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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Nov-11-04 08:47 AM
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5. daily dollar watch

Last trade 84.35 Change -0.08 (-0.09%)

Yen Falls Versus Dollar, Euro on Concern Japan to Sell Currency

Nov. 10 (Bloomberg) -- The yen fell by the most against the dollar in almost six months on concern Japan may sell its currency to protect exports and economic growth.

Traders reversed bets that the yen would strengthen after the Bank of Korea vowed to take action to slow ``excessive'' gains in its currency, fueling speculation Japan will follow. Wagers that the yen would advance reached the highest since February on the Chicago Mercantile Exchange last week.

``Investors previously had the comfortable assumption that Asian central banks would allow their currencies to appreciate without any protest,'' said Kenneth Landon, a senior currency strategist at JPMorgan Chase & Co. in New York, the second- biggest U.S. bank. ``The yen is really moving on this.''

Japan's currency weakened to 106.99 per dollar at 12:24 p.m. in New York from 105.67 yesterday, according to electronic foreign-exchange dealing system EBS. It was at 138.11 per euro, down from 136.30. The dollar traded at $1.2908 per euro after reaching a record $1.30 per euro in the first minutes after the U.S. said its trade gap was the third-widest on record.

``There was a heavy dollar-short position piled up ahead of the report on trade,'' said Tetsuhisa Hayashi, vice president and manager of Bank of Tokyo-Mitsubishi Ltd.'s foreign-exchange group. ``We saw some dollar buying to minimize trading losses at 106 yen.''


The Missing People's Agenda


The firings and cancellations, referred to in a press release as a "strategic realignment," come a mere two months after Forbes reported that KERA President Gary Ferrell was among the highest-paid bosses in public broadcasting, pulling in $257,504 annually--a sizable chunk of the $10 million raised during the regular pledge drives. Though Ferrell vehemently disputes the Forbes item, insisting its $10 million figure did not take into account the additional $7 million NTBC receives through government grants and other revenue sources, there's no denying the layoffs reveal substantial fiscal problems at KERA, which has been losing millions for years--even forcing the sale of KDTN-Channel 2 in January to a Christian broadcaster for $19.5 million. That money was put into an investment fund that will pay for new locally produced programming in the future, says a station spokeswoman.

According to the corporation's tax records, NTBC took in about $16 million during the fiscal year that ended in June 2003 and spent about $18 million, and that deficit appears to have doubled the next year. "Revenue has been pretty flat over the last several years," Ferrell says. One reason was the drop in donations after September 11, 2001, prompting the first round of layoffs in June 2002. "And we've suffered from expense increases," including rising health-care costs, a conversion to digital broadcasting and pay raises.

Ferrell says the station's executives and its 58-member board began trying to deal with the problems last spring. "We knew we were going to have to make some adjustments to our expense structure pretty early," Ferrell says. "What we were trying to do is to evaluate the services and activities that we're involved in and which ones are valuable and which ones maybe need to go away."


Electrolux: New leader in; layoffs are likely

The St. Cloud Electrolux freezer factory is under interim management, and layoffs are likely this fall as a small portion of production permanently shifts to China.

Interim manager Phil Hilling has replaced general manager Ron McCoy, who left a little more than a year after taking the job.

Electrolux spokesman Tony Evans declined to give reasons for McCoy's departure, citing a policy that prohibits comment on personnel matters.

Electrolux will make a particular size of compact chest freezer in China instead of St. Cloud to reduce production costs and accommodate plant capacity, Evans said.

"It's a small part of our overall freezer production," he said.

The St. Cloud plant has fought to stay competitive with foreign factories that have lower labor costs and fewer environmental rules.


OUCH on that 'toon, Ozy - looks like the USoA is making great strides in spreading democracy and its jobs :(

No reports today - it's Veteran's Day - and we making more of them all the time, too.

Have a Great Day Marketeers!
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