| 'Currency spot market a must to turn Mumbai into global center'
New Delhi: If Mumbai has to become an international financial centre, the government would have to allow foreign investments in government securities, create a currency spot market and set up an exchange for trading in currency derivatives. In a report on `Making Mumbai an International Financial Centre', a high-powered Expert Committee set up by the Government also suggested that foreign clients be allowed to buy unlimited rupee-denominated corporate bonds and those issued by sub-sovereign entities such as States and metropolitan administrations. The report which has been submitted to the finance minister P Chidambaram, also said that the internationalisation of the rupee-denominated bonds would accelerate the emergence of Indian international financial centre (IFC) on the world stage.
Aussie Shows Strength Across The Board Early Wednesday
(RTTNews) - The Australian dollar made advances against the other major counterparts during early trading Wednesday in New York. However, into the overnight hours, Aussie showed weakness to the Greenback, Euro and Loonie but reversed the loses completely soon after. French and Italian February CPI and the British economic data, which were released during the session helped Aussie to gain further versus Euro and Pound. The market now turns toward the Euro-Zone Q4 employment data followed by the US Q4 current account balance and the February import price index data at 8:30 am ET. Later in the day, Australia March consumer inflation expectation, February employment, unemployment, participation rate and the RBA foreign exchange transaction are expected. Overnight New York Wednesday, the Australian currency moved sideways to the Greenback.
ARM's Dire Headlines Misleading?
Well, it was a classic reporting season for ARM. Sterling revenue for 2006 was up by 13.26% over 2005, but ARM's operating profit increased by 41.93%, actual profit increased 63.89%, and EPS increased by 66.5%.
So, with these stellar achievements available for discussion, what did the trade press report?
ARM's Profit Plunges on Currency Adjustment Woes
By Colleen Taylor - Electronic News, 2/6/2007
Licensing company ARM Holdings plc felt the fallout from foreign currency adjustments in 2006. The Cambridge, England-based company posted a loss for its Q4 and 2006, due to a weakening of the dollar against the British pound.
Complete rubbish. Fact: ARM posted a spectacularly increased profit.
Apparently Ms Taylor even got the direction of exchange movement wrong in the original version of the article, citing weakening of sterling against the dollar (this was subsequently corrected).
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