Asian markets were mostly up Friday following a rally in the previous session, while dealers await another meeting on Greece’s bailout and the resumption of talks on the US fiscal cliff. Trade was subdued with Japanese markets closed for a public holiday and the United States celebrating Thanksgiving on Thursday.

Sydney ended flat, dipping 0.10 points to 4,413.0 while Seoul gained 0.62 per cent, or 11.83 points, to close at 1,911.33. Hong Kong added 0.79 per cent, or 170.78 points, to end at 21,913.98 and Shanghai closed up 0.58 per cent, or 11.77 points, at 2,027.38. One dealer said jitters would likely have set in over upcoming negotiations between Democrats and Republicans to hammer out a deal on the fiscal cliff of tax hikes and spending cuts that comes into effect on January 1.

“I think next week the market will face the reality that there’s still a lot of work to do on the fiscal cliff and the debt ceiling,” said Chris Weston, chief market strategist at IG Markets in Australia.

Global markets have soared over the past week on hopes that a compromise will be found in Washington that will avert the fiscal cliff, which will likely send the economy into recession if it comes into effect. The euro was holding onto recent gains against the dollar as dealers remain confident eurozone finance ministers will agree to release the next batch of bailout cash to Athens when they meet Monday, after a hold-up in talks this week. Sentiment was also boosted by comments Thursday from French Finance Minister Pierre Moscovici that a deal on Greek debt would be reached.

“We seem to be poised to fulfill the conditions for a lasting exit from the eurozone crisis,” Moscovici told France’s Senate after returning from the failed talks in Brussels.

He said that although politicians failed to reach a deal this week, “we will as of Monday”.
The single currency bought $1.2905 in Asian trade, compared with $1.2875 in London on Thursday while it was also at 106.25 yen from 106.22 yen.

Investors brushed off a closely-watched survey by research firm Markit showing the region’s manufacturing activity in November little changed from lows experienced in October.

Markit’s eurozone Purchasing Managers Index (PMI) for November stood at 45.8 points, from 45.7 in October, which was the lowest since June 2009.

“For the fourth quarter of 2012 so far, PMI data suggest the strongest contraction of output since the second quarter of 2009,” Markit said in a report.
The dollar was at 82.32 yen, from 82.42 yen.

Trading on foreign exchange markets was quiet owing to Japan’s public holiday, but the yen was still under pressure on expectations the country’s central bank will unveil a new round of monetary easing next month.

Investors began selling the unit last week after the man likely to become prime minister after a December 16 general election said he would push for unlimited loosening monetary policy by the bank.

Regional traders were also drawing support from Thursday’s release of preliminary data by HSBC showing Chinese manufacturing activity grew for the first time in 13 months in November.

News: The Daily Independent/Bangladesh/24-Nov-12

 Expatriate Bangladeshis will remit home $14 billion in the current fiscal, according to the World Bank. The latest issue of the Bank’s Migration and Development Brief, released in Washington on Wednesday, said expatriates across the world would send home a total of $534 billion in 2012. It added that remittance flow to the developing world is expected to exceed $406 billion this year, an increase of 6.5 per cent over the previous year.

Hans Timmer, Director of the bank’s Development Prospects Group, said in a statement, “Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittance recipient countries.”

The global lender estimates India will top the list of remittance receivers as its expatriates will remit over $70 billion in 2012, followed by China ($66 billion), the Philippines and Mexico ($24 billion each) and Nigeria ($21 billion).

If the World Bank’s brief forecast proves to be correct, Pakistani expatriates will remit home the same amount of money as Bangladeshis this year. Other large recipients include Nigeria, Egypt, Vietnam and Lebanon, according to the Brief.  Last year, Bangladesh stood eighth in the list.

As per Bangladesh Bank data, expatriates had remitted more than $12.16 billion in the last financial year, which was around $1.16 higher than the previous year.

According to estimates, remittances to developing countries will grow by 7.9
per cent in 2013, 10.1 per cent in 2014 and 10.7 per cent in 2015 to reach $534 billion in 2015.

News: The Daily Independent/Bangladesh/24-Nov-12

Syed Mahbubur Rahman, Managing Director and Chief Executive Officer of BRAC Bank distributes relief materials to a woman at a function recently.

BRAC Bank distributed warm clothes to needy people in different parts of the country on the advent of winter season.

BRAC Bank has stood beside the poor people well ahead of cold season to relieve the poor from cold.

The initiatives carry warmth of about 8,000 employees who donated for the humanitarian cause for the less advantaged people of the society.

Three teams of BRAC Bank distributed 3300 blankets and 13,500 warm clothes in two northern and one southern district recently. Employees of the bank donated the warm clothes and raised fund to buy blankets to help people survive imminent winter. Every year in winter, BRAC Bank employees come forward for helping the humanity.

Syed Mahbubur Rahman, Managing Director and Chief Executive Officer, BRAC Bank Limited, said, “BRAC Bank always comes forward for the sake of humanity in line with our 3P (People, Planet, Profit) philosophy.”

News: The Daily Sun/Bangladesh/24-Nov-12

PRETORIA: Despite a bleak economic outlook South Africa’s Reserve Bank opted to leave interest rates on hold on Thursday, fearing any move to stimulate the economy now could fuel inflation.

The bank left its key interest rate at 5.0 per cent, underscoring a growing quandary facing policymakers in Africa’s largest economy who expect inflation to continue to rise and growth to continue to slow.

Unpacking a litany of problems facing the economy, bank governor Gill Marcus acknowledged the economic outlook had “deteriorated” but said current level of stimulus was “appropriate.” “The domestic growth outlook has deteriorated, while the upside risks to inflation have increased,” Marcus said.

The bank cut its growth outlook for 2013 dramatically from 3.4 per cent to 2.9 per cent, while predicting that inflation would peak at 5.7 per cent in early 2013.

That is lodged at the very upper end of the bank’s three to six-per cent target for consumer price increases. Despite the bleak outlook, the central bank as expected kept interest rates unchanged.

“The bank finds itself stuck in a deepening stagflation bind,” said Bruce Donald, an economist with Standard Bank.

“We expect that, when the bank believes that it has the room to ease, it will cut” its benchmark lending rate, said Donald.

Many predict that the reserve bank could make a move to cut rates early in 2013, but it is far from clear when the economic situation will offer room to do so.

Consumer prices have been pushed higher by a weaker rand and higher food prices, which in October increased at a faster rate than at any time since 1994.

News: The Daily Sun/Bangladesh/24-Nov-12

Md Anisul Haque, Chairman of SIBL inaugurates the bank’s 17th anniversary at the bank’s corporate office Thursday.

Social Islami Bank Limited (SIBL) celebrated its 17th anniversary Thursday at its corporate office.

Chairman of the Board of Directors of the bank Md Anisul Haque inaugurated the function, said a press release.

Vice Chairman of the bank Al-haj Sheikh Md Rabban Ali and Director Md Abdul Awal Patwary were present in the function.

Managing Director Md. Shafiqur Rahman, Deputy Managing Directors AMM Farhad and Md. Mohashin Miah and executives and officers of SIBL corporate office were present.

News: The Daily Sun/Bangladesh/24-Nov-12