Dollar sinks to 2009 low against euro
June 1, 2009
The dollar tumbled Friday to its lowest level against the euro this year with the US currency losing its appeal as a safe haven amid increasing signs of economic recovery, traders said. At 2100 GMT, the European single currency was fetching 1.4153 dollars, compared with 1.3943 dollars in New York late Thursday. The euro rose as high as 1.4168 dollars, its highest since December 30. Against the Japanese currency, the dollar fell to 95.29 yen from 96.77 yen late Thursday.
Local trade not facing finance problem despite global credit crunch: Atiur
May 31, 2009
Bangladesh Bank Governor Dr Atiur Rahman Saturday called upon the banks and financial institutions not to be unnecessarily overcautious in dealing with trade finances. “It’s better to be cautious in averting a possible collapse, but you should not be unnecessarily overcautious,” he told a dialogue at Bangladesh China Friendship Conference Centre. Read more
India, China need to develop clean energy solutions: Obama
May 30, 2009
Reiterating the need to reduce dependence on oil as opposed to other sources of energy like wind and solar, the US President Barack Obama has said that India and China, countries having huge population, need to rapidly develop clean energy solutions. “If everybody is dependent solely on oil, as opposed to energy sources like wind and solar. If we are not able to figure out ways to sequester carbon and that would allow us to use coal in a non-polluting way. If we don’t diversify our energy sources, then all of us are going to be in trouble,” Obama told reporters Thursday in response to a question on his meeting with the Saudi King and US’s effort to reduce dependence on foreign oil. Read more
China still buying record amounts of US bonds: report
May 28, 2009
China’s official foreign exchange manager is still buying record amounts of US government bonds, in spite of Beijing’s increasingly vocal fear of a dollar collapse, the Financial Times reported. In a story on its website, the FT quoted Chinese and western officials in Beijing as saying China was caught in a “dollar trap.” The newspaper said China had little choice but to keep pouring the bulk of its growing reserves into US Treasuries, which remains the only market big enough and liquid enough to support its huge purchases. The FT’s story lent support to US Treasury futures in Asian trading on Monday, analysts said. Read more
Oil holds above 60 dollars in Asia
May 27, 2009
Oil held above 60 dollars a barrel in Asian trade yesterday ahead of a meeting this week of the Organisation of Petroleum Exporting Countries (OPEC). New York’s main futures contract, light sweet crude for delivery in July, was down 25 cents at 61.42 dollars a barrel. Brent North Sea crude for July delivery retreated 37 cents to 60.41 dollars. Prices eased as investors cashed in profits ahead of the OPEC meeting on Thursday. “Traders are taking profit from the markets,” said Mark Pervan, a senior commodities analyst with ANZ Bank in Melbourne. Read more
Asian currencies up against dollar
May 25, 2009
Asian currencies ended the week higher against the dollar as fears of a possible US debt ratings cut cast a shadow over the greenback. JAPANESE YEN: The yen rebounded at the end of the week to hit a three-month high against the dollar as Japan’s finance minister ruled out market intervention to prop up the greenback amid fears of a US debt ratings cut. The Japanese currency stood at 94.78 against the dollar in New York on late Friday, compared with 95.19 a week earlier. In Tokyo trading, it touched the week’s high of 93.86 on Friday after Finance Minister Kaoru Yosano said Japan had no plan to tackle the strength of the yen, which is bad for exporters. Read more
Emirates airline profit plunges on fuel costs
May 24, 2009
Full-year profit at Emirates, one of the world’s fastest growing airlines, plunged 80.4 percent as oil prices skyrocketed to an all-time high of 147 dollars a barrel, the company said on Friday. Net profit for the fiscal year to March 31 sank to 982 million dirhams (268 million dollars) from 5 billion dirhams (1.4 billion dollars) a year earlier, Emirates said in a statement. Revenues, however, jumped 9.9 percent to 44.2 billion dirhams (12 billion dollars) from 40.2 billion dirhams (11 billion dollars) the previous year after it added more destinations and attracted more passengers. Read more
Global electricity demand expected to decline for first time since 1945: IEA
May 24, 2009
Global electricity consumption is expected to decline in 2009 for the first time since 1945 due to the financial crisis, Fatih Birol, chief economist of the International Energy Agency (IEA), was quoted as saying by French media yesterday. According to Birol, this is one of the main findings of an IEA report, which will be presented on Sunday in Rome at a meeting of G8 energy ministers, aimed at analyzing “the impact of financial crisis on energy investments.” Read more
Japanese company to invest $15m in Adamjee EPZ
May 23, 2009
Japanese company M/S. Maruhisa Pacific Co Ltd will set up a Knit & Woven Garments and Textile Industry in the Adamjee Export Processing Zone. This 100 per cent foreign owned company will invest US$ 15 million in setting up their unit and will, produce Knit & Woven Garments and Textile. The company will also create employment opportunity for 1570 Bangladeshi including 257 foreign nationals. An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and the M/S. Maruhisa Pacific Co Ltd in BEPZA Complex, Dhaka on Tuesday. Read more
World stocks aim higher despite economic jitters
May 19, 2009
Global equities mostly rose in Asia and Europe on Monday despite a weak performance on Wall Street where fresh worries emerged about the health of the global economy. In late morning trading in Europe, Frankfurt added 0.21 percent and Paris won 0.12 percent, reversing earlier losses, while London gained 0.82 percent. In Asia, Hong Kong share prices rallied 1.38 percent, rebounding from earlier lows following a rally on the Shanghai bourse, dealers said. But Tokyo dived on Monday, also hit by worries about a stronger yen, weak corporate earnings and a growing number of domestic swine flu infections, dealers said. Read more