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maltatoday, WEDNESDAY, 3 SEPTEMBER 2014 11 Business Today Factor income in agricultural sector increases Exchange Rates Issue Date: 02-Sep-14 Set: 2 Issue Time: 14:33:08 Value Date: 04/09/2014 Currency Cash Cash Non-Cash Non-Cash Revaluation Buying Selling Selling Buying British Pound (GBP) 0.8284 0.7699 0.7739 0.8135 0.7937 United States Dollar (USD) 1.3687 1.2720 1.2785 1.3441 1.3113 Swiss Franc (CHF) 1.2601 1.1711 1.1771 1.2375 1.2073 Australian Dollar (AUD) 1.4754 1.3712 1.3783 1.4489 1.4136 Canadian Dollar (CAD) 1.4936 1.3881 1.3952 1.4668 1.4310 Japanese Yen (JPY) 143.6700 133.5205 134.2088 141.0913 137.6500 Danish Krone (DKK) 7.7800 7.2300 7.2600 7.6400 7.4500 Swedish Kronor (SEK) 9.6000 8.9200 8.9700 9.4300 9.2000 Hong Kong Dollar (HKD) 10.6084 9.8588 9.9096 10.4178 10.1637 Norwegian Krone (NOK) 8.4900 7.8900 7.9300 8.3300 8.1300 New Zealand Dollar (NZD) 1.6443 1.5281 1.5360 1.6148 1.5754 Singapore Dollar (SGD) 1.7167 1.5954 1.6036 1.6858 1.6447 South African Rand (ZAR) 14.6976 13.6591 13.7295 14.4335 14.0815 Czech Koruna (CZK) 29.0000 26.9500 27.0875 28.4766 27.7820 Polish Zloty (PLN) 4.4000 4.0900 4.1081 4.3187 4.2134 Hungarian Forint (HUF) 347.2946 296.7799 307.8344 323.6141 315.7263 Moroccan Dirham (MAD) 12.2760 10.4904 ********* ********* 11.1600 Tunisian Dinar (TND) 2.4000 2.2300 2.2429 2.3579 2.3004 United Arab Emirates Dirham (AED) 5.2982 4.5275 4.6961 4.9369 4.8165 Bahraini Dinar (BHD) 0.5438 0.4647 ********* ********* 0.4944 Gibraltar Pound (GIP) 0.8730 0.7460 ********* ********* 0.7936 Israeli New Sheqel (ILS) 5.1638 4.4127 ********* ********* 4.6944 Kuwaiti Dinar (KWD) 0.4112 0.3514 ********* ********* 0.3738 Saudi Riyal (SAR) 5.4098 4.6229 ********* ********* 4.9180 Turkish New Lira (TRY) ********* ********* 2.7797 2.9223 2.8510 Thailand BAHT (THB) ********* ********* 41.0533 43.1585 42.106 Chinese Renminbi (CNY Onshore) ********* ********* 7.8606 8.2638 8.0622 Chinese Renminbi (CNH Offshore) ********* ********* 7.8658 8.2692 8.0675 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. 19.15 19.20 1266.40 1267.15 SILVER GOLD 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 PUBLIC Regular market closed – 02/09/2014 Symbol Code Volume Traded Value Traded Trades High Price Low Price Open Price Close Price Change Twap s BOV 26942 58860.350 11 2.201 2.165 2.170 2.201 0.041 2.185 l GO 6000 14766.730 3 2.489 2.440 2.440 2.489 0.000 2.461 l IHI 4207 2692.480 1 0.640 0.640 0.640 0.640 0.000 0.640 l MLT 108500 59675.000 3 0.550 0.550 0.550 0.550 0.000 0.550 s SFC 394 1067.740 1 2.710 2.710 2.710 2.710 0.010 2.710 t G14B 232938 235919.600 2 101.280 101.280 101.280 101.280 -0.080 101.280 t G15B 65224 69143.960 2 106.010 106.010 106.010 106.010 -0.040 106.010 t G16A 2330 2555.540 1 109.680 109.680 109.680 109.680 -0.030 109.680 s G17C 15000 16699.500 1 111.330 111.330 111.330 111.330 0.010 111.330 l G18A 16306 20646.660 2 126.620 126.620 126.620 126.620 0.000 126.620 t G21A 9319 11333.770 2 121.620 121.620 121.620 121.620 -0.040 121.620 t G22B 20000 23398.000 1 116.990 116.990 116.990 116.990 -0.110 116.990 s G23A 1165 1479.780 1 127.020 127.020 127.020 127.020 0.330 127.020 t G28B 102000 119058.700 5 116.750 116.680 116.750 116.680 -0.220 116.720 s G29A 10000 12252.000 2 122.520 122.520 122.520 122.520 0.290 122.520 t G30A 30000 37082.000 4 123.700 123.550 123.550 123.650 -0.060 123.610 t G31A 59000 71777.300 3 121.660 121.650 121.650 121.660 -0.060 121.660 t G32A 100000 113310.000 5 113.310 113.310 113.310 113.310 -0.040 113.310 t G33A 85800 92861.340 4 108.230 108.230 108.230 108.230 -0.090 108.230 s G34AA 1391200 1462385.000 19 105.200 105.000 105.000 105.050 0.050 105.120 s AX24A 7100 7525.760 4 106.000 105.980 105.980 106.000 0.500 106.000 l IG24A 3200 3423.360 1 106.980 106.980 106.980 106.980 0.000 106.980 l IH19A 1000 1015.100 1 101.510 101.510 101.510 101.510 0.000 101.510 l IH21A 4100 4202.310 2 102.510 102.490 102.490 102.510 0.000 102.500 t IH23A 10000 10249.000 1 102.490 102.490 102.490 102.490 -0.020 102.490 t MB19A 25000 26187.500 1 104.750 104.750 104.750 104.750 -0.350 104.750 l MD18A 6900 7125.630 1 103.270 103.270 103.270 103.270 0.000 103.270 s MI15A 5600 5292.000 1 94.500 94.500 94.500 94.500 0.500 94.500 s MI17A 17000 15778.600 4 94.000 88.700 88.700 94.000 5.300 92.820 s PG22A 10000 10600.000 1 106.000 106.000 106.000 106.000 0.900 106.000 l PS17A 5000 5100.000 1 102.000 102.000 102.000 102.000 0.000 102.000 Factor income, which is the result of developments in agricultural out- put, subsidies and intermediate con- sumption, went up by 7.1% to €73.3 million when compared to 2012. According to the National Statistics Office, this was brought about by an increase in the gross agricultural production (+3.2%) and a drop in the intermediate consumption (-2.5%). In 2013, entrepreneurial income (+8.1%) absorbed 92.5% of the total factor income, while dependence on subsidies decreased by 2.5 percentage points, from 29.1% in 2012 to 26.6% in 2013. Total subsidies absorbed by the industry in 2013 amounted to €19.5 million, down by 2.0%. Subsidies on products declined by 0.6%, mainly due to lower payments received in respect of crop products, while subsidies on production declined by €0.4 million or 2.2%. An increase of 3.2% was registered in the market value of gross agricultural production in 2013. Characterising this were increases of 5.1 and 4.2% in the market value of livestock and animal products respectively. Intermediate consumption, which measures expenditure in the production process, decreased by 2.5% to €69.1 million. This decrease was mainly attributable to a drop in expenditure on veterinary services (-8.6%), energy and lubricants (-3.6%) and animal feed (-2.0%). On the other hand, expenditure on fertilisers and plant protection products went up by 5.7 and 0.6% respectively. Market Commentary: Europe's bad data still positive for risky assets With the conflict in Ukraine failing to abate and media reporting that a new round of sanctions might be imminent, markets only found some alleviation in a new bout of economic data that could make a case for more monetary stimuli in Europe. As it was evident in the previous week, in Europe bad data is still rather positive for risky assets as the search for yield continues to prevail as long as there is evidence that the ECB's monetary stance will remain accommodative (to stay the least). Europe's risky assets are largely driven by technical factors and, as odd at this may seem, the disappointing Manufacturing PMI readings for Spain and Italy and the lack of an upside revision in Germany's GDP growth for Q2 (-0.2%) acted as a buffer against politically-driven corrections. In this environment, the peripheral bonds also remain well bid and Spain sought to take advantage of the buoyant market conditions by placing its first 50-year note. Meanwhile, the rates for the core countries remain at levels commensurate with low growth and rising deflation risks and excess liquidity is evident in the interbank market where the overnight borrowing rate, Eonia, slipped to a record low and remains in the negative territory where it dipped a few days ago. While the US markets were closed yesterday, the Asian markets were generally positive on hopes for Chinese government stimulus. Similarly, the Japanese index, Topix, closed higher following reports that the new health minister is likely to be an advocate of Government Pension Investment Fund reducing its investments in domestic bonds; the upside momentum was also supported by above expectations rise wages. The emerging markets were also resilient with the Indian stocks reaching a record high. As the ECB monetary meeting approaches, markets will probably struggle to preserve their gains as the uncertainty is taking its toll and politics might be granted greater importance. While the European futures where negative earlier today, they now point to a positive opening. Meanwhile, the Ukrainian-Russian conflict is causing greater corrections in Russia where the ruble tumbled to a record low, corporate spreads have been widening and Reuters reported that Europeans might be banned from buying new Russian government bonds; nevertheless, the equity index opened marginally higher today. On the other side of the Atlantic, news around the Russian standoff will probably carry more significance as the economic calendar is rather light except for the Manufacturing PMI data. This article was issued by Calamatta Cuschieri, visit www.cc.com.mt for more information. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri & Co. Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website. YOUR FIRST CLICK OF THE DAY www.maltatoday.com.mt