Gold rises, euro strengthens after Macron wins in France
The Dollar Business Bureau After dropping to a 7-week low previously in the trading session, gold moved up marginally on Monday on bargain-hunting and the euro strengthened against the dollar after Emmanuel Macron won France’s presidential election. Spot gold increased 0.3% to $1,230.88 an ounce at 0401 GMT, after reaching $1,224.86 per ounce earlier in the trading session, the lowest since March 17. Gold futures at US exchanges also rose 0.3% at $1,230.60 per ounce. On Monday, the euro touched a high of six months against dollar after Macron, a pro-European Union candidate, won the presidential election in France, defeating the far-right nationalist, Marine Le Pen, who threatened to pull out the country from the EU. “Leading into the election, with many polls predicting Macron's ...
Italys Renzi quits following defeat at the referendum; EU in deep trouble
The Dollar Business Bureau The euro fell to a 20-month low against the dollar, with the Italian PM Matteo Renzi’s resignation. Renzi stuck to his promise to resign if he fails in the referendum on constitutional reform. Renzi’s decision to quit just after 2 and a half year in power, dealt a severe blow to the EU as Italy is the third largest economy in the euro zone trying to keep it afloat. Markets reacted as instability in Italy could reignite a financial crisis that could be fatal to Italy’s ‘sinking’ banking sector. Early elections are a definite for Italy and chances are that an anti-euro party, possibly the rapidly gaining popularity, 5-Star Movement, could come to power. 5-Star campaigned hard for a ...
British Indian biz leaders back anti-Brexit drive
Source: PTI Ahead of this month's key referendum, more than 80 British Indian business leaders have supported Britain's membership in the European Union, saying Brexit will have the "double whammy effect" by hitting UK businesses as well as impacting inward investment from countries like India. In an open letter, 81 signatories who represent companies which range from multi-million-pound businesses to small and medium enterprises (SMEs) and employ thousands of people across the UK, warned that a vote to leave the EU would create "significant uncertainty" and put jobs and business investment at risk. They operate across a range of sectors including financial and legal services, hospitality, consultancy, real estate, care services, retail, media, technology, healthcare, pharmaceuticals, construction and manufacturing. British Indian MP Alok Sharma, ...
Weakening of Euro to affect Indias traditional exports: FIEO President
The Dollar Business Bureau Weakening of Euro will adversely affect India's Eurozone exports, which have already witnessed a decline during April-November 2014, said Rafeeque Ahmed, President, Federation of Indian Export Organisations (FIEO). Commenting on the sharp decline in the value of Euro bringing it to 14 years low against the US dollar, Mr Rafeeque said that such sharp and deep depreciation would affect India’s exports to Euro Zone significantly, which has already exhibited a decline of 0.18% in April-Nov, 2014 when it touched US$ 33.27 billion as against US$ 33.33 billion recorded in the same period in 2013. Eurozone, which consists of 19 countries, accounts for about 18.5 per cent of India's exports, most of them from traditional sectors such as ...
