Dollar climbs down as panic subsides, on course for biggest loss in decade

first_imgThe dollar is on track for its biggest weekly fall in more than a decade on Friday as a series of stimulus steps around the world, including a $2.2 trillion US package, calmed a panic over a global recession following the coronavirus outbreak.Data showing an unprecedented rise in US jobless claims underscored the virus’ devastating impact on the economy, but subsequent rise in Wall Street shares raised hopes a torrent of selling in risk assets may have run its course for now.The dollar dropped to 109.42 yen, shedding 1.44% overnight while the euro also jumped 1.40% on Thursday and last stood at $1.1025. The focus stayed on an unprecedented $2.2 trillion stimulus expected to be approved by the US House of Representatives on Friday.The dollar’s index against six other major currencies lost 1.5%, its biggest daily fall in almost four years.So far this week it is down 2.9%. If sustained by the end of US trade, that would mark the biggest weekly decline since 2009, underscoring the currency market’s extreme volatility after last week racking up its biggest weekly gain since the global financial crisis more than a decade ago.Highly choppy trade could continue towards the end of month, when there tend to be large flows from corporate and investors to hedge their currency exposures.In particular, many asset managers may need to adjust their currency hedge positions after wild swings in global share prices.The dollar’s rises until last week, in particular against the ATopics : The biggest mover among major currencies was sterling, which rose 2.8% overnight before giving up part of that gain in early Asian trade. The British pound last stood at $1.2183.An easing in dollar funding conditions is helping to reduce demand for the dollar.The number of Americans filing claims for unemployment benefits surged to a record of more than 3.28 million last week as strict measures to contain the coronavirus pandemic unleashed a wave of layoffs.While that eclipsed the previous record of 695,000 set in 1982 and was up 3 million from last week, it was below investors’ worst fears.last_img read more

Tottenham open contract talks with Oliver Skipp

first_img Loading… And Football Insider says Spurs want to extend Skipp’s current contract, which expires next year. Read Also:Mourinho lauds Tottenham youngster Oliver Skipp Skipp is held in high regard at Hotspur Way, having rose through the ranks after joining the club in 2013. FacebookTwitterWhatsAppEmail分享 The 19-year-old academy graduate has impressed for the first-team this season.Advertisement Tottenham Hotspur have begun contract talks with Oliver Skipp. Promoted Content8 Weird Facts About Coffee That Will Surprise YouWhat Is A Black Hole In Simple Terms?10 Phones That Can Easily Fit In The Smallest PocketWho Is The Most Powerful Woman On Earth?Best & Worst Celebrity Endorsed Games Ever MadeThe Very Last Bitcoin Will Be Mined Around 2140. Read More7 Black Hole Facts That Will Change Your View Of The Universe10 Risky Jobs Some Women DoTop 10 Most Romantic Nations In The World20 Amazing Facts About The Daenerys Of The House Of TargaryenCouples Who Celebrated Their Union In A Unique, Unforgettable Way8 Superfoods For Growing Hair Back And Stimulating Its Growthlast_img read more

Abraham Boakye Wants MidSea Case Re-opened

first_imgMr. Bright Akwettey, counsel for Abraham Boakye, who has sued the Ghana FA over the sponsorship of the Ghana Premier League, has appealed to the High Court of Ghana to allow his client to re-open his case.Akwettey wants the High Court to subpeona certain key personalities in relation to the case. The people Akwettey wants called are Director of the Ghana Immigration Service, the Secretary of the GFA and the chairman and secretary of the Professional League Board.It is worth noting that both the defence and the plaintiff have closed the cases. But in an affidavit in support of a motion, Mr. Akwettey believes subpoenaing those people to produce documents and information was relevant to the determination of the case.According to Akwettey, during the evidence in chief of the first witness for the GFA and Mr. Kwesi Nyantakyi, the president, the witness raised new issues about some minutes of meetings – six in number, he said – purportedly taken during meetings between them and representatives of Globacom Nigeria.His contention is that there were no such minutes taken and that no such meetings took place. “That, secondly and more significantly, some of the persons stated in the minutes as having been present at those meetings, did not in fact attend such meetings and therefore falsehood was what fed to the court.”“That the evidence available in official circles, to wit, the Ghana Immigration Service, suggest strongly, that Randy Abbey and Rene Williams Kuoe Bi were not present in this country as some of the dates stated in the exhibit, which exhibits the plaintiff maintains are forgeries,” Mr. Akwettey said. Akwettey argues that to ensure that all relevant information was made available to the court to determine the truth, it would be fair and would accord the principles of justice to receive the minutes of the PLB of October 14, 2008 in evidence.BackgroundThe Ghana Football Association announced a five-year sponsorship deal worth $15 million with the Nigerian telecommunications giant as title sponsor for the premier league in December 2008.Abraham Boakye, aka One Man Supporter wants legal credit of introducing Glo and the GFA to the sponsorship. He believes no agency role was required to firm the deal, questioning also why the GFA should be paying a 10 percent agency fee to the aforementioned entities.The political heat generated from the case caused GFA President Kwesi Nyantakyi to hold a press conference on September 3, 2011 where he said that MidSea Company Limited had secured the Glo sponsorship deal for Ghana’s professional league.But a Director of the construction company, Professor Marian Ewurama Addy later said her outfit had never received money from the Ghana Football Association for any service. Professor Addy has repeatedly explained that none of the directors of the company knows or has dealt with Renee Williams, the supposed agent who represented the FA and Mid Sea on one hand and the Globacom Ghana on the other. .last_img read more