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Steep dividend cuts and losses in their company’s home- and consumer-lending divisions didn’t seem to faze CIT Group’s investors, who were happy to bid up the stock on hopes for a future focused on the firm’s commercial finance business. Read more

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CMS Forex announced the release of its Java based platform, VT Mobile Trader. This revolutionary application features comprehensive trading on cellular phones as well as other handheld devices. “VT Mobile gives our clients the same platform quality and advanced charting and technical analysis tools of VT Trader, but with the freedom to trade nearly anywhere at any time and with data updated in real time,” said Eugene Hawkin, COO of Capital Market Services, LLC. Read more

Bottom Line A sea change in market psychology is underway. Even amid the
arrival of repeatedly negative economic data (joblessness up, housing activity
down), yields and equity prices rose sharply last week. Fed speakers, including
erstwhile doves Yellen and Rosengren, seem to be in unison, calling for an
abrupt end to the Fed’s aggressive monetary policy stance. 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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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

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

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

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
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