(Reuters) - In a closely watched twice-yearly outlook report by the Bank of Japan released later in the day, the BOJ underscored the need for further interest rate hikes by forecasting steady economic and price growth.
The central bank kept its target interest rate unchanged at 0.5 percent on Friday, as widely expected by markets.
Read more at Reuters.com Economic News
Friday, April 27, 2007
Korea Won Falls on Deficit, Singapore Dollar Drops on Central Bank Concern
(Bloomberg) -- South Korea's won dropped for the first week this month as a central bank official said the nation may post another current-account deficit following the March shortfall, which was the widest in almost a year.
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the country than coming in. The deficit is widening on rising dividend payments to offshore investors, who owned 37 percent of the shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
The currency is under pressure to weaken as a growing deficit indicates more money is flowing out from the country than coming in. The deficit is widening on rising dividend payments to offshore investors, who owned 37 percent of the shares in the benchmark Kospi index as of April 25, according to the stock exchange. Payments usually take place in March and April, increasing demand to convert won into dollars.
Read more at Bloomberg Currencies News
World Bank staff voice concern over "crisis"
(Reuters) - World Bank officials at the forefront of the bank's anti-corruption fight on Thursday voiced deep concern over the impact to their work from the crisis surrounding bank chief Paul Wolfowitz.
In a letter to Wolfowitz and the bank's executive board, the officials said they could no longer credibly implement the bank's anti-corruption strategy, which the former U.S. deputy defense secretary zealously campaigned for since he joined the bank in 2005.
Read more at Reuters Africa
In a letter to Wolfowitz and the bank's executive board, the officials said they could no longer credibly implement the bank's anti-corruption strategy, which the former U.S. deputy defense secretary zealously campaigned for since he joined the bank in 2005.
Read more at Reuters Africa
Citigroup wins control of Japan's Nikko Cordial
(Reuters) - Citigroup said it secured 61 percent of Nikko's voting stock in a tender bid that expired on Thursday. The takeover is its biggest under Chief Executive Charles Prince and its second-biggest outside the United States.
A group of investment firms with large stakes in Nikko had rejected Citigroup's offer of 1,700 yen a share. Although they failed to rally enough smaller investors to block the bid, they could still cause headaches as significant minority owners.
Read more at Reuters.com Business News
A group of investment firms with large stakes in Nikko had rejected Citigroup's offer of 1,700 yen a share. Although they failed to rally enough smaller investors to block the bid, they could still cause headaches as significant minority owners.
Read more at Reuters.com Business News
Pertamina May Import LPG From Qatar, United Arab Emirates as Demand Grows
(Bloomberg) -- PT Pertamina, Indonesia's state oil company, may buy 1.5 million metric tons of liquefied petroleum gas a year from Qatar and the United Arab Emirates, a company official said.
Indonesia may start the purchases in 2009, Achmad Faisal, director of trading and marketing at Pertamina, told reporters in Jakarta today. Pertamina will import through Itochu Corp., an Osaka-based trading company. The company may also buy LPG, used as cooking fuel, from BP Plc's Australian unit, Faisal said.
Read more at Bloomberg Energy News
Indonesia may start the purchases in 2009, Achmad Faisal, director of trading and marketing at Pertamina, told reporters in Jakarta today. Pertamina will import through Itochu Corp., an Osaka-based trading company. The company may also buy LPG, used as cooking fuel, from BP Plc's Australian unit, Faisal said.
Read more at Bloomberg Energy News
European Stocks Drop, Paced by BHP, Anglo American; Peugeot Shares Advance
(Bloomberg) -- European stocks fell for the first time in three days after a slide in metal prices pushed shares of commodity producers lower. BHP Billiton Ltd. and Anglo American Plc paced the decline.
The Stoxx 600 dropped 0.2 percent to 387.75 as of 8:10 a.m. in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, both lost 0.2 percent.
Read more at Bloomberg Stocks News
The Stoxx 600 dropped 0.2 percent to 387.75 as of 8:10 a.m. in London. The Stoxx 50 and the Euro Stoxx 50, a measure for the 13 nations sharing the euro, both lost 0.2 percent.
Read more at Bloomberg Stocks News
FACTBOX-Profiles of BOJ Policy Board members
(Reuters) - TOSHIHIKO FUKUI, 71, governor
Fukui, a career central banker except for a short stint in the private sector, is the main driver of the bank's monetary policy.
Read more at Reuters.com Bonds News
Fukui, a career central banker except for a short stint in the private sector, is the main driver of the bank's monetary policy.
Read more at Reuters.com Bonds News
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