Record low interest rates are not deterring Britons spooked by the recession from saving at record levels.
According to National Savings & Investments’ (NS&I) quarterly savings report, the amount set aside by the average person rose to £92.41 per month during the first quarter of 2009, up from £90.12 in the final three months of 2008.
Furthermore, the average regularly saver put away the largest monthly amount since the survey began four-and-a-half years ago, at £209.23.
With average income falling slightly across the population, the amount saved as a percentage of income rose to 6.83%, up from 6.48% in the winter of 2008/09.
The number of people saving regularly remained constant for the fifth successive quarter with 47% of the population setting some money aside.
In an ideal world, savers questioned said they wanted to add to their deposits by an average £219.11 per month, up from £210.26 in the final quarter of 2008 and £195.67 a year earlier.
Meanwhile, over-spending was reigned in slightly, with 28% of respondents blowing their budgets during the first three months of 2009, compared with 30% in the previous three months.
NS&I’s senior savings strategist, Dax Harkins, comments: “The results show some very positive savings behaviour this spring, with the average amount held in savings up from £17,372 in winter 2008/09 to £18,443.”
Sunday, June 28, 2009
Iceland nationalises biggest bank
Iceland nationalises biggest bank
Iceland has nationalised its biggest bank, Kaupthing, and suspended trade on its stock exchange in an attempt to prevent further panic in the country.
Kaupthing is the third bank to be rescued by Iceland's government.
The OMX Nordic Exchange Iceland is closed for trading for two days because of "unusual market conditions" and will reopen on Monday.
Meanwhile, Iceland's Prime Minister Geir Haarde criticised the UK's move to freeze Icelandic bank assets.
Mr Haarde said the UK used anti-terrorism legislation to freeze assets in Landsbanki in order to protect UK savings in one of its units, Icesave.
"We do not consider this to be a particularly friendly act. But we understand that the UK authorities need to act in the interests of their citizens," he said.
Over the past years, Iceland has pursued a policy of inflation targeting, similar to the UK..In the case of Iceland it was disastrous.
Jon Danielsson, EconomistLondon School of Economics
Prime Minister Gordon Brown has condemned Iceland's handling of the collapse of its banks and its failure to guarantee British savers' deposits.
Mr Brown said it was "effectively illegal" and "completely unacceptable".
Unusual conditions
Mr Haarde said Iceland had not decided whether to seek help from the International Monetary Fund to weather the crisis.
The country's Financial Supervisory Authority said it took over Kaupthing to safeguard its domestic banking system.
All domestic deposits at the bank were fully guaranteed, it added.
On Wednesday, the UK Treasury arranged for ING Direct to take over the £2.5bn of deposits of 160,000 UK customers of Kaupthing's online arm, Kaupthing Edge.
The Swedish central bank had already agreed to provide a loan to the bank's Swedish arm.
Iceland's government has now seized control of all three of the nation's major banks. Landsbanki and Glitnir were taken over earlier this week.
The country of just 300,000 people has struggled to cope with the global financial crisis.
"The action taken... was a necessary first step in achieving the objectives of the Icelandic government and parliament to ensure the continued orderly operation of domestic banking and the safety of domestic deposits," Iceland's Financial Supervisory Authority said.
Iceland has nationalised its biggest bank, Kaupthing, and suspended trade on its stock exchange in an attempt to prevent further panic in the country.
Kaupthing is the third bank to be rescued by Iceland's government.
The OMX Nordic Exchange Iceland is closed for trading for two days because of "unusual market conditions" and will reopen on Monday.
Meanwhile, Iceland's Prime Minister Geir Haarde criticised the UK's move to freeze Icelandic bank assets.
Mr Haarde said the UK used anti-terrorism legislation to freeze assets in Landsbanki in order to protect UK savings in one of its units, Icesave.
"We do not consider this to be a particularly friendly act. But we understand that the UK authorities need to act in the interests of their citizens," he said.
Over the past years, Iceland has pursued a policy of inflation targeting, similar to the UK..In the case of Iceland it was disastrous.
Jon Danielsson, EconomistLondon School of Economics
Prime Minister Gordon Brown has condemned Iceland's handling of the collapse of its banks and its failure to guarantee British savers' deposits.
Mr Brown said it was "effectively illegal" and "completely unacceptable".
Unusual conditions
Mr Haarde said Iceland had not decided whether to seek help from the International Monetary Fund to weather the crisis.
The country's Financial Supervisory Authority said it took over Kaupthing to safeguard its domestic banking system.
All domestic deposits at the bank were fully guaranteed, it added.
On Wednesday, the UK Treasury arranged for ING Direct to take over the £2.5bn of deposits of 160,000 UK customers of Kaupthing's online arm, Kaupthing Edge.
The Swedish central bank had already agreed to provide a loan to the bank's Swedish arm.
Iceland's government has now seized control of all three of the nation's major banks. Landsbanki and Glitnir were taken over earlier this week.
The country of just 300,000 people has struggled to cope with the global financial crisis.
"The action taken... was a necessary first step in achieving the objectives of the Icelandic government and parliament to ensure the continued orderly operation of domestic banking and the safety of domestic deposits," Iceland's Financial Supervisory Authority said.
Monday, June 15, 2009
Paying tax has never been easier
Very few people enjoy paying taxes but they are an integral part of our economic system. In this Center we have tried to make this process easier for you by partnering with the TurboTax, TaxCut, and Taxbrain. You can either start a new tax return, file for an extension, amend an existing tax return, or download individual tax forms. Tax returns are also ideal for electronically storing in our Document Center for either personal access or sharing with someone such as your financial advisor.
Wednesday, June 10, 2009
Ten US banks authorised to repay government debt
Ten US banks authorised to repay government debt
Ten of the largest banks in the US can now begin to regain their independence by paying back bail-out money to the US Treasury.
Official permission has been granted and the US taxpayer could get back $68 billion if repayments are made to the maximum.
According to a US Treasury statement: “These repayments follow a period in which many banks have successfully raised equity capital from private investors. Also, for the first time in many months, these banks have issued long-term debt that is not guaranteed by the government.”
Treasury Secretary, Tim Geithner, comments: “These repayments are an encouraging sign of financial repair, but we still have work to do.”
More than 600 banks across the US have participated in the country’s Capital Purchase Program, representing $199 billion in investments.
Banks to have received repayment permission have paid around $1.8 billion in dividends on the preferred shares held by the US Government in the past seven months.
According to a report in The Times, JP Morgan Chase, Capital One and Morgan Stanley are among those to have confirmed that they will taking up the repayment offer.
Ten of the largest banks in the US can now begin to regain their independence by paying back bail-out money to the US Treasury.
Official permission has been granted and the US taxpayer could get back $68 billion if repayments are made to the maximum.
According to a US Treasury statement: “These repayments follow a period in which many banks have successfully raised equity capital from private investors. Also, for the first time in many months, these banks have issued long-term debt that is not guaranteed by the government.”
Treasury Secretary, Tim Geithner, comments: “These repayments are an encouraging sign of financial repair, but we still have work to do.”
More than 600 banks across the US have participated in the country’s Capital Purchase Program, representing $199 billion in investments.
Banks to have received repayment permission have paid around $1.8 billion in dividends on the preferred shares held by the US Government in the past seven months.
According to a report in The Times, JP Morgan Chase, Capital One and Morgan Stanley are among those to have confirmed that they will taking up the repayment offer.
Banks not lending enough to see off recession
Banks not lending enough to see off recession
A Deputy Governor of the Bank of England has warned banks that the economic recovery is dependent on increased lending.
Speaking at the London conference of the Association of British Insurers, Paul Tucker described current lending levels as “subdued” and questioned whether they could sustain the economic recovery.
For the banks themselves, failure to lend at levels that can see off the recession is likely to increase bad debts and bankruptcies and could therefore be self-defeating.
Last week, German Chancellor Angela Merkel publicly criticised the UK Government’s quantitative easing policy, which aims to restore credit.
She warned that it could worsen the economic crisis by stoking inflation.
Her comments came as new figures from the Bank of England showed that lending to UK businesses and individuals fell during April, despite the quantitative easing strategy.
According to a report in The Times, lending to UK business other than banks and other financial institutions fell by £4.7 billion in April, representing the biggest monthly decrease since records began over ten years ago.
A Deputy Governor of the Bank of England has warned banks that the economic recovery is dependent on increased lending.
Speaking at the London conference of the Association of British Insurers, Paul Tucker described current lending levels as “subdued” and questioned whether they could sustain the economic recovery.
For the banks themselves, failure to lend at levels that can see off the recession is likely to increase bad debts and bankruptcies and could therefore be self-defeating.
Last week, German Chancellor Angela Merkel publicly criticised the UK Government’s quantitative easing policy, which aims to restore credit.
She warned that it could worsen the economic crisis by stoking inflation.
Her comments came as new figures from the Bank of England showed that lending to UK businesses and individuals fell during April, despite the quantitative easing strategy.
According to a report in The Times, lending to UK business other than banks and other financial institutions fell by £4.7 billion in April, representing the biggest monthly decrease since records began over ten years ago.
Canadian banks ranked soundest in the world
Canadian banks ranked soundest in the world
U.S. has fallen to No. 40 in World Economic Forum list
Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as a financial crisis and bank failures shake world markets.
Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after its government pledged the equivalent of $97 billion Cdn this week to bolster bank balance sheets.
The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40th, just behind Germany, at 39th, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
On Thursday, the U.S. was considering buying a slice of debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend.
The World Economic Forum's Global Competitiveness Report based its findings on opinions of executives and assigned banks a score between 1.0 (insolvent and possibly requiring a government bailout) and 7.0 (healthy, with sound balance sheets).
Canadian banks received a score of 6.8, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7).
‘When Harper's Conservatives were in Opposition, they lobbied for de-regulation and bank mergers. As we can see, that wasn't a good idea. ’
U.K. banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness while Switzerland's banking system scored the same in 16th place, as did Singapore (13th).
The ranking index was released as central banks in Europe, the U.S., China, Canada, Sweden and Switzerland slashed interest rates in a bid to end panic selling on markets and restore trust in the shaken banking system.
U.S. has fallen to No. 40 in World Economic Forum list
Canada has the world's soundest banking system, closely followed by Sweden, Luxembourg and Australia, a survey by the World Economic Forum has found as a financial crisis and bank failures shake world markets.
Britain, which once ranked in the top five, has slipped to 44th place behind El Salvador and Peru, after its government pledged the equivalent of $97 billion Cdn this week to bolster bank balance sheets.
The United States, where some of Wall Street's biggest financial names have collapsed in recent weeks, rated only 40th, just behind Germany, at 39th, and smaller states such as Barbados, Estonia and even Namibia, in southern Africa.
On Thursday, the U.S. was considering buying a slice of debt-laden banks to inject trust back into lending between financial institutions now too wary of one another to lend.
The World Economic Forum's Global Competitiveness Report based its findings on opinions of executives and assigned banks a score between 1.0 (insolvent and possibly requiring a government bailout) and 7.0 (healthy, with sound balance sheets).
Canadian banks received a score of 6.8, just ahead of Sweden (6.7), Luxembourg (6.7), Australia (6.7) and Denmark (6.7).
‘When Harper's Conservatives were in Opposition, they lobbied for de-regulation and bank mergers. As we can see, that wasn't a good idea. ’
U.K. banks collectively scored 6.0, narrowly behind the United States, Germany and Botswana, all with 6.1. France, in 19th place, scored 6.5 for soundness while Switzerland's banking system scored the same in 16th place, as did Singapore (13th).
The ranking index was released as central banks in Europe, the U.S., China, Canada, Sweden and Switzerland slashed interest rates in a bid to end panic selling on markets and restore trust in the shaken banking system.
Tuesday, June 9, 2009
National Bank of Canada
About National Bank of Canada
National Bank of Canada, which is celebrating its 150th anniversary in 2009, is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $138 billion in assets and, together with its subsidiaries, employs 17,343 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website at http://www.bnc.ca/.
Citizens Financial Group
About Us
In 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island.
Citizens Financial Group, Inc. is a $167 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,450 branches, approximately 2,650 ATMs and approximately 23,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets. CFG is owned by RBS (The Royal Bank of Scotland Group plc).
In 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island.
Citizens Financial Group, Inc. is a $167 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has more than 1,450 branches, approximately 2,650 ATMs and approximately 23,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets. CFG is owned by RBS (The Royal Bank of Scotland Group plc).
new Commerzbank
new Commerzbank
The merging of Dresdner Bank into Commerzbank in May 2009 successfully brings together two major German banks to form one new leading bank. The new Commerzbank is a strong universal bank that combines the financial experience and high-quality advisory services of two long-established institutions. We are now a leading bank and we are building on our strengths as a relationship bank for private and corporate customers in Germany.
Commerz bank
Commerzbank is a major integrated bank. Our market success is gauged first and foremost by how well it performs this function. The yardstick is customer satisfaction, to which we at Commerzbank are wholeheartedly committed. We see ourselves as an efficient provider of financial services for demanding private customers in Germany. We are also the creative relationship bank for the successful German Mittelstand, for major corporates and institutions in Europe as well as multinationals from all over the world.In regional terms, we are concentrating on Germany, where we provide integrated financial services, operating a nationwide branch network to advise and sell our products to all customer groups. In corporate business, we also look upon Western, Central and Eastern Europe as our core market, and North America as well, where we have a long tradition.
Institution Headquarters
Institution Headquarters
1.
Bank of America Corp.
Charlotte, N.C.
2.
J. P. Morgan Chase & Company
Columbus, Ohio
3.
Citigroup
New York, N.Y
Wachovia Corp.
Charlotte, N.C.
5.
Wells Fargo & Company
Sioux Falls, S.D.)
6.
U.S. BC
Cincinnati, Ohio
7.
Suntrust Banks, Inc.
Atlanta, Ga.
8.
HSBC North America Inc.
Wilmington, Del.
9.
Keybank
Cleveland, Ohio
10.
State Street Corp.
Boston, Mass.
1.
Bank of America Corp.
Charlotte, N.C.
2.
J. P. Morgan Chase & Company
Columbus, Ohio
3.
Citigroup
New York, N.Y
Wachovia Corp.
Charlotte, N.C.
5.
Wells Fargo & Company
Sioux Falls, S.D.)
6.
U.S. BC
Cincinnati, Ohio
7.
Suntrust Banks, Inc.
Atlanta, Ga.
8.
HSBC North America Inc.
Wilmington, Del.
9.
Keybank
Cleveland, Ohio
10.
State Street Corp.
Boston, Mass.
No further comment from the Cayman Islands
Recently the Financial Task Force website ,picked up a my blog which in turn attracted a rather barbed comment from Anthony Travers, chairman of the Cayman Islands Financial Services Authority (CIFSA).He said, among other things, that the Cayman Islands is not a tax haven. So we responded to his comments and our reply has now been drawn to his attention. In a communication with TJN which we received today, Travers has declined to comment further. We look forward to his counter-arguments in other forums, perhaps.In the meantime, please read the comments underneath the article. And before doing so, note this: the examples we gave do not even get into the zero-tax issue. Or This (Cayman's response, slinging the mud back in the direction of London and New York, is here
Challenge to the European Investment Bank
The Tax Justice Network, in partnership with Eurodad, Friends of the Earth Europe and Counter Balance, are protesting in front of the EU Council about the activities of the European Investment Bank in tax havens.
Banking Tax
Banking Tax
Andrew Jackson specialises in the placement of tax professionals in tax and tax-led positions within the banking industry.
Assignments typically included specific technical areas such as front office tax structured finance and other front office tax-led roles within the capital markets divisions of banks, plus front office tax support or middle office positions with the tax departments. In addition, group tax opportunities fulfilled include compliance and reporting, international tax planning, mergers & acquisitions, transfer pricing, VAT and withholding and custody tax.
Ewen joined Pure in 2002 to focus on recruiting tax professionals across all sectors of the commerce tax market. Ewen focuses on recruiting at tax director and head of tax level internationally, and has built strong relationships with an extensive number of FTSE-listed, financial services and overseas organisations. Ewen joined Pure as a qualified tax adviser with a wealth of corporate tax experience gained from four years at KPMG. This tax experience, coupled with his depth of market knowledge, has enabled Ewen to build an excellent reputation across all levels and disciplines of the tax arena. Ewen graduated in Civil Engineering from Herriot Watt University.Outside work Ewen is a keen tennis player and has competed nationally for Scotland. Continuing to play at county and club level, Ewen is currently a member of Wimbledon Lawn Tennis Club.
Saturday, June 6, 2009
FOREX-Asian comments provide a big boost to the dollar
The dollar recovered from its lowest levels this year against the euro on Wednesday after monetary sources in Asia said they would keep buying U.S. Treasuries even if the U.S. credit rating were to be cut.
The remarks from sources in China, Japan, India and South Korea [ID:nSP412010], compiled by Reuters from separate interviews, helped to stem recent selling that has driven the dollar index .DXY to its lowest this year and down more than 7 percent since the start of May.
Traders viewed the comments as an expression of support for dollar-denominated assets from the nations that control about half of the world's currency reserves. Dollar weakness would erode the value of U.S. investments.
"As the dollar continues to weaken, vocal intervention of this sort will rise," said Jacob Oubina, currency strategist at Forex.com in Bedminster, New Jersey. "This at least sets some kind of ceiling on euro strength and puts a floor under dollar weakness."
The euro pulled away from a five-month high it had hit in early trade and selling accelerated after the Reuters story was published. Sterling retreated from a seven-month high against the U.S. currency.
In early New York trade, the euro traded 0.7 percent lower at $1.4210 on electronic trading platform EBS , after hitting a session low $1.4177 and falling from $1.4339 hit in early trade, its strongest since December.
The dollar index, which tracks the currency's moves against a basket of six currencies, rose as much as half a percent after the comments, keeping just above its lowest level of the year hit on Tuesday. .DXY
Some of the dollar's slide in past weeks has been attributed to speculation that the U.S. credit rating may be downgraded, a move that may prompt nations to diversify their foreign reserves away from U.S. Treasuries.
The comments by the monetary sources in Asia came after a visit by U.S. Treasury Secretary Timothy Geithner to China, the world's biggest holder of Treasuries, during which he assured Beijing its U.S. investments were safe because Washington is committed to a strong dollar policy.
Analysts said that the dollar-positive comments had prompted traders to lock in profits against the suffering U.S. currency and that it might help to stem its recent selling for the time being but was unlikely to change the trend.
"The market is becoming somewhat stretched on short dollar positions as there has been decent-sized buying in euro and sterling, so traders were looking for a reason to calm things down," said Geoffrey Yu, currency strategist at UBS in London.
The dollar index, which tracks the currency's moves against a basket of six currencies, rose as much as half a percent after the comments, keeping just above its lowest level of the year hit on Tuesday. .DXY
Some of the dollar's slide in past weeks has been attributed to speculation that the U.S. credit rating may be downgraded, a move that may prompt nations to diversify their foreign reserves away from U.S. Treasuries.
The comments by the monetary sources in Asia came after a visit by U.S. Treasury Secretary Timothy Geithner to China, the world's biggest holder of Treasuries, during which he assured Beijing its U.S. investments were safe because Washington is committed to a strong dollar policy.
Analysts said that the dollar-positive comments had prompted traders to lock in profits against the suffering U.S. currency and that it might help to stem its recent selling for the time being but was unlikely to change the trend.
"The market is becoming somewhat stretched on short dollar positions as there has been decent-sized buying in euro and sterling, so traders were looking for a reason to calm things down," said Geoffrey Yu, currency strategist at UBS in London.
Forex Trading Indicators and the Ever Changing Market Conditions
Once you enter the Forex trading world you will immediately notice the need of using technical analysis in order to find trends when looking at the forex charts and also the importance of being aware of when they first develop so you can ride the trend until it ends. The foreign exchange market is a very strong trending market, lots of ups and downs in short periods of time, and it's, therefore, a place where technical analysis can be very effective.But you should always remember that the indicators are only giving you a high probability behavior the markets may show when you are trading, but will never tell you the behavior of the currency prices with total certainty.
If you want to become a profitable forex trader you will need to use as many technical indicators as you can, or create a personalized trading strategy based on a combination of these indicators, to recognize with the best accuracy possible the trend. In other words, a professional forex trader will try to identify the major trend, the intermediate trend, and the short-term trend and then construct his trades in that direction based on how long their rules allow him to hold a position.
The forex markets are always changing, that's why you should always have an open criterion when using your technical indicators. Markets will be changing and different combinations of indicators may be required with time in order to have the most accurate, highest probability, prediction of future currency price behaviors.
If the action of the market shows your judgment to be correct, then you must consider staying with the market' and look for the maximum profit on each trade, according to your risk-to-reward/equity management rules. If you happen to be in a bad day and the market goes against you, the smart trader will take profits and get out of that trade. In a narrow market, when prices are not going anywhere, but move within a narrow range, there is no sense in trying to anticipate when the next big movement is going to be.
So, you must always be alert and open to use as many and as different indicators in order to stay tuned with the market and become a profitable trader at the end of the day.
Tuesday, June 2, 2009
Bank of Scotland
Company details and regulation
Bank of Scotland plc, The Mound Edinburgh EH1 1YZ. Registered in Scotland, Registered number SC327000. Any reference within the pages of this site to "Bank of Scotland" shall be taken to mean Bank of Scotland plc and, any reference to "we", "our" or "us" shall be taken to mean Bank of Scotland plc: Registered Office, The Mound, Edinburgh EH1 1YZ, unless otherwise indicated.
Bank of Scotland is authorised and regulated by the Financial Services Authority. The FSA Register Number is 169628 and our permitted business is lending, administering and arranging mortgages and to sell and administer general insurance contracts.
Vat number: 270 1467 76
Bank of Scotland Asset Finance and Capital Bank are trading styles of Bank of Scotland plc.
Bank of Scotland Vehicle Management is a trading style of Capital Bank Vehicle Management Limited, a Bank of Scotland plc Company.
Hill Hire plc is a Bank of Scotland Group company.
Bank of Scotland plc, The Mound Edinburgh EH1 1YZ. Registered in Scotland, Registered number SC327000. Any reference within the pages of this site to "Bank of Scotland" shall be taken to mean Bank of Scotland plc and, any reference to "we", "our" or "us" shall be taken to mean Bank of Scotland plc: Registered Office, The Mound, Edinburgh EH1 1YZ, unless otherwise indicated.
Bank of Scotland is authorised and regulated by the Financial Services Authority. The FSA Register Number is 169628 and our permitted business is lending, administering and arranging mortgages and to sell and administer general insurance contracts.
Vat number: 270 1467 76
Bank of Scotland Asset Finance and Capital Bank are trading styles of Bank of Scotland plc.
Bank of Scotland Vehicle Management is a trading style of Capital Bank Vehicle Management Limited, a Bank of Scotland plc Company.
Hill Hire plc is a Bank of Scotland Group company.
world's local bank HSBC
Who is HSBC?
We are the world's local bank.
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.
Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
Headquartered in London, HSBC is one of the largest banking and financial services organisations in the world. HSBC's international network comprises around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.
With listings on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by around 200,000 shareholders in some 100 countries and territories. The shares are traded on the New York Stock Exchange in the form of American Depositary Receipts.
Through an international network linked by advanced technology, including a rapidly growing e-commerce capability, HSBC provides a comprehensive range of financial services: personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
Business principles and values
The HSBC corporate character defines the values and principles inherent in all our everyday dealings.
Group History
The HSBC Group has an international pedigree which is unique. Many of its principal companies opened for business over a century ago and they have a history which is rich in variety and achievement. The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865 to finance the growing trade between China and Europe.
Deutsche Bank
Our BankDeutsche Bank is a leading global investment bank with a strong and profitable private clients franchise. Its businesses are mutually reinforcing.
80,277 employees in 72 countries*Unparalleled financial services throughout the worldA leader in Germany and Europe, the bank is powerful and growing in North America, Asia and key emerging markets.
80,277 employees in 72 countries*Unparalleled financial services throughout the worldA leader in Germany and Europe, the bank is powerful and growing in North America, Asia and key emerging markets.
History
Founded in Berlin in 1870 to support the internationalization of business and to promote and facilitate trade relations between Germany, other European countries, and overseas markets, Deutsche Bank has developed into a leading global provider of financial services.
History of Braclay Capital
Our History
In the late 17th century the streets of the City of London were filled with goldsmith-bankers. They provided monarchs and merchants with the money they needed to fund their world-wide ventures.
One such business was founded by John Freame and his partner Thomas Gould in Lombard Street in 1690. The name Barclay became associated with the company in 1736 when James Barclay who had married John Freame's daughter became a partner.
Private banking businesses were commonplace in the 18th century. Clients’ gold deposits were kept secure and credit-worthy merchants received loans. In 1896, 20 such businesses collaborated and formed a joint-stock bank.
The leading partners of the new bank, which was named Barclay and Company, were already connected by a web of family, business and religious relationships. The company became known as the Quaker Bank reflecting the tradition of the founding families.
The new bank had 182 branches, mainly in the east and south-east of England. Deposits totalled £26 million - a substantial sum of money in those days. Barclay and Company expanded its branch network rapidly through bank acquisitions. Acquisitions included Bolithos in Cornwall and the south-west in 1905 and United Counties Bank in the Midlands in 1916.
In 1918, the bank amalgamated with the London, Provincial and South Western Bank to become one of the UK's 'big five' banks. By 1926 the bank had 1,837 branches.
The development of Barclays global business today began in earnest in 1925, with the merger of three banks - the Colonial Bank, the Anglo Egyptian Bank and the National Bank of South Africa. Barclays international operations were bourne adding businesses in much of Africa, the Middle East and the West Indies.
In 1981, Barclays became the first foreign bank to file with the US Securities and Exchange Commission and raise long-term capital on the New York market. In 1986 it became the first British bank to have its shares listed on the Tokyo and New York stock exchanges.
Barclays global expansion was given added impetus in 1986 with the creation of an investment banking operation, which today is known as Barclays Capital. In 1995, Barclays purchased the fund manager Wells Fargo Nikko Investment Advisers. The business was integrated with BZW Investment Management to form Barclays Global Investors.
In July 2003, Barclays completed the acquisition of Banco Zaragozano, one of Spain's largest private sector banking groups, which was founded in 1910.
In July 2005, Barclays Bank PLC announced the completion of a landmark deal that saw the company acquire a majority stake of Absa Group Limited. Absa is South Africa’s largest retail bank with over seven million customers.
In 2008 Barclays Capital acquired Lehman Brothers' North American investment banking and capital markets businesses. This acquisition cemented Barclays Capital position for its clients with a leading presence in all major markets and across all major lines of business including equities, credit, fixed income, mergers and acquisitions, commodities trading and foreign exchange.
Today, Barclays has grown from a group of English partnerships to a global bank represented in Europe, the USA, Latin America, Africa, the Caribbean, Asia, the Middle East and Australasia.
In the late 17th century the streets of the City of London were filled with goldsmith-bankers. They provided monarchs and merchants with the money they needed to fund their world-wide ventures.
One such business was founded by John Freame and his partner Thomas Gould in Lombard Street in 1690. The name Barclay became associated with the company in 1736 when James Barclay who had married John Freame's daughter became a partner.
Private banking businesses were commonplace in the 18th century. Clients’ gold deposits were kept secure and credit-worthy merchants received loans. In 1896, 20 such businesses collaborated and formed a joint-stock bank.
The leading partners of the new bank, which was named Barclay and Company, were already connected by a web of family, business and religious relationships. The company became known as the Quaker Bank reflecting the tradition of the founding families.
The new bank had 182 branches, mainly in the east and south-east of England. Deposits totalled £26 million - a substantial sum of money in those days. Barclay and Company expanded its branch network rapidly through bank acquisitions. Acquisitions included Bolithos in Cornwall and the south-west in 1905 and United Counties Bank in the Midlands in 1916.
In 1918, the bank amalgamated with the London, Provincial and South Western Bank to become one of the UK's 'big five' banks. By 1926 the bank had 1,837 branches.
The development of Barclays global business today began in earnest in 1925, with the merger of three banks - the Colonial Bank, the Anglo Egyptian Bank and the National Bank of South Africa. Barclays international operations were bourne adding businesses in much of Africa, the Middle East and the West Indies.
In 1981, Barclays became the first foreign bank to file with the US Securities and Exchange Commission and raise long-term capital on the New York market. In 1986 it became the first British bank to have its shares listed on the Tokyo and New York stock exchanges.
Barclays global expansion was given added impetus in 1986 with the creation of an investment banking operation, which today is known as Barclays Capital. In 1995, Barclays purchased the fund manager Wells Fargo Nikko Investment Advisers. The business was integrated with BZW Investment Management to form Barclays Global Investors.
In July 2003, Barclays completed the acquisition of Banco Zaragozano, one of Spain's largest private sector banking groups, which was founded in 1910.
In July 2005, Barclays Bank PLC announced the completion of a landmark deal that saw the company acquire a majority stake of Absa Group Limited. Absa is South Africa’s largest retail bank with over seven million customers.
In 2008 Barclays Capital acquired Lehman Brothers' North American investment banking and capital markets businesses. This acquisition cemented Barclays Capital position for its clients with a leading presence in all major markets and across all major lines of business including equities, credit, fixed income, mergers and acquisitions, commodities trading and foreign exchange.
Today, Barclays has grown from a group of English partnerships to a global bank represented in Europe, the USA, Latin America, Africa, the Caribbean, Asia, the Middle East and Australasia.
Foreign Currency Symbols
Foreign Currency Symbols
Currencies, like equities, have their own symbols that distinguish one from another. Since currencies are quoted in terms of the value of one against the value of another, a currency pair includes the "name" for both currencies, separated by a "/". The "name" is a three letter acronym. The first two letters are in most cases reserved for identification of the country. The last letter is the first letter of the unit of currency for that country.
For example,
USD = United States Dollar
GBP = Great Britain Pound
JPY = Japanese Yen
CAD = Canadian Dollar
CHF = Confederatio Helvetica (Latin for Swiss Confederation) Franc
NZD = New Zealand Dollar
AUD = Australian Dollar
NOK = Norwegian Krona
SEK = Swedish Krona
Since the European Euro has no specific country attached to it, it goes simply by the acronym EUR.
By combining one currency, EUR, with another USD, you create a currency pair EUR/USD.
Currencies, like equities, have their own symbols that distinguish one from another. Since currencies are quoted in terms of the value of one against the value of another, a currency pair includes the "name" for both currencies, separated by a "/". The "name" is a three letter acronym. The first two letters are in most cases reserved for identification of the country. The last letter is the first letter of the unit of currency for that country.
For example,
USD = United States Dollar
GBP = Great Britain Pound
JPY = Japanese Yen
CAD = Canadian Dollar
CHF = Confederatio Helvetica (Latin for Swiss Confederation) Franc
NZD = New Zealand Dollar
AUD = Australian Dollar
NOK = Norwegian Krona
SEK = Swedish Krona
Since the European Euro has no specific country attached to it, it goes simply by the acronym EUR.
By combining one currency, EUR, with another USD, you create a currency pair EUR/USD.
What is Foreign Exchange?
What is Foreign Exchange?
For active traders and investors, foreign exchange should be no different than other investment products such as equities, commodities or fixed-income. Because of globalization in the economic world and consolidation of whole economic regions (i.e., the European Union), including currencies in a portfolio helps to diversify assets and can reduce risk.Just like other investment alternatives, foreign exchange offers traders/investors a market where they can buy or sell an investment product. In this case it is a specific Currency Pair. The currency pair may be the Euro versus the US Dollar, the US Dollar versus the Japanese Yen, the British Pound versus the US Dollar, the Euro versus British Pound, or a number of other currency combinations.
The different currency combinations represent nothing more than the value of one currency versus the value of another. That relationship is represented by a single price. In foreign exchange, the price of a currency pair is the market’s expectations (at that time) of the value of that currency measured against another currency given the current and expected economic and political situation in the two economies. In equity terms, it is the price of the stock.
If, for example, an economy’s inflation/interest rates are low and stable, if its output is growing strongly, or if its politics are stable and expectations are for more of the same, then one can expect (in general) for that country's currency to remain strong versus a less fundamentally favorable currency.Contrasting that with an equity, if the domestic and global economy is strong, if inflation is not rampant, if competition is not taking away market share or eating into margins, if product demand and growth are strong, of if the companies internal "politics" are such that the workers are happy and productive, and expectations are for more of the same, then you can expect that company’s stock to remain strong versus a company with less favorable fundamentals.
Similar to equities there are other factors that determine the short term value of a product including technical analysis, short term supply and demand, seasonal capital flow patterns, the current price of the instrument, etc. It is these universal dynamics that will move a currency’s value up or down. By analyzing the pricing dynamics and combining that with sound money management and discipline, the investor can ensure greater success in his or her foreign exchange trading.
For active traders and investors, foreign exchange should be no different than other investment products such as equities, commodities or fixed-income. Because of globalization in the economic world and consolidation of whole economic regions (i.e., the European Union), including currencies in a portfolio helps to diversify assets and can reduce risk.Just like other investment alternatives, foreign exchange offers traders/investors a market where they can buy or sell an investment product. In this case it is a specific Currency Pair. The currency pair may be the Euro versus the US Dollar, the US Dollar versus the Japanese Yen, the British Pound versus the US Dollar, the Euro versus British Pound, or a number of other currency combinations.
The different currency combinations represent nothing more than the value of one currency versus the value of another. That relationship is represented by a single price. In foreign exchange, the price of a currency pair is the market’s expectations (at that time) of the value of that currency measured against another currency given the current and expected economic and political situation in the two economies. In equity terms, it is the price of the stock.
If, for example, an economy’s inflation/interest rates are low and stable, if its output is growing strongly, or if its politics are stable and expectations are for more of the same, then one can expect (in general) for that country's currency to remain strong versus a less fundamentally favorable currency.Contrasting that with an equity, if the domestic and global economy is strong, if inflation is not rampant, if competition is not taking away market share or eating into margins, if product demand and growth are strong, of if the companies internal "politics" are such that the workers are happy and productive, and expectations are for more of the same, then you can expect that company’s stock to remain strong versus a company with less favorable fundamentals.
Similar to equities there are other factors that determine the short term value of a product including technical analysis, short term supply and demand, seasonal capital flow patterns, the current price of the instrument, etc. It is these universal dynamics that will move a currency’s value up or down. By analyzing the pricing dynamics and combining that with sound money management and discipline, the investor can ensure greater success in his or her foreign exchange trading.
Introduction of Forex
Introduction
Although the foreign exchange market is the largest traded market in the world, its reach to the retail sector pales in comparison to the Equity and Fixed Income markets. This is in large part due to a general lack of awareness of FX in the investor community, along with as a lack of understanding of how and why currencies move. Adding to the mystique of this market is the lack of a physical central exchange akin to the NYSE or the CME. It is this very lack of structure that enables the FX markets to operate on a 24-hour basis, beginning the trading day in New Zealand and continuing through the time zones.
Traditionally, access to the FX market was limited to the bank community that traded large blocks of currencies for commercial, hedging, or speculative purposes. The creation of well-capitalized firms like FXDD has opened the door of Forex trading to such institutions as funds and money managers, as well as to the individual retail trader. This sector of the market has grown exponentially over the past several years.
Although the foreign exchange market is the largest traded market in the world, its reach to the retail sector pales in comparison to the Equity and Fixed Income markets. This is in large part due to a general lack of awareness of FX in the investor community, along with as a lack of understanding of how and why currencies move. Adding to the mystique of this market is the lack of a physical central exchange akin to the NYSE or the CME. It is this very lack of structure that enables the FX markets to operate on a 24-hour basis, beginning the trading day in New Zealand and continuing through the time zones.
Traditionally, access to the FX market was limited to the bank community that traded large blocks of currencies for commercial, hedging, or speculative purposes. The creation of well-capitalized firms like FXDD has opened the door of Forex trading to such institutions as funds and money managers, as well as to the individual retail trader. This sector of the market has grown exponentially over the past several years.
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