Euro Pares Gain ahead of EU Finance Ministers Meeting and Ireland Budget Vote
Euro pares gain against dollar today as markets are concerned on the uncertain outcome from EU finance ministers meeting today.
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Daily forex forecast – 07/12/2010
The Aussie opens marginally lower against the greenback today at 0.9890.
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Sensex opens 135 pts up, regains 20k level
The BSE benchmark Sensex opened 135 points up and touched the psychological 20,000 level in the early trade today, on fresh buying in metal, oil and gas, and IT sector stocks amid firming Asian cues.
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Bakeries wait for bread ruling
A ruling is expected today on the class action suit against South Africa’s three biggest bread makers. |||
A ruling is expected today on the class action in the Western Cape High Court taken by a group of activist organisations, including Cosatu, against the big three bread makers – two of which have previously been found guilty of fixing bread prices.
Meanwhile, the government made it clear that a special fund set up to house R250 million of the fine on Pioneer Foods broke fiscal rules and the imposed fine of must be directed to the national revenue fund overseen by the Treasury. Economic Development Minister Ebrahim Patel had said that the money would go to an agro-processing start-up fund run by the Industrial Development Corporation, which falls under his department’s domain.
Commenting after the weekly cabinet meeting, government spokesman Vusi Mona said the matter had not been discussed in cabinet. However, Mona said any money owing to the state needed to be directed through the Treasury. It is not clear at this stage whether Patel’s fund – aimed at promoting competitiveness in the food industry – will still be viable.
Another fund to protect the poor may also fail to see the light of day. Should the activist groups lose their case, it is likely to end their hopes of setting up a fund – this time managed by the non-government sector – to benefit poverty alleviation projects.
At the high court yesterday, Acting Judge Francois van Zyl reserved judgment, but is expected to make a ruling today after hearing argument from Cosatu Western Cape, the Black Sash, The Children’s Resources Centre, the National Consumer Forum and five individual consumers, as to why they should be recognised as representatives of the poor in the Western Cape who paid inflated bread prices.
The three major bread producers, Premier Foods, Tiger Brands and Pioneer Foods, have also presented their case.
Yesterday much of the day was devoted to argument from Premier Foods’ legal representative, Anton Katz, who argued that Premier could not be sued. This was because it had not been found guilty of price-fixing, but instead had been granted corporate leniency.
Charles Abrahams for the activist groupings argued that the rights of the people harmed by cartel activity needed to be upheld. He also argued that corporate leniency was a policy of the Competition Commission and was not provided for in terms of the Competition Act.
The commission granted Premier Foods leniency for co-operating with its probe and Tiger Brands reached a settlement with the competition regulator in 2007.
Black Sash advocacy programme manager Nkosikhulule Nyembezi emphasised that it was an urgent application because the class action for damages had to be filed within three years of a judgment for price-fixing. – Business Report
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LIC to conduct internal enquiry into housing-finance scam
LIC today said it will consider an internal enquiry at the company regarding arrest of its senior officers in connection with a multi-crore housing scam.
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Daily forex forecast – 24/11/2010
The Aussie opens sharply lower today at 0.9710 as risk appetite took a nosedive overnight. In the absence of any market-moving economic data, European sovereign debt concerns continued to occupy the minds of investors during local trade on Tuesday.
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Forex Technical Update 11/22/2010 – Kiwi Weakness; USD and Yen Strength
Today, the biggest mover was the New Zealand Dollar (Kiwi). After Standard and Poor lowered New Zealand’s credit rating, the NZD/USD, NZD/JPY slid, while the AUD/NZD rallied. The USD also gained in the EUR/USD after an initial euro-rally that followed the news of Ireland accepting the ECB bailout.
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Daily Forex News Recap (11/5): NFP Surprises to Upside, USD Mixed; Euro Stumbles on Debt Woes
Today’s Non-Farm Payroll report came in better than expected, with the economy adding 151K jobs in October. That helped boost risk appetite for commodity currencies like AUD, CAD and NZD. It also helped stiffen the USD against the JPY and EUR. The Euro was pressured by sovereign debt woes, and we look at EUR/CHF and EUR/GBP.
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SBI revises int rates for NRI deposits in Pound Sterling, Euro
Public sector lender, State Bank of India, today announced an increase in interest rates for non- residents’ deposits made in Pound Sterling and Euro currencies.
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