Banking Business year end rush. Last minute Banking. People rushing in to get their shiny new loonies and toonies for the kids. Fresh and crisp bank-notes are being ordered and handed out as requested by customers at the tellers. ATMs running out of cash and shutting down. Bankers going nuts to fill their end of year portfolio on a high (bank) note. Holiday goodies are in every bank branch to entice customers (they still don’t get it – treating customers as retail walk ins is marketing folly).
Is the Banking Scrooge Present for You?
I just wonder how many customers have felt slighted this year, the year of mass econimic turmoil and dreaded loss in Canada have remained faithful to their bank. After-all, many mortgagees have taken flight to other cheaper and better deal makers who would treat them as “valued clients” and not just “retail customers”.
It’s time for the Holidays…Christmas to many, Hanukah to some, time to kick back for others, get completely whacked with friends and for kids this is simply a time to get parents feel guilty about the type of presents the big red and white guy is supposed to bring. Unfortunately for many, this is the year for cutbacks and the double digit bankruptcy rise makes no bones about that.
In fact, I know of many who would dearly do with food bank canned food stuffs and a warm place to stay. But what about their kids? I was told by some that there are also social welfare programs getting caught in the extra demands of time and energy. I’ll bet that this year, emergency shelters and motels will run out of much needed space. Expect the government budget for shelters to rise steeply in 2010 to make up for shortfalls this year.
The news on bank bonuses in Canada appear to be quite muted compared to the huge outcry south of the border – especially those involved with Wall Street. Does this assuage the consumer? They shouldn’t be so complacent. Yes, it’s great having powerful banks but do consumers realize they are likely paying far too much on service fees? Service fees should include all the ATMs, chequing, cash transfers, NSF, search, application, credit cards, investment management, etc. Add them up and you will be appalled. Oh yes, you know those bank workers? They are still being downsized too – though only occassionally (you could call it a strategic reduction in employee requirements as system efficiencies advance).
Real Estate and Mortgages Stay Big
Real estate mortgages has been a powerful driver all year and appear to power the Canadian economic engines well into 2010. Investors spooked by the dismal equities markets have switched their thinking into something more tangible- Real Estate. So, you’re not an investor, but hey, how about helping your grown kids with some downpayment for their first home? Grandparents have bought houses with their retirement income and rented them out. Others have formed investment groups and invested in promising properties in great locations.
Very low interest rates and easier to get mortgages have also helped drive the property market skywards. In the best locations in the GTA, like Markham, Ontario for example, most decent properties are snapped up within hours of their supposed listing…Many good homes are simply sold by eager buyers within days of getting on the MLS. But there are still those overpriced ones that sit for months without a nibble. And a few simply will not sell considering their poor condition vs price.
That is not to say all the properties in the GTA are selling like hotcakes. The real estate wisdom of location, location, location plays a huge role here. Sure, the prices have gone up across the board, but it’s hot in only the Best locations. The others will have a longer wait ahead of them.
It’s been a long time since I posted anything about banking on this site. My apologies to all you good readers. And thank you all for reading and visiting. Please come back for even better banking ideas in 2010.
The financial industries of both Taiwan and China move closer with negotiations on their agreement almost completed announced Chiang Pin-kung, chairman of the quasi-official Straits Exchange Foundation of Taiwan.
The Straits Exchange Foundation and the Association for Relations Across the Taiwan Strait of China have been authorised separately by their governments to handle exchanges in the absence of official contact between the two sides…read more.
Taiwan and China move closer financially
Is this an auspicious sign heralding the coming year of the Golden Tiger in 2010?
The China – Taiwan realtions have been improving by leaps and bounds since 2008 and holds much hope for the end of any hostilities that may have remained for decades. In fact, much of Taiwan’s investments have been in Chinese manufacturing and projects the past decade.
It only makes great sense for both economies to further cooperate financially. Each side have their own strengths and expertise. This must be good for the banking business on both sides too.
It will be interesting to see how this plays out – China still considers Taiwan, once called an “Asian Tiger” a breakaway province and Taiwan has claimed independence with the help from the US. But truth be told, they are really 2 Chinas coming back closer together.
Downsizing the megabanks is becoming more than just gossip. The talk and public gripes of cutting megabanks down to size is becoming public and coming into prominence.
Megabanks are like Immovable Mountains
Paul Volcker, the former Federal Reserve Chairman has been delivering broadsides and salvos for the breakup of the megabanks because they have demonstrated the capability to be destructive to the world financial markets. He’s got an ally…Mervin King, the current Bank of England Governor.
But they are up against significant immovable mountains in the shape of their respective governments. Is this pair simply making political points? They must know what they are up against. Governments have been and are very much allied and support these monster sized banks. “Control the money and control the world” is a mantra not easily given up.
Perhaps these gentlemen are appearing to be too old fashioned for the fast boom and then bust cycles of controls and rules that govern banks’ activities to ensure economic stability.
U.K. Finance Minister Alistair Darling said, “You regulate according to risk”. “The greater the risk, the greater the capital requirement. I don’t think an arbitrary split would deal with the problem.” And that seems to be that!
So, it appears that the likes of Bank of America, Citigroup, J.P. Morgan Chase & Company,…still have some breathing room. In any case no government after bailing out the biggest banks and then shoving many untenable assets to them are going to turn around and tear them down to size now are they? They’ve probably been spooked by the failures of some of their largest financial institutions during that worldwide financial meltdown.
China Life, the largest Life insurance company in China is on an acquisition trail strategically buying up larger and profitable companies. Their long term plans would then include access to significant banking expertise hence the China Development Bank Corp acquisition offer.
China Life Insurance Project
China’s largest life insurer China Life Insurance Co. plans to acquire a stake in China Development Bank Corp (CDB) to match its long term liabilities and achieve a better synergy in resource allocation, China Daily reported Thursday.
“The final deal and final pricing and terms is subject to regulators’ approval,” citing China Life’s chairman, Yang Chao.
Talks are almost complete, and terms are “very favorable” to China Life, Yang said, but he didn’t give the size of the stake.
The insurer is also actively seeking equity investment opportunities in other big, unlisted corporations, according to Yang.
China Life’s wooing of CDB is its latest attempt to make it a financial holding group with a strong core business and a diversified financial business, the newspaper said.
On Aug 26, Yang said the company was considering becoming the pre-IPO investor of the Agricultural Bank of China (ABC) and the Asian unit of American International Group (AIG).
CDB received a 20 billion U.S. dollar government capital injection in December 2007 and is seeking to transform itself from a policy bank into a commercial lender.
The FDIC has suddenly changed its mind about allowing Private Equity firms to get a bigger piece of the action with failed banks.
The bailout reserves are riding pretty thin these days at $13billion but need an estimated $70b over the next 4 years. Where’s all that money coming from? More bailout cash from the treasury? That may not be the number one choice as the big world players are already voicing concerns about more money being printed for an ailing American economy further diluting its value. Its “no more funny money please”…
But then there’s this relatively untapped pool of cash from private equity firms with fresh cash ready to snap up deals. There have been serious concerns that Private Equity = Vultures. The fear of cost cutting and job losses are ever high on the agenda. Also, the longevity of these investors worries. It is feared many will do a quick profitability turn around and then sell the banks.
Right now, that may be the better way than to have anothrer round of rescues the US dollar can well not afford, and at the same time, more private equity involvement may be the best way to raise capital legitimately and keep the investment from Wall Street and abroad happier.
This is great news for job seekers especially those who have been trained in the banking field and have been seeking scarce banking jobs. But now the US Banks are playing catchup with the market conditions.
It appears the banking industry is firmly on the road to recovery.
The major banks have repaid their government bailout stipend. And the performance figures do suggest they are very much on firm financial footing. The stock markets confirms that. Also, bonuses being paid to investment firms and investment banking firms in particular have been on the increase but that may not be the best news for Goldman Sachs due to a public outcry and investigations regarding that issue…
Right now, the news is on the key hires within certain banks. But knowing that, you’ll understand that something is happening within Wall Street. However, what’s important for people in the banking sector – there are jobs but perhaps not enough to get everyone in the industry back working. But if you hurry…Click Here.
Few will argue that the Hang Seng Bank Corp. is anything but successful and has been for decades. Mr. Li Kah Shing, a well known multi-billionaire magnate from Hong Kong as are his peers, a serious Feng Shui adherent. In fact, many wonder at the Hong Kong Bank’s continued success even in the face of some very troubling times. Was it only great wealth management? Or could it be because he saw fit to expand the bank’s private wealth management arm well before the banking crash of a year ago?
Feng Shui plays a huge role in the lives and businesses of Hong Kong and is credited with the continued financial success of Hong Kong as a whole. Very much at the forefront of the use of Feng Shui is the banking industry. Recognising that for the bank to prosper, its clients must also prosper.
Is it any surprise then that on its website, HSBC has a page dedicated to wealth building using Feng Shui sage advice from the WOFS – the World of Feng Shui.
A portion is reprinted below:
Feng Shui Tips For Your Growing Business
Discover some interesting tips that you may want to adopt for good luck, success and prosperity.
TIP #1 Hang a painting of a mountain behind you at work for strong support
Hanging a painting or a picture of majestic mountains behind you while at work symbolizes support from your superiors and colleagues. Make sure that the painting or photograph does not include any lakes, waterfalls or rivers, as it will bring about harm financially. Alternatively, you may hang photographs of your staff gatherings, and group pictures to bring unity among the work force.
TIP #2 Display a merchant ship sailing for more business opportunities
When you display a ship filled with all sorts of goods, products or other kinds of wealth items and aim it such that it sails inwards towards your desk, it will bring you the luck of many opportunities. Make sure that the ship you choose does not carry any cannons as a pirate or war ship does not bring good news. Instead choose merchant ships filled with gold ingots or samples of the products that your company sells in order to expand your business globally.
How or why there is a discrepancy in what is supposed to be there and the actual quantity according to an external audit is still in question. And the question is what has happened to $15.3 million (estimated) worth of gold that’s seem to be missing.
What has happened? Robbery? No answer here. The case has been reported to the RCMP about 10 weeks after the discovery. But the Canadian government is going ahead with its own investigations as to what happened. Going as far as to withhold all executive bonuses until the the matter is cleared up.
It is surprising that so much gold could have been missing given that the security at the Canadian Mint is tight with the RCMP also keeping an eye on the place.
Could this be another great mystery robbery or just some mistake somewhere with Canada’s missing glod?
“Deloitte and Touche estimates the value of the missing precious metals is $15.3 million. It’s the first time a dollar figure has been put on the gold, silver, platinum and palladium in question.
The mint has asked the RCMP to help account for the mystery of the missing precious metals – which have been missing for months – after being told by the government to call in the Mounties. ”
Buzzirk Mobile and Global Verge has combined their unique advantages to create a potent worldwide winning combination.
News of this new emerging mobile giant – Buzzirk Mobile is getting about. Bankers, Wall Street types and even overseas corporate giants have been trying to get a piece of the action. But true to form, the top Guy, The CEO of the company controlling the technology was rumoured to have shown them the door.
Plans have been laid for the launch and a number of people lucky or wise enough to get involved early – as in right now – will have an advantage and can make a financial killing with this new business in the mobile battle field. The technical and business model is still scant, but you can take a peek at this information source I found here.
And if you’re a little smarter than the next guy, I saw that you can secure your position for a nominal fee.
Cell Phones Have a Profitable History
They stir up memories of agents fighting to get their hands on the first Blackberries and then iPhones. The agents assumed – and rightly so -they could make a killing when those devices came out. Yes, they were right.
And now, there is a new and very powerful and shiny kid on the block. And yes, they are very well funded and has supremely excellent carrier agreements already in place. Is it any wonder then that iPhones, and Blackberries and just about every other mobile systems carrier is in a tiff and greatly worried? Look at all the new technology Buzzirk Mobile is bringing out to do battle with all the carriers and systems.
This is not hype. The technology and the technological agreements have been developed well ahead of the marketing materials.
Now, the makers of specialty smart phones even those released last quarter with all their smart gadgetry may be extremely advanced, but truth be told, they’re about to be made obsolete. And so are the new iPhones and Blackberrys. Technology has a way of making quantum leaps from time to time. But the new Pharos, often the makers of specialty phones for the Hollywood elites have created the Pharos Traveler 137 (in picture) will be just that with the new software and hardware included. The functions and capabilities will take anyone else years to try to play catch up. Now, I’m saying catchup – and it is quite something else to overtake the new technology being used in Buzzirk Mobile.
That said, an estimated 3 year lead in the marketplace (typical of new very advanced technologies, historically) is a lifetime of opportunity for Buzzirk Mobile to make great and deep inroads into the world of Mobile Devices worldwide.
Well, watch the boss of Zer01, Ben Piilani himself giving a quick demo on the technology on You Tube.
So, is this an investment worthy of notice? Most certainly. Let’s see why.
1) Drastic user cost reductions.
Buzzirk Mobile is selling their super phones and unlimited plans and also GSM enabled SIM cards (without the max capabilities of the new Pharos or other smart phones created to take advantage of this new system) with the true unlimited monthly use at only one fixed fee of $79.95 and for $10.00 more, you get the same unlimited international use in more than 30 countires. There will also be a family plan to be announced.
2) Distribution through Direct Marketing.
Buzzirk Mobile is not selling these phones with the traditional phone franchise store like AT&T or Rogers or Bell…instead they are breaking with the pack and instead giving you and I the opportunity to get in on it too. It saves them hundreds of millions in set up costs and passing on the savings on to the consumer and through the Direct Marketing system handled by Global Verge. In doing so, they are actively promoting for ”E-Associates” or direct marketing distributors to sign up before the release of these phones to the public. Will it fly? Yes, it is already starting to take off. Anyone savvy in such a business will get signed up quickly before the big launch wave occurs.
3) Working Technology Before the Hype.
Technology is often useless if it cannot be readily used. In this case, all the transmission agreements in the area codes of North America has been confirmed. In fact, all the new technology was ready to go well before the marketing even began. It’s crazy, but they had worked without hype and hoopla, got it all working even before the marketing materials were even considered! And yes, it’s a multi-billions dollar company with billions more ready to be invested world wide.
Editor’s Update:
There have been some disturbing and suddend develoment. Zer01 Mobile has terminated its involvement with Buzzirk Mobile, leaving thousands of e-associates who have signed up to the idea and a dream of making a great income with this unlimited ohone service is no more. Read the story here.
In these times, every dollar counts. This advice is not typically told bank based mortgage brokers simply because they feel they might be in conflict of interest if they do.
But, if it can save you thousands of dollars in the medium run, I’d go for it. These mortgage insurance is mandated by law, and it simply raises your mortgage costs especially when you can least afford it. You’ll know and hate it if you’ve been paying for it. So here’s the short version of how you get rid of it.
The advice is, “Pay off the portion of your mortgage that will enable you to be below the threshold of requirement of a high ratio mortgage”. That’s a mouthfull. But listen to the video below – this man explains it in no uncertain terms.
The bailout reserves are riding pretty thin these days at $13billion but need an estimated $70b over the next 4 years. Where’s all that money coming from? More bailout cash from the treasury? That may not be the number one choice as the big world players are already voicing concerns about more money being printed for an ailing American economy further diluting its value. Its “no more funny money please”…
How or why there is a discrepancy in what is supposed to be there and the actual quantity according to an external audit is still in question. And the question is what has happened to $15.3 million (estimated) worth of gold that’s seem to be missing.
Buzzirk Mobile and Global Verge
How do you get rid of your mortgage insurance?
