Monday, July 20, 2009
Balochistan Board of intermediate and Secondary Education has accounced Matric Annual Result 2009
Balochistan Board of intermediate and Secondary Education has accounced Matric Annual Result 2009, Click here to search your result. Best of luck
Sunday, July 12, 2009
Pakistan Electronic Crimes Ordinance, 2008
The President of Pakistan, has Issued a declaration, which makes internet crime liable to be punished with death or imprisonment for life, with huge fines.
Cyber Crime Law
The law states that, any person who commits “cyber terrorism” and causes death of any individual shall be punishable with death or imprisonment for life and will be fined up to Rs 10 million under the deterrence of Electronic Crimes Ordinance, 2008.
According to the law, It shall apply to every person who commits “cyber terrorism” if hr/she access a computer, electronic system or an electronic device with a view to engage in a “terroristic act”, irrespective of his nationality or citizenship whatsoever or in any place outside or inside Pakistan, having harmful effect on the security of Pakistan, its nationals, national harmony, any property, any electronic system, any data located in Pakistan, any electronic system or data capable of being connected, sent to, used by or with any electronic system in Pakistan, will be liable for punishment under the ordinance.
The law defines a terroristic act as an effort to “alarm, terrify, upset, harm, damage or carry out an act of violence” against citizens or the government.
According to the law, “Cyber crime” includes elements and activities like, “Thievery or copying” part or whole of information which is classified or any data/information required for making biological, chemical or nuclear weapon.
The law also highlights certain number of durations of imprisonment and penalties for other crimes, such as cyber fraud, stalking and spamming.
The federal government will institute a dedicated investigation and prosecution cell within Federal Investigation Agency (FIA) to investigate and impeach the offences under the Ordinance. Afterwards, an Information and Communication Technologies Tribunal (ICTT) will be established under the ordinance through a gazette announcement to assume cases pertaining to the above mentioned offences.
The federal government may combine forces with any foreign government, Interpol or any other international agency with whom it has mutual arrangement for investigation or dealings against the offences related to electronic system data, for collection of evidence in electronic form of an offence along-with interception of data.
Any person, group or organization, which uses computer network for broadcast of electronic data having terrorist objectives, will be held accountable for cyber terrorism. The ordinance also reveal that any one who deliberately causes any electronic system or electronic device to carry out any function for the rationale of gaining unauthorized access to any data held in any electronic system or electronic device or on obtaining such unauthorized access shall be punished with imprisonment of either explanation for a term which may extend to three years, or with fine or with both.
Whoever create a website, or sends an electronic message with a phony source proposed to be believed by the recipient or visitor or its electronic system to be a genuine source with plan to gain unauthorized access or obtain precious information which later can be used for any unlawful purposes commits the offence of spoofing.
Cyber Crime Law
The law states that, any person who commits “cyber terrorism” and causes death of any individual shall be punishable with death or imprisonment for life and will be fined up to Rs 10 million under the deterrence of Electronic Crimes Ordinance, 2008.
According to the law, It shall apply to every person who commits “cyber terrorism” if hr/she access a computer, electronic system or an electronic device with a view to engage in a “terroristic act”, irrespective of his nationality or citizenship whatsoever or in any place outside or inside Pakistan, having harmful effect on the security of Pakistan, its nationals, national harmony, any property, any electronic system, any data located in Pakistan, any electronic system or data capable of being connected, sent to, used by or with any electronic system in Pakistan, will be liable for punishment under the ordinance.
The law defines a terroristic act as an effort to “alarm, terrify, upset, harm, damage or carry out an act of violence” against citizens or the government.
According to the law, “Cyber crime” includes elements and activities like, “Thievery or copying” part or whole of information which is classified or any data/information required for making biological, chemical or nuclear weapon.
The law also highlights certain number of durations of imprisonment and penalties for other crimes, such as cyber fraud, stalking and spamming.
The federal government will institute a dedicated investigation and prosecution cell within Federal Investigation Agency (FIA) to investigate and impeach the offences under the Ordinance. Afterwards, an Information and Communication Technologies Tribunal (ICTT) will be established under the ordinance through a gazette announcement to assume cases pertaining to the above mentioned offences.
The federal government may combine forces with any foreign government, Interpol or any other international agency with whom it has mutual arrangement for investigation or dealings against the offences related to electronic system data, for collection of evidence in electronic form of an offence along-with interception of data.
Any person, group or organization, which uses computer network for broadcast of electronic data having terrorist objectives, will be held accountable for cyber terrorism. The ordinance also reveal that any one who deliberately causes any electronic system or electronic device to carry out any function for the rationale of gaining unauthorized access to any data held in any electronic system or electronic device or on obtaining such unauthorized access shall be punished with imprisonment of either explanation for a term which may extend to three years, or with fine or with both.
Whoever create a website, or sends an electronic message with a phony source proposed to be believed by the recipient or visitor or its electronic system to be a genuine source with plan to gain unauthorized access or obtain precious information which later can be used for any unlawful purposes commits the offence of spoofing.
Default judgement in favour of Axact – compensation US $6,000,000
Axact meanwhile adhering to advice form their local legal consul, filed a lawsuit in Pakistan in the High Court of Sind at Karachi, for damages and injunctions amounting US $6million and other remedies. In Pakistan the defendants opted not to join the suit even after served with several court notices/summons and so Axact received a default judgment against SNR.
Default Judgement in favour of SNR – compensation US $694,750
Now as is standard in the US a corporate cannot file pro se, so it appears Axact decided not to proceed with securing other counsel and so a default judgment was entered in favor of SNR. The judgement entered the statutory damages on the Defendants’ copyright claim in the amount of $300,000, attorney fees, other fees and an injunction against Axact and any Internet search engines, Web hosts and domain-name registrars that are provided with notice of the injunction on a restriction from any future copyright violations for the works of SNR (3 copyrighted papers) by Axact.
Beverage industry case- US
In Feb 2008, Law firm McRoberts, Roberts & Rainer LLP had filed a class action lawsuit on behalf of a consumer against In Zone Brands, who make Bellywashers drinks, and also the Talking Rain Beverage Company. The suit claimed independent laboratory tests exposed that both companies had drinks infected with benzene, a known carcinogen, above the five parts per billion legal limits for benzene in tap water across the United States. Benzene lawsuits have now been filed in Kansas, Washington DC, Florida and Boston. This puts soft drinks firms under great pressure to eradicate or control benzene formation in their beverages. The alleged source is two widespread ingredients – sodium benzoate and ascorbic acid (vitamin C) in the drinks, these two ingredients could react to form benzene in drinks, as well as that revealing such a drink to heat could considerably hoist benzene levels.
After having the case strongly followed-up in the courts the agency re-opened its investigation into benzene in soft drinks, after it saw results from lab tests commissioned by lawyer Ross Getman and Larry Alibrandi, a concerned food scientist, who worked on soft drinks industry testing for benzene in soft drinks back in late 2007. To date the court records show that the case is still in proceeding stage and the next hearing is based on the report which is to be filed from the investigation committee.
After having the case strongly followed-up in the courts the agency re-opened its investigation into benzene in soft drinks, after it saw results from lab tests commissioned by lawyer Ross Getman and Larry Alibrandi, a concerned food scientist, who worked on soft drinks industry testing for benzene in soft drinks back in late 2007. To date the court records show that the case is still in proceeding stage and the next hearing is based on the report which is to be filed from the investigation committee.
The case of Air Pollution in USA
Another case emerged in the USA that depicts the impact of pollution and the steps taken by the government in collaboration with the judicial system to overcome it.
In 2008, the Pittsburgh-based U.S. Steel Corporation was ordered to pay $4.45 million to settle a class-action lawsuit by residents of Ecorse and River Rouge over air pollution caused by an Ecorse plant.
The Judge of the U.S. District Court in Detroit approved the settlement and agreed that roughly 7,000 residents were affected by smoke and metallic particle emissions from the U.S. Steel Great Lakes Works plant. The lawsuit disclosed that tests by the Michigan Department of Environmental Quality had found excessive levels of manganese emissions from the plant.
Under the terms of the settlement, the affected residents would receive $300 each, for a cumulative $2.1 million in lawsuit damages payable by the steel company and all funds that go unclaimed
In 2008, the Pittsburgh-based U.S. Steel Corporation was ordered to pay $4.45 million to settle a class-action lawsuit by residents of Ecorse and River Rouge over air pollution caused by an Ecorse plant.
The Judge of the U.S. District Court in Detroit approved the settlement and agreed that roughly 7,000 residents were affected by smoke and metallic particle emissions from the U.S. Steel Great Lakes Works plant. The lawsuit disclosed that tests by the Michigan Department of Environmental Quality had found excessive levels of manganese emissions from the plant.
Under the terms of the settlement, the affected residents would receive $300 each, for a cumulative $2.1 million in lawsuit damages payable by the steel company and all funds that go unclaimed
The Case of Bonded Labor in USA
In the USA, three large scale organizations were sued by a human rights group, in the Federal Court, in the year 2006. The purpose was to force them to implement measures to end bonded labor on farms and distant locations, which are a source of cocoa beans used to make chocolate.
The suit claimed that the entities were involved in transporting, torturing and the unwilling use of labor that were confined to work on distant farms in unbearable conditions.
The corporations refused to exchange a small portion of their massive profits to ensure sufficient return for farmers and workers. The lawsuit claims the workers were beaten and forced to work 12 to 14 hours a day with no pay and little food or sleep.
The rescued bonded labor said they were aged 12 to 14 when they were taken from their homes. The lawsuit also covers thousands of workers who were evidently confined from 1996 until the present day to work on the farms.
As a result of this lawsuit, the entire chocolate industry accepted the legibility and existence of bonded labor and signed an agreement in June 2008 with the International Labor Rights Organization (ILO) to work for the elimination of this factor.
Conclusion
Human rights are of prime importance in the labor laws of any country. The nations must address this issue and put forward structured steps in order to eliminate this factor. The judiciary and the political systems must play their respective roles to enforce measures to eliminate this problem.
The suit claimed that the entities were involved in transporting, torturing and the unwilling use of labor that were confined to work on distant farms in unbearable conditions.
The corporations refused to exchange a small portion of their massive profits to ensure sufficient return for farmers and workers. The lawsuit claims the workers were beaten and forced to work 12 to 14 hours a day with no pay and little food or sleep.
The rescued bonded labor said they were aged 12 to 14 when they were taken from their homes. The lawsuit also covers thousands of workers who were evidently confined from 1996 until the present day to work on the farms.
As a result of this lawsuit, the entire chocolate industry accepted the legibility and existence of bonded labor and signed an agreement in June 2008 with the International Labor Rights Organization (ILO) to work for the elimination of this factor.
Conclusion
Human rights are of prime importance in the labor laws of any country. The nations must address this issue and put forward structured steps in order to eliminate this factor. The judiciary and the political systems must play their respective roles to enforce measures to eliminate this problem.
The Case of Bonded Labor in Pakistan
In 2008 Pakistan’s Supreme Court declared bonded labor to be unconstitutional and initiated steps to abolish it. The National Assembly of the country passed a law abolishing bonded labor and prohibiting the practice. It publicized the official rules outlining how the law was to be implemented. Bonded labor, or “debt bondage” as it is also known, is a practice condemned by the United Nations as being similar to slavery and consequently a violation of human rights. It is considered by the International Labor Organization (ILO) to constitute forced labor and to be a violation of its convention on forced labor.
However, despite the short-term progress following the Supreme Court’s judgment, debt bondage still remains a challenge for the Pakistani Government.
There are NGOs and human rights groups working in the country for the release of the bonded laborers. They have successfully secured the release of about 7,000 to 8,000 bonded laborers in the country this year, by persuading police or local government officials to inspect places where bonded laborers are reported to be held, and ordering them to be released when they are found. However, it is still very difficult, and over the past nine months the principle challenge for them has been to ensure that the freed bonded laborers remain free.
However, despite the short-term progress following the Supreme Court’s judgment, debt bondage still remains a challenge for the Pakistani Government.
There are NGOs and human rights groups working in the country for the release of the bonded laborers. They have successfully secured the release of about 7,000 to 8,000 bonded laborers in the country this year, by persuading police or local government officials to inspect places where bonded laborers are reported to be held, and ordering them to be released when they are found. However, it is still very difficult, and over the past nine months the principle challenge for them has been to ensure that the freed bonded laborers remain free.
Trade Secret Law Developments
The law of trade secrets continues to have strong application in Internet-related industries, but the very nature of the Internet makes maintenance of trade secret information inherently difficult. Since information can be disseminated over the Internet almost effortlessly, once information finds its way onto the Internet it will be extremely difficult to claim trade secrecy for such information.
Patent Law and the Internet
Unlike the copyright and trademark issues brought to the fore by the rising popularity of the Internet, fundamental patent law norms are not subject to challenge by the Internet. The Internet’s popularity has spawned tremendous interest in certain patents related to enabling technology for the Internet. The growth of the Internet has provided certain new tools for patent research and analysis that were not previously available.
Intellectual Property Laws & the Internet
The growth of the Internet has put pressure on traditional intellectual property protections such as copyright and patent. Some forms of information, when made accessible on the Internet, are easily copied. Because the costs of copying are low and because copying is often anonymous, publishers have often responded with more aggressive enforcement of existing intellectual property rights and with calls for extensions of those rights to cover additional content, new media and new forms of access.
Steps to curtail the crisis
The Securities and Exchange Commission of Pakistan (SECP) has attempted to deal with the situation through new ordinances and measures. It amended section 95A of the Companies Ordinance 1984 through Companies (Amendment) Ordinance, 2009 to allow listed companies to buy back their own shares and hold them as treasury shares, which may be re-issued under the regulations being prescribed by the Commission. The amendment states:
The Stock Market Crisis
Pakistan stock exchange has been facing crisis since the last year. The outflow of foreign portfolio investment from the country’s equity market continued as the offshore investors withdrew $36.464 million during the third week January in 2009. The outflow of foreign investment from the country’s equity market started in 2008 due to political uncertainty, weakening economic indicators and the law and order situation in the country. The falling returns in the stock market have also forced many brokers and investment houses to lay off staff.
Overview of the Global Fishing Industry
The fishing industry (or fishing sector) is extraordinarily diverse. At one extreme are large, multinational joint ventures, utilizing large factory trawlers and numerous other vessels, employing thousands of workers on several oceans. At the other are small, wooden canoes and other boats used by individual fishermen to catch sufficient food for their families and perhaps more to sell in their local communities. The technology used can be simple and traditional, or it may be highly sophisticated, incorporating the most advanced electronic and other equipment. Some parts of the fishing industry are under social and economic pressures resulting from declines or sudden disappearances in certain stocks of fish (and other living marine resources) due to over fishing and other reasons and to loss of access to fishing grounds.
Effect of Tax on Consumer Goods
Goods and Service Tax is a tax on goods and services, which is leviable at each point of sale or provision of service, in which at the time of sale of goods or providing the services the seller or service provider can claim the input credit of tax which he has paid while purchasing the goods or procuring the service. The sellers or service providers collect the tax from their customer, who may or may not be the ultimate customer, and before depositing the same to the exchequer, they deduct the tax they have already paid. The net effect is that dealers charge GST but do not keep it, and pay GST but get a credit for it. This means that they act essentially as collecting agents for the Government. The ultimate burden of the tax falls on the last and final consumer of the goods and services, as this person gets no credit for the GST paid by him to his sellers or service providers.
Goods and Services Tax (GST)
It is a consumption tax levied on value added. In contrast to sales tax, VAT is neutral with respect to the number of passages that there are between the producer and the final consumer; where sales tax is levied on total value at each stage, the result is a cascade (downstream taxes levied on upstream taxes). Value added taxation has been gaining favour over traditional sales taxes worldwide. In principle, value added taxes apply to all commercial activities involving the production and distribution of goods and the provision of services. VAT is assessed and collected on the value added to goods in each business transaction. Under this concept the government is paid tax on the gross margin of each transaction. Revenues from a value added tax are frequently lower than expected because they are difficult and costly to administer and collect. In many countries, however, where collection of personal income taxes and corporate profit taxes has been historically weak, VAT collection has been more successful than other types of taxes.
Constitution in Europe
The Treaty establishing a Constitution for Europe (TCE), commonly referred to as the European Constitution, was an international treaty intended to create a constitution for the European Union. It was signed in 2004 by representatives of the then 25 member states of the European Union and needed to be ratified by all member states to enter into force. 13 member states completed the ratification procedure, but the rejection of the Constitution by French and Dutch voters in May and June 2005, called the future of the Constitution into question. In light of these developments three member states, Finland, Germany and Slovakia, abandoned their partially complete ratification procedures and a further seven member states indefinitely postponed consideration.
Following the period of reflection, the European Council meeting in June 2007 decided to start negotiations on a Reform Treaty as a replacement and from this date the Treaty for Constitution for Europe still needs to be finalized.
Following the period of reflection, the European Council meeting in June 2007 decided to start negotiations on a Reform Treaty as a replacement and from this date the Treaty for Constitution for Europe still needs to be finalized.
Constitution of the United States of America
The Constitution of the United States of America is the supreme law of the United States. It provides the framework for the organization of the United States Government. It also reserves numerous rights for the individual states, thereby establishing the United States’ federal system of government. The way the Constitution is understood is also influenced by the decisions of the court system, and especially the Supreme Court. These decisions are referred to, collectively, as precedents.
Understanding a Constitution
A constitution is a system for government which defines the fundamental political principles, and establishes the structure, procedures, powers and duties, of a government. The term constitution can be applied to any overall law that defines the functioning of a government.
Conclusion
Accidents can or may happen at work, and special care must be made to those areas of production where risk to human lives is to a greater extent. All the developed nations of the world have laws binding precautions at work place and is been constantly compliance by the related labor departments. What improvements are suggested to current legislation?
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NOTE: I would request that you. Provide your name and email address when posting your comment (only visible to the moderator). This will make it easier for us all to coordinate, discuss and share topics of interest.
Cayman Islands Banking Law
Cayman Islands banks need to be licensed under the Banks and Trust Companies Law 1995, as amended in 2001 and 2003.
Banking licenses are Class A, Class B restricted or Class B unrestricted:
Class A licenses permit full domestic and offshore banking;
Unrestricted Class B Trust Licenses permit full offshore banking with an unlimited number of customers and require a minimum net worth of USD 400,000;
Restricted Class B licenses require a minimum net worth of only USD 20,000, but a list must be provided to the Inspector of Financial Services of the clients with which the bank intends to do business, and the list cannot change without further notification to the Inspector. Licensees do not need to be Cayman companies; but foreign licensees will probably have to provide a head office guarantee. All applications include considerable amounts of administrative and financial information.
Continuing supervision is exercised by the Monetary Authority. Quarterly returns and audited annual statements must be lodged. Share transfers, and changes to directors and officers must be authorised. Banks with unrestricted licenses are required to adhere to the Basle Convention Rules.
Banking confidentiality is well-established in Cayman through the common law, and is also enshrined both in the Banks and Trust Companies Law 1995 and in the Confidential Relationships (Preservation) Law 1995. Banking staff and government officials face civil and criminal sanctions if information is disclosed without authorisation. A number of laws permit the enforcement of foreign judgements or the disclosure of information in response to a court order, but normally in the context of criminal activity and drug use or dealing.
Despite mutual assistance treaties, the Cayman Islands will not normally co-operate with fiscal investigations, and does not normally respond to requests for assistance on fiscal matters.
The Proceeds of Criminal Conduct Law, originally passed in 1999, was strengthened in 2000, and requires depositors to provide banks with due diligence documentation - a passport or driving license, proof of their physical address, and an outline of their banking activities. Reaction to the new requirements was mixed: in 2003, as a deadline for conformity with the new requirements drew nearer, Tim Godber, President of the Cayman Islands Bankers Association admitted that he was bemused by objections, saying: 'I really don't understand why people think the request is onerous. Account holders who might have obtained their funds illegally would be putting us at risk, so I think it only fair that we are allowed (to) ascertain for certain the identity of our account holders, and other important information about how they will use the account.' But local attorney-at law, Michael Alberga argued that: 'Privacy is the key to democracy, it's what separates democracy from other forms of government. Why should people who have lived and banked here all their lives have to provide more information about themselves?'
A Bill to Repeal and Replace the Proceeds of Criminal Conduct Law (2007 Revision); to Consolidate the Law relating to the Confiscation of the Proceeds of Crime and the Law Relating to the Mutual Legal Assistance in Criminal Matters; and for Incidental and Connected Purposes was tabled in the Legislative Assembly in 2008. This has brought about new Proceeds of Criminal Conduct Law (PCCL), 2008, which was approved in June 2008.
The 208-page law expands the scope of legislation originally enacted in 1996 and revised several times since. It is based largely on the UK Proceeds of Crime Act 2002 and largely incorporates amendments made to the UK's Serious Organised Crimes and Police Act 2005.
It is one of Cayman's two main statutory means of dealing with confiscation of the proceeds of crime, the other being the Misuse of Drugs Law and the related Misuse of Drugs (Drug Trafficking Offences) (Designated Countries) Order 1991.
Attorney General, Samuel Bulgin explained that in addition to consolidating the different money laundering provisions currently found in different pieces of legislation, the revamped PCCL contains, for the first time, a civil forfeiture component. This means that the Attorney General is able to bring civil proceedings in a court to confiscate property that is obtained through unlawful conduct (civil recovery). This is an entirely new provision and makes it less onerous to obtain a confiscation order as there is no need to first obtain a criminal conviction.
According to the Attorney General the harmonised money laundering legislation "is robust and accords with the international standards and best practice". He declared that is generally be equivalent to the money laundering measures of the countries listed in the recently published European Union "White List".
The new law is one of the several recommendations made by the International Monetary Fund (IMF) in its report on the Cayman Islands released in 2005. The new law also contains provisions for the Summary Court, in addition to the Grand Court, to make confiscation orders and to criminalise certain lifestyles.
Provisions governing the powers, duties and functions of the Financial Reporting Authority and the Anti Money Laundering Steering Group remain unchanged.
However, the new legislation strengthens confiscation and restraint orders. Certain confiscation order procedures are now mandatory; the Grand Court must proceed with them when asked by the Attorney General.
A restraint order has the effect of freezing property that may be liable to confiscation following a trial and the making of a confiscation order, the Attorney General said. Currently, a restraint or charging order may be made only by the Grand Court under certain circumstances. The new law abolishes as unnecessary the power of the Grand Court to make a charging order.
Also, the point at which a restraint order may be made is to be brought forward to any time after the start of an investigation. Previously it was possible only where charges were anticipated within a period of 21 days.
Another notable feature is the broadening of compensation provisions under certain conditions. It has also become possible for the Attorney General to request an asset freeze abroad before any restraint order is made in the Islands, should conditions for making such an order be satisfied. Additionally, the definition of criminal conduct has been expanded, with no restriction on the type of criminal offence to be dealt with under the new law. "The Grand Court would only need to consider whether the defendant has benefited from any conduct which is, or would be, contrary to the criminal law of the Islands," the Attorney General explained.
He noted the new law also expanded the scope for international cooperation to a larger number of countries beyond those currently designated. Additionally, the law addresses, "in a comprehensive way, all the weaknesses identified by the IMF and the FATF (Financial Action Task Force) regional offshoot - the Caribbean FATF - in their evaluation report," he added.
The bill underwent extensive public consultation.
Banking licenses are Class A, Class B restricted or Class B unrestricted:
Class A licenses permit full domestic and offshore banking;
Unrestricted Class B Trust Licenses permit full offshore banking with an unlimited number of customers and require a minimum net worth of USD 400,000;
Restricted Class B licenses require a minimum net worth of only USD 20,000, but a list must be provided to the Inspector of Financial Services of the clients with which the bank intends to do business, and the list cannot change without further notification to the Inspector. Licensees do not need to be Cayman companies; but foreign licensees will probably have to provide a head office guarantee. All applications include considerable amounts of administrative and financial information.
Continuing supervision is exercised by the Monetary Authority. Quarterly returns and audited annual statements must be lodged. Share transfers, and changes to directors and officers must be authorised. Banks with unrestricted licenses are required to adhere to the Basle Convention Rules.
Banking confidentiality is well-established in Cayman through the common law, and is also enshrined both in the Banks and Trust Companies Law 1995 and in the Confidential Relationships (Preservation) Law 1995. Banking staff and government officials face civil and criminal sanctions if information is disclosed without authorisation. A number of laws permit the enforcement of foreign judgements or the disclosure of information in response to a court order, but normally in the context of criminal activity and drug use or dealing.
Despite mutual assistance treaties, the Cayman Islands will not normally co-operate with fiscal investigations, and does not normally respond to requests for assistance on fiscal matters.
The Proceeds of Criminal Conduct Law, originally passed in 1999, was strengthened in 2000, and requires depositors to provide banks with due diligence documentation - a passport or driving license, proof of their physical address, and an outline of their banking activities. Reaction to the new requirements was mixed: in 2003, as a deadline for conformity with the new requirements drew nearer, Tim Godber, President of the Cayman Islands Bankers Association admitted that he was bemused by objections, saying: 'I really don't understand why people think the request is onerous. Account holders who might have obtained their funds illegally would be putting us at risk, so I think it only fair that we are allowed (to) ascertain for certain the identity of our account holders, and other important information about how they will use the account.' But local attorney-at law, Michael Alberga argued that: 'Privacy is the key to democracy, it's what separates democracy from other forms of government. Why should people who have lived and banked here all their lives have to provide more information about themselves?'
A Bill to Repeal and Replace the Proceeds of Criminal Conduct Law (2007 Revision); to Consolidate the Law relating to the Confiscation of the Proceeds of Crime and the Law Relating to the Mutual Legal Assistance in Criminal Matters; and for Incidental and Connected Purposes was tabled in the Legislative Assembly in 2008. This has brought about new Proceeds of Criminal Conduct Law (PCCL), 2008, which was approved in June 2008.
The 208-page law expands the scope of legislation originally enacted in 1996 and revised several times since. It is based largely on the UK Proceeds of Crime Act 2002 and largely incorporates amendments made to the UK's Serious Organised Crimes and Police Act 2005.
It is one of Cayman's two main statutory means of dealing with confiscation of the proceeds of crime, the other being the Misuse of Drugs Law and the related Misuse of Drugs (Drug Trafficking Offences) (Designated Countries) Order 1991.
Attorney General, Samuel Bulgin explained that in addition to consolidating the different money laundering provisions currently found in different pieces of legislation, the revamped PCCL contains, for the first time, a civil forfeiture component. This means that the Attorney General is able to bring civil proceedings in a court to confiscate property that is obtained through unlawful conduct (civil recovery). This is an entirely new provision and makes it less onerous to obtain a confiscation order as there is no need to first obtain a criminal conviction.
According to the Attorney General the harmonised money laundering legislation "is robust and accords with the international standards and best practice". He declared that is generally be equivalent to the money laundering measures of the countries listed in the recently published European Union "White List".
The new law is one of the several recommendations made by the International Monetary Fund (IMF) in its report on the Cayman Islands released in 2005. The new law also contains provisions for the Summary Court, in addition to the Grand Court, to make confiscation orders and to criminalise certain lifestyles.
Provisions governing the powers, duties and functions of the Financial Reporting Authority and the Anti Money Laundering Steering Group remain unchanged.
However, the new legislation strengthens confiscation and restraint orders. Certain confiscation order procedures are now mandatory; the Grand Court must proceed with them when asked by the Attorney General.
A restraint order has the effect of freezing property that may be liable to confiscation following a trial and the making of a confiscation order, the Attorney General said. Currently, a restraint or charging order may be made only by the Grand Court under certain circumstances. The new law abolishes as unnecessary the power of the Grand Court to make a charging order.
Also, the point at which a restraint order may be made is to be brought forward to any time after the start of an investigation. Previously it was possible only where charges were anticipated within a period of 21 days.
Another notable feature is the broadening of compensation provisions under certain conditions. It has also become possible for the Attorney General to request an asset freeze abroad before any restraint order is made in the Islands, should conditions for making such an order be satisfied. Additionally, the definition of criminal conduct has been expanded, with no restriction on the type of criminal offence to be dealt with under the new law. "The Grand Court would only need to consider whether the defendant has benefited from any conduct which is, or would be, contrary to the criminal law of the Islands," the Attorney General explained.
He noted the new law also expanded the scope for international cooperation to a larger number of countries beyond those currently designated. Additionally, the law addresses, "in a comprehensive way, all the weaknesses identified by the IMF and the FATF (Financial Action Task Force) regional offshoot - the Caribbean FATF - in their evaluation report," he added.
The bill underwent extensive public consultation.
Criminalizing Corporate Governance
Emily Flitter at BankThink concisely summarizes a recent useless contretemps among conservative and liberal bloggers and newspaper columnists over a proposal by leftard Paul Collier of Pravda The Guardian to make bad business decisions by bank managers that lead to the failure of a bank a criminal offense ("bankslaughter"). Collier's idea was promoted by the often-but-apparently-not-always-sensible Felix Salmon, who stoked the ire of Clusterstock's John Carney, who, in turn, drove first-year Yale law student James Kwak to lecture all of us, based upon his vast reservoir of knowledge about the US legal system. Links to all the bloviators are contained in Emily's post.
It makes for "interesting reading," but it's a non-issue. Anyone who knows anything about the current state of the law and regulation that governs the US commercial banking system knows that the banking regulators have all the firepower they need to punish reckless bank management and directors until they cry like little girls, including stripping them naked, tying them to an anthill, cutting off their eyelids, and pouring honey on their private parts. Then, they can get really nasty.
Regulators can issue cease and desist orders, impose civil money penalties of up to $27,500 per day, institute removal and prohibition proceedings against "institution affiliated parties" (including officers and directors), sue directors and officers personally for "gross negligence," and seize assets in prejudgment seizure actions. If an institution fails because of the type of "reckless" conduct that so irks the proponents of criminal penalties, you can bet your bottom dollar that the FDIC and the US Justice Department will be all over the management and directors with as many civil and criminal sanctions as they can concoct. Ask Don Dixon and Woody Lemons.
Any bank officer, director, or professional who survived the last banking crisis knows full well that the government has all the arrows in its enforcement quiver that it needs to theoretically deter and punish every "reckless" officer and director it can lay its hands upon. Adding additional criminal penaltiies at this point makes as much sense as all the current discussions about reducing the US and Russian nuclear weapons stockpiles. What's the difference in deterrence incentive between being able to blow up the world 10 times over versus 15 times over?
Ms. Flitter closes in on the most important aspect of the discussion, however, when she wonders whether additional criminal penalties would actually deter anyone when current penalties do not. The obvious answer is "No." The kind of people who take reckless, bank-destroying risks in one of the most heavily-regulated businesses in the world aren't the type of people who worry about the downside. Again, if you'd actually had experience in this business, and had encountered people like this previously, you'd understand all of this. If you're devoid of such actual experience, however, you can always blog or write a newspaper column about the subject, and readers who are equally ignorant might find your opinions useful.
It makes for "interesting reading," but it's a non-issue. Anyone who knows anything about the current state of the law and regulation that governs the US commercial banking system knows that the banking regulators have all the firepower they need to punish reckless bank management and directors until they cry like little girls, including stripping them naked, tying them to an anthill, cutting off their eyelids, and pouring honey on their private parts. Then, they can get really nasty.
Regulators can issue cease and desist orders, impose civil money penalties of up to $27,500 per day, institute removal and prohibition proceedings against "institution affiliated parties" (including officers and directors), sue directors and officers personally for "gross negligence," and seize assets in prejudgment seizure actions. If an institution fails because of the type of "reckless" conduct that so irks the proponents of criminal penalties, you can bet your bottom dollar that the FDIC and the US Justice Department will be all over the management and directors with as many civil and criminal sanctions as they can concoct. Ask Don Dixon and Woody Lemons.
Any bank officer, director, or professional who survived the last banking crisis knows full well that the government has all the arrows in its enforcement quiver that it needs to theoretically deter and punish every "reckless" officer and director it can lay its hands upon. Adding additional criminal penaltiies at this point makes as much sense as all the current discussions about reducing the US and Russian nuclear weapons stockpiles. What's the difference in deterrence incentive between being able to blow up the world 10 times over versus 15 times over?
Ms. Flitter closes in on the most important aspect of the discussion, however, when she wonders whether additional criminal penalties would actually deter anyone when current penalties do not. The obvious answer is "No." The kind of people who take reckless, bank-destroying risks in one of the most heavily-regulated businesses in the world aren't the type of people who worry about the downside. Again, if you'd actually had experience in this business, and had encountered people like this previously, you'd understand all of this. If you're devoid of such actual experience, however, you can always blog or write a newspaper column about the subject, and readers who are equally ignorant might find your opinions useful.
Limitation periods – proposals for reform
A bill is to be published later this year that will propose a “primary” 3-year period for contract (and other) claims starting from, broadly, the date on which the claimant knows of the facts which give rise to the action and a “longstop” 10-year period starting from, broadly, the date of accrual of the cause of action.
The ‘Limitation Bill’ will be published in draft as part of the provisions of the Civil Law Reform Bill later this year (2009) for pre-legislative scrutiny. The draft Limitation Bill is expected to follow the terms of the draft Bill that was published by the Law Commission in 2001 with their report, following their consultation on reform of the Limitation Act
The ‘Limitation Bill’ will be published in draft as part of the provisions of the Civil Law Reform Bill later this year (2009) for pre-legislative scrutiny. The draft Limitation Bill is expected to follow the terms of the draft Bill that was published by the Law Commission in 2001 with their report, following their consultation on reform of the Limitation Act
Friday, July 10, 2009
Regarding FOREX Market Online
Little Known Ways
Discover Helpful Suggestions Next
FOREX is the Foreign Exchange market also known as FX. All three of these means the same thing, which is the trade of trading between different banks, businesses, companies, and governments that are located in different countries. The financial market is one that is always changing leaving deals that need to be completed through brokers, and banks. Many scams have been emerging in the FOREX business, as companies and people from other countries are setting up on the Web to take cush of persons who don ' t know that foreign trade has to takings place through a broker or a company with manage participation concerning foreign exchanges online. Cash, Stocks and currency is traded throughout the foreign exchange markets. The FOREX market will be in attendance and exist when one exchange is traded for another. Think about a voyage you may take to another country. Latitude can you ' trade your money ' for the value of the other country ' s money? This is FOREX trading basis, and it is not offered in all banks, and it is not available in all financial centers. FOREX is a specialized trading misfortune. When its time to learn about FOREX and the foreign trade markets, small vocation and tribe looking to make big money are generally the victims of scams. As FOREX is recognized as how to make a quick buck or two, individuals don ' t enquiry about their participation in congeneric an adventure, but you could easily nib buildup losing all your investment in the transaction if you are not investing money through a broker in the FOREX market. A FOREX scam is one that involves trading but will turn foreign to be a fraud; you have no materialize of getting your money back once you have invested it. If you were to invest cash with a corporation that states they are involved in FOREX trading you want to read closely to learn if they are permitted to do business in your country. Many companies are not permitted in the FOREX market, as they have defrauded investors in the past. Thanks to Internet, in the past five years, FOREX trading and the awareness of FOREX trading has become the hole to invest. Banks are the number one source for FOREX trading to take place, where a trained and able broker is going to undocked transactions and requirements you recognize emanate. Commissions are paid on the business deal and this is the standard. Another bunch of scam that is prevalent One of the Golden rules of Forex trading I was told is Never, but never, trade without a stoploss in the FOREX markets online is software that will help you to make trades, to learn about the foreign markets and in practicing so you can initiate yourself for following and making trades. You need to rely on a program or software that is really going to make a difference. Consult with your financial broker or your bank to know more about FOREX trading, the FX markets and how you can avoid being the victim while investing in these markets.
Discover Helpful Suggestions Next
FOREX is the Foreign Exchange market also known as FX. All three of these means the same thing, which is the trade of trading between different banks, businesses, companies, and governments that are located in different countries. The financial market is one that is always changing leaving deals that need to be completed through brokers, and banks. Many scams have been emerging in the FOREX business, as companies and people from other countries are setting up on the Web to take cush of persons who don ' t know that foreign trade has to takings place through a broker or a company with manage participation concerning foreign exchanges online. Cash, Stocks and currency is traded throughout the foreign exchange markets. The FOREX market will be in attendance and exist when one exchange is traded for another. Think about a voyage you may take to another country. Latitude can you ' trade your money ' for the value of the other country ' s money? This is FOREX trading basis, and it is not offered in all banks, and it is not available in all financial centers. FOREX is a specialized trading misfortune. When its time to learn about FOREX and the foreign trade markets, small vocation and tribe looking to make big money are generally the victims of scams. As FOREX is recognized as how to make a quick buck or two, individuals don ' t enquiry about their participation in congeneric an adventure, but you could easily nib buildup losing all your investment in the transaction if you are not investing money through a broker in the FOREX market. A FOREX scam is one that involves trading but will turn foreign to be a fraud; you have no materialize of getting your money back once you have invested it. If you were to invest cash with a corporation that states they are involved in FOREX trading you want to read closely to learn if they are permitted to do business in your country. Many companies are not permitted in the FOREX market, as they have defrauded investors in the past. Thanks to Internet, in the past five years, FOREX trading and the awareness of FOREX trading has become the hole to invest. Banks are the number one source for FOREX trading to take place, where a trained and able broker is going to undocked transactions and requirements you recognize emanate. Commissions are paid on the business deal and this is the standard. Another bunch of scam that is prevalent One of the Golden rules of Forex trading I was told is Never, but never, trade without a stoploss in the FOREX markets online is software that will help you to make trades, to learn about the foreign markets and in practicing so you can initiate yourself for following and making trades. You need to rely on a program or software that is really going to make a difference. Consult with your financial broker or your bank to know more about FOREX trading, the FX markets and how you can avoid being the victim while investing in these markets.
Professional and financial institutions of the world
I have got a very important link which can provide contact details / email addresses of professional bodies and other financial instituaitons of the world.
Associate PRM Certificate Exam Registration
The Associate Professional Risk Manager (Associate PRM) is a new PRMIA certificate program intended for staff entering the risk management profession, or those who interface with risk management disciplines on a regular basis, such as auditing, accounting, legal, and systems development personnel who want to understand fundamental risk management methods and practices. Designed to be mathematically and theoretically less detailed than the Professional Risk Manager (PRM™) certification, the new program will cover the core concepts allowing non-specialists to interpret risk management information and reports, make critical assessments and evaluate the implications and the limitations of such results.
Only successful candidates of the PRM designation are entitled to use the PRM title. Associate PRM members will receive a certificate but will not be entitled to use the PRM title.
Only successful candidates of the PRM designation are entitled to use the PRM title. Associate PRM members will receive a certificate but will not be entitled to use the PRM title.
Jobs in Zong
Industry: Telecommunication/ISP
Category: Customer Support
Total Position: 2
Job Type: Full Time ( firstshift )
Job Location: Islamabad
Gender: Doesn't Matter
Minimum Education Bachelor's Degree
Degree Title: Minimum Bachelors, Preferably Masters
Career Level: Experienced (Non-Manager)
Minimum Experience: 2 Years(1-2 Years of experience of Call Centre Operations)
Apply here By: Sep 9, 2009
Labels: Jobs
Category: Customer Support
Total Position: 2
Job Type: Full Time ( firstshift )
Job Location: Islamabad
Gender: Doesn't Matter
Minimum Education Bachelor's Degree
Degree Title: Minimum Bachelors, Preferably Masters
Career Level: Experienced (Non-Manager)
Minimum Experience: 2 Years(1-2 Years of experience of Call Centre Operations)
Apply here By: Sep 9, 2009
Labels: Jobs
Collection of Tax by A Stock Exchange
The reference has been made to the Board to clarify that who will take the credit of the tax withheld under clause (c) of sub-section (1) of section 233A of the Income Tax Ordinance, 2001. Whether the Member of the Stock Exchange or the seller of shares who did the trading of shares through the said Member?
2. The matter has been considered. Though the tax in respect of trading of shares is deducted from the member by the stock exchange yet the tax so withheld under clause (c) of sub-section (1) of section 233A of the Income Tax Ordinance, 2001, does not pertain to him exclusively. He is only an intermediary and the tax withheld under the aforesaid provisions of law, belongs to the seller of shares also who traded through him. Legally speaking, the seller is entitled to take the credit of the tax so withheld as well as the member in respect of the shares owned by him. The member of the stock exchange is the custodian of the record,as the transactions of shares are made through him on the stock exchange.
3. It is, therefore, clarified that the Member would certify the quantum of tax withheld from each person traded through him and shall furnish a statement, to the concerned Director General, RTO, for the verification of claim of the taxpayers who traded the shares through him.
2. The matter has been considered. Though the tax in respect of trading of shares is deducted from the member by the stock exchange yet the tax so withheld under clause (c) of sub-section (1) of section 233A of the Income Tax Ordinance, 2001, does not pertain to him exclusively. He is only an intermediary and the tax withheld under the aforesaid provisions of law, belongs to the seller of shares also who traded through him. Legally speaking, the seller is entitled to take the credit of the tax so withheld as well as the member in respect of the shares owned by him. The member of the stock exchange is the custodian of the record,as the transactions of shares are made through him on the stock exchange.
3. It is, therefore, clarified that the Member would certify the quantum of tax withheld from each person traded through him and shall furnish a statement, to the concerned Director General, RTO, for the verification of claim of the taxpayers who traded the shares through him.
GENERAL NEWS
Pakistan has been ranked 100 among 121 world economies featured in ‘The Global Enabling Trade Report 2009’– a drop of 16 places.
Pakistan’s neighbors secured slightly better positions even though their ranking deteriorated, India placed 76 and Sri Lanka 78 compared to 71 & 70 last year. Bangladesh slipped one spot to 111 while Nepal improved to 110 from 116. East Asian economies - Hong Kong and Singapore - occupy the top two positions in the Enabling Trade Index ranking, followed by Switzerland, Denmark and Sweden, according to The Global Enabling Trade Report 2009, released by the World Economic Forum. The Report, second edition, aims at presenting a cross-country analysis of the large number of measures facilitating trade.
The Enabling Trade Index captures the free flow of goods over borders and to destination.
The index breaks the enablers into four overall issue areas: market access, border administration, transport and communications infrastructure and the busines environment.
Pakistan ranked 111 in the market access pillar, 63rd in business administration, 80 in transport and communications infrastructure and 102 in business environment.
Pakistan’s neighbors secured slightly better positions even though their ranking deteriorated, India placed 76 and Sri Lanka 78 compared to 71 & 70 last year. Bangladesh slipped one spot to 111 while Nepal improved to 110 from 116. East Asian economies - Hong Kong and Singapore - occupy the top two positions in the Enabling Trade Index ranking, followed by Switzerland, Denmark and Sweden, according to The Global Enabling Trade Report 2009, released by the World Economic Forum. The Report, second edition, aims at presenting a cross-country analysis of the large number of measures facilitating trade.
The Enabling Trade Index captures the free flow of goods over borders and to destination.
The index breaks the enablers into four overall issue areas: market access, border administration, transport and communications infrastructure and the busines environment.
Pakistan ranked 111 in the market access pillar, 63rd in business administration, 80 in transport and communications infrastructure and 102 in business environment.
MONEY MARKET
Money market opened at 12.50%. Overnight repo rates topped at 12.50% as well before market declined and closed at 10.35%.Market is functioning at decent pace and no liquidity crunch has been witnessed in last few days.
Wednesday, July 1, 2009
Strong quarter ends cautiously as earnings loom
NEW YORK – Investors carried Wall Street to a remarkable second-quarter performance even though stocks' big spring rally stalled weeks ago.
The major indexes all managed to end the quarter with double-digit percentage gains. Now, whether the market regains its momentum in the July-September period or hunkers down again will depend on what companies have to say in the next few weeks — not just about their own prospects, but the economy's as well.
The Dow Jones industrial average rose 11 percent during the quarter, while the Standard & Poor's 500 index surged 15.2 percent. Both indexes logged their first quarterly gains since the third quarter of 2007. The Dow also had its best quarter since 2003 and the S&P 500 its best since 1998.
The S&P 500 index and the Nasdaq composite index are finishing the first half of 2009 in the black. The Nasdaq, heavily populated by tech stocks, rose 20 percent for its first winning quarter in a year and had its best quarter since 2003.
The quarter turned out better than most traders might have expected when the major indexes sank to 12-year lows in early March on growing despair about the recession. But the market's advance wasn't as impressive as it was in mid-June, when the major indexes hit multi-month highs. Since then, investors' uncertainty about the strength of an economic recovery has brought the Dow down 4 percent, the S&P 500 down 2.8 percent and the Nasdaq, 1.5 percent.
On Tuesday, the last day of the quarter, the Dow fell 82.38, or 1 percent, to 8,447.00; the S&P 500 fell 7.90, or 0.9 percent, to 919.33, and the Nasdaq slid 9.02, or 0.5 percent, to 1,835.04.
Investors have gone through a big psychological shift over the past six months. After sending the Dow plunging to a 12-year low in early March amid fears of another Great Depression, they drove it up a staggering 34 percent from mid-March to mid-June as the global economy and corporate world showed signs of stabilizing.
It was the shortest time frame for a market recovery of that size since the 1930s. And while no one knows yet if the United States was coming out of a recession during the just-ended quarter, the market as measured by the S&P 500 acted as if it was. The S&P 500 was up 13.6 percent in the first quarter of 1991 as it came out of a recession, and 16.8 percent in the fourth quarter of 1982.
"That massive fear of a complete failure in the financial system? That's been taken off the table," said Brett D'Arcy, chief investment officer of CBIZ Wealth Management. "The doomsday predictions? Those have been largely pushed aside."
But investors are well aware that American businesses may still be facing hard times. That's making the market uneasy about what corporate executives have to say in the coming weeks.
First, there's the issue of how they're making money. Companies largely cost-cut their way into profitability in the first quarter of 2009. That technique might not fly with investors looking for signs of real growth as they enter the second half of the year — when the economic recovery is supposed to arrive.
"I don't think the markets are going to give companies a free pass anymore," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati.
Second, investors want to hear executives' take on the economy. Outlooks are important in any business environment because companies offer more detailed views into economic indicators such as orders, inventories and consumer trends.
Even if the forecasts are disappointing, analysts believe stocks are on a more solid footing than they were earlier this year. The market is no longer being driven by panic.
Still, stocks have paused and wobbled because the economic data that fired up their rally in early March haven't improved significantly the past few weeks.
"The world isn't ending," said Wirtz, but now, "all eyes and all thoughts are on the recovery side: How big will the recovery be? How strong?"
Companies aren't laying off workers as much as they were in early 2009, but the unemployment rate keeps heading toward 10 percent. Reports have shown that consumers are saving more than they're spending, and that home prices still haven't recovered.
Stocks fell Tuesday after the Conference Board's consumer confidence index fell unexpectedly in June. The Standard & Poor's/Case-Shiller index showed another decline in home prices, albeit it the smallest since June 2008.
For Wall Street's rally to continue, the market needs to experience that economic recovery, said Nicholas Colas, chief market strategist at ConvergEx.
The U.S. government has pumped trillions of dollars into the financial system and the economy. Stimulus packages usually take six to nine months to work their way through the system, so investors will be looking for those dollars showing up in corporate growth and personal spending in the second half.
The most closely watched industry during earnings season will be financial companies, Colas said, as banks have gotten the biggest boosts from the government. Colas predicts impressive second-quarter results from financial institutions, but major disappointments could thwart the market's recovery.
"If the banking system is not getting healthy or generating profits, nothing else is going to work," he said.
Fortunately, investors still seem cautiously upbeat, which might allow them to stomach some more mildly disappointing news in the coming months.
Bob Doll, global chief investment officer for equities at BlackRock Inc., anticipates U.S. stocks will log a double-digit percentage gain in 2009 — an impressive move, though it's important to remember that Wall Street had its worst year since the Depression in 2008.
D'Arcy, Colas and Wirtz also expect the S&P 500 index, the broadest measure of the stock market, to finish the year higher.
The S&P 500 is only up 1.8 percent since the beginning of the year, and still down 41 percent from its record high in October 2007, so the second-quarter rally needs to be put in perspective, D'Arcy said.
"As long as there are no real disasters in the earnings," D'Arcy said, "we'll be fine."
The major indexes all managed to end the quarter with double-digit percentage gains. Now, whether the market regains its momentum in the July-September period or hunkers down again will depend on what companies have to say in the next few weeks — not just about their own prospects, but the economy's as well.
The Dow Jones industrial average rose 11 percent during the quarter, while the Standard & Poor's 500 index surged 15.2 percent. Both indexes logged their first quarterly gains since the third quarter of 2007. The Dow also had its best quarter since 2003 and the S&P 500 its best since 1998.
The S&P 500 index and the Nasdaq composite index are finishing the first half of 2009 in the black. The Nasdaq, heavily populated by tech stocks, rose 20 percent for its first winning quarter in a year and had its best quarter since 2003.
The quarter turned out better than most traders might have expected when the major indexes sank to 12-year lows in early March on growing despair about the recession. But the market's advance wasn't as impressive as it was in mid-June, when the major indexes hit multi-month highs. Since then, investors' uncertainty about the strength of an economic recovery has brought the Dow down 4 percent, the S&P 500 down 2.8 percent and the Nasdaq, 1.5 percent.
On Tuesday, the last day of the quarter, the Dow fell 82.38, or 1 percent, to 8,447.00; the S&P 500 fell 7.90, or 0.9 percent, to 919.33, and the Nasdaq slid 9.02, or 0.5 percent, to 1,835.04.
Investors have gone through a big psychological shift over the past six months. After sending the Dow plunging to a 12-year low in early March amid fears of another Great Depression, they drove it up a staggering 34 percent from mid-March to mid-June as the global economy and corporate world showed signs of stabilizing.
It was the shortest time frame for a market recovery of that size since the 1930s. And while no one knows yet if the United States was coming out of a recession during the just-ended quarter, the market as measured by the S&P 500 acted as if it was. The S&P 500 was up 13.6 percent in the first quarter of 1991 as it came out of a recession, and 16.8 percent in the fourth quarter of 1982.
"That massive fear of a complete failure in the financial system? That's been taken off the table," said Brett D'Arcy, chief investment officer of CBIZ Wealth Management. "The doomsday predictions? Those have been largely pushed aside."
But investors are well aware that American businesses may still be facing hard times. That's making the market uneasy about what corporate executives have to say in the coming weeks.
First, there's the issue of how they're making money. Companies largely cost-cut their way into profitability in the first quarter of 2009. That technique might not fly with investors looking for signs of real growth as they enter the second half of the year — when the economic recovery is supposed to arrive.
"I don't think the markets are going to give companies a free pass anymore," said Keith Wirtz, president and chief investment officer at Fifth Third Asset Management in Cincinnati.
Second, investors want to hear executives' take on the economy. Outlooks are important in any business environment because companies offer more detailed views into economic indicators such as orders, inventories and consumer trends.
Even if the forecasts are disappointing, analysts believe stocks are on a more solid footing than they were earlier this year. The market is no longer being driven by panic.
Still, stocks have paused and wobbled because the economic data that fired up their rally in early March haven't improved significantly the past few weeks.
"The world isn't ending," said Wirtz, but now, "all eyes and all thoughts are on the recovery side: How big will the recovery be? How strong?"
Companies aren't laying off workers as much as they were in early 2009, but the unemployment rate keeps heading toward 10 percent. Reports have shown that consumers are saving more than they're spending, and that home prices still haven't recovered.
Stocks fell Tuesday after the Conference Board's consumer confidence index fell unexpectedly in June. The Standard & Poor's/Case-Shiller index showed another decline in home prices, albeit it the smallest since June 2008.
For Wall Street's rally to continue, the market needs to experience that economic recovery, said Nicholas Colas, chief market strategist at ConvergEx.
The U.S. government has pumped trillions of dollars into the financial system and the economy. Stimulus packages usually take six to nine months to work their way through the system, so investors will be looking for those dollars showing up in corporate growth and personal spending in the second half.
The most closely watched industry during earnings season will be financial companies, Colas said, as banks have gotten the biggest boosts from the government. Colas predicts impressive second-quarter results from financial institutions, but major disappointments could thwart the market's recovery.
"If the banking system is not getting healthy or generating profits, nothing else is going to work," he said.
Fortunately, investors still seem cautiously upbeat, which might allow them to stomach some more mildly disappointing news in the coming months.
Bob Doll, global chief investment officer for equities at BlackRock Inc., anticipates U.S. stocks will log a double-digit percentage gain in 2009 — an impressive move, though it's important to remember that Wall Street had its worst year since the Depression in 2008.
D'Arcy, Colas and Wirtz also expect the S&P 500 index, the broadest measure of the stock market, to finish the year higher.
The S&P 500 is only up 1.8 percent since the beginning of the year, and still down 41 percent from its record high in October 2007, so the second-quarter rally needs to be put in perspective, D'Arcy said.
"As long as there are no real disasters in the earnings," D'Arcy said, "we'll be fine."
Asian markets mixed as data suggests long slog
BANGKOK – Asian stock markets were mixed Wednesday as economic surveys from the U.S., Japan and China showed that recovery is going to be a long slog. Oil hovered above $70 a barrel.
In Japan, the central bank's "tankan" survey reflected a slight uptick in gloomy corporate sentiment. But the results were worse than expected and also showed that companies plan to cut back on capital investment, highlighting the challenges the world's second-biggest economy faces as it climbs out of its steepest recession ever.
Chinese manufacturing expanded slightly in June, two surveys showed, a sign that the world's third-largest economy is slowly rebounding from the collapse in global trade, even though few new jobs were created.
An overnight drop on Wall Street, where stocks were dragged down by an unexpected drop in U.S. consumer confidence, also weighed on sentiment. Many investors are counting on Thursday's release of U.S. jobs data for signals on whether recovery hopes are justified after a three-month rally in global markets.
"We'll tread water for awhile. It depends on the numbers coming out of the largest economy in the world," said Lucinda Chan, a director at Macquarie Private Wealth in Sydney.
Investors will also be watching results — and forecasts — from companies as they start to announce second-quarter earnings this month.
After climbing as much as 1 percent, Japan's Nikkei 225 index fell 18.51 points, or 0.2 percent, to close at 9,939.93. Australia's S&P/ASX200 index sagged 2 percent to 3,874. Hong Kong's market was closed for a public holiday.
Among gainers, South Korea's Kospi rose 1.6 percent to 1,411.66. Taiwan's benchmark jumped 2.3 percent to 6,578.97, a day after the island's government announced it had opened key parts of the manufacturing and services sectors to Chinese investment.
The Shanghai Composite index advanced 1.5 percent to 3,003.85, adding to its 62-percent surge during the first six months of the year.
Investors in China were heartened that brokerage CLSA Asia-Pacific Markets said its purchasing managers index rose to 51.8 from May's 51.2. Numbers above 50 show activity expanding. The state-sanctioned China Federation of Logistics and Purchasing said its own PMI edged up slightly to 53.2 from May's 53.1.
In Japan, business executives are only slightly less pessimistic than they were three months ago. The Bank of Japan's quarterly tankan survey showed that the sentiment index at major manufacturers rose to minus 48 from minus 58 in March. The figure represents the percentage of companies saying business conditions are good minus those saying they are bad.
U.S. stock index futures were little changed. Dow Jones industrial futures were up 2 points at 8,396, while S&P 500 futures were down 0.8 point at 914.70.
Wall Street fell Tuesday amid disappointment about a decline in consumer confidence following big jumps in April and May, as measured by a private group called the Conference Board. The Dow fell 82.38, or 1 percent, to 8,447.00, while the S&P 500 index fell 7.91, or 0.9 percent, to 919.32. The Nasdaq composite index fell 9.02, or 0.5 percent, to 1,835.04.
After Thursday's U.S. jobs number, investors will be paying close attention in coming weeks will be second-quarter earnings reports from U.S. companies and their forecasts for the rest of the year.
Oil rose above $70 a barrel in Asia as a drop in U.S. crude inventories suggested demand may be picking up. Benchmark crude for August delivery rose 59 cents to $70.48 a barrel in electronic trading on the New York Mercantile Exchange.
In currencies, the dollar rose to 96.75 yen from 96.34, while the euro was little changed at $1.4035.
___
Associated Press Writer Tomoko A. Hosaka in Tokyo contributed to this report.
In Japan, the central bank's "tankan" survey reflected a slight uptick in gloomy corporate sentiment. But the results were worse than expected and also showed that companies plan to cut back on capital investment, highlighting the challenges the world's second-biggest economy faces as it climbs out of its steepest recession ever.
Chinese manufacturing expanded slightly in June, two surveys showed, a sign that the world's third-largest economy is slowly rebounding from the collapse in global trade, even though few new jobs were created.
An overnight drop on Wall Street, where stocks were dragged down by an unexpected drop in U.S. consumer confidence, also weighed on sentiment. Many investors are counting on Thursday's release of U.S. jobs data for signals on whether recovery hopes are justified after a three-month rally in global markets.
"We'll tread water for awhile. It depends on the numbers coming out of the largest economy in the world," said Lucinda Chan, a director at Macquarie Private Wealth in Sydney.
Investors will also be watching results — and forecasts — from companies as they start to announce second-quarter earnings this month.
After climbing as much as 1 percent, Japan's Nikkei 225 index fell 18.51 points, or 0.2 percent, to close at 9,939.93. Australia's S&P/ASX200 index sagged 2 percent to 3,874. Hong Kong's market was closed for a public holiday.
Among gainers, South Korea's Kospi rose 1.6 percent to 1,411.66. Taiwan's benchmark jumped 2.3 percent to 6,578.97, a day after the island's government announced it had opened key parts of the manufacturing and services sectors to Chinese investment.
The Shanghai Composite index advanced 1.5 percent to 3,003.85, adding to its 62-percent surge during the first six months of the year.
Investors in China were heartened that brokerage CLSA Asia-Pacific Markets said its purchasing managers index rose to 51.8 from May's 51.2. Numbers above 50 show activity expanding. The state-sanctioned China Federation of Logistics and Purchasing said its own PMI edged up slightly to 53.2 from May's 53.1.
In Japan, business executives are only slightly less pessimistic than they were three months ago. The Bank of Japan's quarterly tankan survey showed that the sentiment index at major manufacturers rose to minus 48 from minus 58 in March. The figure represents the percentage of companies saying business conditions are good minus those saying they are bad.
U.S. stock index futures were little changed. Dow Jones industrial futures were up 2 points at 8,396, while S&P 500 futures were down 0.8 point at 914.70.
Wall Street fell Tuesday amid disappointment about a decline in consumer confidence following big jumps in April and May, as measured by a private group called the Conference Board. The Dow fell 82.38, or 1 percent, to 8,447.00, while the S&P 500 index fell 7.91, or 0.9 percent, to 919.32. The Nasdaq composite index fell 9.02, or 0.5 percent, to 1,835.04.
After Thursday's U.S. jobs number, investors will be paying close attention in coming weeks will be second-quarter earnings reports from U.S. companies and their forecasts for the rest of the year.
Oil rose above $70 a barrel in Asia as a drop in U.S. crude inventories suggested demand may be picking up. Benchmark crude for August delivery rose 59 cents to $70.48 a barrel in electronic trading on the New York Mercantile Exchange.
In currencies, the dollar rose to 96.75 yen from 96.34, while the euro was little changed at $1.4035.
___
Associated Press Writer Tomoko A. Hosaka in Tokyo contributed to this report.
Lahore Stock Exchange
Lahore Stock Exchange was established in October 1970 and is the second largest stock exchange in the country with a market share of around 12-16% in terms of daily traded volumes. LSE has 519 companies, spanning 37 sectors of the economy, that are listed on the Exchange with total listed capital of Rs. 555.67 billion having market capitalization of around Rs. 3.64 trillion. LSE has 152 members of whom 81 are corporate and 54 are individual members.
Activities of Lahore Stock Exchange (LSE) have increased significantly in all operational areas since its inception. Over the years, LSE has successfully met various challenges and has now emerged, fully geared and positioned to aggressively compete with its fellow Exchanges, contributing towards the growth of Capital Markets in Pakistan.
Important Developments over the Past Years
A number of significant initiatives have been taken to improve the regulatory regime and the trading environment for the benefit of Institutional Investors as well as listed companies. Although the list of such initiatives is exhaustive, below some of these incentives are touched upon;
LSE was the first Exchange in the country to undertake automation of trading at the exchanges in 1994. LSE has made large investments in technology & automation to keep pace with globalization of securities trading. The Exchange is fully committed to providing a transparent, efficient, fair and investor friendly environment for the benefit of Investors and Issuers. The goal is to bring LSE up to international standards in operational, technical, regulatory and quality management areas and to ensure that not only domestic but also foreign investors are attracted.
LSE has made direct investment in Pakistan Credit Rating Agency (Pvt) Ltd. (PACRA), Central Depository Company Ltd. (CDC), National Clearing Company of Pakistan Ltd. (NCCPL), and National Commodity Exchange Ltd. (NCEL), all of which play a central role in developing the infrastructure around the financial markets of Pakistan. In addition, LSE is an active member of the Federation of Euro-Asian Stock Exchanges (FEAS) and the South Asian Federation of Exchanges (SAFE), helping to expand its outreach, presence and profile beyond the boundaries of Pakistan.
LSE was the first Exchange in Pakistan to offer Internet based trading to its members in the year 2001. It enables the brokers to reach out to the untapped retail markets. Currently, more than 50% of the total trading volume at the LSE originates from Internet trading terminals. The aim of this measure is to transform the LSE from a regional to a national player over a period of time.
LSE has increased its geographical outreach by establishing its branches in other cities of the Province. Two such branch offices have become operational in Faisalabad and Sialkot. Similar Offices in other cities are also being contemplated. LSE’s trading system has already been modified to connect branch offices in real-time fashion. There is a growing need for remote trading terminals reflecting the confidence of traders in the use of stable Internet Trading Systems.
LSE has improved the quality of operations and upgraded them to modern international standards. This has included upgrading LSE’s IT infrastructure, updating regulations and procedures to incorporate existing and expected technological changes, as well as reorganizing and restructuring the workforce. As a result, LSE’s capabilities as both a front-line regulatory body and a service organization have been significantly enhanced.
LSE has successfully launched Unique Identification Number (UIN) System with an objective to bring more efficiency and transparency to the stock business and to improve the surveillance and monitoring capacity of the Exchange.
LSE has implemented a regular timetable for the Broker System Audit, in order to build investors’ confidence. Also, LSE has taken effective risk and exposure management measures including the implementation of a fully automated in-house developed Trade Risk Filter (TRF) to efficiently monitor members’ pre-trading exposures on a real time basis. This has been a quantum leap for LSE in improving its risk management systems.
A visible trend at the LSE has been the increasing number of corporate members. It is heartening to note that part of this increase has been due to the entry of investment banks/financial institutions (or their subsidiaries) as members of the Exchange. An overview of this trend over the past years is as follows:
LSE’s MEMBERSHIP STRUCTURE:
Year Corporate Members Individual Members Total
Private Limited Companies Public Limited Companies Banks or their Subsidiaries
Listed Un-Listed
2000 22 3 5 3 118 151
2001 28 3 6 3 111 151
2002 34 4 4 4 105 151
2003 37 4 5 4 101 151
2004 44 5 5 5 93 152
2005 46 4 5 6 91 152
2006 78 3 7 7 57 152
2007* 81 4 6 7 54 152
*As of May 31st, 2007
The above trend has led to record trading volumes as well as an improved product offering. The measures at LSE have attempted to create an atmosphere, which is more conducive and transparent for investment. The investing public has received the reforms very positively.
LSE Training Institute specifically dedicated to the Capital Markets, is the first of its kind in Pakistan and was established in 2006. Formal courses have been introduced to provide trained human resources for the capital markets. It has also launched a series of Education Programs with a view to educate the brokers, agents and general public about the securities market and its laws. In an effort to promote the education sector, particularly in relation to financial markets, LSE is providing scholarships to deserving students of Lahore University of Management Sciences (LUMS). LSE encourages universities and colleges to come and visit LSE.
In another trend-setting example, Lahore Stock Exchange and Islamabad Stock Exchange have joined hands to establish a Unified Trading Platform which will help to bring increased liquidity in the market, improve price discovery, maximize transparency, increase turnover, broaden investor base, curtail risks and distortions in trade, provide cost effective service to the investing public and enhance the image of both the Exchanges.
As part of second generation capital market reforms being pursued by the Securities & Exchange Commission of Pakistan, demutualization is being seriously considered by the members of the exchanges and hopefully that during the year 2007 a decision will be taken in the best interest of the capital markets of the country. Demutualization is in line with international standards, which will ensure that the exchange truly and fairly represents the interests of all stakeholders.
Activities of Lahore Stock Exchange (LSE) have increased significantly in all operational areas since its inception. Over the years, LSE has successfully met various challenges and has now emerged, fully geared and positioned to aggressively compete with its fellow Exchanges, contributing towards the growth of Capital Markets in Pakistan.
Important Developments over the Past Years
A number of significant initiatives have been taken to improve the regulatory regime and the trading environment for the benefit of Institutional Investors as well as listed companies. Although the list of such initiatives is exhaustive, below some of these incentives are touched upon;
LSE was the first Exchange in the country to undertake automation of trading at the exchanges in 1994. LSE has made large investments in technology & automation to keep pace with globalization of securities trading. The Exchange is fully committed to providing a transparent, efficient, fair and investor friendly environment for the benefit of Investors and Issuers. The goal is to bring LSE up to international standards in operational, technical, regulatory and quality management areas and to ensure that not only domestic but also foreign investors are attracted.
LSE has made direct investment in Pakistan Credit Rating Agency (Pvt) Ltd. (PACRA), Central Depository Company Ltd. (CDC), National Clearing Company of Pakistan Ltd. (NCCPL), and National Commodity Exchange Ltd. (NCEL), all of which play a central role in developing the infrastructure around the financial markets of Pakistan. In addition, LSE is an active member of the Federation of Euro-Asian Stock Exchanges (FEAS) and the South Asian Federation of Exchanges (SAFE), helping to expand its outreach, presence and profile beyond the boundaries of Pakistan.
LSE was the first Exchange in Pakistan to offer Internet based trading to its members in the year 2001. It enables the brokers to reach out to the untapped retail markets. Currently, more than 50% of the total trading volume at the LSE originates from Internet trading terminals. The aim of this measure is to transform the LSE from a regional to a national player over a period of time.
LSE has increased its geographical outreach by establishing its branches in other cities of the Province. Two such branch offices have become operational in Faisalabad and Sialkot. Similar Offices in other cities are also being contemplated. LSE’s trading system has already been modified to connect branch offices in real-time fashion. There is a growing need for remote trading terminals reflecting the confidence of traders in the use of stable Internet Trading Systems.
LSE has improved the quality of operations and upgraded them to modern international standards. This has included upgrading LSE’s IT infrastructure, updating regulations and procedures to incorporate existing and expected technological changes, as well as reorganizing and restructuring the workforce. As a result, LSE’s capabilities as both a front-line regulatory body and a service organization have been significantly enhanced.
LSE has successfully launched Unique Identification Number (UIN) System with an objective to bring more efficiency and transparency to the stock business and to improve the surveillance and monitoring capacity of the Exchange.
LSE has implemented a regular timetable for the Broker System Audit, in order to build investors’ confidence. Also, LSE has taken effective risk and exposure management measures including the implementation of a fully automated in-house developed Trade Risk Filter (TRF) to efficiently monitor members’ pre-trading exposures on a real time basis. This has been a quantum leap for LSE in improving its risk management systems.
A visible trend at the LSE has been the increasing number of corporate members. It is heartening to note that part of this increase has been due to the entry of investment banks/financial institutions (or their subsidiaries) as members of the Exchange. An overview of this trend over the past years is as follows:
LSE’s MEMBERSHIP STRUCTURE:
Year Corporate Members Individual Members Total
Private Limited Companies Public Limited Companies Banks or their Subsidiaries
Listed Un-Listed
2000 22 3 5 3 118 151
2001 28 3 6 3 111 151
2002 34 4 4 4 105 151
2003 37 4 5 4 101 151
2004 44 5 5 5 93 152
2005 46 4 5 6 91 152
2006 78 3 7 7 57 152
2007* 81 4 6 7 54 152
*As of May 31st, 2007
The above trend has led to record trading volumes as well as an improved product offering. The measures at LSE have attempted to create an atmosphere, which is more conducive and transparent for investment. The investing public has received the reforms very positively.
LSE Training Institute specifically dedicated to the Capital Markets, is the first of its kind in Pakistan and was established in 2006. Formal courses have been introduced to provide trained human resources for the capital markets. It has also launched a series of Education Programs with a view to educate the brokers, agents and general public about the securities market and its laws. In an effort to promote the education sector, particularly in relation to financial markets, LSE is providing scholarships to deserving students of Lahore University of Management Sciences (LUMS). LSE encourages universities and colleges to come and visit LSE.
In another trend-setting example, Lahore Stock Exchange and Islamabad Stock Exchange have joined hands to establish a Unified Trading Platform which will help to bring increased liquidity in the market, improve price discovery, maximize transparency, increase turnover, broaden investor base, curtail risks and distortions in trade, provide cost effective service to the investing public and enhance the image of both the Exchanges.
As part of second generation capital market reforms being pursued by the Securities & Exchange Commission of Pakistan, demutualization is being seriously considered by the members of the exchanges and hopefully that during the year 2007 a decision will be taken in the best interest of the capital markets of the country. Demutualization is in line with international standards, which will ensure that the exchange truly and fairly represents the interests of all stakeholders.
A Forex Trading Tutorial
- Pay Special Attention | Forex Trading ...
So they add more and more "stuff" to their trading. They add indicators, trading robots,expensive trading platforms, trading signals, etc…… My advice is to shut that down. Let's think about this logically. What is trading all about? ...Forex news by admin
Full article here:http://www.forexdemotrading.info/a-forex-trading-tutorial-pay-special-attention-forex-trading/
So they add more and more "stuff" to their trading. They add indicators, trading robots,expensive trading platforms, trading signals, etc…… My advice is to shut that down. Let's think about this logically. What is trading all about? ...Forex news by admin
Full article here:http://www.forexdemotrading.info/a-forex-trading-tutorial-pay-special-attention-forex-trading/
Mid-Day Forex Technical Report - Range Trading Continues in Pre ...
New Zealand's current account deficit in Q3 widened to NZD 5.99B (consensus: NZD 6B) from NZD3.91B. In the 12 months ended September 30, the figure expanded to record high of NZD 15.51B from a revised NZD 14.98B in the year through Jun ...Forex news by unknown
ForexGen Latest News: Learn Forex Trading
[ForexGen] has the pleasure to announce the launching of the Demo Account contest on the first of every month. Interested clients who wish to participate in this event shall send an e-mail request on demo.contest@forexgen.com including ...Forex news by ForexGen Latest News
Francesc's Weblog » 15 days to start Forex Trader of the Year 2009 ...
Please choose Live account (unless you prefer to participate in the Demo Contest) competition and click on MT4. The platform choice is irrelevant on the live contest since you will be trading your own live account. ...Forex news by Francesc Riverola
Full article here:http://www.forexdemotrading.info/francescs-weblog-%c2%bb-15-days-to-start-forex-trader-of-the-year-2009/
Full article here:http://www.forexdemotrading.info/francescs-weblog-%c2%bb-15-days-to-start-forex-trader-of-the-year-2009/
Automated Forex Trading Trade Profitably Automatically
Author : John Howard The forex trading market is the largest market in the world, which has wide ranging impacts on the global economy Hundreds and thousands of traders are trying to make money on this lucrative market Their job has ...Forex news by Content Keyword RSS
Full article here:http://www.forexdemotrading.info/automated-forex-trading-trade-profitably-automatically/
Full article here:http://www.forexdemotrading.info/automated-forex-trading-trade-profitably-automatically/
SNB Intervenes on Behalf of Franc
Back on March 12, the Swiss National Bank issued a stern promise that it would actively seek to hold down the value of the Swiss Franc (CHF) as a means of forestalling deflation. The currency immediately plummeted 5%, as traders made a quick determination that the SNB threats were made in earnest. Over the months that followed, however, investors became complacent and the Franc slowly crept back up.
That was until this week, when the SNB sprung into action, buying Euros on the open market. “The franc slid as much as 2.4 percent versus the euro and 3.3 percent against the dollar, the biggest declines since…March 12.” It’s not clear why the SNB suddenly intervened after months of inaction. The Central Bank didn’t hold a press conference to “celebrate” its intervention, and the only indication was a vague declaration last week that “policy makers will act to curb any ‘irrational appreciation’ of the franc.”
That was until this week, when the SNB sprung into action, buying Euros on the open market. “The franc slid as much as 2.4 percent versus the euro and 3.3 percent against the dollar, the biggest declines since…March 12.” It’s not clear why the SNB suddenly intervened after months of inaction. The Central Bank didn’t hold a press conference to “celebrate” its intervention, and the only indication was a vague declaration last week that “policy makers will act to curb any ‘irrational appreciation’ of the franc.”
Retail Forex Trading Continues to Surge
Pretty much every brochure advertising forex trading highlights the fact there is no such a thing as a bear market in forex. Stocks, bonds, and commodities can all lose value simultaneously (as happened when Lehman Brothers declared bankruptcy in October 2008) but it’s impossible for all currencies to decline simultaneously. A bear market in the Euro might be offset by a bull market in the Dollar; or Swiss Franc; or Brazilian Real. Regardless, you don’t have to search far to find currencies that are outperforming, whereas a stock picker would certainly have his work cut out for him during an economic recession.
I remind you of this cliche because in the current market environment, it has apparently taken on new significance. Anecdotal reports of investors frustrated with stocks, or having been burned by China, or disappointed by the collapse in oil, are flocking to forex by the thousands. Angry about suspended trading rules on stock markets? This could never happen in forex (at least not under current rules), since currencies are traded on multiple exchanges linked through a decentralized system.
Here are the stats: at Forex.com, “New accounts have increased about 30 percent a month in the last six months from pre-September levels, while the number of trades per day has risen almost 50 percent. GFT Forex said trading volume rose 187 percent from late 2007 to late 2008….By the end of 2006 [the last year apparently for which this type of data is available], average daily trade volume reached over $60 billion, a 500 percent increase from 2001…Trading volume generated by ‘retail aggregators’ — electronic trading platforms that cater to individual retail traders — rose almost 43 percent from 2007 to 2008.” This dwarfs both overall growth in forex, as well as retail growth in the bread-and-butter securities markets.
One trend worth drawing attention to is that new investors are focusing on the most popular currency pairs. [See Chart below, courtesy of Wikipedia]. It has been proposed that this is because of widening spreads (i.e. more PIPs) on less liquid pairs, but it is just as likely being caused by investors applying the stock market logic of “buy what you know” to forex. It is understandable that those new to the game would want to get their feet wet by dabbling in the Euro/Dollar/Yen, rather than diving right in to niche currencies such as the Mexican Peso or even Korean Won, whose movements are both more volatile and more difficult for the average trader to understand.
I remind you of this cliche because in the current market environment, it has apparently taken on new significance. Anecdotal reports of investors frustrated with stocks, or having been burned by China, or disappointed by the collapse in oil, are flocking to forex by the thousands. Angry about suspended trading rules on stock markets? This could never happen in forex (at least not under current rules), since currencies are traded on multiple exchanges linked through a decentralized system.
Here are the stats: at Forex.com, “New accounts have increased about 30 percent a month in the last six months from pre-September levels, while the number of trades per day has risen almost 50 percent. GFT Forex said trading volume rose 187 percent from late 2007 to late 2008….By the end of 2006 [the last year apparently for which this type of data is available], average daily trade volume reached over $60 billion, a 500 percent increase from 2001…Trading volume generated by ‘retail aggregators’ — electronic trading platforms that cater to individual retail traders — rose almost 43 percent from 2007 to 2008.” This dwarfs both overall growth in forex, as well as retail growth in the bread-and-butter securities markets.
One trend worth drawing attention to is that new investors are focusing on the most popular currency pairs. [See Chart below, courtesy of Wikipedia]. It has been proposed that this is because of widening spreads (i.e. more PIPs) on less liquid pairs, but it is just as likely being caused by investors applying the stock market logic of “buy what you know” to forex. It is understandable that those new to the game would want to get their feet wet by dabbling in the Euro/Dollar/Yen, rather than diving right in to niche currencies such as the Mexican Peso or even Korean Won, whose movements are both more volatile and more difficult for the average trader to understand.
Forex Crunch news
Australian Unemployment Change fell by only 1.7K, much better than early expectations. Unemployment Rate was inline with expectations, at 5.7%.
In Europe, the ECB Monthly Bulletin will draw attention, and will give us an insight on what ECB members are reading.
For more on the Euro, check out: EUR/USD - Will it Get on its Feet Again?
In Britain, Consumer Inflation Expectations are likely to move the British Pound. Also note the CB Leading Index.
In Canada, Capacity Utilization Rate is expected to squeeze to 71.6%. Later on, Mark Carney, Governor of the BOC will speak.
For more on the loonie, read:Canadian Dollar Outlook
Retail Sales are expected to turn positive, from a drop of 0.4% to a rise in the same scale. Also Core Retail Sales are predicted to go in the same direction, and rise by 0.2% after falling by 0.5% last time.
Retail Sales, being a key indicator, will overshadow the weekly Unemployment Claims. After last week’s good Non-Farm Payrolls, I’m very curious about this figure.
Also in the US, Business Inventories are predicted to fall by 1%. A speech by Federal Reserve Bank of Atlanta President Dennis Lockhart, might also move the greenback.
Just before the day ends, there’s another important figure - Retail Sales in New Zealand are expected to turn positive.
That’s it. Happy forex trading!
In Europe, the ECB Monthly Bulletin will draw attention, and will give us an insight on what ECB members are reading.
For more on the Euro, check out: EUR/USD - Will it Get on its Feet Again?
In Britain, Consumer Inflation Expectations are likely to move the British Pound. Also note the CB Leading Index.
In Canada, Capacity Utilization Rate is expected to squeeze to 71.6%. Later on, Mark Carney, Governor of the BOC will speak.
For more on the loonie, read:Canadian Dollar Outlook
Retail Sales are expected to turn positive, from a drop of 0.4% to a rise in the same scale. Also Core Retail Sales are predicted to go in the same direction, and rise by 0.2% after falling by 0.5% last time.
Retail Sales, being a key indicator, will overshadow the weekly Unemployment Claims. After last week’s good Non-Farm Payrolls, I’m very curious about this figure.
Also in the US, Business Inventories are predicted to fall by 1%. A speech by Federal Reserve Bank of Atlanta President Dennis Lockhart, might also move the greenback.
Just before the day ends, there’s another important figure - Retail Sales in New Zealand are expected to turn positive.
That’s it. Happy forex trading!
What is Forex News aggregator?
It is simply a gathering for all available forex information in one place, for:
1- Forex News.
2- Currency changes.
3- Business News.
4- Central bank announcements.
this is done by subscribing to most reliable forex news offering companies and aggregating all available news in one place.
1- Forex News.
2- Currency changes.
3- Business News.
4- Central bank announcements.
this is done by subscribing to most reliable forex news offering companies and aggregating all available news in one place.
Retail Forex Trading Continues to Surge
Pretty much every brochure advertising forex trading highlights the fact there is no such a thing as a bear market in forex. Stocks, bonds, and commodities can all lose value simultaneously (as happened when Lehman Brothers declared bankruptcy in October 2008) but it’s impossible for all currencies to decline simultaneously. A bear market in the Euro might be offset by a bull market in the Dollar; or Swiss Franc; or Brazilian Real. Regardless, you don’t have to search far to find currencies that are outperforming, whereas a stock picker would certainly have his work cut out for him during an economic recession.
I remind you of this cliche because in the current market environment, it has apparently taken on new significance. Anecdotal reports of investors frustrated with stocks, or having been burned by China, or disappointed by the collapse in oil, are flocking to forex by the thousands. Angry about suspended trading rules on stock markets? This could never happen in forex (at least not under current rules), since currencies are traded on multiple exchanges linked through a decentralized system.
Here are the stats: at Forex.com, “New accounts have increased about 30 percent a month in the last six months from pre-September levels, while the number of trades per day has risen almost 50 percent. GFT Forex said trading volume rose 187 percent from late 2007 to late 2008….By the end of 2006 [the last year apparently for which this type of data is available], average daily trade volume reached over $60 billion, a 500 percent increase from 2001…Trading volume generated by ‘retail aggregators’ — electronic trading platforms that cater to individual retail traders — rose almost 43 percent from 2007 to 2008.” This dwarfs both overall growth in forex, as well as retail growth in the bread-and-butter securities markets.
One trend worth drawing attention to is that new investors are focusing on the most popular currency pairs. [See Chart below, courtesy of Wikipedia]. It has been proposed that this is because of widening spreads (i.e. more PIPs) on less liquid pairs, but it is just as likely being caused by investors applying the stock market logic of “buy what you know” to forex. It is understandable that those new to the game would want to get their feet wet by dabbling in the Euro/Dollar/Yen, rather than diving right in to niche currencies such as the Mexican Peso or even Korean Won, whose movements are both more volatile and more difficult for the average trader to understand.
I remind you of this cliche because in the current market environment, it has apparently taken on new significance. Anecdotal reports of investors frustrated with stocks, or having been burned by China, or disappointed by the collapse in oil, are flocking to forex by the thousands. Angry about suspended trading rules on stock markets? This could never happen in forex (at least not under current rules), since currencies are traded on multiple exchanges linked through a decentralized system.
Here are the stats: at Forex.com, “New accounts have increased about 30 percent a month in the last six months from pre-September levels, while the number of trades per day has risen almost 50 percent. GFT Forex said trading volume rose 187 percent from late 2007 to late 2008….By the end of 2006 [the last year apparently for which this type of data is available], average daily trade volume reached over $60 billion, a 500 percent increase from 2001…Trading volume generated by ‘retail aggregators’ — electronic trading platforms that cater to individual retail traders — rose almost 43 percent from 2007 to 2008.” This dwarfs both overall growth in forex, as well as retail growth in the bread-and-butter securities markets.
One trend worth drawing attention to is that new investors are focusing on the most popular currency pairs. [See Chart below, courtesy of Wikipedia]. It has been proposed that this is because of widening spreads (i.e. more PIPs) on less liquid pairs, but it is just as likely being caused by investors applying the stock market logic of “buy what you know” to forex. It is understandable that those new to the game would want to get their feet wet by dabbling in the Euro/Dollar/Yen, rather than diving right in to niche currencies such as the Mexican Peso or even Korean Won, whose movements are both more volatile and more difficult for the average trader to understand.
Gold Review
Gold started a shortened holiday week with little change as the U.S. Dollar fluctuated against majors currencies. Gold futures for August delivery settled down 30 cents at $940.70 an ounce on the Comex division of the New York Mercantile Exchange. Without release of any significant economy data, Monday's trading session was quiet and range-bound with the market unwilling to make a move on either direction. An unchanged Dollar failed to increase demand for the yellow metal as a safe haven investment.
A slightly higher Dollar early in the day put some selling pressure on Gold after China's chief central banker ruled out any sudden change in its policy on foreign exchange reserves. Gold typically moves inversely to the U.S. currency, as investors tend to rely on it as a hedge against inflation.
Bullion's price has recently moved in a broad range between $915 and $945 an ounce and is expected to continue to move sideways throughout this shortened week. Bullion investors will be looking for signals from the U.S. nonfarm payrolls report on Thursday as well as from consumer sentiment and manufacturing for clearer signs on the direction of the economy. As key interest rates are one of the most important driver of the precious metal the expected data from the US economy this week could help indicate the chances for a rate hike and thus shed some light on gold's ability to move higher in the near future
A slightly higher Dollar early in the day put some selling pressure on Gold after China's chief central banker ruled out any sudden change in its policy on foreign exchange reserves. Gold typically moves inversely to the U.S. currency, as investors tend to rely on it as a hedge against inflation.
Bullion's price has recently moved in a broad range between $915 and $945 an ounce and is expected to continue to move sideways throughout this shortened week. Bullion investors will be looking for signals from the U.S. nonfarm payrolls report on Thursday as well as from consumer sentiment and manufacturing for clearer signs on the direction of the economy. As key interest rates are one of the most important driver of the precious metal the expected data from the US economy this week could help indicate the chances for a rate hike and thus shed some light on gold's ability to move higher in the near future
Pakistan, China Exim reach $700mn MoU
BEIJING: Pakistan and Export-Import Bank of China (China Exim) on Friday signed a Memorandum of Understanding (MoU) worth $700 million - a step that will help generate electricity for local community through 12 small-and medium-sized dams and water reservoirs in all the four provinces of Pakistan.
Farrukh Qayyum, Secretary Economic Affairs Division, and Zhu Li, Executive of China Exim signed the MoU, said a press release. Salman Farooqui, Secretary General to President Asif Ali Zardari witnessed the signing ceremony. Chairman Water and Power Development Authority (WAPDA) Shakeel Durrani, Pakistan's Ambassador to China Masood Khan and senior officials of the Pakistan Embassy were also present.
Speaking on the occasion, Farooqui said construction of small- and medium-sized dams and water reservoirs in far-flung areas of Pakistan will contribute substantively to uplift economic conditions of the poor people.
He said President Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China. He termed signing of the MoU as a landmark achievement of his visit. Zhu Li, on the occasion, referred to the Pakistan-China friendship as a model of friendly relations and stated that his bank will continue to extend its support to economic and commercial projects in Pakistan. -APP
Farrukh Qayyum, Secretary Economic Affairs Division, and Zhu Li, Executive of China Exim signed the MoU, said a press release. Salman Farooqui, Secretary General to President Asif Ali Zardari witnessed the signing ceremony. Chairman Water and Power Development Authority (WAPDA) Shakeel Durrani, Pakistan's Ambassador to China Masood Khan and senior officials of the Pakistan Embassy were also present.
Speaking on the occasion, Farooqui said construction of small- and medium-sized dams and water reservoirs in far-flung areas of Pakistan will contribute substantively to uplift economic conditions of the poor people.
He said President Asif Ali Zardari had sent him to China with special instructions to expedite all economic projects under implementation between Pakistan and China. He termed signing of the MoU as a landmark achievement of his visit. Zhu Li, on the occasion, referred to the Pakistan-China friendship as a model of friendly relations and stated that his bank will continue to extend its support to economic and commercial projects in Pakistan. -APP
SBP extends EFS/IERS limits
KARACHI: The State Bank of Pakistan (SBP) has extended the sanctioned limits of banks to exporters under Export Finance Scheme (EFS) and Islamic Export Refinance Scheme (IERS) till August 31, 2009.
It said on Saturday that export refinance limits sanctioned in favour of banks for the year 2008-09 are due to expire on June 30, 2009.
Under the present system, exporters are required to submit EE-1 statement for the year 2008-09 duly verified by Foreign Exchange Operations Department latest by August 31, 2009.
Banks would therefore not be in a position to work out revised entitlement of limits for each exporter for availment under Part-II of the scheme for the year 2009-10.
In order to ensure that the financing facilities are available to exporters till finalisation of their new limits under Part-II of scheme, it has been decided as under:
a) Limits sanctioned by banks to individual exporters under Part-II of the scheme for 2008-09 shall continue up to August 31, 2009 to enable exporters to avail financing facilities under the scheme pending preparation of EE-1 statements, their verification by the Foreign Exchange Operations Department, SBP-BSC and submission of the same to the refinance units of the concerned office of SBP-BSC.
b) The facility under Part-II is self regulating and exporters should be able to evaluate correctly their export earnings during 2008-09, work out their own estimates as to the quantum of their entitlement for the year 2009-10 and should accordingly adjust their existing borrowings on or before end June 2009 to avoid utilisation of excess facilities under scheme during the period of roll over which would be subject to non-refundable fine.
The banks can submit their request for limits under EFS and IERS for the year 2009-10 to SBP separately up to June 25, 2009 to enable the central bank to finalise limits for the year 2009-10.
The State Bank has advised the banks to clearly intimate contents of sub para a & b above to their borrowers availing facilities under Part-II of the scheme for compliance.
It said on Saturday that export refinance limits sanctioned in favour of banks for the year 2008-09 are due to expire on June 30, 2009.
Under the present system, exporters are required to submit EE-1 statement for the year 2008-09 duly verified by Foreign Exchange Operations Department latest by August 31, 2009.
Banks would therefore not be in a position to work out revised entitlement of limits for each exporter for availment under Part-II of the scheme for the year 2009-10.
In order to ensure that the financing facilities are available to exporters till finalisation of their new limits under Part-II of scheme, it has been decided as under:
a) Limits sanctioned by banks to individual exporters under Part-II of the scheme for 2008-09 shall continue up to August 31, 2009 to enable exporters to avail financing facilities under the scheme pending preparation of EE-1 statements, their verification by the Foreign Exchange Operations Department, SBP-BSC and submission of the same to the refinance units of the concerned office of SBP-BSC.
b) The facility under Part-II is self regulating and exporters should be able to evaluate correctly their export earnings during 2008-09, work out their own estimates as to the quantum of their entitlement for the year 2009-10 and should accordingly adjust their existing borrowings on or before end June 2009 to avoid utilisation of excess facilities under scheme during the period of roll over which would be subject to non-refundable fine.
The banks can submit their request for limits under EFS and IERS for the year 2009-10 to SBP separately up to June 25, 2009 to enable the central bank to finalise limits for the year 2009-10.
The State Bank has advised the banks to clearly intimate contents of sub para a & b above to their borrowers availing facilities under Part-II of the scheme for compliance.
KSE directors meet Tareen today
Govt agreed to cut FED to 9pc: sources
Nawaz Ali
KARACHI: A meeting of Board of Directors of Karachi Stock Exchange with Advisor to Prime Minister on Finance Shaukat Tareen is scheduled to take place Tuesday (today) to discuss the confusion among the brokerage community regarding the collection of federal excise duty.
It should be noted that government has imposed a 16 per cent FED on the commission of the brokers in the budget and had removed the previous capital value tax (CVT). According to details there were several confusions among the brokers of the exchange on the collection of the said FED as different members have different commission rates. Therefore the directors are set to meet finance advisor to discuss the procedure to collect the duty. Besides, TFD learnt from a reliable source that the government has agreed to reduce the 16 per cent federal excise duty (FED) on brokers' commission to 9 per cent. The decision according to experts will have a positive impact on the market and the cost of transaction will reduced. However some of the brokers were also of the view it will also be discussed in the meeting to withdraw the newly imposed FED from the brokers' commission and revive the old CVT.
Nawaz Ali
KARACHI: A meeting of Board of Directors of Karachi Stock Exchange with Advisor to Prime Minister on Finance Shaukat Tareen is scheduled to take place Tuesday (today) to discuss the confusion among the brokerage community regarding the collection of federal excise duty.
It should be noted that government has imposed a 16 per cent FED on the commission of the brokers in the budget and had removed the previous capital value tax (CVT). According to details there were several confusions among the brokers of the exchange on the collection of the said FED as different members have different commission rates. Therefore the directors are set to meet finance advisor to discuss the procedure to collect the duty. Besides, TFD learnt from a reliable source that the government has agreed to reduce the 16 per cent federal excise duty (FED) on brokers' commission to 9 per cent. The decision according to experts will have a positive impact on the market and the cost of transaction will reduced. However some of the brokers were also of the view it will also be discussed in the meeting to withdraw the newly imposed FED from the brokers' commission and revive the old CVT.
JPMorgan says Pakistan best bond investment
JPMorgan says Pakistan best bond investment
Monitoring Desk
KARACHI: Despite a continued sense of tension with India and open hostility along the Afghan border, the country's bond market is the best in the world, said JPMorgan Chase & Co. And, the stock market may be the next.
Dollar-denominated debt sold by Pakistan returned 88 per cent so far this year, more than any of the 45 emerging markets tracked by New York-based JPMorgan and 19 developed countries followed by Merrill Lynch. Shares in the Karachi Stock Exchange 100-Index trade at 9.6 times reported earnings, the lowest in Asia excluding Japan, after the gauge rose 21 per cent in 2009.
Pakistan's economy remained under pressure in the past year as suicide attacks all across the country forced investors to go for a selling spree that resulted in a selloff of net $1.1 billion of stocks in the 11 months ended May 31, compared with purchases of $87.2 million of shares a year earlier, according to SBP figures. Chief Executive Officer at National Investment Trust, Tariq Iqbal Khan told a foreign channel, "The worst is over for the Pakistan markets. Values are so good at the moment because the sentiment was so over-depressed. I see some buoyancy returning to the market."
Monitoring Desk
KARACHI: Despite a continued sense of tension with India and open hostility along the Afghan border, the country's bond market is the best in the world, said JPMorgan Chase & Co. And, the stock market may be the next.
Dollar-denominated debt sold by Pakistan returned 88 per cent so far this year, more than any of the 45 emerging markets tracked by New York-based JPMorgan and 19 developed countries followed by Merrill Lynch. Shares in the Karachi Stock Exchange 100-Index trade at 9.6 times reported earnings, the lowest in Asia excluding Japan, after the gauge rose 21 per cent in 2009.
Pakistan's economy remained under pressure in the past year as suicide attacks all across the country forced investors to go for a selling spree that resulted in a selloff of net $1.1 billion of stocks in the 11 months ended May 31, compared with purchases of $87.2 million of shares a year earlier, according to SBP figures. Chief Executive Officer at National Investment Trust, Tariq Iqbal Khan told a foreign channel, "The worst is over for the Pakistan markets. Values are so good at the moment because the sentiment was so over-depressed. I see some buoyancy returning to the market."
Qatar to provide LNG to Pakistan
DOHA: Pakistan will get 1.5 million ton Liquefied Natural Gas(LNG) annually from Qatar. The sources of investment ministry told Geo News that the decision was taken during a meeting of Minister of Investment Senator Waqar Khan with Qatar�s Deputy Prime Minister and Minister of Energy and Industry of the State of Qatar Abdullah bin Hamad al-Attiyah in Doha. The two sides also agreed that experts from their respective Petroleum Ministries would meet, shortly, to discuss the technical aspects of export of LNG from Qatar to Pakistan.
Bahrain All Shares Index
The Bahrain All Share Index was launched in 2004. It is a benchmark index consisting of all the local-publicly listed companies on the BSE.
Esterad’s Index:
Esterad Index was launched in 2004 and it consists of a basket of selected local-publicly listed companies, selected according to specific criteria such as Sectorial and market representation, and liquidity.
Mechanism of Calculation:
Both indices are value-weighted price return indices. They are calculated by dividing the total current market capitalization by the total base-period market capitalization (Base Value), then multiplying the result by a factor (multiplier) of 1000 as shown in the formula below:
Dow Jones Index:
The Dow Jones Bahrain Index was launched in July 2005. This index is a composite index of all tradable stocks listed on the Bahrain Stock Exchange. Eligible companies must be domiciled and headquartered in Bahrain, and the company’s stock must have its
Esterad’s Index:
Esterad Index was launched in 2004 and it consists of a basket of selected local-publicly listed companies, selected according to specific criteria such as Sectorial and market representation, and liquidity.
Mechanism of Calculation:
Both indices are value-weighted price return indices. They are calculated by dividing the total current market capitalization by the total base-period market capitalization (Base Value), then multiplying the result by a factor (multiplier) of 1000 as shown in the formula below:
Dow Jones Index:
The Dow Jones Bahrain Index was launched in July 2005. This index is a composite index of all tradable stocks listed on the Bahrain Stock Exchange. Eligible companies must be domiciled and headquartered in Bahrain, and the company’s stock must have its
SECP introduces criteria for open-end schemes
KARACHI: The Securities and Exchange Commission of Pakistan (SECP) has introduced the criteria for categorization of open-end schemes managed by Asset Management Companies. Categorization has been introduced to facilitate investors in making informed investment decisions, specify investment parameters and eligible asset classes, áidentify risk profile of a scheme, enable investors to compare performance of various open-end schemes with others and against a relevant benchmark and bring uniformity. On the whole, categorization of schemes will enhance investor confidence by improving transparency to catalyze growth of the mutual funds industry, in line with best international practices.
US dollar extending losses
Published on Mon, Mar 16 2009
US Dollar flaw is ready to go on in the upcoming week as an upward correction in risky assets gives capital out of risk free assets in seek of yield. Last week, the US Dollar Index decisively broke under an increasing trend line that had directed prices higher from mid-December, showing the way for an extensive pullback in opposition to the range of main currencies. In fact, the US dollar average value in opposition to its major counterparts is at present -93.7 percent inversely related with the MSCI World Stock Index.
US Dollar flaw is ready to go on in the upcoming week as an upward correction in risky assets gives capital out of risk free assets in seek of yield. Last week, the US Dollar Index decisively broke under an increasing trend line that had directed prices higher from mid-December, showing the way for an extensive pullback in opposition to the range of main currencies. In fact, the US dollar average value in opposition to its major counterparts is at present -93.7 percent inversely related with the MSCI World Stock Index.
Forex Chart Patterns
Trading with the chart patterns can be easy if you know how to distinguish them and how to place the entry and exit orders correctly. There are many different chart patterns recognized by the expert financial traders. But in my opinion, in Forex trading there are five most important and rather frequently appearing patterns: ascending, descending and symmetrical triangles and rising and falling wedges. Here you will find the models of these patterns and their descriptions:
Ascending Triangle
Generally, it’s a bullish continuation pattern but the breakout in each direction is possible. If you like taking risk you can go long immediately after you spot this pattern. But if you want to be careful it’s recommended to wait until breakout appears in either side. The most important parts of the ascending triangle are the horizontal line and the upwardly sloping line. It’s also important for the price rate to touch each of those lines at least twice before breakout. This rule is vital for all of the 5 Forex chart patterns presented in this article. As you can see on the image, the price has touched the sloping line three times and the horizontal line two times and then broke out through the latter. Stop-loss should be placed slightly below the horizontal line. As the moderate pull-back is possible, consider placing stop loss near 70% level on the way from the sloping line to the horizontal one in place of the breakout. Take-profit should be placed according to the auxiliary sloping line, which runs from triangle’s top-left angle parallel to the main sloping line. Consider placing your target at the auxiliary line’s level in place of the breakout.
Ascending Triangle
Generally, it’s a bullish continuation pattern but the breakout in each direction is possible. If you like taking risk you can go long immediately after you spot this pattern. But if you want to be careful it’s recommended to wait until breakout appears in either side. The most important parts of the ascending triangle are the horizontal line and the upwardly sloping line. It’s also important for the price rate to touch each of those lines at least twice before breakout. This rule is vital for all of the 5 Forex chart patterns presented in this article. As you can see on the image, the price has touched the sloping line three times and the horizontal line two times and then broke out through the latter. Stop-loss should be placed slightly below the horizontal line. As the moderate pull-back is possible, consider placing stop loss near 70% level on the way from the sloping line to the horizontal one in place of the breakout. Take-profit should be placed according to the auxiliary sloping line, which runs from triangle’s top-left angle parallel to the main sloping line. Consider placing your target at the auxiliary line’s level in place of the breakout.
Group Provident Fund Insurance Scheme
Group Provident Fund Insurance Scheme provides life insurance coverage to the members of the provident fund scheme of an employer. The amount of coverage of each member depends upon his age and the amount of his provident fund balance at any time.
What Need Does It Fulfull?
Young employees normally have short service to their credit and consequently their Provident Fund balance is also quite meager. In case of unfortunate death of such a person the provident fund amount is not adequate for meeting the financial needs of the family such as schooling of the children, their marriage expenses and housing accommodation. Group Provident Fund Insurance Scheme is specially designed to meet such an eventually since the benefits under the scheme are on a sliding scale.
The benefits under a typical scheme are as follows:-
Age Bracket Benefit
18 30 4 times the fund balance.
31 40 3 times the fund balance.
41 50 2 times the fund balance.
51 55 1 time the fund balance.
56 59 1/2 time the fund balance.
The younger employees enjoy a higher multiple of the fund balance since the average amount of their fund balance is smaller but their requirement for insurance is greater.
Benefits of Group Provident Fund Insurance Scheme
On the death of any member of the provident fund scheme his family is paid a lump sum amount equal to the amount of his fund balance on the date of his death multiplied by a factor depending upon the age of the employee at death. The factors applicable for a typical scheme are already given above however the employer in a particular case may adjust these factors to suit his own special requirements.
If the scheme has 200 or more members then at the end of three years the fund is also entitled to some share in the profits depending upon the size of the scheme.
What riders can be added?
Any rider which can be added with group term insurance plan can also be added with this plan such ADB, PTD (Accident), NDB or Critical Illness Cover.
Suitable for..
The plan is suitable for any employer who maintains a provident fund scheme for his employees and who appreciates the benefits of providing the maximum possible insurance coverage to his employees. Some employers may appreciate the benefits of group insurance but they may avoid higher coverage under their group term insurance policy since the cost of this coverage would either have to be borne by them or if they recover the cost from the salaries of their employees then some of the employees might object to it.
For such employers this scheme is very suitable since it does not require any explicit premium contribution from the employer or the employees, instead the cost of the scheme is recovered from the annual investment return earned by the provident fund. In a typical case, if a fund is earning a return of around 12% per annum, then with the introduction of this scheme, this return may reduce to about 11 or 11½ % per annum. This decrease is so small that most of the employees do not even feel it but by virtue of it their families could enjoy a handsome insurance protection against any misfortune striking the breadwinner of the family.
What Need Does It Fulfull?
Young employees normally have short service to their credit and consequently their Provident Fund balance is also quite meager. In case of unfortunate death of such a person the provident fund amount is not adequate for meeting the financial needs of the family such as schooling of the children, their marriage expenses and housing accommodation. Group Provident Fund Insurance Scheme is specially designed to meet such an eventually since the benefits under the scheme are on a sliding scale.
The benefits under a typical scheme are as follows:-
Age Bracket Benefit
18 30 4 times the fund balance.
31 40 3 times the fund balance.
41 50 2 times the fund balance.
51 55 1 time the fund balance.
56 59 1/2 time the fund balance.
The younger employees enjoy a higher multiple of the fund balance since the average amount of their fund balance is smaller but their requirement for insurance is greater.
Benefits of Group Provident Fund Insurance Scheme
On the death of any member of the provident fund scheme his family is paid a lump sum amount equal to the amount of his fund balance on the date of his death multiplied by a factor depending upon the age of the employee at death. The factors applicable for a typical scheme are already given above however the employer in a particular case may adjust these factors to suit his own special requirements.
If the scheme has 200 or more members then at the end of three years the fund is also entitled to some share in the profits depending upon the size of the scheme.
What riders can be added?
Any rider which can be added with group term insurance plan can also be added with this plan such ADB, PTD (Accident), NDB or Critical Illness Cover.
Suitable for..
The plan is suitable for any employer who maintains a provident fund scheme for his employees and who appreciates the benefits of providing the maximum possible insurance coverage to his employees. Some employers may appreciate the benefits of group insurance but they may avoid higher coverage under their group term insurance policy since the cost of this coverage would either have to be borne by them or if they recover the cost from the salaries of their employees then some of the employees might object to it.
For such employers this scheme is very suitable since it does not require any explicit premium contribution from the employer or the employees, instead the cost of the scheme is recovered from the annual investment return earned by the provident fund. In a typical case, if a fund is earning a return of around 12% per annum, then with the introduction of this scheme, this return may reduce to about 11 or 11½ % per annum. This decrease is so small that most of the employees do not even feel it but by virtue of it their families could enjoy a handsome insurance protection against any misfortune striking the breadwinner of the family.
US Dollar Consolidation Continues – Watch for Breakouts This Week
The annual rate of US CPI growth fell to the lowest level since 1950 in May
- US continuing jobless claims fell for the first time in 6 months during the first week of June
- US housing starts, building permits surged from their record lows during May.
The US dollar ended week up against most of the majors, with the exception of the British pound and Japanese yen, but for what it’s worth, the currency really did little but consolidate. Looking to the DXY index, we see that the greenback’s decline on Friday was ultimately supported by a rising trendline near 80 connecting the June 3 and June 11 lows. With resistance looming just above at 81.35, this period of tight range-bound trade leaves the currency susceptible to breakouts this coming week, especially since there will be quite a bit of event risk on hand from the US. On Tuesday, the National Association of Realtors (NAR) is anticipated to report that existing home sales rose for the second straight month at a rate of 2.6 percent in May to an annual pace of 4.80 million from 4.68 million. While not always a reliable leading indicator, there are encouraging signs that existing home sales could improve in line with expectations, as the Commerce Department reported on June 16 that housing starts and building permits rebounded from record lows. On Wednesday morning, the release of US durable goods orders is projected to show a 0.8 percent decline in May following a 1.9 percent jump in April, and excluding transportation the index is forecasted to fall 0.5 percent, all of which would signal broad declines in domestic demand. Also on Wednesday at 14:15 ET, the Federal Open Market Committee (FOMC) is widely expected to leave the fed funds target range at 0.0 percent - 0.25 percent, and this should remain the case throughout much of the year. In fact, the FOMC started saying in January that they continue “to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time,” and they went on to say something similar in March and April. Furthermore, the last statement highlighted that the Committee's policy focus is to support the functioning of financial markets via quantitative easing (QE) and other measures that are likely to keep the size of the Federal Reserve's balance sheet at a high level. As long as we see these sorts of statements continue to be published, the news shouldn’t be too market-moving. On Thursday, the third and final round of US Q1 GDP estimates are due to hit the wires, and the results could be market-moving if they miss expectations. At the time of writing, a Bloomberg News poll of economists reflected consensus forecasts for GDP is forecasted to go unrevised at -5.7 percent, which marks an improvement when compared to the Q4 2008 result of -6.3 percent. However, if Q1 GDP is revised higher, the news would likely provide a huge boost to risk appetite as it make the US economy appear to be in a better position to stage a recovery later in the year. On the other hand, downward revisions would have the potential to take FX carry trades and equities lower. Finally, on Friday, personal income and personal spending results for the month of May are anticipated to yield improvements, but traders should be skeptical of the income result: past increases have been purely the result of rising transfer payments, which include retirement, disability, and employment insurance, while wage and salary compensation has either fallen or stagnated since September 2008.
- US continuing jobless claims fell for the first time in 6 months during the first week of June
- US housing starts, building permits surged from their record lows during May.
The US dollar ended week up against most of the majors, with the exception of the British pound and Japanese yen, but for what it’s worth, the currency really did little but consolidate. Looking to the DXY index, we see that the greenback’s decline on Friday was ultimately supported by a rising trendline near 80 connecting the June 3 and June 11 lows. With resistance looming just above at 81.35, this period of tight range-bound trade leaves the currency susceptible to breakouts this coming week, especially since there will be quite a bit of event risk on hand from the US. On Tuesday, the National Association of Realtors (NAR) is anticipated to report that existing home sales rose for the second straight month at a rate of 2.6 percent in May to an annual pace of 4.80 million from 4.68 million. While not always a reliable leading indicator, there are encouraging signs that existing home sales could improve in line with expectations, as the Commerce Department reported on June 16 that housing starts and building permits rebounded from record lows. On Wednesday morning, the release of US durable goods orders is projected to show a 0.8 percent decline in May following a 1.9 percent jump in April, and excluding transportation the index is forecasted to fall 0.5 percent, all of which would signal broad declines in domestic demand. Also on Wednesday at 14:15 ET, the Federal Open Market Committee (FOMC) is widely expected to leave the fed funds target range at 0.0 percent - 0.25 percent, and this should remain the case throughout much of the year. In fact, the FOMC started saying in January that they continue “to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time,” and they went on to say something similar in March and April. Furthermore, the last statement highlighted that the Committee's policy focus is to support the functioning of financial markets via quantitative easing (QE) and other measures that are likely to keep the size of the Federal Reserve's balance sheet at a high level. As long as we see these sorts of statements continue to be published, the news shouldn’t be too market-moving. On Thursday, the third and final round of US Q1 GDP estimates are due to hit the wires, and the results could be market-moving if they miss expectations. At the time of writing, a Bloomberg News poll of economists reflected consensus forecasts for GDP is forecasted to go unrevised at -5.7 percent, which marks an improvement when compared to the Q4 2008 result of -6.3 percent. However, if Q1 GDP is revised higher, the news would likely provide a huge boost to risk appetite as it make the US economy appear to be in a better position to stage a recovery later in the year. On the other hand, downward revisions would have the potential to take FX carry trades and equities lower. Finally, on Friday, personal income and personal spending results for the month of May are anticipated to yield improvements, but traders should be skeptical of the income result: past increases have been purely the result of rising transfer payments, which include retirement, disability, and employment insurance, while wage and salary compensation has either fallen or stagnated since September 2008.
Students Loan Scheme
Students Loan Scheme
Pursuant to the announcement made by the Federal Finance Minister in his 2001-2002 budget speech, a STUDENTS LOAN SCHEME (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks of Pakistan (NBP, HBL, UBL, MCB and ABL). Under the Scheme, financial assistance is provided by way of Interest Free Loans to the meritorious students who have financial constraints for pursuing their studies in Scientific, Technical and Professional education within Pakistan.
The Scheme is being administered by a high powered committee comprising Deputy Governor, State Bank of Pakistan, Presidents of the commercial banks and representative of Ministry of Finance, Government of Pakistan.
ADMINISTRATOR OF THE SCHEME National Bank of Pakistan
ELIGIBILITY
Under the scheme the students are eligible to apply for loans provided:
He/She has obtained admission on merit through normal course/procedure in the approved Universities/Colleges of the public sector mentioned hereunder.
He/She falls at the time of admission within the age bracket of:-
For Graduation Not exceeding 21 Years
For Post-Graduation Not exceeding 31 Years
For Ph.D Not exceeding 36 Years
He/She has secured 70% marks in the last public examination.
He/She has undertaken the study of the subjects given below.
He/She is unable to pursue studies due to financial constraints.
TYPES OF LOAN
The loan facility will be available for entire duration of the study for:-
Schedule Fee Paid directly to the
University/College
Boarding expenses excluding meal charges
Procurement of textbooks--- Disbursed directly to the student
REPAYMENT
The maximum period of repayment of loan is 10-Years from the date of disbursement of first installment. The borrower shall repay the loan in monthly installment after six months from the date of first employment or one year from the date of completion of studies, which ever is earlier.
Under the Scheme, loans is available in the following subjects.
APPROVED UNIVERSITIES/COLLEGES
i) Engineering ii) Electronics
iii) Oil Gas & Petro-Chemical Technology iv) Agriculture
v) Medicine vi) Physics
vii) Chemistry viii) Biology, Molecular Biology & Genetics
ix) Mathematics x) Other Natural Sciences
xi) DAWA and Islamic Jurisprudence (LL.B/LL.M Sharia) xii) Computer Science/Information
System and Technology including hardware.
xiii) Economics, Statistics and Econometrics xiv) Business Management Sciences
xv) Commerce
a Top
OTHER INFORMATION
Application Forms are available from the designated branches mentioned above or may be downloaded from National Bank of Pakistan website www.nbp.com.pk/studentloan
The students desirous of availing loan under the Scheme may apply on prescribed form for financial assistance subject to he or she has got admission on merit through normal procedure in the Universities/ Colleges afore-mentioned.
Applicants are required to submit/send their applications on the prescribed form, duly completed in all respect, to the designated branches indicated against each University/College by the given date. Incomplete application shall not be entertained.
Students who have availed this facility in the last / previous year(s) need not to apply.
ONLY SUCH APPLICATION RECEIVED BY THE DESIGNATED BRANCHES ON OR BEFORE 28TH FEBRUARY 2008 SHALL BE ENTERTAINED. LOAN FACILITY IS SUBJECT TO AVAILABILITY OF FUNDS.
Mr. Muhammad Riaz Khokhar,
Executive Vice President or Mr. Shamim Iqbal, Vice President,
Students Loan Wing,
National Bank of Pakistan,
Head Office, Karachi
Telephone No. 021-9212714, 9213026 and 9212100- Ext.2637.
Pursuant to the announcement made by the Federal Finance Minister in his 2001-2002 budget speech, a STUDENTS LOAN SCHEME (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks of Pakistan (NBP, HBL, UBL, MCB and ABL). Under the Scheme, financial assistance is provided by way of Interest Free Loans to the meritorious students who have financial constraints for pursuing their studies in Scientific, Technical and Professional education within Pakistan.
The Scheme is being administered by a high powered committee comprising Deputy Governor, State Bank of Pakistan, Presidents of the commercial banks and representative of Ministry of Finance, Government of Pakistan.
ADMINISTRATOR OF THE SCHEME National Bank of Pakistan
ELIGIBILITY
Under the scheme the students are eligible to apply for loans provided:
He/She has obtained admission on merit through normal course/procedure in the approved Universities/Colleges of the public sector mentioned hereunder.
He/She falls at the time of admission within the age bracket of:-
For Graduation Not exceeding 21 Years
For Post-Graduation Not exceeding 31 Years
For Ph.D Not exceeding 36 Years
He/She has secured 70% marks in the last public examination.
He/She has undertaken the study of the subjects given below.
He/She is unable to pursue studies due to financial constraints.
TYPES OF LOAN
The loan facility will be available for entire duration of the study for:-
Schedule Fee Paid directly to the
University/College
Boarding expenses excluding meal charges
Procurement of textbooks--- Disbursed directly to the student
REPAYMENT
The maximum period of repayment of loan is 10-Years from the date of disbursement of first installment. The borrower shall repay the loan in monthly installment after six months from the date of first employment or one year from the date of completion of studies, which ever is earlier.
Under the Scheme, loans is available in the following subjects.
APPROVED UNIVERSITIES/COLLEGES
i) Engineering ii) Electronics
iii) Oil Gas & Petro-Chemical Technology iv) Agriculture
v) Medicine vi) Physics
vii) Chemistry viii) Biology, Molecular Biology & Genetics
ix) Mathematics x) Other Natural Sciences
xi) DAWA and Islamic Jurisprudence (LL.B/LL.M Sharia) xii) Computer Science/Information
System and Technology including hardware.
xiii) Economics, Statistics and Econometrics xiv) Business Management Sciences
xv) Commerce
a Top
OTHER INFORMATION
Application Forms are available from the designated branches mentioned above or may be downloaded from National Bank of Pakistan website www.nbp.com.pk/studentloan
The students desirous of availing loan under the Scheme may apply on prescribed form for financial assistance subject to he or she has got admission on merit through normal procedure in the Universities/ Colleges afore-mentioned.
Applicants are required to submit/send their applications on the prescribed form, duly completed in all respect, to the designated branches indicated against each University/College by the given date. Incomplete application shall not be entertained.
Students who have availed this facility in the last / previous year(s) need not to apply.
ONLY SUCH APPLICATION RECEIVED BY THE DESIGNATED BRANCHES ON OR BEFORE 28TH FEBRUARY 2008 SHALL BE ENTERTAINED. LOAN FACILITY IS SUBJECT TO AVAILABILITY OF FUNDS.
Mr. Muhammad Riaz Khokhar,
Executive Vice President or Mr. Shamim Iqbal, Vice President,
Students Loan Wing,
National Bank of Pakistan,
Head Office, Karachi
Telephone No. 021-9212714, 9213026 and 9212100- Ext.2637.
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