Economy

To end the scarcity of money market tools Bahrain plans to sell Islamic debt

To end the scarcity of money market tools Bahrain plans to sell Islamic debt

Islamic, debt due in six months or less will be sold by Bahrain, the only amongst countries in the Persian Gulf. The nation has plans for issuing additional securities for helping the investment and management of money of the Shariah-complaint banks.

Regulators, starting from Bahrain to Malaysia are all trying for hiking the instruments, which are available to Islamic banks, as the lenders are forced to keep excess amount of liquidity with central banks or kept invested in long-term securities because of the scarcity of money-market tools.

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$ 149/ton is the iron ore index and Baosteel witnesses good demand

Baosteel

A major price index of iron ore saw a decline to reach a three-week low as there was less demand from the top buyer China even after the price offers were firm on Monday with tight supplies of the higher grade materials. According to China’s largest listed steel manufacturers, Baoshan Iron and Steel 600019. SS), they will see fair demand through out the year of 2011 in spite of uncertainties hovering over the sector. But the prices of iron ore needed for steelmaking should remain expensive as stated by the firm’s general manager, Mr. Ma Guoqiang.

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Ferrostaal has been questioned regarding its investment in the Mandela movie by the DA

Nelson Mandela

Seventy five million rand has been paid by the arm deal firm Ferrostaal for the production of a movie called "The Long Walk to Freedom" on Nelson Mandela. It was a commitment made by the company for the multi-billion rand worth Arm Deal.

This act of the firm had raised questions regarding the moral aptness of the arms firm investing on a movie on Mandela, particularly a firm having allegations of corruption against it.

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Standard Bank has reduced its cost base

Standard Bank has reduced its cost base

The largest bank in terms of assets, of the African Continent, Standard Bank has received inquiries from its twenty percent share holders regarding the revenue pressure which the bank is facing at present. On Friday these facts were given by Sim Tshabalala, the South African unit chief executive of Industrial and Commercial Bank of China (ICBC).

Tshabalala further stated ICBC didn't put any pressure on the bank to conduct any retrenchment.

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Foreign currency bond sales won’t happen this year as the plan got dismissed by South African Treasury

The South African Treasury has dismissed the plans of issuing foreign currency bonds in this financial year. On top of that the South African government has reduced its estimates for financial year 2011-12 by fifty percent as the budget deficit has reduced. The government is also seeking depreciation of its currency, rand.

In the medium-term budget that was released in Cape Town today, the National treasury stated that South African government won’t raise money overseas in this year.

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With dollar strengthening and crude stockpile rising Oil stocks decline

Stocks saw a fall today for the first time after gaining for four days in a row as investors demand for raw material lessened with the apporeciation of dollar and traders pointed out that the stockpiles of oil in the US are rising.

Oil futures fell in the tune of zero decimal six percent as dollar got appreciated versus almost all the currencies except one out of sixteen most traded currencies.

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DA supports Cosatu in efforts to reduce interest rates

Cosatu is getting the support of DA which just before the announcement of the mid-term budget policy statement that would be happening tomorrow has joined the movement for bringing down the interest rates. If this is done then the rand the country’s currency will be devaluated.

Dion George, finance spokesperson of DA, before the statement made by the finance minister of DA, Mr. Pravin Gordhan said that if the interest rates are lowered then it will have a positive impact on the country’s currency, rand. Actually he meant the value of rand will be weakened.

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