| Banks missing opportunities to better serve small business - CFIB
Despite saying it wants to increase service to small- and mid-size business, Canada's banking sector is making little progress, the latest research from CFIB shows. Banking Matters reveals dwindling satisfaction with major financial institutions, with only two improving their rating since the previous survey in 2003. "Since the late 1980s fewer and fewer small business owners have applied for bank financing," CFIB President Catherine Swift explains. Small business loan activity has remained fairly stable since 1988 while loan activity for larger businesses has increased significantly. "This trend shows the banks may be missing opportunities for growth with the small business sector that accounts for 45 per cent of the Canadian economy," Swift says. "You have to question whether banks are meeting the borrowing needs of small businesses." CFIB asked members to rank their financial institution on nine performance indicators, including lending terms, service charges, access to full-service branch, online banking and treatment by their account manager.
Investors support tech solutions to ID theft / Silicon Valley venture capital firms leading way in financing companies ...
Correction: A New York Times article in the Business section Monday about identity theft misstated the background of Robert Maynard, a founder of LifeLock, a security firm in Tempe, Ariz. Although Maynard spent a week in jail on fraud charges, as the Phoenix New Times first reported and The New York Times reprinted, he made restitution and was not convicted. Maynard does not have a criminal record. - - - Gideon Yu, the former chief financial officer of YouTube and current chief financial officer of Facebook, is one of the most notable new executives in Silicon Valley. But while Yu operated in high tech's highest circles over the past two years, an impersonator quietly was using his name and credit card number to make fraudulent purchases. Yu and his wife did not spot the identity theft for months, until a spending spree in Reno got their attention.
Qualcomm Buys Mobile Banking Provider
Qualcomm has announced that it is buying the mobile banking service provider, Firethorn Holdings for approximately $210 million in cash. The Firethorn team will continue to be led by Firethorn's current CEO, Tripp Rackley, and will be overseen by Len Lauer, executive vice president and group president of Qualcomm. Qualcomm says that the acquisition is intended to help financial institutions accelerate consumer adoption of mobile banking services, such as viewing account balances and history, bill pay and money transfers, while also driving the development and delivery of mobile payments and mobile marketing services. "The acquisition of Firethorn will allow Qualcomm to help drive the evolution of mobile banking by leveraging Firethorn's industry expertise, reputation and success in developing relationships with financial institutions, wireless operators and payment processors," Lauer said.
SunTrust to acquire GB&T Bancshares
SunTrust Banks Inc. will buy the $2 billion-asset GB&T Bancshares Inc. of Gainesville, Ga., in a deal worth $153.7 million. The move will boost Atlanta-based SunTrust's (NYSE: STI - News) presence in Georgia. The deal is expected to close in the second quarter of 2008 and will likely be immaterial to SunTrust's 2008 earnings. .
Microloans made easy on the Web
You have probably heard of microloans - a concept whereby entrepreneurs in developing countries receive small loans to start businesses that can lift them and their families out of poverty. Thanks to the Web, you can be the person that lends the person that money. .
Wachovia exec says 'timing was not good' on Golden West purchase
A Wachovia top executive told investors this week that the bank's "timing was not good" in making its $24 billion acquisition of Golden West Financial Corp. That comes as little surprise to those who were left scratching their heads when the nation's fourth largest bank said it was buying Golden West even though housing was clearly headed down. In California, loans made in the Inland Empire, along with the Central Valley further north, are giving Wachovia, along with its rivals, the greatest concern. But Wachovia believes the deal will still be a plus, longer term. "We continue to feel that this acquisition will prove itself very positive when we get to the other side of the cycle," Ben Jenkins, Wachovia's (NYSE: WB) general bank president, told investors attending the Merrill Lynch (NYSE: MER) banking conference in New York.
Time Out Well Spent
A playbook for getting the most out of your break between jobs
Not all career changers move fluidly from job to job. Many seasoned professionals take a respite, perhaps to travel, write a book, or just contemplate what they really want to do next. .
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