Qatar presents America $10 billion to repair its infrastructure

sovereign
The head of the sovereign wealth fund of Qatar Tamim bin Hamad bin Khalifa al-Thani, informed US officials that the Fund will invest $10 billion in infrastructure projects in the United States in the clear support of the economic plans of US President Donald Trump.

It comes after the Qatari donation CEO vowed to Qatar Investment Authority, Sheikh Abdullah bin Mohammed Al Thani, the country’s sovereign wealth fund will invest $35 billion in non-specific projects in the United States between the years 2016-2021.

It is still unclear whether the $10 billion for infrastructure is part of a $35 billion gift, or that the amount of last separately.

Information Agency

Nitrogen filling of gas pipeline, nitrogen is required in liquid phase and vaporizer as well,

Project full name: (EPC for Gas Export Pipeline Badra-Zubaida in Iraq),

Project location: IRAQ

Techno Engineering services base camp aziziya to kut road near zubaidiyah

Qty : 56000 Liter

Akbar Younus
Techno Group of Companies

WTO Head to Visit Vietnam

vietnam
Hanoi, Apr 13 (Prensa Latina) The Director General of the World Trade Organization (WTO) Roberto Azevedo will pay a two-day official visit to Vietnam from Thursday to deepen dialogue with the host authorities.

I travel to Vietnam to better understand what is planned for the future and how the WTO can help the country and vice versa, Azevedo said in an interview with VNA news agency.

In this regard, he noted that it is also important to implement agreements, such as trade facilitation signed last December, which will reduce the costs of doing business for companies.

He acknowledged that this government took several steps to modernize and make the economy more attractive, which benefits the country, a member of the WTO since 2007.

Reportedly, the two-day program of the top official of that organization includes meetings with government authorities, academics and businessmen.

Prensa Latina

Bahrain central bank chief says to keep currency peg

bahrain
MANAMA, Feb 23 (Reuters) – Bahrain is committed to the peg of its dinar currency against the U.S. dollar, central bank governor Rasheed Mohammed al-Maraj said on Tuesday.

“We will continue the peg,” Maraj told an economic conference. He said the peg had helped Bahrain and that the kingdom was comfortable with it.

The dinar, pegged at 0.376 to the dollar, has come under pressure in the foreign exchange forwards market in the last several months as low oil prices damage Bahraini state finances.

One-year dollar/dinar forwards hit a high of 650 points in late January, their highest level since at least the year 2000, according to Thomson Reuters data. They have fluctuated just below that level since then.

Zawya

French bank is expected to lower the Saudi riyal 40 to 60%

saudi
French bank “Societe Generale” report the possibility of reducing the value of the Saudi riyal by not less than 25% in the near term, adding that “this figure could rise to 40% if oil prices remain at current levels in 2016”.

Riyal’s peg to the dollar constant thirty years under pressure in the wake of the collapse of oil prices Like other currencies pegged to the US currency despite the announcement by the authorities of its intention to use the huge foreign exchange reserves to maintain the peg.

“Societe Generale” said despite the steadfastness link in past periods of falling oil prices and the rise of the dollar, but it seems to be different this time.”

He said the bank, “stop the possible collapse of connectivity over the ability and willingness to defend the system, whatever the cost, to test the market is will of the authorities, and rightly so.”

He estimated the bank possibility of reducing the value of the riyal or a change in the exchange rate system by about 60% if oil prices remain below $50 a barrel in the next two years.”

The “Societe Generale” said that “the public budgets in Gulf looks to be in a worse situation than it was in the past, adding that Saudi Arabia, which had set the price in the international oil markets in the past, has become a recipient of the price with the decline in their ability to influence the markets.”

The bank said, “the Gulf economies are increasingly decoupled from the United States, “adding,” All the factors mentioned make the adoption of more flexible exchange rate as desirable”.

AIN

China Serious About Move to Unpeg Yuan From U.S. Dollar, Says Official

china_2343865b

By Lingling Wei

DAVOS, Switzerland–A senior Chinese official Thursday affirmed China’s intention to decouple its currency from the U.S. dollar, while the head of the International Monetary Fund urged Beijing to improve communication with markets about changes to its foreign-exchange regime.

For years, China has hitched the yuan’s value to U.S. dollar, but its central bank signaled in December that it would break the peg and instead manage the Chinese currency against a basket of 13 currencies.

“We’re serious about the basket approach,” said Fang Xinghai, a senior economic adviser to the Chinese leadership, at a panel organized by the World Economic Forum here Thursday. “It’s a decided strategy.”

With a crawling peg, the yuan has appreciated with the strengthening U.S. dollar, hurting Chinese manufacturers while the economy is weakening. Decoupling the yuan from the dollar could help Beijing’s effort to rekindle growth.

“There’s some catch-up to do” when it comes to adjusting the yuan’s value against the dollar, said Mr. Fang, a director-general in the Office of the Central Leading Groupon Economic and Financial Affairs, which functions like the White House’sNational Economic Council. “Once we’re done with it, the yuan will be stable again,” he said.

The remarks come as Chinese authorities seek to reassure global investors about Beijing’s commitment to market reforms and to reshaping the world’s second-largest economy so growth will be driven more by consumption, and less by debt-fueled investment.

Speaking at the same panel as Mr. Fang, IMF Managing Director Christine Lagarde called on the Chinese government to improve its communication with markets.

“Given the massive transition, there is a communication issue,” she said. “Better communication certainly serves the transition.”

In response, Mr. Fang said: “We should do a better job. And we’re learning and doing it. I’m here to communicate.”

Nasdaq

SBV ushers in new forex rate mechanism

money

A central forex rate replacing Vietnam’s old pegging forex method, together with the introduction of forward contracts, is expected to facilitate foreign currency trading and minimize currency risk for Vietnamese businesses.

The State Bank of Vietnam (SBV) issued Decision No. 2730-QD-NHNN, adopting a market-oriented daily reference rate starting January 4, 2016, for which the rate is calculated based on a weighted average value of the dong on the prior trading day and the prices of eight major foreign currencies from countries having a large volume of trade and investments with Vietnam.

The eight currencies are the US dollar, the Chinese yuan, the euro, the Japanese yen, the South Korean won, the Singapore dollar, and the Thai baht.

“Although the daily rate is driven by market factors, it will stay under the SBV’s control, and the central bank will try to avoid causing forex rate fluctuations,” said SBV Deputy Governor Nguyen Thi Hong.

The trading band for the forex rate remains at 3 per cent, as previously set with the “fixing rate”, meaning the dollar can fluctuate as much as 3 per cent on either side of the daily reference rate. The reference rate will serve as a guide for banks to regulate their own forex rates.

“The new forex rate mechanism is, in my opinion, very positive, as it is now based on market forces and is therefore less imposing than the previous one,” said Vo Tri Thanh, former vice director of the Central Institute for Economic Management (CIEM). “It is a constructive step with a long-term vision in mind.”

Following the SBV’s announcement on the new forex mechanism, the daily reference rate edged up VND6 to VND21,896 per dollar last Monday, from the previous rate of VND21,890. The rate was boosted to VND21,919 per dollar on Thursday, an increase of VND12 compared to Wednesday’s rate. It settled at VND21,909 per dollar on the last trading day of the week.

While lauding the new forex mechanism, CIEM’s Thanh noted that it could create hitches for local businesses in terms of adapting to the frequent fluctuations of the forex rate, as the country’s financial market was not yet an ideal one.

“It therefore comes down to two important solutions, with one being the participation of the SBV and commercial banks in the development of the derivatives market,” he said. “And two being the SBV increasing its supervision over the forex market, in order to ensure efficient market operations and avoid any harsh volatility.”

Bui Quoc Dung, director of the Monetary Policy Department under the SBV, during a briefing with local press last week introduced three-month dollar forward contracts to commercial banks, at the dollar selling price set by the SBV on December 31, 2015, plus an additional 1 per cent. Commercial banks also have the option to cancel the forward contracts during the three-month period, he added.

“Selling forward contracts along with the new forex mechanism will help the SBV settle expectations among credit institutions, identify the target zone for forex adjustments, and at the same time match forex supply with the development of demand,” Dung stressed.

“The new mechanism will facilitate foreign currency trading and enterprises will be exposed to less currency risk,” he added.

According to the SBV, in acquiring the forward contracts, businesses will gain double benefits, namely protection over forex risk and lower fees paid to banks for derivative products.

Vietnam Investment Review

Vietnam to announce central rate for dong/dollar daily

Vietnam will announce a central rate for the dong/dollar each day starting from Monday, shifting from a fixed rate of 21,890 dong/dollar to allow more flexibility, the central bank said on Sunday.

“The policy will allow the foreign exchange rate to be (more) flexible … in accordance with the demand and supply of foreign currency within Vietnam and changes in the global markets while still maintaining the State Bank of Vietnam’s (SBV) management role,” SBV said in a statement on its website.

Under the current system the dong trades around its fixed rate, which the central bank adjusts only occasionally.

Banks in Vietnam are allowed to trade the dollar within a 3-percent range above or below the central rate.

Reuters