What is a sukuk? After Dana Gas claimed last week that its outstanding Islamic bonds are no longer lawful, this is not merely a philosophical question but a highly charged issue that could destroy the sukuk market. People around here seem to think I’m anti-gold. I’m not; the gold standard, for all its flaws, was infinitely superior to what we have now (for the average man, at least). But that’s not the same thing as believing it’s coming back any time soon, or believing PMs are some kind of sure-fire bet. They really aren’t.
Canada’s currency was king this week after its central bank signaled some hawkish surprises of its own that arguably overshadowed both the Fed and the Bank of England. Hints that borrowing rates could rise sooner rather than later had the loonie on pace to appreciate around 2.5 cents this week with the northern unit at one point reaching 3 ½ month highs. Oil markets turned a profit early Friday but remained at weaker levels below $45 which can limit loonie gains. Still, Canada’s hint of a rate hike bias bodes bullishly for the loonie’s short run outlook.
As PNB and Allied Bank continue to align their services. We are pleased to announce that PNB branches that display the interbranch transaction advisory are now capable of processing selected transactions for former Allied Bank clients. Please proceed directly to the special lanes designated for Allied Bank transactions.