A surge in thefts of iPhone and iPads is responsible for a slight uptick in New York City's overall crime rate, according to New York Mayor Michael Bloomberg.
Apple's products were the preferred mobile device target of many thieves in the city, Bloomberg noted duringhis weekly radio address,according to the New York Times .
Statistics published by the New York Police Department revealed thatas of Monday, there were3,484 more major crimes reported in 2012 than forthe same period last year.During that time, the city experienced 3,890 more thefts of Apple products.
"If you just took away thejump in Apple, we'd be down for the year," Marc La Vorgna, the mayor's press secretary, told the Times.
NYPD announced in September that thefts of iPhones and iPads have increased 40 percent this year, compared with the same period last year. To combat the rise in iPhone and iPad thefts, New YorkCity police have been running sting operations to catch people fencing stolen devices.
The NYPD has also launched a new service dubbed "Operation ID" to help owners find mobile devices that are lost or stolen. Because theloss of mobile devices is not limited to New York, the FCC announced earlier this year that it wasworking with the four major U.S. wireless carriers to create a centralized national database of lost or stolen cell phone information.
In addition, Apple recently filed a patent application for a theft detection system for smartphones that would sound an alarm if the device determined that ithad been stolen.
In the meantime, the mayor also had some advice for people using mobile devices on the streets of his fair city.
"Put it in a pocket in sort of a more body-fitting, tighter clothes, that you can feel if it was -- if somebody put their handin your pocket, not just an outside coat pocket," the mayor said.
Friday 28 December 2012
Thursday 27 December 2012
Lending by U.K. banks to companies fell sharply in November
LONDON—Lending by U.K.banks to companies fell sharply in November, underscoring the fragility ofthe British economy and raising doubts about the prospects of the Bank of England and U.K. Treasury'sflagship program to boost the credit supply.
Figures from the British Bankers' Association Thursday showed lending to companies outside the financial sector fell by £3.1 billion ($5.0 billion) in November, the steepest drop since...
Figures from the British Bankers' Association Thursday showed lending to companies outside the financial sector fell by £3.1 billion ($5.0 billion) in November, the steepest drop since...
Marvell Technology Group,Ltd., to pay $1.17 billion in damages
A federal jury in Pennsylvania on Wednesday ordered Marvell Technology Group,Ltd., to pay $1.17 billion in damages after finding it infringed on two patents held by Carnegie Mellon University.
A lawsuit filed in 2009 by the Pittsburgh university claimed that Marvell infringed on its patented technology fundamental for "increasing the accuracywith which hard disk drivecircuits read data from high-speed magnetic disks," according to a pressrelease from K&L Gates, thelaw firm representing Carnegie Mellon.
The damages could be increased by as much as three times by U.S. District Court judge Nora Barry Fischer since the jury found chipmaker Marvell's infringements were willful, according to K&L Gates.
The jury also found Marvell sold billions of chips incorporating the university's technology without a license to do so, according to K&L Gates.
Marvell has denied the claim.
A lawsuit filed in 2009 by the Pittsburgh university claimed that Marvell infringed on its patented technology fundamental for "increasing the accuracywith which hard disk drivecircuits read data from high-speed magnetic disks," according to a pressrelease from K&L Gates, thelaw firm representing Carnegie Mellon.
The damages could be increased by as much as three times by U.S. District Court judge Nora Barry Fischer since the jury found chipmaker Marvell's infringements were willful, according to K&L Gates.
The jury also found Marvell sold billions of chips incorporating the university's technology without a license to do so, according to K&L Gates.
Marvell has denied the claim.
Wednesday 26 December 2012
UAE bad loan provisions drop for first time since crisis
DUBAI, Dec 26 (Reuters) - Outstanding provisions for bad loans set aside by banks in the United Arab Emirates fell in October for the first time since the global financial crisis began building in 2008, central bank data showed on Wednesday.
The small drop does not indicate an end to the corporate debt problems that have weighed on UAE banks' earnings over the past several years. But it does suggest the banks are over the worst of thoseproblems, helped by solideconomic growth and a fledgling recovery of Dubai's real estate market.
Provisions set aside for specific non-performing loans edged down to 65.3billion dirhams ($17.8 billion) at the end of October from 65.4 billion dirhams in September, thedata showed.
The official WAM news agency said it was the firsttime since 2008 that provisions had dropped. In October 2011 they stood at 51.9 billion dirhams and at the end of2008 they amounted to 19.7 billion dirhams, according to the central bank.
General provisions earmarked for other purposes by the 23 UAE-based banks and 28 units of foreign banks alsofell slightly in October to 17.4 billion dirhams from 17.6 billion dirhams in September; they totalled 15.4 billion dirhams in October 2011.
Banks in the UAE were hitfirst by the global financialcrisis, then by the Dubai corporate debt disaster of 2009-2010, when the emirate's real estate market crashed and conglomerate Dubai World asked to restructure $25 billion of debt.
The debt problems have not yet been fully workedthrough. For example another investment conglomerate, Dubai Group, is still struggling torestructure $10 billion of debt, and it is not clear whether banks may have to take further provisions against that debt.
Early this month, credit rating agency Moody's Investors Service downgraded ratings of three Dubai banks including the emirate's biggest, Emirates NBD. It cited large amounts of problem loans and said the banks had low levels of balance sheet coverage for loan losses and would need additional provisioning.
But a recovery in Dubai's real estate market has greatly improved the bond market's confidencein the financial strength ofUAE banks and many of their big customers, and their bond yields have plunged this year.
Moody's predicted last month that the ratio of problem loans to gross loans in the UAE banking sector would be between 10 and 12 percent for 2012 and drop marginallyin 2013.
Banks in the UAE have built up strong capital buffers against losses; theyhad core capital worth 17.2 percent of risk-weighted assets in September, a much higher level than banks inmany Western countries, central bank data showed.
However, the aftermath ofthe debt crisis has slowed growth in their lending, which rose just 2.8 percent from a year earlierto 1.10 trillion dirhams in October.
Total deposits, boosted bythe real estate recovery and Dubai's ability to attract foreign funds as a safe haven in an unstable region, jumped 9.4 percent to 1.16 trillion dirhams. (editing by Jane Baird)
The small drop does not indicate an end to the corporate debt problems that have weighed on UAE banks' earnings over the past several years. But it does suggest the banks are over the worst of thoseproblems, helped by solideconomic growth and a fledgling recovery of Dubai's real estate market.
Provisions set aside for specific non-performing loans edged down to 65.3billion dirhams ($17.8 billion) at the end of October from 65.4 billion dirhams in September, thedata showed.
The official WAM news agency said it was the firsttime since 2008 that provisions had dropped. In October 2011 they stood at 51.9 billion dirhams and at the end of2008 they amounted to 19.7 billion dirhams, according to the central bank.
General provisions earmarked for other purposes by the 23 UAE-based banks and 28 units of foreign banks alsofell slightly in October to 17.4 billion dirhams from 17.6 billion dirhams in September; they totalled 15.4 billion dirhams in October 2011.
Banks in the UAE were hitfirst by the global financialcrisis, then by the Dubai corporate debt disaster of 2009-2010, when the emirate's real estate market crashed and conglomerate Dubai World asked to restructure $25 billion of debt.
The debt problems have not yet been fully workedthrough. For example another investment conglomerate, Dubai Group, is still struggling torestructure $10 billion of debt, and it is not clear whether banks may have to take further provisions against that debt.
Early this month, credit rating agency Moody's Investors Service downgraded ratings of three Dubai banks including the emirate's biggest, Emirates NBD. It cited large amounts of problem loans and said the banks had low levels of balance sheet coverage for loan losses and would need additional provisioning.
But a recovery in Dubai's real estate market has greatly improved the bond market's confidencein the financial strength ofUAE banks and many of their big customers, and their bond yields have plunged this year.
Moody's predicted last month that the ratio of problem loans to gross loans in the UAE banking sector would be between 10 and 12 percent for 2012 and drop marginallyin 2013.
Banks in the UAE have built up strong capital buffers against losses; theyhad core capital worth 17.2 percent of risk-weighted assets in September, a much higher level than banks inmany Western countries, central bank data showed.
However, the aftermath ofthe debt crisis has slowed growth in their lending, which rose just 2.8 percent from a year earlierto 1.10 trillion dirhams in October.
Total deposits, boosted bythe real estate recovery and Dubai's ability to attract foreign funds as a safe haven in an unstable region, jumped 9.4 percent to 1.16 trillion dirhams. (editing by Jane Baird)
Tuesday 25 December 2012
Kingfisher files revival plan with air regulator
NEW DELHI, Dec 25 (Reuters) - Grounded Indian carrier Kingfisher Airlines has filed a revival plan with the country's airline regulator, a senior government official said on Tuesday, in an effort torenew its operating license before it expires atthe end of the year.
Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money tobanks, airports, tax authorities, plane leasing companies, and its staff.
The Directorate General ofCivil Aviation (DGCA), India's aviation regulator, which suspended Kingfisher's licence to fly after months of cancelled flights and staff walkouts, has demanded a turnaround plan before the airline is permitted to fly again.
The DGCA wants all creditors to agree to the revival plan submitted by Kingfisher, and has not decided on its course of action, said the government official who has direct knowledge Of the matter, speaking on condition of anonymity.
Bankers maintain they have the option of restructuring Kingfisher's loans for a second time, orinfusing more capital, but they are awaiting a concrete revival or turnaround plan from the company, including capital injection by company chairman Vijay Mallya.
The airline did not say where it would find the money it needs, but mentioned it was in talks with several parties, including one in London, for new cash, the source said.
Mallya's United Breweries Group plans to invest 6.52billion rupees ($119 million) in the airline as part of the turnaround plan it filed on Monday, according to reports in a local newspaper on Tuesday.
Kingfisher has tried unsuccessfully to raise cash for more than a year. It said earlier this month itwas in talks with Abu Dhabi's Etihad Airways and other potential investors about selling a stake in the carrier. ($1 = 54.9650 Indian rupees) (Additional reporting by Swati Pandey in Mumbai; Writing by Aditi Shah; Editing by Daniel Magnowski)
Kingfisher, which has not flown since October, has estimated debts of $2.5 billion and owes money tobanks, airports, tax authorities, plane leasing companies, and its staff.
The Directorate General ofCivil Aviation (DGCA), India's aviation regulator, which suspended Kingfisher's licence to fly after months of cancelled flights and staff walkouts, has demanded a turnaround plan before the airline is permitted to fly again.
The DGCA wants all creditors to agree to the revival plan submitted by Kingfisher, and has not decided on its course of action, said the government official who has direct knowledge Of the matter, speaking on condition of anonymity.
Bankers maintain they have the option of restructuring Kingfisher's loans for a second time, orinfusing more capital, but they are awaiting a concrete revival or turnaround plan from the company, including capital injection by company chairman Vijay Mallya.
The airline did not say where it would find the money it needs, but mentioned it was in talks with several parties, including one in London, for new cash, the source said.
Mallya's United Breweries Group plans to invest 6.52billion rupees ($119 million) in the airline as part of the turnaround plan it filed on Monday, according to reports in a local newspaper on Tuesday.
Kingfisher has tried unsuccessfully to raise cash for more than a year. It said earlier this month itwas in talks with Abu Dhabi's Etihad Airways and other potential investors about selling a stake in the carrier. ($1 = 54.9650 Indian rupees) (Additional reporting by Swati Pandey in Mumbai; Writing by Aditi Shah; Editing by Daniel Magnowski)
Egypt has banned travellers from carrying more than $10,000 in foreign currency cash in or out of the country,
Political turmoil over the past month has raised fears among ordinary citizens that the government - which has pushed back talks to seal IMF funding till January -may not be able to get its fragile finances under control.
The central bank has spent more than $20 billion of its foreign reserves to support the pound since the popular uprising that toppled Hosni Mubarak in early 2011. It now has only $15billion, which is equal to only about three months of imports cover.
Presidential spokesman Yasser Ali on Tuesday confirmed the government decision, which includes U.S. dollars or their equivalentin other foreign currencies. The decision also forbids sending cash through the mail.
The decision prohibits all travellers from "bringing foreign currency into the country or carrying it out to only $10,000".
Any funds over $10,000 must be transferred electronically, Ali added.
Previously, travellers weresimply required to declare any amounts above $10,000 to authorities on their way in or out.
Bankers say depositors had been withdrawing greater amounts of cash from their accounts since President Mohamed Mursiissued a constitutional declaration last month thatexpanded his powers andthrew the country into a political crisis.
The crisis has complicated a $4.8 billion loan the government is seeking from the International Monetary Fund.
The central bank has spent more than $20 billion of its foreign reserves to support the pound since the popular uprising that toppled Hosni Mubarak in early 2011. It now has only $15billion, which is equal to only about three months of imports cover.
Presidential spokesman Yasser Ali on Tuesday confirmed the government decision, which includes U.S. dollars or their equivalentin other foreign currencies. The decision also forbids sending cash through the mail.
The decision prohibits all travellers from "bringing foreign currency into the country or carrying it out to only $10,000".
Any funds over $10,000 must be transferred electronically, Ali added.
Previously, travellers weresimply required to declare any amounts above $10,000 to authorities on their way in or out.
Bankers say depositors had been withdrawing greater amounts of cash from their accounts since President Mohamed Mursiissued a constitutional declaration last month thatexpanded his powers andthrew the country into a political crisis.
The crisis has complicated a $4.8 billion loan the government is seeking from the International Monetary Fund.
a California Instagram user leveled breach of contract and other claims against the company.
SAN FRANCISCO (Reuters) - Facebook's Instagram photo sharing service has been hit with what appears to be the first civil lawsuit to result from changed service terms that prompted howls of protest last week.
In a proposed class action lawsuit filed in San Francisco federal court on Friday, a California Instagram user leveled breach of contract and other claims against the company.
"We believe this complaintis without merit and we will fight it vigorously," Facebook spokesman Andrew Noyes said in an e-mail.
Instagram, which allows people to add filters and effects to photos and share them easily on the Internet, was acquired by Facebook earlier this year for $715 million.
In announcing revised terms of service last week, Instagram spurred suspicions that it would sell user photos without compensation. It also announced a mandatory arbitration clause, forcing users to waive their rights to participate in a class action lawsuit except under very limited circumstances.
The current terms of service, in effect through mid-January, contain no such liability shield.
The backlash prompted Instagram founder and CEO Kevin Systrom to retreat partially a few dayslater, deleting language about displaying photos without compensation.
However, Instagram kept language that gave it the ability to place ads in conjunction with user content, and saying "that we may not always identify paid services, sponsored content, or commercial communications as such." It also kept the mandatoryarbitration clause.
The lawsuit, filed by San Diego-based law firm Finkelstein & Krinsk, says customers who do not agree with Instagram's terms can cancel their profile but then forfeit rights to photos they had previously shared on the service.
"In short, Instagram declares that 'possession isnine-tenths of the law and if you don't like it, you can't stop us,'" the lawsuit says.
Kurt Opsahl, a senior staff attorney with the Electronic Frontier Foundation who had criticized Instagram, said he was pleased that the company rolled back some of the advertising terms and agreed to better explain their plans in the future.
However, he said the newterms no longer contain language which had explicitly promised that private photos would remain private. Facebook had engendered criticism in the past, Opsahl said, for changing settings so that the ability to keep some information private was no longer available.
"Hopefully, Instagram willlearn from that experienceand refrain from removingprivacy settings," Opsahl said.
The civil lawsuit in U.S. District Court, Northern District of California, is Lucy Funes, individually and on behalf of all otherssimilarly situated vs. Instagram Inc., 12-cv-6482.
(Reporting by Dan Levine;Editing by Dan Grebler)
In a proposed class action lawsuit filed in San Francisco federal court on Friday, a California Instagram user leveled breach of contract and other claims against the company.
"We believe this complaintis without merit and we will fight it vigorously," Facebook spokesman Andrew Noyes said in an e-mail.
Instagram, which allows people to add filters and effects to photos and share them easily on the Internet, was acquired by Facebook earlier this year for $715 million.
In announcing revised terms of service last week, Instagram spurred suspicions that it would sell user photos without compensation. It also announced a mandatory arbitration clause, forcing users to waive their rights to participate in a class action lawsuit except under very limited circumstances.
The current terms of service, in effect through mid-January, contain no such liability shield.
The backlash prompted Instagram founder and CEO Kevin Systrom to retreat partially a few dayslater, deleting language about displaying photos without compensation.
However, Instagram kept language that gave it the ability to place ads in conjunction with user content, and saying "that we may not always identify paid services, sponsored content, or commercial communications as such." It also kept the mandatoryarbitration clause.
The lawsuit, filed by San Diego-based law firm Finkelstein & Krinsk, says customers who do not agree with Instagram's terms can cancel their profile but then forfeit rights to photos they had previously shared on the service.
"In short, Instagram declares that 'possession isnine-tenths of the law and if you don't like it, you can't stop us,'" the lawsuit says.
Kurt Opsahl, a senior staff attorney with the Electronic Frontier Foundation who had criticized Instagram, said he was pleased that the company rolled back some of the advertising terms and agreed to better explain their plans in the future.
However, he said the newterms no longer contain language which had explicitly promised that private photos would remain private. Facebook had engendered criticism in the past, Opsahl said, for changing settings so that the ability to keep some information private was no longer available.
"Hopefully, Instagram willlearn from that experienceand refrain from removingprivacy settings," Opsahl said.
The civil lawsuit in U.S. District Court, Northern District of California, is Lucy Funes, individually and on behalf of all otherssimilarly situated vs. Instagram Inc., 12-cv-6482.
(Reporting by Dan Levine;Editing by Dan Grebler)
Jaguar Land Rover's Chinese subsidiary will recall 337 cars
The General Administration of Quality Supervision, Inspection and Quarantine said in a statement on its website that Jaguar Land Rover's China unit is recalling 190 2012 Evoque and Freelander vehicles produced on June 11 this year.
The agency's statement saidthe recall was prompted by concerns that substandard fixings in the vehicles' rear brake calipers may lead to brakes failing and sudden tire deflation.
The agency said another 147 2012 Evoque and 2013Evoque vehicles made between October 20 and September 18 will also be recalled due to problems intheir steering boxes, which contain "security risks".
Jaguar Land Rover, the British luxury marque owned by India's Tata Motors , has relied on strong demand over the past year from emerging markets such as China for itsluxury SUVs and sleek sedans to offset sluggish growth in developed markets.
The agency's statement saidthe recall was prompted by concerns that substandard fixings in the vehicles' rear brake calipers may lead to brakes failing and sudden tire deflation.
The agency said another 147 2012 Evoque and 2013Evoque vehicles made between October 20 and September 18 will also be recalled due to problems intheir steering boxes, which contain "security risks".
Jaguar Land Rover, the British luxury marque owned by India's Tata Motors , has relied on strong demand over the past year from emerging markets such as China for itsluxury SUVs and sleek sedans to offset sluggish growth in developed markets.
Spain's awards billions lottery winners
The country's annual Christmas lottery pays out this year $2.2 billion to thousands of winners, but those holding the winning number for the top prize --76058 -- for El Gordo, or"the fat one," reaped the biggest rewards, accordingto Spain's state-run lottery.
The first prize paid $950 million overall, or 43 percent of the total prizes, and most of "El Gordo" waswon by some residents of the historic university town of Alcala de Henares, just east of Madrid, the lottery administration said.
There, in a working class neighborhood with public housing and many immigrants, Spanish media reported that champagne bottles were popping at the lottery office that sold many of the winning tickets.
Spaniards typically buy a share of a ticket, among friends or family, at the local bar or workplace, so the joy was spread around.
Is praying for a lottery win frowned upon? Depends on who you ask
A man in Alcala de Henares bought 10 shares -- an amount known as a"full ticket," and now worth $5.2 million -- and had given them away otherfamily members. One recipient, the father of a young child, said he would try to buy a decent home and a car.
Another winner was a cafe owner who said he'd still probably open for businesson Monday, after going to collect his earnings at the bank, Spanish media reported.
The second biggest prize mostly went to residents in the town of Aranda de Duero, north of Madrid. Numerous towns across thenation also got a piece of the action, and some portions of the top El Gordo prize were sold in 15 Spanish provinces.
But Spain's recession and the unemployment rate that tops 25% clearly had an impact on the lottery intake this year.
The first prize paid $950 million overall, or 43 percent of the total prizes, and most of "El Gordo" waswon by some residents of the historic university town of Alcala de Henares, just east of Madrid, the lottery administration said.
There, in a working class neighborhood with public housing and many immigrants, Spanish media reported that champagne bottles were popping at the lottery office that sold many of the winning tickets.
Spaniards typically buy a share of a ticket, among friends or family, at the local bar or workplace, so the joy was spread around.
Is praying for a lottery win frowned upon? Depends on who you ask
A man in Alcala de Henares bought 10 shares -- an amount known as a"full ticket," and now worth $5.2 million -- and had given them away otherfamily members. One recipient, the father of a young child, said he would try to buy a decent home and a car.
Another winner was a cafe owner who said he'd still probably open for businesson Monday, after going to collect his earnings at the bank, Spanish media reported.
The second biggest prize mostly went to residents in the town of Aranda de Duero, north of Madrid. Numerous towns across thenation also got a piece of the action, and some portions of the top El Gordo prize were sold in 15 Spanish provinces.
But Spain's recession and the unemployment rate that tops 25% clearly had an impact on the lottery intake this year.
Monday 24 December 2012
Saturday 22 December 2012
Peru to prepay up to $1.5 billion in debt to stem the Peruvian sol's
LIMA, Dec 22 (Reuters) - Peru will launch an aggressive plan to prepay up to $1.5 billion in debt in 2013 to try to stem the Peruvian sol's appreciationby soaking up foreign currency in the local market, Finance Minister Luis Miguel Castilla said on Saturday.
"We are going to use and make prepayments of between $1 billion and$1.5 billion in 2013, and this will serve to absorb some of the appreciating pressure that exists in the economy," the minister told a news conference.
Peru's sol closed on Friday at its strongest level in more than 16 years, with a bid price of 2.558 per dollar.
Yield-hungry investors have poured money into emerging markets such as Peru, which has expanded on average by 6 percent a year in the last decade. It currently ranks as South America's fastest-growing economy.
Castilla also raised his forecast for 2013 economicgrowth to 6.3 percent from 6.0 percent previously. The new number matches the government's growth forecast for 2012.
The minister mentioned the possibility of debt prepayment during an interview with Reuters nearly two months ago. He said the debt prepayment was part of a"liability management policy" that seeks to improve and extend the Andean country's debt profile.
Paying foreign bonds early would complement other measures the government has applied to curb the sol's rally, such as raising deposit requirements on bank accounts denominated in dollars or allowing local pension funds to invest more money abroad.
Peru has local and foreigndebt in dollars and soles that are equivalent to about $36.6 billion, or nearly 20 percent of grossdomestic product. About$20 billion is foreign debt,according to the central bank.
"We are going to use and make prepayments of between $1 billion and$1.5 billion in 2013, and this will serve to absorb some of the appreciating pressure that exists in the economy," the minister told a news conference.
Peru's sol closed on Friday at its strongest level in more than 16 years, with a bid price of 2.558 per dollar.
Yield-hungry investors have poured money into emerging markets such as Peru, which has expanded on average by 6 percent a year in the last decade. It currently ranks as South America's fastest-growing economy.
Castilla also raised his forecast for 2013 economicgrowth to 6.3 percent from 6.0 percent previously. The new number matches the government's growth forecast for 2012.
The minister mentioned the possibility of debt prepayment during an interview with Reuters nearly two months ago. He said the debt prepayment was part of a"liability management policy" that seeks to improve and extend the Andean country's debt profile.
Paying foreign bonds early would complement other measures the government has applied to curb the sol's rally, such as raising deposit requirements on bank accounts denominated in dollars or allowing local pension funds to invest more money abroad.
Peru has local and foreigndebt in dollars and soles that are equivalent to about $36.6 billion, or nearly 20 percent of grossdomestic product. About$20 billion is foreign debt,according to the central bank.
List of banks in Texas
*. First Bank
Includes First Bank, whichserves Missouri and Illinois, and First Bank & Trust, which operates in California and Texas.
www.firstbanks.com
*. Broadway Bank
www.broadwaybank.com
*. Texas Capital Bank (Nasdaq: TCBI )
Offers corporate and private banking, as well as personal finance services.
www.texascapitalbank.com
*. Amarillo National Bank
Provides financial information online, including regional economic data. Learn moreabout ANB's new check card system.
www.anb.com
*. Southside Bank (Nasdaq: SBSI )
www.southside.com
*. American State Bank
Providing banking servicesto West Texas since 1948.
www.asbonline.com
*. BankDirect
Open accounts online, paybills, check interest rates, etc.
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*. Farm Credit Bank of Texas
Provider of long term loans for farms, ranches, and country homes to buy,refinance or improve.
www.farmcreditbank.com
*. American Bank
Independent financial institution serving the Corpus Christi Bay Area.
www.americanbank.com
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Independently owned community bank dedicated to providing the best service to our customers and promoting economic growth in the communities the bank serves.
www.alliancebank.com
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Providing community financial services to individuals and businesses.
www.bankfranklin.com
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www.theabcbank.com
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Specializes in private banking for individuals and commercial lending for growing companies.
www.swbanktx.com
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Banking, insurance, and mortgage services.
www.citybankonline.com *. American National Bank
Locally-owned and operated full service bank.
www.amnat.com
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Serving the Texas area for over 90 years
www.moodybank.com
*. Klein Bank
serving Northwest Houston communities in Harris County and Montgomery County.
www.kleinbank.com
*. State National Bank of WestTexas
www.statenationalbank.com
*. City National Bank
www.cnbt.com/ *. Del Rio Bank and Trust
Learn how we can help your business connect withMexican trade.
www.thebankandtrust.com/
*. Citizens National Bank
Community bank in East Texas.
www.cnbtexas.com
*. City National Bank
East Texas financial institution serving individuals and businesses. Our web site lists our products and services.
www.citynationalbank.com
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www.fvnb.com
*. Brenham National Bank
Checking, loans, credit cards, ATM cards, investment Services, student loans and more.
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www.lonestarbank.com
*. Texas Bank
Homeowned bank offeringchecking, savings, trust services and a variety of financial services.
www.txbank.com
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www.bradynationalbank.com
*. Bank of the West
Independent bank specializing in small business loans.
www.bnkwest.com
*. Citizens State Bank
serving the Tyler, Chandler/Lake Palestine and Brownsboro areas.
www.mybankcsb.com
*. First Community Bank, N.A.
Offers individual and commercial accounts. Online banking available.
www.firstcommunitybank.net
*. Citizens State Bank of Somerville Texas
www.csbtx.com
*. North Dallas Bank & Trust
Providing personal and commercial services.
www.ndbt.com
*. Wallis State Bank
Has been serving residents, businesses, and farmers for over 90 years utilizing the latest technology combined withpersonalized service.
www.wallisbank.com
*. Texas Bank
Serving Brown and Erath Counties.
www.texbank.com
*. Eagle Bank
Locally owned and operated.
www.eagle-bank.com
*. First State Bank
Full service banking to theTexas and Oklahoma panhandles, with locations in Dumas, Dalhart, and Stratford.
www.firstclassbanking.com
*. First Command Bank
Offers personal and business banking services and products along with military and former military families banking facility.
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www.synergybank.com
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www.firsttexasbank.com *. Abrams Centre National Bank
www.abramsbank.com
*. Texas First Bank
Locally-owned bank offering nine convenient locations throughout Galveston County.
www.texasfirstbanks.com
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Offers a full range of business and personal banking services.
www.statebanktx.com
*. Bank of the West - El Paso
Offering full range of services for personal and business customers.
www.botw-ep.com
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Old-fashioned personal service.
www.fnbportlavaca.com
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Providing full bank services and products for the military and DOD civilians.
www.enbank.com
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Offering full account access over the Internet.
www.txloanstar.com
*. First Bank Of Conroe
www.fboc.com
*. Heritage National Bank
Offers home banking, deposit accounts, debit cards, and competitive rates on home mortgages, credit cards, and personal and commercial loans.
www.heritagenationalbank.com
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An independent, full service commercial bank.
www.fnbbellville.com
*. Jefferson State Bank
www.jeffersonstatebank.com
*. Security Bank
With online banking.
www.security-bank.com
Includes First Bank, whichserves Missouri and Illinois, and First Bank & Trust, which operates in California and Texas.
www.firstbanks.com
*. Broadway Bank
www.broadwaybank.com
*. Texas Capital Bank (Nasdaq: TCBI )
Offers corporate and private banking, as well as personal finance services.
www.texascapitalbank.com
*. Amarillo National Bank
Provides financial information online, including regional economic data. Learn moreabout ANB's new check card system.
www.anb.com
*. Southside Bank (Nasdaq: SBSI )
www.southside.com
*. American State Bank
Providing banking servicesto West Texas since 1948.
www.asbonline.com
*. BankDirect
Open accounts online, paybills, check interest rates, etc.
www.bankdirect.com
*. Farm Credit Bank of Texas
Provider of long term loans for farms, ranches, and country homes to buy,refinance or improve.
www.farmcreditbank.com
*. American Bank
Independent financial institution serving the Corpus Christi Bay Area.
www.americanbank.com
*. Alliance Bank
Independently owned community bank dedicated to providing the best service to our customers and promoting economic growth in the communities the bank serves.
www.alliancebank.com
*. Franklin Bank
Providing community financial services to individuals and businesses.
www.bankfranklin.com
*. American Bank of Commerce
www.theabcbank.com
*. Southwest Bank of Texas
Specializes in private banking for individuals and commercial lending for growing companies.
www.swbanktx.com
*. City Bank
Banking, insurance, and mortgage services.
www.citybankonline.com *. American National Bank
Locally-owned and operated full service bank.
www.amnat.com
*. Moody National Bank
Serving the Texas area for over 90 years
www.moodybank.com
*. Klein Bank
serving Northwest Houston communities in Harris County and Montgomery County.
www.kleinbank.com
*. State National Bank of WestTexas
www.statenationalbank.com
*. City National Bank
www.cnbt.com/ *. Del Rio Bank and Trust
Learn how we can help your business connect withMexican trade.
www.thebankandtrust.com/
*. Citizens National Bank
Community bank in East Texas.
www.cnbtexas.com
*. City National Bank
East Texas financial institution serving individuals and businesses. Our web site lists our products and services.
www.citynationalbank.com
*. First Victoria National Bank
www.fvnb.com
*. Brenham National Bank
Checking, loans, credit cards, ATM cards, investment Services, student loans and more.
www.bnbank.com
*. La Grange State Bank
www.lonestarbank.com
*. Texas Bank
Homeowned bank offeringchecking, savings, trust services and a variety of financial services.
www.txbank.com
*. Brady National Bank
www.bradynationalbank.com
*. Bank of the West
Independent bank specializing in small business loans.
www.bnkwest.com
*. Citizens State Bank
serving the Tyler, Chandler/Lake Palestine and Brownsboro areas.
www.mybankcsb.com
*. First Community Bank, N.A.
Offers individual and commercial accounts. Online banking available.
www.firstcommunitybank.net
*. Citizens State Bank of Somerville Texas
www.csbtx.com
*. North Dallas Bank & Trust
Providing personal and commercial services.
www.ndbt.com
*. Wallis State Bank
Has been serving residents, businesses, and farmers for over 90 years utilizing the latest technology combined withpersonalized service.
www.wallisbank.com
*. Texas Bank
Serving Brown and Erath Counties.
www.texbank.com
*. Eagle Bank
Locally owned and operated.
www.eagle-bank.com
*. First State Bank
Full service banking to theTexas and Oklahoma panhandles, with locations in Dumas, Dalhart, and Stratford.
www.firstclassbanking.com
*. First Command Bank
Offers personal and business banking services and products along with military and former military families banking facility.
www.firstcommandbank.com
*. Synergy Bank
www.synergybank.com
*. First Texas Bancorp
www.firsttexasbank.com *. Abrams Centre National Bank
www.abramsbank.com
*. Texas First Bank
Locally-owned bank offering nine convenient locations throughout Galveston County.
www.texasfirstbanks.com
*. State Bank of Texas
Offers a full range of business and personal banking services.
www.statebanktx.com
*. Bank of the West - El Paso
Offering full range of services for personal and business customers.
www.botw-ep.com
*. First National Bank in Port Lavaca
Old-fashioned personal service.
www.fnbportlavaca.com
*. Eisenhower National Bank
Providing full bank services and products for the military and DOD civilians.
www.enbank.com
*. Schwertner State Bank
Offering full account access over the Internet.
www.txloanstar.com
*. First Bank Of Conroe
www.fboc.com
*. Heritage National Bank
Offers home banking, deposit accounts, debit cards, and competitive rates on home mortgages, credit cards, and personal and commercial loans.
www.heritagenationalbank.com
*. First National Bank of Bellville
An independent, full service commercial bank.
www.fnbbellville.com
*. Jefferson State Bank
www.jeffersonstatebank.com
*. Security Bank
With online banking.
www.security-bank.com
List of Banks in Saudi Arabia
National Commercial Bank
P.O. Box 3555, Jeddah
T : 02 6493333
F : 02 6446468
W : www.ncb.com.sa
Riyadh Bank
King Faisal Street,
Al Bat'ha, P.O. Box 229,
Riyadh
T : 01 4113333F : 01 4114626
W : www.riyadbank.com
Arab National Bank
King Faisal Street,
North Murabba,
P.O. Box 56921, Riyadh
T : 01 4029000
F : 01 4027747
W : www.anb.com.sa
Saudi British Bank
Salah Al Din Al Ayyoubi Road,
P.O. Box 9084, Riyadh
T : 01 4050677
F : 01 4050660
W : www.sabb.com.sa
Saudi American Bank
P.O. Box 833, Riyadh
T : 01 4774770
F : 01 4774770 ext.1473
W : www.samba.com.sa
Banque Saudi Fransi
P.O. Box 56006, Riyadh
T : 01 4042222
F : 01 4042311
W : www.alfransi.com
Saudi Hollandi Bank
Al Dhabab Street,
P.O. Box 1467, Riyadh
T : 01 4010288
F : 01 4031104
W : www.saudihollandibank.com
Bank Al Jazira
P.O. Box 6277, Jeddah
T : 02 6518070
F : 02 6532478
W : www.baj.com.sa
Saudi Investment Bank
P.O. Box 3533, Riyadh
T : 01 4786000
F : 01 4776781
W : www.saib.com.sa
Al Rajhi Bank
P.O. Box 28, Riyadh
T : 01 4054244
F : 01 4052950
W : www.alrajhibank.com.sa
Al Bilad Bank
Steen Street, Al Malaz,
P.O. Box 140, Riyadh
T : 01 4798888
F : 01 4798898
W : www.bankalbilad.com.sa
Islamic Development Bank
King Khaleed Street,
P.O. Box. 5925, Jeddah
T : 02 6361400
F : 02 6366871
W : www.isdb.org
P.O. Box 3555, Jeddah
T : 02 6493333
F : 02 6446468
W : www.ncb.com.sa
Riyadh Bank
King Faisal Street,
Al Bat'ha, P.O. Box 229,
Riyadh
T : 01 4113333F : 01 4114626
W : www.riyadbank.com
Arab National Bank
King Faisal Street,
North Murabba,
P.O. Box 56921, Riyadh
T : 01 4029000
F : 01 4027747
W : www.anb.com.sa
Saudi British Bank
Salah Al Din Al Ayyoubi Road,
P.O. Box 9084, Riyadh
T : 01 4050677
F : 01 4050660
W : www.sabb.com.sa
Saudi American Bank
P.O. Box 833, Riyadh
T : 01 4774770
F : 01 4774770 ext.1473
W : www.samba.com.sa
Banque Saudi Fransi
P.O. Box 56006, Riyadh
T : 01 4042222
F : 01 4042311
W : www.alfransi.com
Saudi Hollandi Bank
Al Dhabab Street,
P.O. Box 1467, Riyadh
T : 01 4010288
F : 01 4031104
W : www.saudihollandibank.com
Bank Al Jazira
P.O. Box 6277, Jeddah
T : 02 6518070
F : 02 6532478
W : www.baj.com.sa
Saudi Investment Bank
P.O. Box 3533, Riyadh
T : 01 4786000
F : 01 4776781
W : www.saib.com.sa
Al Rajhi Bank
P.O. Box 28, Riyadh
T : 01 4054244
F : 01 4052950
W : www.alrajhibank.com.sa
Al Bilad Bank
Steen Street, Al Malaz,
P.O. Box 140, Riyadh
T : 01 4798888
F : 01 4798898
W : www.bankalbilad.com.sa
Islamic Development Bank
King Khaleed Street,
P.O. Box. 5925, Jeddah
T : 02 6361400
F : 02 6366871
W : www.isdb.org
List of banks in philippines
*. Metropolitan Bank and Trust Company (Metrobank)
Retail and corporate full-service bank; has foreign currency and trade services.
www.metrobank.com.ph
*. United Coconut Planters Bank
www.ucpb.com
*. HSBC
Personal banking, card services, and corporate banking.
www.hsbc.com.ph
*. International Exchange Bank
www.ibank.com.ph
*. Citystate Savings Bank
Thrift bank offering personal accounts, loans for individuals and small-businesses, and other banking services with branches throughout Luzon.
www.citystatesavings.com
*. Isla Bank
Thrift bank offering loan, deposit, safe deposit box, and placement services.
www.islabank.com
*. BNP Paribas
Financial institution offering off shore banking.
www.bnpparibas.com.ph
*. Philippine National Bank
Offers personal and business banking, trust and investment products, business products, asset management, and more.
www.pnb.com.ph
*. Equitable PCI Bank
www.equitablepcib.com
*. Citibank Philippines
Get information on credit cards, savings and checking accounts, investments and loans; printable application formsavailable.
www.citibank.com.ph
*. Unionbank of the Philippines
Provides commercial and consumer banking servicesnationwide.
www.unionbankph.com
*. Philippine Commercial International Bank (PCI Bank)
www.pcib.com
*. Bank of the Philippine Islands
www.bpi.com.ph
*. Bank of the Philippine Islands (BPI)
Family and corporate banking services, including online banking and online investment section.
www.bpiexpressonline.com
*. Security Bank Corporation (SBC)
Offers branches nationwide.
www.securitybank.com.ph
*. Philippine Business Bank (PBB)
Offering banking and financial services for small and medium enterprises.
www.pbb.com.ph
*. Land Bank of the Philippines
Offers deposit, ancillary, credit, and agrarian services.
www.landbank.com
Retail and corporate full-service bank; has foreign currency and trade services.
www.metrobank.com.ph
*. United Coconut Planters Bank
www.ucpb.com
*. HSBC
Personal banking, card services, and corporate banking.
www.hsbc.com.ph
*. International Exchange Bank
www.ibank.com.ph
*. Citystate Savings Bank
Thrift bank offering personal accounts, loans for individuals and small-businesses, and other banking services with branches throughout Luzon.
www.citystatesavings.com
*. Isla Bank
Thrift bank offering loan, deposit, safe deposit box, and placement services.
www.islabank.com
*. BNP Paribas
Financial institution offering off shore banking.
www.bnpparibas.com.ph
*. Philippine National Bank
Offers personal and business banking, trust and investment products, business products, asset management, and more.
www.pnb.com.ph
*. Equitable PCI Bank
www.equitablepcib.com
*. Citibank Philippines
Get information on credit cards, savings and checking accounts, investments and loans; printable application formsavailable.
www.citibank.com.ph
*. Unionbank of the Philippines
Provides commercial and consumer banking servicesnationwide.
www.unionbankph.com
*. Philippine Commercial International Bank (PCI Bank)
www.pcib.com
*. Bank of the Philippine Islands
www.bpi.com.ph
*. Bank of the Philippine Islands (BPI)
Family and corporate banking services, including online banking and online investment section.
www.bpiexpressonline.com
*. Security Bank Corporation (SBC)
Offers branches nationwide.
www.securitybank.com.ph
*. Philippine Business Bank (PBB)
Offering banking and financial services for small and medium enterprises.
www.pbb.com.ph
*. Land Bank of the Philippines
Offers deposit, ancillary, credit, and agrarian services.
www.landbank.com
Friday 21 December 2012
List of banks in Georgia
*. Columbus Bank and Trust Company
Full service bank and affiliate of the Synovus Financial Corp. Features military banking services atFort Benning.
www.columbusbankandtrust.com
*. Athens First Bank
A full service bank.
www.athensfirstbank.com
*. Georgia Bank & Trust
Offers online banking services.
www.georgiabankandtrust.com
*. Georgia State Bank
www.geobank.com
*. First Clayton Bank & Trust
www.firstclayton.com
*. People's Bank & Trust
www.peoplesbanktrust.com
*. First State Bank and Trust
Full service bank.
www.fsbtc.com
*. Bank of Upson
www.bankofupson.com
*. Quantum National Bank
Community bank to serve your needs with quality service and a strong commitment for long-termcustomer relationship.
www.quantumbank.com
*. West Georgia National Bank
www.wgnb.com
*. Commercial Bank and Trust Company
With branch locations providing personal and business banking services.
www.combanktrust.com
*. Cohutta Banking Company
A full service bank.
www.cohuttabank.com
*. Douglas County Bank
www.dcbank.com
*. Thomasville National Bank
Offering a variety of personal and on-line banking services. Includesannual report and service and contact information.
www.tnbank.com
*. Citizens First Bank
www.citizensfirst-rome.com
*. Citizens Bank of Washington County
www.cbwc.com
*. Bank of Coweta
Serving the Newnan and Coweta County area of West Georgia.
www.bankofcoweta.com
*. Security Bank and Trust Company
Full service bank.
www.securitybank-albany.com
*. First Bank of Dalton
Locally owned and managed community bankwith online services avaialable.
www.firstbankofdalton.Com *. Georgia Bank & Trust
Provides a range of financial products and services.
www.gbtcalhoun.com
*. Bank of Hazlehurst
Offers a full range of financial products and services.
www.bankofhazlehurst.com
*. Century Bank of Bartow County
Offers personal and business banking services.
www.centurybanknet.com
*. Community Trust Bank
www.communitytrustbank.com
*. National Bank of Walton County
www.nbwc.com
*. Fidelity National (Nasdaq: LION )
Provides a range of banking, mortgage, and investment brokerage services at locations throughout the Atlanta metropolitan area.
www.fidelitynational.com
*. Savannah Bank
Provides commercial and private banking services, including mortgage, loan, and trust services.
www.savannahbank.com
*. Live Oak Bank
Specializes in financial services for veterinary and dental practices.
www.liveoakbank.com
*. Planters and Citizens Bank
Offers online banking, cash management, loans, and more for local individuals and businesses.
www.pcbankonline.com
*. Mount Vernon Bank
www.mvbankonline.com
*. First Bank of Coastal Georgia
www.firstbankofcg.com
*. Bank of LaFayette, The
Offers loans, online banking, IRAs, and more.
www.bankoflafayette.com
*. First Community Bank of Tifton
Affiliate of the Synovus family of companies.
www.firstcommunbanktifton.com
*. Sumter Bank & Trust
Provides personal, business, and electronic services.
www.sumterbank.com
*. First Federal Savings Bank of LaGrange
Offers a variety of personaland business banking services.
www.flagbank.com
*. Citizens Bank
www.citizensbankusa.com
*. Peachtree National Bank
www.pchnb.com
*. First Georgia Bank
Includes information on commercial banking, savings accounts, and more.
www.firstgeorgiabank.com
*. Farmers and Merchants Bank
Offering Internet banking and community bank services.
www.fmb-online.com
*. First Newton Bank
www.firstnewtonbank.com *. Union County Bank
www.unioncountybank.com
*. White County Bank
www.whitecountybank.com
*. First Bank of Habershaw
www.firstbankofhabersham.com
*. Towns County Bank
www.townscountybank.com
*. United Community Bank ofLumpkin County
www.ucblumpkincounty.com
*. Citizens Union Bank
Locally owned community bank.
www.citunionbk.com
*. Habersham Bancorp
Offers personal financial services at locations througout Georgia.
www.habcorp.com
*. Bank of North Georgia
Offering banking for businesses, individuals, and electronic banking.
www.banknorthgeorgia.com
Full service bank and affiliate of the Synovus Financial Corp. Features military banking services atFort Benning.
www.columbusbankandtrust.com
*. Athens First Bank
A full service bank.
www.athensfirstbank.com
*. Georgia Bank & Trust
Offers online banking services.
www.georgiabankandtrust.com
*. Georgia State Bank
www.geobank.com
*. First Clayton Bank & Trust
www.firstclayton.com
*. People's Bank & Trust
www.peoplesbanktrust.com
*. First State Bank and Trust
Full service bank.
www.fsbtc.com
*. Bank of Upson
www.bankofupson.com
*. Quantum National Bank
Community bank to serve your needs with quality service and a strong commitment for long-termcustomer relationship.
www.quantumbank.com
*. West Georgia National Bank
www.wgnb.com
*. Commercial Bank and Trust Company
With branch locations providing personal and business banking services.
www.combanktrust.com
*. Cohutta Banking Company
A full service bank.
www.cohuttabank.com
*. Douglas County Bank
www.dcbank.com
*. Thomasville National Bank
Offering a variety of personal and on-line banking services. Includesannual report and service and contact information.
www.tnbank.com
*. Citizens First Bank
www.citizensfirst-rome.com
*. Citizens Bank of Washington County
www.cbwc.com
*. Bank of Coweta
Serving the Newnan and Coweta County area of West Georgia.
www.bankofcoweta.com
*. Security Bank and Trust Company
Full service bank.
www.securitybank-albany.com
*. First Bank of Dalton
Locally owned and managed community bankwith online services avaialable.
www.firstbankofdalton.Com *. Georgia Bank & Trust
Provides a range of financial products and services.
www.gbtcalhoun.com
*. Bank of Hazlehurst
Offers a full range of financial products and services.
www.bankofhazlehurst.com
*. Century Bank of Bartow County
Offers personal and business banking services.
www.centurybanknet.com
*. Community Trust Bank
www.communitytrustbank.com
*. National Bank of Walton County
www.nbwc.com
*. Fidelity National (Nasdaq: LION )
Provides a range of banking, mortgage, and investment brokerage services at locations throughout the Atlanta metropolitan area.
www.fidelitynational.com
*. Savannah Bank
Provides commercial and private banking services, including mortgage, loan, and trust services.
www.savannahbank.com
*. Live Oak Bank
Specializes in financial services for veterinary and dental practices.
www.liveoakbank.com
*. Planters and Citizens Bank
Offers online banking, cash management, loans, and more for local individuals and businesses.
www.pcbankonline.com
*. Mount Vernon Bank
www.mvbankonline.com
*. First Bank of Coastal Georgia
www.firstbankofcg.com
*. Bank of LaFayette, The
Offers loans, online banking, IRAs, and more.
www.bankoflafayette.com
*. First Community Bank of Tifton
Affiliate of the Synovus family of companies.
www.firstcommunbanktifton.com
*. Sumter Bank & Trust
Provides personal, business, and electronic services.
www.sumterbank.com
*. First Federal Savings Bank of LaGrange
Offers a variety of personaland business banking services.
www.flagbank.com
*. Citizens Bank
www.citizensbankusa.com
*. Peachtree National Bank
www.pchnb.com
*. First Georgia Bank
Includes information on commercial banking, savings accounts, and more.
www.firstgeorgiabank.com
*. Farmers and Merchants Bank
Offering Internet banking and community bank services.
www.fmb-online.com
*. First Newton Bank
www.firstnewtonbank.com *. Union County Bank
www.unioncountybank.com
*. White County Bank
www.whitecountybank.com
*. First Bank of Habershaw
www.firstbankofhabersham.com
*. Towns County Bank
www.townscountybank.com
*. United Community Bank ofLumpkin County
www.ucblumpkincounty.com
*. Citizens Union Bank
Locally owned community bank.
www.citunionbk.com
*. Habersham Bancorp
Offers personal financial services at locations througout Georgia.
www.habcorp.com
*. Bank of North Georgia
Offering banking for businesses, individuals, and electronic banking.
www.banknorthgeorgia.com
list of banks in New York city
*. Chase Manhattan Bank Thelargest banking company in the United States
*. Bank of New York A full service bank offering a fullrange of banking and other financial services to corporations businesses and individuals worldwide. The first bank chartered in New York
*. M & T Bank Regional bankoffers personal and business banking services operating more than 650 branches across NY PA MDVA WV and DC
*. ABN AMRO Bank Provides universal banking services to corporate nationally andinternationally operating clients as well as personal and private banking customers. ABN AMRO hasa presence in 74 countries and territories
*. HSBC Bank USA New York-based corporate bankprovides a wide range of financial services to consumers and businesses
*. Hudson River Bancorp Inc. Savings and loan holding company with subsidiary which performs savings bank operations and mortgage banking services
*. Five Star Bank Western and central New York bank providing business and personal banking services. Includes products offered locations and hours and rate calculators
*. Queens County Savings Bank A full service community bank serving the financial needs of Queens New York
*. CFS Bank Provides personal and commercial banking through supermarket branches throughtout the greater New York area.
*. Ridgewood Bank Community bank provides personal services through branches in Queens Brooklyn and Nassau New York
*. Union State Bank A full service commercial bank with banking offices located in Rockland and Westchester counties in New York
*. HSBC Bank USA New York State regional bank and principal subsidiary of HSBC USA Inc
*. State Bank of Long Island Providing banking servicesfor commercial municipal and personal customers
*. The Astoria Federal Savings Bank Mortgage home equity small business banking
*. Provident Bank Offers personal and business banking from 27 full-service offices throughout Rockland Orange Ulster and Sullivan Counties New York
*. Bank of Baroda USA - NY Branch Offers a full range of financial products and personal banking services. Provides trade finance fund transfer NRI services and loan facilities for business
*. Habib American Bank Community bank specializing in trade finance and meeting the banking needs of small businesses
*. Long Island Commercial Bank Provides commercial and consumer banking to communities in Nassau andSuffolk counties
*. Northfield Savings Bank Staten Island bank offers checking direct deposit mortgage loans and internet banking
*. Elmira Savings Bank FSB (The) Performs savings andloan operations and other related financial activities. (Nasdaq: ESBK)
*. Hudson Valley Bank Provides banking services to individuals businesses and professionals
*. First National Bank A locally-owned and managed community bankserving the Sullivan County/Catskills region of New York State
*. Wilber National Bank Providing high-quality customer service and innovative products throughout upstate New York
*. PathFinder Bank Offers a full array of financial products and services to area residents in Oswego
*. The First National Bank of Long Island Community bank with branches located in Nassau and Suffolk
*. Pioneer Savings Bank Offers a complete range ofpersonal banking services serving the communities ofthe Capital Region of New York
*. Ballston Spa National Bank Community bank with eight locations in Saratoga county
*. Suffolk County National Bank The second largest independent commercial bank headquartered on Long Island New York
*. Seneca Federal Savings and Loan Located in the Central NY area. Includes current rates and service descriptions
*. 1st National Bank of Scotia An independent bank providing personalized service to customers in Scotia New York
*. Bank Audi USA Part of the Lebanese Audi Group providing full-service banking
*. Genesee Regional Bank Provides banking productsand financial services in New York
*. Geddes Federal Savings Provides Syracuse residents with a safe and secure place for their savings along with the ability to borrow money to purchase homes
*. Brooklyn Federal Savings Bank An independent community bank offering complete banking and financial services
*. Evans National Bank Provides personal and commercial banking for Western New York
*. Cattaraugus County Bank An independent community bank CCB\'s main office is located in Little Valley and maintains branch locations in Franklinville Randolph Salamanca and Springville
*. Champlain National Bank Community-owned commercial bank offers financial services to Essex and Clinton counties
*. Flatbush Federal Savings An independent community bank offering complete banking and financial services in Brooklyn New York
*. First National Bank of Dryden A community bankoffering services from two locations in Dryden New York
*. Atlas Savings Bank An independent community bank offering complete banking and financial services in Brooklyn New York
*. European American Bank A full service bank with branches in Elmhurst Flushing Jamaica and South Ozone Park New York
*. Bank of New York A full service bank offering a fullrange of banking and other financial services to corporations businesses and individuals worldwide. The first bank chartered in New York
*. M & T Bank Regional bankoffers personal and business banking services operating more than 650 branches across NY PA MDVA WV and DC
*. ABN AMRO Bank Provides universal banking services to corporate nationally andinternationally operating clients as well as personal and private banking customers. ABN AMRO hasa presence in 74 countries and territories
*. HSBC Bank USA New York-based corporate bankprovides a wide range of financial services to consumers and businesses
*. Hudson River Bancorp Inc. Savings and loan holding company with subsidiary which performs savings bank operations and mortgage banking services
*. Five Star Bank Western and central New York bank providing business and personal banking services. Includes products offered locations and hours and rate calculators
*. Queens County Savings Bank A full service community bank serving the financial needs of Queens New York
*. CFS Bank Provides personal and commercial banking through supermarket branches throughtout the greater New York area.
*. Ridgewood Bank Community bank provides personal services through branches in Queens Brooklyn and Nassau New York
*. Union State Bank A full service commercial bank with banking offices located in Rockland and Westchester counties in New York
*. HSBC Bank USA New York State regional bank and principal subsidiary of HSBC USA Inc
*. State Bank of Long Island Providing banking servicesfor commercial municipal and personal customers
*. The Astoria Federal Savings Bank Mortgage home equity small business banking
*. Provident Bank Offers personal and business banking from 27 full-service offices throughout Rockland Orange Ulster and Sullivan Counties New York
*. Bank of Baroda USA - NY Branch Offers a full range of financial products and personal banking services. Provides trade finance fund transfer NRI services and loan facilities for business
*. Habib American Bank Community bank specializing in trade finance and meeting the banking needs of small businesses
*. Long Island Commercial Bank Provides commercial and consumer banking to communities in Nassau andSuffolk counties
*. Northfield Savings Bank Staten Island bank offers checking direct deposit mortgage loans and internet banking
*. Elmira Savings Bank FSB (The) Performs savings andloan operations and other related financial activities. (Nasdaq: ESBK)
*. Hudson Valley Bank Provides banking services to individuals businesses and professionals
*. First National Bank A locally-owned and managed community bankserving the Sullivan County/Catskills region of New York State
*. Wilber National Bank Providing high-quality customer service and innovative products throughout upstate New York
*. PathFinder Bank Offers a full array of financial products and services to area residents in Oswego
*. The First National Bank of Long Island Community bank with branches located in Nassau and Suffolk
*. Pioneer Savings Bank Offers a complete range ofpersonal banking services serving the communities ofthe Capital Region of New York
*. Ballston Spa National Bank Community bank with eight locations in Saratoga county
*. Suffolk County National Bank The second largest independent commercial bank headquartered on Long Island New York
*. Seneca Federal Savings and Loan Located in the Central NY area. Includes current rates and service descriptions
*. 1st National Bank of Scotia An independent bank providing personalized service to customers in Scotia New York
*. Bank Audi USA Part of the Lebanese Audi Group providing full-service banking
*. Genesee Regional Bank Provides banking productsand financial services in New York
*. Geddes Federal Savings Provides Syracuse residents with a safe and secure place for their savings along with the ability to borrow money to purchase homes
*. Brooklyn Federal Savings Bank An independent community bank offering complete banking and financial services
*. Evans National Bank Provides personal and commercial banking for Western New York
*. Cattaraugus County Bank An independent community bank CCB\'s main office is located in Little Valley and maintains branch locations in Franklinville Randolph Salamanca and Springville
*. Champlain National Bank Community-owned commercial bank offers financial services to Essex and Clinton counties
*. Flatbush Federal Savings An independent community bank offering complete banking and financial services in Brooklyn New York
*. First National Bank of Dryden A community bankoffering services from two locations in Dryden New York
*. Atlas Savings Bank An independent community bank offering complete banking and financial services in Brooklyn New York
*. European American Bank A full service bank with branches in Elmhurst Flushing Jamaica and South Ozone Park New York
list of banks in spain
Spain Banks Name Spain Banks Phone Number
AAREAL BANK +34 917 454 160
ALLFUNDS BANK S.A. +34 912 709 500
ALLIED BANKING CORPORATION +34 91 521 0727
ALTAE BANCO PRIVADO +34 913915380
BANCA MARCH S.A. +34 971779100
BANCA PUEYO +34 92 484 6000
BANCO ALCALA S.A +34 914 310 911
BANCO ALICANTINO DE COMERCIO S.A. +34 913382115
BANCO BANIF S.A. +34 915208500
BANCO BILBAO VIZCAYA ARGENTARIA S.A. (BBVA) +34 944 876 000
BANCO CAIXA GERAL S.A. +34 986810700
BANCO CENTRAL HISPANO No longer exist
BANCO CETELEM S.A. +34 913 370 700
BANCO COMDAL S.A. +34 915783388
BANCO COOPERATIVO ESPAÑOL S.A. +34 915 956 700
BANCO DE ALBACETE S.A. +34 913422881
BANCO DE ANDALUCIA S.A. +34 954 594 700
BANCO DE CASTILLA S.A. +34 923 290 000
BANCO DE CREDITO BALEAR S.A. +34 971 170 100
BANCO DE CREDITO LOCAL DE ESPAÑA S.A. (BCL) +34 915376500
BANCO DE DEPOSITOS S.A. +34 914352175
BANCO DE ESPAÑA +34 913 385 000
BANCO DE FINANZAS E INVERSIONES S. A. (FIBANC-MEDIOLANUM) +34 93 253 5400
BANCO DE GALICIA S.A. +34 986 822 100
BANCO DE LA PEQUEÑA Y MEDIANA EMPRESA S.A. +34 933163333
BANCO DE MADRID S.A. +34 917 815 360
BANCO DEPOSITARIO BBVA S.A. +34 913743000
BANCO DE PROMOCION DE NEGOCIOS S.A.(PROMOBANC) +34 944875429
BANCO DE SERVICIOS FINANCIEROS CAJA MADRID-MAPFRE S.A. +34 915819593
BANCO DE VALENCIA S.A. +34 963 984 503
BANCO DE VASCONIA S.A. +34 948 179 600
BANCO ESPAÑOL DE CREDITO S.A. +34 913381000
BANCO ETCHEVERRIA S.A. +34 981220042
BANCO EUROPEA DE FINANZAS S.A. +34 915325402
BANCO EXELBANK S.A. +34 913244500
BANCOFAR S.A. +34 917023190
BANCO GALLEGO S.A. +34 981 581 000
BANCO GUIPUZCOANO +34 94 341 8100
BANCO HALIFAX HISPANIA S.A. +34 917820300
BANCO INDUSTRIAL DE BILBAO S.A. +34 944875429
BANCO INVERSION 34 1 531 01 57
BANCO INVERSIS NET S.A. +34 914001400
BANCO LIBERTA S.A. +34 985102222
BANCO OCCIDENTAL S.A. +34 944875429
BANCO PASTOR 91 5245100
BANCO PASTOR S.A. +34 981 227 800
BANCOPOPULAR-E S.A. +34 915 207 981
BANCO POPULAR ESPAÑOL +34 915 207 000
BANCO POPULAR HIPOTECARIO S.A. +34 915 902 500
BANCO SABADELL +34 937 289 289
BANCO SANTANDER CENTRAL HISPANO S.A. +34 94 220 6100
BANCO URQUIJO SABADELL BANCA PRIVATE S.A. +34 91 337 2000
BANESTO BANCO DE EMISIONES S.A. +34 913383743
BANESTO S.A. +34 91 724 0350
BANKINTER S. A. +34 91 339 7500
BANKOA S.A. +34 943410100
BANQUE MAROCAINE DU COMMERCE EXTERIEUR INTERNATIONAL S.A +34 915756800
BBVA BANCO DE FINANCIACION S.A. +34 944875429
BILBAO BIZKAIA KUTXA +34 94 487 70 00
BNP PARIBAS ESPAÑA S.A. +34 913888070
CAIXA CATALUNYA + 34 93 484 5000
CAIXA D'ESTALVIS I PENSIONS DE BARCELONA - "LA CAIXA" +34 3 4046000
CAJA DE ARQUITECTOS +34 934 826 850
CAJA GENERAL DE AHORROS DE CANARIAS +34 922 47 10 00
CITIBANK ESPAÑA S.A. +34 916631000
COUTTS BANK VON ERNSTLTD +34 902 100 951
CREDIT SUISSE-BARCELONA +34 93 492 3500
DEPFA BANK +34 917 004 640
DEUTSCHE BANK CREDIT S.A. +34 915 893 540
DEUTSCHE BANK S.A. ESPAÑOLA +34 914022415
DEUTSCHE HYPO BANK +34 91 7452642
DEXIA SABADELL BANCO LOCAL S.A. +34 917213310
EBN BANCO DE NEGACIOSS.A. +34 917009800
EUROPE ARAB BANK PLC (EAB) +34 91 308 4290
FINANZIA BANCO DE CRÉDITO S.A. (BBVA) +34 913743916
GARTMORE INVESTMENT LIMITED +34 916 026 400
GE MONEY +902 08 87 88
GENERAL ELECTRIC CAPITAL BANK S.A. +34 934005900
GOLDMAN SACHS (ESPAÑA), S.A. +34 91 700 6000
HOUSEBANC No longer exist
HYPO REAL ESTATE BANK INTERNATIONAL +34 91 34 93 200
IBERCAJA 413 0893
ING BELGIUM S.A.-BARCELONA BRAR +34 93 439 03 03
KUTXA +34 943 001 000
LOMBARD ODIER DARIER HENTSCH CIE (ESPAÑA) S.V S.A +34 935 500 200
MBNA EUROPE BANK LIMITED +34 912 716 111
MICROBANK DE LA CAXIAS.A. +34 932973119
MLP PRIVATE FINANCE S.A.UNIPERSONAL +34 91 330 8701
NORDEA BANK (REPRESENTATIVE OFFICE) +34 952 816 925
OPEN BANK SANTANDER CONSUMER S.A. +34 913421000
POPULAR BANCA PRIVADA S.A. +34 914 189 300
PRIVAT BANK S.A. +34 934 458 500
RBC DEXIA INVERSTOR SERVICE ESPAÑA S.A. +34 913 609 900
SABADELLATLÁNTICO +34 91 758 0620
SA NOSTRA +34 97 171 1717
SANTANDER INVESTMENT S.A. +34 912893400
SCHRODER INVESTMENT MANAGEMENT LIMITED +34 91 590 9541
UBS ESPAÑA S.A. +34 93 366 47 00
UNOE BANK S.A. +34 914536100
VONTOBEL EUROPE SA +34 915 209 534
WESTDEUTSCHE LANDESBANK MADRID BRANCH 34 1 4 32 80 00
AAREAL BANK +34 917 454 160
ALLFUNDS BANK S.A. +34 912 709 500
ALLIED BANKING CORPORATION +34 91 521 0727
ALTAE BANCO PRIVADO +34 913915380
BANCA MARCH S.A. +34 971779100
BANCA PUEYO +34 92 484 6000
BANCO ALCALA S.A +34 914 310 911
BANCO ALICANTINO DE COMERCIO S.A. +34 913382115
BANCO BANIF S.A. +34 915208500
BANCO BILBAO VIZCAYA ARGENTARIA S.A. (BBVA) +34 944 876 000
BANCO CAIXA GERAL S.A. +34 986810700
BANCO CENTRAL HISPANO No longer exist
BANCO CETELEM S.A. +34 913 370 700
BANCO COMDAL S.A. +34 915783388
BANCO COOPERATIVO ESPAÑOL S.A. +34 915 956 700
BANCO DE ALBACETE S.A. +34 913422881
BANCO DE ANDALUCIA S.A. +34 954 594 700
BANCO DE CASTILLA S.A. +34 923 290 000
BANCO DE CREDITO BALEAR S.A. +34 971 170 100
BANCO DE CREDITO LOCAL DE ESPAÑA S.A. (BCL) +34 915376500
BANCO DE DEPOSITOS S.A. +34 914352175
BANCO DE ESPAÑA +34 913 385 000
BANCO DE FINANZAS E INVERSIONES S. A. (FIBANC-MEDIOLANUM) +34 93 253 5400
BANCO DE GALICIA S.A. +34 986 822 100
BANCO DE LA PEQUEÑA Y MEDIANA EMPRESA S.A. +34 933163333
BANCO DE MADRID S.A. +34 917 815 360
BANCO DEPOSITARIO BBVA S.A. +34 913743000
BANCO DE PROMOCION DE NEGOCIOS S.A.(PROMOBANC) +34 944875429
BANCO DE SERVICIOS FINANCIEROS CAJA MADRID-MAPFRE S.A. +34 915819593
BANCO DE VALENCIA S.A. +34 963 984 503
BANCO DE VASCONIA S.A. +34 948 179 600
BANCO ESPAÑOL DE CREDITO S.A. +34 913381000
BANCO ETCHEVERRIA S.A. +34 981220042
BANCO EUROPEA DE FINANZAS S.A. +34 915325402
BANCO EXELBANK S.A. +34 913244500
BANCOFAR S.A. +34 917023190
BANCO GALLEGO S.A. +34 981 581 000
BANCO GUIPUZCOANO +34 94 341 8100
BANCO HALIFAX HISPANIA S.A. +34 917820300
BANCO INDUSTRIAL DE BILBAO S.A. +34 944875429
BANCO INVERSION 34 1 531 01 57
BANCO INVERSIS NET S.A. +34 914001400
BANCO LIBERTA S.A. +34 985102222
BANCO OCCIDENTAL S.A. +34 944875429
BANCO PASTOR 91 5245100
BANCO PASTOR S.A. +34 981 227 800
BANCOPOPULAR-E S.A. +34 915 207 981
BANCO POPULAR ESPAÑOL +34 915 207 000
BANCO POPULAR HIPOTECARIO S.A. +34 915 902 500
BANCO SABADELL +34 937 289 289
BANCO SANTANDER CENTRAL HISPANO S.A. +34 94 220 6100
BANCO URQUIJO SABADELL BANCA PRIVATE S.A. +34 91 337 2000
BANESTO BANCO DE EMISIONES S.A. +34 913383743
BANESTO S.A. +34 91 724 0350
BANKINTER S. A. +34 91 339 7500
BANKOA S.A. +34 943410100
BANQUE MAROCAINE DU COMMERCE EXTERIEUR INTERNATIONAL S.A +34 915756800
BBVA BANCO DE FINANCIACION S.A. +34 944875429
BILBAO BIZKAIA KUTXA +34 94 487 70 00
BNP PARIBAS ESPAÑA S.A. +34 913888070
CAIXA CATALUNYA + 34 93 484 5000
CAIXA D'ESTALVIS I PENSIONS DE BARCELONA - "LA CAIXA" +34 3 4046000
CAJA DE ARQUITECTOS +34 934 826 850
CAJA GENERAL DE AHORROS DE CANARIAS +34 922 47 10 00
CITIBANK ESPAÑA S.A. +34 916631000
COUTTS BANK VON ERNSTLTD +34 902 100 951
CREDIT SUISSE-BARCELONA +34 93 492 3500
DEPFA BANK +34 917 004 640
DEUTSCHE BANK CREDIT S.A. +34 915 893 540
DEUTSCHE BANK S.A. ESPAÑOLA +34 914022415
DEUTSCHE HYPO BANK +34 91 7452642
DEXIA SABADELL BANCO LOCAL S.A. +34 917213310
EBN BANCO DE NEGACIOSS.A. +34 917009800
EUROPE ARAB BANK PLC (EAB) +34 91 308 4290
FINANZIA BANCO DE CRÉDITO S.A. (BBVA) +34 913743916
GARTMORE INVESTMENT LIMITED +34 916 026 400
GE MONEY +902 08 87 88
GENERAL ELECTRIC CAPITAL BANK S.A. +34 934005900
GOLDMAN SACHS (ESPAÑA), S.A. +34 91 700 6000
HOUSEBANC No longer exist
HYPO REAL ESTATE BANK INTERNATIONAL +34 91 34 93 200
IBERCAJA 413 0893
ING BELGIUM S.A.-BARCELONA BRAR +34 93 439 03 03
KUTXA +34 943 001 000
LOMBARD ODIER DARIER HENTSCH CIE (ESPAÑA) S.V S.A +34 935 500 200
MBNA EUROPE BANK LIMITED +34 912 716 111
MICROBANK DE LA CAXIAS.A. +34 932973119
MLP PRIVATE FINANCE S.A.UNIPERSONAL +34 91 330 8701
NORDEA BANK (REPRESENTATIVE OFFICE) +34 952 816 925
OPEN BANK SANTANDER CONSUMER S.A. +34 913421000
POPULAR BANCA PRIVADA S.A. +34 914 189 300
PRIVAT BANK S.A. +34 934 458 500
RBC DEXIA INVERSTOR SERVICE ESPAÑA S.A. +34 913 609 900
SABADELLATLÁNTICO +34 91 758 0620
SA NOSTRA +34 97 171 1717
SANTANDER INVESTMENT S.A. +34 912893400
SCHRODER INVESTMENT MANAGEMENT LIMITED +34 91 590 9541
UBS ESPAÑA S.A. +34 93 366 47 00
UNOE BANK S.A. +34 914536100
VONTOBEL EUROPE SA +34 915 209 534
WESTDEUTSCHE LANDESBANK MADRID BRANCH 34 1 4 32 80 00
Wednesday 19 December 2012
Kodak To Sell Digital Imaging Patent Portfolio For$525M
Kodak has agreed to sell itsdigital imaging portfolio to a consortium of 12 licensees for $525 million, organized by patent-holding company Intellectual Ventures and patent risk advisory firm RPX Corporation . It said it will use the proceeds from the sale to pay down bankruptcy debt — the transaction is subject to the approval of the BankruptcyCourt, as well as “certain customary conditions”.
Kodak said a portion of the money will be paid by the 12 licensees, giving each licensee rights to the digital imaging patent portfolio and “certain otherKodak patents”, while another portion of the money will be paid by Intellectual Ventures, which Kodak said will be acquiring the digital imaging patent portfolio “subject to these new licenses, as well as previously existing licenses”.
It is unclear exactly who all12 licensees are but Earlier this month Bloomberg reported that Apple and Google were
Kodak said a portion of the money will be paid by the 12 licensees, giving each licensee rights to the digital imaging patent portfolio and “certain otherKodak patents”, while another portion of the money will be paid by Intellectual Ventures, which Kodak said will be acquiring the digital imaging patent portfolio “subject to these new licenses, as well as previously existing licenses”.
It is unclear exactly who all12 licensees are but Earlier this month Bloomberg reported that Apple and Google were
France's SocGen loses UK court case against fired banker
Five judges at the UK Supreme Court ruled on Wednesday by a majority of four to one that Belgianbanker Raphael Geys, SocGen's former managing director for European fixed income sales, had been fired without proper notice in 2007.
Geys, a senior banker whosays he was asked to leavebecause he was too successful, will now be able to claim around 12.5 million euros in unpaid bonus and termination payments from SocGen. He can also now pursue the bank for additional sums for failing to ensure his remuneration was paidin a tax efficient manner.
Geys, a senior banker whosays he was asked to leavebecause he was too successful, will now be able to claim around 12.5 million euros in unpaid bonus and termination payments from SocGen. He can also now pursue the bank for additional sums for failing to ensure his remuneration was paidin a tax efficient manner.
Tuesday 18 December 2012
Magic of Earning extra cash
I you so broke this season? maybe your thinking how to get some dolla so that you may spend or help you family. the other day my collage mate was realy complaining that cash sent by his parents are not enough to last him all the month. this lead me to research on this topic. here are tricks of earning extra cash. 1.SELL OF THINGS YOU NO LONGER NEED Do you own some goods that you no longer use them. you know it costed you something. Think of those clothes that you no longer wore take them to shop and sell them or sell it online on places such as http://ebay.com. also do the same those furnitures that you kept on you store because you have bought new ones. what about you old jewelry and books or electronic items. you can sell them on olx.co.ke bookcouter.com ads on classified newspaper section. 2. BANK FOR PROFIT OR INVEST. Do you have this cash that you just earned and you are not using it now. please invest on short time or long term avenues such as stock and securities market, by buying shares or bonds. Are you holding cash on mobile account(Mpesa) if your safaricom simcard you can interest by allowing them to invest your money. 3. SELL YOUR PHOTOGRAPS TO STOCK PHOTO AGENCIES There this beautiful photos that you took. you can place them on photo shop. some one or organization will buy them. be warned dont sell photo that is not your work or you do not have right to it. www.sitepoint.com is where to sell photos
Private healthcare group Bupa today agreed to take over Australia and New Zealand’s largest dentistry chain for £244 million.
Dental Corporation runs 190 clinics in the two countries and employs more than 560dentists.
The move comes after Bupa’s announcement in July that it would pump millions into developing its dentistry business in the UK with a target of running more than 60 centres across this country up from its present 11.
Bupa is paying £244 million for all shares in Dental Corporation and will pay a further £47 million over thenext three years to the management and dentists.
Dean Holden, managing director of Bupa Australia and New Zealand, commented: “We’re really excited by this acquisition and look forward to working with Dental Corporation’s management team and its dentists to build on their track record of growth and success.
“Bupa already provides dental services to many thousands of people in a number of countries, and we see this acquisition as being core to our future ambition, and to bringing our purpose — longer, healthier, happier lives — tomore people.”
In Spain, a €70 million (£57 million) investment in Bupa’s dental business will take the company’s Spanish dental network to 200 dental centres by 2014
The move comes after Bupa’s announcement in July that it would pump millions into developing its dentistry business in the UK with a target of running more than 60 centres across this country up from its present 11.
Bupa is paying £244 million for all shares in Dental Corporation and will pay a further £47 million over thenext three years to the management and dentists.
Dean Holden, managing director of Bupa Australia and New Zealand, commented: “We’re really excited by this acquisition and look forward to working with Dental Corporation’s management team and its dentists to build on their track record of growth and success.
“Bupa already provides dental services to many thousands of people in a number of countries, and we see this acquisition as being core to our future ambition, and to bringing our purpose — longer, healthier, happier lives — tomore people.”
In Spain, a €70 million (£57 million) investment in Bupa’s dental business will take the company’s Spanish dental network to 200 dental centres by 2014
Inpex inks project finance pact $US20bn for Ichthys
INPEX Corp said today that it has signed an up to $US20 billion project finance pact with eight export credit agencies and 24 banks for the Ichthys LNG project in Australia.
The Ichthys LNG project will use gas from the Ichthys field in the Browse Basin offshore Western Australia that is transported to an onshoreliquefaction plant in Darwin via an 889-kilometre sub-sea pipeline.
The Ichthys LNG project will use gas from the Ichthys field in the Browse Basin offshore Western Australia that is transported to an onshoreliquefaction plant in Darwin via an 889-kilometre sub-sea pipeline.
Commonwealth Bank of Australia ups stake in Aussie Home Loansto 80pc
COMMONWEALTH Bank of Australia has signaled an intention to take full control of John Symond'sAussie Home Loans, as it moved to a controlling stake in the mortgage broker.
In its first deal since the$373 million purchase of wealth group Count Financial last year, CBA today said it has inked a deal to increase its investment in Aussie to 80 per cent, from 33 per cent.
The nation’s largest lender also said the deal provided the “right to subsequently move to 100 per cent ownership”, signalling an eventual takeout of the broker.
CBA, which has long been seen as the eventual owner of Aussie,did not disclose the terms of the deal, labeling it immaterial to the bank, but is thought to have paid about $200 million for the increased stake.
The transaction is subject to approval from the Australian Competition and Consumer Commission. We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products,” said CBA’s executive of strategic development Rob Jesudason.
Mr Symond will remain as executive chairman and Aussie will continue to operate as a standalonemortgage broker and financial services provider, CBA said.
Mr Symond, who will retain his 20 per cent stake in the lender, said itwas an opportunity for Aussie to accelerate its growth.
"The Commonwealth Bank will give us additional strength to grow and service our customers," he said, adding: "It's business as usual for Aussie."
Aussie was established byMr Symonds in 1992 as an alternative to the Big Four banks and now lends $38 billion to morethan 250,000 customers, backed by a panel of 18 lenders. It also sells insurance, personal loans,credit cards and other financial products.
CBA, along with Westpac, already controls the majority of the mortgage market, ahead of rivals National Australia Bank and ANZ.
The deal comes as the Reserve Bank tries to kick-start the property market and other areas ofthe economy sensitive to interest rates by cutting official rates to offset the peak in mining investment, expected as early as next year.
It also follows the recent tie-up between Macquarie Group and Mark Bouris's Yellow Brick Road, which will see YBR distribute white-labelled financial products manufactured by Macquarie, starting with aggressively priced home loans.
The deal came as JPMorgan today downgraded CBA to"underweight" following the bank’s 6 per cent outperformance relative to the banking index this year, a gain which has boosted its market value to almost $100 billion.
"Despite 175 basis points of cash rate cuts over the last year, net new mortgage lending commitments are still contracting,” analysts at Citi said last week, showing credit growth is giving little sign of an imminent rebound, which is weighing on the banks’ growth prospects.
In its first deal since the$373 million purchase of wealth group Count Financial last year, CBA today said it has inked a deal to increase its investment in Aussie to 80 per cent, from 33 per cent.
The nation’s largest lender also said the deal provided the “right to subsequently move to 100 per cent ownership”, signalling an eventual takeout of the broker.
CBA, which has long been seen as the eventual owner of Aussie,did not disclose the terms of the deal, labeling it immaterial to the bank, but is thought to have paid about $200 million for the increased stake.
The transaction is subject to approval from the Australian Competition and Consumer Commission. We recognise the strength and reputation of the Aussie brand and name in the Australian mortgage market and also the importance of broker distribution of home loans and other financial products,” said CBA’s executive of strategic development Rob Jesudason.
Mr Symond will remain as executive chairman and Aussie will continue to operate as a standalonemortgage broker and financial services provider, CBA said.
Mr Symond, who will retain his 20 per cent stake in the lender, said itwas an opportunity for Aussie to accelerate its growth.
"The Commonwealth Bank will give us additional strength to grow and service our customers," he said, adding: "It's business as usual for Aussie."
Aussie was established byMr Symonds in 1992 as an alternative to the Big Four banks and now lends $38 billion to morethan 250,000 customers, backed by a panel of 18 lenders. It also sells insurance, personal loans,credit cards and other financial products.
CBA, along with Westpac, already controls the majority of the mortgage market, ahead of rivals National Australia Bank and ANZ.
The deal comes as the Reserve Bank tries to kick-start the property market and other areas ofthe economy sensitive to interest rates by cutting official rates to offset the peak in mining investment, expected as early as next year.
It also follows the recent tie-up between Macquarie Group and Mark Bouris's Yellow Brick Road, which will see YBR distribute white-labelled financial products manufactured by Macquarie, starting with aggressively priced home loans.
The deal came as JPMorgan today downgraded CBA to"underweight" following the bank’s 6 per cent outperformance relative to the banking index this year, a gain which has boosted its market value to almost $100 billion.
"Despite 175 basis points of cash rate cuts over the last year, net new mortgage lending commitments are still contracting,” analysts at Citi said last week, showing credit growth is giving little sign of an imminent rebound, which is weighing on the banks’ growth prospects.
Cerberus to Sell Gunmaker Stake After School Massacre
The private equity firm Cerberus Capital Management said on Tuesday that it would sell its investment in the gunmaker Freedom Group in response to the school shootings last week in Connecticut.
Cerberus acquired Bushmaster — the manufacturer of the rifle used by the gunman in theNewtown attacks that killed27 people, including 20 schoolchildren — in 2006.
The private equity giant later merged it with other gun companies to create Freedom Group, which reported net sales of$677.3 million for the nine months that ended in September 2012, a 20 percent increase compared with the same period last year.
Cerberus acquired Bushmaster — the manufacturer of the rifle used by the gunman in theNewtown attacks that killed27 people, including 20 schoolchildren — in 2006.
The private equity giant later merged it with other gun companies to create Freedom Group, which reported net sales of$677.3 million for the nine months that ended in September 2012, a 20 percent increase compared with the same period last year.
Sunday 16 December 2012
AIG offers AIA shares inrange of HK$29.65-HK$30.65
HONG KONG, Dec 17 (Reuters) - American International Group Inc may raise as much as $6.5 billion from the sale of its remaining stake in AIA Group Ltd in Asia's second-largest block sale ever, exiting a business the U.S. insurer helped found nearly 100 years ago.
AIG is offering its 13.69 percent stake in AIA , or 1.65 billion shares, in a range of HK$29.65-HK$30.65 apiece, sources with direct knowledge of the plan said.
That is a discount of up to 6.3 percent to AIA's close at HK$31.65 in Hong Kong on Friday, the sources said, declining to be identified as the terms of the offering weren't yetpublic. Trading of AIA was suspended on Monday at the company's request.
The sale marks the end of an era for AIG in Asia andits Chief Executive Robert Benmosche, who took AIApublic in Hong Kong in the world's third-biggest initial public offering ever.
AIG was forced to sell parts of its massive business after the U.S. government bailed the company out in 2008 as it teetered on the brink of collapse. The United States ultimately sent$182 billion on the rescue. AIA was one of the assets it put up for sale.
Since AIA's $20.5 billion IPO, its shares have soared about 61 percent and become a top choice of fund managers looking to benefit from growing wealth in Asia and booming demand for insurance and other financial products.
The widely expected block offering of Asia's third-biggest insurer will be surpassed only by Vodafone plc's $6.6 billion stake sale in China Mobile two years ago. Theoffering also comes one week after a lockup on the shares expired, adding to two other rounds of AIA share sales earlier this year that had raised about $8 billion in total.
Deutsche Bank AG and Goldman Sachs Group Incwere hired as joint global coordinators for the offering, with Citigroup Inc, JPMorgan Chase & Coand Morgan Stanley also acting as bookrunners.
AIG, which expects to usethe net proceeds from theAIA sale for general corporate purposes, said earlier on Monday that it had commenced a sale of the shares in Hong Kong by placing them to certaininstitutional investors. AIGdid not identify the potential buyers or disclose the terms of the offering.
After selling $2.02 billion in AIA shares in September, AIG was barred from selling any further shares until Dec. 10. The company had raised $6 billion from its first selldown in AIA in March.
OPPORTUNITIES IN ASIA
AIG's exit from AIG comes at a time when Asia's insurance industry is growing, attracting buyers hoping to tap into the expansion.
A Thai conglomerate bought HSBC's stake in Ping An Insurance for$9.38 billion, while Hong Kong businessman Richard Li acquired ING'sHong Kong, Macau and Thailand insurance units for $2.14 billion.
AIG's exit from AIA has forced the U.S. insurer to strike out on its own in Asia, where it is focusing its attention on China. AIGbecame the biggest cornerstone investor in the $3.6 billion IPO of People's Insurance Company (Group) of China (PICC), also inking ajoint venture to sell life insurance in the world's second-largest economy.
AIA's 2010 IPO came after a failed takeover offer from Prudential Plc.
AIG's business started in Shanghai in 1919 by U.S. entrepreneur C.V. Starr, with AIA ultimately becoming the name of its regional operation. Twenty years later, Starr temporarily relocated to the United States to avoid political instability in Asia, and following World War II, decided to run his U.S.businesses from New York.They came to be known asAIG, whose shares began trading on the New York Stock Exchange in 1984.
AIA has built a sprawling and successful business across the region, with an army of hundreds of thousands of agents competing head-to-head with Prudential in several countries.
AIA moved to split off from AIG after the U.S. company nearly collapsedin the wake of the 2008 financial crisis, prompting the U.S. government bailout.
On Friday, the U.S. Treasury Department said it has completed its final sale of common stock in AIG, cutting its shares in the insurer to zero four years after the bailout.
AIG is offering its 13.69 percent stake in AIA , or 1.65 billion shares, in a range of HK$29.65-HK$30.65 apiece, sources with direct knowledge of the plan said.
That is a discount of up to 6.3 percent to AIA's close at HK$31.65 in Hong Kong on Friday, the sources said, declining to be identified as the terms of the offering weren't yetpublic. Trading of AIA was suspended on Monday at the company's request.
The sale marks the end of an era for AIG in Asia andits Chief Executive Robert Benmosche, who took AIApublic in Hong Kong in the world's third-biggest initial public offering ever.
AIG was forced to sell parts of its massive business after the U.S. government bailed the company out in 2008 as it teetered on the brink of collapse. The United States ultimately sent$182 billion on the rescue. AIA was one of the assets it put up for sale.
Since AIA's $20.5 billion IPO, its shares have soared about 61 percent and become a top choice of fund managers looking to benefit from growing wealth in Asia and booming demand for insurance and other financial products.
The widely expected block offering of Asia's third-biggest insurer will be surpassed only by Vodafone plc's $6.6 billion stake sale in China Mobile two years ago. Theoffering also comes one week after a lockup on the shares expired, adding to two other rounds of AIA share sales earlier this year that had raised about $8 billion in total.
Deutsche Bank AG and Goldman Sachs Group Incwere hired as joint global coordinators for the offering, with Citigroup Inc, JPMorgan Chase & Coand Morgan Stanley also acting as bookrunners.
AIG, which expects to usethe net proceeds from theAIA sale for general corporate purposes, said earlier on Monday that it had commenced a sale of the shares in Hong Kong by placing them to certaininstitutional investors. AIGdid not identify the potential buyers or disclose the terms of the offering.
After selling $2.02 billion in AIA shares in September, AIG was barred from selling any further shares until Dec. 10. The company had raised $6 billion from its first selldown in AIA in March.
OPPORTUNITIES IN ASIA
AIG's exit from AIG comes at a time when Asia's insurance industry is growing, attracting buyers hoping to tap into the expansion.
A Thai conglomerate bought HSBC's stake in Ping An Insurance for$9.38 billion, while Hong Kong businessman Richard Li acquired ING'sHong Kong, Macau and Thailand insurance units for $2.14 billion.
AIG's exit from AIA has forced the U.S. insurer to strike out on its own in Asia, where it is focusing its attention on China. AIGbecame the biggest cornerstone investor in the $3.6 billion IPO of People's Insurance Company (Group) of China (PICC), also inking ajoint venture to sell life insurance in the world's second-largest economy.
AIA's 2010 IPO came after a failed takeover offer from Prudential Plc.
AIG's business started in Shanghai in 1919 by U.S. entrepreneur C.V. Starr, with AIA ultimately becoming the name of its regional operation. Twenty years later, Starr temporarily relocated to the United States to avoid political instability in Asia, and following World War II, decided to run his U.S.businesses from New York.They came to be known asAIG, whose shares began trading on the New York Stock Exchange in 1984.
AIA has built a sprawling and successful business across the region, with an army of hundreds of thousands of agents competing head-to-head with Prudential in several countries.
AIA moved to split off from AIG after the U.S. company nearly collapsedin the wake of the 2008 financial crisis, prompting the U.S. government bailout.
On Friday, the U.S. Treasury Department said it has completed its final sale of common stock in AIG, cutting its shares in the insurer to zero four years after the bailout.
Friday 14 December 2012
List of Banks in New Zealand
ABN AMRO NEW ZEALAND +64 9 358 7500
ANZ BANK +64 4 496 7000
ASB BANK LTD +64 9 306 3000
BANK OF NEW ZEALAND +64 4 924 2424
BANK OF SCOTLAND INTERNATIONAL NEW ZEELAND NA
CITIBANK +64 9 307 1902
DEUTSCHE BANK +64 9 351 1000
GE MONEY +613 9921 6309
GOLDMAN SACHS JBWEREPTY LTD +64 9 357 3200
ING LIMITED +64 9 356 4000
JPMORGAN CHASE BANK NA +64 9 363 2757
KIWIBANK LIMITED +64 4 473 1133
KOOKMIN BANK +64 9 3661000
MANCHESTER UNITY SOCIETY OFFICE +64 4 473 6155
NZINVEST LIMITED +64 9 966 5560
RABOBANK NEDERLAND +64 4 819 2700
RABOBANK NEW ZEALAND +64 4 462 5650
RESERVE BANK OF NEW ZEALAND +64 4 472 2029
SOUTHLAND BUILDING SOCIETY +64 8 005 02442
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. (HSBC) +64 9 915 4868
THE NATIONAL BANK OF NEW ZEALAND LIMITED 0800 751 750
TSB BANK 099 2 042 22
UBS IN AUCKLAND +64 9 913 4800
WESTPACTRUST +64 9 912 8000
ANZ BANK +64 4 496 7000
ASB BANK LTD +64 9 306 3000
BANK OF NEW ZEALAND +64 4 924 2424
BANK OF SCOTLAND INTERNATIONAL NEW ZEELAND NA
CITIBANK +64 9 307 1902
DEUTSCHE BANK +64 9 351 1000
GE MONEY +613 9921 6309
GOLDMAN SACHS JBWEREPTY LTD +64 9 357 3200
ING LIMITED +64 9 356 4000
JPMORGAN CHASE BANK NA +64 9 363 2757
KIWIBANK LIMITED +64 4 473 1133
KOOKMIN BANK +64 9 3661000
MANCHESTER UNITY SOCIETY OFFICE +64 4 473 6155
NZINVEST LIMITED +64 9 966 5560
RABOBANK NEDERLAND +64 4 819 2700
RABOBANK NEW ZEALAND +64 4 462 5650
RESERVE BANK OF NEW ZEALAND +64 4 472 2029
SOUTHLAND BUILDING SOCIETY +64 8 005 02442
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD. (HSBC) +64 9 915 4868
THE NATIONAL BANK OF NEW ZEALAND LIMITED 0800 751 750
TSB BANK 099 2 042 22
UBS IN AUCKLAND +64 9 913 4800
WESTPACTRUST +64 9 912 8000
Our earnings will be weak Deutsche Bank warns.
Deutsche Bank can't seem to get a break.
A day after prosecutors raided the company's headquarters in a tax evasion investigation, Deutsche Bank cautioned that unexpected costs would be a drag on profit. The cost of overhauling a retail banking unit in Germany, coupled with thedeclining value of some securities, could "have a significant negative impact on the bank's earnings" in the last three months of theyear, the bank said on Thursday.
But Stefan Krause, the bank's chief financial officer, tried to put the outlook in a more positive light. "This is not seen as a profit warning," he said in aconference call with analysts. "This is a guidance."
Mr. Krause also took note ofthe investigation in the call,but did not address the accusations in detail. On Wednesday, Deutsche Bank disclosed that Mr. Krause and Jürgen Fitschen, a co-chief executive of the bank, werethe focus of an investigationover the value-added tax on the trading of carbon emissions certificates. The inquiry resulted in raids byabout 500 police officers, tax inspectors and other officials at the bank's headquarters in Frankfurt, as well as offices and private homes in Düsseldorfand Berlin. The two executives are subjects of the inquiry because they signed tax return documents.
"The criminal investigation is going on, and it is very difficult to predict when that will be over," Mr. Krause said.
The bank is dealing with a difficult environment even without pressure from law enforcement authorities. Like its rivals, Deutsche Bank has been trying to revamp its businesses in theface of a sluggish market and economic weakness. The bank is also moving to reduce risk as new regulations take effect over the next several years. The rules will increase the amount of capital banks must hold against certain kinds of assets.
Deutsche Bank, which is in the midst of closing its books for the year, decidedto update investors on the unanticipated costs. Mr. Krause said the bank did not know the amount of those expenses.
"The outcome is still open,"he said. "But there will be quite a large amount of things to consider, which could be substantial and could lead to a loss."
Some costs relate to an overhaul of Postbank, a Deutsche Bank unit that offers banking services fromGerman post offices. In addition, the bank may need to record losses from debt or other securities thatit owns.
A day after prosecutors raided the company's headquarters in a tax evasion investigation, Deutsche Bank cautioned that unexpected costs would be a drag on profit. The cost of overhauling a retail banking unit in Germany, coupled with thedeclining value of some securities, could "have a significant negative impact on the bank's earnings" in the last three months of theyear, the bank said on Thursday.
But Stefan Krause, the bank's chief financial officer, tried to put the outlook in a more positive light. "This is not seen as a profit warning," he said in aconference call with analysts. "This is a guidance."
Mr. Krause also took note ofthe investigation in the call,but did not address the accusations in detail. On Wednesday, Deutsche Bank disclosed that Mr. Krause and Jürgen Fitschen, a co-chief executive of the bank, werethe focus of an investigationover the value-added tax on the trading of carbon emissions certificates. The inquiry resulted in raids byabout 500 police officers, tax inspectors and other officials at the bank's headquarters in Frankfurt, as well as offices and private homes in Düsseldorfand Berlin. The two executives are subjects of the inquiry because they signed tax return documents.
"The criminal investigation is going on, and it is very difficult to predict when that will be over," Mr. Krause said.
The bank is dealing with a difficult environment even without pressure from law enforcement authorities. Like its rivals, Deutsche Bank has been trying to revamp its businesses in theface of a sluggish market and economic weakness. The bank is also moving to reduce risk as new regulations take effect over the next several years. The rules will increase the amount of capital banks must hold against certain kinds of assets.
Deutsche Bank, which is in the midst of closing its books for the year, decidedto update investors on the unanticipated costs. Mr. Krause said the bank did not know the amount of those expenses.
"The outcome is still open,"he said. "But there will be quite a large amount of things to consider, which could be substantial and could lead to a loss."
Some costs relate to an overhaul of Postbank, a Deutsche Bank unit that offers banking services fromGerman post offices. In addition, the bank may need to record losses from debt or other securities thatit owns.
Thursday 13 December 2012
Tuesday 11 December 2012
Good news for India Industrial production growth hits 8.2% in October
Industrial production growth rate bounced back to a 16-month high of 8.2 per cent in October on good performance of the manufacturing, power sector and higher output ofcapital as well as consumer goods, indicating sudden recovery in the economy.
The factory output, as measured by the Index of Industrial Production (IIP), contracted by 5 per cent in October last year. The IIP had expanded by 9.5 per cent in June 2011.
Industrial output growth inthe April-October period this fiscal, however, was 1.2 per cent, less than 3.6 per cent in the same period in 2011-12, according to the official data released here today.
Meanwhile, the contraction in the industrial productionduring September this yearwas revised downward to 0.7 per cent per cent from earlier provisional estimates of 0.4 per cent released lastmonth.
The manufacturing sector, which constitutes over 75 per cent of the index, grewby robust 9.6 per cent in October, as against a contraction of 6 per cent in same month last year.
However, the output of the key sector remained low at one per cent in April-October this year as against 3.8 per cent growth in the same period in 2011-12.
Capital goods output also shown remarkable improvement as it grew by 7.5 per cent in October, as against a massive contraction of 26.5 per centin October 2011.
However, output of capital goods contracted in the April-October period by 11.4 per cent, as against a dip in production by 0.5 per cent in the 2011-12 period.
The factory output, as measured by the Index of Industrial Production (IIP), contracted by 5 per cent in October last year. The IIP had expanded by 9.5 per cent in June 2011.
Industrial output growth inthe April-October period this fiscal, however, was 1.2 per cent, less than 3.6 per cent in the same period in 2011-12, according to the official data released here today.
Meanwhile, the contraction in the industrial productionduring September this yearwas revised downward to 0.7 per cent per cent from earlier provisional estimates of 0.4 per cent released lastmonth.
The manufacturing sector, which constitutes over 75 per cent of the index, grewby robust 9.6 per cent in October, as against a contraction of 6 per cent in same month last year.
However, the output of the key sector remained low at one per cent in April-October this year as against 3.8 per cent growth in the same period in 2011-12.
Capital goods output also shown remarkable improvement as it grew by 7.5 per cent in October, as against a massive contraction of 26.5 per centin October 2011.
However, output of capital goods contracted in the April-October period by 11.4 per cent, as against a dip in production by 0.5 per cent in the 2011-12 period.
Merck & Co Asthma drug patents revoked in India following a challenge from Cipla .
In an order, Assistant Controller of Patents & Designs T V Madhusudhan revoked the patent on the ground that it lacked invention.
"The sole process claim also in its entirety is not inventive as the said claim does not describe any inventive feature," the ordersaid.
"In view of the above conclusion I hereby order that the patent bearing number 246328 is revoked," Madhusudhan said in his order.
Schering Corporation, whichwas later acquired by Merck& Co, had applied for patent of the asthma drug inFebruary 2004, and the Indian Patents Office had granted the patent in March2011. Cipla had challenged the patent.
The development is the latest in a series of patent revocations by India's Patent Office.
Last month, the Intellectual Property Appellate Board (IPAB) had turned down drug firm AstraZeneca's plea for a patent on the lung cancer drug Gefitinib.
Similarly, it had also revoked Pfizer's patent on cancer drug 'Sutent'. The drug was granted a patent in India in 2007 but Cipla had opposed it the following year.
Earlier during the year, India Patents Office had invoked compulsory licensing permitting the Hyderabad-based Natco Pharma to manufacture and sell cancer-treatment drug Nexavar at a price, over 30 times lower than charged by its patent-holder Bayer Corporation.
"The sole process claim also in its entirety is not inventive as the said claim does not describe any inventive feature," the ordersaid.
"In view of the above conclusion I hereby order that the patent bearing number 246328 is revoked," Madhusudhan said in his order.
Schering Corporation, whichwas later acquired by Merck& Co, had applied for patent of the asthma drug inFebruary 2004, and the Indian Patents Office had granted the patent in March2011. Cipla had challenged the patent.
The development is the latest in a series of patent revocations by India's Patent Office.
Last month, the Intellectual Property Appellate Board (IPAB) had turned down drug firm AstraZeneca's plea for a patent on the lung cancer drug Gefitinib.
Similarly, it had also revoked Pfizer's patent on cancer drug 'Sutent'. The drug was granted a patent in India in 2007 but Cipla had opposed it the following year.
Earlier during the year, India Patents Office had invoked compulsory licensing permitting the Hyderabad-based Natco Pharma to manufacture and sell cancer-treatment drug Nexavar at a price, over 30 times lower than charged by its patent-holder Bayer Corporation.
Investor Relations
A corporate function, combining finance, marketing and communications, to provide investors with accurate information about a company's performance andprospects.
IPO Financing
The dollar value of initial public offering (IPO) securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by "the number of securities issued under the IPO plus the over allotment".
Issue
Any of a company's securities or the act of distributing the securities. Issued shares refer to the portion of a company's shares that have been issued for sale. A company does not have to issue the total number of its authorized shares.
Investment Fund
A closed-end fund that offers investors the ability to buy a security that represents a portfolio of investments with a specific investment strategy. These products use funds raised through a public offering to invest in a portfolio of securities, which are activelymanaged to create income streams for investors, typically through a combination of dividends, capital gains, interest payments, and in some cases, income from derivative investment strategies. These funds are not directly related to an operating business. Some examples are: funds of income funds, senior loan funds, mortgage-backed security funds, and commodity funds.
Investment Dealer
Securities firms that employ investment advisors to work with retail and institutional clients. Investment dealers have underwriting, trading and research departments.
Investment Counsellor
A specialist in the investment industry paid byfee to provide advice and research to investors with large accounts.
Investment Capital
Initial investment capital necessary for starting a business. Investment capital usually consists of inventory,equipment, pre-opening expenses and leaseholds.
Investment Advisor
A person employed by an investment dealer who provides investment advice to clients and executes trades on their behalf in securities and other investment products.
Issue Status
The trading status of a class or series of an issuer's listed securities, such that a class or series of listed securities of an issuer may be halted, suspended, or delisted fromtrading.
Issue Status
The trading status of a class or series of an issuer's listed securities, such that a class or series of listed securities of an issuer may be halted, suspended, or delisted fromtrading.
Issued and Outstanding Securities
Commonly refers to the situation where the number of issued securities equals the number of outstanding securities. However, under certain corporate statutes in Canada, an issuer may have issued securities and then repurchased those securitieswithout cancelling them. In that case, the securities are issued but are not outstanding. As a result, the number of issued securities does not equal the number of outstanding securities.
Jitney Order
The execution and clearing of orders by one member ofa stock exchange for the account of another member.For example, investment dealer A is a small firm whose volume of business isnot sufficient to maintain a trader on the exchange. Instead, investment dealer A gives its orders to investment dealer B, a larger organization which is a member of the exchange, for execution. Investment dealer A pays a reduced percentage of the normal commission.
Last Sale Price
For a Market On Close (MOC)-eligible security, the last sale price equals the calculated closing price. If the MOC closing price acceptance parameters are exceeded, it equals the last board lot sale price of the security on the exchange in the regular trading session.
For any other listed security,the last sale price equals thelast board lot sale price of the security on the exchange, in the regular trading session.
For any other listed security,the last sale price equals thelast board lot sale price of the security on the exchange, in the regular trading session.
Liabilities
The debts and obligations ofa company or an individual. Current liabilities are debts due and payable within oneyear. Long-term liabilities are those payable after one year. Liabilities are found ona company's balance sheet or an individual's net worth statement.
Limit Order
An order to buy or sell stock at a specified price. The order can be executed only at the specified price orbetter. A limit order sets themaximum price the client is willing to pay as a buyer, and the minimum price theyare willing to accept as a seller.
Liquidating Order
An order to close out an existing open futures or options contract. A liquidating order involves the sale of a contract that has been purchased or purchase of a contract that has been sold.
Liquidity
This refers to how easily securities can be bought or sold in the market. A security is liquid when thereare enough units outstanding for large transactions to occur withouta substantial change in price.
HSBC to announce $1.8 bln settlement in U.S. money laundering probe-sources
Dec 11 (Reuters) - HSBC Holdings Plc is expected to become the first bank to admit to both money-laundering lapses and U.S. sanctions violations onTuesday as part of a settlement of around $1.8 billion with law enforcement agencies, according to people familiar with the situation.
The settlement, which willbe in the form of a deferred-prosecution agreement, is the largest by far that a U.S. or European bank has agreed to amid a crackdown in the United States.
Reuters reported last week that London-based HSBC would be forced to pay the $1.8 billion and that criminal charges would be deferred. In November, HSBC said the total penalty could exceed $1.5 billion.
Details about the settlement could come around midday on Tuesday (1700 GMT) in a presentation by the U.S. Justice Department in Brooklyn, New York, or Washington, D.C.
Prosecutors have been investigating the bank for several years over multiple lapses in policingillicit flows of money tied to Mexican exchange houses that have been known to move money fordrug traffickers.
This year, the bank has undertaken a public relations campaign and internal reorganisation in London to underscore that it took seriously the Justice Department probe and its anti-money laundering obligations.
In January, it named former top U.S. Treasury Department official Stuart Levey as chief legal officer.
As recently as Monday, HSBC said named Robert Werner, a former TreasuryDepartment official who specialised in money laundering and sanctions violations, as head of financial crime complianceand HSBC money-laundering compliance officer. Werner joined the bank in August.
A number of European and U.S. banks have beenforced to pay hundreds ofmillions of dollars for violating U.S. sanctions laws that prohibit dealingswith clients or other banksin Iran, Cuba and Sudan.
On Monday, another British bank, Standard Chartered Plc , agreed to a $327 million settlement for sanctions violations.
Other banks caught up in a sanctions probe that originated with the Manhattan district attorneyinclude Lloyds Banking Group and Barclays Plc in Britain, Credit Suisse Group in Switzerland and Dutch banks ABN Amro Holdings NV and ING Bank NV.
But HSBC's problems extend beyond sanctions violations to a failure to police cash transactions linked to Mexico. Details of those dealings were reported this summer in a sweeping U.S. Senate probe.
According to that report, Mexican and U.S. regulators "expressed repeated concerns" that an HSBC unit handled such a large amount of bulk cash that it had to betied to "illegal drug proceeds".
How to prosecute HSBC has been a source of debate within the Justice Department. As far back as2010, a U.S. attorney in West Virginia was prepared to indict HSBC on a money-laundering count, according to a document reviewed by Reuters.
The settlement, which willbe in the form of a deferred-prosecution agreement, is the largest by far that a U.S. or European bank has agreed to amid a crackdown in the United States.
Reuters reported last week that London-based HSBC would be forced to pay the $1.8 billion and that criminal charges would be deferred. In November, HSBC said the total penalty could exceed $1.5 billion.
Details about the settlement could come around midday on Tuesday (1700 GMT) in a presentation by the U.S. Justice Department in Brooklyn, New York, or Washington, D.C.
Prosecutors have been investigating the bank for several years over multiple lapses in policingillicit flows of money tied to Mexican exchange houses that have been known to move money fordrug traffickers.
This year, the bank has undertaken a public relations campaign and internal reorganisation in London to underscore that it took seriously the Justice Department probe and its anti-money laundering obligations.
In January, it named former top U.S. Treasury Department official Stuart Levey as chief legal officer.
As recently as Monday, HSBC said named Robert Werner, a former TreasuryDepartment official who specialised in money laundering and sanctions violations, as head of financial crime complianceand HSBC money-laundering compliance officer. Werner joined the bank in August.
A number of European and U.S. banks have beenforced to pay hundreds ofmillions of dollars for violating U.S. sanctions laws that prohibit dealingswith clients or other banksin Iran, Cuba and Sudan.
On Monday, another British bank, Standard Chartered Plc , agreed to a $327 million settlement for sanctions violations.
Other banks caught up in a sanctions probe that originated with the Manhattan district attorneyinclude Lloyds Banking Group and Barclays Plc in Britain, Credit Suisse Group in Switzerland and Dutch banks ABN Amro Holdings NV and ING Bank NV.
But HSBC's problems extend beyond sanctions violations to a failure to police cash transactions linked to Mexico. Details of those dealings were reported this summer in a sweeping U.S. Senate probe.
According to that report, Mexican and U.S. regulators "expressed repeated concerns" that an HSBC unit handled such a large amount of bulk cash that it had to betied to "illegal drug proceeds".
How to prosecute HSBC has been a source of debate within the Justice Department. As far back as2010, a U.S. attorney in West Virginia was prepared to indict HSBC on a money-laundering count, according to a document reviewed by Reuters.
Monday 10 December 2012
List of Banks in Egypt
The major commercial top banks in Egypt are Cairo Amman Bank, Banque Misr, Bank of Alexandria, NationalBank of Egypt and Banque du Caire. These are well-known commercial public sector banks.
The non-commercial banks that are private include Arab African International Bank, National Societe Generale Bank, Islamic International Bank for investment and development and Export Development. These banks have remarkable contribution and with efficient operation have gained immense popularity.
Foreign and private banks
The foreign banks in Egypt are Barclays, BNP Paribas, Egyptian American Bank, Commercial International Bank and Agricole Indosuez.
The private banks are Misr International, Faisal Islamic Bank, the Nile Bank, Egyptian American Bank, Egyptian commercial Bank and Al Watany Bank of Egypt. Among these banks, Faisal Islamic Bank is the foremost Islamic and commercial Bank, besides being the most significant financial institute.
The system of banking in Egypt comprises of fifty-seven commercial banks thatare stated-owned, including26 investment banks, 28 commercial banks and threespecialized banks. Among the number of investment banks, the joint-ventured banks are 11 and 15 are foreign banks branches.
The banking in Egypt is growing, although joint venture banks as well as private banks remain small having few branches. However, the banking system here has undergone severe transformations that they are highly modern andliberalized and is regulated and supervised based on the international standards. Name Tel. No. CompanyWebsite Address
ABC International Bank PLC-Egypt-S.A.E +202 27362684 http://www.arabbanking.com/
AFRICAN DEVELOPMENT BANK GROUP +202 516 0906http://www.afdb.org/en/
AHLI UNITED BANK+20 22 580 1200 http://www.ahliunited.com/
ALEXANDRIA COMMERCIAL AND MARITIME BANK +20 3 927307 http://www.acmb.com.eg/
AL WATANY BANK OF EGYPT +202 333 888 16 http://www.alwatany.net/
ARAB BANK +20 2 3029069 http://www.arabbank.com.eg/
BANK OF ALEXANDRIA+20 2 393 8623 http://www.alexbank.com/
BANK OF COMMERCE& DEVELOPMENT ( AL-TIGAREYOUN ) +20 2 3928849 http://www.nbdegypt.com/
BANQUE DU CAIRE 3904554 http://www.bdc.com.eg/
BLOM BANK EGYPT+20 2 303 9825 http://www.blom.com.lb/English/
BNP PARIBAS LE CAIRE 7948324 NA
CAIRO FAR EAST BANK3362517 NA
CENTRAL BANK OF EGYPT 00202 3931514 http://www.cbe.org.eg/
COMMERCIAL INTERNATIONAL BANK S.A.E. 5703043 http://www.cibeg.com/en/
CREDIT SUISSE -GIZA - CAIRO +20 2 570 99 55 https://www.credit-suisse.com/
CREDIT AGRICOLE BANK 20-2-738-2661 http://www.eab-online.com
DELTA INTERNATIONAL BANK 5753492 NA
DEUTSCHE BANK +20 2 3907344 https://www.deutsche-bank.de/
EGYPTIAN AMERICAN BANK +20 2 738 2661 http://www.eab-online.com/
EGYPTIAN ARAB LANDBANK 002 02 3383697 https://www.eal-bank.com/
EGYPTIAN COMMERCIAL BANK 5778933 http://www.ecb.com.eg/
EGYPTIAN GULF BANK 7606457 NA
EGYPTIAN SAUDI FINANCE BANK 7481222 http://www.esf-bank.com/
EGYPTIAN WORKERS BANK 5763622 NA
FAISAL ISLAMIC BANKOF EGYPT 7868723 NA
HSBC BANK EGYPT S.A.E. 7354849 NA
HOUSING & DEVELOPMENT BANK 202-749-2013 http://www.hdb-egy.com/
MISR AMERICA INTERNATIONAL BANK 7616623/27 http://www.maib.com.eg/
MISR EXTERIOR BANK 202 796 3939 http://www.misrext.com/
MISR ROMANIAN BANK 3039825 http://www.mrb.com.eg/
MOHANDES BANK 3362761 NA
NATIONAL BANK FOR DEVELOPMENT 3921529 http://www.nbdegypt.com/
NATIONAL BANK OF EGYPT 5749101 http://www.nbe.com.eg/
NATIONAL SOCIETE GENERAL BANK 20-2-770-7777 http://www.nsgb.com.eg/
PORT SAID NATIONALBANK FOR DEVELOPMENT +202 066/3237602 NA
SUEZ CANAL BANK 7945394 http://www.scbank.com.eg/
SOC ARABE INTL B 20-3-749-9464 NA
THE NILE BANK 5751105 NA
UBS AG IN KAIRO +2022 578 92 82 http://www.ubs.com/in/en.html
UNITED BANK OF EGYPT (U.B.E.) 7920146/7/8/9 http://www.ube.net/
The non-commercial banks that are private include Arab African International Bank, National Societe Generale Bank, Islamic International Bank for investment and development and Export Development. These banks have remarkable contribution and with efficient operation have gained immense popularity.
Foreign and private banks
The foreign banks in Egypt are Barclays, BNP Paribas, Egyptian American Bank, Commercial International Bank and Agricole Indosuez.
The private banks are Misr International, Faisal Islamic Bank, the Nile Bank, Egyptian American Bank, Egyptian commercial Bank and Al Watany Bank of Egypt. Among these banks, Faisal Islamic Bank is the foremost Islamic and commercial Bank, besides being the most significant financial institute.
The system of banking in Egypt comprises of fifty-seven commercial banks thatare stated-owned, including26 investment banks, 28 commercial banks and threespecialized banks. Among the number of investment banks, the joint-ventured banks are 11 and 15 are foreign banks branches.
The banking in Egypt is growing, although joint venture banks as well as private banks remain small having few branches. However, the banking system here has undergone severe transformations that they are highly modern andliberalized and is regulated and supervised based on the international standards. Name Tel. No. CompanyWebsite Address
ABC International Bank PLC-Egypt-S.A.E +202 27362684 http://www.arabbanking.com/
AFRICAN DEVELOPMENT BANK GROUP +202 516 0906http://www.afdb.org/en/
AHLI UNITED BANK+20 22 580 1200 http://www.ahliunited.com/
ALEXANDRIA COMMERCIAL AND MARITIME BANK +20 3 927307 http://www.acmb.com.eg/
AL WATANY BANK OF EGYPT +202 333 888 16 http://www.alwatany.net/
ARAB BANK +20 2 3029069 http://www.arabbank.com.eg/
BANK OF ALEXANDRIA+20 2 393 8623 http://www.alexbank.com/
BANK OF COMMERCE& DEVELOPMENT ( AL-TIGAREYOUN ) +20 2 3928849 http://www.nbdegypt.com/
BANQUE DU CAIRE 3904554 http://www.bdc.com.eg/
BLOM BANK EGYPT+20 2 303 9825 http://www.blom.com.lb/English/
BNP PARIBAS LE CAIRE 7948324 NA
CAIRO FAR EAST BANK3362517 NA
CENTRAL BANK OF EGYPT 00202 3931514 http://www.cbe.org.eg/
COMMERCIAL INTERNATIONAL BANK S.A.E. 5703043 http://www.cibeg.com/en/
CREDIT SUISSE -GIZA - CAIRO +20 2 570 99 55 https://www.credit-suisse.com/
CREDIT AGRICOLE BANK 20-2-738-2661 http://www.eab-online.com
DELTA INTERNATIONAL BANK 5753492 NA
DEUTSCHE BANK +20 2 3907344 https://www.deutsche-bank.de/
EGYPTIAN AMERICAN BANK +20 2 738 2661 http://www.eab-online.com/
EGYPTIAN ARAB LANDBANK 002 02 3383697 https://www.eal-bank.com/
EGYPTIAN COMMERCIAL BANK 5778933 http://www.ecb.com.eg/
EGYPTIAN GULF BANK 7606457 NA
EGYPTIAN SAUDI FINANCE BANK 7481222 http://www.esf-bank.com/
EGYPTIAN WORKERS BANK 5763622 NA
FAISAL ISLAMIC BANKOF EGYPT 7868723 NA
HSBC BANK EGYPT S.A.E. 7354849 NA
HOUSING & DEVELOPMENT BANK 202-749-2013 http://www.hdb-egy.com/
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UNITED BANK OF EGYPT (U.B.E.) 7920146/7/8/9 http://www.ube.net/
AIG's plane leasing firm to Chinese group for up to $4.8 billion
(Reuters) - American International Group Inc ( AIG.N ) is to sell nearly all of ILFC ( ILFC.N ), the world's second-largest airplane leasing business, to a Chinese consortium for up to $4.8 billion, giving the fastest growing aviation market easier and cheaper access to planes.
Chinese firms have shown interest in aircraft leasing before, and the deal would give China access to a global network of about 200 airlines in 80 countries. China is alreadyILFC's largest market with180 planes operating there, giving it 35 percentmarket share.
"It's the biggest deal we have in the aircraft leasingworld and it's very ambitious," said Paul Sheridan, head of Asia at aviation consultancy firm Ascend Advisor. "We believe there are not enough aircraft on order in China at the moment. Itwill help Chinese airlines get more aircraft."
The world's two largest planemakers - Airbus, owned by aerospace group EADS ( EAD.PA ), and U.S. rival Boeing ( BA.N ) - have predicted demand for $4.5 trillion worth of passenger jets over the next two decades, with about two-thirds of new planes sold in the Asia-Pacific region, and China as the biggest single market in value terms.
Analysts say China tends to balance its orders between Airbus and Boeing, partly for political reasons. This means China pays an effective premiumfor planes as the two manufacturers don't have to compete as heavily for orders as they do elsewhere. ILFC's order books could mean cheaper planes for China, industry experts say.
U.S. REVIEW
U.S. insurer AIG, which had said on Friday it was in talks about a sale of the business to Chinese buyers, said it will submit the offer for review by theU.S. Committee on ForeignInvestment, or CFIUS, which vets foreign deals for security concerns.
Chinese state-backed investments in some sectors have stirred a political backlash, but aircraft leasing is seen as less sensitive than investment in minerals or telecoms equipment."ILFC's portfolio is not heavily in the U.S. It's an American-owned asset, but a lot of their aircraft fly outside the U.S," said Ascend's Sheridan, adding he did not expectthe U.S. government agency to block the deal.
AIG received a $182 billion U.S. government bail-out following the global financial crisis, and has been selling off the bulk of its Asian operations as part of a wider divestment plan so it can repay the government. In September, the U.S. Treasury cut its AIG stake to below 16 percent of the outstanding shares from around 53.4 percent.
CHINA BUSY BUYERS
The Chinese consortium - made up of New China Trust, which is one-fifth owned by Barclays Plc ( BARC.L ), China Aviation Industrial Fund and P3 Investments Ltd, and advised by Credit Suisse ( CSGN.VX ) - will buy 80.1 percent of ILFC for $4.23 billion, with the option to buy another 9.9 percent. An arm of Industrial and Commercial Bank of China( 1398.HK ), China's biggestbank, will join once the deal has regulatory approval.
P3 Investments is led by Wing-Fai Ng, co-founder of the now defunct pan-Asia fund Primus Financial Holdings.
Founded by aircraft leasing legend Steven Udvar-Hazy, who sold thecompany to AIG in 1990, ILFC is among the world'sbiggest owners of passenger jets. Its main rival is GECAS, an arm of General Electric Co ( GE.N ).
The deal reinforces China's appetite for outbound mergers and acquisitions, taking the country's 2012 tally to$56.8 billion, according toThomson Reuters data, thebiggest dealmaking spree since 2008.
In the past few days alone, Canada agreed to allow CNOOC ( 0883.HK ) to buy domestic energy company Nexen Inc ( NXY.TO ) for $15.1 billion, and China's privately-owned Wanxiang Group won a politically sensitive auction for bankrupt electric car battery markerA123 Systems Inc ( AONEQ.PK ), partly funded by the U.S. government.
WEAK MARKETS SAW OFFIPO
AIG had long wanted to float ILFC in the United States as part of a wider program to raise money topay back the U.S. government, but poor market conditions shelvedthose plans.
The sale would leave AIGwith a $6.4 billion stake inits former Asian life insurance unit AIA Group Ltd ( 1299.HK ), which is widely expected to be sold.
AIG said it would record a non-operating loss of$4.4 billion on the ILFC sale, including a charge for tax-related items. The deal, expected to close in the 2013 second quarter, values the leasing business at $5.28 billion, below its end-third quarter book value of$7.9 billion.
"Upon completion, the transaction will have a positive impact on AIG`s liquidity and credit profileand will enable us to continue to focus on our core insurance businesses," AIG CEO Robert Benmosche said in a statement.
AIG agreed to buy a $500million stake in Chinese insurer PICC Group ( 1339.HK ), which made its debut on the Hong Kong stock exchange last week.
ILFC will retain its currentmanagement and continue to be based in Los Angeles. It will appoint a new board with a majority of U.S. and European representatives, AIG said.
Chinese firms have shown interest in aircraft leasing before, and the deal would give China access to a global network of about 200 airlines in 80 countries. China is alreadyILFC's largest market with180 planes operating there, giving it 35 percentmarket share.
"It's the biggest deal we have in the aircraft leasingworld and it's very ambitious," said Paul Sheridan, head of Asia at aviation consultancy firm Ascend Advisor. "We believe there are not enough aircraft on order in China at the moment. Itwill help Chinese airlines get more aircraft."
The world's two largest planemakers - Airbus, owned by aerospace group EADS ( EAD.PA ), and U.S. rival Boeing ( BA.N ) - have predicted demand for $4.5 trillion worth of passenger jets over the next two decades, with about two-thirds of new planes sold in the Asia-Pacific region, and China as the biggest single market in value terms.
Analysts say China tends to balance its orders between Airbus and Boeing, partly for political reasons. This means China pays an effective premiumfor planes as the two manufacturers don't have to compete as heavily for orders as they do elsewhere. ILFC's order books could mean cheaper planes for China, industry experts say.
U.S. REVIEW
U.S. insurer AIG, which had said on Friday it was in talks about a sale of the business to Chinese buyers, said it will submit the offer for review by theU.S. Committee on ForeignInvestment, or CFIUS, which vets foreign deals for security concerns.
Chinese state-backed investments in some sectors have stirred a political backlash, but aircraft leasing is seen as less sensitive than investment in minerals or telecoms equipment."ILFC's portfolio is not heavily in the U.S. It's an American-owned asset, but a lot of their aircraft fly outside the U.S," said Ascend's Sheridan, adding he did not expectthe U.S. government agency to block the deal.
AIG received a $182 billion U.S. government bail-out following the global financial crisis, and has been selling off the bulk of its Asian operations as part of a wider divestment plan so it can repay the government. In September, the U.S. Treasury cut its AIG stake to below 16 percent of the outstanding shares from around 53.4 percent.
CHINA BUSY BUYERS
The Chinese consortium - made up of New China Trust, which is one-fifth owned by Barclays Plc ( BARC.L ), China Aviation Industrial Fund and P3 Investments Ltd, and advised by Credit Suisse ( CSGN.VX ) - will buy 80.1 percent of ILFC for $4.23 billion, with the option to buy another 9.9 percent. An arm of Industrial and Commercial Bank of China( 1398.HK ), China's biggestbank, will join once the deal has regulatory approval.
P3 Investments is led by Wing-Fai Ng, co-founder of the now defunct pan-Asia fund Primus Financial Holdings.
Founded by aircraft leasing legend Steven Udvar-Hazy, who sold thecompany to AIG in 1990, ILFC is among the world'sbiggest owners of passenger jets. Its main rival is GECAS, an arm of General Electric Co ( GE.N ).
The deal reinforces China's appetite for outbound mergers and acquisitions, taking the country's 2012 tally to$56.8 billion, according toThomson Reuters data, thebiggest dealmaking spree since 2008.
In the past few days alone, Canada agreed to allow CNOOC ( 0883.HK ) to buy domestic energy company Nexen Inc ( NXY.TO ) for $15.1 billion, and China's privately-owned Wanxiang Group won a politically sensitive auction for bankrupt electric car battery markerA123 Systems Inc ( AONEQ.PK ), partly funded by the U.S. government.
WEAK MARKETS SAW OFFIPO
AIG had long wanted to float ILFC in the United States as part of a wider program to raise money topay back the U.S. government, but poor market conditions shelvedthose plans.
The sale would leave AIGwith a $6.4 billion stake inits former Asian life insurance unit AIA Group Ltd ( 1299.HK ), which is widely expected to be sold.
AIG said it would record a non-operating loss of$4.4 billion on the ILFC sale, including a charge for tax-related items. The deal, expected to close in the 2013 second quarter, values the leasing business at $5.28 billion, below its end-third quarter book value of$7.9 billion.
"Upon completion, the transaction will have a positive impact on AIG`s liquidity and credit profileand will enable us to continue to focus on our core insurance businesses," AIG CEO Robert Benmosche said in a statement.
AIG agreed to buy a $500million stake in Chinese insurer PICC Group ( 1339.HK ), which made its debut on the Hong Kong stock exchange last week.
ILFC will retain its currentmanagement and continue to be based in Los Angeles. It will appoint a new board with a majority of U.S. and European representatives, AIG said.
Saturday 8 December 2012
HSBC to pay $1.5bnin fines to US to settle money-laundering investigations .
HSBC is expected to pay more than $1.5bn (£933m) in fines to US authorities within weeks to settle money-laundering investigations into its business.
The bank could be fined the sum as early as next week as part of a settlementwith federal prosecutors, according to reports yesterday.
HSBC has put aside $1.5bn to meet the cost of the fines, but admitted at its latest results presentation that the eventual penalty could be “significantly higher” and that it could face criminal charges. Yesterday’s reports put the likely size of the fine at$1.8bn. HSBC declined to comment.
The fines relate to an investigation of HSBC’s US and Mexican operations that found the bank had allegedly ignored warningsthat billions of dollars of funds being moved between the two subsidiaries were linked to drug trafficking.
A Senate committee described the bank as “pervasively polluted for a long time”. It highlighted what it said were lax controls and inadequate compliance by staff as the bank was accused of handling transactions involving terrorists, drug lords and rogue regimes.
David Bagley, HSBC’s global head of compliance, resigned over the scandal, while Stuart Gulliver, the bank’s chief executive, apologised for “the mistakesof the past”.
A settlement would likely involve the US Department of Justice agreeing a deal whereby HSBC paid a largefine, but in return would have the prospect of a further criminal action dropped so long as it reformed compliance systems.
But there is no certainty of this type of settlement. Announcing its third-quarter results last month, HSBC said: “While the prosecution of corporate criminal charges in these types of cases has most often been deferred through an agreement withthe relevant authorities, theUS authorities have substantial discretion, and prior settlements can provide no assurance as to how the US authorities will proceed in these matters.”
A fine of $1.8bn would be one of the biggest financial penalties imposed on a British bank, but would notprevent HSBC from reporting a profit for 2012.
The bank is in the process of radically restructuring itsUS operations and is preparing to sell down some of the more than$40bn of toxic US debt it still holds on its books morethan four years on from thefinancial crisis.
The bank could be fined the sum as early as next week as part of a settlementwith federal prosecutors, according to reports yesterday.
HSBC has put aside $1.5bn to meet the cost of the fines, but admitted at its latest results presentation that the eventual penalty could be “significantly higher” and that it could face criminal charges. Yesterday’s reports put the likely size of the fine at$1.8bn. HSBC declined to comment.
The fines relate to an investigation of HSBC’s US and Mexican operations that found the bank had allegedly ignored warningsthat billions of dollars of funds being moved between the two subsidiaries were linked to drug trafficking.
A Senate committee described the bank as “pervasively polluted for a long time”. It highlighted what it said were lax controls and inadequate compliance by staff as the bank was accused of handling transactions involving terrorists, drug lords and rogue regimes.
David Bagley, HSBC’s global head of compliance, resigned over the scandal, while Stuart Gulliver, the bank’s chief executive, apologised for “the mistakesof the past”.
A settlement would likely involve the US Department of Justice agreeing a deal whereby HSBC paid a largefine, but in return would have the prospect of a further criminal action dropped so long as it reformed compliance systems.
But there is no certainty of this type of settlement. Announcing its third-quarter results last month, HSBC said: “While the prosecution of corporate criminal charges in these types of cases has most often been deferred through an agreement withthe relevant authorities, theUS authorities have substantial discretion, and prior settlements can provide no assurance as to how the US authorities will proceed in these matters.”
A fine of $1.8bn would be one of the biggest financial penalties imposed on a British bank, but would notprevent HSBC from reporting a profit for 2012.
The bank is in the process of radically restructuring itsUS operations and is preparing to sell down some of the more than$40bn of toxic US debt it still holds on its books morethan four years on from thefinancial crisis.
Friday 7 December 2012
China National Offshore Oil Corporation in acquisition of Nexen
Canada on Friday allowed a Chinese state-run oil giant to move forward with $15 billion takeover of a domestic energy company, but the government indicated that such deals might not pass muster in the future.
The deal - the acquisition of Nexen by the China National Offshore Oil Corporation, or Cnooc - is the latest effort by the Chinese government to find new sources of oil and natural gas reserves to helpdrive the country's growth.The state-run Cnooc has been active, striking severalpartnerships in Canada andthe United States.
Canada, in part, has welcomed the alliances.
Prime Minister Stephen Harper has been trying to create new markets to export Canadian energy, which is largely dependenton the United States for its exports. He has been courting China since the United States stalled approval of the Keystone XL pipeline project, which would move more oil sandsproduction to the Gulf Coast. On Friday, the governmentalso approved a $5 billion acquisition of Progress Energy Resources of Canada by Petronas, the Malaysian state-owned oil and gas company.
But the Nexen deal has also reignited the controversy over strategic assets ending up in the hands of foreign owners. Seven years ago, Cnooc gave up on an $18.5 billionbid for Unocal of the United States after political opposition. Two years ago, Sinochem, a Chinese chemicals maker, backed away from buying the Potash Corporation of Saskatchewan for similar reasons.
The Nexen bid prompted nationalistic concerns in Canada. Some conservative members of Parliament worried about Cnooc, which is an arm of the Chinese government, gaining control over energy assets generally controlled by Canadian provinces. Recognizing the sensitivity of the deal, Mr. Harper noted that foreign investment rules would be changed to block companies owned by foreign governments from acquiring properties in Alberta oil sands in all but"exceptional" circumstances.
"Canadians generally, and investors specifically, should understand that these decisions are not the beginning of a trend, but rather the end of a trend," Mr. Harper said at a news conference. "When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments."
It is not clear how the directive will play out on the deal-making front.
The deal - the acquisition of Nexen by the China National Offshore Oil Corporation, or Cnooc - is the latest effort by the Chinese government to find new sources of oil and natural gas reserves to helpdrive the country's growth.The state-run Cnooc has been active, striking severalpartnerships in Canada andthe United States.
Canada, in part, has welcomed the alliances.
Prime Minister Stephen Harper has been trying to create new markets to export Canadian energy, which is largely dependenton the United States for its exports. He has been courting China since the United States stalled approval of the Keystone XL pipeline project, which would move more oil sandsproduction to the Gulf Coast. On Friday, the governmentalso approved a $5 billion acquisition of Progress Energy Resources of Canada by Petronas, the Malaysian state-owned oil and gas company.
But the Nexen deal has also reignited the controversy over strategic assets ending up in the hands of foreign owners. Seven years ago, Cnooc gave up on an $18.5 billionbid for Unocal of the United States after political opposition. Two years ago, Sinochem, a Chinese chemicals maker, backed away from buying the Potash Corporation of Saskatchewan for similar reasons.
The Nexen bid prompted nationalistic concerns in Canada. Some conservative members of Parliament worried about Cnooc, which is an arm of the Chinese government, gaining control over energy assets generally controlled by Canadian provinces. Recognizing the sensitivity of the deal, Mr. Harper noted that foreign investment rules would be changed to block companies owned by foreign governments from acquiring properties in Alberta oil sands in all but"exceptional" circumstances.
"Canadians generally, and investors specifically, should understand that these decisions are not the beginning of a trend, but rather the end of a trend," Mr. Harper said at a news conference. "When we say that Canada is open for business, we do not mean that Canada is for sale to foreign governments."
It is not clear how the directive will play out on the deal-making front.
Index
A statistical measure of the state of the stock market, based on the performance of stocks. Examples are the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index.
Income Trust
Also called income funds. Income trusts are trusts structured to own debt and equity of an underlying entity, which carries on an active business, or has royalty revenues generated by the assets of an active business. By owning securities or assets of an underlying business, an income trust is structured to distribute cash flows, typically on a monthly basis,from those businesses to unit holders in a tax-efficient manner. The trust structure is typically utilized by mature, stable, sustainable, cash-generatingbusinesses that require a limited amount of maintenance capital expenditures. An income trust is an exchange-traded equity investment that is similar to a common share.
There are four categories of income trusts: business trusts; real estate investmenttrusts (REITs); energy trusts; and power, pipeline, and utility trusts.
There are four categories of income trusts: business trusts; real estate investmenttrusts (REITs); energy trusts; and power, pipeline, and utility trusts.
Income Deposit Security (IDS)
An exchange-traded, fixed income-like instrument consisting of a subordinateddebt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuer's free cash flow to its investors. Investors are paid dividends from the commonshare component and interest from the subordinated debt. The structure was created for U.S.-based companies to replicate the economic attributes of the Canadian income trust structure - providing steady, high-yield returns to U.S. and Canadian investors in U.S. companies. IDSs do not use the trust structure. Also known as income participating securities (IPS).
Improving the Market
An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bidand offer decreases.
If, As & When Issued Trading
Occurs when new securities are posted for trading, and trading takes place before the closing (formal original issuance) of the prospectus. Also known as the "grey market". The term is used only for listing of new securities, either on a listing of a new issuer, a supplemental listing, or an additional listing of existing listed securities. Settlement occurs on the closing of the prospectus. The time from posting for trading to closing is generally within a week.
Indicative Calculated Closing Price (ICCP)
A feature of Market On Close (MOC), a TSX electronic call market facility, the Indicative Calculated Closing Price (ICCP) provides a preliminary indication of what the calculated closing price for a MOC security would be assuming the regular trading session had ended at the time of calculation. The ICCP is calculated without referenceto volatility parameters. The ICCP for each MOC security will be broadcast to the trading community at 3:50 PM ET on each trading day, 10 minutes prior to the actual Market On Close execution. A key objective of broadcasting the ICCP is to provide market participants with an early indication of potentially large price movements at the close. The ICCP for all MOC securities will be included in the MOC Imbalance
Inflation
An overall increase in pricesfor goods and services, usually measured by the percentage change in the Consumer Price Index.
Insider
All directors and senior officers of a company, and those who are presumed to have access to inside information concerning the company. An insider is also anyone owning more than 10% of the voting shares of a company.
Insider Trading
There are two types of insider trading. The first type occurs when insiders trade in the stock of their company. Insiders must report these transactions to the appropriate securities commissions. The other typeof insider trading is when anyone trades securities based on material information that is not publicknowledge. This type of insider trading is illegal.
Intermarket Surveillance Group (ISG)
An international committee comprised of members from31 exchanges around the world, including every major stock exchange. Membership in the ISG allows all members to share surveillance and investigative information to ensure that each regulator has access to the necessary information to effectively regulate its marketplace. The ISG promotes effective market surveillance among international exchanges andRS involvement helps ensure they are continually in touch with other regulators and part of the development of international best practices.
list of banks in china full list
*. Hang Seng Bank
Specializes in a wide rangeof retail banking, corporatebanking, and treasury services.
www.hangseng.com
*. Wing Lung Bank
www.winglungbank.com.hk
*. Bank of East Asia
Offers personal and corporate banking and financial services.
www.hkbea.com
*. ABN AMRO Bank
Offers retail and corporate banking and financial services including personal and mortgage loans, Internet banking, insurance, remittance, and investment services.
www.abnamro.com.hk
*. CITIC Ka Wah Bank
www.citickawahbank.com
*. Wing Hang Bank
Services include corporate,retail, and electronc banking.
www.whbhk.com
*. Shanghai Commercial Bank
Provides both retail and corporate banking services,including telephone and electronic banking.
www.shacombank.com.hk
*. Dah Sing Bank
Offers retail banking products including credit cards, personal loans, insurance, mortgage, ATM,and phone banking.
www.dahsing.com.hk
*. International Bank Of Asia
Online credit card application, latest exchange rate, detailed description on innovative deposit and loan products,and financial results.
www.iba.com.hk
*. Banco Nacional Ultramarino
www.bnu.com.mo
*. Tai Fung Bank
www.taifungbank.com
*. MEVAS Bank
Bank offering credit card, deposit, loan, insurance, investment, and payment services.
www.mevas.com
*. Bank of China Hong Kong Branch
www.bankofchina.com
*. Industrial and CommercialBank of China Limited@
dir.yahoo.com/.../Banks/Industrial_and_Commercial_Bank_of_China
*. Bank of America (Asia) Ltd.
Consumer and commercialbanking services includingmulti-currency deposits, investments, insurance, loans, and electronic banking.
www.bankofamerica.com.hk
*. Dao Heng Bank Group@
dir.yahoo.com/.../Banks/Dao_Heng_Bank_Group
*. Chekiang First Bank Ltd.
Offers import and export trade, securities trading, insurance, and confidentialbanking at Luxembourg.
www.cfb.com.hk
*. Jardine Fleming@
dir.yahoo.com/.../Banks/Jardine_Fleming_Bank
*. Citibank Hong Kong
webp.citibank.com.sg
*. HSBC@
dir.yahoo.com/.../Banks/HSBC_Hong_Kong *. Industrial and CommercialBank of China
Handling deposits of industrial and commercial enterprises, institutions and other undertakings, and individual households.
www.icbc.com.cn
*. China Merchants Bank
www.cmbchina.com
*. Bank of China
www.bank-of-china.com
*. Asia Commercial Bank
Provides commercial, retail,and private banking services including car loans and electronic banking. Also have branches and offices in Shenzhen, Shanghai, and Shenyang.
www.asia-commercial.com
Specializes in a wide rangeof retail banking, corporatebanking, and treasury services.
www.hangseng.com
*. Wing Lung Bank
www.winglungbank.com.hk
*. Bank of East Asia
Offers personal and corporate banking and financial services.
www.hkbea.com
*. ABN AMRO Bank
Offers retail and corporate banking and financial services including personal and mortgage loans, Internet banking, insurance, remittance, and investment services.
www.abnamro.com.hk
*. CITIC Ka Wah Bank
www.citickawahbank.com
*. Wing Hang Bank
Services include corporate,retail, and electronc banking.
www.whbhk.com
*. Shanghai Commercial Bank
Provides both retail and corporate banking services,including telephone and electronic banking.
www.shacombank.com.hk
*. Dah Sing Bank
Offers retail banking products including credit cards, personal loans, insurance, mortgage, ATM,and phone banking.
www.dahsing.com.hk
*. International Bank Of Asia
Online credit card application, latest exchange rate, detailed description on innovative deposit and loan products,and financial results.
www.iba.com.hk
*. Banco Nacional Ultramarino
www.bnu.com.mo
*. Tai Fung Bank
www.taifungbank.com
*. MEVAS Bank
Bank offering credit card, deposit, loan, insurance, investment, and payment services.
www.mevas.com
*. Bank of China Hong Kong Branch
www.bankofchina.com
*. Industrial and CommercialBank of China Limited@
dir.yahoo.com/.../Banks/Industrial_and_Commercial_Bank_of_China
*. Bank of America (Asia) Ltd.
Consumer and commercialbanking services includingmulti-currency deposits, investments, insurance, loans, and electronic banking.
www.bankofamerica.com.hk
*. Dao Heng Bank Group@
dir.yahoo.com/.../Banks/Dao_Heng_Bank_Group
*. Chekiang First Bank Ltd.
Offers import and export trade, securities trading, insurance, and confidentialbanking at Luxembourg.
www.cfb.com.hk
*. Jardine Fleming@
dir.yahoo.com/.../Banks/Jardine_Fleming_Bank
*. Citibank Hong Kong
webp.citibank.com.sg
*. HSBC@
dir.yahoo.com/.../Banks/HSBC_Hong_Kong *. Industrial and CommercialBank of China
Handling deposits of industrial and commercial enterprises, institutions and other undertakings, and individual households.
www.icbc.com.cn
*. China Merchants Bank
www.cmbchina.com
*. Bank of China
www.bank-of-china.com
*. Asia Commercial Bank
Provides commercial, retail,and private banking services including car loans and electronic banking. Also have branches and offices in Shenzhen, Shanghai, and Shenyang.
www.asia-commercial.com
Wednesday 5 December 2012
bank Standard Chartered expects to pay about $330million to U.S.
Asia-focused bank Standard Chartered expects to pay about $330million to U.S. regulators as settlement for its failureto comply with sanctions against Iran, denting its full year profit growth.
The payment is on top of the $340 million it has already paid to the New York State Department of Financial Services in the third quarter.
As a result of the New York settlement, profit before tax is expected to grow at a mid-single digitrate, the bank said. Any earnings growth will mean StanChart is on trackfor a 10th straight year of record profits.
The payment is on top of the $340 million it has already paid to the New York State Department of Financial Services in the third quarter.
As a result of the New York settlement, profit before tax is expected to grow at a mid-single digitrate, the bank said. Any earnings growth will mean StanChart is on trackfor a 10th straight year of record profits.
Good Delivery
The term used to describe asecurity that is in proper form to transfer title, which means that the registered owner has endorsed it. To settle a sale, the certificate must be surrendered on good delivery by the seller.A certificate that bears a share transfer restriction willnot constitute good delivery.
Good-Till-Date (GTD) Order
A GTD order will remain in the system until it is either filled or until the date specified, at which time it is automatically cancelled by the system. This is another kind of open order. A Participating Organization can cancel a GTD order at any time.
Growth Stock
The shares of companies thathave enjoyed better-than-average growth over recent years and are expected to continue their climb
Halted Issue
A temporary stoppage of trading of the listed securities of an issuer, whichmay be imposed by the Exchange, its agent (Market Regulation Services Inc. (RS)), or voluntarily requested by the issuer. Usually an issuer's listed securities are halted pending a public announcement of material information about the issuer,but the Exchange or RS mayalso impose a halt if the issuer is not in compliance with Exchange requirementsor if the Exchange determines that it is in the public interest to do so.
Tuesday 4 December 2012
list of banks in italy
1 Banca delle Marche Italy www.bancamarche.it
2 Banca di Credito di Trieste Italy www.nbctkb.it
3 Banca di Roma Italy www.bancaroma.it
4 Banca Nazionale del Lavoro S.p.A. Italy www.bnl.it
5 Banca Passadore e C. S.p.A Italy www.passbanca.it
6 Banca Popolare dell'Etruria e del Lazio Italy www.bpel.it
7 Banca Popolare di Bergamo Italy www.bpb.it
8 Capitalia Banking Group Italy www.capitalia.it
9 Intesa Sanpaolo Italy www.intesasanpaolo.com
10 La Banca Commerciale Italiana Italy www.bci.it
11 UniCredit Group Italy www.unicreditgroup.eu
12 Banca Carime Italy www.carime.it
13 Banca d'Italia Italy www.bancaditalia.it1 Banca delle Marche Italy www.bancamarche.it
2 Banca di Credito di Trieste Italy www.nbctkb.it
3 Banca di Roma Italy www.bancaroma.it
4 Banca Nazionale del Lavoro S.p.A. Italy www.bnl.it
5 Banca Passadore e C. S.p.A Italy www.passbanca.it
6 Banca Popolare dell'Etruria e del Lazio Italy www.bpel.it
7 Banca Popolare di Bergamo Italy www.bpb.it
8 Capitalia Banking Group Italy www.capitalia.it
9 Intesa Sanpaolo Italy www.intesasanpaolo.com
10 La Banca Commerciale Italiana Italy www.bci.it
11 UniCredit Group Italy www.unicreditgroup.eu
12 Banca Carime Italy www.carime.it
13 Banca d'Italia Italy www.bancaditalia.it
2 Banca di Credito di Trieste Italy www.nbctkb.it
3 Banca di Roma Italy www.bancaroma.it
4 Banca Nazionale del Lavoro S.p.A. Italy www.bnl.it
5 Banca Passadore e C. S.p.A Italy www.passbanca.it
6 Banca Popolare dell'Etruria e del Lazio Italy www.bpel.it
7 Banca Popolare di Bergamo Italy www.bpb.it
8 Capitalia Banking Group Italy www.capitalia.it
9 Intesa Sanpaolo Italy www.intesasanpaolo.com
10 La Banca Commerciale Italiana Italy www.bci.it
11 UniCredit Group Italy www.unicreditgroup.eu
12 Banca Carime Italy www.carime.it
13 Banca d'Italia Italy www.bancaditalia.it1 Banca delle Marche Italy www.bancamarche.it
2 Banca di Credito di Trieste Italy www.nbctkb.it
3 Banca di Roma Italy www.bancaroma.it
4 Banca Nazionale del Lavoro S.p.A. Italy www.bnl.it
5 Banca Passadore e C. S.p.A Italy www.passbanca.it
6 Banca Popolare dell'Etruria e del Lazio Italy www.bpel.it
7 Banca Popolare di Bergamo Italy www.bpb.it
8 Capitalia Banking Group Italy www.capitalia.it
9 Intesa Sanpaolo Italy www.intesasanpaolo.com
10 La Banca Commerciale Italiana Italy www.bci.it
11 UniCredit Group Italy www.unicreditgroup.eu
12 Banca Carime Italy www.carime.it
13 Banca d'Italia Italy www.bancaditalia.it
list of Banks in Ghana
Access Bank (Ghana) Limited 233 (302) 784 143, 781 761
Adepa Microfinance Limited 0202027999
Adepa Money Lending Company Limited 0202027999
Agricultural Development Bank Tel.: 0302 770403, 762104, 783122, 784394
ARB Apex Bank 233 0302 -771738, 772129,772034
Bank of Africa (+233) 302 249679
Bank of Baroda (Ghana) Ltd. + 233-302 248460 / 250072
Bank Of Ghana +233-30-2666174 - 6+233-30-2666361 - 5+233-30-2666902 - 8+233-30-2666921 - 5
Barclays Bank Ghana +233(0)30-2664901
CAL Bank 233(0)30-2680061-69, 233(0)30-2680079
Citibank N.A. Ghana Rep.Office 233 302 672593-4
Consignments Cargoes Management Insurance Company +233 27 889 9881
CTSS CONSULT LTD 022401338
Ecobank Ghana Ltd +233(0)30-2680437 /+233(0)30-2681167/8
Energy Bank (Ghana) Ltd +233-302 234033-4 /+234308-9/234336
Fidelity Bank +233(0)30-2214490
First Atlantic Bank +233(0)30-2682203-4,+233(0)30-2679248
Ghana Commercial Bank Ltd +233(0)30-2664914-7,+233(0)30-2672852-4,+233(0)30-2672859-65
Ghana International Bank Plc +44-20-7248 2384
Guaranty Trust Bank (Ghana) Limited ((+233 0302) 676474,676681,677144,677704
HFC Bank +233(0)30-2664214
Intercontinental Bank Ghana +233(0)30-2673300,+233(0)30-2663356,+233(0)30-2666036,+233(0)30-2661630,+233(0)30-2661638
International Commercial Bank Ltd +233(0)302-236136,+233(0)302-235810,+233(0)302-236133,+233(0)289-557324,+233(0)263-011329
Merchant Bank (Ghana) Limited +233(0)30-2666331-6
National Investment Bank Ltd +233(0)30-2661701-16
ProCredit Savings and Loans Company Limited +233(0)30-2246 860/61/62
Prudential Bank Ltd +233(0)30-2781201-7
Sahel-Sahara Bank +233(0)30-2222394 /+233(0)30-2222923 /+233(0)30-2242861
SG-SSB Ltd +233(0)30-2221726,+233(0)30-2223375,+233(0)30-2221743
Stanbic Bank Ghana Ltd. +233(0)30-2787191-5
Standard Chartered Ghana +233(0)30-2664591
The Trust Bank +233(0)30-2240049-52,+233(0)30-2230403,+233(0)30-2230416,+233(0)30-2246655
The Trust Bank Ltd +233(0)30-2221726
Unibank Ghana Ltd +233(0)30-2253696-9
United Bank for Africa (Ghana) Ltd +233(0)30-2683526-30,+233(0)30-2689509-12
Universal co-operative credit union 233-201411188
UT Bank Limited +233(0)30-2783268/9
Vision World InvestmentLimited 0243764905
Zenith Bank (Ghana) Limited +233(0)30-2660075,+233(0)30-2660079,+233(0)30-2660091,+233(0)30-2660093,+233(0)30-2660095
Adepa Microfinance Limited 0202027999
Adepa Money Lending Company Limited 0202027999
Agricultural Development Bank Tel.: 0302 770403, 762104, 783122, 784394
ARB Apex Bank 233 0302 -771738, 772129,772034
Bank of Africa (+233) 302 249679
Bank of Baroda (Ghana) Ltd. + 233-302 248460 / 250072
Bank Of Ghana +233-30-2666174 - 6+233-30-2666361 - 5+233-30-2666902 - 8+233-30-2666921 - 5
Barclays Bank Ghana +233(0)30-2664901
CAL Bank 233(0)30-2680061-69, 233(0)30-2680079
Citibank N.A. Ghana Rep.Office 233 302 672593-4
Consignments Cargoes Management Insurance Company +233 27 889 9881
CTSS CONSULT LTD 022401338
Ecobank Ghana Ltd +233(0)30-2680437 /+233(0)30-2681167/8
Energy Bank (Ghana) Ltd +233-302 234033-4 /+234308-9/234336
Fidelity Bank +233(0)30-2214490
First Atlantic Bank +233(0)30-2682203-4,+233(0)30-2679248
Ghana Commercial Bank Ltd +233(0)30-2664914-7,+233(0)30-2672852-4,+233(0)30-2672859-65
Ghana International Bank Plc +44-20-7248 2384
Guaranty Trust Bank (Ghana) Limited ((+233 0302) 676474,676681,677144,677704
HFC Bank +233(0)30-2664214
Intercontinental Bank Ghana +233(0)30-2673300,+233(0)30-2663356,+233(0)30-2666036,+233(0)30-2661630,+233(0)30-2661638
International Commercial Bank Ltd +233(0)302-236136,+233(0)302-235810,+233(0)302-236133,+233(0)289-557324,+233(0)263-011329
Merchant Bank (Ghana) Limited +233(0)30-2666331-6
National Investment Bank Ltd +233(0)30-2661701-16
ProCredit Savings and Loans Company Limited +233(0)30-2246 860/61/62
Prudential Bank Ltd +233(0)30-2781201-7
Sahel-Sahara Bank +233(0)30-2222394 /+233(0)30-2222923 /+233(0)30-2242861
SG-SSB Ltd +233(0)30-2221726,+233(0)30-2223375,+233(0)30-2221743
Stanbic Bank Ghana Ltd. +233(0)30-2787191-5
Standard Chartered Ghana +233(0)30-2664591
The Trust Bank +233(0)30-2240049-52,+233(0)30-2230403,+233(0)30-2230416,+233(0)30-2246655
The Trust Bank Ltd +233(0)30-2221726
Unibank Ghana Ltd +233(0)30-2253696-9
United Bank for Africa (Ghana) Ltd +233(0)30-2683526-30,+233(0)30-2689509-12
Universal co-operative credit union 233-201411188
UT Bank Limited +233(0)30-2783268/9
Vision World InvestmentLimited 0243764905
Zenith Bank (Ghana) Limited +233(0)30-2660075,+233(0)30-2660079,+233(0)30-2660091,+233(0)30-2660093,+233(0)30-2660095
Monday 3 December 2012
Australia central bank cuts cash rate 25 bps to 3.0 pct, to a record lows
Australia's central bank cut interest rates a quarterpoint to a record-matching low on Tuesday,stepping up efforts to safeguard the rich world'smost resilient economy from the risk of recession as a mining boom peaks.
The Reserve Bank of Australia (RBA) cut its main cash rate to 3.0 percent following its monthly policy meeting, bringing the easing since May to 125 basis points and matching the trough hit during the darkest days of the global financial crisis.
"While the full effects of earlier measures are yet tobe observed, the Board judged at today's meetingthat a further easing in thestance of monetary policy was appropriate now," said the central bank's governor, Glenn Stevens.
"Looking ahead, recent data confirm that the peakin resource investment is approaching. As it does, there will be more scope for some other areas of demand to strengthen."
Financial markets were almost fully priced for an easing given signs the seven-year old bonanza inmining investment is finally likely to crest next year, leaving a hole in growth that needs to be plugged by other sectors of the economy.
The move was so well discounted the local dollar actually firmed a quarter of a cent to$1.0445 on the news.
Yet, investors are still wagering official rates will have to go lower yet to truly stimulate demand among cautious consumers and a lacklustre housing market.
Interbank futures suggestthe central bank rate could approach 2.5 percent by the middle of next year, while some economists think a floor of2 percent is not impossible.
"I think the RBA realises itneeds to do more to boostthe non-mining parts of the economy," said Shane Oliver, chief economist at AMP Capital Investors in Sydney.
"What it doesn't do is to offer much guidance as tothe future, but my feelingis they still have to cut further. They will probably do 25 (bps cut) in February and then 25 in April."
One reason for that is the stubborn strength of the Australian dollar.
In the global financial crisis, the currency tumbled by 30 U.S. cents, giving a big boost to exports. This time foreign demand for Australia's triple-A rated debt has helped it stay solidly above parity.
China has also played a part by accepting more moderate growth at homeand thus restraining demand for Australia's commodity exports, leading top miners such as Rio Tinto and BHP Billiton to announce a slowdown in future expansion plans and job cuts.
The Asian giant is Australia's biggest trade market and the single largest buyer of iron ore.
It helped Australia avoid recession during the global crisis by unveiling a 4 trillion yuan ($635 billion) stimulus package that led to a wave of infrastructure development and demand for resources.
Australia's mining investment in the year to June 2013 is expected to total A$109 billion, or nearly 8 percent of GDP, way above the long-run average of 2 percent.
CONSUMER CAUTION, FISCAL TIGHTENING
Even after Tuesday's cut, Australian rates are still among the highest in the developed world.
With rates near zero in theUnited States, Japan and Britain, those countries have taken ever more exotic stimulus steps including buying massive amounts of government debt.
And, as yet, lower rates have had only a limited impact on consumers, withretail sales disappointinglyflat in October and demand growth for creditthe lowest in decades.
The housing market has also been less than stellar.The Statistics Bureau on Tuesday reported approvals to build new homes slid 7.6 percent in October, so reversing much of September's hefty 9.5 percent increase.
The impact of lower export prices was clear in Australia's trade deficit, which more than doubledin the third quarter. As a result, the current accountdeficit widened by a fifth to A$14.9 billion ($15.5 billion), according to figures from the AustralianBureau of Statistics.
Fortunately, export volumes managed to outpace imports and so add 0.1 percentage point to economic growth in thequarter.
However, that was more than offset by governmentpenny-pinching as the ruling Labor Party struggles to return the budget to surplus in 2013, years before most other rich nations.
Data out Tuesday showed government spending fellby 2.0 percent in the third quarter, largely due to a big drop in defence investment. That was a steeper fall than many analysts had expected and could take around half a percentage point from economic growth in the quarter.
It was no surprise then that Treasurer Wayne Swan warmly welcomed the RBA's largesse.
The Reserve Bank of Australia (RBA) cut its main cash rate to 3.0 percent following its monthly policy meeting, bringing the easing since May to 125 basis points and matching the trough hit during the darkest days of the global financial crisis.
"While the full effects of earlier measures are yet tobe observed, the Board judged at today's meetingthat a further easing in thestance of monetary policy was appropriate now," said the central bank's governor, Glenn Stevens.
"Looking ahead, recent data confirm that the peakin resource investment is approaching. As it does, there will be more scope for some other areas of demand to strengthen."
Financial markets were almost fully priced for an easing given signs the seven-year old bonanza inmining investment is finally likely to crest next year, leaving a hole in growth that needs to be plugged by other sectors of the economy.
The move was so well discounted the local dollar actually firmed a quarter of a cent to$1.0445 on the news.
Yet, investors are still wagering official rates will have to go lower yet to truly stimulate demand among cautious consumers and a lacklustre housing market.
Interbank futures suggestthe central bank rate could approach 2.5 percent by the middle of next year, while some economists think a floor of2 percent is not impossible.
"I think the RBA realises itneeds to do more to boostthe non-mining parts of the economy," said Shane Oliver, chief economist at AMP Capital Investors in Sydney.
"What it doesn't do is to offer much guidance as tothe future, but my feelingis they still have to cut further. They will probably do 25 (bps cut) in February and then 25 in April."
One reason for that is the stubborn strength of the Australian dollar.
In the global financial crisis, the currency tumbled by 30 U.S. cents, giving a big boost to exports. This time foreign demand for Australia's triple-A rated debt has helped it stay solidly above parity.
China has also played a part by accepting more moderate growth at homeand thus restraining demand for Australia's commodity exports, leading top miners such as Rio Tinto and BHP Billiton to announce a slowdown in future expansion plans and job cuts.
The Asian giant is Australia's biggest trade market and the single largest buyer of iron ore.
It helped Australia avoid recession during the global crisis by unveiling a 4 trillion yuan ($635 billion) stimulus package that led to a wave of infrastructure development and demand for resources.
Australia's mining investment in the year to June 2013 is expected to total A$109 billion, or nearly 8 percent of GDP, way above the long-run average of 2 percent.
CONSUMER CAUTION, FISCAL TIGHTENING
Even after Tuesday's cut, Australian rates are still among the highest in the developed world.
With rates near zero in theUnited States, Japan and Britain, those countries have taken ever more exotic stimulus steps including buying massive amounts of government debt.
And, as yet, lower rates have had only a limited impact on consumers, withretail sales disappointinglyflat in October and demand growth for creditthe lowest in decades.
The housing market has also been less than stellar.The Statistics Bureau on Tuesday reported approvals to build new homes slid 7.6 percent in October, so reversing much of September's hefty 9.5 percent increase.
The impact of lower export prices was clear in Australia's trade deficit, which more than doubledin the third quarter. As a result, the current accountdeficit widened by a fifth to A$14.9 billion ($15.5 billion), according to figures from the AustralianBureau of Statistics.
Fortunately, export volumes managed to outpace imports and so add 0.1 percentage point to economic growth in thequarter.
However, that was more than offset by governmentpenny-pinching as the ruling Labor Party struggles to return the budget to surplus in 2013, years before most other rich nations.
Data out Tuesday showed government spending fellby 2.0 percent in the third quarter, largely due to a big drop in defence investment. That was a steeper fall than many analysts had expected and could take around half a percentage point from economic growth in the quarter.
It was no surprise then that Treasurer Wayne Swan warmly welcomed the RBA's largesse.
Face Value
The cash denomination of the individual debt instrument. It is the amount of money that the holder of a debt instrument receives back from the issuer on the debt instrument's maturity date. Face value is also referred to as par value or principal.
Filing Statement
A disclosure document submitted by a listed company to outline material changes in its affairs. Filing statements are not used for the purposes of a financing.
Floating Rate Security
A security whose interest rate or dividend changes with specified market indicators. A floating rate is one that is based on an administered rate, such as a prime rate.
Flow-Through Shares Financing
The dollar value of flow-through shares issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined by the policies of the TSX CompanyManual or TSX Venture Corporate Finance Manual; the price is not adjusted for the value of the flow-through tax benefit available to the security holder. It can be an initial public offering (IPO), secondary offering, or private placement.
Freeze
An interruption in trading on a stock, triggered when an order violates parametersset by TSX.
Frequency
Frequency refers to the given time period on an intraday, daily, weekly, monthly, quarterly or yearlyperspective. Typically, choosing a weekly or monthly perspective when looking at several years of data makes it easier to identify long-term trends. Daily charts are useful for active traders and short-term time period charts.
The "Daily", "1-Minute","5-Minute", "15-Minute" and "Hourly" frequency areused for intraday charts andthe remaining choices are applicable to end-of-day charts. This term refers to a TSX Group Historical Performance charting feature.
The "Daily", "1-Minute","5-Minute", "15-Minute" and "Hourly" frequency areused for intraday charts andthe remaining choices are applicable to end-of-day charts. This term refers to a TSX Group Historical Performance charting feature.
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