| Kasaragod: Africans held in fake currency case
Kasaragod, Feb 6: Two Africans have been arrested from a private lodge here for allegedly possessing material used to make fake currency notes, police said today. On a tip off, police arrested 30-year old Wessely Harris, hailing from Nairobi in Kenya and 33-year old George Mathews of South Africa's Cape Town from the lodge last night. Chemical solution used in duplicating currency and a bundle of 1,000 blank papers in the size of a hundred rupee note were seized from them. They were produced today before the Kasaragod chief judicial magistrate who remanded them to 14 days judicial custody, police said. The duo who arrived in India three months back, were found to possess no valid travel documents, they said, adding a case has also been registered against them for illegally staying in the country.
International Monetary Fund’s Rato advises caution on carry trades
In response to questions, Rato said investors needed to be aware of the risks as well as the gains made from carry trades where investors borrow in yen or other low-yield currencies to invest in higher-return assets, a practice regarded as compounding yen weakness.
Carry trade is a decision by investors to consider what market circumstances are ... I again had to emphasise that what investors have to take into consideration are the chances of quick changes in the value of currencies. Rato also said the International Monetary Fund favoured a relatively light touch on hedge fund regulation, an issue Germany as G7 president urged the other industrial powers to consider on the grounds such funds may present systemic risks.
We endorse an indirect approach, that is to focus regulation on banks and counterparties, he said.
Rand slightly soft, shrugs off Mbeki
The rand was just a tad easier on the dollar late on Friday and appeared to shrug off comments by President Thabo Mbeki on threats posed by the currency's volatility on exports. Reuters 09 February 2007 JOHANNESBURG (Reuters) - South Africa's rand was just a tad easier on the dollar late on Friday and appeared to shrug off comments by President Thabo Mbeki on threats posed by the currency's volatility on exports. The rand was at 7.1530 versus the dollar at 1650 GMT, less than two cents weaker than its trading level at the close of New York's market on Thursday. Traders said the rand paid little heed to suggestions by Mbeki in his State of The Nation address that the rand's continuing volatility had not boded well for South Africa's export performance.
China's yuan strengthens past HK dollar's band
HONG KONG, Feb 7 (Reuters) - The Chinese yuan appreciated beyond 7.75 per U.S. dollar in early Wednesday trade, breaking the strong side of the Hong Kong dollar's wafer-thin trading band with the U.S. dollar. The yuan was trading at 7.7485 by 0133 GMT after central bank, the People's Bank of China, set the yuan mid-point at 7.7496 against the U.S. dollar earlier on Wednesday, against the previous close of 7.7555 per dollar. It was the highest level since the July 2005 revaluation. The Hong Kong dollar was trading at 7.8090/92 per U.S. dollar at 0136 GMT, against previous close of 7.8086/89. Hong Kong has pegged its currency to the U.S. dollar since 1983 but set an upper limit of 7.75 per greenback in May 2005 to bolster the currency against speculators. At that time, it also widened the currency's weaker trading limit to 7.85 per dollar.
FXCM, Main Sponsor of The Middle East Forex Trading Expo in Dubai
Arabcom Group, organizer of The Middle East Forex Trading Expo, announced today the participation of Forex Capital Markets LLC (FXCM), the largest Forex Dealer Member, as the Main Sponsor of the event.
The Middle East Forex Trading Expo will be held at the Dusit Dubai Hotel on 1-2 March 2007.
This 2-day Expo and Workshop is the first of its kind in the Middle East. Geared towards meeting the regions interest and demand on forex, The Middle East Forex Trading Expo will play host to all forex enthusiasts in and outside the region.
With the growing trend of the market and the superabundant liquidity in the region, the expo is expected to draw the participation and support of international forex corporations, banks and financial institutions, software tools, training providers and data suppliers, said Jean Louis Farwaji, Vice President of Arabcom Group.
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