep its dirham peg to the ailing US dollar at the same rate, state-run Emirates News Agency (WAM) said. Read more

At the Islamic Business Law session during the recently concluded conference of the Section on Business Law of the Nigerian Bar Association, participants discussed how to strengthen the national economy through providing Shari’ah compliant business solutions in the arena of Islamic financial services. OLUFEMI SUNMONU who coordinated the session reports
Read more

The MOU sets the stage for the cross-border marketing and distribution of Islamic funds.

Hong Kong’s Securities & Futures Commission has signed an Islamic finance pact with the Dubai Financial Services Authority (DFSA).

The memorandum of understanding calls for mutual cooperation on capacity building and human capital development in Islamic finance, as well as the promotion and development of their respective Islamic capital market segments. Read more

Siddique Islam - AHN South Asia Correspondent

Dhaka, Bangladesh (AHN) - The central bank of Bangladesh on Thursday sold more the U.S. dollar as a part of its ongoing intervention to keep the foreign exchange market stable, officials say in Dhaka. The Bangladesh Bank (BB), the country’s central bank, sold US$20 million at prevailing market rate to two commercial banks on the day to meet the growing demand for the currency.

The central bank of Bangladesh started intervening in the inter-bank foreign exchange market through selling of U.S. dollar in October, 2007 aiming to keep the market stable. The BB has since sold over $520 million to the commercial banks as part of its intervention in the market, the central bank officials confirmed.

The central bank is continuously selling the U.S. dollar to the commercial banks giving priority to help settlement of import payment bills for essential items including food grains and petroleum products, they noted. They also said the central bank will continue its intervention in the inter-bank foreign exchange market to help the commercial banks settle their import bills for essentials.

Meanwhile, the money market was active, as banks and financial institutions borrowed cash at high rates from the inter-bank market to meet urgent requirements of their clients, treasury officials said.

Copyright © AHN Media Corp - All rights reserved.
Redistribution, republication. syndication, rewriting or broadcast is expressly prohibited without the prior written consent of AHN.