The China Securities Regulatory Commission granted the first batch of licenses under a newly launched trial program that allows yuan funds raised offshore to be invested in China's capital markets, according to some of the funds and people familiar with the situation. The Hong Kong subsidiaries of asset managers Harvest Fund Management Co., E Fund Management, HuaAn Fund Management Co. and HFT Investment Management received the Renminbi Qualified Foreign Institutional Investor licenses today, according to the funds. Renminbi is another name for the Chinese currency.
There is little doubt that European banks need shoring up right now. That fact was made clear Wednesday, when 523 banks tapped the European Central Bank for a record 489 billion euros (nearly $640 billion) in loans. Compared with their American peers, they have been much more dependent on borrowing in recent years to finance their lending binges. On average, European banks’ loan books exceed their deposits by 1.2 times. In the United States the average loan-to-deposit ratio is 0.70. The upshot is that it will probably take much longer for Europe’s banks to unwind their bad loans and debt than it has for American banks. The European Banking Authority, after a third round of stress tests in October, has ordered Europe’s fragile banks to raise more than 114 billion euros in fresh cash in the next six months. By June 2012, the region’s financial institutions will need to increase their so-called core Tier 1 capital ratio — the strictest measure of a bank’s ability to resist financial shocks — to 9 percent of assets. That ratio, higher than the 5 percent preliminary target that the Federal Reserve set for American banks this week, reflects the acute capital strains that European banks are facing. To meet the new European standard, analysts predict that the region’s banks could end up selling assets, shrinking loan books and shutting down foreign subsidiaries in a de- leveraging process that may exceed 3 trillion euros in the coming years. And unless they are able to find better methods to restore their balance sheets — including direct support from their equally stressed national governments — many banks could well end up failing, analysts warn.
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Customers are being charged as much as £12 to use their cards when they pay, though the transactions cost as little as 20p to process.
In some cases, the surcharges are higher than the value of the item being purchased.
Last night a Treasury minister said people were “sick” of being “ripped off” by the hidden charges. Legislation would be introduced by the end of next year.
Mark Hoban, the financial secretary to the Treasury, said consumers should be able to shop around. “They have a right to understand the charges they may incur up front and not be hit through a hidden, last-minute payment surcharge,” he said.
“We’re leading the way in Europe by stopping this practice. The Government remains committed to helping consumers get a good deal in these difficult times. Consumers are sick of the rip-off culture and we are determined to do what we can to end it.”
The bank charges me 2.5% to process your card. My margins are small enough as it is. If I don't pass it on then I make no profit. Watch all the prices rise for everyone, perhaps I'll be giving a 2.5% discount for cash I hear you say, no sorry the bank charges me for accepting cash too. Oh well just goes to show how much MPs know about the real world. I don't suppose they will force the banks to process the cards for nothing, come to think about it we own the banks......
Initially one of the advantages promoted for the use of cards is that processing costs were lower for businesses. There were and still are costs associated with accepting cheques. Not just in admin time processing them internally paying them into the bank et c., but losses associated with dud cheques or suing unpaid cheques. Cash payments still have to be tallied and paid into the bank whether meeting security collection charges or the time taken to go to the bank with a bag of cash. Card charges levied by banks maybe more visible to businesses than the hidden costs of other forms of payment but however you get paid for your goods and services the costs are still there. It's quite right that payment costs, as with many other variables, should be included in the mark up needed in order to cover such variable costs and return a profit.
Promises" are one thing...remember the "you will not have to sell our home to pay for Care"?........
Of course it's a rip off but what's given with one hand will be taken by another...put money on it
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