A forex

SINGAPORE: A man has been jailed for cheating two victims of S$132,000 and conducting foreign exchange trading without a licence, said the police on Friday (Jun 19). Ahmadnawar Abd Karim was on Thursday sentenced to 26 months' jail, said the police in a news release. The 46-year-old had carried on a business in fund management - a regulated activity - without the requisite licence from the Monetary Authority of Singapore (MAS). Between 2015 and 2017, Ahmadnawar offered a scheme where he would trade in leveraged foreign exchange on behalf of investors. He promised the investors returns of up to 1 per cent a day, but instead made losses on the forex trades, said the police. "In an attempt to recover his losses and pay earlier investors, he defrauded two subsequent investors of more than S$132,000 over multiple occasions," said the police. Ahmadnawar had told the two victims he would use their money solely for their investments, which was not true, added the police. No … [Read more...] about Man jailed for cheating victims of S$132,000, unlicensed forex trading

BEIJING: China's foreign-exchange reserves rose unexpectedly in May because of changes in asset prices, even as the yuan weakened on worries over an escalation in Sino-US tensions, and regulators say the country's economic potential ensures stability ahead. China's foreign exchange reserves - the world's largest - rose US$10.233 billion in May to US$3.102 trillion, central bank data showed on Sunday (Jun 7). Economists polled by Reuters had expected the reserves would fall by US$10.459 billion to US$3.081 trillion due to fluctuations in global exchange rates and the prices of foreign bonds that China holds. The surprise gain was due to changes in exchange rates and asset prices, China's State Administration of Foreign Exchange said in a statement, without elaborating. "Looking forward, our country's economic potential, resilience, large room for manoeuvre and many policy tools ... will continue to support the overall stability of foreign exchange reserves," the regulator … [Read more...] about China’s forex reserves unexpectedly rise in May, regulator sees stability

Kindly Share This Story: •As naira depreciates by N16.25 kobo •External reserves shed $1.28bn The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the Nigerian foreign exchange market rose by 43 percent, month-on-month, to $1.3 billion in February from $906.44 million in January 2021. Vanguard analysis of weekly turnover in the window showed that $258.19 million was traded in the first week February. Turnover rose by 44 percent to $372.2 million in the second week and dipped by 42 percent to $214.71 million in the third week. The turnover rose by 108 percent to $446.18 million in the fourth week of February. However, the naira depreciated by N16.25 kobo in the window during the month as the indicative exchange rate rose to N410.25 kobo per dollar on February 26th from N394 per dollar on February 1. Analysts however opined that the naira will enjoy some stability this week in response to the … [Read more...] about Forex: Turnover in I&E rises 43% to $1.3bn in February

STUFF Jacinda Ardern rejects National suggestion Labour would bring in the Greens' wealth tax, despite ruling it out, as "mischievous and wrong". (First published October 11) What’s the problem? A lot of millionaires are paying tax at a rate lower than the lowest earners in the country. We found this out from a Treasury report (which you can read below), which attempted to measure how wealth is distributed. The key takeaway: 42 per cent of the richest Kiwis pay less than 10 per cent of their total income in tax. The lowest income tax rate is 10.5 per cent, which earners pay on income up to $14,000. Some people, including the Green Party, think it’s a big deal and have reiterated that there needs to be tax reform. READ MORE: The mysterious future of the seasonal flu Covid-19: We could do this, this and this to stop the virus. So why don't we? Covid-19: The 'edge' cases and when transmission gets weird OK. So how does it work? Most people are … [Read more...] about A beginner’s guide to paying less tax (if you’re very rich)

SINGAPORE: The US dollar rose to a two-week high against major peers on Tuesday (May 12), propelled by rising US bond yields and increasing safe-haven demand amid growing fears about a second wave of coronavirus infections, which sent riskier currencies lower. The biggest loser was the Australian dollar, which dropped about 0.8 per cent to a one-week low, while the kiwi extended falls. The euro fell below US$1.08 for the first time in almost a week and the Japanese yen nursed an overnight loss of about 1 per cent to sit at to 107.48 per dollar, the bottom end of a range it has kept since mid-April. The greenback was buoyed by a steepening US yield curve, as Federal Reserve officials talked down the prospect of negative rates, and as the bond market braces for an immense borrowing spree from the US Treasury. At the same time, progress on plans to re-open economies has been overshadowed by worries about fresh infections of COVID-19 as easing of restrictions in South Korea and … [Read more...] about US dollar hits 2-week peak as ‘second wave’ virus fears drive safe-haven bid