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Australian Dollar Set for Weekly Advance as Metals Prices Surge

July 7 (Bloomberg) -- Australia's dollar was poised for a second weekly advance as the price of metals jumped, bolstering the outlook for the nation's export earnings.

The currency today rose to near a three-week high as a measure of six metals traded on the London Metal Exchange yesterday gained 5.4 percent, the most in six weeks. Higher commodity prices typically support the currency because raw materials account for about 60 percent of the nation's exports.

``There remains pretty good demand for the Australian dollar,'' Callum Henderson, head of foreign-exchange at Standard Chartered Bank Plc, said in Singapore. ``Australia will benefit from soaring commodity prices.''

The currency climbed to 74.59 U.S. cents as of 2:45 p.m. in Sydney from 74.19 cents in late Asian trading yesterday and 74.23 cents a week ago.

Market report: Brokers rediscover strong thirst for once ailing SAB Miller

SAB Miller enjoyed a much-needed boost, provided by two brokers publishing bullish notes on the brewer. The shares recovered 11 to 934p.

Инг Банк Евразия [12:48 06.07.2006]

Yesterday, FX markets were volatile. Wednesday morning saw attempts of the euro to rise against the dollar, which were followed by a drop below USD/EUR1.28. As a result, in the Russian FX market the rouble dropped from 26.84/USD to 26.90/USD. Today, we expect the market to remain volatile in anticipation of the ECB meeting. Although market players widely forecast the refinancing interest rate to remain unchanged at 2.75% at this meeting, they will be keeping their eyes on the post-meeting statement to see whether the bank will increase the rate at the next meeting in August or later. We see the rouble today in the range of 26.89-26.94/USD.

Olga Golub, Moscow (7 495) 755 5176 Rouble bond market

Wednesday continued Tuesday''s tendency in the local debt market: trading activity in all sectors was calm on average turnovers.

Business news briefs: 6/14/06

Gov. Ed Rendell still expects a party interested in Latrobe Brewing's plant to step forward within days, but it won't be Sierra Nevada Brewing Co. Steve Harrison, vice president of the Chico, Calif., brewer, said his company was not interested in the plant. InBev, the plant's owner, is selling the Rolling Rock brands to Anheuser-Busch for $82 million. Anheuser-Busch will make the Western Pennsylvania brews at its Newark, N.J., brewery, putting about 200 employees at the Latrobe plant out of work at the end of July.

FTC 'stuffs' 2 Fla. companies
Two Florida-based companies and their operators accused of misleading consumers into believing they could earn from $550 to $3,000 per week stuffing envelopes at home have been barred from making future misrepresentations under a settlement with the Federal Trade Commission.

SA business stays invested in Zim

There is a significant South African business presence in Zimbabwe. About 27 of our biggest listed companies have operations there, and a number are also listed on the Zimbabwe Stock Exchange. Some of these are its top performers. Strong economic ties were maintained despite the often mismatched political dispensations on either side of the border. Zimbabwe was, until recently, South Africa's most important trading partner in Africa, and one of the 15 countries globally with which South Africa exchanges the highest volume of trade. Local companies operating in Zimbabwe continued to find ways to deal with the country's distorted and largely dysfunctional economy in order to maintain a presence there in expectation of eventual political change and economic recovery. The main findings of research conducted into the experiences of companies operating in, and doing business with Zimbabwe include: Long-standing business ties have not been severed by the current economic problems, although many companies have preferred to ring-fence their Zimbabwe operations, keeping financials separate from the overall group operations, as a way of riding out the storm.

RBI Reference rate for US dollar and Euro

Mumbai: Reserve Bank of India (RBI) today fixed the Reference rate for the US currency at Rs 46.1200 per dollar and the single European unit at Rs 58.9000 per Euro from Rs 46.1500 and Rs 58.8000 respectively yesterday.In a press release issued here by the apex bank, the exchange rates of Great Britain Pound and Japanese Yen against the Rupee have been given as Rs 84.7178 per pound and Rs 40.05 per 100 yen respectively, based on the reference rate for US Dollar and middle rates of the cross currency quotes at 12 noon.The Reference rate is based on 12 noon rates of a few select banks in Mumbai and the SDR-Rupee rate will be based on this rate, the release added.

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