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20 Gulf Daily News Saturday, 27th September 2014 COUNTRY SELL CASH AUSTRALIA (Dollar) BANGLADESH (Taka) CANADA (Dollar) CHINA (Yuan) SELL DRAFT 0.3394 0.3364 0.00506 0.00488 0.3482 0.3442 0.061100 0.0611 DENMARK 0.0678- EGYPT (Pound) 0.0551 0.0532 EUROPEAN UNION (Euro) 0.4867 0.4842 HONG KONG (Dollar) 0.4987 0.4947 0.00622 0.00628 INDONESIA (Rupiah) 0.00003374 0.00003224 IRAN (Tuman) 0.00010957 - IRAQ (Dinar) 0.00317 - JAPAN (Yen) 0.003610 0.003540 0.5366 0.5350 INDIA (Rupee) JORDAN (Dinar) KOREA (Won) 0.00041185 KUWAIT (Dinar) 1.3180 1.338 0.119300 0.1193 NEW ZEALAND (Dollar) 0.3042 0.3032 NORWAY (Krone) 0.0610 - MALAYSIA (Ringgit) N.Yemen -- NEPAL (Rupee) 0.00408 0.00392 OMAN (Riyal) 0.98000 0.98300 PAKISTAN (Rupee) 0.00395 0.00369 PHILIPPINES (Peso) 0.00873 0.00845 QATAR (Riyal) 0.10379 0.10374 SAUDI ARABIA (Riyal) 0.10062 0.10065 SINGAPORE 0.30100.3000 SOUTH AFRICA (Rand) 0.03570 0.03560 SRI LANKA (Rupee) 0.00324 0.00290 SWEDEN (Krona) 0.0556 - SWITZERLAND (Franc) 0.4056 0.4026 SYRIA (Pound) 0.002490 TAIWAN (Dollar) 0.013000 - THAILAND (Baht) 0.011910 0.011870 TURKEY (Lira) 0.1781 - UK (Sterling) 0.6234 0.6196 0.102800 0.102800 0.37800 0.37800 UAE (Dirham) USA (Dollar) For firm rates or for currencies not listed above please call Bahrain Financing Company. Telephone: 17228888. 1 US$ 1 UK Stg Bahrain0.37700.6180 Kuwait 0.285530.9568 Oman 0.38490.3623 Qatar 3.64203.4279 UAE 3.67303.4570 Saudi 3.75003.5295 1 SFR 100 Yen 0.40060.3477 0.3033 0.2633 0.40890.3550 3.86953.3588 3.90253.3874 3.98433.4585 ECB move ‘may hurt investors’ LONDON: A large-scale bond-buying programme by the European Central Bank (ECB) could increase losses for investors if the euro zone had to write down public debt again, according to a lawyer who advised bondholders in the 2012 Greek debt restructuring. Investors have been loading up on euro zone government debt this year, anticipating the ECB will buy the bonds to pump money into the stagnating economy, the process called quantitative easing (QE). But if the ECB claims preferential creditor status for its scheme, as it did during the Greek restructuring, private investors would face greater haircuts on any future defaults because the ECB would demand to be paid in full. “QE raises the question of treatment,” said Yannis Manuelides, a partner at the law firm Allen & Overy. “The ECB couldn’t start a massive operation without having a statement on this because every euro intervention would be seen to be aggravating the problem for everybody else.” The assumption in markets is that the ECB, which has no preferred creditor status officially, will be on an equal footing with private investors in any bond-buying scheme. But German officials have cautioned against any move which violates a LONDON MARKETS Gold (per ounce) $1,213.75 Silver (per ounce) $17.54 Palladium$802.00 Platinum$1,304.00 (Three-month delivery) Aluminium ($ per tonne) 1,927.00 Copper ($ per tonne) 6,766.00 Lead (per tonne) $2,074.00 Nickel (per tonne) $17,210.00 Tin (per tonne) $20,700.00 Zinc (per tonne) $2,263.00 BOMBAY Gold 24K (per gram) Gold (10g) Silver (1kg) Rs2,398.62 25,156.18 39,120.00 Oil delivery prices (in dollars per barrel) September 26 (close) IPE Brent $97.00 Nymex crude $92.53 held the Greek bonds for public policy purposes and not to profit. He also said the ECB’s waiver of preferential treatment in the OMT programme was not as straightforward as it sounded. That programme requires a country to accept a bailout with strict conditions for reform, which minimises the risk of debt restructuring. No such conditions are likely to apply to QE. Even so, investors expect the ECB to waive seniority for QE. Myles Bradshaw, European strategist at the world’s biggest bond investor PIMCO, said the justification the ECB used to protect itself against losses in Greece’s emergency debt restructuring should not apply to QE, because it would be a monetary policy tool that applied to all countries. Germany’s Bundesbank head Jens Weidmann has also said buying assets to beat inflation was different, though he still had reservations about monetary financing. If the ECB did claim seniority, it could stymie private sector investment in government bonds, effectively rendering its biggest policy weapon a dud. “It opens up a Pandora’s box, and the ECB would be well advised to keep that box closed and to be pari passu with investors,” Bradshaw said. Sensex-Nifty post gains MUMBAI: The BSE Sensex and Nifty rose yesterday to snap a three-day losing streak as rate-sensitive stocks such as IDFC Limited jumped after Standard and Poor’s raised India’s sovereign credit outlook to “stable” from “negative”. The S&P said the government mandate and improved political setting offered a conducive environment for reforms in Asia’s third largest economy. It cited India’s external position and improving current account balance among other positive factors. S&P added it could raise India’s rating should the country revert back to a real per capita gross domestic product of 5.5 per cent per year, and if its fiscal, external and inflation metrics improve. However, the benchmark indexes marked their first weekly fall in seven due to concerns over the Supreme Court’s scrapping of most coal block allocations since 1993, the government delaying an increase in gas prices and foreign investors selling in each of the last three sessions. “S&P underlines govern- ment’s efforts in stoking the economy but Prime Minister Narendra Modi needs to continue the reform cycle without any lag,” said U R Bhat, managing director at Dalton Capital, a unit of UKbased Dalton Strategic Partnership that has nearly $2 billion of assets. The benchmark BSE Sensex rose 0.6pc, or 157.96 points, to end at 26,626.32, while falling 1.7pc for the week. The broader Nifty rose 0.72pc, or 57 points, to end at D I L B E R T Currency September 26 Previous Euro 1.26851.2740 Yen 109.30108.80 Swiss francs 0.9512 0.9472 Canadian dollars 1.1162 1.1107 Pound 1.62471.6302 Gold bars Selling Rates are in Bahrain Dinars 8gm coin 22k 117.000 8gm coin 21k 110.000 1gm (24 carat) 17.000 2.5gm41.000 5gm78.000 10gm153.500 20gm302.500 50gm750.000 100gm1,494.500 1 ounce 468.000 1 tola 177.500 5 tola 871.000 10 tola 1,727.000 1kg14,735.000 1kg silver 237.000 1/2kg silver 119.500 • Courtesy Bahrain Express Exchange Tel: 17-275-275 ban on the ECB funding governments and exceeds its mandate. The ECB declined to comment. The ECB did waive seniority for a bond-purchase programme, known as Outright Monetary Purchases (OMT), it announced in a bid to save the euro in 2012, when it looked as if the currency union might break up. The programme eased near-term default fears, but it was never used and faces a test in European courts next month after being challenged by German legislators. The ECB’s attention has since turned to stubbornly low inflation, which is hampering the bloc’s recovery and preventing weaker countries from improving their long-term debt sustainability. To stave off deflation, the ECB appears to be warming to the kind of QE programme the US Federal Reserve and the Bank of England used in the depths of the global crisis. The Fed and BoE were spared the ECB’s headache, however, because they are permitted to finance their governments if necessary. Manuelides has first-hand experience of how determined the ECB can be to protect itself against losses. Representing private investors in the Greek restructuring, he said he “complained bitterly” when the ECB argued for its preferred creditor status, on the grounds that it Alsharif Group NYK Aquarius CMA CGM Alaska CSCL Mercury CMA CGM Vivadi Hanjin San Diego Hanjin Belawan NYK Aphrodite European Highway Tayma CSCL Saturn Al Rawdah Hanjin Malta Hanjin Belawan NOCC Oceanic NYK Theseus Unayzah CSCL Venus Al Safat Sakaka Hanjin Belawan NYK Athena Atlas Highway Malik Al Ashtar Al Riffa CSCL Europe Al Rain Hanjin Belawan NYK Apollo TS Line due from Far East today Hanjin due from Far East October 1 Hanjin due from Far East October 1 Hanjin due from Far East October 1 Hanjin due from US, Mediterranean October 1 Hanjin due from Inter Gulf October 1 TS Line due from Far East October 4 K Line due from Japan, Far East October 8 Hanjin due from Far East October 8 Hanjin due from Far East October 8 Hanjin due from Far East October 8 Hanjin due from US, Mediterranean October 8 Hanjin due from Inter Gulf October 8 K Line due from Japan, Far East October 8 TS Line due from Far East October 11 Hanjin due from Far East October 15 Hanjin due from Far East October 15 Hanjin due from Far East October 15 Hanjin due from US, Mediterranean October 15 Hanjin due from Inter Gulf October 15 TS Line due from Far East October 18 K Line due from Japan, Far East October 21 Hanjin due from Far East October 22 Hanjin due from Far East October 22 Hanjin due from Far East October 22 Hanjin due from US, Mediterranean October 22 Hanjin due from Inter Gulf October 22 TS Line due from Far East October 25 Dilmun Shipping Agency Xin Xia Men NYK Aquarius Hamburg NYK Aphrodite GMT Polaris Astrid Schulte NYK Theseus Xin Da Lian NYK Athena CMA CGM Bellini NYK Apollo Grand Victory National Shipping MSC Daniela MSC Trieste CMA CGM Laperouse MSC Bellatrix MSC Levina MSC Jade OOCL Ningbo CMA CGM Alaska YM Evolution Touska Pendar MSC Alexandra MSC Irene CMA CGM Marco Polo MSC Geneva 7,968.85, marking a weekly fall of 1.9pc. Both the indexes marked their biggest weekly declines since August 1. The gains were led by rate-sensitive stocks. The NSE Bank index rose 2pc, marking its biggest daily gain since August 18. IDFC rose 3pc, while Axis Bank ended 3.1pc higher. Punjab National Bank rose 2.9pc, while State bank of India gained 2.8pc. DLF gained 4.5pc, Tata Motors advanced 1.3pc. Hindalco Industries gained 5.4pc on value buying after slumping 9.2pc over the previous four sessions. Sun Pharmaceutical Industries gained 4.2pc, marking its biggest single-day gain since August 20 on speculation of lower chances of an import alert for a unit. However, among stocks that fell, Petronet LNG declined 3.7pc after Asian Development Bank launched a share sale in the gas supplier to raise up to $120 million. 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