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Thomson Financial News
Forex - Dollar steady in afternoon trade ahead of FOMC meeting, economic data
06.23.08, 2:35 AM ET
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HONG KONG (Thomson Financial) - The U.S. dollar was steady in afternoon trade in Asia on Monday as investors preferred to stay on the sidelines ahead of this week's rate-setting meeting of the Federal Reserve and a string of economic data from the world's largest economy.
'There is very little news that the market is able to digest at this stage. There is not much happening at the moment to move the currency market in any direction,' said David Mann, currency strategist at Standard Chartered (other-otc: SCBEF.PK - news - people ) Bank in Hong Kong.
'There was no U.S. data last Friday, so the market is pretty quiet today.'
The Federal Open Market Committee (FOMC) will meet on June 24-25 and is widely anticipated to keep key interest rates unchanged, pausing after seven rate cuts that started in September. Fed Chairman Ben Bernanke this month highlighted concerns about rising inflationary pressures stemming from record high oil prices and a weak dollar.
NOTE: FOMC PLAYS A VITAL ROLE IN FOREX INDUSTRY.
The United States is scheduled to release home sales data on June 25 and 26, consumer spending on June 27 and durable goods orders on June 25. The figures will give investors more clues about the state of the U.S. economy and whether the Fed will hike interest rates by the end of this year as Bernanke and other Fed officials had earlier suggested.
At 1:00 p.m. (0500 GMT), the euro was trading at $1.5607 from $1.5613 in Sydney this morning. The dollar was quoted at 107.40 yen from 107.34 yen.
'The market may not be moving much until the Fed's decision and the statement is out,' said Mann. 'After the Fed decision, which is the biggest even this week, investors will be watching out for the durable goods and spending data.'
Most analysts expect consumer spending to go up after the U.S. government's $50 billion tax rebate bonanza that gave Americans more money to shop or invest.
But Mann said the positive impact of the tax rebates on the economy will be temporary.
The post-FOMC meeting statement may highlight policymakers' continued worries about rising consumer prices, said Thomas Lam, senior treasury economist at United Overseas Bank (other-otc: UOVEY.PK - news - people ).
'In general, the accompanying June statement would likely evolve to indicate that the near-term growth outlook has become incrementally less lop-sided and that the current inflation environment could complicate the policy debate,' Lam said.
Since it began easing rates in September until its last meeting in April, the FOMC has lowered rates by a cumulative 325 basis points to 2 percent, the lowest since December 2004.
The rate cuts, which were made while the European Central Bank (ECB) has maintained its benchmark rate at a six-year high of 4 percent, caused the dollar to plunge to record lows against the euro and to multi-year lows versus the yen.
Standard Chartered's Mann does not expect the Fed to hike rates this year and is predicting that U.S. rates will be maintained for the rest of the year.
The ECB will likely hike its rate in July, he said.
'It's possible that there are more rate hikes (in the eurozone area) after July but that's not our central case scenario,' Mann said.
John Noonan, a senior foreign exchange analyst at Thomson IFR Markets, said the FOMC meeting is widely expected to produce a 'no-change' verdict, but the accompanying statement will be the key factor that will guide the currency market this week.
'If the FOMC statement is not hawkish or only signals soft tightening in the months to come and makes no mention of the U.S. dollar, it could be a tough week for the greenback especially with the ECB expected to hike 25 basis points when they meet on July 3,' he said.
NOTE: FOMC'S ANALYSIS IS VERY IMPORTANT TO FOREX INDUSTRY.
NAB Capital Markets head of currency strategy John Kyriakopoulos shared Noonan's and Mann's views.
'We think the Fed is done cutting rates and the next move will be a hike although perhaps not until next year, unless the recovery in U.S. growth proves stronger than expected,' said Kyriakopoulos.
If the Fed statement doesn't signal interest rates hikes in the months ahead, the dollar will decline, Kyriakopoulos said.
Hong Kong 1:00 p.m. (0500 GMT)
U.S. dollar
yen 107.40
Swiss franc 1.0360
Euro
U.S. dollar 1.5607
yen 167.66
Swiss franc 1.6176
pound 0.7911
Pound
U.S. dollar 1.9725
yen 211.88
Swiss franc 2.0438
Australian dollar
U.S. dollar 0.9555
pound 0.4843
yen 102.64
jun.ebias@thomsonreuters.com
.
je/ng
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Wednesday, June 25, 2008
Monday, June 23, 2008
China Yuan hits new high against US dollar
The Associated Press
Go to Google News
In this July 22, 2005 file photo, a clerk at an foreign currency exchange desk at a hotel shows Chinese yuan banknotes in Shanghai, China. Beijing's currency has kept climbing Wednesday, June 18, 2008, with the official "parity rate" set at an all-time high against the U.S. dollar as U.S. and Chinese officials resumed talks centering on trade and other strategic issues. (AP Photo/Eugene Hoshiko, File)
Related News
* Washington and Beijing to signal bilateral investment treaty talks
Financial Times - Jun 20, 2008
* Washington and Beijing to signal bilateral investment treaty talks
Financial Times - Jun 20, 2008
* US-China dialogue faces retooling after election
guardian.co.uk - Jun 20, 2008
Full coverage »
©2008 Google - Map data ©2008 AND, NFGIS, ZENRIN, Europa Technologies - Terms of Use
China yuan hits new high against US dollar
By ELAINE KURTENBACH – 5 days ago
SHANGHAI, China (AP) — The Chinese yuan gained against the U.S. dollar on Wednesday, hitting a fresh high as American and Chinese officials resumed talks centering on trade and other strategic issues.
Washington wants Beijing to loosen controls on currency trading and allow the yuan's rate to set by market forces. U.S. manufacturers contend that the restrictions keep the yuan's value artificially low, giving Chinese exporters an unfair advantage and boosting China's trade surplus.
The yuan has gained about 20 percent against the U.S. dollar since Beijing revamped its foreign exchange trading system in July 2005, revaluing the currency by 2.1 percent to 8.11 yuan to one dollar.
Note: Yuan has gained against US dollar because of foreign exchange.
On Wednesday, the yuan began trading at a 6.8823 to the dollar, continuing a steady advance against the dollar that has taken it to record highs in recent weeks. It was trading at 6.8827 by Wednesday afternoon on the over-the-counter market, stronger than Tuesday's close of 6.8914.
China has pledged to loosen currency controls, but has not given any timetable, saying that sudden change would expose the country's shaky financial system to excessive risks from outside speculators.
During the talk's in Annapolis, Md., China's central bank governor, Zhou Xiaochuan, alluded to such risks by asking about the regulatory mistakes that may have helped precipitate recent U.S. financial troubles.
"China always hopes to draw lessons from the U.S. experience in macroeconomic management and market development," the official Xinhua News Agency quoted Zhou as saying. "However, during this time of discussion, we are also interested in drawing lessons from the U.S. financial turbulence."
Note: China is learning from it's mentor U.S.
Among the questions Zhou said raised was the role exchange rates can play "in maintaining the world's financial stability."
The yuan has gained about 6 percent so far this year, compared with a 6.9 percent gain in 2007.
Top finance officials from the United States and China pledged greater cooperation Tuesday on a range of economic issues. But it was clear that the fourth round of high-level economic talks would leave both nations far apart on a number of contentious subjects from U.S. unhappiness over the slow pace of China's economic reforms to Chinese concerns about increasing protectionist sentiments in the United States.
Treasury Secretary Henry Paulson hoped that the two days of talks in Annapolis will produce enough results to persuade the next administration to continue the meetings. It was Paulson's brainchild to start the twice-a-year discussions in 2006.
The U.S. trade deficit with China grew to a record $256.3 billion last year, although the gap has begun to moderate as U.S. demand for Chinese-made exports has slackened.
"We now believe that the (Chinese) trade surplus should plateau in 2008," Stephen Green, China economist at Standard Chartered Bank in Shanghai, wrote in a report issued this week.
The People's Bank of China, the central bank, announces the yuan's parity rate — a weighted average of prices given by market makers, excluding the highest and lowest offers, early each trading morning.
Hosted by Google
Copyright © 2008 The Associated Press. All rights reserved.
Go to Google News
In this July 22, 2005 file photo, a clerk at an foreign currency exchange desk at a hotel shows Chinese yuan banknotes in Shanghai, China. Beijing's currency has kept climbing Wednesday, June 18, 2008, with the official "parity rate" set at an all-time high against the U.S. dollar as U.S. and Chinese officials resumed talks centering on trade and other strategic issues. (AP Photo/Eugene Hoshiko, File)
Related News
* Washington and Beijing to signal bilateral investment treaty talks
Financial Times - Jun 20, 2008
* Washington and Beijing to signal bilateral investment treaty talks
Financial Times - Jun 20, 2008
* US-China dialogue faces retooling after election
guardian.co.uk - Jun 20, 2008
Full coverage »
©2008 Google - Map data ©2008 AND, NFGIS, ZENRIN, Europa Technologies - Terms of Use
China yuan hits new high against US dollar
By ELAINE KURTENBACH – 5 days ago
SHANGHAI, China (AP) — The Chinese yuan gained against the U.S. dollar on Wednesday, hitting a fresh high as American and Chinese officials resumed talks centering on trade and other strategic issues.
Washington wants Beijing to loosen controls on currency trading and allow the yuan's rate to set by market forces. U.S. manufacturers contend that the restrictions keep the yuan's value artificially low, giving Chinese exporters an unfair advantage and boosting China's trade surplus.
The yuan has gained about 20 percent against the U.S. dollar since Beijing revamped its foreign exchange trading system in July 2005, revaluing the currency by 2.1 percent to 8.11 yuan to one dollar.
Note: Yuan has gained against US dollar because of foreign exchange.
On Wednesday, the yuan began trading at a 6.8823 to the dollar, continuing a steady advance against the dollar that has taken it to record highs in recent weeks. It was trading at 6.8827 by Wednesday afternoon on the over-the-counter market, stronger than Tuesday's close of 6.8914.
China has pledged to loosen currency controls, but has not given any timetable, saying that sudden change would expose the country's shaky financial system to excessive risks from outside speculators.
During the talk's in Annapolis, Md., China's central bank governor, Zhou Xiaochuan, alluded to such risks by asking about the regulatory mistakes that may have helped precipitate recent U.S. financial troubles.
"China always hopes to draw lessons from the U.S. experience in macroeconomic management and market development," the official Xinhua News Agency quoted Zhou as saying. "However, during this time of discussion, we are also interested in drawing lessons from the U.S. financial turbulence."
Note: China is learning from it's mentor U.S.
Among the questions Zhou said raised was the role exchange rates can play "in maintaining the world's financial stability."
The yuan has gained about 6 percent so far this year, compared with a 6.9 percent gain in 2007.
Top finance officials from the United States and China pledged greater cooperation Tuesday on a range of economic issues. But it was clear that the fourth round of high-level economic talks would leave both nations far apart on a number of contentious subjects from U.S. unhappiness over the slow pace of China's economic reforms to Chinese concerns about increasing protectionist sentiments in the United States.
Treasury Secretary Henry Paulson hoped that the two days of talks in Annapolis will produce enough results to persuade the next administration to continue the meetings. It was Paulson's brainchild to start the twice-a-year discussions in 2006.
The U.S. trade deficit with China grew to a record $256.3 billion last year, although the gap has begun to moderate as U.S. demand for Chinese-made exports has slackened.
"We now believe that the (Chinese) trade surplus should plateau in 2008," Stephen Green, China economist at Standard Chartered Bank in Shanghai, wrote in a report issued this week.
The People's Bank of China, the central bank, announces the yuan's parity rate — a weighted average of prices given by market makers, excluding the highest and lowest offers, early each trading morning.
Hosted by Google
Copyright © 2008 The Associated Press. All rights reserved.
Friday, June 13, 2008
FOREX-DOLLAR SLIDES AS JOBS REPORT DIMS RATE HIKE OUTLOOK
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FOREX-Dollar slides as jobs report dims rate hike outlook
Fri Jun 6, 2008 12:26pm EDT
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* Dollar falls as U.S. jobless rate jumps in May
* Dollar set for worst weekly loss vs EUR since late March
* Non-farm payroll losses total 49,000
By Gertrude Chavez-Dreyfuss
NEW YORK, June 6 (Reuters) - The dollar fell across the board on Friday as a big jump in the U.S. jobless rate underscored the economy's weakness, which could prevent the Federal Reserve from raising interest rates later this year.
The Labor Department report, which also showed job losses for a fifth straight month, further undermined the outlook for the dollar, whose interest rate yield has shrunk as the Federal Reserve slashed benchmark overnight rates by a total of 325 basis points since September.
NOTE: JOBLESS RATE IN THE U.S. ARE EFFECTS OF DOLLAR SHRINKAGE.
The data also revived debates about the chances of a U.S. recession, and analysts said the Fed may have to address the economy's persistent sluggishness with another quarter-point easing.
"Today's unemployment report was the first time in recent memory that the unemployment rate overshadowed the non-farm payrolls number," said Michael Woolfolk, senior currency strategist, at Bank of New York Mellon in New York. Continued...
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FOREX-Dollar slides as jobs report dims rate hike outlook
Fri Jun 6, 2008 12:26pm EDT
Email | Print |
Share
| Reprints | Single Page| Recommend (-)
[-] Text [+]
powered by Sphere Sphere
Market News
Oil, CPI could spell rough ride for stocks | Video
Oil zooms nearly 9 percent higher to record $139 | Video
Dow falls 394.64 points on jobless rate, record oil | Video
More Business & Investing News...
(Recasts, updates prices, adds comment, byline)
* Dollar falls as U.S. jobless rate jumps in May
* Dollar set for worst weekly loss vs EUR since late March
* Non-farm payroll losses total 49,000
By Gertrude Chavez-Dreyfuss
NEW YORK, June 6 (Reuters) - The dollar fell across the board on Friday as a big jump in the U.S. jobless rate underscored the economy's weakness, which could prevent the Federal Reserve from raising interest rates later this year.
The Labor Department report, which also showed job losses for a fifth straight month, further undermined the outlook for the dollar, whose interest rate yield has shrunk as the Federal Reserve slashed benchmark overnight rates by a total of 325 basis points since September.
NOTE: JOBLESS RATE IN THE U.S. ARE EFFECTS OF DOLLAR SHRINKAGE.
The data also revived debates about the chances of a U.S. recession, and analysts said the Fed may have to address the economy's persistent sluggishness with another quarter-point easing.
"Today's unemployment report was the first time in recent memory that the unemployment rate overshadowed the non-farm payrolls number," said Michael Woolfolk, senior currency strategist, at Bank of New York Mellon in New York. Continued...
View article on single page
Previous Page 1 | 2 | 3 Next Page
Share:
Del.icio.us
Digg
Mixx
My Web
Newsvine
Next Article: FOREX-Dollar falls as US jobless rate shoots up
More US Dollar Report
FOREX-Grim jobs data, ECB rate hike talk pummel dollar
FOREX-Dollar falls as US jobless rate shoots up
CORRECTED-FOREX-Dollar falls after jump in jobless rate
FOREX-Trichet's rate shocker keeps euro on firm ground
More US Dollar Report News...
Related Blog Posts
Euro Surges After ECB's Trichet Signals July Rate Hike
Grace Cheng's Finance Blog
Dollar implodes as Trichet tips July hike
Thomson FX Hub | Where money talks
Dollar implodes as Trichet tips July hike
Thomson FX Hub | Where money talks
Bernanke Says Rate `Well Positioned,' Watching Dollar
FeedTheBull - Stock Market News
Unemployment rate jumps to 5.5 percent in May
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Thursday, June 12, 2008
HOW TO DEAL WITH KNEE-JERK MARKET REACTIONS
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How to Deal with Knee-Jerk Market Reactions
by Jack Crooks 06-07-08
Jack Crooks
This past week was a roller coaster ride in the currency markets, and it sure ended with a bang. I'll get to the big news in a second. And I'll also tell you what to make of this market.
NOTE: CROOKS IS FAMOUS IN ANALYZING THE MARKET. HENCE, HIS COMMENTARY ALWAYS GIVES WEIGHT.
But first, I want to do a quick day-by-day rundown of what happened in the currency markets ...
Tuesday:
Ben Bernanke revealed new concern over inflation and spoke directly about the weaker dollar.
Knee-jerk reaction in the currency markets: The dollar jumped.
Thursday:
European Central Bank President Trichet signaled interest rate hikes may come as early as July.
Knee-jerk reaction in the currency markets: The euro soared.
Yesterday:
U.S. Non-farm Payrolls were reported down 49,000 (better-than-expected) for the month of May. But U.S. unemployment leapt by half a percentage point to 5.5% (worse-than-expected).
Knee-jerk reaction: The dollar tumbled. The Dow lost almost 400 points. And on the same day, crude oil skyrocketed by more than $10 a barrel!
Looks like it's time to queue up the recession talk again. And don't forget that inflation is a big concern — Big Ben even said so!
Did this tag-team of Fed inflation rhetoric and freshly disappointing economic data open up the flood gates? Sure might have.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.
Stocks don't like it when the Fed gets lovey-dovey with inflation. In an already tight lending environment, if the Fed leans toward drying up access to money (or away from doling it out freely), who's going to keep what little leftover cash they have invested in bogged-down companies that still may be many months away from honest-to-goodness recovery?
It's been surprising how well stocks have held up so far. It's likely the keep-hope-alive mentality was buoying the Dow and the S&P. But with every new fundamental defeat how long can investors' minds stay focused on the light at the end of the tunnel? It's dimming rather quickly and should be practically invisible if the Fed keeps its attention on rising prices.
And for the buck, it comes down to one thing: Sentiment. We can argue all day for a dollar rally, or a collapse to new lows. And we have. But what matters is how the dollar is perceived by those who are trading it.
If you're off trading solo it's not always easy to keep a firm grip on market sentiment.
But protecting against most of the bad and positioning for most of the good is a crucial step toward successful trading.
External Sponsorship
Smart Investors Profit Overseas ...
Live in real luxury where waves roll into your "backyard" ... where your own gardener prunes your hollyhocks and your own maid serves your dinner in your own piece of paradise. You don't need to be a millionaire to afford this ... in fact, you can live this life on just $19 a day ...
Click here for more information ...
Here's a little guideline for today's markets ...
Hope Can Hurt; Fear Can Help
I read a book on trading many years ago that said before every trading day begins, you must ask yourself: How badly can I screw-up my account today?
It sounded a bit blunt, and an odd way to start the morning. But I've found this simple approach is a great way to focus on the key element that will determine long-term success in any asset market — stocks, bonds, commodities, currencies, and even real estate.
It's risk.
In terms of the risks today, you probably have your own personal checklist. You might be including:
* Inflation fears brewing.
* Potential time-bomb of derivatives.
* An overvalued stock market.
* Falling real estate values.
* On and on into infinitum ...
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.
No doubt these are market risks. And they do inspire fear. But there's nothing we can do to fully eliminate risks. We can neither keep them from happening, nor forecast them with complete accuracy. But you can control the small stuff, like your individual account risk.
It's obvious some of us can handle more risk than others. The best single phrase about how much investment risk one should take comes from J.P. Morgan, who told a worried friend, "sell down to your sleeping point."
Translation: If you're lying awake at night, worrying about your investments, you are carrying too much risk.
I have found the simple "screw up your account" mantra very useful for risk control, so much so that I have it printed across the top of my "trade sheets" where I record each of my trades, risk levels, and reasons for the trade.
Why does it help me? Because it forces me to define the level of risk I will take BEFORE I enter an investment position. The reason I have capitalized "before" is because before you enter the investment you still have at least a degree of objectivity left in your brain.
AFTER you enter an investment position, your objectivity is flushed down the drain and replaced with something very dangerous — hope.
NOTE: IMPORTANT CONSIDERATION BEFORE TRADING...
Here's an example of how I define my risk in a currency trade BEFORE putting on a trade ...
I look for a key technical level — some type of chart support area, or basic trend line that will tell me that the dynamics of supply and demand in the market have changed. Or put another way: if prices reach this level I am wrong because the market has proven me wrong.
At this point I'm out of the trade with a loss, period, end of story. I can always reenter the trade if it makes sense. But because I have exited, I somewhat regain that modicum of objectivity to better evaluate price action.
Always remember: Being in cash is an investment position; and it's sometimes the best position!
There is an old market adage: Bull markets climb a wall of worry, while bear markets flow down a river of hope. It's natural to hope our losses will subside and be afraid our profits will go away. And it's also why we are tricked by Mr. Market.
Legendary Wall Street trader Jesse Livermore summed it up best when he talked about reversing our natural impulses in the market:
"When the market goes against you, you hope that every day will be the last day — and you lose more than you should had you not listened to hope. And when the market goes your way, you become fearful that the next day will take away your profit and you get out — too soon. The successful trader has to fight these two deep-seated instincts."
We must turn hope and fear inside out. We must fear our losses will get bigger and cut them short. And we must hope that our profits get bigger and let them run. In these choppy markets, defining risk beforehand is the best thing you can do.
Best wishes,
Jack
About Money and Markets
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How to Deal with Knee-Jerk Market Reactions
by Jack Crooks 06-07-08
Jack Crooks
This past week was a roller coaster ride in the currency markets, and it sure ended with a bang. I'll get to the big news in a second. And I'll also tell you what to make of this market.
NOTE: CROOKS IS FAMOUS IN ANALYZING THE MARKET. HENCE, HIS COMMENTARY ALWAYS GIVES WEIGHT.
But first, I want to do a quick day-by-day rundown of what happened in the currency markets ...
Tuesday:
Ben Bernanke revealed new concern over inflation and spoke directly about the weaker dollar.
Knee-jerk reaction in the currency markets: The dollar jumped.
Thursday:
European Central Bank President Trichet signaled interest rate hikes may come as early as July.
Knee-jerk reaction in the currency markets: The euro soared.
Yesterday:
U.S. Non-farm Payrolls were reported down 49,000 (better-than-expected) for the month of May. But U.S. unemployment leapt by half a percentage point to 5.5% (worse-than-expected).
Knee-jerk reaction: The dollar tumbled. The Dow lost almost 400 points. And on the same day, crude oil skyrocketed by more than $10 a barrel!
Looks like it's time to queue up the recession talk again. And don't forget that inflation is a big concern — Big Ben even said so!
Did this tag-team of Fed inflation rhetoric and freshly disappointing economic data open up the flood gates? Sure might have.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.
Stocks don't like it when the Fed gets lovey-dovey with inflation. In an already tight lending environment, if the Fed leans toward drying up access to money (or away from doling it out freely), who's going to keep what little leftover cash they have invested in bogged-down companies that still may be many months away from honest-to-goodness recovery?
It's been surprising how well stocks have held up so far. It's likely the keep-hope-alive mentality was buoying the Dow and the S&P. But with every new fundamental defeat how long can investors' minds stay focused on the light at the end of the tunnel? It's dimming rather quickly and should be practically invisible if the Fed keeps its attention on rising prices.
And for the buck, it comes down to one thing: Sentiment. We can argue all day for a dollar rally, or a collapse to new lows. And we have. But what matters is how the dollar is perceived by those who are trading it.
If you're off trading solo it's not always easy to keep a firm grip on market sentiment.
But protecting against most of the bad and positioning for most of the good is a crucial step toward successful trading.
External Sponsorship
Smart Investors Profit Overseas ...
Live in real luxury where waves roll into your "backyard" ... where your own gardener prunes your hollyhocks and your own maid serves your dinner in your own piece of paradise. You don't need to be a millionaire to afford this ... in fact, you can live this life on just $19 a day ...
Click here for more information ...
Here's a little guideline for today's markets ...
Hope Can Hurt; Fear Can Help
I read a book on trading many years ago that said before every trading day begins, you must ask yourself: How badly can I screw-up my account today?
It sounded a bit blunt, and an odd way to start the morning. But I've found this simple approach is a great way to focus on the key element that will determine long-term success in any asset market — stocks, bonds, commodities, currencies, and even real estate.
It's risk.
In terms of the risks today, you probably have your own personal checklist. You might be including:
* Inflation fears brewing.
* Potential time-bomb of derivatives.
* An overvalued stock market.
* Falling real estate values.
* On and on into infinitum ...
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.
No doubt these are market risks. And they do inspire fear. But there's nothing we can do to fully eliminate risks. We can neither keep them from happening, nor forecast them with complete accuracy. But you can control the small stuff, like your individual account risk.
It's obvious some of us can handle more risk than others. The best single phrase about how much investment risk one should take comes from J.P. Morgan, who told a worried friend, "sell down to your sleeping point."
Translation: If you're lying awake at night, worrying about your investments, you are carrying too much risk.
I have found the simple "screw up your account" mantra very useful for risk control, so much so that I have it printed across the top of my "trade sheets" where I record each of my trades, risk levels, and reasons for the trade.
Why does it help me? Because it forces me to define the level of risk I will take BEFORE I enter an investment position. The reason I have capitalized "before" is because before you enter the investment you still have at least a degree of objectivity left in your brain.
AFTER you enter an investment position, your objectivity is flushed down the drain and replaced with something very dangerous — hope.
NOTE: IMPORTANT CONSIDERATION BEFORE TRADING...
Here's an example of how I define my risk in a currency trade BEFORE putting on a trade ...
I look for a key technical level — some type of chart support area, or basic trend line that will tell me that the dynamics of supply and demand in the market have changed. Or put another way: if prices reach this level I am wrong because the market has proven me wrong.
At this point I'm out of the trade with a loss, period, end of story. I can always reenter the trade if it makes sense. But because I have exited, I somewhat regain that modicum of objectivity to better evaluate price action.
Always remember: Being in cash is an investment position; and it's sometimes the best position!
There is an old market adage: Bull markets climb a wall of worry, while bear markets flow down a river of hope. It's natural to hope our losses will subside and be afraid our profits will go away. And it's also why we are tricked by Mr. Market.
Legendary Wall Street trader Jesse Livermore summed it up best when he talked about reversing our natural impulses in the market:
"When the market goes against you, you hope that every day will be the last day — and you lose more than you should had you not listened to hope. And when the market goes your way, you become fearful that the next day will take away your profit and you get out — too soon. The successful trader has to fight these two deep-seated instincts."
We must turn hope and fear inside out. We must fear our losses will get bigger and cut them short. And we must hope that our profits get bigger and let them run. In these choppy markets, defining risk beforehand is the best thing you can do.
Best wishes,
Jack
About Money and Markets
For more information and archived issues, visit http://www.moneyandmarkets.com
Money and Markets (MaM) is published by Weiss Research, Inc. and written by Martin D. Weiss along with Tony Sagami, Nilus Mattive, Sean Brodrick, Larry Edelson, Michael Larson and Jack Crooks. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in MaM, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in MaM are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Kristen Adams, Andrea Baumwald, John Burke, Amber Dakar, Dinesh Kalera, Mathias Korzan, Red Morgan, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Julie Trudeau and Leslie Underwood.
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Wednesday, June 11, 2008
DOLLAR MAY EXTEND DROP AGAINST EURO BEFORE U.S. PAYROLL REPORT
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Dollar May Extend Drop Against Euro Before U.S. Payroll Report
By Ye Xie
Enlarge Image/Details
June 6 (Bloomberg) -- The dollar may extend its drop against euro before a government report forecast by economists to show the U.S. lost jobs in May for a fifth consecutive month.
The currency fell from a four-week high versus the 15- nation euro yesterday after European Central Bank President Jean-Claude Trichet said an interest-rate increase in July is ``possible.'' The yield advantage of two-year German bunds over Treasuries increased to the widest since 1993, making dollar- denominated assets less attractive.
``If the fundamental data in the U.S. turns weak, the interest rate differential will be working in favor of the euro,'' said Paresh Upadhyaya, who helps oversee about $50 billion in currency assets as a senior vice president at Putnam Investments in Boston.
NOTE: UPADHYAYA IS A MAJOR PERSONALITY IN THE PUTNAM INVESTMENTS IN BOSTON.
The dollar traded at $1.5597 per euro at 6:06 a.m. in Tokyo, after falling 1 percent yesterday, the most since March. It touched $1.5365 before Trichet's comments, the strongest level since May 8. The yen was at 165.22 per euro, following a 1.7 percent drop yesterday. Japan's currency traded at 105.93 per dollar, after falling 0.7 percent and touching 106.43, the weakest level since Feb. 28.
The ECB kept its main refinancing rate at a six-year high of 4 percent, where it has been since last June. The Federal Reserve has cut its target seven times since mid-September to 2 percent to stave off a recession.
Two-year German bunds yielded 2.11 percentage points more that comparable-maturity U.S. Treasury notes yesterday, up from 1.89 percentage points on June 4. It was the biggest increase in the spread since March 25.
Euribor Futures
The implied yield on the September Euribor futures contract jumped 0.30 percentage point to 5.23 percent as traders added to bets the ECB will raise borrowing costs to curb inflation.
``It's not excluded that, after having carefully examined the situation, that we could decide to move our rates by a small amount at our next meeting,'' Trichet said at a press conference in Frankfurt after yesterday's rate decision. ``I don't say it's certain. I said it's possible.''
The U.S. Dollar Index on ICE futures in New York, which tracks the greenback against the currencies of six major trading partners, erased some of the gains that came after Fed Chairman Ben S. Bernanke said on June 3 that the central bank is ``attentive'' to the implications of the currency's decline. The index fell 0.5 percent to 73.038 yesterday.
Bernanke `Undone'
``Trichet has undone any good work Bernanke put on for the dollar,'' said Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut. ``It pulls us back to the reality that we not only get a U.S. story, but also a European story driving the euro-dollar.''
The pound fell yesterday against the euro after the Bank of England kept its key interest rate at 5 percent. Sterling dropped as much as 0.9 percent to 79.64 pence per euro, the lowest level since May 27. Against the dollar, the pound traded at $1.9583, after increasing 0.1 percent yesterday.
The ECB has cited accelerating inflation as a reason for not cutting rates as the U.S. economic slowdown spreads to Europe. The inflation rate reached 3.6 percent last month, the fastest since the euro's inception in 1999.
U.S. employers probably shed 60,000 jobs in May after a drop of 20,000 in the prior month, according to the median forecast of 79 economists surveyed by Bloomberg News. The Labor Department's report is due at 8:30 a.m. in Washington.
NOTE: U.S. ECONOMIC SLOWDOWN AFFECTS THE MAJORITY.
Fed Rate Outlook
Futures on the Chicago Board of Trade showed a 69 percent chance the Fed will raise the target rate for overnight lending between banks by at least a quarter-percentage point by December, compared with 55 percent odds a month ago.
The dollar has lost 11 percent against the euro since the central bank started lowering the fed funds target from 5.25 percent on Sept. 18. The U.S. currency has increased 3 percent since touching the all-time low of $1.6019 per euro on April 22 as the Fed signaled rate cutting is over.
Citigroup Global Markets Inc. reversed its bet yesterday on the euro's decline. The 15-nation currency will form a ``double bottom'' on the trend line tracking its rally since November, a pattern that would suggest an increase to $1.63 in eight to 10 weeks, wrote Tom Fitzpatrick, New York-based global head of currency strategy at Citigroup, and his London-based colleague Shyam Devani in a research note.
``You have the Fed and Treasury in the business of platitudes regarding rates and currency but doing nothing,'' the analysts wrote. ``On the other side, you have the ECB, who, like it or not, has been consistent and true to its word.''
The dollar will strengthen to $1.49 against the euro and trade at 105 yen by the end of the year, according to the median forecast of 39 economists surveyed by Bloomberg.
To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net
Last Updated: June 5, 2008 17:11 EDT
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Dollar May Extend Drop Against Euro Before U.S. Payroll Report
By Ye Xie
Enlarge Image/Details
June 6 (Bloomberg) -- The dollar may extend its drop against euro before a government report forecast by economists to show the U.S. lost jobs in May for a fifth consecutive month.
The currency fell from a four-week high versus the 15- nation euro yesterday after European Central Bank President Jean-Claude Trichet said an interest-rate increase in July is ``possible.'' The yield advantage of two-year German bunds over Treasuries increased to the widest since 1993, making dollar- denominated assets less attractive.
``If the fundamental data in the U.S. turns weak, the interest rate differential will be working in favor of the euro,'' said Paresh Upadhyaya, who helps oversee about $50 billion in currency assets as a senior vice president at Putnam Investments in Boston.
NOTE: UPADHYAYA IS A MAJOR PERSONALITY IN THE PUTNAM INVESTMENTS IN BOSTON.
The dollar traded at $1.5597 per euro at 6:06 a.m. in Tokyo, after falling 1 percent yesterday, the most since March. It touched $1.5365 before Trichet's comments, the strongest level since May 8. The yen was at 165.22 per euro, following a 1.7 percent drop yesterday. Japan's currency traded at 105.93 per dollar, after falling 0.7 percent and touching 106.43, the weakest level since Feb. 28.
The ECB kept its main refinancing rate at a six-year high of 4 percent, where it has been since last June. The Federal Reserve has cut its target seven times since mid-September to 2 percent to stave off a recession.
Two-year German bunds yielded 2.11 percentage points more that comparable-maturity U.S. Treasury notes yesterday, up from 1.89 percentage points on June 4. It was the biggest increase in the spread since March 25.
Euribor Futures
The implied yield on the September Euribor futures contract jumped 0.30 percentage point to 5.23 percent as traders added to bets the ECB will raise borrowing costs to curb inflation.
``It's not excluded that, after having carefully examined the situation, that we could decide to move our rates by a small amount at our next meeting,'' Trichet said at a press conference in Frankfurt after yesterday's rate decision. ``I don't say it's certain. I said it's possible.''
The U.S. Dollar Index on ICE futures in New York, which tracks the greenback against the currencies of six major trading partners, erased some of the gains that came after Fed Chairman Ben S. Bernanke said on June 3 that the central bank is ``attentive'' to the implications of the currency's decline. The index fell 0.5 percent to 73.038 yesterday.
Bernanke `Undone'
``Trichet has undone any good work Bernanke put on for the dollar,'' said Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut. ``It pulls us back to the reality that we not only get a U.S. story, but also a European story driving the euro-dollar.''
The pound fell yesterday against the euro after the Bank of England kept its key interest rate at 5 percent. Sterling dropped as much as 0.9 percent to 79.64 pence per euro, the lowest level since May 27. Against the dollar, the pound traded at $1.9583, after increasing 0.1 percent yesterday.
The ECB has cited accelerating inflation as a reason for not cutting rates as the U.S. economic slowdown spreads to Europe. The inflation rate reached 3.6 percent last month, the fastest since the euro's inception in 1999.
U.S. employers probably shed 60,000 jobs in May after a drop of 20,000 in the prior month, according to the median forecast of 79 economists surveyed by Bloomberg News. The Labor Department's report is due at 8:30 a.m. in Washington.
NOTE: U.S. ECONOMIC SLOWDOWN AFFECTS THE MAJORITY.
Fed Rate Outlook
Futures on the Chicago Board of Trade showed a 69 percent chance the Fed will raise the target rate for overnight lending between banks by at least a quarter-percentage point by December, compared with 55 percent odds a month ago.
The dollar has lost 11 percent against the euro since the central bank started lowering the fed funds target from 5.25 percent on Sept. 18. The U.S. currency has increased 3 percent since touching the all-time low of $1.6019 per euro on April 22 as the Fed signaled rate cutting is over.
Citigroup Global Markets Inc. reversed its bet yesterday on the euro's decline. The 15-nation currency will form a ``double bottom'' on the trend line tracking its rally since November, a pattern that would suggest an increase to $1.63 in eight to 10 weeks, wrote Tom Fitzpatrick, New York-based global head of currency strategy at Citigroup, and his London-based colleague Shyam Devani in a research note.
``You have the Fed and Treasury in the business of platitudes regarding rates and currency but doing nothing,'' the analysts wrote. ``On the other side, you have the ECB, who, like it or not, has been consistent and true to its word.''
The dollar will strengthen to $1.49 against the euro and trade at 105 yen by the end of the year, according to the median forecast of 39 economists surveyed by Bloomberg.
To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net
Last Updated: June 5, 2008 17:11 EDT
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Tuesday, June 10, 2008
POLITICS ON SOVEREIGN WEALTH
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OPINION
The Politics of Sovereign Wealth
By PETER MANDELSON
June 7, 2008; Page A11
Brussels
Sovereign wealth fund managers are not the type to court publicity. They are even more wary of controversy. For the last six months they have had both.
In a political climate in Europe and the United States that is increasingly defensive about globalization, the funds have become the target of anxiety about foreign investment and, in particular, about the growing economic strength of Russia and China. With the size of the funds set to grow hugely, publicity for the funds is a given. The question is how to avoid the controversy and to maintain business as usual. The basis for a deal is now taking shape.
NOTE: RUSSIA AND CHINA HAS BEEN NAMED AS THE SLEEPING GIANTS OF THE WORLD.
In my meetings with them, sovereign fund managers have often bridled at being the subject of suspicion. They rightly point out that for more than five decades they have been quietly investing the proceeds of oil and gas wealth for future generations without raising the slightest concern. Some have standards of transparency that are exemplary.
Although it is often made, the comparison of sovereign wealth funds to state-run businesses, especially powerful state-controlled monopolies like Gazprom, is misleading. A state acting like a business – throwing the resources of government behind a company that competes with others – is a different proposition from a state looking to invest its surplus capital in the most commercially advantageous way.
But the funds risk getting the facts right and the politics wrong. The explosion of resources under sovereign wealth-fund management and a shift by some into stocks rather than the more traditional bonds have made them front-page players. Some recipient countries feel that they should know more about their investment objectives or of their precise relationship with their sponsor governments. The possibility that a state might seek to use its investments for political leverage is very slim, but because recipients are not quite sure of the rules of the game, they can't exclude it entirely.
NOTE: FUND MANAGERS DOESN'T ONLY PLAY BASED ON THEIR CAPACITY, THEY ALSO LEARN MORE STRATEGIES TO BE MORE COMPETITIVE.
The smart move from the funds would be to confound the suspicions. If sovereign wealth funds want to manage the politics of their dramatic rise, they should study the experience of the hedge-fund and private-equity industries in Britain. When growing public anxiety about their intentions and business models put them on the defensive, hedge funds and private equity moved quickly to reassure the public with voluntary codes of conduct. Sovereign wealth funds should do the same.
Norway, which already sets a high standard for transparency and governance in sovereign wealth investment, has said it would work with the International Monetary Fund on a voluntary, world-wide code of conduct. Singapore and Abu Dhabi have both signed up to some basic investment principles agreed with the U.S. that could become a steppingstone to a wider global agreement.
Work between the funds and the IMF on such a code has gotten off to a prickly start. Some funds are suspicious of the IMF's motives. But the IMF is not, and will never be allowed to become, some sort of second International Criminal Court. The funds should grit their teeth and agree to a basic code that would cut the ground from under their critics. Sovereign wealth funds have a good track record as benign investors. Fund managers know that any attempt to use their investments for political leverage could backfire badly on them. So a voluntary and limited code of conduct would only formalize what they already do. Any fund unwilling to sign up to a reasonable code would have trouble explaining why.
Still, the funds are absolutely right to insist that such responsibility for transparency and fair treatment goes both ways. Assurances from the funds on transparency and openness deserve equivalent guarantees from OECD members that they will treat fund investments fairly and without discrimination. The OECD this week adopted a declaration welcoming investments by sovereign wealth funds, and recommitting members to principles of openness and nondiscrimination. The funds should see this as a gesture of good faith, and OECD politicians should stand by it. It is the essential quid pro quo that could seal this code and allow governments to turn down the heat under this issue.
Europe and the U.S. have no interest in turning away sound investment or encouraging public skepticism about foreign investment. So long as its capital is invested for no other goal than a good commercial return, a sovereign wealth fund is not different from a pension fund, and its investments are likely to be much longer-term.
But it would be a mistake for the sovereign wealth funds to believe that this will stop some more populist politicians from calling for discrimination or greater controls if public anxiety seems to demand them. Rather than responding with resentment or indifference, the funds should step up and show that if people want reassurance, they can have it.
Mr. Mandelson is the European Union's trade commissioner.
See all of today's editorials and op-eds, plus video commentary, on Opinion Journal.
And add your comments to the Opinion Journal forum.
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OPINION
The Politics of Sovereign Wealth
By PETER MANDELSON
June 7, 2008; Page A11
Brussels
Sovereign wealth fund managers are not the type to court publicity. They are even more wary of controversy. For the last six months they have had both.
In a political climate in Europe and the United States that is increasingly defensive about globalization, the funds have become the target of anxiety about foreign investment and, in particular, about the growing economic strength of Russia and China. With the size of the funds set to grow hugely, publicity for the funds is a given. The question is how to avoid the controversy and to maintain business as usual. The basis for a deal is now taking shape.
NOTE: RUSSIA AND CHINA HAS BEEN NAMED AS THE SLEEPING GIANTS OF THE WORLD.
In my meetings with them, sovereign fund managers have often bridled at being the subject of suspicion. They rightly point out that for more than five decades they have been quietly investing the proceeds of oil and gas wealth for future generations without raising the slightest concern. Some have standards of transparency that are exemplary.
Although it is often made, the comparison of sovereign wealth funds to state-run businesses, especially powerful state-controlled monopolies like Gazprom, is misleading. A state acting like a business – throwing the resources of government behind a company that competes with others – is a different proposition from a state looking to invest its surplus capital in the most commercially advantageous way.
But the funds risk getting the facts right and the politics wrong. The explosion of resources under sovereign wealth-fund management and a shift by some into stocks rather than the more traditional bonds have made them front-page players. Some recipient countries feel that they should know more about their investment objectives or of their precise relationship with their sponsor governments. The possibility that a state might seek to use its investments for political leverage is very slim, but because recipients are not quite sure of the rules of the game, they can't exclude it entirely.
NOTE: FUND MANAGERS DOESN'T ONLY PLAY BASED ON THEIR CAPACITY, THEY ALSO LEARN MORE STRATEGIES TO BE MORE COMPETITIVE.
The smart move from the funds would be to confound the suspicions. If sovereign wealth funds want to manage the politics of their dramatic rise, they should study the experience of the hedge-fund and private-equity industries in Britain. When growing public anxiety about their intentions and business models put them on the defensive, hedge funds and private equity moved quickly to reassure the public with voluntary codes of conduct. Sovereign wealth funds should do the same.
Norway, which already sets a high standard for transparency and governance in sovereign wealth investment, has said it would work with the International Monetary Fund on a voluntary, world-wide code of conduct. Singapore and Abu Dhabi have both signed up to some basic investment principles agreed with the U.S. that could become a steppingstone to a wider global agreement.
Work between the funds and the IMF on such a code has gotten off to a prickly start. Some funds are suspicious of the IMF's motives. But the IMF is not, and will never be allowed to become, some sort of second International Criminal Court. The funds should grit their teeth and agree to a basic code that would cut the ground from under their critics. Sovereign wealth funds have a good track record as benign investors. Fund managers know that any attempt to use their investments for political leverage could backfire badly on them. So a voluntary and limited code of conduct would only formalize what they already do. Any fund unwilling to sign up to a reasonable code would have trouble explaining why.
Still, the funds are absolutely right to insist that such responsibility for transparency and fair treatment goes both ways. Assurances from the funds on transparency and openness deserve equivalent guarantees from OECD members that they will treat fund investments fairly and without discrimination. The OECD this week adopted a declaration welcoming investments by sovereign wealth funds, and recommitting members to principles of openness and nondiscrimination. The funds should see this as a gesture of good faith, and OECD politicians should stand by it. It is the essential quid pro quo that could seal this code and allow governments to turn down the heat under this issue.
Europe and the U.S. have no interest in turning away sound investment or encouraging public skepticism about foreign investment. So long as its capital is invested for no other goal than a good commercial return, a sovereign wealth fund is not different from a pension fund, and its investments are likely to be much longer-term.
But it would be a mistake for the sovereign wealth funds to believe that this will stop some more populist politicians from calling for discrimination or greater controls if public anxiety seems to demand them. Rather than responding with resentment or indifference, the funds should step up and show that if people want reassurance, they can have it.
Mr. Mandelson is the European Union's trade commissioner.
See all of today's editorials and op-eds, plus video commentary, on Opinion Journal.
And add your comments to the Opinion Journal forum.
Click to format this article for printing Click to format this article for printing View a list of most popular articles on our site Find out about distributing multiple copies of this article Find out about distributing multiple copies of this article
Monday, June 9, 2008
GLOBAL JORDAN SUCCESSFULLY MANAGES THE USD20 MILLION COMMERCIAL PAPER ISSUE FOR MIDDLE EAST COMPLEX FOR ENGINEERING, ELECTRONICS AND HEAVY INDUSTRIES
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Global-Jordan successfully Manages the USD20 Million Commercial Paper Issue for Middle East Complex for Engineering, Electronics & Heavy Industries P
Posted: 07-06-2008 , 18:32 GMT
Global Investment House – Jordan (Global – Jordan) announced the successful private placement of a six-month, USD20 million commercial paper issue for Middle East Complex for Engineering, Electronics & Heavy Industries PLC (MEC).
A number of reputable financial institutions and commercial banks such as Union Bank, Jordan Ahli Bank, and Blom Bank participated in the issue. Global- Jordan acted as lead manager and structuring agent and Union Bank was the underwriter.
Click Here!
Mr. Sami Nabulsi, Head of Investment Banking, at Global-Jordan said, "We are proud to have worked with Union Bank on this deal for MEC, the leader in the electric appliances market in Jordan and a strong regional player."
note: Union Bank is a well respected bank worldwide.
He added, "We wanted to provide MEC with the funds required to expand its operations while reducing its financing costs at the same time. The best vehicle was a commercial paper issue because they are short-term fixed income securities that are flexible, relatively easy to structure, and usually a cheaper means to finance operations."
The USD20 million commercial paper will be used by MEC to improve the cost of its short-term borrowing and finance its working capital needs. According to Nabulsi, the commercial paper was denominated in USD in order to capitalize on the dollar's low interest rates.
note: MEC is one of the largest companies in the Middle East and North Africa regions.
MEC's CFO, Mr. Mashhour A. El Basha, said that, "Through its long experience and in partnering with well known brands like; LG, Daewoo, and Haier in addition to developing its own brands (mainly Acma), MEC has become one of the largest companies in the Middle East and North Africa ("MENA") regions. Our announcement of the new project, which is considered the first of its kind in the region, has further reinforced our status as a regional heavyweight. With an initial investment JD117 million, projected average annual sales of JD213 million, and ROI of 27%, production is scheduled to begin in early 2009."
He added, "MEC always cares to finance its working capital needs in co-operation with the best investment companies in the region such as Global-Jordan".
It is worth mentioning that Global-Jordan is fully owned by Global Investment House (Global), one of the leading asset management and investment banking companies in the GCC and the wider Middle East and North Africa ("MENA") regions.
With over 45 employees and total assets exceeding JD35 million, Global-Jordan is growing to be a full-blown investment company providing services in asset management, investment banking, wealth management, research, and brokerage. Global-Jordan's Investment Banking division provides a wide array of services that include private placements, M&As, privatizations, advisory services, and initial public offerings (IPOs) to name a few.
Nabulsi, ended by saying that "the successful closing of this deal is a testimony to Global's commitment to excellence through its delivery of financial and investment products and services that exceed market expectations. Establishing a solid track record and an excellent reputation over the past few years is one of the main reasons MEC selected Global for its investment needs".
About Global Investment House "Global"
Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.5 billion (USD 9.3 billion) by 31 March 2008.
For more information, please visit our website on www.globalinv.net
Algeria Bahrain Cyprus Egypt Iran Iraq Jordan Kuwait Lebanon Libya Mauritania
Morocco Oman Palestine Qatar Saudi Arabia Sudan Syria Tunisia Turkey UAE Yemen
Search
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Travel
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Red Rose
A love Virus
Happy Birthday
Main Countries Jordan
Global-Jordan successfully Manages the USD20 Million Commercial Paper Issue for Middle East Complex for Engineering, Electronics & Heavy Industries P
Saba Mubarak overcomes her sadness with love
Jordan-based Artists Have Less than Two Weeks Left to Apply for World's Richest Art Prize
Umniah Deploys Microsoft Server 2008 in its Operations
Mayor of Amman Receives Daegu City's Vice-Mayor for Economic Affairs
ADC Honors Winners of Distinguished Small Projects Award 2007
Global-Jordan successfully Manages the USD20 Million Commercial Paper Issue for Middle East Complex for Engineering, Electronics & Heavy Industries P
Posted: 07-06-2008 , 18:32 GMT
Global Investment House – Jordan (Global – Jordan) announced the successful private placement of a six-month, USD20 million commercial paper issue for Middle East Complex for Engineering, Electronics & Heavy Industries PLC (MEC).
A number of reputable financial institutions and commercial banks such as Union Bank, Jordan Ahli Bank, and Blom Bank participated in the issue. Global- Jordan acted as lead manager and structuring agent and Union Bank was the underwriter.
Click Here!
Mr. Sami Nabulsi, Head of Investment Banking, at Global-Jordan said, "We are proud to have worked with Union Bank on this deal for MEC, the leader in the electric appliances market in Jordan and a strong regional player."
note: Union Bank is a well respected bank worldwide.
He added, "We wanted to provide MEC with the funds required to expand its operations while reducing its financing costs at the same time. The best vehicle was a commercial paper issue because they are short-term fixed income securities that are flexible, relatively easy to structure, and usually a cheaper means to finance operations."
The USD20 million commercial paper will be used by MEC to improve the cost of its short-term borrowing and finance its working capital needs. According to Nabulsi, the commercial paper was denominated in USD in order to capitalize on the dollar's low interest rates.
note: MEC is one of the largest companies in the Middle East and North Africa regions.
MEC's CFO, Mr. Mashhour A. El Basha, said that, "Through its long experience and in partnering with well known brands like; LG, Daewoo, and Haier in addition to developing its own brands (mainly Acma), MEC has become one of the largest companies in the Middle East and North Africa ("MENA") regions. Our announcement of the new project, which is considered the first of its kind in the region, has further reinforced our status as a regional heavyweight. With an initial investment JD117 million, projected average annual sales of JD213 million, and ROI of 27%, production is scheduled to begin in early 2009."
He added, "MEC always cares to finance its working capital needs in co-operation with the best investment companies in the region such as Global-Jordan".
It is worth mentioning that Global-Jordan is fully owned by Global Investment House (Global), one of the leading asset management and investment banking companies in the GCC and the wider Middle East and North Africa ("MENA") regions.
With over 45 employees and total assets exceeding JD35 million, Global-Jordan is growing to be a full-blown investment company providing services in asset management, investment banking, wealth management, research, and brokerage. Global-Jordan's Investment Banking division provides a wide array of services that include private placements, M&As, privatizations, advisory services, and initial public offerings (IPOs) to name a few.
Nabulsi, ended by saying that "the successful closing of this deal is a testimony to Global's commitment to excellence through its delivery of financial and investment products and services that exceed market expectations. Establishing a solid track record and an excellent reputation over the past few years is one of the main reasons MEC selected Global for its investment needs".
About Global Investment House "Global"
Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.5 billion (USD 9.3 billion) by 31 March 2008.
For more information, please visit our website on www.globalinv.net
© 2008 Al Bawaba (www.albawaba.com)
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#1
Old 07-28-2005, 09:25 PM
invesjitu invesjitu is offline
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Join Date: Jul 2005
Posts: 1
Default Invest in BetOnMarket ? PLEASE BEWARE !!!
BetOnMarket - Please BEWARE !!!
After tried with virtual money account for about 1 month, I registered as live account in BetOnMarket and deposit $50. Fortunetally, I won in my first betting, so I tried to take 2 bets again.
NOTE: MUST KNOW THE REALITY AND LEGALITY BEFORE INVESTING!
Few hours later I tried to login but ... whoa ... my account was unavailable !!!
And I received an email tell me that :
I have not used a SURE NAME in my account and ... I MUST SEND MY PASSPORT/ID CARD + UTILITY BILL TO BETONMARKET TO GET TO ACTIVATE MY ACCOUNT AND TO WITHDRAW MY OWN MONEY !!!
That is true that I have not used like people name in BOM ( as Jack Invest, Roy Bet, etc )... and it was my mistake. And i have no problem to provide my sure name + my ID. But the questions are :
- They didn't tell us before ... and suddently they de-activated our account + money
- BOM tell me if I used people's like name ( as Jack Wallace, Roy Stuart, etc ) we still must provide our ID card. Is it true ???
- In the fact : many people used people's like name ( as Jack Wallace, Roy Stuart, etc ) although it's not their surename, and have no problem !
The conclusion is :
PLEASE BEWARE & THINK AGAIN TO INVEST ON BOM !
THE HAVE MANY HIDDEN & DODGE RULES !!!
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#2
Old 07-28-2005, 10:05 PM
I_con_you I_con_you is offline
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Join Date: Mar 2003
Posts: 888
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
Quote:
Originally Posted by invesjitu
BetOnMarket - Please BEWARE !!!
After tried with virtual money account for about 1 month, I registered as live account in BetOnMarket and deposit $50. Fortunetally, I won in my first betting, so I tried to take 2 bets again.
It is the USA Patriot Act's Global Arm in action.
NOTE: IMPORTANT TO KNOW THE DETAILS BEFORE MAKING BETS.
You should not be allowed to open an account without first providing your true identity. If they did allow you then they did it wrong.
Hey, do you look like a money launderer?
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#3
Old 07-28-2005, 10:06 PM
darklol darklol is offline
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Posts: 209
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
or just be honest , read the terms , fill everything properly
betonmarkets is industry leader, do not forget it!
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#4
Old 07-28-2005, 11:09 PM
gracetin gracetin is offline
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Posts: 202
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
betonmarkets is good .
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#5
Old 07-30-2005, 08:28 PM
cyclops cyclops is offline
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Join Date: May 2005
Posts: 112
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
It's happen to me too one time... lucky me... i'm honest so no problem.
I'm agree, they suppose to tell us at the first time that they will freeze our account if couldn't provide true identity.
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#6
Old 07-31-2005, 07:06 AM
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Shanna Shanna is offline
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Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
nothing wrong with them wanting to make sure your not trying to commit fruad or anything
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#7
Old 07-31-2005, 12:02 PM
bomlifeway bomlifeway is offline
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Join Date: Jul 2005
Posts: 14
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
don't know what you're saying about. try to think about it, there are so many bom players here, why no one has the same problem like you.
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You decide which risk-level to take, and we make the profit for you.
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#8
Old 07-31-2005, 02:31 PM
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HansG HansG is offline
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Join Date: Jun 2005
Posts: 367
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
Outrageous! The other day I walked into the bank, wanting to withdraw money from a card I found? They asked me for identification. They had the nerve to tell me that the woman on the photo in the passport I stole the other day did not at all look at me and the questioned whether my name was actually Lauren or not! I tried to explain that my moustache was a genetic fault on my mother's side of the family, but they didn't buy it.
I think it is really unfair when a financial institute refuses to accept false ID, false names and false contact information.
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#9
Old 06-12-2006, 09:02 AM
jean2006 jean2006 is offline
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Posts: 9
Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
Try Forexsurge.com thay are way better than betonmarkets.
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#10
Old 06-13-2006, 12:09 AM
4xtrader 4xtrader is offline
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Default Re: Invest in BetOnMarket ? PLEASE BEWARE !!!
Doesn't look like it.
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Update
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Our currency trading forex courses are awesome and the hard work to come out these forex training course are proven logical, powerful, robust and well presented methodology. We have the great trader and mentor. The strategies that are being taught honestly in the course have paved & lighted the forex trading path & turned the dumb money into smart money. The pivot point trading method is analagous to precision guidance system. The signal analysis method gives high level of accuracy and most of the traders truly learn from the concise and useful technical information.
NOTE: FOREX TRADING WILL IMPROVE POTENTIAL OF YOUR DUMB MONEY.
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Add Articles
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at FinWeb.com.
Peter Bain's Video ForEx Trading Education
Peter Bain training course shows you how to stick with the very best "bankable trades", and enjoy as close to a "sure thing" as you'll ever get.
* implementation of Pivot system by floor traders in forex market.
* gauge price action and use MACD to confirm price action.
* use pivot system to trade forex up to 70% accuracy.
* use future data, charts and trend line to predict forex trend.
* techniques and tips to hedge the trade.
More about this Course
Easy Forex
What are the Secrets in Forex Trading?
More than 100 million people in the world are looking for profitable investment. We love talking investment because this is the energyless but high profit gain business. Forex Trading is the world's largest financial market with an estimated daily average turnover between $1.5 trillion to $2.5 trillion that we cannot doubt. If we want to make profit from this investment, there are some related knowledges that we definitely need to know.
NOTE: BEFORE INVESTING, IT IS IMPORTANT TO NOTE THE FOLLOWING DATAS...
* Use Future data to justify market trend.
* Pivot Program shows entry & exit signals.
* Familiar Chart Patterns and Trend lines.
* how big dogs are doing?
* euro vs USD Tricks.
* Be Smart to Filter Various Currency pairs.
* Confident to Control Up and Down Trendy.
* Avoid Pitfalls of Dumb money.
* Intelligent stop loss strategies implementation.
* AIME methodology
* History is your tips.
* Hedge currency Trades .
Advantages of Forex Trading
Are you new to trade currency? Are you giving up due to your past trade? Get yourself to know the primitive advantages of Forex trading. And you are also essentially advised to refer to the risk-bearing.
* Two Way Market where traders can trade in Bull and Bear market
* Margin Trading 100 : 1 leverage
* Low Account Balance for entry
* Can work in odd work due to 24 hours a day from Sunday night to Friday noon
* Flexible transaction sizes
* Very dynamic and trendy
* No worry about bad fills due to price gaps
* Can practice at online simulation until you become expert
read more..
NOTE: IT IS IMPORTANT TO KNOW THE DETAILS BEFORE ENGAGING TO FOREX TRADING.
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About us | Site Map | Private Policy | Contact us
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