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After a quiet night in the Foreign Exchange markets in Asian trading, the markets opened today with some sell pressure on the pound particularly against the USD. The pound slipped from a touch over 1.48 down to 1.4760. This could be attributed to weaker consumer confidence data released last night- the May index fell sharply by 10 points from April to 65.

However the prospect of another Mervyn King speech tonight at Mansion House could be more on the button, spooking the sterling bulls. In the recent past, whenever Mervyn king has made a public address sterling has always suffered due to his negative but admittedly realistic sentiment on the UK economy. Data already released this morning focused on the UK jobless sector, the data was actually not too bad with May jobless claims in at -30,900 better than the forecasted -20,000. In addition the claimant count rate came in at 4.6% and the unemployment rate at 7.9%, again slightly better than forecasts at 4.7% and 8% respectively. A muted response to this morning’s data for the pound as the market is well aware that unemployment levels should suffer following the emergency budget next week. Look for the pound to remain subdued today ahead of Mr. Kings address later- in fact I would not expect any significant movement in the pound until after Tuesday’s budget.

The surprise in the international markets is the recent fight back of the euro which pushed to 1.2353 yesterday against the USD. This is despite further pressure in the bond markets- this morning we have seen the Spanish/German 10 year government bond yield widen to 218bps, this is a lifetime high and Portuguese/German equivalent widened to 312bps. The move higher for the euro despite the negatives looks reflective of a short squeeze in the markets to shake up what was a market biased on shorting the euro. This is a relief rally for international payments and transfers which I would not expect to be sustained especially if the bond markets continue to deteriorate. On top of this there is also news of disagreement to stress testing of the European banking sector with Spain in favour and Germany against, which raises the question why are the Germans so against the idea?

The USD has unwound some of its recent gains following a week with little excitement (like the World Cup so far) and no huge surprises leading to gradual appetite coming back into the frame. Later today from the US, the pick of which is the Producer Price Index, Industrial production and a speech from Fed chairman Ben Bernanke.

Keep an eye on the Forex with an online currency converter till the budget.

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The smartest-looking lady made the smartest bid to snare Kieron Pollard, the most sought-after cricketer in the Indian Premier League’s (IPL) third player auction held in Mumbai on Tuesday afternoon.

Nita Ambani, Mumbai Indians’ owner, walked into the bidding room at a five-star hotel here wearing a newly-designed team T-shirt. She later said she was sure of what to purchase. It is a different matter that three other teams - Chennai Super Kings, Royal Challengers and Kolkata Knight Riders - had walked in with similar plans. However, it was Nita Ambani’s superior, secret, bid that prevailed.

The bidding for Pollard began at a base price of $200,000 and soon turned into a hot battle between Mumbai, Chennai, Bangalore and Kolkata. Every passing bid of $10,000 saw all the four teams locked in a tie when the entire purse of $750,000 was emptied. Lalit Modi, the IPL chief, then called for the tie-breaker rule where all three franchisees concerned had to quote an amount - a silent bid which wouldn’t be revealed - and the team quoting the highest amount could buy Pollard.

The Knight Riders were the first to back off at this stage, leaving the other three to slug it out. Nita Ambani wrote an amount slightly higher than Rs 6.5 crore (approximately $1.75m) which saw her pip rivals N Srinivasan (Chennai Super Kings) and Vijay Mallya (Royal Challengers). The idea, it seemed, was to keep in mind that the Kings and the Challengers would be missing out on the services of their costliest players this season - Andrew Flintoff and Kevin Pietersen - and so they would utilize that money to buy another player.

Mumbai Indians quoted a figure slightly higher than $1.5m and Pollard was theirs.

“The team strategy, discussed between Sachin Tendulkar, TA Sekar and Robin Singh was that we wanted a batting allrounder and we are happy to have him,” Nita Ambani, wife of CMD, Reliance Industries said after the successful bid.

Pollard technically emerged the costliest player of the IPL, as the money spent on him totals up to a mindboggling $1.75m. Ironically, according to the auction rules, the Trinindadian will only get $750,000. The rest of the amount ($1.55m) will go into the IPL kitty.

Mukesh Ambani’s Mumbai Indians have now exhausted their purse and will play no more part in the auctions.

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Reliance Industries Limited (RIL) Chairman & Managing Director Mukesh Ambani was awarded the inaugural Dean’s Medal from the University of Pennsyvania’s Eduardo Glandt, Dean of the School of Engineering and Applied Science today.

The medal was awarded to Mr Ambani at a function here in recognition of his “visionary leadership” in the application of engineering and technology for the betterment of mankind. .

“The medal is an acknowledgement for Ambani’s ingenuity and initiative to usher in Reliance’s vertical integration journey from textiles into fibers, petrochemicals, petroleum refining and eventually oil and gas exploration and production. Today, Reliance is a global leader in polyester, petrochemicals and refining, including the world’s largest petroleum refinery complex at Jamnagar. His vision of energy security for India was realized through an aggressive exploration program which resulted in the world’s largest gas discovery in the year 2002. The field eventually doubled gas production in India,” a press release from the School said.

“Mukesh Ambani embodies what the engineering profession can contribute to a country, as someone who seeks to apply technology for the betterment of society,” Mr Glandt said.

Mr Ambani said in his acceptance speech that he would treasure this medal. “It is much more than the recognition of the modest contribution as a chemical engineer from India. It recognizes the collective achievement of the Reliance family and the creativity of over 25,000 engineers in Reliance. I dedicate this Medal to the indomitable spirit of our founder chairman, Dhirubhai Ambani and each and every member of the Reliance family,” he said.

Mr Ambani joined RIL, founded by his father Dhirubhai Ambani, in 1981 after receiving a bachelor’s degree in chemical engineering from the University of Mumbai and pursuing a master’s degree at Stanford University’s Graduate School of Business.

Among Mr Ambani’s numerous honors are the 2007 US-India Business Council “Global Vision” Award for Leadership; the 2006 “ET Business Leader of the Year” Award by the Economic Times and the first NDTV-Profit “Global Indian Leader Award” in 2006.

In 2008, Mr. Ambani was elected Vice Chairman of the Executive Committee of the World Business Council for Sustainable Development. He is a member of the Prime Minister’s Council on Trade and Industry and of the Board of Governors of the National Council of Applied Economic Research. He is also Chairman of the Board of Governors of the Indian Institute of Management, Bangalore, and a member of the Indo-US CEOs Forum, the International Advisory Board of Citigroup, the International Advisory Board of the National Board of Kuwait, and the Advisory Council for Stanford University’s Graduate School of Business, among other appointments.

The University of Pennsylvania is a world leader in higher education, drawing 10,000 undergraduates from around the world and more than 11,000 additional students enrolled in Penn’s 12 graduate and professional schools.

The School of Engineering and Applied Science at Penn is one of the oldest in the United States, established in 1852 as a School of Mines, Arts and Manufactures. It has since grown into a centre of excellence in the creation of technology, leading to the first general-purpose digital computer, ENIAC, making Penn the birthplace of the digital revolution.

Mukesh Ambani controlled Reliance Industries Ltd (RIL) today rejected as “false” and “malicious” a news report on some Telugu TV channels alleging it may have had a hand in the helicopter crash that killed former Andhra Pradesh Chief Minister Y S Rajasekhara Reddy.

“We are shocked and outraged at the false, malicious, motivated and libellous news on TV-5 channel concerning the fatal mishap of Reddy’s helicopter. We condemn, rebut and reject the allegation with the contempt it deserves,” an RIL statement said.

Alleging that it was the “dirty handiwork of our business rivals in cohoots with TV-5,” it said, “This is also evident from the well coordinated attacks on RIL’s personnel and establishments in Andhra Pradesh within minutes of the telecast by TV-5.

Source: http://ril.com/downloads/pdf/PR08012010.pdf