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DailyFX Currency Update

Debenhams shares rise
British department-store group Debenhams said Milestone Resources, an investment group linked to Dubai-based retailer Landmark, had raised its stake to 9.13 per cent, boosting its share price, reported Gulf Daily News. That was up from the 8.39per cent that Milestone - headed by Micky Jagtiani, the chief of Landmark - held on January 11. Shares in Debenhams, which returned to the stock market in May 2006 at 195 pence apiece but have since fallen as low as 60p as trading deteriorated, were 6.3pc higher, valuing the company at about $1.2bn.
Wednesday, January 30 - 2008 at 10:05

Hedging facility planned for Filipino workers
A hedging facility to help Overseas Filipino Workers cope with the strong peso will be launched by Philippine President Gloria Macapagal Arroyo during her two-day visit in Dubai, reported Khaleej Times. The facility and two investment tools are seen to realise her effort to transform OFWs to what she calls Overseas Filipino Investors. The earnings of majority of the over 10 million documented and undocumented Filipinos worldwide have been badly affected by the strong peso, which appreciated to 11.06 against the dirham over the weekend from Wednesday's 11.18, or 40.7 and 41.15 to the US dollar respectively.
Tuesday, January 29 - 2008 at 08:34

Gold prices hit the roof
Gold prices have gone through the ceiling by striking an all-time high of $980 per ounce this week, and smashing a 28-year record. Experts attribute this to oil prices breaching the $100 per barrel mark, a weak US dollar and political instability in Pakistan, reported Al Ahram Weekly. The value of gold during the first trading week of 2008 was $866.90 per ounce, after rising by 30 per cent last year to reach about $630 per ounce. Two years ago, gold was selling for less than $550 an ounce and cost $350 per ounce five years ago. Naturally, Egypt's gold market has also witnessed a boom. The price of one gram of 21 Karat gold reached LE135; 24 Karat gold rose to LE154.28; 18 Karat is selling for LE115.71 per gram.
Egypt: Monday, January 28 - 2008 at 10:16

Currency gains hurt expat earnings
The surging Indian rupee and Philippine peso are hurting the earnings of two leading expatriate groups in the UAE, reported Gulf News. The Indian currency, which rose 12.3% in 2007, may appreciate further on higher overseas inflows as foreign investors try to take advantage of high-yielding domestic assets. The peso is projected to gain in the range of five to 12% against the dollar this year as the central bank is unlikely to intervene in the market.
United Arab Emirates: Sunday, January 27 - 2008 at 08:01 |

Gold soars to $923
Due to a power crisis, South Africa’s three top gold producers and the world’s biggest platinum miner suspended production at all their mines, causing the gold and platinum prices to soar as high as $923.40 an ounce, reported Reuters. The metal went as low as $850 this week.
Middle East: Saturday, January 26 - 2008 at 09:19 |

Indians welcome UAE’s bank payment initiative
India has welcomed an initiative by the UAE government to have wages of overseas workers paid through banks. There are round 1.4mn expatriate Indians in UAE, many of them working as contract laborers in the booming construction industry, reported Gulf Times.
United Arab Emirates: Thursday, January 24 - 2008 at 07:46 |

First debit card with a Skyward Miles Reward Program
Debit cards issued in the UAE market are fast outnumbering their credit card peers by a 77 per cent margin at least, according to Visa International statistics. While credit cards in force reached 1.53 million cards in Q3 2007 the number of debit cards issued during the same period reached 2.72 million cards according to Visa statistics. Just two years after the launch of Citibank Debit Card, Citi today loaded the card with a comprehensive reward program in partnership with Skywards, the frequent flyer programme of Emirates Airline.
United Arab Emirates: Wednesday, January 23 - 2008 at 09:56 |

Doha Bank launches personal loan promotion
Doha Bank has launched a personal loan promotion that includes free loan postponements, a grace period, and extended repayment period for both Qatari's and expatriates. The loan can be availed only by those customers who transfer their salaries to Doha Bank and have a minimum salary of QR7,500.
Qatar: Tuesday, January 22 - 2008 at 08:44