Dollar stabilizes after Malaysian plane crash jitters

(#GNN) - NEW YORK: The #dollar stabilized against the #euro Thursday, trimming earlier gains #spurred by the crash of a #Malaysian jetliner in war-torn Ukraine.

Malaysia Airlines flight MH17 crashed in pro-Russia rebel-held territory in eastern Ukraine near the Russian border.

The Boeing 777, with 298 people aboard, was flying from Amsterdam to Kuala Lumpur.

Ukrainian President Petro Poroshenko called the disaster a "terrorist act." US officials said it was shot down by a surface-to-air missile but it was unclear who fired the weapon.

The crash news further heightened geopolitical concerns of an escalation in the months-long conflict in Ukraine, a day after the United States imposed tough new sanctions on Russia over its alleged support of separatist rebels in Ukraine.

In the oil-rich Middle East, meanwhile, Israel launched a ground operation in the Gaza Strip, saying the decision came following 10 days of Hamas attacks and after "repeated rejections of offers to de-escalate the situation.

"The uncertainty sent US and European stocks tumbling as investors sought safer havens in bonds and gold.

The dollar was pushed up to a one-month high against the euro as the shared currency fell to $1.3517, but the greenback later slipped back to within a hair of Thursday´s level.

Kathy Lien of BK Asset Management said the dollar suffered in part from the decline in the yields for US Treasury bonds, which move inversely to prices.

"US Treasury yields are at their lowest levels in more than six weeks, and that stripped some of the safe-haven status out of the US dollar," she said.

Strengthening exports: Country to hold exhibition in Kuala Lumpur

Festivals exhibiting mangoes and oranges would also be held in Malaysia in order to promote Pakistan’s fruit exports. PHOTO: FILE

KARACHI: Pakistan High Commissioner to Malaysia Syed Hasan Raza has announced to promote Pakistan’s exports in Malaysia in a broader way and assist the business community to hold a single country exhibition in Kuala Lumpur.

Speaking at a seminar at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in collaboration with the Halal Association of Pakistan, Raza also announced that festivals exhibiting mangoes and oranges would also be held in Malaysia in order to promote Pakistan’s fruit exports.

The seminar was also attended by Trade Development Authority of Pakistan (TDAP) Chief Executive SM Muneer and Halal Products and Services Association of Pakistan Chairman Kazi Asad Abid, who also addressed the business community.

The high commissioner highlighted the potential of fruits and vegetables, readymade garments and Halal products. He also informed the initiatives taken for the promotion of Pakistani exports to Malaysia.

Muneer informed that he recently held a meeting with the Minister of Commerce and highlighted the importance of Pakistani foreign missions in the promotion of exports.

He said a list of Pakistani foreign consulate / embassy officials would be updated to find out those, that are not performing their duties as per the role assigned to them for the promotion of Pakistani exports.

“The business community is very happy that Hassan Raza is now posted as the Malaysian Ambassador and we are sure that he will do his best efforts to identify and create opportunities for our exporters to increase Pakistan’s exports to Malaysia for the Halal certified Food and non food products,” said HAP Chairman Kazi Asad Abid.

Appreciating the appointment of SM Muneer as the chief executive of TDAP, Asad assured the audience that HAP would organise similar lectures on a regular basis, especially for the markets which are still not open for Pakistan, and would make efforts to resolve the issues and difficulties faced by our exporters under the leadership of SM Muneer.

Published in GNN & Tribune & Our Correspondent, May 6th, 2014.