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Head Lines ECONOMIC DESK, The Independent The dollar was weak against the euro and yen Tuesday as investors were less optimistic over the US economy, strategists said. The dollar traded at 117.15 yen at 11:40 am (0240 GMT), down from 117.40 yen in New York late Monday. The euro changed hands at 1.1292, up from 1.1280 dollars in New York. Against the yen, the European single unit was quoted at 132.32 against 132.50-60 yen in New York. "The dollar has been weak for the past few days, and the trigger was job data (on September 5) which showed payrolls were not increasing," said Morgan Stanley currency strategist Toru Umemoto. "Optimism over the US economy has been deflated," he said. The US Labour Department's job data showed US employers unexpectedly slashed 93,000 jobs in August, defying Wall Street forecasts of a boost in employment. Structural factors such as ballooning US current account deficits are also weighing the dollar, Umemoto said. The Federal Reserve interest-rate meeting on Tuesday is unlikely to be a market-moving factor as its policy stance is expected to remain unchanged, he said. Some dealers suggested Japanese intervention to weaken the yen was unlikely ahead of the coming weekend's Group of Seven (G7) meeting in Dubai. Considering high net long positions on the yen, however, Umemoto said "there is the possibility that yen buying may be corrected" ahead of the meeting. Shell unveils billion-dollar investment plan Economic Desk, The Independent Anglo-Dutch oil giant Shell made a further big move on Tuesday in cementing its Russian operations by announcing a billion-dollar investment to develop the Salym oil fields in western Siberia. The investment of one billion dollars (890 million euros) was "an important step forward in the development of Shell's presence in Russia," Shell said in a statement released in London. The new development budget had been approved by Salym Petroleum Development (SPD), Shell's 50-50 join venture with Russian firm Evikhon, Shell announced. SPD holds production licences for all three fields in the Salym region, accounting for an estimated 80 percent of recoverable reserves there, the statement added. The first oil in Salym, around 200 kilometres (125 miles) from the Siberian town of Nefteyugansk, is expected to be tapped in 2005, with production due to peak at 120,000 barrels per day in 2009. "The decision to proceed with the Salym fields is an important step forward in the development of Shell's presence in Russia, a country of high strategic importance for the group," said Walter van de Vijver, chief executive of Shell Exploration and Production. "Together with the recent launch of the second phase of the Sakhalin II project, this strengthens Shell's position as the leading foreign direct investor in Russia's energy sector," he said. Sakhalin II will see a joint venture between Royal Dutch/Shell and Japanese firms Mitsui and Mitsubishi spend over nine billion dollars on a mammoth oil and gas project on Sakhalin, an island in Russia's Far East. Sakhalin I, a 12-billion-dollar project, is operated by a consortium led by ExxonMobil and kicked off onshore oil well drilling in June. The island is expected to become a major supplier to neighbouring Japan and other Asian countries. Move to restrain PLCs from going to lower courts Staff Reporter, The Independent Dhaka Stock Exchange (DSE) will soon submit a plan to the concerned ministries for modification of existing laws to restrain the offending Public Listed Companies (PLCs) from going to lower courts against punishment given to them by the bourse authorities or the Securities and Exchange Commission (SEC). The proposal for amending the relevant laws will be submitted to the Ministry of Law and the Ministry of Finance within a short time, a highly placed DSE sources told the Independent yesterday. It has been observed that some listed companies, constantly failing to disburse dividends to their shareholders within the specified time, go to lower courts to seek stay orders against actions taken either by DSE or SEC. In most cases these companies succeed leaving a frustrating impact on the investors, the sources said. The DSE will also request the SEC not to allow spending of funds mobilised through IPOs until the concerned public limited companies (PLCs) are listed with the DSE. A large amount of investors’ fund is now stuck up with a couple of PLCs as the DSE earlier refused to list them. With a view to check irregularities created by the brokers, the DSE is planning to pursue the SEC not to permit any PLC having less than three years of operational experience to float shares in the primary market, the sources said. Dhaka Stock Exchange Link International Stock Exchange Link |
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