Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Currencies

Myanmar launches new currency system

Posted on March 31, 2012

YANGON, March 31 – Myanmar will hold the first auction on Monday under a new currency regime that aims to unify its multiple exchange rates, a senior banker said, outlining the country’s boldest economic reform yet after years of isolation.

The Central Bank of Myanmar has published little so far about the new system. It has announced the new managed float would take effect from Sunday, April 1, when commercial banks are closed.

“April 2 will be the first day of the auction,” the banker told Reuters, declining to be named because he was not authorised to speak to the media.

The Central Bank of Myanmar is expected to announce a reference rate for the kyat against the dollar at around 9:30am on Monday (0300 GMT), the banker said.

The rate will be set after it receives bids from banks in Myanmar. Banks will then be allowed to buy and sell the currency in a trading band 0.8 per cent either side of the reference rate.

The new rate is expected to be floated near the recent black market range of 800 to 820 kyat per dollar, which is already used for most transactions in the country.

An official rate of around 6.4 kyat to the dollar has been used in the past by the government and some state firms, although the budget for the fiscal year starting April 1 was set using a rate of 800.

The kyat’s unofficial rate has jumped from more than 1,000 per dollar in 2009 as foreign money has flowed into the timber, energy and gem sectors. That has hurt a swath of Burmese, from farmers and manufacturers to traders and employees of foreign firms paid in dollars.