By Jim Rendon
TODAY
With the economy slowing, consumers and banks alike are doing what they can to stay afloat. Are you reading your bank's fine print when it comes to fees, online banking, interest rates and more? Here, SmartMoney reveals the top things that your financial institution is probably not telling you.
"Our branches are there to sell you, not serve you."
In the late 1990s bank branches were considered outmoded relics soon to be replaced by ATMs and Internet banking. But just the opposite happened: In 1998 there were 89,000 bank branches in the U.S.; by 2007 there were 97,000. Why? The industry realized consumer banking was profitable and that despite the predictions of Silicon Valley wonks, the main criterion consumers use in choosing a bank is proximity, says SNL Financial analyst Jennifer Payne.
But branches aren't just about convenience; they're a bank's primary sales floor. Brochures for services as varied as retirement accounts and home loans are on display, and everyone from the teller on up is trained to make a sale. That's because in the current low-interest-rate climate, it's harder to generate revenue from interest alone. Many players in the industry have been trying to boost fee- and service-based income, so if a teller sees you have a mortgage, he might suggest you meet with a loan officer to discuss a home-equity loan. Says Greg McBride, a senior financial analyst at Bankrate.com, "The more products a customer has with a bank, the more likely he is to stay with that bank."
"Our fees will only go up."
With the economy slowing and big losses looming in the mortgage market, banks are looking for reliable revenue streams. Hence punitive fees — for overdrawing your account, say, or using a competitor's ATM — are increasing. The average ATM service charge doubled between 1998 and 2007, and overdraft fees brought in $17.5 billion in revenue in 2006, up from $10.3 billion in 2004, according to the Center for Responsible Lending. Rubecca Hegarty, a married mother of three in Woodridge, Ill., says she often pays upward of $100 a month in overdraft fees to Chase, since, like most banks, it changes the order of purchases so that large debts get paid first — increasing the likelihood of incurring fees on smaller purchases. JPMorgan Chase says it does this because big payments like a mortgage are more important to consumers, so they get priority.
Revenue from penalties can be addictive for banks, says Harvard Business School professor Gail McGovern, but "they're going to face problems from angry customers, which leads to big call-center bills, employee dissatisfaction and turnover."
"We change our interest rates all the time."
Regardless of what your credit card agreement says, you can never be sure how much interest banks will charge you. For example, nearly all cards have a default rate — as high as 30 percent — which banks apply when you've done something wrong, usually after two late payments in 12 months. But some banks have cut that to one, says Curtis Arnold, founder of CardRatings.com.
Banks can also change the terms of your agreement, raising rates when they like (though you can opt out and pay off the balance at the old rate as long as you never use the card again). Bank of America did that recently, upping many cardholders' rates from 10 or 12 percent to 27 percent or more, even though they'd done nothing wrong. "There's no clarity on what criteria can lead a bank to raise interest rates," says Robert Manning, director of the Center for Consumer Financial Services at the Rochester Institute of Technology. "It's a black box." A Bank of America spokesperson says the company periodically reviews the credit risk of its accounts and adjusts rates accordingly, adding that in the past year 94 percent have had no increase.
"College campuses are a gold mine for us."
Students are the customers of the future, and banks are increasingly courting them, sometimes right on campus. More than 120 universities have cut deals with banks to issue student-ID cards that are also ATM and check cards. Schools can make millions from these deals, sometimes even taking a small cut of individual purchases.
Students are also a hot market for credit card issuers; banks will make private deals with alumni associations to get contact info for students, parents and even ticket buyers to university athletic events. Card companies cut deals to set up booths on campus, and Chase even inked a deal with Facebook to display ads and set up a Chase group on its Web site.
The problem? Mounting credit card debt among college kids, for one. "Universities don't negotiate on behalf of students," says Manning. "They're negotiating the best deal for the university." A spokesperson for the National Association of Independent Colleges and Universities says don't blame schools — banks would market to students anyway, and universities at least try to get the best rates they can for students.
"In debt? The courts won't help."
Since the late 1990s banks have been including mandatory arbitration agreements in their contracts for many of their products, including auto loans, checking accounts, home-equity loans and credit cards. Such agreements prohibit you from suing and instead require you to use an arbitrator — someone picked by the arbitration firm named in your credit card contract to hear the dispute and decide the outcome.
While these clauses were originally designed to thwart class-action suits, the banks have also been using them for debt collection, says Paul Bland, an attorney with consumer-advocacy group Public Justice. There are even times when consumers, often victims of identity theft and unaware of the debt, aren't present when awards are handed down against them.
A recent suit against an arbitration firm brought by the San Francisco city attorney noted that arbitrators ruled in favor of banks in 100 percent of the 18,045 California cases brought against consumers from January 2003 through March 2007. "From the consumer perspective, it's a nightmare," says Bland. If a bank brings arbitration against you, hire a lawyer and request a hearing — in person.
source:
http://www.msnbc.msn.com/id/25736566/
Sunday, August 17, 2008
Thursday, July 31, 2008
Growth ahead for more diversified game industry
By Kiyoshi Takenaka - Analysis
LOS ANGELES (Reuters) - The video game industry looks set for at least another year or two of strong growth, driven by geographical expansion, a strong hardware lineup and growing pool of casual gamers, industry executives said.
In a move to capitalize on emerging economies, Sony Corp's (6758.T) game unit said at the E3 video game trade show this week it will launch operations in Argentina, Columbia and Peru by March 2009, its first step into the South American market.
Rival Nintendo Co Ltd (7974.OS) aims to start offering its Wii console in China this year.
Hardware makers' broader reach beyond the established markets of North America, Europe and Japan would open up new business opportunities for hundreds of software makers and follow the lead of other technology sectors turning to emerging markets for growth.
"Game makers like us are now trying to get into such vibrant regions as Latin America, Eastern Europe, Russia and Asia," Konami Corp (9766.T) Executive Corporate Officer Kazumi Kitaue said on the sidelines of the E3.
"With the overall market expanding like this, we should be able do better and better if we really buckle down."
Another growth driver is the widest variety ever of game hardware available, which caters for a broader range of game players and enables software publishers to create multiple revenue streams from a single title.
Microsoft Corp's (MSFT.O) Xbox 360, Sony's PlayStation 3 and Nintendo's Wii compete with one another for dominance in the console market. The biggest seller of all time, last generation's Sony machine, the PlayStation 2, is also still thriving.
"This creates a very favorable business environment for software makers," he said.
Global video game sales are likely to grow 15.2 percent this year to $48.3 billion this year, followed by a 9.3 percent rise to $52.8 billion in 2009, according to PricewaterhouseCoopers estimates.
RECESSION-PROOF
The industry is also benefiting from a new group of casual, or light, gamers, as Nintendo has broadened the gaming population beyond the traditional user base of young males with its intuitive, easy-to-use games such as "Wii Sports."
"The Wii ... has opened up an entirely new set of gamers that weren't there before," Electronic Arts Games Label President Frank Gibeau said.
"If you look at the DS and the Wii they are just adding people to the pie," he said.
Underscoring Nintendo's smash success, operating profit at the creator of such iconic game characters as Mario and Zelda more than doubled in the year ended March 31.
source:
http://uk.reuters.com/article/ousiv/idUKN1736434220080718?pageNumber=2&virtualBrandChannel=0
LOS ANGELES (Reuters) - The video game industry looks set for at least another year or two of strong growth, driven by geographical expansion, a strong hardware lineup and growing pool of casual gamers, industry executives said.
In a move to capitalize on emerging economies, Sony Corp's (6758.T) game unit said at the E3 video game trade show this week it will launch operations in Argentina, Columbia and Peru by March 2009, its first step into the South American market.
Rival Nintendo Co Ltd (7974.OS) aims to start offering its Wii console in China this year.
Hardware makers' broader reach beyond the established markets of North America, Europe and Japan would open up new business opportunities for hundreds of software makers and follow the lead of other technology sectors turning to emerging markets for growth.
"Game makers like us are now trying to get into such vibrant regions as Latin America, Eastern Europe, Russia and Asia," Konami Corp (9766.T) Executive Corporate Officer Kazumi Kitaue said on the sidelines of the E3.
"With the overall market expanding like this, we should be able do better and better if we really buckle down."
Another growth driver is the widest variety ever of game hardware available, which caters for a broader range of game players and enables software publishers to create multiple revenue streams from a single title.
Microsoft Corp's (MSFT.O) Xbox 360, Sony's PlayStation 3 and Nintendo's Wii compete with one another for dominance in the console market. The biggest seller of all time, last generation's Sony machine, the PlayStation 2, is also still thriving.
"This creates a very favorable business environment for software makers," he said.
Global video game sales are likely to grow 15.2 percent this year to $48.3 billion this year, followed by a 9.3 percent rise to $52.8 billion in 2009, according to PricewaterhouseCoopers estimates.
RECESSION-PROOF
The industry is also benefiting from a new group of casual, or light, gamers, as Nintendo has broadened the gaming population beyond the traditional user base of young males with its intuitive, easy-to-use games such as "Wii Sports."
"The Wii ... has opened up an entirely new set of gamers that weren't there before," Electronic Arts Games Label President Frank Gibeau said.
"If you look at the DS and the Wii they are just adding people to the pie," he said.
Underscoring Nintendo's smash success, operating profit at the creator of such iconic game characters as Mario and Zelda more than doubled in the year ended March 31.
source:
http://uk.reuters.com/article/ousiv/idUKN1736434220080718?pageNumber=2&virtualBrandChannel=0
Monday, July 28, 2008
ICBC has nearly 50 million customers of personal Internet banking
China's largest commercial bank Industrial and Commercial Bank of China (ICBC) said its number of personal Internet banking customers hit 48.49 million by the end of June this year and E-banking service took 39.5 percent of its whole business.
In H1, ICBC added 9.4129 million new personal Internet banking customers, 27 percent more than the figure for the same period of 2007, and 294,200 new corporate Internet banking customers, up 54 percent.
The bank's total transaction value of E-banking service in 2007 reached 102.9 trillion yuan, up 127 percent over 2006, making ICBC China's first bank with an annual trade volume of over a hundred trillion in E-banking.
In the first six months this year, ICBC launched quite a few new Internet banking products and services for gold trading, subscribing IPOs and taxation.
source:http://www.tradingmarkets.com/.site/news/Stock%20News/1767778/
In H1, ICBC added 9.4129 million new personal Internet banking customers, 27 percent more than the figure for the same period of 2007, and 294,200 new corporate Internet banking customers, up 54 percent.
The bank's total transaction value of E-banking service in 2007 reached 102.9 trillion yuan, up 127 percent over 2006, making ICBC China's first bank with an annual trade volume of over a hundred trillion in E-banking.
In the first six months this year, ICBC launched quite a few new Internet banking products and services for gold trading, subscribing IPOs and taxation.
source:http://www.tradingmarkets.com/.site/news/Stock%20News/1767778/
Thursday, July 24, 2008
online banking 2
What are the disadvantages of online banking?
Security issues: An online banking system could be targeted by miscreants. Hackers are constantly looking for ways to exploit loopholes in bank websites as well as online stores. 'Phishing' is a term that is used for the scam in which an unauthorised person creates a replica of a website and tricks people into entering their account numbers and passwords. To avoid being tricked, you should always check the security certificate of the website you are using, before you give any details out.
Lack of documentation: When business is conducted online, everything is done through the computer screen and no receipts are given. After you make an online transaction, you should always print out a copy of the online confirmation of your payment. Ensure that details like the amount you paid, product description, terms of delivery, etc. are clearly legible on it. Also, write the date of the transaction if it is not mentioned.
System failure: On a rare occasion, it is possible for an online system to suffer a failure and crash. If it is serious, all your data records could be lost. Prepare for any possible mishaps by regularly backing up your data on CDs and printing out hard copies of any transactions you carry out. Also, have a good anti-virus program installed on your home computer and update it regularly. This will prevent any loss of data at your end.
Online banking is the stepping stone to a future where convenience will be the name of the game. Open your mind to the possibilities of this wonderful service and do not hesitate to explore its benefits.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Security issues: An online banking system could be targeted by miscreants. Hackers are constantly looking for ways to exploit loopholes in bank websites as well as online stores. 'Phishing' is a term that is used for the scam in which an unauthorised person creates a replica of a website and tricks people into entering their account numbers and passwords. To avoid being tricked, you should always check the security certificate of the website you are using, before you give any details out.
Lack of documentation: When business is conducted online, everything is done through the computer screen and no receipts are given. After you make an online transaction, you should always print out a copy of the online confirmation of your payment. Ensure that details like the amount you paid, product description, terms of delivery, etc. are clearly legible on it. Also, write the date of the transaction if it is not mentioned.
System failure: On a rare occasion, it is possible for an online system to suffer a failure and crash. If it is serious, all your data records could be lost. Prepare for any possible mishaps by regularly backing up your data on CDs and printing out hard copies of any transactions you carry out. Also, have a good anti-virus program installed on your home computer and update it regularly. This will prevent any loss of data at your end.
Online banking is the stepping stone to a future where convenience will be the name of the game. Open your mind to the possibilities of this wonderful service and do not hesitate to explore its benefits.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Monday, July 21, 2008
Online Banking
Online banking is a trend that has emerged recently. Learn more about the pros and cons of this easy service.
Have you ever found yourself rushing to pay your bills on the weekend because you were too busy during the week? What if you urgently need to send money to a sick relative late at night? There is a relatively new financial service that can come to your rescue called 'online banking'. Read on to learn more about it.
What is online banking?
Online banking is a service provided by a bank to customers, so that they can access their accounts over the Internet, through a secure website. The simplest thing one can do, using this service, is to view the status of their accounts as well as any transactions that have been carried out. Besides checking your account details, an online banking service also allows you to transfer money between multiple accounts as well as carry out electronic transactions. Many banks even allow you to pay some of your bills online, for a small fee.
What are the advantages of online banking?
Convenience: Online banking saves you the hassle of having to wait in a queue. You can access your account and make transactions whenever you like. This way, you do not have to wait until you get some free time off work, or spend your weekend writing checks and queuing up at the bank to deposit them. It also saves time. Just sit down in front of your computer and open up a webpage with your account details on it. In a span of a few minutes, you can check your account details and carry out a transaction. There is no need to manually go through your chequebook. Moreover, you avoid the bother of requiring stamps and envelopes to mail cheques to different places.
Organisation: Online banking simplifies your job of having to shuffle through stacks of paper every month, trying to tally receipts with bank statements. Instead, you can just create a spreadsheet on your computer and enter your expenses and account balances on it. Using simple addition, the computer can automatically tally up both of them and check to see if they match.
Reduced paperwork: With online banking, you are able to avoid the headache of dealing with the papers that tend to accumulate using a regular banking service. Since you can check your account whenever you wish, there is no need for regular bank statements to be sent to you. If you pay bills or make purchases online, you will not have to sign any receipts.
Confidentiality: You can carry out all your transactions in the privacy of your own home. This means no one is likely to find out your account number or password unless you yourself give it to them. You also do not have to worry about losing your receipts or about dishonest storekeepers acquiring your credit or debit card details.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Have you ever found yourself rushing to pay your bills on the weekend because you were too busy during the week? What if you urgently need to send money to a sick relative late at night? There is a relatively new financial service that can come to your rescue called 'online banking'. Read on to learn more about it.
What is online banking?
Online banking is a service provided by a bank to customers, so that they can access their accounts over the Internet, through a secure website. The simplest thing one can do, using this service, is to view the status of their accounts as well as any transactions that have been carried out. Besides checking your account details, an online banking service also allows you to transfer money between multiple accounts as well as carry out electronic transactions. Many banks even allow you to pay some of your bills online, for a small fee.
What are the advantages of online banking?
Convenience: Online banking saves you the hassle of having to wait in a queue. You can access your account and make transactions whenever you like. This way, you do not have to wait until you get some free time off work, or spend your weekend writing checks and queuing up at the bank to deposit them. It also saves time. Just sit down in front of your computer and open up a webpage with your account details on it. In a span of a few minutes, you can check your account details and carry out a transaction. There is no need to manually go through your chequebook. Moreover, you avoid the bother of requiring stamps and envelopes to mail cheques to different places.
Organisation: Online banking simplifies your job of having to shuffle through stacks of paper every month, trying to tally receipts with bank statements. Instead, you can just create a spreadsheet on your computer and enter your expenses and account balances on it. Using simple addition, the computer can automatically tally up both of them and check to see if they match.
Reduced paperwork: With online banking, you are able to avoid the headache of dealing with the papers that tend to accumulate using a regular banking service. Since you can check your account whenever you wish, there is no need for regular bank statements to be sent to you. If you pay bills or make purchases online, you will not have to sign any receipts.
Confidentiality: You can carry out all your transactions in the privacy of your own home. This means no one is likely to find out your account number or password unless you yourself give it to them. You also do not have to worry about losing your receipts or about dishonest storekeepers acquiring your credit or debit card details.
source: http://nation.ittefaq.com/issues/2008/07/18/news0956.htm
Friday, July 18, 2008
Canadians are leaders in adopting online banking services- study
Study finds that Canada is one of the most developed countries in terms of online banking, with 61.7 percent of the country's internet users visiting a banking site in April 2008. During the same period, 49.5 percent of UK internet users accessed online banking services, as compared with 44.4 percent in the US and 41.7 percent registered in Australia.
Canada is also positioned first in terms of online banking frequency, with an average of eight usage days and 10.5 visits per user in April. Users spent an average of 46 minutes on banking sites during the month, viewing nearly 121 pages.
Of the 24 million Canadian internet users, 15.5 million visited a banking site in April 2008, up by 2 percent over the same period of 2007, when 15.1 million web users accessed online banking services. RBC Financial Group was the most popular site, with 4.6 million visitors within this period, a number which declined by 2 percent as compared with April 2007. TD Bank Financial Group occupied the second position, with 4.5 million visitors and a 2 percent increase in visitation. Bank of Montreal Sites reported the greatest increase in visitation during 2007: a 22 percent growth.. In April 2008, the total number of unique visitors grew by 2 percent over April 2007, but total internet audience rose by 4 percent.The demographic profile of the visitors indicates that nearly 74 percent of those aged between 25 and 44 use online banking services, as compared to 63 percent of those aged 55 and older.
Online banking penetration among Canadians aged 45 to 54 reached 73 percent. This segment showed the heaviest frequency in usage, as those belonging to this age category visited banking sites 12 times a month and viewed 157 pages. The study suggests this may be caused by the fact that this age group deals with more financial challenges than others, such as retirement planning and paying for the university education of their children. For those between 35 and 44 years old, the study indicates 122 average pages per visitor and 10.5 average visits per visitor.
source: http://epnn.com/content/view/17515/419/
Canada is also positioned first in terms of online banking frequency, with an average of eight usage days and 10.5 visits per user in April. Users spent an average of 46 minutes on banking sites during the month, viewing nearly 121 pages.
Of the 24 million Canadian internet users, 15.5 million visited a banking site in April 2008, up by 2 percent over the same period of 2007, when 15.1 million web users accessed online banking services. RBC Financial Group was the most popular site, with 4.6 million visitors within this period, a number which declined by 2 percent as compared with April 2007. TD Bank Financial Group occupied the second position, with 4.5 million visitors and a 2 percent increase in visitation. Bank of Montreal Sites reported the greatest increase in visitation during 2007: a 22 percent growth.. In April 2008, the total number of unique visitors grew by 2 percent over April 2007, but total internet audience rose by 4 percent.The demographic profile of the visitors indicates that nearly 74 percent of those aged between 25 and 44 use online banking services, as compared to 63 percent of those aged 55 and older.
Online banking penetration among Canadians aged 45 to 54 reached 73 percent. This segment showed the heaviest frequency in usage, as those belonging to this age category visited banking sites 12 times a month and viewed 157 pages. The study suggests this may be caused by the fact that this age group deals with more financial challenges than others, such as retirement planning and paying for the university education of their children. For those between 35 and 44 years old, the study indicates 122 average pages per visitor and 10.5 average visits per visitor.
source: http://epnn.com/content/view/17515/419/
Tuesday, July 15, 2008
China Merchants Bank Receives New York State Banking License
China Merchants Bank ("CMB") was presented today with an official banking license by New York State Superintendent of Banking Richard H. Neiman, becoming the first Chinese bank to receive a banking license in the United States since the adoption of the Foreign Bank Supervision Enhancement Act of 1991.
CMB established a representative office in New York in 2002 and filed an application to establish a New York branch in 2007. The New York State Banking Department and the Federal Reserve Board of Governors approved the application in August and November 2007, respectively. CMB has completed all relevant legal procedures and has been deemed by the Department to have satisfied all requirements necessary for the banking license.
The presentation of the New York State banking license is a milestone in CMB's history. It marks the bank meeting a significant regulatory standard, as well as the enhancement of China's financial regulatory environment. Preparation for the opening of CMB's New York branch, which is expected later this year, is now underway.
"We recognize that international banks have options with respect to charter choice for their overseas locations and we are proud that China Merchants Bank has chosen New York State, making them the first Chinese bank branch licensed by the New York State Banking Department," said Richard H. Neiman, Superintendent of Banks for the State of New York. "New York has been, and continues to be, an international hub of finance. China Merchants Bank, as well as many other foreign institutions, have recognized this and the benefits of working with New York in their business endeavors, confirming New York as a leading global financial center."
"The New York branch will facilitate trade and other business activities between the United States and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries," said Hui Fang, the General Manager of the New York branch. "Our New York branch will continue to adhere to high standards of prudent and compliant management and operations as we commence business transactions. Our New York branch is an important part of CMB's overseas expansion strategy."
China Merchants Bank was founded in 1987 with its head office in Shenzhen, China. It is China's 6th largest bank by total assets with shares traded in both Shanghai and Hong Kong stock exchanges. As of December 31, 2007, CMB had total assets of $187 billion with 576 branches and offices across China with over 30,000 employees. It generated $3 billion net income in 2007.
CMB provides customers with various corporate and retail banking products and services, and conducts treasury activities for proprietary purpose and on behalf of our customers. CMB commands leading position in credit card, online banking and wealth management businesses in China.
In the recent years, CMB has received many domestic and international honors for its business performance, management capability and corporate culture
source: http://www.marketwatch.com/news/story/china-merchants-bank-receives-new/story.aspx?guid=%7BE7998C8E-6AD4-4BE0-9049-914EB9496A32%7D&dist=hppr
CMB established a representative office in New York in 2002 and filed an application to establish a New York branch in 2007. The New York State Banking Department and the Federal Reserve Board of Governors approved the application in August and November 2007, respectively. CMB has completed all relevant legal procedures and has been deemed by the Department to have satisfied all requirements necessary for the banking license.
The presentation of the New York State banking license is a milestone in CMB's history. It marks the bank meeting a significant regulatory standard, as well as the enhancement of China's financial regulatory environment. Preparation for the opening of CMB's New York branch, which is expected later this year, is now underway.
"We recognize that international banks have options with respect to charter choice for their overseas locations and we are proud that China Merchants Bank has chosen New York State, making them the first Chinese bank branch licensed by the New York State Banking Department," said Richard H. Neiman, Superintendent of Banks for the State of New York. "New York has been, and continues to be, an international hub of finance. China Merchants Bank, as well as many other foreign institutions, have recognized this and the benefits of working with New York in their business endeavors, confirming New York as a leading global financial center."
"The New York branch will facilitate trade and other business activities between the United States and China by providing trade service, trade finance, dollar clearing and other services to businesses from both countries," said Hui Fang, the General Manager of the New York branch. "Our New York branch will continue to adhere to high standards of prudent and compliant management and operations as we commence business transactions. Our New York branch is an important part of CMB's overseas expansion strategy."
China Merchants Bank was founded in 1987 with its head office in Shenzhen, China. It is China's 6th largest bank by total assets with shares traded in both Shanghai and Hong Kong stock exchanges. As of December 31, 2007, CMB had total assets of $187 billion with 576 branches and offices across China with over 30,000 employees. It generated $3 billion net income in 2007.
CMB provides customers with various corporate and retail banking products and services, and conducts treasury activities for proprietary purpose and on behalf of our customers. CMB commands leading position in credit card, online banking and wealth management businesses in China.
In the recent years, CMB has received many domestic and international honors for its business performance, management capability and corporate culture
source: http://www.marketwatch.com/news/story/china-merchants-bank-receives-new/story.aspx?guid=%7BE7998C8E-6AD4-4BE0-9049-914EB9496A32%7D&dist=hppr
Tuesday, March 18, 2008
Colombia- Second Student Loan Support Project
WASHINGTON, March 4, 2008 - The following project was approved today by the World Bank’s Board of Executive Directors:
IBRD Loan: US$300 million
TERMS: Maturity= 22.5 years Grace= 6 years
PROJECT DESCRIPTION: The loan supports Colombia’s national student loan agency â€" Instituto Colombiano de Crédito Educativo y Estudios Técnicos en el Exterior (ICETEX) â€" to finance access to higher education for low-income students. ICETEX aims to offer financing to 100,000 new students to enroll in higher education for the first time in 2008-10 and will also finance 432,000 loan renewals for students who are already attending programs. ICETEX will award loans based on a blend of need and academic merit, and loans will target students from the lower end of the socioeconomic range.
Saturday, March 15, 2008
World Bank Managing Director Consults on World Bank Group's Contribution to Development and Opportunity in the Arab World
Dubai, UAE â€" March 6, 2008. World Bank Managing Director Juan Jose Daboub stated that he was optimistic about progress in the Arab World, and the World Bank’s capacity to strengthen engagement with Arab countries and institutions.
Daboub is currently in Dubai, following a 10 day visit to Egypt, Oman, Kuwait, Qatar, Bahrain and UAE intended to launch consultations on how the World Bank can cooperate even more closely with the Arab World for a better shared future. “I am keen to listen to the views and perspectives from our partners in governments, regional institutions, private sector and civil society on how the Bank Group can become more effective in addressing the challenges of creating jobs, diversifying economies and supporting inclusion across the Arab world,†said Daboub.
World Bank President Robert Zoellick identified development and opportunity in the Arab World as one of six key strategic themes for the Bank. This vision is consistent with the World Bank Group’s long association with the Arab region and its long-standing commitment to supporting economic and social development.
While Arab countries are very diverse, several Arab partners met by Daboub emphasized a common set of issues in the region. “Arab leaders would like to see increased engagement from the World Bank Group to encourage greater integration of Arab countries with each other and with the global economy to provide jobs and opportunities, especially for young people and womenâ€, said Daboub. “Arab countries need to generate 80 million new jobs in the coming 15 years in order to respond to the rapidly growing population.â€
Discussions at the heads of governments and ministerial level, with senior officials from the Arab League and Arab Funds, and representatives from the private sector and civil society highlighted a range of common issues where Arab countries see cooperation from the World Bank Group as adding value. These include: encouraging growth and jobs, especially for young people; greater social inclusion, including for women; education reform to strengthen quality and ensure that graduates have relevant skills for a modern economy; better managing environmental issues, including limited water resources and managing pollution in bodies such as the Gulf; strengthening public accountability and service delivery; and providing economic opportunities to help overcome conflict. These issues will be important to ensure that growth is both environmentally and socially sustainable.
Daboub noted that he was impressed with the efforts of World Bank Group staff in the region to respond flexibly to the demands of sophisticated clients. World Bank lending in support of national development programs has increased from $597 million in 2002 to $1.15 billion in 2007. IFC has expanded its investment in MNA countries to US$1.2 billion in 2006 compared to US$ 287 million in 2005. This is a trend Daboub hopes will continue, following recently reduced pricing and extend maturities of World Bank loans, and the development of innovative Islamic finance products by the World Bank Group.
Daboub also stressed that “Knowledge development and sharing is indispensable for the Bank to remain relevant in Arab countries, as in all clients. I am very pleased that many of the higher-income countries in the region â€" including the Gulf States I have visited - value the Bank’s specialized and global knowledge, and access such expertise through fee for service arrangements.†To this end, Mr. Daboub finalized arrangements for a new World Bank office in Kuwait, which will focus on strategic cooperation. “Other countries value the 'bundled' knowledge that comes with Bank financing. At the same time, we need to ensure that we are able to learn from, and share with other countries and regions, some of the innovative and exciting policy reforms in which Arab countries are engagedâ€, said Daboub. “I was impressed by extensive reforms in Egypt, which the World Bank’s Doing Business report highlighted as the top reformer in 2008. There has been almost unprecedented
expansion in access to education over the past 30 years in Oman. In Dubai, over 11,000 women own businesses, contributing to the economy while balancing family responsibilities. And the rapid economic expansion and diversification in many of the Gulf States in the space of a generation is truly remarkable,†he added.
While in the Gulf States, Daboub especially thanked Kuwait for its $52 million contribution to the International Development Association, the World Bank’s concessional financing arm for poorer countries.
Daboub was joined by Dr. Merza Hasan, World Bank Executive Director representing Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates, Yemen, and Ms. Daniela Gressani,World Bank Vice President for the Middle East and North Africa Region.
source: Contacts:
In Washington: Dina El Naggar (202) 473-3245
Delnaggar@worldbank.org
http://web.worldbank.org/WBSITE/EXTERNAL/NEWS/0,,contentMDK:21675669~pagePK:34370~piPK:34424~theSitePK:4607,00.html
Tuesday, March 11, 2008
reasons to bank online
almost everybody is banking online nowadays. but there are those who still doubt the whole system. here are a few reasons why you should get over your doubts and try banking online:
Avoid bounced check fees. Average overdraft fees run about $28 (bankrate.com) and can be as high as $35 from your bank alone. Not to mention fees from the party to whom you wrote the check. Banking online allows you to move funds quickly, easily and from anywhere to cover a written check. Overdraft protection is still a good idea, for it lowers the cost and eliminates the third-party fee. But it may not work for very large checks and even a series of $10 fees for protected accounts can get expensive.
Earn more interest. With online banking, you can "stash your cash" in a higher yielding savings or money market account and transfer it as needed to cover a series of bill payments or ATM debits. You can usually transfer across institutions, such as your brokerage account. Also, keeping less in your checking account may help you or family members control spending.
Easier to catch errors. It happens. I once learned of a woman who thanks to online banking found out that her lender was still billing her when in fact she had paid off the loan. And don't forget about convenience. I make fewer trips to my bank or ATM, and can manage my checking balance and transfer funds from anywhere. Since most of us are making greater use of ATM cards, the online "view" is more current and relevant. It takes far less time for me to review my account activity.
Online checking paves the way to online bill payment. The savings in time and money begin to compound. Now you save postage, avoid merchant and credit-card late fees and at the same time improve your expense tracking.
Bottom line: if you're still in manual mode, you may be spending more than you need to. More importantly, you're falling farther behind the larger "bank from anytime, anywhere" curve.
source: by: Jennifer Openshaw http://www.marketwatch.com/news/story/story.aspx?guid=%7B658D92E4%2D2F64%2D4518%2DAD6A%2D85A7B9D10314%7D&siteid=rss
Saturday, March 8, 2008
Scam threat looms for online banking
Experts are warning about a Trojan horse that targets users of online banking services and can redirect money transfers to the attacker's account without the user's knowledge.
According to Symantec Corp., a major computer security company, the Trojan, named Silentbanker, was first found in the United States late last year.
Although serious damages have not been reported and no Japanese banks had confirmed problems as of the end of January, experts say there are no measures against the Trojan horse once it is activated.
Silentbanker intercepts online banking transactions made on infected computers and redirects them to the attacker's bank account. The customer is provided details of what is expected so that he or she proceeds with what looks like a valid transaction.
The virus can target transactions with more than 400 banks in the world as it downloads a configuration file that contains the domain names of those banks.
The file configures the initial settings for computer programs.
With its great attack capability and the ability of circumvent two-stage authentication processes, the Trojan can break through security measures and intercept traffic between the customer and the bank.
Silentbanker's ability to spread is rather low, which likely accounts for the limited number of reports of damages across the world.
However, if a variation of the Trojan is created so that it replicates itself and becomes a full-fledged computer virus, Silentbanker could spread rapidly, experts said.
source: http://www.asahi.com/english/Herald-asahi/TKY200803040082.html
According to Symantec Corp., a major computer security company, the Trojan, named Silentbanker, was first found in the United States late last year.
Although serious damages have not been reported and no Japanese banks had confirmed problems as of the end of January, experts say there are no measures against the Trojan horse once it is activated.
Silentbanker intercepts online banking transactions made on infected computers and redirects them to the attacker's bank account. The customer is provided details of what is expected so that he or she proceeds with what looks like a valid transaction.
The virus can target transactions with more than 400 banks in the world as it downloads a configuration file that contains the domain names of those banks.
The file configures the initial settings for computer programs.
With its great attack capability and the ability of circumvent two-stage authentication processes, the Trojan can break through security measures and intercept traffic between the customer and the bank.
Silentbanker's ability to spread is rather low, which likely accounts for the limited number of reports of damages across the world.
However, if a variation of the Trojan is created so that it replicates itself and becomes a full-fledged computer virus, Silentbanker could spread rapidly, experts said.
source: http://www.asahi.com/english/Herald-asahi/TKY200803040082.html
Subscribe to:
Posts (Atom)
