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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (46516)	2/17/2009 12:41:44 PM
From: elmatador	Read Replies (1) \| Respond to of 219799

Cbank says no plans to devalue Angola kwanza-paper 02.16.09, 05:42 AM EST LUANDA, Feb 16 (Reuters) - Angola has no plans to devalue its currency, the head of the country's central bank was quoted as saying on Monday, despite a rush to buy dollars amid fears a global economic crisis may cause the kwanza to plunge. Demand for dollars was more than five times higher than usual on Friday, according to the central bank, amid rumours the country was preparing to devalue the kwanza on the back of falling oil and diamond prices -- Angola's two main exports. But Amadeu Mauricio, governor of the Banco Nacional de Angola (BNA), said in the state-owned Jornal de Angola newspaper that such rumours were unfounded. He said the move would only increase the price of goods and services, undermining government efforts to tame inflation in an economy that is mostly dependent on imports after almost three decades of civil war. 'The recent measures taken by the government in reaction to the impact of the global financial crisis on the Angolan economy means that these rumours are unfounded.' The kwanza is currently unofficially pegged at around 75 to the U.S. dollar. A source close to the central bank, though, said there could be a slight devaluation of the kwanza but added that the country's foreign reserves, which at below $20 billion, would help Angola keep its currency stable and meet financing needs in the coming years. Comment On This Story Some signs of financial distress have appeared in recent weeks. On Friday, demand for dollars rose to $335 million, up from a daily average of $50 to $60 million. The source said the central bank governor was to meet with the heads of major commercial banks in Angola but that the meeting was 'normal'. The rush to buy dollars came a day after President Jose Eduardo dos Santos called on his government to diversify the economy away from oil and diamonds, with prices having fallen in recent months. He also urged all state-owned companies to cut back on spending as the government prepares to revise downwards its $42 billion spending plan for 2009. Angola rivals Nigeria as sub-Saharan Africa's biggest oil producer and is the world's fifth biggest diamond producer. Oil accounts for around 90 percent of the country's revenues. Angola's inflation increased to 13.18 percent in 2008, up from 11.78 percent the previous year, on the back of rising food prices. The government plans to bring inflation down to 10 percent this year.

To: Haim R. Branisteanu who wrote (46516)	2/17/2009 6:18:49 PM
From: TobagoJack	Read Replies (1) \| Respond to of 219799

<< Stanford Group Owner of ‘Massive, Ongoing’ Fraud>> according to cb ilaine, cultural per maurice mq, ethnic this latest 2001 - 2009 mania has and will provide much more entertainment in the form of articles, books, tv programs, mini-series, movies and lessons, lots and lots of lessons about platinum, recommendation, get some business.timesonline.co.uk February 11, 2009 Shortage of platinum after Japan buying spree Families are rushing to invest in the metal as faith in the Government's ability to handle the economic crisis dwindles Leo Lewis, Asia Business Correspondent Tokyo bullion dealers are reporting an unprecedented drought of platinum ingots and coins, blaming the economic downturn and dwindling faith in the Government for a rush by middle-class Japanese families to buy precious metal. With dealers turning away would-be platinum customers for lack of stock, retail investment interest is turning towards the even rarer Canadian Maple Leaf palladium coin. Some dealers are predicting volatile palladium prices as Japanese investors compete with the car industry, palladium's main industrial buyer. A government think tank is predicting that Japan's economy shrank by an annualised 10.59 per cent in the final quarter of 2008 - rather than the 5.14 per cent contraction they were predicting four weeks ago. Jonathan Allum, chief Japan strategist at KBC Securities, is among a number of analysts with deep scepticism over the plans laid out by Kaoru Yosano, the Economics Minister. “Some of Mr Yosano's previously expressed views do not wholly inspire confidence. This is a man who said on January 28 that a rise in the consumption tax could ‘lay the foundations for increased consumption',” he said in a note to investors yesterday. Although precious metals dealers are thriving, Tiffany's said yesterday that it would cut prices in its Japanese stores by 9 per cent - a reflection of the stronger yen and dire times for the mainstream jewellery industry. Platinum sales at Tanaka Kikinzoku, the largest Japanese bullion dealer, have soared by 430 per cent over the past 12 months. The World Gold Council's latest figures suggest that total Japanese gold bullion sales for investment purposes soared by 61 per cent last year. Platinum is popular because the price is about 50 per cent lower than it was this time last year.