Global Economics

New smart card launched to help employees get easy access to pay

day dreamer — Thu, 12 Nov 2009 08:54:21 GMT

New smart card launched to help employees get easy access to pay Workers able to receive payments through network of cash dispensers Published: 00:00 November 12, 2009 Dubai: UAE Exchange in collaboration with MasterCard Worldwide on Monday launched the MasterCard Smart Pay Payroll in Dubai. The Smart Pay Payroll Card is designed to usher in a new era of convenience for companies and their employees by processing and managing salaries ...

Zain CEO chairs Global Industry Leaders Forum

day dreamer — Thu, 12 Nov 2009 07:45:26 GMT

Zain CEO chairs Global Industry Leaders Forum BEIRUT, Nov 11: A record 750 delegates from the world�s leading information and communication technology (ICT) policy makers met in Beirut this week in an effort to address the pressing challenges of a fast-changing technology environment. Hosted by the ITU, the Lebanese Ministry of Telecommunications, and Lebanon�s Telecommunications Regulatory Authority (TRA), under the High Patronage of the President of Lebanon, Michel Sleiman, ...

APEC to back �market-oriented� currencies

day dreamer — Thu, 12 Nov 2009 07:05:47 GMT

APEC to back �market-oriented� currencies (Reuters) 12 November 2009, 10:48 AM APEC governments were expected to stick with economic stimulus plans and make a joint call for market-oriented exchange rates to ensure the recovery under way can be sustained. Finance ministers from the Asia Pacific Economic Cooperation (APEC) forum met in Singapore to discuss strengthening the post-crisis global economy to prevent asset bubbles and excess leverage with prudent macroeconomic and ...

World market optimistic on China, Japan data

day dreamer — Thu, 12 Nov 2009 06:09:19 GMT

World market optimistic on China, Japan data Greenback hits 15ـmonth low, gold records high CAPITALS: The dollar hit a fresh 15ـmonth low and world stocks held near a threeـweek high on Wednesday after remarks from Federal Reserve officials reinforced the view that US interest rates will remain near zero for some time, reported ...

Obama's China trip fuels fresh hope

day dreamer — Wed, 11 Nov 2009 08:28:03 GMT

Obama's China trip fuels fresh hope 2009-11-11 00:17:58 GMT2009-11-11 08:17:58 (Beijing Time) China Daily Senior Chinese and United States officials are upbeat about next week's visit by US President Barack Obama, suggesting that the prospects for beefing up collaboration and constraining long-standing disputes between the countries are good. The Foreign Ministry said yesterday it hopes Obama's China trip will reap real rewards. Citing the positive, cooperative and ...

Soros Calls for World Currency and �New World Architecture�

mochasmom — Tue, 10 Nov 2009 20:46:08 GMT

C. Marlon Richardson Infowars November 10, 2009 In a shocking Op-Ed piece published Thursday on project-syndicate.org, globalist financier George Soros calls for a �New World Architecture�. In his essay, he states how international capitalism, led by the United States has �broken down� and how �A new multilateral system based on sounder principals must be invented� through the use of the IMF (International Monetary Fund). Soros goes on to recommend SDR�s (Special ...

Obama says will raise currency with China

mochasmom — Tue, 10 Nov 2009 20:48:07 GMT

By Caren Bohan and Alister Bull WASHINGTON (Reuters) - President Barack Obama said on Monday he plans to raise the issue of the yuan currency with Chinese officials when he meets with them in Beijing next week. "Currency, along with a host of other issues, will come up, and I'm confident that both the United States and China can arrive at a broad set of policies that encourages trade that benefits both countries, that allows ongoing economic growth," ...

Brown Calls for Global Transaction Tax

dry — Sun, 08 Nov 2009 16:54:03 GMT

Brown Calls for Global Transaction Tax ST ANDREWS, Scotland -- The Group of 20 leading economies should consider applying a global financial transactions tax to pay for the cost of future banking crises, Prime Minister Gordon Brown said Saturday. Mr. Brown said G-20 members should discuss whether they need some kind of "insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements or a global financial transactions levy." However he conditioned ...

IMF: Chinese Yuan Remains "Significantly Undervalued"

KC — Sun, 08 Nov 2009 15:53:45 GMT

NOVEMBER 7, 2009, 11:00 A.M. ET [b]IMF: Chinese Yuan Remains "Significantly Undervalued" [/b]

ST. ANDREWS, Scotland (Dow Jones)--China's yuan is "significantly undervalued," while the U.S. dollar and the euro are "on the strong side" of their desirable exchange rates, the International Monetary Fund said Saturday. The fund's comments will place increased pressure on the Chinese government to ...

International reports: the dollar is threatened as the largest global monetary reserves

dejavu — Fri, 06 Nov 2009 23:22:25 GMT

International reports: the dollar is threatened as the largest global monetary reserves BAGHDAD - Hassan al-Rubaie Expressed many of the world's intentions need to change the world monetary basket (the dollar) to recycle the other is the group of wheels is to control the pace of the changes and storms price, financial crises and economic turmoil of the world is witnessing a result of reliance on the dollar as the unit price for all the currencies of the world. Proposals ...

Sucre, The New Latin American Currency

ksp — Tue, 03 Nov 2009 15:57:37 GMT

http://www.getmoneyenergy.com/2009/10/sucre-new-latin-american-currency/ Sucre, The New Latin American Currency To Replace US Dollar For Intra-Regional Trade October 19, 2009 � 0 comments in Latin America, US dollar, currencies, forex, international economy, news and updates Cumbre AlbaOn Saturday, October 17, 2009, ALBA (Alternativa Bolivariana para las Am�ricas) announced the creation of a new intra-regional currency, named the Sucre, which will be rolled out starting ...

A stable currency for treasurers? The Wocu

KC — Tue, 03 Nov 2009 14:04:13 GMT

A stable currency for treasurers? ISSUE 19.3, Nov 09 Ian Hillier-Brook, WDX Organisation January 1st 2010 will see the formal launch of the newest commercially available global currency unit, the World Currency Unit, otherwise known as the Wocu. The pricing of the Wocu is derived by a software algorithm created by WDX Organisation and uses a basket of currencies drawn from the sovereign currencies of the top 20 countries rated by GDP, according to the IMF. Following the first ...

Central banks to test investors

day dreamer — Sun, 01 Nov 2009 08:39:30 GMT

Central banks to test investors Fri Oct 30, 2009 4:01pm GMT By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) - Investors are fixated about when stimulative monetary policy will come to an end, expecting it to be the finale for a sweet period on financial markets that has seen world stocks rise as much as 75 percent in seven months. With that in mind, the coming week should be striking, with a feast of events ahead that touch directly on ...

Time ripe to boost yuan, Beijing told

mochasmom — Tue, 27 Oct 2009 22:37:02 GMT

the Fed's trading staff may operate in the FX market at any time and in any market in the world

dennisalexander — Mon, 26 Oct 2009 22:00:59 GMT

i did not know were to put it. hope is the right place. I know that is an old art. but taught is a good one. It is posted byt dollarsign again- he is very good at connecting the dots. Uniquely qualified July 24, 2009 TG-230 [center]Treasury Releases Photo from Geithner, Maliki Meeting U.S. Treasury Secretary Timothy F. Geithner met with Iraqi Prime Minister Nouri al-Maliki in Washington, DC on July 23, 2009 The Role of the Federal Reserve Congress ...

Russian Banks Count Pigs, Lingerie as Collateral (Update1)

wyogal — Mon, 26 Oct 2009 15:18:18 GMT

Russian Banks Count Pigs, Lingerie as Collateral (Update1) By Paul Abelsky and Alex Nicholso Oct. 26 (Bloomberg) -- When Russian billionaire Alexander Lebedev�sOAO National Reserve Bank seized collateral offered against a loan from a cash-strapped borrower, a health quarantine was slapped on the security: 40,450 pigs. �We had a court decision to take away the collateral, which is the pigs,� Lebedev, 49, said in an interview in Moscow. The borrower, a farm near Samara on the Volga ...

China's RMB may be included in Russia's forex reserves

Screwball — Mon, 26 Oct 2009 09:17:27 GMT

October 25, 2009 China's RMB may be included in Russia's forex reserves Russia's U.S. dollar and euro based foreign exchange reserve structure will not change significantly in the mid-term, and Russia may add a new reserve currency - RMB to its foreign exchange reserves, Russian vice-premier concurrently Minister Alexei Kudrin said, according to a report from China National Radio. At present, the portion of U.S. dollars in Russia's forex reserves has declined to 49 percent, and euros' ...

Link to Dollar Pulls Down China's Currency; Other Countries Scramble

KC — Mon, 26 Oct 2009 04:16:35 GMT

OCTOBER 26, 2009 Yuan's Fall Annoys the Neighbors Link to Dollar Pulls Down China's Currency; Other Countries Scramble By ALEX FRANGOS HONG KONG -- As the dollar continues to weaken, concerns are mounting in much of Asia over another descending currency: the Chinese yuan. For more than a year, China has kept the yuan largely unchanged against the dollar. So, like the dollar, the yuan has been falling steadily against the currencies of China's neighbors, including the Malaysian ...

Bolivia summit adopts new currency

mochasmom — Sun, 18 Oct 2009 01:50:34 GMT

Morales, left, and Chavez, were among the Alba leaders who praised the new currency [AFP] Leaders from Latin America and the Caribbean have agreed during a summit in Bolivia on creation of a regional currency aimed at reducing the use of the US dollar. The decision came shortly after members of the Bolivarian Alternative for the Americas (Alba) gathered in the central city of Cochabamba for the start of the two-day summit, the AFP news agency reported. Top on the ...

UNITED KINGDOM 6-7 Nov 2009 G20 finance ministers and central bank governors meet

mochasmom — Sat, 17 Oct 2009 13:34:56 GMT

G20 finance ministers and central bank governors meet with a long agenda in St. Andrews, Scotland, on the 10th anniversary of their first meeting. They will be expected to move ahead on the decisions taken at two G20 crisis summits in 2009. The leaders have agreed to changes in the global financial architecture to battle the global recession, and have also pledged a US $1.1 trillion injection into the world economy. It will be up to the ministers to help turn the agreements ...

USA-CHINA/FOREX (UPDATE 2):UPDATE 2-US Treasury clears China on forex manipulation

mochasmom — Fri, 16 Oct 2009 14:35:57 GMT

USA-CHINA/FOREX (UPDATE 2):UPDATE 2-US Treasury clears China on forex manipulation STILL WANT A HIKE Treasury suggested Beijing should let the yuan rise. "The stability of the renminbi against the dollar over the past year ... continuing productivity growth in the Chinese economy, and the acceleration of foreign reserve accumulation this year all suggest that the renminbi remains undervalued," Treasury said. At the September meeting of Group of 20 leaders in ...

US hardens stance on renminbi rigidity

mochasmom — Fri, 16 Oct 2009 14:34:23 GMT

The report comes as the Obama administration seeks to rebalance the global economy � particularly between the US and China � through the multilateral framework of the G20 group of countries under the stewardship of the International Monetary Fund. �Both the rigidity of the renminbi and the re-acceleration of reserve accumulation are serious concerns which should be corrected to help ensure a stronger, more balanced global economy consistent with the G20 framework,� the report ...

China Money: Beijing awaits catalyst to let yuan appreciate

mochasmom — Thu, 15 Oct 2009 17:16:30 GMT

2009-10-15 10:46 (UTC) By Lu Jianxin and Edmund Klamann SHANGHAI, Oct 15 (Reuters) - China is just waiting for the right catalyst to allow the yuan to start rising again against the dollar to renew the sort of appreciation seen in the three years to the middle of 2008. China has in effect re-pegged its currency around 6.83 per dollar since July last year to help protect its vital exports industry but faces increasing pressure diplomatically and commercially ...

World Bank''s IFC to raise $100 million in Islamic bonds

day dreamer — Thu, 15 Oct 2009 00:26:29 GMT

World Bank''s IFC to raise $100 million in Islamic bonds MANAMA/KUWAIT: The World Bank''s International Finance Corporation (IFC) plans to raise about 100 million U.S. dollars in Islamic bonds, three bankers familiar with the deal said on Wednesday. HSBC, Dubai Islamic Bank, Kuwait Finance House Bahrain and Liquidity Management House have been mandated to arrange a road show for the Sukuk, the bankers said. "It''s not to raise cash, they would like to ...

Top 10 sovereign wealth funds have $1 trillion in stocks

day dreamer — Thu, 15 Oct 2009 00:24:59 GMT

Top 10 sovereign wealth funds have $1 trillion in stocks DUBAI: The world''s 10 top sovereign wealth funds, holding $2.2 trillion of assets, invest almost half of that in international equity markets, according to a survey published this week. The Investor Responsibility Research Center Institute (IRRC) and RiskMetrics Group, both based in New York, estimate that the top 10 funds from Abu Dhabi, Australia, China, Singapore, Kuwait, Libya, Norway, ...

Lebanon plans Eurobond issue in weeks

day dreamer — Thu, 15 Oct 2009 00:22:22 GMT

Lebanon plans Eurobond issue in weeks BEIRUT: Lebanon is planning a new Eurobond issue in the coming weeks valued at no more than 500 million U.S. dollars, the finance minister in the caretaker government told Reuters on Wednesday. "It''s going to be a limited issue: limited by what the government is authorized to issue without new legislation. There will be one soon... not exceeding $500 million," Mohammad Chatah said.ـReuters Last ...

Russia to supply China 70 billion cubic meters of gas annually

day dreamer — Wed, 14 Oct 2009 01:16:14 GMT

Russia to supply China 70 billion cubic meters of gas annually ا Wednesday, October 14th, 2009 Related Nodes: Related Nodes: 101428B.jpg 101428B.jpg Beijing - Reuters, AFP, RIA Novosti, the official Xinhua News Agency - ended the Russian Prime Minister Vladimir Putin's visit to China on agreements variety is held and the accompanying delegation with the Beijing government and institutions of China. There were Russia and China initialed an agreement on the ...

Kuwait Stock Exchange signs deal with NASDAQ

day dreamer — Tue, 13 Oct 2009 02:57:59 GMT

Kuwait Stock Exchange signs deal with NASDAQ KUWAIT: Kuwait Stock Exchange (KSE) and NASDAQ OMX Group signed on Monday an 18.3 million Kuwaiti dinars accord to furnish the Kuwaiti stock market with a stateـofـart technical system for trading and consultancy and supervision. Minister of Commerce and Industry and the Chairman of the KSE Committee, Ahmad AlـHaroun, described in a statement to reporters the signing of the ...

IMF: 5.2% growth expected for the Gulf States during the next year

day dreamer — Mon, 12 Oct 2009 03:57:19 GMT

Affirmed its support for the development of a regional market instruments and bonds IMF: 5.2% growth expected for the Gulf States during the next year

India set to be global leader in tech services: Forbes chief

wyogal — Sun, 11 Oct 2009 22:43:15 GMT

India set to be global leader in tech services: Forbes chief Sat Oct 10, 2009 11:12am EDT MUMBAI (Reuters) - India is set to become a global leader in technology services as software companies move up in the value chain, while the weak dollar has hurt the U.S. economic recovery, the Chairman and CEO of business publisher Forbes said on Saturday. "You have to make the distinction between pumping in money in immediate emergency response to the near collapse of the financial ...

UPDATE 1-PIMCO CEO sees no return to pre-crisis system

wyogal — Fri, 09 Oct 2009 19:54:18 GMT

UPDATE 1-PIMCO CEO sees no return to pre-crisis system * Weaker U.S. dollar is part of global rebalancing * Certain global currencies will overappreciate (Updates with comments on currencies, emerging markets) By [url=http://blogs.reuters.com/search/journalist.php?edition=us&n=pav.jordan&]Pav Jordan[/url] and Wojtek Dabrowski TORONTO, Oct 9 (Reuters) - Mohamed El-Erian, the chief executive of bond giant PIMCO, said on Friday the global economic system will ...

The Saudi stock market get the membership of the World Federation of Exchanges

day dreamer — Thu, 08 Oct 2009 02:51:47 GMT

The Saudi stock market get the membership of the World Federation of Exchanges .. 2009-10-07 23:08:10 Saudi stock market / universal membership .. Riyadh on October 7 WAM / Saudi stock market got the membership of the World Federation of Exchanges. The company said the Saudi capital market / trading / in a statement late today that the General Assembly of the Union and approved at the annual meeting of the Union in the city of Vancouver in Canada yesterday after the completion ...

French PM says world economy needs currency order

mochasmom — Thu, 08 Oct 2009 00:11:08 GMT

By: AFX | 07 Oct 2009 | 09:38 AM ET PARIS, Oct 7 (Reuters) - Restoring durable stability to the global economic system will require a basic degree of order between world currencies, French Prime Minister Francois Fillon said on Wednesday. "The world capitalist system cannot achieve lasting stability without a minimum of currency order, because at the moment, the crisis has worsened tensions on the foreign exchange markets further," Fillon told parliament. ...

United States Calls for Rigorous IMF Surveillance

KC — Wed, 07 Oct 2009 16:49:49 GMT

United States Calls for Rigorous IMF Surveillance October 6, 2009 Post a Comment Font Size PrintRSSE-mailShare this story with friendsFacebookTwitterRedditStumbleUponMore ISTANBUL (Reuters) - U.S. Treasury Secretary Timothy Geithner on Tuesday called on the International Monetary Fund to provide rigorous surveillance to spot new investment bubbles and keep country foreign exchange policies in line with goals to rebalance the global economy. In remarks prepared for delivery to the IMF ...

Treasury Reporting Rates of Exchange

harold4187 — Tue, 06 Oct 2009 21:49:02 GMT

Last Updated: Tuesday October 06, 2009 http://www.fms.treas.gov/intn.html#rates Treasury Reporting Rates of Exchange as of September 30, 2009 Footnote Country-Currency Foreign Currency to $1.00 AFGHANISTAN - AFGHANI 48.9300 ALBANIA - LEK 91.9500 ALGERIA - DINAR 72.1400 ANGOLA - KWANZA 75.0000 ANTIGUA - BARBUDA - E. CARIBBEAN DOLLAR 2.7000 ARGENTINA-PESO 3.8530 ARMENIA - DRAM 375.0000 AUSTRALIA - DOLLAR 1.1840 AUSTRIA - EURO 0.6970 AZERBAIJAN ...

U.S. Stocks Rise to Extend Global Rally as Gold Jumps to Record

wyogal — Tue, 06 Oct 2009 20:12:28 GMT

U.S. Stocks Rise to Extend Global Rally as Gold Jumps to Record By Rita Nazareth Oct. 6 (Bloomberg) -- U.S. stocks rose, extending a worldwide rally, on speculation third-quarter earnings will top estimates and growing conviction the global economy is improving. The dollar slid after Australia unexpectedly raised interest rates, boosting oil and sending gold to a record. Alcoa Inc. and Newmont Mining Corp. climbed at least 2.9 percent, while Exxon Mobil Corp. gained as crude ...

China needs time to raise private demand, says IMF

day dreamer — Mon, 05 Oct 2009 17:44:54 GMT

...

UAE calls for establishing regional stock market

day dreamer — Mon, 05 Oct 2009 17:40:53 GMT

UAE calls for establishing regional stock market Istanbul: The UAE has called for setting up a regional financial market for the Middle East and East Asia to tackle any future financial crisis. The recommendation was made by Sultan Bin Nasser Al Suwaidi,Governor of the UAE Central Bank, while addressing the meeting of governors of central banks and monetary agencies of member states of the Organization of the Islamic Conference (OIC), which ...

Stability of exchange markets, the goal of the Group of 7 after the Istanbul meeting

day dreamer — Mon, 05 Oct 2009 16:47:38 GMT

Stability of exchange markets, the goal of the Group of 7 after the Istanbul meeting Monday, 05 October 2009 Related Nodes: Related Nodes: Meeting of the Finance and Monetary International Monetary Fund yesterday in Istanbul (Reuters) Group of Twenty is a black list of regulatory havens Istanbul - Reuters, AFP - new finance ministers of the Group of Seven major industrialized nations at the conclusion of their meeting in Istanbul last Saturday, and ...

Calls for change at World Bank

day dreamer — Mon, 05 Oct 2009 16:42:41 GMT

Calls for change at World Bank By CHRISTOPHER TORCHIA, Associated Press Writer Christopher Torchia, Associated Press Writer 55 mins ago ISTANBUL � The World Bank needs to become more efficient in how it uses its resources and give more say to developing economies, several ...

Major currencies see mixed performances against U.S. dollar

day dreamer — Mon, 05 Oct 2009 06:27:18 GMT

Major currencies see mixed performances against U.S. dollar KUWAIT: Major foreign currencies witnessed mixed performances against the U.S. dollar during the week; the greenback ended the week on a relatively stronger footing, nonetheless, regaining some of its safeـhaven luster as worries about the global economic recovery increased, according to an economic report. The Euro traded ...

Washington is calling for sanctions against Iranian banks

day dreamer — Mon, 05 Oct 2009 03:05:53 GMT

Washington is calling for sanctions against Iranian banks Monday, 05 October 2009 Related Nodes: Related Nodes: 051071a.jpg 051071a.jpg Tehran, Istanbul - �life�, AFP, Reuters - The U.S. Treasury Secretary Timothy Geithner during a meeting of the International Monetary Fund in Istanbul on Member States to impose sanctions on the Iranian banking system, saying that Iranian banks involved in the financing of terrorism, and urging them to exercise Stringent ...

Banks to Clear Cheques in One Day

day dreamer — Mon, 05 Oct 2009 00:23:48 GMT

Banks to Clear Cheques in One Day Abdul Basit 5 October 2009 DUBAI � Doing business will be easier and faster in the UAE when banks in the country adopt a same-day cheque clearing system from next month. Bankers say the imminent change would help deliver better customer service to account holders, while businessmen in Dubai term the move as �fantastic�. The same-day image cheque clearing system, or ICCS, will benefit customers by reducing to a single day the time it takes ...

Zoellick: currencies to be discussed in Istanbul

mochasmom — Wed, 30 Sep 2009 11:14:53 GMT

Zoellick: currencies to be discussed in Istanbul By: The Associated Press | 29 Sep 2009 | 12:42 PM ET LONDON - Currency issues will likely be discussed at this week's annual meeting of the World Bank and the International Monetary Fund, the bank's president said Tuesday. Robert Zoellick did not say which currencies could make the agenda at the meeting in Istanbul, Turkey, saying only that "if you have a currency that has a weakness, that will affect other currencies, ...

Geithner Says �Very Important� to Have Strong Dollar

KC — Sun, 04 Oct 2009 03:57:41 GMT

[b]Geithner Says �Very Important� to Have Strong Dollar [/b](Update1) By Rebecca Christie Oct. 3 (Bloomberg) -- Treasury Secretary Timothy Geithner said it�s �very important� for the U.S. to have a strong dollar and pledged to preserve its role as world currency. The U.S. will do �everything necessary� to maintain confidence in its currency, he told reporters after attending a meeting of counterparts and central bankers from the Group of Seven in Istanbul. This includes reining in ...

G-7 to Meet Less and Talk Less After G-20 Rise, Officials Say

wyogal — Sat, 03 Oct 2009 18:54:33 GMT

G-7 to Meet Less and Talk Less After G-20 Rise, Officials Say By Rainer Buergin and Simon Kennedy Oct. 3 (Bloomberg) -- Group of Seven finance chiefs said they will meet less and issue fewer statements as the G-20 becomes the main arena for setting global economic policy. A week after the G-20�s leaders convened in Pittsburgh for the third time in a year, G-7 ministers and central bankers said they would tighten the schedule of their meetings, work in parallel ...

Ushering in a different business model

forex — Wed, 30 Sep 2009 04:23:00 GMT

Environment friendly green technology is now the buzz word that is doing the rounds in the board rooms of almost all the multinational corporations. The significance of this green technology is that the so called green parts used in the manufacture of a gadget never pollute the environment. Almost all the present technologies and methodologies used in the manufacture of the consumer/ industrial products have a long �shelf life� and it is difficult to discard them quickly. For example, ...

Japanese stocks registered a rise in early trading today

day dreamer — Tue, 29 Sep 2009 07:45:32 GMT

Japanese stocks registered a rise in early trading today 29/9/2009 9:19am Japanese stocks rose in early trading on Tuesday with the recovery of export shares after the yen fell from its highest level in eight months against the U.S. dollar, after U.S. stocks posted gains. Rose Nikkei shares of major Japanese companies rose 79.59 points, or 0.8 percent, to 10,089.11 points in the first seven minutes of trading on the Tokyo after suffering ...

The leaders of 60 African countries and South America are calling for a new financial system based on regional institutions and the logic of development

day dreamer — Tue, 29 Sep 2009 06:57:57 GMT

The leaders of 60 African countries and South America are calling for a new financial system based on regional institutions and the logic of development Tuesday, 29 September 2009 05:46 GMT Sixty countries, the leaders of African and South American to a new financial system based on regional institutions and the logic of development, during the second summit which was held Sunday in Venezuela. The leaders stressed in the final statement, which was approved ...

UAE central bank''s new rate mechanism starts Oct.1: Bankers

day dreamer — Mon, 28 Sep 2009 09:19:36 GMT

UAE central bank''s new rate mechanism starts Oct.1: Bankers DUBAI: The United Arab Emirates (UAE) central bank will launch its new mechanism for fixing the Interbank offered rate on Oct. 1, bankers said on Sunday, as it moves to lower rates it says are too high and do not reflect the market. "There was communication from the central bank that the official EIBOR (Emirates Interbank Offered Rate) will be launched on Oct. 1, but there would be a meeting ...