| Rate disparity offers baht arbitrage scope
Currency-market experts have warned that speculators will try to arbitrage the difference in baht levels in the onshore and offshore markets, consequently leading to the baht adjusting to a new equilibrium not based on fundamentals.
The Bank of Thailand (BOT) should weigh carefully the advantages and disadvantages from separating the two markets rather than be concerned only about the onshore market, they warn. The central bank had hoped that squeezing baht liquidity in the offshore market would discourage foreigners from speculating on the baht. One expert, who asked not to be named, said the BOT's remunerated reserve requirement of 30 per cent had dried up baht liquidity in the offshore market, because local banks can only sell dollars for baht in the offshore market.
Curators to discuss new UM president
The Curators interviewed three firms: Heidrick & Struggles in Chicago, Baker-Parker in Atlanta and Greenwood & Associates in Miramar Beach, Fla. The board decided in a unanimous vote that all nine members and the student representative to the board will be on the presidential search committee. Walsworth stated in a press release that the board will “encourage comments and participation in the search process from university constituencies including students, faculty, staff and alumni." Charton said though there is not yet a formal way to submit comments, students can contact Maria Kerford, the student representative to the board, with their opinions. He said the last time the board chose a new president — four years ago when Floyd came into office — members had more time because the previous president was retiring rather than taking another job.
IDEXX Laboratories Announces Fourth Quarter Results
WESTBROOK, Maine, Jan. 26 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. (NASDAQ:IDXX) , today reported that revenue for the fourth quarter of 2006 increased 15% to $192.2 million from $167.0 million for the fourth quarter of 2005. Adjusted for the impacts of acquisitions and changes in foreign currency exchange rates, revenue for the fourth quarter of 2006 increased 11% over the same period of the prior year. Earnings per diluted share ("EPS") for the quarter ended December 31, 2006 increased 25% to $0.75 from $0.60 for the same period in the prior year. Non-GAAP adjusted diluted EPS for the fourth quarter were $0.68, an increase of 6% compared to non-GAAP adjusted diluted EPS for the same period of the prior year. Non-GAAP adjusted diluted EPS including share-based compensation expense was $0.62.
No forex for food imports(08-02-07)
HARARE - Zimbabwe, once a regional breadbasket, is facing chronic food shortages due to a deepening shortages of hard currency needed to import more than 850,000 metric tonnes of grain.
The latest report by the Famine Early Warning Systems Network, or FEWSNET, painted a gloomy outlook of a nation desperately short on food. The report said the food security would worsen markedly unless the country could urgently raise the desperately needed hard currency to bankroll food imports.
Preliminary reports from the crop and food supply assessment indicate that raising hard currency in the country's current dire economic situation will be "enormously challenging." The organization said the impact of shortages has been exacerbated by the Grain Marketing Board state monopoly's limited capacity to distribute throughout the country the amount of grain that is available.
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