| The priorities are clear for Northern Rock
1. Depositors. Banks are different from other businesses, where customers shop at their own risk. The people who have placed their savings in Northern Rock need to know that their money is safe, not only to prevent another run on the bank but to ensure confidence in the banking system. It is in the general public’s interest that the depositors sleep easy at night. 2. Financial stability. The Government’s job is to address systemic risk. The chaotic collapse of a bank could easily prompt a run on others, paralysing the financial system and damaging the economy. Jobs and prosperity well beyond Tyneside are at stake. 3. Taxpayer funds. British citizens did not sign up to Northern Rock’s foolish business model, nor should they underwrite it. While Treasury money is not sacrosanct – i.e.
South Africa: Standard to Raise Transaction Charges
Standard Bank would increase its transactional bank charges an average 4,65% from January, its CEO for personal and business banking for SA, Sim Tshabalala, said yesterday. Tshabalala said charges on transaction products would rise 4,33% while those for savings and investment products would be increased 1,9%. Charges on the bank's Mzansi and E-Plan products would rise 2,3% and 4,4%, respectively. .
Mobile banking options growing
The mobile banking market in Wichita is about to get more competitive as Wachovia beefs up its mobile banking service. On Tuesday, AT&T announced a partnership with Wachovia and five other banks and credit unions in the country to offer mobile banking services. For Wachovia, which began doing business here last month after the acquisition of World Savings Bank, the deal means it will have a mobile banking service on par with the likes of its biggest competitor, Bank of America, which launched its mobile banking service in May. Wachovia will have access to some of AT&T's 65.7 million wireless customers, Wachovia spokesman Matt Wadley said. "Partnering with AT&T opens up the door for us to reach new clients and customers," Wadley said.
PRC calls for title insurance reform
The Public Regulation Commission, the elected body charged with the regulation of title insurance in New Mexico, has written to Gov. Bill Richardson calling for reform of title insurance law. The letter, signed by all five members of the commission, said that the promulgation of uniform rates by the state "has denied consumers the opportunity to benefit from competition among title insurance companies based on price or value." The letter said the PRC "believe[s] that alternative regulatory models are available that can bring the benefits of competition to this important area, without exposing consumers to undue risks." It also said the title insurance industry has benefited from statutory immunity from negligence suits added to the title insurance law in 1999.
Customers lament Abbey's bad habits
Just what is going on at Abbey? Why are so many people complaining about its service? In the past six months, I have received nearly twice as many letters about Abbey as any other banking group. But no senior person at Abbey would answer my questions last week because, the bank says, the chief executive is having dinner with personal finance editors in a fortnight's time. It might answer my questions after that, but not before. This is just the sort of inexcusable delay Abbey's customers have come to expect. Jackie Brown spent three months trying to persuade Abbey to update her address, while Peter Corley waited nine weeks for his £14,500 cash Isa to be transferred to Abbey, which twice lost the transfer form and then the original application form as well. The bank admitted something had gone wrong but could find no systems errors and "no obvious cause".
Election recount under way
A dozen workers were on hand Monday morning as the Ashtabula County Board of Elections began double-checking the results of the Nov. 6 general election. Election recount under way By MARK TODD - Staff Writer - mtodd@starbeacon.com Star Beacon JEFFERSON — A dozen workers were on hand Monday morning as the Ashtabula County Board of Elections began double-checking the results of the Nov. 6 general election. .
Wachovia exec acknowledges bad timing on Golden West purchase
CHARLOTTE -- Wachovia's general bank president on Wednesday highlighted the positives of last year's acquisition of Golden West Financial but acknowledged "our timing was not good" in light of a severe housing downturn. "We continue to feel that this acquisition will prove itself very positive when we get to the other side of the cycle," Ben Jenkins told an audience at the Merrill Lynch banking conference in New York. In his presentation, Jenkins noted that Golden West's branches are helping the Charlotte bank reach a goal of adding 1 million net new checking accounts this year. He also said the bank expects to gain market share in the mortgage business. Wachovia has previously said that it expects to set aside more money than expected in the fourth quarter to protect against problem loans in a weakening housing market.
China entrepeneurship, banking, finance, outsourcing, trade, travel, politics guidebook
How to manage a rising Chinese finance and economy? How to do investing, banking, trade, outsourcing, education, management, marketing, consulting work inside China, Taiwan, Japan, Hong Kong, India? Get personal advice and knowledge from provocative strategist George Zhibin Gu inside China. essential business and investment book : China and the new world order, by George Zhibin Gu Reviewed by China Venture News, http://www.chinaventurenews.com The subject of Chinese entrepreneurship continues to resonate with global investors and especially the venture capital markets. George Zhibin Gu, author, business consultant and investment banker in his latest book, China and the New World Order, brilliantly reflects on how entrepreneurship, globalization and the borderless communities are reshaping a new China.
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