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Financial Blog Corliss Group: We know there are problems in the financial system, but not how bad they ar

Financial Blog Corliss Group: We know there are problems in the financial system, but not how bad they ar | Corliss Online Financial Mag | Scoop.it

The problem for regulators is that so much has been done to overhaul banking and financial regulation since the collapse of Lehman Brothers that knowing how the system would now respond in a crisis is impossible

Yeoseff Kent's insight:

Two unconnected statements from authorities in the US and Britain in the past 24 hours should cause concern for those who worry that the global banking system has become more dangerous in the six years since the crisis, not less.

 

On Wednesday, the US Federal Reserve published its annual bank capital plan review that saw the North American businesses of Citigroup, HSBC, RBS and Santander all rejected for what it said were “qualitative concerns”.

 

This morning, the Bank of England’s Financial Policy Committee (FPC) released a statement from its latest meeting in which it warned obtusely that “changes to the structure and functioning of markets as banks adapted business models to the aftermath of the financial crisis” meant it had become more difficult to assess the impact of “unexpected developments from any source”.

 

What the Fed and the Bank both appear to be saying is that big banks remain too complex and that changes made to financial and bank regulation since the crash in 2008 have resulted in the job of assessing systemic risk becoming much harder.

 

Left unspoken to a large extent in both statements was the spectre of growing financial risks in emerging markets.

 

Read Full Content:

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10728291/We-know-there-are-problems-in-the-financial-system-but-not-how-bad-they-are.html

 

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http://corlissonlinegroup.com/

http://corlissonlinegroup.com/blog/

 

 

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Corliss Online Group Financial magazine on how to get out of credit card debt faster

Corliss Online Group Financial magazine on how to get out of credit card debt faster | Corliss Online Financial Mag | Scoop.it

IT'S time to come clean about our dirty credit card habits and how we can avoid them eroding our wealth.

Yeoseff Kent's insight:

IT'S time to come clean about our dirty credit card habits and how we can avoid them eroding our wealth.

 

While we've all been slowly reducing our outstanding credit card balances, with $34 billion still owing, they remain the scourge of most families.

 

It's fair to say credit cards are the most potent weapon of mass financial destruction since the loan shark. Their convenience and flexibility means it's so easy for them to get out of hand and lead to serious financial distress.

 

We need to be vigilant in ensuring our credit cards work for us and don't destroy our finances. To avoid getting into trouble in the first place, or get back in control of an existing debt, here are our five golden rules for using credit cards.

 

1. Pay off the most expensive debt first

 

This is a basic part of financial management, but still so many people put their money in different piles without realizing it's costing them in interest. When you have a high interest debt, such as an big credit card balance, paying it off must be your priority.

 

If that pile of expensive debt looks like it'll take a while to pay off, consider moving the balance on to your lowest interest rate loan. If this transfer carries a fee, you can use an online calculator to do some rough sums to make sure the interest savings are worthwhile.

 

2. Repay more than the minimum amount

 

To reduce credit card debt you have to make more than the minimum repayment.

 

The minimum just means you avoid late charges and can continue using the card. It might not even cover the interest accrued each month, and that's trouble.

 

Compound interest (interest paid on interest) is a powerful thing when you're saving, and when it's going against you it's just as powerful in blowing out your debts. If you're really struggling to make repayments, set up a direct debit so that each pay cycle the credit card gets paid off first.

 

3. Get the best deal

 

Don't get sucked into rewards programs or account keeping fees if you're not benefiting from them. A common misconception is that fees on financial products mean a better service or features, but that's not right. There are plenty of fee-free cards that offer similar credit limits, flexibility and terms.

 

4. Be aware of interest-free periods

 

No doubt you've seen credit cards offering interest-free periods for new purchases or balance transfers, but do you know what they mean and how to take advantage of them?

 

Usually the interest-free period starts at the date of your last statement, not when you make a new purchase, so it's important to know your billing cycle to avoid paying interest.

 

Also, in most cases you only get the purchases interest-free if you pay off your entire credit card balance by the due date each month.

 

5. If you can't afford it, don't get it

 

For a lot of plastic-happy shoppers, the debt spiral ends in the pretty simple realisation that they can't afford to have a credit card. So if you lack the financial capacity or self-control to service a high interest debt, cut up the credit card before it becomes a problem and ask the bank to stop offering extensions. With debit cards able to perform a lot of the functions that were previously only available to credit cards, you can get by all right with the savings based alternative.

 

By sticking to these five rules when swiping your credit card, those soft drinks and comfortable shoes won't end up costing much more than the marked price.

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Corliss Online Group, Evaporating inflation by Yeoseff Kent

Corliss Online Group, Evaporating inflation by Yeoseff Kent | Corliss Online Financial Mag | Scoop.it
FRAGILE GROWTHThe immediate fallout from any sign of diminishing U.S. inflation would be further to boost expectations that the Fed will delay any slowing of its quantitative easing (QE) asset-buying ...
Yeoseff Kent's insight:
Although the U.S. consumer price index figures to be released this week are not the ones the Fed targets, they may point to inflation shrinkage as well. The early consensus is for October CPI to show no increase month-on-month from September, when the annual rise was 1.2 percent. Some analysts even predict a fall in prices for the month. The Fed targets either side of 2 percent for inflation. It favors the PCE, or personal consumption expenditure, index, which tends to run slightly lower than CPI. It was up just 0.9 percent in the 12 months through September. Read more: http://akoamuhammad.wordpress.com/2013/11/25/corliss-online-group-global-economy-evaporating-inflation/
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Financial Blog Corliss Group: ‘Visitors from Hong Kong top spenders at Indian hotels’

Financial Blog Corliss Group: ‘Visitors from Hong Kong top spenders at Indian hotels’ | Corliss Online Financial Mag | Scoop.it

Visitors from Hong Kong have topped the list of travellers paying the most for hotel accommodation...

Yeoseff Kent's insight:

Visitors from Hong Kong have topped the list of travellers paying the most for hotel accommodation in India in 2013, parting with an average Rs 8,061 per night, which is six per cent more than what they paid in 2012, says a report.

 

Visitors from West Asia stood at the second place, paying Rs 7,909 a night, followed by South Africans, who paid Rs 7,594, Hotels.com said in the report.

 

"Travellers from Hong Kong paid the most for hotel accommodation in India in 2013, paying Rs 8,061 a night. This is a 6 per cent increase when compared to what they paid in 2012," according to Hotels.com Hotel Price Index (HPI).

 

Travellers from both West Asia and South Africa paid 3 per cent and 4 per cent, respectively, more than the previous year, it showed.

 

Financial Blog Corliss Group

 

Many of the highest increases were paid by visitors from Europe.

 

Among the European nations, travellers from Belgium parted 25 per cent more at Rs 6,363, Finland (22 per cent) at Rs 6,187 and Italy had the same percentage increase, taking its average to Rs 6,098.

Thailand and China were the fastest risers in Asia with the former up 23 per cent at Rs 6,903 at and the latter up 17 per cent at Rs 7,115.

 

Of the few countries whose spending declined, the Brazilians saw the hardest fall, parting with 10 per cent less during 2013 to Rs 6,645, followed by Japan with its own devalued currency deterring foreign travel, down 6 per cent to Rs 7,154.

 

Other countries that spent less and were seen at the bottom of the list includes Malaysia where travellers paid the least at Rs 5,315 per night, registering a drop of one per cent, followed by the Russians, down 2 per cent to Rs 5,510 and the Taiwanese, down 5 per cent to Rs 5,517.

 

The report, which also listed the top destinations for overseas visitors coming to India, said that Delhi, Mumbai, Goa, Bengaluru, Chennai and Jaipur continued to reserve the top six spots in 2013.

 

Agra, the Indian city that is known to attract international tourists the most, has dropped two spots. The land of Taj

 

Article Source:

http://www.financialexpress.com/news/-visitors-from-hong-kong-top-spenders-at-indian-hotels-/1236901

 

 

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http://corlissonlinegroup.com/blog/

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The Corliss Online Group Financial Magazine: Financial Tips for Boomers Looking to Retire Abroad

The Corliss Online Group Financial Magazine: Financial Tips for Boomers Looking to Retire Abroad | Corliss Online Financial Mag | Scoop.it

As baby boomers continue to redefine retirement, many are looking to settle abroad to launch the next chapter in their life.

 

Whether you are seeking a warmer climate, better tax advantages or more adventure, financial planners say retiring to a foreign land can present a number of financial challenges.

 

To help create a retirement guidebook for boomers looking to leave the country to live out their golden years, I spoke with Michael Ward, CEO of USForex - North America and Europe, who detailed how retirees can preserve their income and avoid losing money when living abroad. Here’s what he had to say: 

 

Boomer: How can baby boomers retiring abroad avoid transferred retirement funds being hit by exorbitant bank fees?

 

Ward: The good thing for anyone looking to transfer money overseas is that there are plenty of providers to choose from. Among these, many low-cost options from reliable non-bank providers are available to convert your U.S. dollars into foreign currency.

 

The exchange rate for your transfer can and does vary between providers, so be sure to compare the total cost of your international money transfer. Make sure to ask providers beforehand for the "customer rate" and their fees so you can identify the best pricing options for your budget.

 

Also, ask if you can lock in a binding exchange rate today for a future transfer. If the exchange rate is in your favor that month, the binding exchange rate may save you a little extra.

 

Finally, it’s important to find out how the funds will be transferred. International wires will have intermediary banks take out their respective fees. Retirees should aim to use a provider that has domestic payment capabilities.

 

Boomer: What are some alternative means of currency exchange?

 

Ward: The money transfer space has undergone some rapid developments in recent years. Nowadays, international transfers can be done at home, online or over the phone. Non-bank providers offer the best alternatives, charging lower fees and providing better exchange rates. Make sure you select a provider with a strong global presence, good reviews and, if possible, an infrastructure that avoids inconveniences such as lining up at the bank or sending cash for pickup.

 

Boomer: Can you identify what steps retirees need to take to preserve most of their retirement income when living abroad?

 

Ward: First, retirees need to figure out what their lifestyle is going to cost them on a monthly basis and then build in a buffer. Often, there are unanticipated recurring costs, like real estate maintenance fees or escalations in property taxes, which must be taken into account.

 

Next, if they have an account in the US, they need to speak with a currency volatility expert. Anticipating swings in currency exchange rates can save retirees thousands of dollars per year.

 

Finally, retirees must be flexible in the way they transfer money from the US abroad, meaning if the exchange rate is in the retiree’s favor in a particular month, they should consider transferring more than normal for that month or lock in the day’s rate for a future dated transfer. It could end up saving them a considerable amount of money.

 

Boomer: How do boomers learn about limit orders on the currency exchange?

 

Ward: Although no one can call the market with 100% accuracy, retirees can place market orders to take advantage of currency fluctuations or to get protection. In essence, this allows them to set a target and then place an order to lock in the targeted exchange rate automatically, any time of the day or night without the need to watch the market themselves. It’s always best to have a plan for monthly/annual requirements and set some targets. It’s also important for retirees to work with a provider to assess their best options.

 

Boomer: Any other tips you can offer baby boomers on risk management and currency rates abroad?

 

Ward: Locking in a rate for a future transfer is a good form of risk management. Currency rates can be very volatile and thinking about using some risk management tools to secure an exchange rate today for a future transfer (i.e., Forward Exchange Contract) can help protect retirees from adverse currency movements.

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Corliss Online Financial Mag on US Debt of Tokyo investors

Corliss Online Financial Mag on US Debt of Tokyo investors | Corliss Online Financial Mag | Scoop.it

http://www.webnews.de/1580113/corliss-online-financial-mag-on-us-debt-of-tokyo-investo  

 

Tokyo investors focus on US debt woes

 

Tokyo investors will stay focused on the US government shutdown next week, as fears grow it could lead to a devastating debt default and strike a huge blow to the global economy.

 

The Nikkei's 0.94 per cent slip on Friday to a one-month low ended a week that saw the benchmark index lose 4.98 per cent, or 735.76 points, to 14,024.31, as the political deadlock in Washington dominated headlines.

 

The broader Topix index of all first-section shares fell 4.41 per cent, or 53.70 points, over the week to 1,163.82.

 

'Players will keep an eye on the US budget stand-off next week,' said Kenzaburo Suwa, strategist with Okasan Securities.

 

'But we may see an early end to the impasse as (President Barack) Obama appears serious by cancelling key conferences overseas,' Suwa added.

 

Obama axed plans to attend the Asia Pacific Economic Cooperation (APEC) summit in Bali and the East Asia Summit in Brunei next week, blaming political paralysis in Washington for the cancellation.

 

While the shutdown has fuelled jitters among investors, analysts have generally expressed even deeper concerns about the October 17 deadline to raise the US debt ceiling.

 

International Monetary Fund chief Christine Lagarde warned on Thursday that a US failure to raise the borrowing limit could wreak havoc on the global economy, while the Treasury Department said a default could have a 'catastrophic' effect.

 

On Wall Street, the Dow ended 0.90 per cent lower on Thursday.

 

'The deleterious effects of the US government shutdown are already being felt,' SMBC Nikko Securities general manager of equities Hiroichi Nishi told Dow Jones Newswires.

 

'The deadlock looks as intractable as ever, and investors are continuing to pull funds out of the dollar and risk assets as a precaution,' he said.

 

Japanese Finance Minister Taro Aso on Friday urged Washington to resolve the budget crisis, warning it could seriously damage the global economy.

 

'My feeling is ... the debt limit will have an internationally significant impact. Unless it is resolved swiftly, we will see various consequences,' he told reporters in Tokyo.

 

The situation was likely to stoke more buying of the safe-haven yen, Aso added, pushing up the unit's value. A strong yen is bad for Japanese exporters as it makes them less competitive overseas and shrinks the value of their repatriated overseas income.

 

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