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Bajaj Allianz Life Insurance is the second largest private life insurer in India. At the helm of Bajaj Allianz is Kamesh Goyal, regional CEO for Allianz Middle-East, North Africa and South Asia Region and CEO Bajaj Allianz Life Insurance. In an interface with ET, Mr Goyal speaks of his strategy for this high growth market. Read more

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An international early warning system should be established to ensure that future credit squeezes are identified and dealt with before the effects become widespread, says Gordon Brown.

In a foreign policy speech in Boston, the Prime Minister urged America to join him in pushing for reform of the major international institutions including the International Monetary Fund and World Bank. Read more

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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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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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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.

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

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

United Arab Emirates foreign exchange reserves surged 50 per cent in November, the most in at least 18 years, to $75 billion, a central bank treasury official said on Thursday.

That was the same month UAE Central Bank Governor Sultan Nasser Al Suweidi said the world’s fifth-largest oil producer was under pressure to drop its peg to the dollar and might consider linking to a basket instead.

Reserves jumped from $50.4 billion the month before, the biggest rise since data going back to 1990. The central bank official did not want to be identified.

-Reuters

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