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DailyFX Currency Update

C3 offers e-payroll
C3 Card is offering to streamline electronic payroll process and will market a Visa and MasterCard Payroll. Due to launch in February, the card enables employees to receive their salaries via instant electronic transfer, in accordance with MoL legislation.
United Arab Emirates: Saturday, February 02 - 2008 at 09:01

Pension funds lose $1.5 trillion
A new report by consulting firm Watson Wyatt has found that the global share sell-off may have wiped up to $1.5 trillion off the value of global institutional pension fund assets since the start of this year. With the average allocation to equities within pension funds in the 11 largest pension markets at 56%, they have felt the pain of the global equities market slump, while pension liabilities grew faster than their assets last year, said Watson Wyatt.
Thursday, January 31 - 2008 at 08:11

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 |