Project 10 to the 100th: "Why this project?
Never in history have so many people had so much information, so many tools at their disposal, so many ways of making good ideas come to life. Yet at the same time, so many people, of all walks of life, could use so much help, in both little ways and big.
In the midst of this, new studies are reinforcing the simple wisdom that beyond a certain very basic level of material wealth, the only thing that increases individual happiness over time is helping other people."
Tuesday, October 21, 2008
Development Marketplace - DM2008 - Winners
Development Marketplace - DM2008 - Winners:
22 project were selected for grants from 1,768 proposals at the 2008 Global Development Marketplace on Sustainable Agriculture for Development."
22 project were selected for grants from 1,768 proposals at the 2008 Global Development Marketplace on Sustainable Agriculture for Development."
Saving Wildlife Home
Saving Wildlife Home: "The Wildlife Conservation Society saves wildlife and wild lands through careful science, international conservation, education, and the management of the world’s largest system of urban wildlife parks. These activities change attitudes toward nature and help people imagine wildlife and humans living in sustainable interaction on both a local and a global scale. WCS is committed to this work because we believe it essential to the integrity of life on Earth."
IDE - Enabling Prosperity
IDE - Enabling Prosperity: "CORE VALUES
IDE is a different kind of non-profit organization. We are dedicated to ending poverty in the developing world not through handouts, but by helping poor farmers invest in their own success. Our core values are:
We believe in the right of poor women and men to a secure livelihood
We believe that markets can be a powerful force for poverty reduction
We listen to and learn from the people we work with
We value innovation and entrepreneurship
We have confidence in our ability to make a significant difference"
IDE is a different kind of non-profit organization. We are dedicated to ending poverty in the developing world not through handouts, but by helping poor farmers invest in their own success. Our core values are:
We believe in the right of poor women and men to a secure livelihood
We believe that markets can be a powerful force for poverty reduction
We listen to and learn from the people we work with
We value innovation and entrepreneurship
We have confidence in our ability to make a significant difference"
Sunday, October 19, 2008
International Association of Microfinance Investors | Programs & Services
International Association of Microfinance Investors Programs & Services: "Programs & Services
IAMFI helps members achieve their goals for attractive returns and social impact. Member-driven programs and services include access to the following:
Information Portal
An interactive Web site providing a repository of third-party information and data about microfinance and microfinance investing, including a password-protected “Members Only” section, reviewed for relevance and accuracy so that investors may evaluate information more efficiently.
Research
White papers, reference materials and original research for use by investors on topics such as macroeconomic information, investment performance, best practices, and ongoing trend analysis.
Journal
A quarterly e-newsletter offering the latest information on microfinance investing, profiles of industry insiders, and commentary from microfinance leaders and IAMFI members.
Education, Conferences & Events
IAMFI-hosted and co-hosted international conferences on microfinance investing as well as issue-specific events and seminars for special interest groups within the Association’s membership.
Community
A forum for members to discuss interests, concerns and best practices, opening a dialogue amongst all sector actors in the microfinance industry.
Advocacy
Activities to increase awareness of microfinance investment as an asset class; foster consensus on industry issues; offer investor-perspective input to other industry organizations and constituencies; and engage in outreach to public institutions, regulators and other influencers to discuss and, when appropriate, encourage reform to policies and practices."
IAMFI helps members achieve their goals for attractive returns and social impact. Member-driven programs and services include access to the following:
Information Portal
An interactive Web site providing a repository of third-party information and data about microfinance and microfinance investing, including a password-protected “Members Only” section, reviewed for relevance and accuracy so that investors may evaluate information more efficiently.
Research
White papers, reference materials and original research for use by investors on topics such as macroeconomic information, investment performance, best practices, and ongoing trend analysis.
Journal
A quarterly e-newsletter offering the latest information on microfinance investing, profiles of industry insiders, and commentary from microfinance leaders and IAMFI members.
Education, Conferences & Events
IAMFI-hosted and co-hosted international conferences on microfinance investing as well as issue-specific events and seminars for special interest groups within the Association’s membership.
Community
A forum for members to discuss interests, concerns and best practices, opening a dialogue amongst all sector actors in the microfinance industry.
Advocacy
Activities to increase awareness of microfinance investment as an asset class; foster consensus on industry issues; offer investor-perspective input to other industry organizations and constituencies; and engage in outreach to public institutions, regulators and other influencers to discuss and, when appropriate, encourage reform to policies and practices."
About WWB | Women's World Banking
About WWB Women's World Banking: "Women’s World Banking seeks to alleviate global poverty by expanding the economic assets, participation and power of the poor, especially women.
WWB is a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services and information to low-income entrepreneurs. The network serves 11 million micro-entrepreneurs directly, and another 10 million indirectly through our bank partners and others. WWB’s advisors and technical experts work hand in hand with our network members to provide a range of ongoing, carefully designed technical and advisory services and to actively promote the exchange of best practices. During the past three decades, this global partnership has enabled many of our network institutions to evolve from donor-dependent, philanthropic initiatives to self-sustaining financial institutions offering credit, savings, insurance and other essential products and services to millions of microentrepreneurs, the majority of them women. In this partnership, network members are free to make their own decisions and reach their own conclusions; WWB’s philosophy is that self-determined, locally controlled organizations know their markets best and are the real agents of change."
WWB is a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services and information to low-income entrepreneurs. The network serves 11 million micro-entrepreneurs directly, and another 10 million indirectly through our bank partners and others. WWB’s advisors and technical experts work hand in hand with our network members to provide a range of ongoing, carefully designed technical and advisory services and to actively promote the exchange of best practices. During the past three decades, this global partnership has enabled many of our network institutions to evolve from donor-dependent, philanthropic initiatives to self-sustaining financial institutions offering credit, savings, insurance and other essential products and services to millions of microentrepreneurs, the majority of them women. In this partnership, network members are free to make their own decisions and reach their own conclusions; WWB’s philosophy is that self-determined, locally controlled organizations know their markets best and are the real agents of change."
Microfinance Council of the Philippines Website
Microfinance Council of the Philippines Website: "The Microfinance Council of the
Philippines, Inc. (MCPI) is a network of
44 institutions working towards the
rapid development of the microfinance
industry in the Philippines. The 45
institutions include 36 practitioners and
9 service providers. While membership
among the practitioners is currently
dominated by non-government organizations
(NGOs), the roster of practitioners also
includes microfinance-oriented rural banks
and one thrift bank."
Philippines, Inc. (MCPI) is a network of
44 institutions working towards the
rapid development of the microfinance
industry in the Philippines. The 45
institutions include 36 practitioners and
9 service providers. While membership
among the practitioners is currently
dominated by non-government organizations
(NGOs), the roster of practitioners also
includes microfinance-oriented rural banks
and one thrift bank."
APRACA Asia-Pacific Rural and Agricultural Credit Association
APRACA Asia-Pacific Rural and Agricultural Credit Association: "APRACA stands for the Asia-Pacific Rural and Agricultural Credit Association. The establishment of a Regional Association that promotes cooperation and facilitates mutual exchange of information and expertise in the field of rural finance was first proposed at a regional seminar on Agricultural Credit for Small Farmers in Asia in October 1974. Subsequently, rural finance and agricultural credit institutions in the region formally launched APRACA during its first General Assembly Meeting in New Delhi, India on October 10 - 14, 1977, held in conjunction with the Third Asian Conference on Agricultural Credit and Cooperatives. Its Constitution and By-laws were also adopted during the meeting."
Imp-Act: Making microfinance work for the poor and excluded
Imp-Act: Making microfinance work for the poor and excluded: "Social performance is the effective translation of a microfinance institution's (MFI's) mission into practice in line with commonly accepted social values.
Social performance management (SPM) is an institutionalised process which involves setting clear social objectives, monitoring and assessing progress towards achieving these, and using this information to improve overall organisational performance."
Social performance management (SPM) is an institutionalised process which involves setting clear social objectives, monitoring and assessing progress towards achieving these, and using this information to improve overall organisational performance."
CARD MRI- Center for Agriculture and Rural Development - Mutually Reinforcing Institutions
CARD MRI- Center for Agriculture and Rural Development - Mutually Reinforcing Institutions: "CARD MRI is a member of The Imp-Act Consortium; a global group of organisations working to promote and support the management of social performance by MFIs.
CARD MRI is a member of the Asia Pacific Rural and Agricultural Credit Association (APRACA) - Thailand, Microfinance Council of the Philippines (MCPI) - Philippines, and the Women's World Banking (WWB) - USA"
CARD MRI is a member of the Asia Pacific Rural and Agricultural Credit Association (APRACA) - Thailand, Microfinance Council of the Philippines (MCPI) - Philippines, and the Women's World Banking (WWB) - USA"
Another Ticking Time Bomb: $71.2 Trillion Dollars in "Unallocated" Derivatives
Another Ticking Time Bomb: $71.2 Trillion Dollars in "Unallocated" Derivatives: "According to the CIA Fact Book, the world economy was $54.62 trillion (at official exchange rates) in 2007.
You've probably heard that the amount of credit default swaps (CDS) is greater than the world economy. This is confirmed by the Bank for International Settlements - the official organization which tracks derivatives - there were $57.9 trillion dollars worth of CDS as of December 2007 (Table 19).
But did you know that the amount of unallocated derivatives as of December 2007 was an additional $71.2 trillion dollars (Table 19)?
I'm not sure if anyone except the financial players themselves know what these unallocated derivatives are. But one thing is for sure: CDS and the unallocated derivatives have to be canceled or valued at a penny each, and regulated quickly."
You've probably heard that the amount of credit default swaps (CDS) is greater than the world economy. This is confirmed by the Bank for International Settlements - the official organization which tracks derivatives - there were $57.9 trillion dollars worth of CDS as of December 2007 (Table 19).
But did you know that the amount of unallocated derivatives as of December 2007 was an additional $71.2 trillion dollars (Table 19)?
I'm not sure if anyone except the financial players themselves know what these unallocated derivatives are. But one thing is for sure: CDS and the unallocated derivatives have to be canceled or valued at a penny each, and regulated quickly."
CIA - The World Factbook -- World
CIA - The World Factbook -- World: "Global output rose by 5.2% in 2007, led by China (11.4%), India (9.2%), and Russia (8.1%). The 14 other successor nations of the USSR and the other old Warsaw Pact nations again experienced widely divergent growth rates; the three Baltic nations continued as strong performers, in the 8%-10% range of growth. From 2006 to 2007 growth rates slowed in all the major industrial countries except for the United Kingdom (3.1%). Analysts attribute the slowdown to uncertainties in the financial markets and lowered consumer confidence. Worldwide, nations varied widely in their growth results. Externally, the nation-state, as a bedrock economic-political institution, is steadily losing control over international flows of people, goods, funds, and technology. Internally, the central government often finds its control over resources slipping as separatist regional movements - typically based on ethnicity - gain momentum, e.g., in many of the successor states of the former Soviet Union, in the former Yugoslavia, in India, in Iraq, in Indonesia, and in Canada. Externally, the central government is losing decisionmaking powers to international bodies, notably the EU. In Western Europe, governments face the difficult political problem of channeling resources away from welfare programs in order to increase investment and strengthen incentives to seek employment. The addition of 80 million people each year to an already overcrowded globe is exacerbating the problems of pollution, desertification, underemployment, epidemics, and famine. Because of their own internal problems and priorities, the industrialized countries devote insufficient resources to deal effectively with the poorer areas of the world, which, at least from an economic point of view, are becoming further marginalized. The introduction of the euro as the common currency of much of Western Europe in January 1999, while paving the way for an integrated economic powerhouse, poses economic risks because of varying levels of income and cultural and political differences among the participating nations. The terrorist attacks on the US on 11 September 2001 accentuated a growing risk to global prosperity, illustrated, for example, by the reallocation of resources away from investment to anti-terrorist programs. The opening of war in March 2003 between a US-led coalition and Iraq added new uncertainties to global economic prospects. After the initial coalition victory, the complex political difficulties and the high economic cost of establishing domestic order in Iraq became major global problems that continued through 2007."
Currency Swap - Ofdict
Currency Swap - Ofdict: "Currency swap is a foreign currency exchange in which the currencies are returned at a future date, with possible interest from maturity. A slightly longer name used for the term is a cross currency swap. The maturity length of a currency swap may commonly be between 10 to 30 years. An interest rate swap is frequently used in conjunction with a currency swap."
Currency swap - Wikipedia, the free encyclopedia
Currency swap - Wikipedia, the free encyclopedia: "A currency swap (or cross currency swap) is a foreign exchange agreement between two parties to exchange a given amount of one currency for another and, after a specified period of time, to give back the original amounts swapped.
[edit] Structure
Currency swaps can be negotiated for a variety of maturities of up to 30 years. Unlike a back-to-back loan, a currency swap is not considered to be a loan by United States accounting laws and thus it is not reflected on a company's balance sheet. A swap is considered to be a foreign exchange transaction (short leg) plus an obligation to close the swap (far leg) being a forward contract.
Unlike interest rate swaps, currency swaps involve the exchange of the principal amount. Interest payments are not netted (as they are in interest rate swaps) because they are denominated in different currencies. Further, many currency swaps are traded on organized exchanges - lowering counter-party risk, as evidenced by the bid-ask spread on most listings. See also John Hull.
[edit] Uses
Currency swaps are often combined with interest rate swaps. For example, one company would seek to swap a cash flow for their fixed rate debt denominated in US dollars for a floating-rate debt denominated in Euro. This is especially common in Europe where companies shop for the cheapest debt regardless of its denomination and then seek to exchange it for the debt in desired currency."
[edit] Structure
Currency swaps can be negotiated for a variety of maturities of up to 30 years. Unlike a back-to-back loan, a currency swap is not considered to be a loan by United States accounting laws and thus it is not reflected on a company's balance sheet. A swap is considered to be a foreign exchange transaction (short leg) plus an obligation to close the swap (far leg) being a forward contract.
Unlike interest rate swaps, currency swaps involve the exchange of the principal amount. Interest payments are not netted (as they are in interest rate swaps) because they are denominated in different currencies. Further, many currency swaps are traded on organized exchanges - lowering counter-party risk, as evidenced by the bid-ask spread on most listings. See also John Hull.
[edit] Uses
Currency swaps are often combined with interest rate swaps. For example, one company would seek to swap a cash flow for their fixed rate debt denominated in US dollars for a floating-rate debt denominated in Euro. This is especially common in Europe where companies shop for the cheapest debt regardless of its denomination and then seek to exchange it for the debt in desired currency."
Bush, European leaders propose summits on economy - MarketWatch
Bush, European leaders propose summits on economy - MarketWatch: "In a statement after Bush met with French President Nicolas Sarkozy and European Commission President Jose Manuel Barosso at Camp David, the trio said they would reach out to other world leaders in the coming week with the idea of starting a series of summits on the 'challenges facing the global economy.'"
Bank of England|Markets|The United Kingdom's Official Reserves of Foreign Currency and Gold|Institutional Framework
Bank of EnglandMarketsThe United Kingdom's Official Reserves of Foreign Currency and GoldInstitutional Framework: "The United Kingdom's official holdings of international reserves comprise gold, foreign currency assets, International Monetary Fund (IMF) Special Drawing Rights (SDRs), and the UK's Reserve Tranche Position (RTP) at the IMF. With the exception of the RTP, these reserves are held in a government account administered by Her Majesty's Treasury (HMT), the Exchange Equalisation Account (EEA). The Bank of England (the Bank) acts as HMT's Agent in the day-to-day management of the EEA. The Bank deals in foreign exchange and invests the reserves within the framework of a Remit set by HMT."
Yen Carry Trade Unwinds | Gold News
Yen Carry Trade Unwinds Gold News: "THE JAPANESE YEN has been the star performer on the currency markets over the past few weeks, writes Gary Dorsch of Global Money Trends, even with Japan's economy sliding deep into a recession.
Amid slumping exports, the Nikkei-225 equity index is also plunging, now far below the psychological 10,000-level for the first time in five years.
Yet the Japanese Yen has been the only currency to climb against the US Dollar since August 1st, even while the greenback has moved sharply higher against the Euro and all other major foreign currencies.
In fact, the Yen's best gains have been against the higher-yielding currencies, the traditional targets of 'carry trade' investors. The yen is 36% higher against the Brazilian Real, 29% against the Australian Dollar, 33% vs. the New Zealand Kiwi, 16% higher vs. the British Pound, and 18% higher against the Euro over the past nine weeks.
Traditionally, bubbles emerge in hotbeds of speculation, such as the commodity or stock markets. Some glaring examples this year were the spectacular rise and fall of the Shanghai stock market and the wild gyrations of crude oil and soybeans. But the Yen's latest rally represents the bursting of another bubble, this time in the currency markets.
Japan sits at the epicenter of 'bubble-mania' in foreign exchange, because its yield starved domestic investors plowed $6 trillion of their savings into overseas assets."
Amid slumping exports, the Nikkei-225 equity index is also plunging, now far below the psychological 10,000-level for the first time in five years.
Yet the Japanese Yen has been the only currency to climb against the US Dollar since August 1st, even while the greenback has moved sharply higher against the Euro and all other major foreign currencies.
In fact, the Yen's best gains have been against the higher-yielding currencies, the traditional targets of 'carry trade' investors. The yen is 36% higher against the Brazilian Real, 29% against the Australian Dollar, 33% vs. the New Zealand Kiwi, 16% higher vs. the British Pound, and 18% higher against the Euro over the past nine weeks.
Traditionally, bubbles emerge in hotbeds of speculation, such as the commodity or stock markets. Some glaring examples this year were the spectacular rise and fall of the Shanghai stock market and the wild gyrations of crude oil and soybeans. But the Yen's latest rally represents the bursting of another bubble, this time in the currency markets.
Japan sits at the epicenter of 'bubble-mania' in foreign exchange, because its yield starved domestic investors plowed $6 trillion of their savings into overseas assets."
AFP: Swiss socialist leader plans legal action against ex-UBS boss
AFP: Swiss socialist leader plans legal action against ex-UBS boss: "GENEVA (AFP) — The chairman of Switzerland's Socialist Party said Saturday he plans to lodge a civil complaint against the former head of UBS amid growing anger at the 60-billion-franc bailout of the bank last week.
'I am going to go to the extraordinary general meeting of UBS and lodge a complaint against Marcel Ospel,' Christian Levrat told the Tages-Anzeiger newspaper.
'People like this shouldn't simply get away with this and carry on playing golf,' he said.
Ospel was forced to resign as UBS chairman earlier this year after the bank racked up colossal losses of over 40 billion dollars (19.7 billion euros) in the US subprime crisis.
Ospel has been the whipping boy of the crisis, irking many with the massive bonuses he raked in during the bank's better years.
'Please pay up, Mr. Ospel!' cried Switzerland's main tabloid Blick on its front page.
The newspaper is encouraging readers to write to Ospel and demand he pays back 44 million Swiss francs worth of bonuses accrued in previous years.
UBS's current chairman Peter Kurer provoked more anger last week when he suggested that managers could still get bonuses in double-digit millions.
On Saturday he sought to calm the waters, telling German-language radio DRS that he thought any bonuses over 10 million francs were 'shocking,' and that he would not claim any bonus this year.
Switzerland leapt to the rescue of the once-mighty UBS with a 60-billion-dollar lifeline on Thursday."
'I am going to go to the extraordinary general meeting of UBS and lodge a complaint against Marcel Ospel,' Christian Levrat told the Tages-Anzeiger newspaper.
'People like this shouldn't simply get away with this and carry on playing golf,' he said.
Ospel was forced to resign as UBS chairman earlier this year after the bank racked up colossal losses of over 40 billion dollars (19.7 billion euros) in the US subprime crisis.
Ospel has been the whipping boy of the crisis, irking many with the massive bonuses he raked in during the bank's better years.
'Please pay up, Mr. Ospel!' cried Switzerland's main tabloid Blick on its front page.
The newspaper is encouraging readers to write to Ospel and demand he pays back 44 million Swiss francs worth of bonuses accrued in previous years.
UBS's current chairman Peter Kurer provoked more anger last week when he suggested that managers could still get bonuses in double-digit millions.
On Saturday he sought to calm the waters, telling German-language radio DRS that he thought any bonuses over 10 million francs were 'shocking,' and that he would not claim any bonus this year.
Switzerland leapt to the rescue of the once-mighty UBS with a 60-billion-dollar lifeline on Thursday."
Swiss government announces support package for country's banks, UBS to get billion-dollar loan -- chicagotribune.com
Swiss government announces support package for country's banks, UBS to get billion-dollar loan -- chicagotribune.com: "By BALZ BRUPPACHER Associated Press Writer
9:28 AM CDT, October 16, 2008
BERN, Switzerland (AP) _ Switzerland followed the lead of other European countries and the United States on Thursday by announcing it would inject billions of dollars into its banking system, chiefly to the benefit of its largest bank UBS AG.
The bank will receive up to $54 billion so that it can part with securities that have gone bad since the start of the worldwide financial crisis.
UBS, which racked up losses and writedowns totaling about 45 billion francs ($40 billion) over the past year, will also receive 6 billion Swiss francs ($5.29 billion) from the government in return for mandatory convertible bonds.
The measures will allow UBS to dispose of about $31 billion in high-risk assets linked to the U.S. subprime market and $18 billion in non-U.S. securities, by handing them over to a specially-created fund whose sole purpose is to sell them off."
9:28 AM CDT, October 16, 2008
BERN, Switzerland (AP) _ Switzerland followed the lead of other European countries and the United States on Thursday by announcing it would inject billions of dollars into its banking system, chiefly to the benefit of its largest bank UBS AG.
The bank will receive up to $54 billion so that it can part with securities that have gone bad since the start of the worldwide financial crisis.
UBS, which racked up losses and writedowns totaling about 45 billion francs ($40 billion) over the past year, will also receive 6 billion Swiss francs ($5.29 billion) from the government in return for mandatory convertible bonds.
The measures will allow UBS to dispose of about $31 billion in high-risk assets linked to the U.S. subprime market and $18 billion in non-U.S. securities, by handing them over to a specially-created fund whose sole purpose is to sell them off."
Top Swiss bank UBS gets giant infusion -- chicagotribune.com
Top Swiss bank UBS gets giant infusion -- chicagotribune.com: "Switzerland provided its biggest bank, UBS AG, a lifeline worth tens of billions of dollars Thursday and pushed Credit Suisse Group AG to raise funds, joining authorities around the world in shoring up banks.
Hit harder than any other European financial institution by losses stemming from bad investments in subprime American mortgage debt, UBS will receive as much as $60 billion from the Swiss National Bank.
The country's other banking powerhouse, Credit Suisse, announced it would raise $8.75 billion in fresh capital from private backers, including the Qatar Investment Authority, after turning down the offer of direct government help."
Hit harder than any other European financial institution by losses stemming from bad investments in subprime American mortgage debt, UBS will receive as much as $60 billion from the Swiss National Bank.
The country's other banking powerhouse, Credit Suisse, announced it would raise $8.75 billion in fresh capital from private backers, including the Qatar Investment Authority, after turning down the offer of direct government help."
Saturday, October 18, 2008
1,000,000,000 yen to dollar - Google Search
1,000,000,000 yen to dollar - Google Search: "1 000 000 000 Japanese yen = 9.85600 million U.S. dollars
Rates provided for information only - see disclaimer. More about currency conversion."
Rates provided for information only - see disclaimer. More about currency conversion."
Search:
Search: <margin trading>: "Recent Trends in Japanese Foreign-Exchange Margin Trading
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
Search:
Search: <margin trading>: "Recent Trends in Japanese Foreign-Exchange Margin Trading
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
Bank of Japan September 20081 Foreign-exchange margin trading1 by individual investors has become common in Japan during the last several years. This paper uses available data to review recent trends
http://www.boj.or.jp/en/type/ronbun/rev/data/rev08e03.pdf - 529,678 bytes - Thu, 18 Sep 2008 14:01:02 - score: 798"
About EuroWeek.com - Weekly news and analysis on the global capital markets.
About EuroWeek.com - Weekly news and analysis on the global capital markets.: "EuroWeek is a unique source of daily, weekly, quarterly and annual information on the global capital markets.
Published every Friday in London, it gives you hard news and informed comment on the deals, the firms and the people driving the world's toughest and fastest financial markets.
But a year's subscription to EuroWeek gives you far more than a weekly read. It brings you over 70 publications of the highest quality, covering the world's most complex, dynamic, innovative and competitive markets. The online service is included in the subscription package and complements the printed newspaper. EuroWeek.com brings you weekly market and people news wraps, the most important breaking news to your desktop or PDA and represents a powerful research tool through its 10 year archive."
Published every Friday in London, it gives you hard news and informed comment on the deals, the firms and the people driving the world's toughest and fastest financial markets.
But a year's subscription to EuroWeek gives you far more than a weekly read. It brings you over 70 publications of the highest quality, covering the world's most complex, dynamic, innovative and competitive markets. The online service is included in the subscription package and complements the printed newspaper. EuroWeek.com brings you weekly market and people news wraps, the most important breaking news to your desktop or PDA and represents a powerful research tool through its 10 year archive."
BOJ announces dollar - yen swap deal with Fed | The Agonist
BOJ announces dollar - yen swap deal with Fed The Agonist: "Extra funds pumped into markets
BBC
Global central banks are pumping $180bn (£99bn) of extra money into the markets in a co-ordinated move to lift the amount of funds available.
The $180bn has been released by the US Federal Reserve to five other main central banks, who in turn are issuing the funds in their own countries.
The Bank of England is making $40bn available, while the European Central Bank is to provide $55bn.
Central banks in Switzerland, Canada and Japan are also taking part.
The Swiss National Bank is releasing up to $15bn extra, while the Bank of Japan is offering $60bn, and the Bank of Canada $10bn.
Commercial banks in each country will be able to access the funds in the form of loans to boost their short-term funding requirements.
'Appropriate steps'
'These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets,' said the Bank of England.
'The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures.'
The co-ordinated move comes after four days of almost unprecedented turmoil in the global financial industry.
Firstly, US giant Lehman Brothers filed for bankruptcy protection, while compatriot Merrill Lynch lost its independence in a rescue takeover by Bank of America.
The US government has also had to bail-out insurance giant AIG, while in the UK, thousands of jobs are predicted to go at banking group HBOS following its sale to rival Lloyds TSB."
BBC
Global central banks are pumping $180bn (£99bn) of extra money into the markets in a co-ordinated move to lift the amount of funds available.
The $180bn has been released by the US Federal Reserve to five other main central banks, who in turn are issuing the funds in their own countries.
The Bank of England is making $40bn available, while the European Central Bank is to provide $55bn.
Central banks in Switzerland, Canada and Japan are also taking part.
The Swiss National Bank is releasing up to $15bn extra, while the Bank of Japan is offering $60bn, and the Bank of Canada $10bn.
Commercial banks in each country will be able to access the funds in the form of loans to boost their short-term funding requirements.
'Appropriate steps'
'These measures, together with other actions taken in the last few days by individual central banks, are designed to improve the liquidity conditions in global financial markets,' said the Bank of England.
'The central banks continue to work together closely and will take appropriate steps to address the ongoing pressures.'
The co-ordinated move comes after four days of almost unprecedented turmoil in the global financial industry.
Firstly, US giant Lehman Brothers filed for bankruptcy protection, while compatriot Merrill Lynch lost its independence in a rescue takeover by Bank of America.
The US government has also had to bail-out insurance giant AIG, while in the UK, thousands of jobs are predicted to go at banking group HBOS following its sale to rival Lloyds TSB."
BOJ announces dollar - yen swap deal with Fed | The Agonist
BOJ announces dollar - yen swap deal with Fed The Agonist: "Japan's central bank agreed with the U.S. Federal Reserve Thursday to work together to swap dollars and yen as the Bank of Japan pumped more cash into financial markets amid worries about the collapse of Lehman Brothers.
Japan's central bank said it reached a dollar-yen swap agreement with the Federal Reserve until Jan. 30, 2009, for a maximum amount of US$60 billion, which will make it easier to exchange dollars with yen, ensuring the smooth operations of the money market."
Japan's central bank said it reached a dollar-yen swap agreement with the Federal Reserve until Jan. 30, 2009, for a maximum amount of US$60 billion, which will make it easier to exchange dollars with yen, ensuring the smooth operations of the money market."
NAMC Worldwide Investment Banking and Commodities Consulting Services
NAMC Worldwide Investment Banking and Commodities Consulting Services: "NAMC Worldwide offers public and private companies a wide array of Investment Banking Consulting services. We can assist companies in raising funds in the capital markets for acquisitions or growth. We provide clients with strategic advisory services to assist them in reaching their growth potential, whether it is with mergers, acquisitions, strategic alliances, or public offerings, we can be an asset.
NAMC Worldwide works with various financial institutions as well as private equity firms that can assist in public offerings that an emerging company may be looking to execute.
NAMC Worldwide works with clients in all industries, including the retail, auto, entertainment, technology, health and medical industries. We work with small cap, micro cap, and mid cap companies."
NAMC Worldwide works with various financial institutions as well as private equity firms that can assist in public offerings that an emerging company may be looking to execute.
NAMC Worldwide works with clients in all industries, including the retail, auto, entertainment, technology, health and medical industries. We work with small cap, micro cap, and mid cap companies."
EU calls for clear plan on valuing derivatives - International Herald Tribune
EU calls for clear plan on valuing derivatives - International Herald Tribune: "BRUSSELS, Belgium: European Union regulators called Friday for a clear plan on valuing some of the shadowy high-risk credit derivative investments — estimated at around US$600 trillion (€444 trillion) — that are now a key issue in easing the global financial crisis.
Billions of euros (dollars) have been wiped off banks' balance sheets in recent months on fears that some complex investments may be based on assets that are nearly worthless — such as housing loans that may not be paid back when a recession puts people out of work.
The market for derivatives boomed over the last decade as investors sought new ways to parcel out risk, with many jumping on a gravy train that few really understood. Billionaire investor Warren Buffett has been vocal in avoiding them, dubbing them 'financial weapons of mass destruction.'
EU financial services chief Charlie McCreevy called on national supervisors and the financial industry to agree on the real risks credit derivatives pose — and how they can be limited to prevent further losses unraveling.
'I would like to have, by the end of this year, concrete proposals as to how the risks from credit derivatives can be mitigated,' he said in a statement."
Billions of euros (dollars) have been wiped off banks' balance sheets in recent months on fears that some complex investments may be based on assets that are nearly worthless — such as housing loans that may not be paid back when a recession puts people out of work.
The market for derivatives boomed over the last decade as investors sought new ways to parcel out risk, with many jumping on a gravy train that few really understood. Billionaire investor Warren Buffett has been vocal in avoiding them, dubbing them 'financial weapons of mass destruction.'
EU financial services chief Charlie McCreevy called on national supervisors and the financial industry to agree on the real risks credit derivatives pose — and how they can be limited to prevent further losses unraveling.
'I would like to have, by the end of this year, concrete proposals as to how the risks from credit derivatives can be mitigated,' he said in a statement."
Got $596 trillion? Well, kind of
Got $596 trillion? Well, kind of: "By Slate.com
Iowa Sen. Tom Harkin has issued a call for regulation of the over-the-counter derivatives market, which has an estimated size of $596 trillion. By contrast, the value of the world's financial assets -- including all stock, bonds and bank deposits -- was pegged at $167 trillion last year by consulting firm McKinsey.
How can the derivatives market be larger than the entire world's financial wealth?
Because the same assets might be involved in several different derivatives. A derivative is a financial instrument whose value depends on something else, such as a share of stock, an interest rate, a foreign currency or a barrel of oil."
Iowa Sen. Tom Harkin has issued a call for regulation of the over-the-counter derivatives market, which has an estimated size of $596 trillion. By contrast, the value of the world's financial assets -- including all stock, bonds and bank deposits -- was pegged at $167 trillion last year by consulting firm McKinsey.
How can the derivatives market be larger than the entire world's financial wealth?
Because the same assets might be involved in several different derivatives. A derivative is a financial instrument whose value depends on something else, such as a share of stock, an interest rate, a foreign currency or a barrel of oil."
The £2 trillion craziness that swept the globe - Telegraph
The £2 trillion craziness that swept the globe - Telegraph: "By Alistair Osborne
Last Updated: 10:52PM BST 17 Oct 2008
How else to comprehend the £2 trillion of craziness that swept the globe – the sort of financial caper that would have had the little green men scurrying for their spacecraft, sharpish.
It started, in Britain, with a twist on a popular TV programme. Call it 'Darling's Den' – the Chancellor's lair to which quivering bank chiefs were hauled last weekend.
With Treasury and Financial Services Authority officials applying the thumbscrews, the bankers were shown just how much capital they needed to raise. If they had thought they might get away with offering the taxpayer, say, a 10pc stake for a £5bn cash injection, the heads of Royal Bank of Scotland, HBOS and Lloyds TSB were swiftly disillusioned.
In what Lloyds boss Eric Daniels described as 'bullet-proofing the banks against any downturn', the trio were told they needed to pump in £37bn among them to improve their capital ratios."
Last Updated: 10:52PM BST 17 Oct 2008
How else to comprehend the £2 trillion of craziness that swept the globe – the sort of financial caper that would have had the little green men scurrying for their spacecraft, sharpish.
It started, in Britain, with a twist on a popular TV programme. Call it 'Darling's Den' – the Chancellor's lair to which quivering bank chiefs were hauled last weekend.
With Treasury and Financial Services Authority officials applying the thumbscrews, the bankers were shown just how much capital they needed to raise. If they had thought they might get away with offering the taxpayer, say, a 10pc stake for a £5bn cash injection, the heads of Royal Bank of Scotland, HBOS and Lloyds TSB were swiftly disillusioned.
In what Lloyds boss Eric Daniels described as 'bullet-proofing the banks against any downturn', the trio were told they needed to pump in £37bn among them to improve their capital ratios."
Wednesday, October 15, 2008
BBC NEWS | Business | US unveils $250bn banking rescue
BBC NEWS Business US unveils $250bn banking rescue: "The US government has announced a $250bn (£143bn) plan to purchase stakes in a wide variety of banks in an effort to restore confidence in the sector.
President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.
US federal authorities will also temporarily insure most new debt issued by US banks.
The moves echo similar steps taken by the UK and other European countries.
'This is an essential short-term measure to ensure the viability of America's banking system,' Mr Bush said."
President George W Bush said the move would help to return stability to the US banking sector and ultimately help preserve free markets.
US federal authorities will also temporarily insure most new debt issued by US banks.
The moves echo similar steps taken by the UK and other European countries.
'This is an essential short-term measure to ensure the viability of America's banking system,' Mr Bush said."
LaRouche: It's The Derivatives, Stupid! | LaRouche Political Action Committee
LaRouche: It's The Derivatives, Stupid! LaRouche Political Action Committee: "Derivatives: The Hyperinflationary Bomb Crushing The International Financial System
October 9, 2008 (LPAC)--Lyndon LaRouche today mocked Treasury Secretary Hank Paulson's bailout scheme, warning that “Paulson and all the other central bankers have been lying through their teeth about their ever-changing so-called bailout swindles. The real problem, that none of them wish to talk about, is the mass of derivatives obligations, that are in the quadrillions of dollars.”
LaRouche called the derivatives bubble the “hyperinflationary bomb, crushing the international financial system,” warning, “Until you just shut down the whole derivatives trade--wipe these gambling obligations off the books of the financial system--you are just kidding yourself.” LaRouche declared, “It is time to break the silence on derivatives. The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.”
According to the most recent data, released June 30, 2008 by the Office of the Comptroller of the Currency, the three largest American bank holding companies, JP Morgan Chase, Bank of America and Citicorp, had current outstanding derivatives contracts, totaling $179.4 trillion dollars. The three banks combined have total assets of just under $5.6 trillion!"
October 9, 2008 (LPAC)--Lyndon LaRouche today mocked Treasury Secretary Hank Paulson's bailout scheme, warning that “Paulson and all the other central bankers have been lying through their teeth about their ever-changing so-called bailout swindles. The real problem, that none of them wish to talk about, is the mass of derivatives obligations, that are in the quadrillions of dollars.”
LaRouche called the derivatives bubble the “hyperinflationary bomb, crushing the international financial system,” warning, “Until you just shut down the whole derivatives trade--wipe these gambling obligations off the books of the financial system--you are just kidding yourself.” LaRouche declared, “It is time to break the silence on derivatives. The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.”
According to the most recent data, released June 30, 2008 by the Office of the Comptroller of the Currency, the three largest American bank holding companies, JP Morgan Chase, Bank of America and Citicorp, had current outstanding derivatives contracts, totaling $179.4 trillion dollars. The three banks combined have total assets of just under $5.6 trillion!"
Shut Down the Derivatives Markets To Save Civilization
Shut Down the Derivatives Markets To Save Civilization: "by John Hoefle
[PDF version of this article]
Oct. 10—'It is time to break the silence on derivatives,' Lyndon LaRouche said yesterday, after observing the carnage in the financial system and the pathetic response from the so-called regulators. 'The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.'
LaRouche described the derivatives market as a 'hyperinflationary bomb, crushing the international financial system,' and warned that 'until you just shut down the whole derivatives trade—wipe these gambling obligations off the books of the financial system—you are just kidding yourself.'"
[PDF version of this article]
Oct. 10—'It is time to break the silence on derivatives,' Lyndon LaRouche said yesterday, after observing the carnage in the financial system and the pathetic response from the so-called regulators. 'The true, hyperinflationary factor in the situation is the unregulated, insanely leveraged derivatives trade. This is what is killing us. This is the great crime of Alan Greenspan.'
LaRouche described the derivatives market as a 'hyperinflationary bomb, crushing the international financial system,' and warned that 'until you just shut down the whole derivatives trade—wipe these gambling obligations off the books of the financial system—you are just kidding yourself.'"
LAROUCHE IN DIALOGUE WITH ECUADOR'S PÁEZ: Repercussions, Alternatives To World Financial Crisis
LAROUCHE IN DIALOGUE WITH ECUADOR'S PÁEZ: Repercussions, Alternatives To World Financial Crisis: "Lyndon LaRouche was interviewed on Quito, Ecuador Radio 530 AM on Oct. 6, along with Pedro Páez, Ecuador's Minister of Economic Policy Coordination. Their host was Patricio Pillajo. LaRouche appeared on the same program with Mr. Páez on Jan. 30, 2008 (see EIR, Feb. 7, 2008). Translation from Spanish was supplied by EIR's Dennis Small. Here is an edited transcript.
[PDF version of this article]
Pillajo: Greetings to everybody. The subject we are going to be dealing with today is: 'Repercussions and Alternatives to the World Financial Crisis,' with the American statesman and economist Lyndon LaRouche, who is in touch with us by phone from Washington; and in Quito, with economist Pedro Páez, the Coordinating Minister for Economic Affairs of the government of Rafael Correa."
[PDF version of this article]
Pillajo: Greetings to everybody. The subject we are going to be dealing with today is: 'Repercussions and Alternatives to the World Financial Crisis,' with the American statesman and economist Lyndon LaRouche, who is in touch with us by phone from Washington; and in Quito, with economist Pedro Páez, the Coordinating Minister for Economic Affairs of the government of Rafael Correa."
JPMorgan Chase CEO: Political leadership lacking - BusinessWeek
JPMorgan Chase CEO: Political leadership lacking - BusinessWeek: "BOSTON
The top executive of JPMorgan Chase & Co. on Tuesday railed against the nation's political leadership -- but didn't name names -- saying government too often proposes solutions that appeal only to 'the madness of the crowd' while letting complex issues such as energy policy go unresolved.
'We've seen this consistently -- an oversimplifying and casting aside of issues and facts,' Jamie Dimon said in panel discussion on leadership issues at Harvard Business School, where Dimon earned an MBA in 1982.
When complex matters come before lawmakers on issues such as financial regulation and energy policy, many politicians are often unwilling to embrace appropriate policy solutions 'because they say they're not politically feasible,' Dimon said.
Dimon, who is chairman and chief executive of JPMorgan Chase, one of the biggest U.S. banking companies, acknowledged there's plenty of blame to go around in the banking industry amid a financial crisis that has taken down several of his company's key rivals"
The top executive of JPMorgan Chase & Co. on Tuesday railed against the nation's political leadership -- but didn't name names -- saying government too often proposes solutions that appeal only to 'the madness of the crowd' while letting complex issues such as energy policy go unresolved.
'We've seen this consistently -- an oversimplifying and casting aside of issues and facts,' Jamie Dimon said in panel discussion on leadership issues at Harvard Business School, where Dimon earned an MBA in 1982.
When complex matters come before lawmakers on issues such as financial regulation and energy policy, many politicians are often unwilling to embrace appropriate policy solutions 'because they say they're not politically feasible,' Dimon said.
Dimon, who is chairman and chief executive of JPMorgan Chase, one of the biggest U.S. banking companies, acknowledged there's plenty of blame to go around in the banking industry amid a financial crisis that has taken down several of his company's key rivals"
Paulson's $250 Billion Bank Buy Begins - BusinessWeek
Paulson's $250 Billion Bank Buy Begins - BusinessWeek: "U.S. Treasury Secretary Henry Paulson announced a deal on the next stage of the massive package to rescue the financial sector and get the frozen credit markets working again on Tuesday, Oct 14. The announcement came the day after Paulson called in the heads of six major banks and pressed them to 'voluntarily' back Treasury's plan to devote $250 billion of the $700 billion recently approved by Congress to buy direct equity stakes in financial institutions in return for senior preferred shares."
Paulson's $250 Billion Bank Buy Begins - BusinessWeek
Paulson's $250 Billion Bank Buy Begins - BusinessWeek: "To prevent any stigma to taking bailout funds, the feds will invest in several big banks simultaneously rather than wait for requests
by Jane Sasseen and Theo Francis"
by Jane Sasseen and Theo Francis"
Bloomberg.com: Economy
Bloomberg.com: Economy: "Oct. 14 (Bloomberg) -- Treasury Secretary Henry Paulson urged banks getting $250 billion of taxpayer funds to channel the money to customers quickly to halt a credit freeze that's threatening to bankrupt companies and hammer the job market.
``Leaving businesses and consumers without access to financing is totally unacceptable,'' Paulson said in Washington. He rolled out the emergency program after a crisis of confidence in the financial system last week spurred the biggest stock sell-off since 1933. Paulson told companies getting the government funds to ``deploy'' the money in loans."
``Leaving businesses and consumers without access to financing is totally unacceptable,'' Paulson said in Washington. He rolled out the emergency program after a crisis of confidence in the financial system last week spurred the biggest stock sell-off since 1933. Paulson told companies getting the government funds to ``deploy'' the money in loans."
Financials rally again as rescue plan details emerge - MarketWatch
Financials rally again as rescue plan details emerge - MarketWatch: "NEW YORK (MarketWatch) -- U.S. financial stocks rallied again on Tuesday after the U.S. unveiled plans to invest directly in the nation's banks and expand deposit insurance in a coordinated effort to thaw frozen credit markets."
The Associated Press: Government moves again to unclog credit lines
The Associated Press: Government moves again to unclog credit lines: "WASHINGTON (AP) — President Bush on Tuesday announced a $250 billion plan by the government to directly buy shares in the nation's leading banks, saying the drastic steps were 'not intended to take over the free market but to preserve it.'
Nine major banks will participate initially including all of the country's largest institutions, he announced, in a move that sent stocks soaring on Wall Street.
Some of the nation's largest banks had to be pressured to participate by Treasury Secretary Henry Paulson, who wanted healthy institutions that did not necessarily need capital from the government to go first as a way of removing any stigma that might be associated with banks getting bailouts.
'We regret having to take these actions,' Paulson said. 'Today's actions are not what we ever wanted to do — but today's actions are what we must do to restore confidence to our financial system.'"
Nine major banks will participate initially including all of the country's largest institutions, he announced, in a move that sent stocks soaring on Wall Street.
Some of the nation's largest banks had to be pressured to participate by Treasury Secretary Henry Paulson, who wanted healthy institutions that did not necessarily need capital from the government to go first as a way of removing any stigma that might be associated with banks getting bailouts.
'We regret having to take these actions,' Paulson said. 'Today's actions are not what we ever wanted to do — but today's actions are what we must do to restore confidence to our financial system.'"
Sunday, October 12, 2008
World Bank Besieged By Hackers, Or Not -- Network Security -- InformationWeek
World Bank Besieged By Hackers, Or Not -- Network Security -- InformationWeek: "The World Bank's computer network has been repeatedly raided by hackers for over a year, according to a Fox News report.
But a World Bank spokesperson insists the Fox report is inaccurate. 'The story is fundamentally wrong,' the spokesperson said in an e-mail. 'It is riddled with falsehoods and errors and cites misinformation from unattributed sources and e-mails that are taken out of context.'"
But a World Bank spokesperson insists the Fox report is inaccurate. 'The story is fundamentally wrong,' the spokesperson said in an e-mail. 'It is riddled with falsehoods and errors and cites misinformation from unattributed sources and e-mails that are taken out of context.'"
FOXNews.com - World Bank Under Cyber Siege in 'Unprecedented Crisis' - International News | News of the World | Middle East News | Europe News
FOXNews.com - World Bank Under Cyber Siege in 'Unprecedented Crisis' - International News News of the World Middle East News Europe News: "The World Bank Group's computer network — one of the largest repositories of sensitive data about the economies of every nation — has been raided repeatedly by outsiders for more than a year, FOX News has learned.
It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.
In total, at least six major intrusions — two of them using the same group of IP addresses originating from China — have been detected at the World Bank since the summer of 2007, with the most recent breach occurring just last month."
It is still not known how much information was stolen. But sources inside the bank confirm that servers in the institution's highly-restricted treasury unit were deeply penetrated with spy software last April. Invaders also had full access to the rest of the bank's network for nearly a month in June and July.
In total, at least six major intrusions — two of them using the same group of IP addresses originating from China — have been detected at the World Bank since the summer of 2007, with the most recent breach occurring just last month."
Hackers take aim at World Bank - vnunet.com
Hackers take aim at World Bank - vnunet.com: "The World Bank's internal networks have been compromisd by outside attackers at least six times in the last year, according to a recent report.
Fox News cited internal memos in reporting that the bank had been attacked at least twice from IP addresses originating in China and that last spring the network was hit with a massive spyware infection."
Fox News cited internal memos in reporting that the bank had been attacked at least twice from IP addresses originating in China and that last spring the network was hit with a massive spyware infection."
FOXNews.com - World Bank Under Cyber Siege in 'Unprecedented Crisis' - International News | News of the World | Middle East News | Europe News
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