Sunday, February 2, 2014
Wednesday, January 29, 2014
An Open Question:Figuring Bitcoin Out
Can virtual currencies improve our payment systems and can guardrails be put into place to prevent in the dark activity such as money laundering?asks Benjamin Lawsky,Superintendent of Financial Services for New York state,about Bitcoin.Bitcoin is peer to peer.An algorithm and key allows you to make transactions without revealing your personal information,Mr.Lawsky explained.
Bitcoin has real potential if we can get to that system where technology is allowed to flourish while we can prevent it being used for money laundering,Mr.Lawsky said.*
Bitcoin Exchange BitInstant CEO Charlie Shrem was arrested Sunday at JFK International Airport by federal authorities.In a complaint filed with the Southern District of New York,he has been charged by the Justice Department with conspiracy to commit money laundering and operating an unlicensed money transmitting business.The complaint alleges he and Robert Faiella,who was arrested in Florida,sold more than 1 million dollars of Bitcoins to buyers and sellers of drugs on former underground online drug site Silk Road.Three months ago,Silk Road was shut down by police and its alleged founder Ross Ulbricht was arrested.
Shrem was also charged with failing to file suspicious activity reports with respect to transactions he allegedly helped Faiella facilitate through BitInstant.Apart from being head of BitInstant,Shrem is co-owner of the New York bar EVR,which takes Bitcoin payments,and is co-chairman of the Bitcoin Foundation that promotes the virtual currency.*
Benjamin M. Lawsky is an attorney and the first head of New York state's new Department of Financial Services,which,as Governor Andrew Cuomo's Chief of Staff,he helped create.As Superintendent,he supervises all insurance companies;all state-chartered depository institutions;and most US-based branches and agencies of foreign banking institutions.The department also regulates all the state's mortgage brokers,mortgage bankers and check cashers;as well as money transmitters,budget planners and so on.In total,the new department supervises 4400 entities with assets of some 6.2 trillion dollars.The department merged the former Banking and Insurance Departments into a modern,unified financial regulator.
Mr.Lawsky is a graduate of Columbia Law School and Columbia College.
Bitcoin has real potential if we can get to that system where technology is allowed to flourish while we can prevent it being used for money laundering,Mr.Lawsky said.*
Bitcoin Exchange BitInstant CEO Charlie Shrem was arrested Sunday at JFK International Airport by federal authorities.In a complaint filed with the Southern District of New York,he has been charged by the Justice Department with conspiracy to commit money laundering and operating an unlicensed money transmitting business.The complaint alleges he and Robert Faiella,who was arrested in Florida,sold more than 1 million dollars of Bitcoins to buyers and sellers of drugs on former underground online drug site Silk Road.Three months ago,Silk Road was shut down by police and its alleged founder Ross Ulbricht was arrested.
Shrem was also charged with failing to file suspicious activity reports with respect to transactions he allegedly helped Faiella facilitate through BitInstant.Apart from being head of BitInstant,Shrem is co-owner of the New York bar EVR,which takes Bitcoin payments,and is co-chairman of the Bitcoin Foundation that promotes the virtual currency.*
Benjamin M. Lawsky is an attorney and the first head of New York state's new Department of Financial Services,which,as Governor Andrew Cuomo's Chief of Staff,he helped create.As Superintendent,he supervises all insurance companies;all state-chartered depository institutions;and most US-based branches and agencies of foreign banking institutions.The department also regulates all the state's mortgage brokers,mortgage bankers and check cashers;as well as money transmitters,budget planners and so on.In total,the new department supervises 4400 entities with assets of some 6.2 trillion dollars.The department merged the former Banking and Insurance Departments into a modern,unified financial regulator.
Mr.Lawsky is a graduate of Columbia Law School and Columbia College.
Thursday, January 23, 2014
Global Trends in Business January 2014
The HSBC Preliminary China Manufacturing PMI has declined to a six-month low of 49.6 in January,down from 50.5 in December.A reading below 50 indicates contraction in the sector.The nationwide survey of purchasing managers by HSBC Holdings PLC precedes the final reading by a month and covers 85-90% of survey respondents.
HSBC economist Qu Hongbin attributed the drop to a falloff in domestic consumption.Almost all subgroups in the survey fell,from new orders,to new export orders and employment.As inflation is not a problem,the policy focus should be on supporting growth,Mr.Qu advised.*
At the same time,ECB President Mario Draghi expressed guarded optimism about the prospects for Euro-zone economic recovery,speaking to the Swiss German language daily Neue Zurcher Zeitung.I am very careful about making projections that are overly optimistic,Mr.Draghi cautioned,but yes,the economy in the currency area is growing again,although it's not yet broadly based and the jobless rate above 12% is very high.The growth isn't just driven by exports anymore,but increasingly by domestic demand as well.On the other hand,the hard economic data are still inconsistent,the ECB leader noted.*
Multinational consumer products titan Unilever found its European business to be flat,with Southern Europe stabilising.China and Indonesia sales were growing,while South America saw double digit sales growth.North America showed lower sales volume,but the personal care business improved.
Underlying Q4 sales growth was 4.1%,and emerging markets sales growth was 8.4%.CEO Paul Polman cited consistent underlying sales growth and margin expansion,coupled with strong cash flow.*
Unilever NV(UN)
HSBC economist Qu Hongbin attributed the drop to a falloff in domestic consumption.Almost all subgroups in the survey fell,from new orders,to new export orders and employment.As inflation is not a problem,the policy focus should be on supporting growth,Mr.Qu advised.*
At the same time,ECB President Mario Draghi expressed guarded optimism about the prospects for Euro-zone economic recovery,speaking to the Swiss German language daily Neue Zurcher Zeitung.I am very careful about making projections that are overly optimistic,Mr.Draghi cautioned,but yes,the economy in the currency area is growing again,although it's not yet broadly based and the jobless rate above 12% is very high.The growth isn't just driven by exports anymore,but increasingly by domestic demand as well.On the other hand,the hard economic data are still inconsistent,the ECB leader noted.*
Multinational consumer products titan Unilever found its European business to be flat,with Southern Europe stabilising.China and Indonesia sales were growing,while South America saw double digit sales growth.North America showed lower sales volume,but the personal care business improved.
Underlying Q4 sales growth was 4.1%,and emerging markets sales growth was 8.4%.CEO Paul Polman cited consistent underlying sales growth and margin expansion,coupled with strong cash flow.*
Unilever NV(UN)
Tuesday, January 21, 2014
Friday, January 17, 2014
Thursday, January 16, 2014
Wednesday, January 15, 2014
Scotiabank's Asia-Pacific Presence
Scotiabank has been in the Asia-Pacific for 50 years,according to Rod Reynolds,President of Asia-Pacific and Middle East for Scotiabank.We have been in China for 30 years and have three branches there.We are focused on organic growth, but have a 19% stake in the Bank of Xi'an,as well as a stake in China Everbright bank.We are really encouraged by reforms that will increase the opportunity for Chinese companies to grow.We are well-positioned in China.
The company also has a Bank of Beijing/Scotia Asset Management joint venture.*
The ASEAN countries are a particular focus for us:Singapore,Malaysia,Vietnam and Thailand.All of our 700 Thai branches are open despite the recent unrest.We have an active business continuity plan in place.We have a very diverse asset list in Thailand.The country's been remarkably resilient to such events.We are growing rapidly in Thailand,at a rate of 20% per annum.
Thai protestors have been blockading intersections in Bangkok,demanding the resignation of Prime Minister Yingluck Shinawatra and an unelected council to oversee reforms.*
Scotiabank,the largest overseas bank in Canada,is now focused on integrating the acquisitions we made during the global financial crisis,but open to opportunities that may arise,Mr.Reynolds said.
Scotiabank(BNS)
The company also has a Bank of Beijing/Scotia Asset Management joint venture.*
The ASEAN countries are a particular focus for us:Singapore,Malaysia,Vietnam and Thailand.All of our 700 Thai branches are open despite the recent unrest.We have an active business continuity plan in place.We have a very diverse asset list in Thailand.The country's been remarkably resilient to such events.We are growing rapidly in Thailand,at a rate of 20% per annum.
Thai protestors have been blockading intersections in Bangkok,demanding the resignation of Prime Minister Yingluck Shinawatra and an unelected council to oversee reforms.*
Scotiabank,the largest overseas bank in Canada,is now focused on integrating the acquisitions we made during the global financial crisis,but open to opportunities that may arise,Mr.Reynolds said.
Scotiabank(BNS)
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