Forex: NZD/USD up ahead of inflation data - NASDAQ
FXstreet.com (Barcelona) - The kiwi dollar is inching higher at the beginning of the trading week, hovering around the 0.7575 region after topping in levels above 0.7600 and ahead of the RBNZ inflation expectations in the second quarter (prev. +2.5% YoY), due tomorrow during the Asian trading hours.
Risk appetite has intensified after Chinese Premier W.Jiabao has argued that his country will focus on policies in order to boost the economic growth, bolstering the rally in the region early morning.
J.Kruger, Technical Currency Strategist, admits that "the market has extended declines significantly since breaking down below some key multi-week support at 0.8050, and risk remains for deeper setbacks…towards 0.7370…". The expert also comments that technical studies would show 'oversold' conditons at these levels, and a small bounce to the 0.7800 region should not be ruled out.
As of writing, NZD/USD is advancing 0.37% at 0.7577, facing the next resistance at 0.7622 (low May 17) ahead of 0.7681 (low May 15) then 0.7758 (low May 14) and 0.7798 (hourly highs May 14/15).
On the flip side, a violation of 0.7523 (hourly sup Dec.15) would expose 0.7492 (Lower Bollinger) then 0.7461 (low Dec.15) and 0.7447 (low Nov.28).
Press Releases: Deauville Partnership With Arab Countries in Transition: Finance - News Room America
Deauville Partnership With Arab Countries in Transition: Finance
Fact Sheet
Office of the Spokesperson
Washington, DC
May 21, 2012
The Middle East and North Africa region is undergoing one of the most important transitions of our time. The G-8 launched the Deauville Partnership with Arab Countries in Transition[1] to support the historic changes in the Middle East and North Africa. In the face of numerous challenges, the five transitioning countries (Egypt, Libya, Jordan, Morocco, and Tunisia) have taken important steps to toward democracy and economic development. However, these countries face growing economic challenges, including a difficult external environment and, for some countries, delays in the political transition.
The Partnership’s efforts on finance focus on economic stabilization, near-term job creation, and economic governance to help the Partnership countries move towards sustainable and inclusive growth. Specifically, the Partnership is launching a Capital Markets Access Initiative, creating a new Transition Fund, and promoting assistance by International Financial Institutions (IFI) in a coordinated and effective way.
Capital Markets Access Initiative
The heightened uncertainty associated with political transitions has meant that the five transitioning countries face significant constraints in financing their budgets and accessing external capital to support much-needed investments. Access to private sector finance for governments and businesses, especially small and medium-sized enterprises, will be important to restoring economic stability, increasing jobs, reducing poverty, and boosting long-term growth. Since the events of last year, the Partnership countries and their private sectors have experienced reduced access to the international capital markets.
The Capital Markets Access Initiative aims to help the transitioning countries reintegrate into international capital markets under reasonable financing terms to fill their sizable financing gaps and to allow their enterprises to invest in job-creating projects. In particular, the Initiative creates a collective approach to channel credit enhancement and political risk insurance instruments to transitioning countries and their private sectors.
As an example of the work of this initiative, on April 20, U.S. Treasury Secretary Tim Geithner and Tunisian Finance Minister Houcine Dimassi signed a declaration of intent to proceed with a U.S. loan guarantee for Tunisia. Since the signing of the declaration, teams from the U.S. and Tunisian Governments have made considerable progress toward signing a loan guarantee agreement and hope to proceed as quickly as possible with additional actions that would allow the Tunisian Government to re-enter international capital markets later this year. This guarantee, combined with additional financing from the multilateral development banks, will help Tunisia meet its 2012 financing needs. Work proceeds on a follow-on financing package from the multilateral development banks, including additional sovereign guarantees.
A New Transition Fund
The five transitioning countries face an urgent need to fundamentally reorient their economies to address their high levels of unemployment, weak rule of law, and deteriorating public services. The transitioning countries have asked for support to meet these demands, including technical assistance (TA) and grant resources to accelerate innovative reforms. While a wide range of bilateral and multilateral donors currently provide TA, it has not sufficiently addressed the needs of some key areas, in particular economic governance.
Members of the Deauville Partnership have proposed a new, grant-based Transition Fund to help countries implement critical reforms in the areas of: (1) economic governance, (2) trade, investment, and integration, and (3) institutional reform. A new Transition Fund would support a combination of diagnostic analyses, technical advice, and initial implementation of targeted policy initiatives and reforms that have strong demonstration effects. The G-8, regional partners and transition countries are working together to advance this fund. The fund will have broad support from G-8 and Gulf donors, and is expected to be operational later this year.
Multilateral Assistance and IFI Coordination Platform
The IFI Coordination Platform aims to facilitate information sharing and operational dialogue with the Partnership countries, identify opportunities for joint transactions and policy and analytical work, and coordinate monitoring and reporting on the implementation. The IFIs established a dedicated Coordination Platform in advance of the Finance Minister’s Meeting in Marseille on September 10, 2011 to better leverage the collective resources of the ten IFIs that work in the region, with the African Development Bank as the first chair of the rotating secretariat. Since that time, the Partnership has sought to deepen the cooperation among the ten IFIs and between bilateral and IFI assistance.
On April 20, the Partnership called on the ten Partnership IFIs to deliver on their commitments in the short term, particularly in the area of job creation and small and medium enterprise (SME) development. Examples of ways in which the IFIs are providing concrete support to the Partnership countries this year include:
The provision of development policy loans to Tunisia (African Development Bank and World Bank), Jordan (World Bank), and Morocco (World Bank) underpinning governance, private sector reforms and domestic markets. In Tunisia, the African Development Bank is supporting SME credit lines and rural infrastructure to support inclusive growth. Support for public-private partnerships through the Arab Financing Facility for Infrastructure, launched last year by the World Bank and Islamic Development Bank. Development of relevant post-secondary education skills in the region through the International Financial Corporation “e4e Initiative for Arab Youth.” The European Bank for Reconstruction and Development and the Arab Monetary Fund are cooperating to promote local currency and capital markets in Egypt, Jordan, Morocco, and Tunisia.
[1] Countries in the Partnership include the five Partnership countries (Egypt, Tunisia, Jordan, Morocco, and Libya), the G-8, Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, and Turkey. The International Financial Institutions include the African Development Bank, the Arab Fund for Economic and Social Development, the Arab Monetary Fund, the European Bank for Reconstruction and Development, the European Investment Bank, the Islamic Development Bank, the International Finance Corporation, the International Monetary Fund, the OPEC Fund for International Development, and the World Bank. The Organization for Economic Cooperation and Development is also a Partnership member.
PRN: 2012/808
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http://www.state.gov/r/pa/prs/ps/2012/05/190493.htm
US unwilling to solely finance Afghan forces after withdrawal - ITV
NATO has also been seeking to secure long-term funding for the Afghan police and army, whose ability to battle the Taliban is vital for the alliance's aim of a smooth exit and future stability in the country.
The US administration is unwilling to foot the entire annual bill to maintain the forces after 2014, which is estimated at $4.1 billion, and has been seeking pledges from allies of $1.3 billion, despite austerity measures across Europe.
NATO Secretary-General Anders Fogh Rasmussen said a number of allies had announced concrete contributions. These have included $100 million annually from Britain, $120 million from Italy, $100 million from Australia and $20 million for Turkey.
FOREX-Euro steadies vs dlr, respite seen temporary - Reuters
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Champions League exclusion costs Spurs - Football
Published: 21 May 2012 - 16:47:06
Tottenham's exclusion from the Champions League due to Chelsea's triumph in the tournament will cost Spurs up to £35million in cash - but the real damage could be far greater in terms of keeping their stars, say football finance experts.
Brendan Guilfoyle, a football expert at P&A Partnership, said the headache for Spurs will not just be about balancing the books.
"In terms of the effect financially, Spurs is a well-run club but revenues will inevitably be lower so they will have to adjust that in terms of the wages they can offer and the transfer fees they can pay and still remain in the black," he said.
"The perhaps more immediate worry for fans, and I am a Tottenham fan myself, is that in terms of signing top players we won't be as attractive as we cannot promise the highest level of club football any more.
"There is also the worry that some of those star players, having tasted the Champions League already, will want to do so again and look to move elsewhere."
Spurs finished fourth in the Barclays Premier League, which would normally guarantee a place in the qualifying rounds of the Champions League, but they lose out because Chelsea take that fourth English place as European title holders.
Tottenham will earn only around £5m in media rights from the Europa League instead of a guaranteed £25m from the Champions League. There is also a significant loss in associated matchday, merchandise and sponsorship income that could see a further cost to the club of around £10million.
Even more concerning for fans is the possibility of star players such as Luka Modric and Gareth Bale pushing for a move to clubs that are in the Champions League next season.
Spurs fans have reacted furiously to missing out on Europe's elite club tournament but UEFA say their competition rules, brought in after Liverpool won the competition but finished outside the top four in the Premier League, are clear.
Tottenham earned 31.1m euros (£25.1m) in TV money and bonuses from their 2010/11 season in the Champions League. An English club making the Europa League quarter-finals earns a total of 6m euros (£5m).
Related Tottenham Hotspur News
FOREX-Euro gets respite, but stays under pressure - Reuters
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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India presents white paper to check illegal money - BBC News
India's Finance Minister Pranab Mukerjee has proposed the setting up of fast-track courts to deal with the issue of illegal money and tax evaders.
Mr Mukerjee said the government had already brought five bills in the parliament to deal with the problem.
The minister presented a "white paper" on illegal money in the lower house.
It did not name any offenders or give any estimates for illegal money but earlier reports have said $500bn was deposited in overseas tax havens.
Outlining the various proposals to deal with the problem of black money, the minister suggested that anti-corruption ombudsmen be appointed at the central and state levels.
"While these measures will set the tone for an equitable, transparent and a more efficient economy, there is much that we could do, both individually and collectively, to strengthen the moral fibre of our society," Mr Mukerjee said.
In the past, officials have said that illegal funds were often sent to tax havens such as Mauritius, Switzerland, Lichtenstein and the British Virgin Islands among others.
Analysts say this flight of capital has helped widen inequality in India.
According to one estimate, India's underground economy accounts for 50% of the country's gross domestic product.
In recent months, India's Congress party-led government has been on the back foot on the issue of black money and corruption.
The Supreme Court has also chided the government for not doing enough to unearth illicit money.
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