May 13
WASHINGTON – The $2 billion trading loss at JPMorgan Chase has renewed calls for stricter oversight of Wall Street banks. Two years after Congress passed an overhaul of financial rules, many of those changes have yet to be finalized.
JPMorgan’s misstep gives advocates of stronger regulation an opening to argue that regulators should toughen their approach.
The Obama administration has argued that it went as hard on banks as possible without further upsetting global finance. Now Democratic lawmakers and administration officials say JPMorgan case proves that more change is needed.
Still, many in the industry warn against reading too much into one trading loss. They say losing money is an inevitable part of taking risk, as banks must.
Some fear that after JPMorgan’s announcement, regulators will greet industry concerns with more skepticism as they flesh out key parts of the overhaul law.
THE VOLCKER RULE
This provision restricts banks’ ability to trade for their own profit, a practice known as proprietary trading.
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Tags: Rules
May 06
China
A customs office report due May 10 may show exports grew 8.5 percent in April from a year earlier, compared with 8.9 percent in March, according to the median estimate of 28 economists surveyed by Bloomberg. The statistics bureau is scheduled to release April economic data including inflation and industrial production on May 11.
China’s gross domestic product grew 8.1 percent in the first quarter, the slowest pace in more than two years, as the housing market cooled and export growth slowed.
A total of 60,000 square meters of residential land were sold in 20 major Chinese cities from April 30 to May 6, a drop of 92 percent from the previous week, Soufun Holdings Ltd. said in an e-mailed statement yesterday. None of the 20 cities sold a single residential plot other than Shanghai, it said.
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Tags: China, China Thailand
Apr 26
The advantage of operating an e-commerce site is the ability to reach a larger global market in a few clicks. As such, it is a necessary for dealers to have an online payment system that is available for different International payments to make purchasing easier for customers worldwide. Fortunately, the most popular providers using online payment systems make the multicurrency support easy for traders and buyers who don’t need to worry, despite being separated by the Pacific. You can get your payments and products at any time through Caxton FX and FastPay.
Accepting multi payments online for your use is generally the same steps as when your buyers are local. Customers go to your website, fill in their shopping cart, and head to check. They will be directed to an encrypted FastPay where they will be able to choose their payment option and currency. After the payment transaction, they will be redirected to your website. Read more…
Tags: Online, Payments Online
Apr 06
South India based Mahesh Co-operative Bank has launched ATM card. The card has been christened as Mahesh RuPay ATM Card.
The card will be issued mainly to the no-frills accounts holders in collaboration with banks. ATMs provide an opportunity to the banks to reduce the transactions costs as well as it is of greater convenience for the customers also.
Rupay ATM cards are expected to give a healthy competition to the international card providers.
Tags: Atm Card, Bank
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