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The US Dollar managed to post decent gains against its major counterparts this past week, with the US Dollar Index closing 0.90% higher. The Greenback rallied particularly well during Friday’s session, following hawkish comments by the Philly Fed President Charles Plosser who hinted the Fed would have to look at increasing rates soon to avoid inflationary pressures.

By Gaurav Kashyap, Alpari ME DMCC

It was another solid week for US equities, the Dow Jones Index continued its good run to close the week above 12,200 and the S&P500 closing more than 1% higher at 1,313. The real star of the week however was the AUDUSD pair which recorded a new all time high of 1.0294. With a largely void economic calendar from down under this past week, the Aussie has been the strongest to respond to renewed inflows of risk appetite as concerns surrounding Japan’s nuclear crisis eased off and global equities rose.

Portugal bailout risks increase

The Euro slipped 0.76% against the Greenback this week as news from Portugal dominated the headlines. The past week saw PM Socrates step down after the Portuguese Parliament failed to pass his latest round of austerity plans, measures the PM argued were necessary to avoid a bailout.

Market perceptions for a bailout are ever increasing following Socrates’ exit and the lack of unity in the Parliament in tackling a ballooning deficit through a combination of additional spending cuts and aggressive tax hikes. Further eroding the situation in the small Iberian peninsula nation were the double downgrades by rating agencies Fitch and S&P who cut Portugal’s debt rating from A+ to A- and A- to BBB respectively.

Euro US Dollar pairing down on Spain, Ireland data

Elsewhere in the Eurozone, Moody’s downgrades of 30 Spanish banks and Ireland’s latest data showing their economy fell by 1% last year saw EURUSD close the week 109 points lower at 1.4087. The downward momentum in the pair wasn’t as reflective as all the negative press emanating from the EU this past week as market participants remain bullish of the prospects of a rate hike from the ECB in the near future.

Looking to the trading week ahead however, much could trigger a larger reversal especially with the European Banking Authority conducting its latest stress test on Irish banks. Initial estimates show that Irish banks may require up to €35bn following the tests which are to be conducted on March 31.

Sterling pricing dictated by rate hike expectation

Pricing action in the Sterling this past week was once again dictated by rate hike expectations. Tuesday’s inflation data showed YoY CPI increased to 4.4% (v 4.2% exp / 4.0% prev) while MoM CPI increased to 0.7% (v 0.6% exp / 0.1% prev). The elevated inflationary readings gave support to the argument of a rate hike on behalf of the BoE sooner rather than later and boosted the GBPUSD to a more than one year high of 1.6401.

The upside momentum was capped at these levels as Wednesday’s meeting minutes from the BoE’s meeting on March 8 & 9 showed a similar picture to the previous month’s meeting; rates were held at 0.50% and the asset purchase plan was unchanged at £200bn. There were no additional hawkish overtures and like February’s meeting, the same three central bankers voted for an increase in the rates; Andrew Sentence voted for an increase by 50 basis points while Spencer Dale and Martin Weale preferred to increase the rate by 25 basis points.

The rhetoric from the meeting minutes remained largely the same with the Committee concluding that medium term inflation was likely to fall back and the near term inflationary pressures are resulting from higher commodity prices and increased VAT. With interest rate hike expectations at the fore mind of most GBP traders, the meeting minutes did little to infuse confidence and as a result GBPUSD sold off following the release. Compounding to the downside in the pair was Thursday’s weaker than expected retail sales which showed a drop to -1.0% MoM and 1.2% YoY. The combo of weaker news and unchanged tone of the minutes saw the GBPUSD close the week more than -1.1% lower at 1.6042.

Looking at the trading week ahead, all focus will be on the week-ending Jobs report from the US. A second consecutive stronger reading from the US labor market will surely have market participants expecting more hawkish overtones from the Federal Reserve which in turn should be supportive of the US Dollar. On the flipside, a much better report from February will no doubt lead to increased expectations with regards to March’s report and a disappointing reading could have the adverse affect on the Greenback.

Originally Published On: www.ameinfo.com – Original Article Here

Recently, my 72-year-old father who is a diabetic, had a minor paralytic attack which affected his right hand and right foot. He is taking medication and having physiotherapy. Are there any ayurvedic oils that could help his recovery?
Manish by email

A person with diabetes is at higher risk than others of strokes and other cardiovascular diseases. A stroke occurs when a blood vessel that carries oxygen and nutrients to the brain is either blocked by a clot (ischemic stroke) or bursts (haemorrhagic stroke). When that happens, part of the brain cannot get the blood and oxygen it needs and it starts to die. Following emergency treatment, stroke care focuses on regaining strength and recovering as much function as possible to return to independent living. Ayurveda offers some excellent rehabilitation therapies for the management of stroke alongside anti-vata internal medications. You may use Mahamasha Thailam or Maha Narayana Thailam for external application. You may also use simple sesame oil heated with rock salt and/or camphor. There are a few oil therapies that could help him. Please consult an ayurvedic doctor.

My husband is 33 years old, and his blood pressure (BP) reading is 139/90. He has been advised to take medication for BP by his doctor. Does ayurveda have any remedies to reduce BP?
S.,S by email

For most adults, there’s no identifiable cause of high blood pressure (primary/essential hypertension.) Some people have secondary high blood pressure caused by an underlying condition (eg kidney problems, certain medications.) Blood pressure measurements fall into four general categories. Normal blood pressure is below 120/80 mmHg and systolic pressure ranges from 120 to 139 mmHg, Diastolic pressure ranges from 80 to 89 mmHg and is called prehypertension. Systolic pressure ranging from 140 to 159 mmHg or diastolic pressure ranging from 90 to 99 mmHg is Stage 1 hypertension. In Stage 2 hypertension systolic pressure goes higher than 160 mmHg or diastolic pressure is 100 mmHg or higher.

Diet and exercise, particularly yoga and pranayama, are the best methods to lower blood pressure. Eat fruit, vegetables, wholegrains and low-fat dairy foods. Eat less saturated fat and total fat. Consider supplements such as cod liver oil, calcium, garlic and cocoa. If your husband is overweight, losing even two to three kilograms can lower blood pressure; ensure he does some physical exercise for at least 30 minutes a day. Decrease the salt in his diet, if a smoker he should give up and also reduce stress as much as possible.

Consult an ayurvedic doctor for suitable medication.

Ask me a question…

Well-being,Friday, Gulf News,PO Box 6519, Dubai, UAEFax: 04 3421039friday@gulfnews.com

Originally Published On: gulfnews.com – Original Article Here

WASHINGTON (CNNMoney) — With President Obama in Latin America to talk trade this weekend, he faces a new stalemate at home on key treaties that he wants wrapped up this year.

When Republicans took control of the House after last year’s election, free trade was the one of the few areas that experts predicted that President Obama and Congress would find common ground. But so far, ratification of three separate trade treaties with South Korea, Colombia and Panama has been slow going.

None of the treaties are as contentious as the North America Free Trade Agreement that was passed during the Clinton administration in the 1990s. And many congressional Republicans and Democrats want to ratify treaties with all three nations to help boost the U.S. economy, particularly since some say the treaties could add as many as 250,000 jobs.

"The U.S. needs these treaties to reassert its leadership in the world as a country that wants to promote free trade," said Mauro Guillén, a professor at the Wharton School of the University of Pennsylvania.

But treaty deals with Colombia and, to a lesser extent, Panama are threatening to trip up progress of a negotiated treaty with South Korea that awaits congressional ratification.

President Obama wants Congress to start work on the agreement reached in December with South Korea. But top lawmakers say no way – not until the president gives them treaties with Colombia and Panama. In fact, Senate Republicans upped the ante earlier this week, threatening to block the nomination of a successor to Commerce Secretary Gary Locke — the president’s choice for ambassador to China — until they get all three treaties.

Even powerful Democrats, such as Senate Finance Committee Chairman Max Baucus, have said the South Korea treaty won’t pass unless it’s packaged along with treaties to Colombia and Panama.

But the Obama administration doesn’t have a deal with Colombia or Panama yet. The administration says its big concern is that those nations haven’t done enough to ensure they’ll crack down on groups that ignore labor rights, and target and murder labor leaders.

In 2009, 101 union and labor activists were murdered worldwide, 48 of them in Colombia, according to a 2010 International Trade Union Confederation survey.

"The president has made it clear that we will not adopt agreements for agreements’ sake," said Deputy U.S. Trade Representative Miriam Sapiro during a hearing on the Colombia treaty on Thursday. "There remain serious issues to be resolved," such as preventing violence against labor leaders, she added.

But some Republicans accuse the administration of dragging its feet on behalf of organized labor, which tends to support Democrats and oppose trade deals that cost union jobs here. Although the AFL-CIO has come out against the treaty with South Korea, the United Auto Workers has indicated its support.

"In trying to appease its union allies, the administration is willing to let these two agreements whither on the vine," said Sen. Orrin Hatch, a Utah Republican this week. "That would be profoundly disappointing. And it would ultimately amount to a blow to our entire economy."

The U.S. Chamber of Commerce, which also is lobbying for ratification of all three treaties, estimates that the United States could lose 380,000 jobs if the treaties aren’t ratified while the European Union and Canada move ahead on their own agreements with the same nations.

Even it Congress eventually ratifies the treaty with South Korea, it won’t please everyone. It doesn’t remove South Korean tariffs on U.S. rice, according to the Congressional Research Service. Tariffs on beef are reduced, but gradually over over 15 years.

Treaties with Colombia and Panama will also reward some sectors more than others.

"There’s always losers and winners," Guillén said. 

Originally Published On: money.cnn.com – Original Article Here

* UBS to boost research coverage of small/mid-sized
companies in China

* Yoon warns Asia risks asset bubbles with low real interest
rates

(Adds more comments, details of hiring plans)

By Denny Thomas and Elzio Barreto

HONG KONG, March 31 (Reuters) – Swiss bank UBS AG ,
the leader in equity underwriting in the Asia Pacific region,
plans to double its China staff in three to four years as it
expands stock research coverage to small and medium companies in
China, the bank’s co-chief executive for the region said on
Thursday.

“The next real growth area for our business in China is the
small-to-medium company sector,” said Chi-Won Yoon, co-chairman
and co-CEO of UBS in the region, at a forum at the bank’s
headquarters in Hong Kong.

“We are investing heavily in our business in China to ensure
we can serve that sector.”

Yoon didn’t disclose UBS’s current staff count in China, the
world’s second-largest economy. The headcount could grow to
1,000 to 1,200 in that time period, said a source with knowledge
of the expansion plans.

China’s capital market has been the growth engine for many
Wall Street banks in the region as expansion petered out in
other parts of the world.

Yoon said the company’s plan is to increase research
coverage of small-to-medium companies in China to help with
their capital raising needs, including potential stock market
listings. UBS plans to increase the research coverage to 350
companies, the source added.

“Once we have that know-how, and we can lead with research,
we can build our IB (investment banking) business, so they can
advise them go public and the asset management business, so they
can handle the funds for them,” Yoon added.

Yoon warned that low real interest rates in several Asian
economies have the potential to create asset bubbles and it was
time for Asia “to wean ourselves off U.S. economic policy.”

“Asia’s problems across the region are inflation and a
threat of bubbles and this requires a tightening of monetary
policy, not easing,” Yoon added.

(Reporting by Elzio Barreto and Denny Thomas; Editing by
Jonathan Hopfner and Ken Wills)

Originally Published On: www.reuters.com – Original Article Here

Arnold Schwarzenegger, the movie actor turned politician, has made a surprise appearance at a meeting of Tory MPs.

The Republican politician, who is on a trip to London, spoke to a meeting of the party's 1922 committee in Parliament attended by David Cameron.

He praised the coalition's economic and environmental policies and urged it to stay "in the centre of the road".

He stood down earlier this year as Governor of California after serving eight years in office.

The Austrian-born star, a former Mr Universe known for action films including The Terminator and Total Recall, has been a frequent visitor to London since the government took power.

Last October he held talks with Mr Cameron in Downing Street and the prime minister introduced him as his "secret weapon" ahead of Tuesday's meeting in the House of Commons.

In a short speech on Wednesday to Tory MPs, some of whom have expressed concerns about the government's direction and apparent policy concessions to their Lib Dem coalition partners, Schwarzenegger said the prime minister was steering the right course.

Quoting former US President Dwight Eisenhower, he said "travelling in the centre of the road is what gets you to your destination".

BBC political correspondent Adam Fleming said that as he left for another engagement, an event to mark the 80th birthday of former Soviet leader Mikhail Gorbachev, Mr Schwarzenegger used his most famous movie line, telling his audience "I'll be back".

While in office, Mr Schwarzenegger won praise for his efforts to reduce carbon emissions in the USA's most populated state.

But he was criticised for a lack of a coherent economic plan to create jobs and to tackle its housing crisis.

Originally Published On: www.bbc.co.uk – Original Article Here

HONG KONG (Reuters) – London-based FRM Capital Advisors (FCA) expects to seed three to four hedge funds in 2011, one of which could be in Asia, Chief Operating Officer Patric de Gentile-Williams said.

FCA is open to seed managers moving out of proprietary trading desks as Wall Street banks shuts them in light of the “Volcker rule”, which limits the risks banks can take with their own capital in the wake of the global financial crisis.

“Expect us to do 3-4 investments this year, and there’s a probability one of them will be in Asia,” de Gentile-Williams told Reuters in an interview.

“We are looking to seed high quality managers and we would be very happy if those happened to be based in Asia and we would be very happy if they came out of prop desk.”

The hedge fund seeding specialist invests about $50 million (31 million pounds) in one fund and has nearly $300 million across six hedge funds globally, two of them are in Asia.

FCA is a an unit of Financial Risk Management, a fund of hedge funds group, that manages about $9 billion.

In late 2009, FCA invested in Asia-focused Isometric Capital, a Hong Kong-based hedge fund managed by Sanjiv Bhatia, the former head of Deephaven Capital Management’s Asia office.

Last October, it added its second Asia focused manager by investing about $50 million in San Francisco-based Sensato Capital, founded by Ernest Chow and Jonathan Howe, former co-heads of active equity strategies at Barclays Global Investors.

The ideal fit for FCA, de Gentile-Williams said, would be managers with established investment teams, a very clear strategy and investment thesis, structured process, unique selling point and a very clear risk management process.

“That’s already a very hard thing to find. We see lots of people who have parts of that.”

The $152 billion Asian hedge funds industry is dominated by funds managing less than $50 million in terms of numbers but a growing number of launches in 2009 and last year have seen large inflows as interest in the region returns.

“We are open to high quality managers leaving some of the established shops to open on their own,” de Gentile-Williams said. “There could be quite a few high powered launches in Asia this year, probably more than last year.”

The executive declined to name the potential investments.

Asia is likely to see hedge fund launches such as the ones planned by Charlie Chan, former Credit Suisse (CSGN.VX) proprietary trader, and Benjamin Fuchs, who previously worked as a proprietary trader for Lehman Brothers in Tokyo.

Carl Huttenlocher, who quit Highbridge Capital as head of Asia investments to set up his own start-up in the region, and Azentus Capital, started by former Goldman Sachs (GS.N) trader Morgan Sze are other high-profile funds expected.

Originally Published On: www.reuters.com – Original Article Here

UK officials have encouraged other senior Libyan officials to abandon Col Gaddafi after his foreign minister fled to Britain and resigned.

"What is not clear is whether he has arrived simply to escape, or to play a wider role in any opposition to Col Gaddafi," our political editor said.

"Clearly his defection, if that's what it becomes, will be used to urge others to follow suit and claim the regime is losing support."

Mr Koussa has not met with Prime Minister David Cameron or Foreign Secretary William Hague yet, but he is known to have been a point of contact for Mr Hague in recent weeks.

In a statement the Foreign Office said: "We can confirm that Moussa Koussa arrived at Farnborough Airport on 30 March from Tunisia.

"He travelled here under his own free will. He has told us he is resigning his post.

"Koussa is one of the most senior figures in Gaddafi's government and his role was to represent the regime internationally – something that he is no longer willing to do.

"We encourage those around Gaddafi to abandon him and embrace a better future for Libya that allows political transition and real reform that meets the aspirations of the Libyan people."

BBC world affairs correspondent John Simpson said he suspected Col Gaddafi would shrug off Mr Koussa's resignation as he had lost other ministers in the past.

His interior minister is now in Benghazi and it did not really make any difference at all as "this is a one-horse show", he said.

Noman Benotman, a friend of Mr Koussa and a senior analyst at the UK-based Quilliam think-tank, told Reuters news agency: "He wasn't happy at all. He doesn't support the government attacks on civilians.

"He's seeking refuge in Britain and hopes he will be treated well."

Rebels opposed to Col Gaddafi's rule and fighting Libyan government forces are continuing to lose ground and are retreating from their former strongholds along the eastern coast of Libya.

Prime Minister David Cameron has said the UK is not ruling out providing arms to rebels in "certain circumstances" but no decision had been taken.

The UK has been involved in more than 160 aerial missions, as well as missile strikes, over Libya since coalition operations began on 19 March following a UN resolution.

The coalition military action is aimed at enforcing a no-fly zone over Libya and protecting civilians from attacks by forces loyal to its leader Col Muammar Gaddafi. It has denied air strikes are meant to provide cover for a rebel advance.

Originally Published On: www.bbc.co.uk – Original Article Here

Story By: by The Associated Press

Shoppers’ worries about juggling rising gas and food prices and other household costs flared up in March, pushing a closely watched barometer of sentiment sharply down.

The sharp decline, which followed a three-year high in February and reversed five straight months of improvement, raises questions about shoppers’ ability and willingness to spend in coming months.

The Conference Board’s Consumer Confidence Index fell more than expected to 63.4 from a revised 72.0 in February. Economists expected a decline to 65.4, according to FactSet.

The drop of nearly nine points was the steepest since the 10.1-point plunge from January 2010 to February 2010. That decline was in part triggered by worries about Greece’s national debt, which hammered the U.S. stock market.

The index measures how Americans feel about business conditions, the job market and the next six months. It has hovered in a tight range from the high 50s to low 60s over the past year.

A reading of 90 indicates a healthy economy. The index hasn’t approached that level since the recession began in December 2007.

Shoppers’ outlook over the next six months worsened. The part of the index measuring those expectations fell to 81.1 from 97.5 last month. The other gauge, which measures how consumers feel now about the economy, improved to 36.9 from 33.8 in February.

Economists monitor confidence because consumer spending, including big-ticket items such as housing and health care, accounts for about 70 percent of U.S. economic activity and is critical for a strong rebound.

“Consumers’ inflation expectations rose significantly in March and their income expectations soured, a combination that will likely impact spending decisions,” Lynn Franco, director of The Conference Board Consumer Research Center, said in a statement.

Japan’s earthquake, tsunami and the nuclear crisis likely rattled U.S. confidence too, Franco said, but those kinds of shocks don’t typically last long.

The earthquake hit Japan on March 11, five days before the end date for the Conference Board’s survey.

But what really affects confidence is “what’s happening in the home front,” she said. Higher prices in gas and food are “daily constant reminders to consumers,” she added.

“There is a sort of diminished sense of purchasing power,” she said.

Signs of financial strain emerged Monday in February’s consumer spending report, which showed that most of the 0.7 percent jump in spending went to cover higher gas prices. Although personal income and rose 0.3 percent for February, after-tax incomes actually fell 0.1 percent after adjusting for inflation.

The government’s February jobs report, released this month, showed companies added more workers in February than in any month in almost a year, and unemployment fell to 8.9 percent, the lowest in almost two years.
But higher oil prices, violence in the Middle East and North Africa and Japan’s nuclear crisis could frighten U.S. companies out of taking any risks, says Mark Vitner, a senior economist with Wells Fargo. A pullback in hiring could show up in job reports this summer, he said.

As for consumer spending, analysts say March has been uneven after seeing strong spending for the holiday shopping season extend into January and February.

The national average for a gallon of gas hit $3.584 Monday, the highest ever for this time of year, according to AAA, Wright Express and the Oil Price Information Service. Gasoline prices have jumped 25.1 cents in the past month and 78.1 cents from a year ago.

Food prices are expected to increase 3 to 4 percent on average this year, with the increases seen sharply in dairy, meat and coffee. Clothing retailers are also raising prices on goods as they face soaring costs in labor in China and raw materials like cotton.

A troubled housing market is also weighing on shoppers.

Home prices are falling in most major U.S. cities, and the average prices in four of them are at their lowest point in 11 years, according to Standard & Poor’s/Case-Shiller report released Tuesday. On Friday, the Commerce Department said new-home sales plunged in February, the third month in a row.

The Conference Board survey, conducted by The Nielsen Co., is based on a random survey mailed to 3,000 households from March 1 through March 16.

Originally Published On: www.npr.org – Original Article Here

NEW YORK (CNNMoney) — Time Warner acknowledged to the Securities and Exchange Commission Tuesday that Charlie Sheen is suing its Warner Bros. unit for $100 million.

Time Warner disclosed to the SEC that Sheen and 9th Step Productions filed the suit on March 10. The blog Footnoted earlier reported on the SEC filing, which came nearly three weeks after the complaint came out.

Sheen sued WB Studio Enterprises, a Time Warner subsidiary three days after his dismissal from the sitcom "Two and a Half Men." Sheen’s firing came after a two-week public meltdown that included attacks against Chuck Lorre, the show’s co-creator and co-executive producer.

Time Warner’s SEC filing noted that Sheen has also filed suit against Chuck Lorre and Chuck Lorre Productions.

According to the filing, Sheen is alleging "several causes of action in connection" with his firing, "including breach of contract claims and intentional interference tort claims."

WB Studios is seeking arbitration over these claims and "intends to vigorously defend against" them.

Time Warner (TWX, Fortune 500) is the parent company of CNNMoney. 

Originally Published On: money.cnn.com – Original Article Here

Fog may have descended on the race tracks on Saturday during the 16th edition of the Dubai World Cup, but there was one area which was bursting with eye-popping colours. The Apron Views - the popular hang-out of fashionistas near the race tracks and Meydan Grandstand - were filled with the most stylish donning their finest dresses and feathery dramatic hats. The fascinators in various sizes and in colours could mitigate the worst of dust storms. Clearly, visibility was not an issue here.

Australian-born Corina Hurduzeu, 37, did her bit in adding a splash of colour to the fashionable proceedings. Dressed in a self-made multi-coloured creation from head to toe, even her deep-purple lipstick screamed "bring on the colours".

"This is my first time to the Dubai World Cup and I am loving it. Except my clutch, I made everything else from scratch," she said.

"Tailoring and designing clothes are my hobby. What you see now is my own creation, and I wanted it to be bright, colourful and zany. What do you think?"

Even her shoes were swathed in left-over silk, she added.

Twenty-something Ayesha Mohammad chose a flowing kaftan and a bejewelled flat sandal for the day. "It can get super hot and I decided to be practical. I needed a dress which was not like a corset with a billowing skirt. As pretty as it looks, it gets really stuffy. So I chose an outfit that lets the air in and chose flats over heels," said Mohammad.

Heels advantage

Other glamorous women who turned up in their finest were unwilling to trade their heels for practicality. The diminutive Dorota Krzysztofek from Poland was one such example.

Dressed in a pristine white number, her sky-high fuschia heels stood testimony to her beliefs. "There was no question of wearing flat shoes for such an event. I am participating for the Style Stakes competition, and I know that heels give you an instant advantage over other contestants. And yeah, it’s painful, but it’s worth the pain," said Krzysztofek glancing down meaningfully at my own practical black ballerina flats.

Bright hues were not the only popular staple. Women dressed in neutral shades like beige and ivory were aplenty. Black and white combinations along with polka-dotted silks were also embraced by the glamorous fashion set. "There’s little that can go wrong with black or white. It has a timeless appeal," Krystal Blake.

Linda Murphy, 26, took the art of blending blacks with neon-tastic colours to another level.

It was not just the grand haute-couture designs or stylish high-end labels that were in the spotlight. Women who got their dresses tailored from Satwa also sparkled. Katie Shaver in an emerald green dress with a bouffant skirt was a walking advertisement for recessionista-chic. "Such a dress would have cost me $500 (Dh1,836) if I were to buy it online. But a tailor from Satwa made this by looking at the sketches and it just cost me Dh900. They have done a fantastic job," she said. Shaver and her better half, Matthew Mueller, even got a nod from the judges in the competition later in the day.

Sipping sparkling beverages and chatting up friends were not the only highlights of the afternoon. Mixing business with pleasure was Stephanie Khouy at the Bubble Lounge. She wore an over-sized hat made from discs and emblazoned on the discs was the name of the nightclub she was promoting.

Originally Published On: gulfnews.com – Original Article Here