| Complaints pile up about online investments involving foreign ...
Ellen Whitmore never takes a risk. She watches her expenses closely and describes herself as a conservative investor.
But last November, Whitmore, 50, of Fort Lauderdale, did something out of character while surfing the Internet: She made an impulse purchase after a pop-up window claimed that buying Iraqi currency was a good investment. She has since learned the hard way, as financial experts and consumer watchdogs warn, that investing in foreign currency with online companies could be a risky proposition.
"It sounded very legitimate," said Whitmore, who never received the 2 million Iraqi dinars she purchased for $1,480 through the Web site of Illinois-based United World Exchange, www.usdinar.com.
Whitmore, a part-time volunteer with a local nonprofit organization, is one of a growing number of consumers who have filed complaints against United World Exchange with the Better Business Bureau of Chicago and the Illinois attorney general's office.
Economic News SUMMARY, March 8
Though Slovakias FOREX market saw lackluster trading on Wednesday and the exchange rate of the Slovak currency oscillated around 34.300 SKK/EUR the crown appreciated after the close of the session. UniBanka dealer Patrik Malec explained that foreign banks especially London ones were buying the Slovak crown in significant volumes, which moved its exchange rate to a new historic high at 34.030 SKK/EUR. The local currency thus rewrote its historic maximum of 34.060 SKK/EUR that it hit two days before the end of last year. Railway Company ZSR does not Plan Layoffs this Year
Railway network operator Zeleznice Slovenskej Republiky (ZSR) that belongs among the biggest employers in Slovakia does not plan any layoffs this year. ZSR spokeswoman Martina Pavlikova says that the number of their employees will go down only due to natural loss caused by people who will retire.
Dollar Declines Against Euro, Yen as US to Add Chinese Levies
March 30 (Bloomberg) -- The dollar weakened against the euro, touching its lowest level in more than a week, and declined versus the yen as the U.S. decided to apply new tariffs on imports from China. The U.S. currency plummeted on speculation the levies will reduce trade flow from China, the world's biggest holder of foreign reserves. The dollar extended its losses on concern tension in the Middle East will lead investors to avoid risk. ``It is pure protectionism,'' said Michael Malpede, a senior currency analyst in Chicago at Man Global Research, of the new tariffs. ``The measure raises fear that China may retaliate. They may not keep buying Treasuries.'' The dollar fell 0.2 percent to $1.3358 against the euro at 4:19 p.m. in New York after earlier dropping to $1.3401, the lowest since March 22.
'Surging shekel puts pressure on Fischer'
\The shekel continued to strengthen against the dollar on Thursday, trading at a near six-year high, heightening market speculation that the Bank of Israel might be forced to cut interest rates by as much as half a percentage point when it sets rates for May. "Strong macroeconomic data, strong inflow of foreign investors buying shekels and a rallying stock market have all contributed to the gaining of the shekel," said Ayal El-Peleg, vice-president of investments at Gaon Investment House. "To slightly weaken or stabilize the local currency, the Bank of Israel might be forced to cut interest rates sharply, rather than hold interest rates and there is speculation in the market that it might cut as much as 0.5 of a percentage point at the end of the month." The shekel rose sharply against the dollar on both Wednesday and Thursday amid signs that the central bank will keep interest rates on hold in coming months and as rising stock markets lured investors to emerging-market assets, such as Tel Aviv.
Japan not to shift foreign currency reserves out of dollar
TOKYO: Japan has no plans to divert its foreign currency reserves – the world's second largest – out of dollars and will not sell foreign assets to help redeem its government bonds, Finance Minister Koji Omi said yesterday.
It now also expects a higher funding cost for its external reserves due to recent rate hikes by the Bank of Japan after years of enjoying virtually zero costs while earning much higher returns from its mainly dollar-denominated reserve assets.
The currency breakdown of Japan's external reserves is a state secret, but historical data on the country's currency intervention, which has mostly taken the form of dollar buying, suggests most of Tokyo's hefty reserves are in US dollars.
“We do not comment on the composition of currencies in foreign reserves as it may have an unexpected impact on markets, but we have no plan to substantially change the composition," Omi told a parliamentary committee.
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