Shmuel Hauser, chairman of the Israel Securities Authorities (ISA) speaks at a press conference at the Israeli Embassy in Beijing on Thursday May 17, 2012. [Photo: CRIENGLISH.com]
Israel is willing to cooperate with China with regards to financial instruments and both countries expect to set up banks on one another's soil as China is an extremely important market for Israel, said Shmuel Hauser, visiting chairman of the Israel Securities Authorities (ISA) during a press conference at the Israeli Embassy in Beijing on Thursday.
The ISA delegation is in Beijing attending the 37th annual conference of the International Organization of Securities Commissions (IOSCO).
Hauser said Israel has an elaborately efficient system for liquidity and expressed his hope that the two countries would extend the Memorandum of Understanding (MOU) on Supervision Cooperation in Securities Futures and cooperate in aspects of various financial instruments, including advanced options, futures, bonds, derivatives and convertible bonds. In addition, Israel's advantage lies in its talented individuals and think tanks, though Hauser stated, "it is hard to predict an exact road map."
Over 300 billion USD from Israeli investors will go towards investments outside the Israeli market. Hauser stated that China is definitely a good candidate for becoming the recipient of such investment. However, Israeli companies have to gradually adapt to the Chinese environment because both sides have very different ways of doing things.
Hauser commented that China's regulatory environment is sound. He noted that China has a well-organized regulatory framework conducted by the China Securities Regulatory Commission (CSRC), and stated that since joining IOSCO in 1995 China has become one of the organization's leaders in just a few years. People realize and accept that the framework here is good but China faces the same problems that all regulators around world are facing; the goal of maintaining financial stability since 2008.
The common mission for all regulators is to protect investments and maintain balanced regulation, said Shmuel. "We admire the great job of the CSRC and we should all confirm to IOSCO principles to achieve financial stability."
During the visit, chairman Hauser also deliberated with his Chinese counterpart, Guo Shuqing, chairman of the CSRC about the executive conditions of the MOU, which was signed on July 31, 2011.
The MOU between the ISA and the CSRC is the first essential condition and a clear starting point for Chinese to investors to invest in Israel and Israeli investors to invest in China, said the chairman. However, it is not the only condition; as they two sides are working to see if they can collaborate in other ways.
Hauser also hailed the importance of the Chinese market in maintaining global financial stability. "We feel China is an extremely important market. It is definitely (important) to us. We look it as a superpower economic country. Each time we come here just to admire what has been done."
Shmuel Hauser actively designed all the reform projects of the Israeli capital market.
Xchanging Wins Best Business Continuity Approach of the Year - Yahoo Finance
LONDON, May 18, 2012 /PRNewswire/ --
Xchanging (XCH:LSE), the business process and technology services provider and integrator has won the 2012 StrategicRISK Best Business Continuity Approach of the Year. The Award recognises firms that "initiated or implemented a well thought-out new business continuity approach in 2011 that reflected current challenges." Xchanging was selected as winner after being placed on a shortlist of five companies.
Nigel Knight, Head of Business Continuity Planning at Xchanging said, "Over the past twelve months we have worked tremendously hard to overhaul our business continuity planning. We are thrilled that our efforts have been so recognised by the European Risk Management Awards."
Throughout 2011, Xchanging's Insurance Risk Management and Business Continuity teams undertook a major strategic review with senior stakeholders internally and externally and formulated associated plans in order to demonstrate Xchanging's ability to continue to provide services in the event of a financial crisis. The resulting new plans were externally tested by KPMG in line with BS25999 standards.
In further recognition of its high quality business continuity planning, in 2011 Xchanging became the first insurance service provider to qualify for a certification to the management system standard, BS25999 by the British Standards Institution. Highlighting Xchanging's excellence in Business Continuity, Lorna Anderson, EMEA Business Continuity Expert at BSI said: "Business continuity is not a one-off activity. It needs to evolve with the organisation. The key to this is thinking about what may happen and taking appropriate steps as demonstrated by Xchanging. A further endorsement to XIS's commitment is having it independently assessed by BSI."
Xchanging
What we are
Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries.
What we do
Xchanging brings innovation, thought leadership and passion to its customers' businesses so as to enhance performance and value. Our values are embedded into everything we do.
What we want to be
Xchanging wants to be regarded as the best provider in its chosen markets by delivering services that are recognised for outstanding quality, reliability and innovation.
For further information, please contact:
Xchanging UK
Julie Lynch
julie.lynch@xchanging.com
Tel: +44(0)20-7780-5010
FWD PR
Michael Gaughan
michael.gaughan@fwdpr.co.uk
Tel: +44(0)20-7623-2368
Richard Adams
richard.adams@fwdpr.co.uk
Tel: +44(0)20-7623-2368
BMO Financial Group Announces Monthly Cash Distributions for BMO Exchange Traded Funds - msnbc.com
TORONTO, ONTARIO — BMO Financial Group today announced the May 2012 cash distributions for the 23 BMO Exchange Traded Funds (ETFs)(i) which pay monthly distributions. Unitholders of record at close of business on May 30, 2012 will receive cash distributions payable on June 7, 2012.
Details of the per unit distribution amounts are as follows:
---------------------------------------------------------------------------- Cash Distribution per Unit BMO ETFs: Ticker ($) ---------------------------------------------------------------------------- BMO Short Federal Bond Index ETF ZFS 0.032 ---------------------------------------------------------------------------- BMO Mid Federal Bond Index ETF ZFM 0.042 ---------------------------------------------------------------------------- BMO Long Federal Bond Index ETF ZFL 0.051 ---------------------------------------------------------------------------- BMO Short Provincial Bond Index ETF ZPS 0.048 ---------------------------------------------------------------------------- BMO Short Corporate Bond Index ETF ZCS 0.048 ---------------------------------------------------------------------------- BMO Mid Corporate Bond Index ETF ZCM 0.061 ---------------------------------------------------------------------------- BMO Long Corporate Bond Index ETF ZLC 0.068 ---------------------------------------------------------------------------- BMO Aggregate Bond Index ETF ZAG 0.045 ---------------------------------------------------------------------------- BMO Real Return Bond Index ETF ZRR 0.028 ---------------------------------------------------------------------------- BMO High Yield US Corporate Bond Hedged to CAD Index ETF ZHY 0.098 ---------------------------------------------------------------------------- BMO Emerging Markets Bond Hedged to CAD Index ETF ZEF 0.072 ---------------------------------------------------------------------------- BMO 2013 Corporate Bond Target Maturity ETF ZXA 0.042 ---------------------------------------------------------------------------- BMO 2015 Corporate Bond Target Maturity ETF ZXB 0.053 ---------------------------------------------------------------------------- BMO 2020 Corporate Bond Target Maturity ETF ZXC 0.061 ---------------------------------------------------------------------------- BMO 2025 Corporate Bond Target Maturity ETF ZXD 0.063 ---------------------------------------------------------------------------- BMO S&P/TSX Equal Weight Banks Index ETF ZEB 0.051 ---------------------------------------------------------------------------- BMO Equal Weight Utilities Index ETF ZUT 0.075 ---------------------------------------------------------------------------- BMO Equal Weight REITs Index ETF ZRE 0.083 ---------------------------------------------------------------------------- BMO Monthly Income ETF ZMI 0.062 ---------------------------------------------------------------------------- BMO Covered Call Canadian Banks ETF ZWB 0.085 ---------------------------------------------------------------------------- BMO Covered Call Utilities ETF ZWU 0.085 ---------------------------------------------------------------------------- BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF ZWA 0.075 ---------------------------------------------------------------------------- BMO Canadian Dividend ETF ZDV 0.055 ----------------------------------------------------------------------------
Further information about BMO ETF Products can be found at www.bmo.com/etfs.
(i)BMO ETFs are administered and managed by BMO Asset Management Inc., an investment fund manager and portfolio manager and a separate legal entity from Bank of Montreal.
Commissions, management fees and expenses all may be associated with investments in exchange traded funds. Please read the prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
S&P ® is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and TSX is a trademark of Toronto Stock Exchange ("TSX"). These trademarks have been licensed for use by Bank of Montreal. BMO S&P/TSX Equal Weight Banks Index ETF is not sponsored, endorsed, sold or promoted by S&P or TSX, and S&P and TSX make no representation, warranty or condition regarding the advisability of buying, selling or holding units in the BMO ETFs.
The Dow Jones Industrial Average(SM) is a product of Dow Jones Indexes, a licensed trade-mark of CME Group Index Services LLC ("CME"), and has been licensed for use. "Dow Jones®", "Dow Jones Industrial Average(SM)", "Dow Jones Canada Titan 60" and "Titans" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones")and have been licensed for use for certain purposes. BMO ETFs based on Dow Jones indexes are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates and none of them makes any representation regarding the advisability of investing in such product(s).
© Marketwire 2012
It's Your Money: How To Negotiate Your Rent - New York's PIX11 / WPIX-TV
Research rental prices
Zillow's recent survey indicates that a whopping two-thirds of renters skip this step, and simply sign the lease, no questions asked. That's because information about fair prices on rental homes have been hard to come by. Enter Zillow's Rent Zestimates. Make this your starting point to determine the fair rental price of a home or apartment, and use this as a tool to negotiate your rent, too. In addition, look at similar rental listings on Zillow, check out the classifieds, talk to local real estate agents or property manager who specializes in rentals. And research the demand for rentals in your area. Knowledge is power!
Sell yourself
If you have good credit (think: 720 or higher), solid references, a history of paying on time, a stable job and live your life responsibly and are respectful of others, that makes you a model tenant. And model tenants – extremely tough to come by in this current economic environment – save landlords both time and money.
Go long
Offer to sign a two-year lease at a one-year rate. Some landlords may go for this arrangement, particularly if the unit has been vacant for some time or if the landlord has multiple vacancies (not unheard of, even though it's technically their market). Plus, it saves them on cleanup and advertising costs.
Sweeten the pot
Landlords want to know what's in it for them. See if they'll give you a break on your rent if you agree to do some work – like mow the lawn, tend to the garden, etc. Or, consider paying several months worth of rent upfront, at a slightly reduced rate.
Don't fixate on money
Assuming you've done your research and are not in a position to ask for lower rent, or are not getting results you want, what about asking for other concessions, like free parking, free storage space, or a gym membership, perhaps? Just be polite, reasonable, and non-confrontational when making 'the ask.' And always be willing to walk. This means having a back-up plan in place prior to negotiating.
Vera Gibbons is a financial journalist based in New York City and is a contributor to Zillow Blog. Connect with her at veragibbons.com.
Is it time to hire a daily money manager? - CreditCards.com
Is it time to hire a daily money manager?
A DMM can help those overwhelmed or confused by financial details
By Erica Sandberg
Overweight? Hire a personal trainer. Dirty house? Call a cleaning service. But to whom do you turn to get a grip on overspending and debt? A daily money manager can come to your rescue.
What's a daily money manager?
As the title implies, daily money managers (DMMs) assume a client's basic
yet often irksome financial duties.
"Generally speaking, we manage the personal administrative and financial business
of individuals, families and seniors," says Alison Salisbury, founder and owner of Fiscally Fit, a Palo Alto, Calif., daily money management service provider. Specifically, they do everything
people tend to avoid, including:
- Sorting mail.
- Creating paper and digital financial file systems.
- Setting up Quicken or Quickbooks and training clients to use the software.
- Paying bills.
- Reconciling accounts.
- Producing cash flow reports.
- Establishing budgets and spending plans.
- Resolving creditor disputes.
Sound good? It gets better. They work on your schedule and some daily money managers even make house calls.
DMMs
help you delete debt
If a haphazard (or nonexistent) cash
and credit plan is your main reason for overcharging, a daily money manager can be particularly
useful. Their job is to shed light on payment and budgetary problems -- and do much of the hard work to establish a clear spending plan.
According to Vivian M. Wright, a daily money manager and president of the Atlanta-based Common Sense Solutions, DMMs dig deep into their client's transactions to track where money is being spent and whether it's coming from checking, savings or credit card accounts. "Analyzing spending and following guidelines for each category of spending avoids debt," says Wright.
Since daily money managers quickly become attuned to a person's financial habits, they can pinpoint trouble spots and offer solutions to keep borrowing in check. "I work with my clients to learn to live within their means and not to have to rely on credit cards at all," says Salisbury. "Several of my clients have stopped using credit cards entirely since working with me."
Daily money managers also take on laborious but important tasks such as consolidating accounts. So rather than you being on the phone for hours, they'll make the calls to transfer high interest credit card balances to those with lower rates, and then prioritize them for the most-efficient debt deletion. They'll also develop spreadsheets that will map out how long it will take to pay down each card, keeping you on track and motivated.
More, DMMs can even identify fraudulent liabilities. Wright recalls a client who was inadvertently paying someone else's credit card bill. "Our system of accounting allowed us to see very quickly what was happening and perform the forensic accounting for the civil law suit against the individual."
Get
out and stay out: your role in the goal
Achieving a positive net worth is one
thing, but remaining that way is another. Sometimes, a daily money manager's findings can be enough to
instigate change.
"Most of the people I work with who have overspending issues are not aware of the severity of the problem until they see a cash flow report that shows their spending over time," says Salisbury. "I let the numbers speak for themselves, and once my client recovers from the initial shock, we discuss the numbers and how they got that way. From there we talk about what the client would like to see, and do some goal setting."
For formidable issues like compulsive debting, a daily money manager might take a more creative and authoritarian approach. "One of my clients has a serious shopping addiction and just couldn't stop using her credit cards," says Salisbury. "I finally put them all in a Ziploc bag which I then filled with water and put in the freezer. She was aghast, and said, 'now I won't be able to use them!,' to which I replied, 'but you can use them anytime you want. You'll just have to wait until they thaw to get to them,' giving her time to think about what she was about to do."
Ultimately, though, it's up to the client to change unhealthy ways, says Louann A. Webber, president and professional daily money manager for Your Money Inc., an Arlington, Va., direct money management company. "We try to give them the information to show they are overspending, but we are not the money police. We can't control a person who is determined to spend, but we have found that presenting information in a form that is understandable and not overwhelming goes a long way."
DMMs
can save your marriage
Fighting about finances with your spouse?
The odds are in your favor.
According to a 2012 American Institute of CPAs survey,
American couples average three money arguments per month. As an objective
professional, a daily money manager can smooth over relations with a plan that suits each
person's needs and desires.
"Because I'm a third party, couples often find it easier to talk about money than when they're together by themselves," says Salisbury "I'm not a therapist, but I am a good listener. I'm a great believer that everyone just wants to be heard." And once the person is understood, the daily money manager can develop a suitable budget and may even suggest helpful resources. For example, says Salisbury, "with one couple, I shared Barbara Stanny's book 'Overcoming Underearning.' They did all the exercises in the book and discovered a lot about their individual values and beliefs about money, which helped them understand each other without judgment."
Of course, even the best efforts of a daily money manager can fall short if one or both of you are not willing to adjust. Wright recalls a married couple with a young child who wanted to get ahead but, even after receiving her advice, could not stop shopping for unaffordable luxuries. "Their inability to manage their cash flow led to a divorce. The husband came for help and cooperated fully; the wife unfortunately was unable to commit to the plan, so the efforts were unsuccessful."
How
to choose the right DMM
As with bringing anyone into your
private affairs, check credentials. "First, go to the American Association of
Daily Money Managers website and look for a DMM in your area who is certified as a PDMM" (professional daily money manager),
says Webber. "That means a daily
money manager has passed a certification
process that
includes an exam and minimum hours of experience."
Then meet with a few before you decide. "Most DMMs will grant an initial phone interview for no charge, giving both the client and the daily money manager an opportunity to determine if the shoe fits on both feet, so to speak," says Wright.
As for rates, most daily money managers charge between $75 to $100 per hour. The more complicated your situation is, the more you can expect to pay. Therefore, if you also need assistance with such complex matters as Medicare and Social Security, be prepared for steeper fees.
Ultimately, says Salisbury, you need to find someone with whom you can be absolutely honest, especially about debt. "Many of my clients feel they are the worst money managers ever, and are filled with embarrassment or shame. A big part of my job is to help them overcome those feelings and develop a positive attitude about moving forward."
See related: Avis Cardella writes on overcoming shopping addiction, Over your head in debt? 5 extreme budgeting ideas
Published: May 18, 2012
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Developing Business Skills in Children - Awoko
Gone are the days when children were taught only to go to school, do their homework and help Daddy and Mummy at home.
Times have changed. With the development of technology, there are more business opportunities springing up every day and children are fastly catching up with adults in creating wealth. They not only run their own businesses they are also becoming young millionaires. Fatmata and Mariama are two sisters aged 11 and 14. They run a call center at Liverpool street, Freetown. They started a year ago when their father died when their mother could not afford to continue their education. At that time they were always at their mum’s shop assisting her to sell when she was not around. Their dream is to save as much money as they can so that they can go back to school.
How can I make my kids enterprising? What are the easy ways for a kid to make money fast? How can I start a business as a kid? How can kids make money fast? What are the best business ideas for kids? If any of these questions are on your mind, then read on because I am about to reveal how to develop entrepreneurial skills in your child.
1. Teach them to have the right mindset
A child, you must first have the right mindset. They must appreciate the value of money and understand its workability. They must also understand the fact that money is not scarce; as it is taught to be. Let them understand the fact that a mere knowledge and application of the law of demand and supply is the big difference between those that are suffering in penury and those living in abundance. They must also be prepared to put in the required effort needed to succeed and lastly, they must believe in themselves and their own creative ideas.
2. Think up a Good Business idea or find a business opportunity
“If you want to make money fast, simply solve other peoples’ problems or satisfy their needs.”
As the entrepreneurial spirit within Mariama and Fatmata grew stronger, they began to see business opportunities around that other’s couldn’t see.
They even saw opportunities within their mom’s business premises that even their mom couldn’t see. How did they come up with the idea of starting a call centre and voucher retailing outlet?
While managing their mom’s shop, Mariama observed that the woman running a call centre shop opposite their mom’s doesn’t open shop regularly.
After carefully observing the woman for sometime; she drew up a plan and went about researching the ins and outs of running a call centre.
Her plan was to fill the gap left by the woman. Now this was how she came up with the idea. It wasn’t rocket science. Mariama simply saw a need which was fueled by a woman’s lack of punctuality and she filled it.
3. Raise the needed capital
Now how was a girl of thirteen able to raise the needed capital to start her business? Mariama is known in the family for her enterprising spirit and the call centre wasn’t her first business adventure. While managing her mom’s shop, she observed that there were some items that customers were demanding but her mom wasn’t stocking them. When Mariama took the observation to her mom, she said she wasn’t interested in selling these items because their profit margin was low. She took note of the fact that while the profit margin for these items was low, the demand was high. So instead of allowing her mom’s negativity to stop her; she decided to stock these items with her own money.
With the little she had in savings, she raised more money from her two older brothers with the promise of repaying them with interest at a set time.
That was how she started trading on retail items in her mom’s shop.
As for the call centre start-up, she raised capital from her savings and got additional capital from her mom, but the total start-up fund was nothing to write home about. But did lack of sufficient capital despair her? The answer is no.
4. Start the Business
Armed with insufficient capital and the will to succeed, Mariama and her sister launched the business. Sincerely speaking, it was hell for her in the early stages of her business.
I recalled how she bootstrapped the business; constantly racing between her shop and her supplier’s, because she was running on a lean budget. At this crucial stage, passion and the joy of owning her own business was what kept her going.
Gradually, she built capital, made some mistakes which made her cry, lost money to some dubious customers and grew in experience. As business progressed, my Mariama and her sister became experienced in the art of dealing with customers, handling finances, studying trends and growing a business.
5. Keep the ball rolling!
As at the time of writing this, article Mariama and her sister are still in the business grinding it out. They now have two call centre
outlets instead of one. Though Fatmata is only 11 years old; she handles the business with competence and confidence because she has been groomed by Mariama in the art of running a successful call centre business.
In conclusion, I want to point out that nothing is impossible to a willing heart and age is only a matter of numbers. One of the reasons why I encourage parents to start a business for their kids is because the financial education and real life experience that a kid receives while running a business can never be acquired in school. So if you have your kid walk up to you with an idea, don’t turn that kid down; don’t look down on that kid. Rather, give such a kid the needed mental and financial support; and most importantly, help that kid start a business no matter how small it is. Who knows, you might just be grooming the next Bill Gates or Steve Jobs.
ANNOUCING ANOTHER FREE BUSSINESS AND LIFE GUIDE TO ALL OUR READERS: HOW TO OVERCOME CHALLENGES AND ACCOMPLISH ANYTHING IN LIFE.
To receive this free e-manual via your email please send your full name, email address and mobile number.
John F Fowler MCIM, is an International marketing and business consultant, Motivational/Empowerment speaker and Author. He is currently the founder and president of Trinity Empowerment Center a nongovernmental organization with a vision to empower youths in starting and sustaining small businesses in developing countries. For comments or questions send email to johnffowler@yahoo.com, or johnffowler1@gmail.com.
GFI calls on G8 to tackle illicit financial flows - Economic Times
"A major focus of this weekend's summit is the issue of food security in the developing world," said GFI Director Raymond W. Baker. "What better way to ensure food security than to guarantee that developing countries have the finances necessary to invest in agriculture and nutrition programs? We cannot reach a post-aid-dependent world without curtailing illicit financial flows."
A statement from the Washington-based think-tank said it is calling on G8 leaders this weekend to prioritise the implementation of the following concrete policy measures: Country-by-country reporting - shining a light on the tax accounting of multinational corporations; Registers of beneficial ownership - ensuring zero tolerance for shadow companies and secrecy vehicles; and Automatic Exchange of Tax Information - enabling law enforcement to prevent and prosecute tax evasion.
When the G8 met in L'Aquila in July 2009, they stated a commitment to the fight against illicit financial flows, saying they "will continue to support partner countries' efforts to increase domestic revenues through modernized tax and customs regulations, improved revenue collection capacities and [the] effective fight against tax evasion, illegal financial flows and corruption."
"Three years since the L'Aquila declaration, it's important for G8 leaders to flesh-out their commitment to tackling illicit financial flows with these concrete solutions," added Baker.
Financial Website Software extends look/feel to mobile devices. - ThomasNet Industrial News Room
- Mobile banking websites help financial institutions increase visibility and relevance in an expanding mobile market -
MONETT, Mo. -- Jack Henry & Associates, Inc. (NASDAQ:JKHY) is a leading provider of technology solutions and payment processing services primarily for the financial services industry. Its ProfitStars division announced today the availability of the Mobile Website(TM) platform, which enables financial institutions to complement existing online and mobile banking solutions with websites designed distinctively for the mobile channel.
Mobile Website supports a rapidly expanding banking channel with websites developed specifically for smaller screens and on-the-go functionality while also maintaining the consistent look and ease of navigation that customers demand. It can improve customer service and increase revenue with mobile sites that are compatible with all traditional website designs and Internet banking providers. Each site is fully customizable, can be live in weeks, and is securely hosted by ProfitStars. Financial institutions can make ongoing updates easily using the platform's dynamic Content Management System (CMS).
Approximately 30 million Americans, or one out of every 10, accessed financial information via a mobile device in the fourth quarter of 2010, which represents an increase of more than 50 percent over the same quarter of 2009. As mobile adoption and demand continue to increase exponentially, financial institutions without a mobile presence are limiting their customer reach.
David Foss, president of ProfitStars, said, "Mobile has evolved to be an integral banking channel that more and more consumers expect their financial institutions to provide. Mobile Website is designed to help banks and credit unions of all sizes expand the conveniences of online banking into the mobile market in a way that is affordable and user-friendly. We believe that every financial institution needs a comprehensive mobile strategy to serve existing convenience-driven customers, to attract new ones, and to effectively compete."
ProfitStars has designed and currently manages and hosts more than 1,000 financial institution websites. It also offers optional comprehensive website reviews to help financial institutions prepare for FFIEC examinations. ProfitStars' website design, hosting, and security solutions are also preferred services of The Independent Community Bankers of America (ICBA). Additional information and sample mobile website pages are available at http://discover.profitstars.com/mobilewebsite.
About ProfitStars
As a diverse, global division of Jack Henry & Associates, ProfitStars combines JHA's solid technology background with the latest breakthroughs in four performance-boosting solution groups - Financial Performance, Imaging and Payments Processing, Information Security and Risk Management, and Retail Delivery. Explore the power of ProfitStars-enhanced performance at www.profitstars.com.
About Jack Henry & Associates, Inc.
Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and electronic payment solutions primarily for financial services organizations. Its technology solutions serve more than 11,200 customers nationwide, and are marketed and supported through four primary brands. Jack Henry Banking(TM) supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar(TM) is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. iPay Technologies(TM) operates as a leading electronic bill pay provider supporting banks and credit unions with turnkey, highly configurable retail and small business electronic payment platforms. Additional information is available at www.jackhenry.com.
Financial storm gathers pace - The Independent
European markets suffered further losses after Moody's Investor Service downgraded 16 Spanish lenders, blaming the move on the country's waning ability to shore up its banks.
However, a spokesman for Santander UK reassured customers that it was "completely autonomous" from its parent firm, adding that "money raised in the UK stays in the UK".
As Spain's woes deepened, investors continued to be troubled by political turmoil in Greece, where a caretaker government has stepped in to steer the debt-ridden country into repeat elections next month.
Jordan Lambert, trader at Spreadex, said the "environment is getting increasingly bleak" with Moody's downgrade of the Spanish banks adding to the "sour taste".
The FTSE 100 Index lost nearly 1%, while France's Cac-40 fell 1% and the Dax in Germany lost 0.5%. Spain's Ibex-35, however, rose 0.5%.
While Spain saw its implied borrowing costs pull back slightly, the yield on 10-year bonds still remained above 6%, in a sign that investors lack confidence in the country's finances.
Moody's debt downgrade came after the Spanish government was forced to deny there had been a run on the country's fourth biggest lender, Bankia, amid reports that 1 billion euros (£800 million) had been withdrawn since it was nationalised last week.
Bankia, which was bailed out last week when the government converted loans into a 45% stake, saw shares recover 30% today, following a 30% plunge yesterday.
Greece, which some fear will have to exit the euro if an anti-austerity party is elected in June, was also hit with a downgrade from ratings agency Fitch.
The "heightened risk" that the political and economic crisis could drag the country out of the single currency prompted the move, Fitch said.
In the US, a disappointing manufacturing report sparked fears over the country's economic recovery in overnight trading but all eyes were on Facebook's pending flotation on the New York Stock Exchange.
The social-networking site will offer shares for 38 US dollars (£24) a piece, valuing it more than 100 billion dollars (£66 billion), in a move that some analysts hope might distract from the crisis in Europe.
Chris Weston, institutional trader at IG Markets, said: "Tonight is all about Facebook, and we thoroughly expect a good day's showing on its first day of trade.
"One hopes a positive tape will lift spirits, if for no other reason than to give traders something other than Greece to think about."
The developments came after David Cameron issued a call for action from eurozone states and institutions to support weaker economies such as Greece or see the single European currency break up.
The Prime Minister said he would do "whatever it takes to keep Britain safe from the storm", but made clear that the UK could not be immune from the consequences of a collapse of the euro.
PA
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