English Speaking Club Forum

Amid continuously depreciating Indian currency ‘Rupee’ as international currency ‘Dollar’, India’s foreign exchange

reserve (forex) dropped by US $1.37-billion, official data reflects it.

India’s forex reserve that was in an adequate amount earlier before beginning the devaluation of Rupee had sharply slipped

in two consecutive weeks by US$ 2.18-billion to US $291.80-billion, recorded on week ended May 11.

Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion

during the week under review, according to the Reserve Bank of India’s weekly statistical supplement.

The RBI did not provide any reasons for the change in foreign currency assets.

It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies

such as the pound sterling, euro and yen held in reserve.

However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.

The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record

low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day’s

record of 54.52.

The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.

The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India’s reserves with the

International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.

The value of gold reserves remained unchanged at $26.61 billion.

–With IANS Inputs–

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Article source: http://www.newstrackindia.com/newsdetails/2012/5/19/185-Indias-forex-reserve-dropped-by-1.37-billion.html

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Article source: http://timesofindia.indiatimes.com/business/india-business/Forex-reserves-drop-by-1-37-billion/articleshow/13303992.cms

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By ALAN CLENDENNING
AP Business Writer

MADRID (AP) – Spanish stocks rebounded Thursday while the pressure on the country’s government bonds eased, as investors reacted positively to the government’s confirmation that it will nationalize the country’s fourth largest bank.

The benchmark Ibex index was up 1.7 percent in morning trading, outperforming all other indexes in Europe. And the yield on the country’s ten-year bond dropped 0.08 percentage point. Despite the decline, the country’s borrowing rate in the markets for its benchmark bond remains at the perilously high level of 5.8 percent. Bond yields indicate the rate the government borrows at when it taps financial markets. Rates of above 7 percent are seen as unsustainable in the long-run.

The more benign market backdrop came a day after the Economy Ministry said it will take over Bankia SA, which has high exposure to bad property loans following a crash in the construction sector. The government is hoping that its plan for the bank, which will be fleshed out further Friday alongside other measures, will form part of a strategy to convince investors the country won’t need a bailout like those taken by Greece, Ireland and Portugal.

Most bank stocks rose, but Bankia shares fell 2.2 percent, adding to steep losses earlier in the week.

Under the nationalization deal, €4.5 billion ($5.9 billion) in funding that Bankia received from Spain in 2010 and 2011 will be converted into shares of the institution’s parent company, the ministry said in a statement.

On Friday, the government is expected to announce a more wide-ranging banking system overhaul to free up frozen credit as Spain weathers a recession and a 24.4 percent unemployment rate – the highest of the 17 countries that use the euro.

Bankia, which is the result of a merger of seven troubled cajas, or regional savings banks, faces the heaviest exposure among Spain’s banks to bad property loans caused by a construction boom that went bust, and holds €32 billion ($41.4 billion) in problematic assets related to the property debacle.

The government decision to assume control of the bank came after Bankia directors approved the plan late Thursday on a day that nervous investors sent Spanish government bond yields soaring and stocks plunging.

The markets have grown increasingly concerned over recent weeks that Spain may end up having to be bailed out amid doubts that the government will be able to push through its debt-reduction plan at a time of recession and sky-high unemployment. However, Europe would find it difficult to do that as the Spanish economy is double the size of Greece, Ireland and Portugal combined.

The Economy Ministry called the Bankia nationalization “a necessary first step to ensure solvency, the tranquility of the depositors and to dispel the doubts of the markets on the capital needs of the entity.”

Spain’s goal is to give incentives for Spanish banks largely frozen out of international capital markets to again start giving credit to hurting businesses and consumers caught up in a bleak economy, which is expected to contract 1.7 percent this year, Prime Minister Mariano Rajoy said before the nationalization announcement.

____

Associated Press writer Daniel Woolls contributed from Madrid.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article source: http://www.cbs8.com/story/18245569/spain-nationalizes-no-4-bank-as-crisis-deepens

CAMPBELL, Calif.–(BUSINESS WIRE)–

The global subscriber data management (SDM) market, including SDM
software and services for mobile and fixed line networks, reached $570
million in 2011, up 57% from 2010, reports market research firm Infonetics
Research in its latest Subscriber
Data Management Software and Services report. Infonetics’
year-ago SDM forecast was within 1% of actual 2011 results.

ANALYST NOTE

“As SDM strategies evolve and mature, operators are increasingly viewing
subscriber data as a way to differentiate themselves from Web providers
and other players, particularly in the app store space, where subscriber
data may just be the killer API,”
posits Shira
Levine, directing analyst for next gen OSS and policy at Infonetics
Research. “Though there has been considerable interest among
operators over the last year in making network assets like location,
presence, and messaging available to third party developers for the
creation of new services, operators are recognizing that their most
valuable asset may well be their subscriber data, including network and
IT data specific to them.”

SUBSCRIBER DATA MANAGEMENT MARKET HIGHLIGHTS

• Infonetics forecasts the SDM software and services market to grow to
  $1.86 billion by 2016, driven increasingly by network modernization
  initiatives, particularly LTE
  deployments, which are prompting mobile operator interest in the
  separation of back-end SDM databases from front-end applications to
  consolidate subscriber data
• Operators in the EMEA
  region continue to lead the SDM opportunity, with mobile operators in
  Western Europe, particularly Vodafone, Orange, and Telecom
  Italia, among the first to deploy SDM
• Rapid subscriber growth remains a key driver in the Asia Pacific
  market (and is starting to play a role in Latin America as well),
  where mobile operators like Bharti and NTT DoCoMo have
  used SDM software to help manage subscriber growth, simplify new
  subscriber provisioning, reduce SIM card fraud, and manage subscribers
  with multiple SIM cards
• SDM investments are increasingly being driven by network modernization
  initiatives, particularly 4G
  LTE deployments, in turn driving operator interest in the
  separation of back-end SDM databases from front-end applications to
  consolidate subscriber data
• SDM will play a key role in operators’ offload
  strategies by supporting subscriber preferences and entitlements
  regardless of which network is actually carrying the subscriber’s
  traffic
• Traditional SDM vendors are facing intensified competition from IT
  players like Oracle and Amdocs, who are looking to
  leverage their capabilities in master
  data management (MDM)

REPORT SYNOPSIS

Infonetics’ biannual Subscriber
Data Management Software and Services report provides worldwide
and regional market size, forecasts through 2016, and in-depth market
analysis for fixed line and mobile SDM services and SDM software. The
report tracks SDM software and/or services offered by Accenture,
Alcatel-Lucent, Amdocs/Bridgewater, Ericsson, Huawei, Hewlett-Packard,
IBM, Nokia Siemens, Oracle, Redknee, Tata, TechMahindra, and
Tekelec/Blueslice. Contact Infonetics’ sales to buy report: http://www.infonetics.com/contact.asp.

RELATED RESEARCH

• Latest Infonetics Next Gen OSS and Policy research newsletter: http://bit.ly/M1eQOE
• Deep
  packet inspection (DPI) market a $2 billion opportunity by 2016
• Policy
  management market grew 41% in 2011, vendor shakeups expected
• App
  stores and enterprise drive service delivery platform (SDP) spending
• Telecom
  operators rate policy vendors in Infonetics survey; Tekelec, Openet
  top players
• Convergent
  charging passes the billion-dollar mark in 2011, up 42%
• Millions
  opting into shared data plans represent huge opportunity for mobile
  operators
• Competition
  heating up in policy management market as role of policy evolves

UPCOMING MARKET FORECASTS AND SURVEYS

Download report prospectuses, tables of contents, etc. at http://www.infonetics.com/login
(see Next Gen OSS and Policy).

• Download Infonetics’ 2012 Research Publication Calendar: http://bit.ly/zwjcRs
• SDP
  Deployment Strategies: Global Service Provider Survey
• Convergent
  Charging Software and Services Market Share and Forecast
• Convergent
  Charging Deployment Strategies: Global Service Provider Survey
• Service
  Delivery Platform Software and Services Market Share and Forecasts
• Policy
  Management Software Market Share and Forecasts
• Service
  Provider Deep Packet Inspection Products Market Share and Forecasts

TO BUY REPORTS, CONTACT SALES:

N. America (West), Asia, Latin America: Larry Howard, larry@infonetics.com,
+1-408-583-3335

N. America (East), Texas, Midwest: Scott Coyne, scott@infonetics.com,
+1-408-583-3395

Europe, Middle East, Africa: George Stojsavljevic, george@infonetics.com,
+44-755-488-1623

Japan, South Korea, China, Taiwan: http://www.infonetics.com/contact.asp

Infonetics
Research is an international market research
and consulting
firm serving the communications industry since 1990. A leader in
defining and tracking emerging and established technologies in all world
regions, Infonetics helps clients plan, strategize, and compete more
effectively.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50283864lang=en

MULTIMEDIA AVAILABLE:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50283864lang=en

Article source: http://finance.yahoo.com/news/lte-boost-subscriber-data-management-204600172.html

May 17, 2012 (KHARTOUM) – Foreign exchange (Forex) bureaus in Sudan will be able to buy and sell currencies using their own exchange rate away from the official one, it was announced today.

FILE – An official leaves after a news conference presenting Sudan’s new currency at the Central Bank headquarters in Khartoum July 16, 2011 (Reuters)

The privately owned Al-Shorooq TV on its website quoted the deputy Secretary General of Forex bureaus union Abdel-Moniem Nur al-Deen as saying that this decision was communicated to them during a meeting with central bank officials.

Abdel-Moniem said that Forex bureaus no longer have to abide by the official exchange rate and can now use the market rate in their daily trading operations.

The move was taken in order to curb the flourishing black market for hard currency and also to attract transfers by Sudanese expatriates abroad, he added.

Sources told Al-Shorooq TV that the central bank will soon allow commercial banks to do the same.

Since the secession of oil-rich South Sudan, Sudan has struggled to contain the deteriorating value of its own currency as the flow of hard currency was sharply curtailed.

The US dollar traded for twice the official rate of 2.7 Sudanese pounds despite multiple interventions by the central bank to inject hard currency into the market.

But because of the depleting Forex reserves, the ability of the Central Bank of Sudan to influence the exchange rate on the market has been limited.

Khartoum dispatched several delegations to friendly nations, particularly Arab Gulf states, seeking help but so far only Qatar has made a commitment of $2 billion, which will be used to buy government bonds.

Last week, officials in Sudan’s central bank announced that it has received a “large” transfer of cash from an unnamed foreign source. They projected that this would soon reflect in a 50% decrease in the exchange rate of the US dollar on the black market.

Banks and Forex bureaus are only allowed to sell a limited amount of hard currency to individuals and only if they can provide a valid justification including travel for medical treatment or studying abroad.

(ST)

Article source: http://www.sudantribune.com/Sudan-central-bank-allows-Forex,42629

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Article source: http://community.nasdaq.com/News/2012-05/forex-flash-eur-and-gbp-bounce-ahead-of-g8-summit-wells-fargo.aspx?storyid=142411

Houston, TX (PRWEB) May 19, 2012

Cecil Robles’ new Forex Dominator system is receiving many raving reviews as the program has almost sold out of the 500 available licenses. The program, which has a software program that offers one a low risk and high reward profit potential, providing them with an 84% accuracy to what the FOREX market is going to do at any given time. Along with training and many bonuses, the system is one of the hottest selling programs of 2012.

Forex Dominator reviews that are coming in on the Internet have been positive and are answering the question of people asking if it is a scam. The big draw of the program is summed up in the tagline, “More money. Less effort. No Guesswork. Minimal risk.” The writers at http://ForexVestor.com have completed a through review of the program and have drawn out the pros and the cons.

One can view the whole review at http://forexvestor.com/forex-dominator-system-review.

Also on their site, they are offering an exclusive bonus package for all those who purchase from their site. They are offering a cash discount to all those who buy from their site as well as giving Apple iPads away. One can get all the details and take advantage of the offer by going here: Forex Dominator bonus.

Cecil Robles is one of the few Forex educators who has been in the business for almost a decade. All of his trading programs have been top sellers in the Industry and has one of the best rates of returning customers. Cecil believes in his training so much that he is offering a 45-day money back guarantee on this system, so if someone is not satisfied for any reason they can return it.

Those who wish to get immediate access to the program can go to the official Forex Dominator system page here.

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Article source: http://www.prweb.com/releases/Forex-dominator-review/bonus-cecil-robles-system/prweb9523412.htm

MADRID (AP) – Spanish oil company Repsol saw its first-quarter profits rise 12.4 percent to €643 million ($833 million), excluding results from YPF and Repsol YPF Gas, the Argentine units nationalized by the Buenos Aires government.

In an earnings report released Thursday, Repsol YPF SA attributed the strong results mainly to higher crude oil and gas prices, the resumption of production in Libya after the violent insurrection ended there, and good results at the liquefied natural gas division.

Repsol said that including earnings at YPF and Repsol YPF Gas, profits totaled €792 million, up 3.5 percent from the same quarter of 2011.

The nationalization was announced last month by the government of President Cristina Kirchner and completed a few days ago as Argentine lawmakers gave their approval. Repsol has vowed a long legal battle to win compensation.

Repsol shares were up nearly 7 percent at €14.06.

The company said its operating income in the first quarter rose 8.7 percent €1.33 billion.

It highlighted a 33.5 percent increase in the operating income of its upstream unit, saying this was due to higher crude and gas prices and greater liquids production in Libya and a field in the United States.

Repsol had owned a 57 percent stake in YPF and after the nationalization this was reduced to 6 percent. It has valued the part taken away at $10.5 billion.

At a conference call Thursday, Repsol chief financial officer Miguel Martinez said that since Repsol’s share price has dropped so much because of the YPF affair, the company has considered spinning off its remaining stake in YPF “in some other kind of vehicle.” No decision has been made yet.

Martinez also said he had no word on when an Argentine court due to rule on the value of YPF will issue a decision.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Article source: http://www.cbs8.com/story/18249259/higher-oil-prices-boost-repsol-profit-in-q1