Issue link: https://maltatoday.uberflip.com/i/343370
maltatoday, WEDNESDAY, 9 JULY 2014 11 Business Today Money Market Report for the week ending July 4, 2014 Exchange Rates Issue Date: 08-Jul-14 Set: 2 Issue Time: 14:45:04 Value Date: 10/07/2014 Currency Cash Cash Non-Cash Non-Cash Revaluation Buying Selling Selling Buying British Pound (GBP) 0.8289 0.7704 0.7743 0.8141 0.7942 United States Dollar (USD) 1.4189 1.3186 1.3254 1.3934 1.3594 Swiss Franc (CHF) 1.2686 1.1789 1.1850 1.2458 1.2154 Australian Dollar (AUD) 1.5091 1.4024 1.4097 1.4819 1.4458 Canadian Dollar (CAD) 1.5145 1.4075 1.4147 1.4873 1.4510 Japanese Yen (JPY) 144.3000 134.1025 134.7938 141.7063 138.2500 Danish Krone (DKK) 7.7900 7.2400 7.2700 7.6500 7.4600 Swedish Kronor (SEK) 9.7000 9.0100 9.0600 9.5200 9.2900 Hong Kong Dollar (HKD) 10.9961 10.2191 10.2718 10.7986 10.5352 Norwegian Krone (NOK) 8.7700 8.1500 8.1900 8.6100 8.4000 New Zealand Dollar (NZD) 1.6157 1.5016 1.5093 1.5867 1.5480 Singapore Dollar (SGD) 1.7639 1.6393 1.6478 1.7323 1.6900 South African Rand (ZAR) 15.1565 14.0856 14.1582 14.8842 14.5212 Czech Koruna (CZK) 28.6400 26.6100 26.7501 28.1219 27.4360 Polish Zloty (PLN) 4.3100 4.0100 4.0286 4.2352 4.1319 Hungarian Forint (HUF) 339.6855 290.2758 301.0779 316.5158 308.8040 Moroccan Dirham (MAD) 12.3530 10.5562 ********* ********* 11.2300 Tunisian Dinar (TND) 2.4100 2.2400 2.2517 2.3671 2.3094 United Arab Emirates Dirham (AED) 5.4929 4.6939 4.8687 5.1183 4.9935 Bahraini Dinar (BHD) 0.5639 0.4818 ********* ********* 0.5126 Gibraltar Pound (GIP) 0.8734 0.7464 ********* ********* 0.7940 Israeli New Sheqel (ILS) 5.1292 4.3831 ********* ********* 4.6629 Kuwaiti Dinar (KWD) 0.4219 0.3605 ********* ********* 0.3835 Saudi Riyal (SAR) 5.6082 4.7925 ********* ********* 5.0984 Turkish New Lira (TRY) ********* ********* 2.8180 2.9626 2.8903 Thailand BAHT (THB) ********* ********* 42.9317 45.1335 44.0327 Chinese Renminbi (CNY Onshore) ********* ********* 8.2201 8.6417 8.4309 Chinese Renminbi (CNH Offshore) ********* ********* 8.2232 8.6449 8.4340 All Chinese Renminbi transactions, irrespective of amounts, are to be referred to Branches or Treasury. Rates shown here are indicative only and are subject to change without notice. The final exchange rate offered by the bank /applied to your transaction may vary from the rate indicated here. Our staff at the Branches or Treasury will be pleased to provide you with exchange rates for your specific transactions. The rates quoted above are against the euro. 21.11 21.16 1322.30 1323.10 D + 1 SEPA payments and payments sent to countries and in the currencies regulated by the Payments Services Directive (PSD) D + 2 All Other Currencies US Dollars per TROY ounce Value Date Currency Same Day EUR/GBP/USD/CAD SILVER GOLD PUBLIC The rates quoted above are against the EURO. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt Regular market closed – 08/07/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap l BOV 13250 27825.000 6 2.100 2.100 2.100 2.100 0.000 2.100 l GO 9540 21229.000 4 2.226 2.225 2.225 2.225 0.000 2.225 t HSB 3850 7780.150 2 2.021 2.020 2.021 2.020 -0.001 2.021 l LQS 1004 105.420 1 0.105 0.105 0.105 0.105 0.000 0.105 s MIA 13000 29557.800 3 2.275 2.250 2.250 2.275 0.055 2.274 t MLT 97000 53350.000 2 0.550 0.550 0.550 0.550 -0.010 0.550 t RS2 6129 15139.470 4 2.550 2.430 2.430 2.450 -0.149 2.470 l G14B 4659 4761.500 1 102.200 102.200 102.200 102.200 0.000 102.200 t G15A 23527 24733.940 1 105.130 105.130 105.130 105.130 -0.020 105.130 t G15B 37270 39778.270 2 106.730 106.730 106.730 106.730 -0.040 106.730 t G16A 34941 38553.900 2 110.340 110.340 110.340 110.340 -0.030 110.340 t G16B 53576 58772.870 2 109.700 109.700 109.700 109.700 -0.010 109.700 s G19A 93175 117009.170 1 125.580 125.580 125.580 125.580 0.090 125.580 s G21A 37270 44630.830 4 119.750 119.750 119.750 119.750 0.100 119.750 s G22A 19101 23035.810 1 120.600 120.600 120.600 120.600 0.550 120.600 s G23A 3000000 3729300.000 2 124.310 124.310 124.310 124.310 0.410 124.310 s G24A 70000 73801.000 2 105.430 105.430 105.430 105.430 0.190 105.430 s G28A 65000 75055.500 3 115.470 115.470 115.470 115.470 0.160 115.470 s G28B 67000 75053.400 6 112.020 112.020 112.020 112.020 0.150 112.020 s G29A 40000 47328.000 1 118.320 118.320 118.320 118.320 0.620 118.320 s G31A 6000 7069.200 1 117.820 117.820 117.820 117.820 0.150 117.820 s G32A 41000 45063.100 4 109.910 109.910 109.910 109.910 0.060 109.910 s G32BA 15000 16077.000 2 107.180 107.180 107.180 107.180 0.050 107.180 s G33AA 824000 860091.200 10 104.380 104.380 104.380 104.380 0.060 104.380 s IG24A 22300 23630.000 3 106.000 105.750 105.750 106.000 0.250 105.960 l MB19A 15000 15600.000 2 104.000 104.000 104.000 104.000 0.000 104.000 t PG20A 5000 5170.000 1 103.400 103.400 103.400 103.400 -0.100 103.400 t PG22A 15800 16428.000 3 104.000 103.800 104.000 103.800 -0.200 103.970 ECB decisions On Thursday, July 3, the Governing Council of the European Central Bank (ECB) decided that the interest rate on the main refinancing operations (MRO) and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 0.15%, 0.40% and -0.10% respectively. On the same day, the ECB announced that Governing Council meetings on monetary policy will change to a new six-week cycle from January 2015. Non-monetary policy meetings will continue to be held at least once a month. Furthermore, reserve maintenance periods, during which banks are required on average to hold minimum reserves with the Eurosystem, will be extended to six weeks from four weeks, to match the adjusted frequency of monetary policy meetings. At the same time, the ECB announced its commitment to publish regular accounts of the Governing Council's monetary policy meetings from the January 2015 meeting. Each meeting's accounts will be published before the date appointed for the following meeting. The revised meeting schedule will be finalised at the Governing Council meeting of July 16 and posted on the ECB website immediately thereafter. Furthermore, the Governing Council decided on further technical details of a series of targeted longer-term refinancing operations (TLTROs) announced on June 5, 2014. The TLTROs are designed to enhance the functioning of the monetary policy transmission mechanism by supporting bank lending to the real economy. Under the scheme, banks will initially be able to borrow an amount equivalent up to 7% of a specific part of their loans in two operations: namely, in September and December, 2014. After this, additional amounts can be borrowed in further TLTROs, depending on the evolution of the banks' eligible lending activities in excess of bank-specific benchmarks. The additional borrowing allowance is limited to three times the difference between the net lending from April 30, 2014 and the benchmark at the time it is claimed. Further details on these operations can be found on the ECB website (www.ecb. europa.eu). ECB Monetary Operations On Monday, June 30, the ECB announced its weekly MRO. The auction was conducted on Tuesday, July 1, and attracted bids from euro area eligible counterparties of €97.10 billion, €17.94 billion lower than the bid amount of the previous week. The amount was allotted in full at a fixed rate equivalent to the prevailing MRO rate of 0.15%, in accordance with current ECB policy. On Wednesday, July 2, the ECB conducted a seven-day US dollar funding operation through collateralised lending in conjunction with the US Federal Reserve. This operation was carried out at a fixed rate of 0.60% and once again did not attract bids from euro area eligible counterparties. Domestic Treasury Bill Market In the domestic primary market for Treasury bills, the Treasury invited tenders for 91-day bills maturing on October 3, 2014. Bids of €17.50 million were submitted for the 91-day bills, with the Treasury accepting €13.50 million. Since €5.00 million worth of bills matured during the week, the outstanding balance of Treasury bills increased by €8.50 million, to stand at €415.67 million. The yield from the 91-day bill auction was 0.316%, i.e. 10.90 basis points higher than on bills with a similar tenor issued on June 13, 2014, representing a bid price of 99.9202 per 100 nominal. During the week under review, there was no trading on the Malta Stock Exchange. On Tuesday the Treasury invited tenders for 91-day and 273-day bills maturing on October 10, 2014 and April 10, 2015, respectively. China says GSK-linked trial being handled according to law The trial of a couple arrested last year following work they did for British drug- maker GlaxoSmithKline PLC (GSK.L) in China will be handled according to the law, China's foreign ministry said on Tuesday, brushing off U.S. concern about the case. The trial of British investigator Peter Humphrey and his American wife Yu Yingzeng, set for 7 August, will be closed to the public, two family friends with knowledge of the matter said last week. The U.S. embassy in Beijing said it was worried its diplomats would not be allowed to attend Yu's trial, adding a political dimension to the case, which could become another thorny issue between the two economic powers, especially as U.S. Secretary of State John Kerry is visiting China this week. Chinese Foreign Ministry spokesman Hong Lei, asked whether China's handling of the case contravened diplomatic conventions, said there was "ample legal basis" for how the government was approaching the matter. "China's judicial authorities are handling the relevant case according to law," Hong told a daily news briefing. "China is a country with rule of law." He declined to elaborate. The British embassy has also said it was "engaging" the Chinese authorities about the need for a transparent and fair trial. The trial of Humphrey and Yu is part of a tangled web of probes into drugmaker GSK, which Chinese police accused last year of funnelling up to 3 billion yuan ($482 million) through travel agencies to bribe doctors and officials in China. ChinaWhys, the risk consultancy run by the couple, was employed by GSK in April 2013 to investigate an ex-employee suspected of sending anonymous emails, including the circulation of an intimate video of former GSK China head Mark Reilly with his girlfriend, as well as emails containing allegations of widespread bribery at the British drugmaker. Three months later, authorities detained Humphrey and Yu. Chinese authorities have not openly made a link between GSK and the case against ChinaWhys. Reilly has been charged along with other GSK executives of widespread bribery and corruption, and could face decades in a Chinese jail. Corruption is endemic in the Chinese pharmaceutical market, where bribes are often used to smooth business ties with underpaid doctors and hospitals which rely on drug sales for over 40 percent of their revenues.