| Weizmann Forex granted AD II License from RBI
Weizmann Forex Limited (WFL) has been granted the Authorized Dealer Category II (AD-II) license by the Reserve Bank of India (RBI). Fulfillment of certain basic qualifiers in terms of the company's financial position in relation to its net worth, tenure in the trade, spread of branches, past performance and concurrent audit practices have helped them in acquiring this license. WFL Group was one of the first entities to obtain a money changing license from RBI and today WFL has a spread of 57 branches across pan India covering almost all major cities. In addition to foreign exchange WFL is also a major player in money transfer business being one of the largest principal agent of WU Money Transfer with a network of 8500 + locations which includes branches of leading public sector banks - Bank of Baroda, Bank of Maharashtra, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of Saurashtra, UCO Bank, United Bank of India, Private Sector Banks viz.
Sanford takes $NZ4m hit on forex gamble
New Zealand seafood farmer Sanford says sales in the first quarter are 15 per cent ahead of 2006 but it has taken a $NZ4 million ($A3.6 million) hit gambling that the New Zealand dollar will fall. Chief executive Eric Barratt said the exchange rate made trading exceedingly difficult. Against all economists' advice and conventional wisdom, the New Zealand dollar had not fallen. The company had held substantial US dollar assets based on the predictions of a currency fall and, as a consequence, had incurred foreign exchange losses of $NZ4 million ($A3.6 million) in the first quarter of the year. These would be recovered if the kiwi dollar dropped in the next six months. Chairman Bruce Cole told shareholders at the company's 125th annual meeting that catches had been very good and markets for almost all species strong.
Currencies: Pound nearing $2 mark on strong growth in UK
LONDON: The pound soared Tuesday to its highest level against the dollar since September 1992 after an industry report showed that British factories raised prices at the fastest pace in 12 years, stoking speculation about more interest-rate increases. The pound rose to $1.9818 at 4 p.m. in New York, up from $1.9760 late Monday. Earlier in London, it touched $1.9916, the highest since Sept. 10, 1992. The British currency is at its strongest since the billionaire investor George Soros and other speculators drove the pound out of Europe's system of linked exchange rates. "The pound is supported by interest rate hike expectations, which may come as early as the next meeting in February," said Ian Stannard, a currency strategist at BNP Paribas in London.
Currency: NZ dollar hemmed in as Auckland on holiday
The New Zealand dollar was confined to trading within a narrow range today, in a market reduced by the Auckland anniversary holiday. By 5pm, the New Zealand dollar was trading at US69.56c, little changed from its close on Friday of US69.69c. It slipped below US70c at the end of last week as the US dollar strengthened. Against the Australian dollar, the kiwi was at A89.94c from Friday's A90.01c. The long-term outlook for the NZ dollar was for a decline based on economic fundamentals like lower growth and acute deficits in external accounts, ASB Business said in its weekly commentary. But in the short term, high interest rates would continue to support the currency. A majority of analysts expected the Reserve Bank of New Zealand to raise interest rates by 25 basis points to 7.5 per cent on March 8.
G7:ECB Trichet:Mkts Should Be Aware Of Risks Of One-Way Bets2
On the subject of foreign exchange rates, Trichet said Japan's finance minister and central bank governor said that exchange rates should reflect economic fundamentals. "We share that view," said Juncker. "Japan's recovery is on track and is expected to continue." Juncker declined comment on whether he believed that the yen currently reflects economic fundamentals. Prior to the meetings, French and German politicians had called for a discussion on the euro-yen exchange rate, after the euro hit Y158.62 last month, its highest level against the yen since the single currency was introduced in 1999. U.S. Treasury Secretary Henry Paulson has said several times during the past week that he believes the level of the yen reflects fundamentals. (MORE TO FOLLOW) Dow Jones Newswires February 10, 2007 10:34 ET (15:34 GMT) Copyright 2007 Dow Jones & Company, Inc.
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