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ISLAMABAD, April 18: The Asian Development Bank (ADB) is willing to invest $5 billion in the Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline and wants to support energy sector projects in Pakistan.

Talking to reporters at the end of his two-day visit on Friday, ADB’s Director-General for Central and West Asia Department Jaun M. Miranda said that although the bank was willing to finance the Tapi project, it would not finance the $7 billion Iran-Pakistan-India gas pipeline project on which the United States had reservations. Read more

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MANAMA: Bahrain Businesswomen’s Society, (BBS) in co-operation with the Businesswomen Committee of Bahrain Chamber of Commerce and Industry is organising a finance course.

“Finance for Non-Finance Managers Level II” will be held from 9.30am to 1.30pm on Thursday at the Bahrain Institute of Banking and Finance (BIBF). Read more

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Foreign exchange (forex) reserves rose $482 million to touch $314 billion during the week ended April 11. After a pile-up of almost $8 billion in the past two weeks, the growth in reserves has slowed down this week. The government, on the other hand, is withdrawing surplus cash parked with the central bank, which is adding to the liquidity in the system in the process. Read more

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KUALA LUMPUR, (Bernama) — The ringgit is expected to record new 10-year high against the U.S. dollar next week on the greenback’s weakness following market participants’ persistent fear over the fate of the U.S. economy, dealers said. Read more

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LONDON (Reuters) - Deutsche Bank AG (DBKGn.DE: Quote, Profile, Research) has laid off about 150 people in corporate finance since January in addition to the less than 300 worldwide cuts made earlier in global markets, a source close to the bank said on Friday.

Deutsche Bank declined to comment.

The corporate finance unit let go of 70 people in late January and roughly 80 within the past few weeks, the source said.

The latest cuts have affected mainly junior employees, such as analysts and associates, from the unit which includes advisory, commercial real estate, asset finance and leasing, debt finance and equity capital markets businesses.

A spokesman for the German bank said on Jan. 16 it would cut up to 300 jobs worldwide in investment banking, or 2 percent of its workforce in that business.

Investment banking at Deutsche consists of global markets and global banking divisions, where corporate finance is part of the latter.

Financial companies have slashed between 60,000 and 70,000 jobs in the United States and Britain since the U.S. subprime mortgage crisis hit in August and dealt a blow to deal-making.

Royal Bank of Scotland (RBS.L: Quote, Profile, Research) has shed up to 200 jobs this week in parts of its debt and investment banking units worst hit by the slowdown in financial markets, people familiar with the matter said on Wednesday.

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Board of Finance Chairman Ernesto Nepomuceno said that his panel will probably have to “strike a balance” between conflicting proposals on how much the proposed budget should increase as it tries to get a spending package approved at referendum this spring while the national economy continues to decline. Read more

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Lombard Finance has been placed in receivership owing its 4400 investors $127 million, after the firm’s trustee rejected directors’ proposals to implement a moratorium.

Perpetual Trust chief executive Louise Edwards, in calling in receivers last night, said “no compelling reason” existed for the proposed moratorium.

“The interests of investors will be better served by appointing receivers to independently address the issues the company has.”

John Waller and John Fisk, of PricewaterhouseCoopers, have been named receivers.

Lombard Finance, part of the listed Lombard Group, is the 17th finance firm to get into trouble in less than two years. The money hit by finance company problems is now over $2 billion.

The receivership also applies to other subsidiaries, Lombard Asset Finance, Lombard Property Holdings and Lombard Asset Finance No 2 Lombard Group itself is unaffected.

Edwards said all payments of interest and principal to Lombard Finance debenture holders had been suspended with repayment to be announced.

By DAVID HARGREAVES - The Press

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BEIJING, (Xinhua) — China should adopt a stable foreign exchange rate policy to avert the possible economic fall-out of continued yuan appreciation, policy advisers said on Thursday, as the currency broke through the 7 mark against the U.S. dollar. Read more

FRANKFURT, April 10 (Reuters) - European Central Bank President Jean-Claude Trichet said on Thursday that the recent volatility on foreign exchange markets was excessive and was to be deplored.

“I deplore the excessive volatility of exchange rates. I was concerned by the recent excessive moves,” Trichet told a press conference held after the ECB held its key interest rate at 4.0 percent.

Trichet had been asked to comment on the euro-sterling exchange rate after the pound reached a record low against the common currency on Wednesday. But he widened his answer to include the euro’s recent appreciation against the dollar.

“I have observed with great, great attention and interest what has been said by the U.S. authorities including the highest authority which is the President of the United States,” Trichet said.

The United States government has regularly stated that it is in favour of a strong dollar.

“On the UK, I would say it is clear that excessive volatility is certainly not welcome for any of us and I guess that it is not welcome for the United Kingdom,” he added.

The Bank of England cut its key interest rate by a quarter point to 5.0 percent earlier on Thursday. (Writing by Gerrard Raven +44 20 7542 4868, editing by David Stamp)

REUTERS

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