south africa to issue maiden sukuk, luxembourg and HK also have plans http://www.ft.com/intl/cms/s/0/b936bf64-2ec8-11e4-afe4-00144feabdc0.html
http://www.economist.com/news/finance-and-economics/21618889-more-worlds-big-stockmarkets-are-allowing-firms-alibaba-sideline
http://www.economist.com/news/finance-and-economics/21629560-big-pension-and-sovereign-wealth-funds-are-cutting-out-middleman-house
Basel standard
- http://www.economist.com/news/finance-and-economics/21711074-changes-global-rules-bank-capital-remain-incomplete-revising-bank-capital
The Texas ratio is a measure of a bank's credit troubles. The higher the Texas ratio, the more severe the credit troubles. Developed by Gerard Cassidy and others at RBC Capital Markets, it is calculated by dividing the value of the lender's non-performing assets (NPL + Real Estate Owned) by the sum of its tangible common equity capital and loan loss reserves. In analyzing Texas banks during the early 1980s recession, Cassidy noted that banks tended to fail when this ratio reached 1:1, or 100%. He noted a similar pattern among New Englandbanks during the recession of the early 1990s.
Country debt!?
- https://www.rt.com/business/377676-russia-pays-soviet-debt/
- https://www.quora.com/Are-there-any-countries-with-no-national-debt
- https://www.quora.com/What-is-the-oldest-still-being-paid-debt In 2014, the British government announced plans to pay a portion of the debt that dates back to the early eighteenth century. The notes existed in the form of perpetual bonds that were left over from the "Consolidated Four Percent Loan," which Prime Minister Winston Churchill had issued in 1937 to refinance the national war bonds of the First World War. However, these "4% of the Consols" included more than just the debt of the First World War. Thanks to decades of refinancing and government consolidation, the stew of old bills also contained loans from the Napoleon Wars and the Crimea, an 1847 loan to help Ireland during its Great Famine and even money paid to compensate the slavers when it was approved. the Slave Abolition Act of Great Britain 1835. By far the oldest debt came from a government bailout that followed the so-called South Sea Bubble, a financial panic of 1720 caused by the increasing speculation of shares in the British Company of the South Sea. In a 2014 press release, the Chancellor of the Treasury of Great Britain said that there were more than 11,000 bondholders who still charged interest for the centuries-old debt. At that time, the government had not made an effort to exchange any of its perpetual bonds for 67 years.
- How to pay for the pandemic Covid-19 could usher in a new era of sovereign-debt management https://www.economist.com/finance-and-economics/2020/03/25/how-to-pay-for-the-pandemic
- !!!architect
- https://www.ft.com/content/329675fa-f1b2-11e9-ad1e-4367d8281195 The man who invented Germany’s strict limit on new public borrowing has called for a rethink, saying the country should raise billions of euros in debt to invest in new technology, fight climate change and repair its ageing infrastructure. Christian Kastrop, a former official at the German finance ministry, was one of the authors of the country’s “debt brake”, a constitutional requirement that makes it extremely difficult for Berlin to run budget deficits. He now argues for reform of the law to correct years of under-investment and make Germany’s economy fit for the future. Germany’s policy of strict fiscal discipline has delivered a string of budget surpluses but left the country’s physical and digital infrastructure increasingly threadbare. Mr Kastrop is part of a chorus of economists, business leaders and politicians who have called on Angela Merkel’s government to loosen the purse strings. In an interview with the Financial Times, Mr Kastrop called for a multibillion-euro investment agency, backed by private and public money, that could raise funds on the capital markets and use them to modernise Germany’s economy. “With interest rates so low, there is definitely an argument for creating a future fund to invest in things like climate protection, infrastructure and digital technology,” said Mr Kastrop, head of the Bertelsmann Stiftung think-tank’s Europe’s Future programme.
financial centre
- hkej 22jan19 shum article
- bahrain serves saudi arabia
- saint marino serves italy
- monaco serves france
- faroe islands serves denmark
- andorra serves spain
- aland islands serves finland
- channel islands serves uk
- luxembourg serves germany switzerland
Financial crisis
- Tulip mania or tulipomania (Dutch names include:tulpenmanie, tulpomanie, tulpenwoede, tulpengekte andbollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introducedtulip reached extraordinarily high levels and then suddenly collapsed. At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble (or economic bubble), although some researchers have noted that the Kipper- und Wipperzeit episode in 1619–22, a Europe-wide chain of debasement of the metal content of coins to fund warfare, featured mania-like similarities to a bubble. The term "tulip mania" is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values. The 1637 event was popularized in 1841 by the bookExtraordinary Popular Delusions and the Madness of Crowds, written by British journalist Charles Mackay. According to Mackay, at one point 12acres (5 ha) of land were offered for a Semper Augustus bulb. Mackay claims that many such investors were ruined by the fall in prices, and Dutch commerce suffered a severe shock. Although Mackay's book is a classic, his account is contested. Many modern scholars feel that the mania was not as extraordinary as Mackay described and argue that not enough price data are available to prove that a tulip bulb bubble actually occurred.
- The Mississippi Company (founded 1684, named the Company of the West from 1717, and the Company of the Indies from 1719) was a corporation holding a business monopoly in French colonies in North America and the West Indies. It became one of the earliest examples of an economic bubble. Mississippi Bubble, a financial scheme in 18th-century France that triggered a speculative frenzy and ended in financial collapse. The scheme was engineered by John Law, a Scottish adventurer, economic theorist, and financial wizard who was a friend of the regent, the Duke d’Orléans. In 1716 Law established the Banque Générale, a bank with the authority to issue notes. A year later he established the Compagnie d’Occident (“Company of the West”) and obtained for it exclusiveprivileges to develop the vast French territories in the Mississippi River valley of North America. Law’s company also soon monopolized the French tobacco and African slave trades, and by 1719 the Compagnie des Indes (“Company of the Indies”), as it had been renamed, held a complete monopoly of France’s colonial trade. Law also took over the collection of French taxes and the minting of money; in effect, he controlled both the country’s foreign trade and its finances. Given the potential for profits involved, public demand for shares in the Compagnie des Indesincreased sharply, sending the price for a share from 500 to 18,000 livres, which was out of all proportion to earnings. By 1719 Law had issued approximately 625,000 stock shares, and he soon afterward merged the Banque Générale with the Compagnie des Indes. Law hoped to retire the vast public debt accumulated during the later years of Louis XIV’s reign by selling his company’s shares to the public in exchange for state-issued public securities, or billets d’état, which consequently also rose sharply in value. A frenzy of wild speculation ensued that led to a general stock-market boom across Europe. The French government took advantage of this situation by printing increased amounts of paper money, which was readily accepted by the state’s creditors because it could be used to buy more shares of the Compagnie. This went on until the excessive issue of paper money stimulated galloping inflation, and both the paper money and the billets d’état began to lose their value. Meanwhile the expected profits from the company’s colonial ventures were slow to materialize, and the intricate linking of the company’s stock with the state’s finances ended in complete disaster in 1720, when the value of the shares plummeted, causing a general stock market crash in France and other countries. Though the crash was not directly attributable to Law, he was the obvious scapegoat and was forced to flee France in December 1720. The enormous debts of his company and bank were soon afterward consolidated and taken over by the state, which raised taxes in order to retire it.
- south sea bubble
- http://www.historic-uk.com/HistoryUK/HistoryofEngland/south-sea-bubble/ The first recorded case in England was that of a State Lottery in 1569. The tickets were on sale at the west door of St. Paul's Cathedral in London. The name of the winner is not recorded. In 1720 the whole of England became involved with what has since become known as The South Sea Bubble. In 1720, in return for a loan of £7 million to finance the war against France, the House of Lords passed the South Sea Bill, which allowed the South Sea Company a monopoly in trade with South America.The company underwrote the English National Debt, which stood at £30 million, on a promise of 5% interest from the Government. Shares immediately rose to 10 times their value, speculation ran wild and all sorts of companies, some lunatic, some fraudulent or just optimistic were launched. For example; one company floated was to buy the Irish Bogs, another to manufacture a gun to fire square cannon balls and the most ludicrous of all "For carrying-on an undertaking of great advantage but no-one to know what it is!!" Unbelievably £2000 was invested in this one! The country went wild, stocks increased in all these and other 'dodgy' schemes, and huge fortunes were made. Then the 'bubble' in London burst! The stocks crashed and people all over the country lost all of their money. Porters and ladies maids who had bought their own carriages became destitute almost overnight. The Clergy, Bishops and the Gentry lost their life savings; the whole country suffered a catastrophic loss of money and property. Suicides became a daily occurrence. The gullible mob whose innate greed had lain behind this mass hysteria for wealth, demanded vengeance. The Postmaster General took poison and his son, who was the Secretary of State, avoided disaster by fortuitously contracting smallpox and died! The South Sea Company Directors were arrested and their estates forfeited. There were 462 members of the House of Commons and 112 Peers in the South Sea Company who were involved in the crash. Frantic bankers thronged the lobbies at Parliament and the Riot Act was read to restore order.
- According to knechel and salterio, british lawmakers then banned the incorporated companies in 1720s. In 1830s and 40s, as exceptions (eg british east india company) became more and more numerous a new social impact was formed. Formation of limited liability company was allowed subject to requirement of filing audited financial statement.
- Edward Gibbon (a historian)'s grandfather, also named Edward, had lost all of his assets as a result of the South Sea Bubble stock market collapse in 1720, but eventually regained much of his wealth. Gibbon's father was thus able to inherit a substantial estate.
- The crisis of 1772, also known as the credit crisis of 1772 or the panic of 1772, was a peacetime financial crisis which originated in London and then spread to other parts of Europe, such as Scotland and the Dutch Republic.[1] Alexander Fordyce, a partner in the banking house Neal, James, Fordyce and Down in London, had lost £300,000 shorting East India Company stock.[2] On 8 June 1772, Fordyce fled to France to avoid debt repayment, and the resulting collapse of the firm stirred up panic in London.[3] Economic growth at that period was highly dependent on the use of credit, which was largely based upon people’s confidence in the banks. As confidence started ebbing, paralysis of the credit system followed: crowds of people gathered at the banks and requested debt repayment in cash or attempted to withdraw their deposits. As a result, twenty important banking houses went bankrupt or stopped payment by the end of June, and many other firms endured hardships during the crisis.
- The Panic of 1837 was a financial crisis in the United States that touched off a major recession that lasted until the mid-1840s. Profits, prices, and wages went down while unemployment went up. Pessimism abounded during the time. The panic had both domestic and foreign origins. Speculative lending practices in western states, a sharp decline in cotton prices, a collapsing land bubble, international specieflows, and restrictive lending policies in Great Britain were all to blame. On May 10, 1837, banks in New York City suspended specie payments, meaning that they would no longer redeem commercial paper in specie at full face value. Despite a brief recovery in 1838, the recession persisted for approximately seven years. Banks collapsed, businesses failed, prices declined, and thousands of workers lost their jobs. Unemployment may have been as high as 25% in some locales. The years 1837 to 1844 were, generally speaking, years of deflation in wages and prices.- note the effect on 13 colonies and subsequent american revolution
- The crisis followed a period of economic expansion from mid-1834 to mid-1836. The prices of land, cotton, and slaves rose sharply in these years. The origins of this boom had many sources, both domestic and international. Because of the peculiar factors (Specie Circular) of international trade at the time, abundant amounts of silver were coming into the United States from Mexico and China. Land sales and tariffs on imports were also generating substantial federal revenues. Through lucrative cotton exports and the marketing of state-backed bonds in British money markets, the United States acquired significant capital investment from Great Britain. These bonds financed transportation projects in the United States. British loans, made available through Anglo-American banking houses like Baring Brothers, fueled much of the United States's westward expansion, infrastructure improvements, industrial expansion, and economic development during the antebellum era.
- In July 1857, railroad stocks saw their peak values. On August 11, 1857, N. H. Wolfe and Company, the oldest flour and grain company in New York City, failed. The failure shook investor confidence and began a slow selloff in the market which continued into late August.By the spring of 1858, "commercial credit had dried up, forcing already debt-ridden merchants of the West to curtail new purchases of inventory"; as a result of limited purchasing in the west, merchants around the country began to see decreases in sales and profits.[6] The railroads "had created an interdependent national economy, and now an economic downturn in the West threatened …[an] economic crisis." Since many banks had financed the railroads and land purchases, they began to feel the pressures of the falling value of railroad securities. The Illinois Central; Erie; Pittsburgh, Fort Wayne and Chicago; and Reading Railroad lines were all forced to shut down owing to the financial downturn. The Delaware, Lackawanna and Western Railroad and the Fond du Lac Railroad companies were forced to declare bankruptcy. The Boston and Worcester Railroad Company also experienced heavy financial difficulties.
- By 1859, the Panic began to level off and the economy had begun to stabilize. President James Buchanan, after announcing that the paper-money system seemed to be the root cause of the Panic, decided to withdraw the usage of all bank notes under twenty dollars. He also "advised the State banks to break away from the banks [and urged] them to follow the example of the Federal Government."[20] He felt this would decrease the paper money supply, in order to allow the specie supply time to increase and reduce inflation rates. President Buchanan wanted the state banks to follow the federal government, specifically, the Independent Treasury system. This system allowed the federal government to keep up with specie payments, which helped alleviate some of the financial stress that the bank suspensions had brought on. He also revealed this new strategy of "reform not relief", expressing his feeling that, "the government sympathized but could do nothing to alleviate the suffering individuals."[22] To avoid further financial panics, Buchanan encouraged the United States Congress to pass a law to provide immediate forfeit of a bank's charter in the event that the bank suspended specie payments. Additionally, he asked state banks to keep one dollar in specie for every three issued as paper, and discouraged the use of federal or state bonds as security on bank notes to avoid future inflation.
- led to bankruptcy of hk company esrablished by john dent
- The Black Friday, September 24, 1869, gold panic was caused by the efforts of two speculators, Jay Gould and his partner James Fisk, (AKA The Gold Ring) to corner the gold market on the New York Gold Exchange. The scandal took place during the Presidency of Ulysses S. Grant whose policy was to sell Treasury gold at weekly intervals to pay off the national debt, stabilize the dollar, and boost the economy. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored. This period, known as the Gilded Age, was a time of great industrial growth which invited much investment and speculation. Abel Corbin, a small time speculator, married Virginia Grant, the younger sister of President Grant. After the marriage, Gould and Fisk approached Corbin, taking advantage of his brother-in-law relationship with the president, and persuaded Corbin to introduce them to Grant. Gould and Fisk hoped that befriending the President would get them privy information about up and coming government gold sales—information with which they manipulated the market. It worked, resulting in a scandal that undermined the credibility of Grant's presidency and the national economy. Gould and Fisk used their personal appearances with Grant to gain clout on Wall Street in addition to using their insider information. During the first week of September, Grant's Secretary of Treasury George S. Boutwell received a letter from Grant telling him gold sales would be harmful to Western farmers, a notion planted by Gould and Fisk. Boutwell suspended Treasury gold sales. At the same time, Gould and Fisk began buying gold at Gould's New York Gold Room, raising the price of gold. After learning about the nature of their scheme, Grant ordered the release of $4 million in gold on Friday September 24. Grant's move drove down the price of gold, crushing the Gold Ring's corner on the market. A panic on Wall Street ensued and the country went through a few months of economic turmoil. Thanks to Grant's efforts, as well as of his administration, a national depression was averted. Gould and Fisk hired the best defense available. Favored by Tweed Ring judges, the conspiratorial partners escaped prosecution. An 1870 government investigation, headed by James A. Garfield, exonerated Grant of any illicit involvement in the conspiracy.
- The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through the spring of 1879, or 1896, depending on the metrics used.[1] It was the most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War. The episode was labeled the "Great Depression" at the time, and it held that designation until the Great Depression of the 1930s. In the United States, economists typically refer to the Long Depression as the Depression of 1873–79, kicked off by the Panic of 1873.
- In 1873, during a decline in the value of silver—exacerbated by the end of the German Empire's production of thaler coins—the US government passed the Coinage Act of 1873 in April. This essentially ended the bimetallic standard of the United States, forcing it for the first time onto a pure gold standard. This measure, referred to by its opponents as "the Crime of 1873" and the topic of William Jennings Bryan's Cross of Gold speech in 1896, forced a contraction of the money supply in the United States. It also drove down silver prices further, even as new silver mines were being established in Nevada, which stimulated mining investment but increased supply as demand was falling.[12]Silver miners arrived at US mints, unaware of the ban on production of silver coins, only to find their product no longer welcome.
- 1893
- The Panic of 1893 was a serious economic depression in the United States that began in 1893 and ended in 1897.[1] It deeply affected every sector of the economy, and produced political upheaval that led to the realigning election of 1896 and the presidency of William McKinley. One of the causes for the Panic of 1893 can be traced back to Argentina. Investment was encouraged by the Argentine agent bank, Baring Brothers. However, the 1890 wheat crop failure and a coup in Buenos Aires ended further investments. Because European investors were concerned that these problems might spread, they started a run on gold in the U.S. Treasury. At that time, it was comparatively simple to cash in dollar investments for exportable gold.[2] During the Gilded Age of the 1870s and 1880s, the United States had experienced economic growth and expansion, but much of this expansion depended on high international commodity prices. In 1893, wheat prices crashed. One of the first clear signs of trouble came on February 20, 1893,[4] twelve days before the inauguration of U.S. president Grover Cleveland, with the appointment of receivers for the Philadelphia and Reading Railroad, which had greatly overextended itself.[5] Upon taking office, Cleveland dealt directly with the Treasury crisis[6] and successfully convinced Congress to repeal the Sherman Silver Purchase Act, which he felt was mainly responsible for the economic crisis. As concern for the state of the economy deepened, people rushed to withdraw their money from banks, and caused bank runs. The credit crunch rippled through the economy. A financial panic in London combined with a drop in continental European trade caused foreign investors to sell American stocks to obtain American funds backed by gold.
- The Denver Depression of 1893 was an economic depression of Denver, Colorado that began in 1893 after the rapid drop in the price of silver and lasted for several years. With the Coinage Act of 1873, bimetallism was disestablished by Congress and gold was established as the standard. Despite this, the city of Denver, Colorado enjoyed boomtown growth during the late 19th century after the discovery and development of numerous silver mines and the passage of first the Bland-Allison Act of 1878 and then the Sherman Silver Purchase Act of 1890, both of which required the U.S. government to purchase millions of ounces of silver each year. As one historian of the period noted, “Almost all economic pursuits in the state were tied in one way or another to the mining industry; consequently, almost every Colorado resident had a vested interest in its success.” But whereas the silver standard enabled western rural farmers and miners to pay off their debts, bankers in the east were losing money because the circulation of silver was leading to a decline in the value of gold-based money as investors turned in the new silver notes for gold dollars (see also Free silver, silverites). In 1893, those in the west lost the battle, as President Grover Clevelandoversaw the repeal of the Sherman Silver Purchase Act. This caused the prices of silver to fall, and the prices of silver continued to fall further due to an overabundance of the metal when silver was struck in Leadville and in the San Juan Mountains. Unfortunately, Denver was already suffering economically due to several successive years of droughts and harsh winters that had hurt the agricultural industry.[4] Agricultural distress, coupled with the withdrawal of foreign investors and the over-expansion of the silver mining industries, led Denver to experience its first economic depression.
- Kiv the financial crisis in australia that affected pl travers(helen goff)' uncle
- https://www.scmp.com/business/article/1212520/shanghai-rubber-bubble-1910-holds-lesson-today ay in 1863, and the Constantinople crisis of 1895, when the monopoly Ottoman Bank collapsed after investing unwisely in South African mining shares. Closer to home, they also describe the Shanghai rubber bubble of 1910. Demand for rubber was already running high in the early years of the 20th century. But when Henry Ford began mass-producing his Model T cars in 1908, it ballooned. Then, in 1909, when the world's biggest producer, the Brazilian state of Pará, restricted supplies in an attempt to bump up its income, rubber prices surged. Rubber plantations in Malaya made huge profits, and paid shareholders handsome dividends. In an attempt to cash in, Shanghai-based financiers immediately began setting up Malayan rubber companies and selling their shares to eager investors. Many of these issued prospectuses were "highly mendacious", write Harding and Holmes, grossly overstating their acreage under rubber. Even the genuine companies were high-risk investments, however, considering it takes four to five years of growth before rubber trees can be tapped - and before plantation companies can begin paying dividends. The prospect of quick gains easily trumped such long-term concerns, however, and a lively derivatives market soon developed on rubber shares. According to one witness, "brokers had the clothes almost torn off their backs by excited plungers who desired to buy shares 'forward' at three or four hundred per cent premium". And in an account that will resonate loudly today, the British consul at the time described how money flowed into the market from all over China. "Chinese officials in charge of government and railway funds recklessly cast them into the melting pot in the sure and certain hope of making their fortune." The mania couldn't last, and when American demand for rubber slackened, the market "let out a whoosh of hot air and sank to the ground". "Shanghai's stock exchange, shortly beforehand a hive of activity, sank into a deep torpor that lasted for several years," write Harding and Holmes.
- 1960s
- hk property prices started to fall drastically since 1965; in may 1967 many wealthy people and expatriates sold their houses and moved overseas with large amount of capital outflow. When the political situation became stable in 1968, industries started to develop. The far east exchange was established in dec1969
- The savings and loan crisis of the 1980s and 1990s (commonly dubbed the S&L crisis) was the failure of 1,043 out of the 3,234 savings and loan associations in the United States from 1986 to 1995: the Federal Savings and Loan Insurance Corporation (FSLIC) closed or otherwise resolved 296 institutions from 1986 to 1989 and the Resolution Trust Corporation (RTC) closed or otherwise resolved 747 institutions from 1989 to 1995. A savings and loan or "thrift" is a financial institution that accepts savings deposits and makes mortgage, car and other personal loans to individual members (a cooperative venture known in the United Kingdom as a building society). By 1995, the RTC had closed 747 failed institutions nationwide, worth a total possible book value of between $402 and $407 billion. In 1996, the General Accounting Office estimated the total cost to be $160 billion, including $132.1 billion taken from taxpayers. The RTC was created to resolve the S&L crisis.
In 1979, the Federal Reserve System of the United States raised the discount rate that it charged its member banks from 9.5% to 12% in an effort to reduce inflation. The building or savings and loans associations (S&Ls) had issued long-term loans at fixed interest rates that were lower than the interest rate at which they could borrow. In addition, the S&Ls had the liability of the deposits which paid higher interest rates than the rate at which they could borrow. When interest rates at which they could borrow increased, the S&Ls could not attract adequate capital, from deposits to savings accounts of members for instance, they became insolvent. Rather than admit to insolvency, lax regulatory oversight allowed some S&Ls to invest in highly speculative investment strategies. This had the effect of extending the period where S&Ls were likely technically insolvent. These adverse actions also substantially increased the economic losses for the S&Ls than would otherwise have been realized had their insolvency been discovered earlier. One extreme example was that of financier Charles Keating, who paid $51 million financed through Michael Milken's "junk bond" operation, for his Lincoln Savings and Loan Association which at the time had a negative net worth exceeding $100 million. Others, such as author/financial historian Kenneth J. Robinson or the account of the crisis published in 2000 by the Federal Deposit Insurance Corporation (FDIC), give multiple reasons as to why the Savings and Loan Crisis came to pass. In no particular order of significance, they identify the rising monetary inflation beginning in the late 1960s spurred by simultaneous domestic spending programs of President Lyndon B. Johnson's "Great Society" programs coupled with the military expenses of the continuing Vietnam War that continued into the late 1970s. The efforts to end rampant inflation of the late 1970s and early 1980s by raising interest rates brought on recession in the early 1980s and the beginning of the S&L crisis. Deregulation of the S&L industry, combined with regulatory forbearance, and fraud worsened the crisis.
- 1998 financial crisis
- http://www.ft.com/intl/cms/s/0/cfaa286e-a567-11e5-a91e-162b86790c58.html history never repeats, but there are some intriguing parallels between the global macroeconomic environment in 1997 to 1998 and today that may help explain the Federal Reserve’s decision to lift US interest rates this week. Back then, few at the Fed believed in using monetary policy to restrain excessive risk-taking in the financial markets. Now, it seems, things have changed. How else to explain such different reactions to such similar circumstances?
- people benefitted from financial crisis
- https://www.ft.com/content/43c5d6b8-efe6-11e9-ad1e-4367d8281195 Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Robin Harding in Tokyo YESTERDAY Print this page38 When the global financial crisis struck in 2008, the US and Europe had a ready model for how not to respond: Japan. Policymakers such as then Federal Reserve chairman Ben Bernanke had spent years thinking about Japan’s descent into deflation after its financial bubble burst in 1990. Japan, they decided, had cut interest rates halfheartedly and was slow to clean up its banks. With aggressive stimulus and bank recapitalisation, they would get different results. For a few years, it seemed to work, but now a decade on from the crisis, inflation is below target on both sides of the Atlantic, the European Central Bank is mired deep in negative interest rates, and the Fed is cutting rates from a peak of just 2.25-2.5 per cent. It is a process many investors dub “Japanification”. Policymakers around the world fear getting trapped in a Japan-like situation of permanently low inflation and interest rates, leaving them with no space to stimulate the economy when times are bad. That raises the question of whether what is happening in the US and Europe really is the same as what took place in Japan during the 1990s because many Japanese analysts draw a strong link between the country’s economic outcomes and its rapidly ageing demographics.
international currency agreement
- Announcement of the Ministers of Finance and Central Bank Governors of France, Germany, Japan, the United Kingdom, and the United States[1][2][3], commonly known as The Plaza Accord or Plaza Agreement, was an agreement joint by 5 major industry countries of France, West Germany, Japan, the United States, and the United Kingdom, to depreciate the U.S. dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The five governments signed the accord on September 22, 1985 at the Plaza Hotel in New York City. The U.S. dollar depreciated significantly since the agreement until it is replaced by Louvre Accord in 1987.The signing of the Plaza Accord was significant in that it reflected Japan's emergence as a real player in managing the international monetary system. However, the recessionary effects of the strengthened yen in Japan's export-dependent economy created an incentive for the expansionary monetary policies that led to the Japanese asset price bubble of the late 1980s.[citation needed] It is thus postulated[7] that Plaza Accord contributed to the Japanese asset price bubble, which progressed into a protracted period of deflation and low growth in Japan known as the Lost Decade.
- The Statement of the G6 Finance Ministers and Central Bank Governors[1], commonly known as Louvre Accord was an agreement, signed on February 22, 1987 in Paris, that aimed to stabilize the international currency markets and halt the continued decline of the US Dollar caused by the Plaza Accord from 1985.[1] It is considered - from a relational international contract view, as a rational compromise solution between two ideal-type extremes of international monetary regimes: the perfectly flexible and the perfectly fixed exchange rates. The agreement was signed by France, West Germany, Japan, Canada, the United States and the United Kingdom.[1] The Italian government was invited to sign the agreement but declined. France agreed to reduce its budget deficits by 1% of GDP and cut taxes by the same amount for corporations and individuals. Japan would reduce its trade surplus and cut interest rates. Great Britain would agree to reduce public expenditures and reduce taxes. Germany, the real object of this agreement because of its leading economic position in Europe, would agree to reduce public spending, cut taxes for individuals and corporations, and keep interest rates low. The United States would agree to reduce its fiscal 1988 deficit to 2.3% of GDP from an estimated 3.9% in 1987, reduce government spending by 1% in 1988 and keep interest rates low.
gold standard
- 事實上，單從近一百多年的歷史來看，國際金融危機頻仍，主要貨幣自由開放的程度有增有減。但在一九七三年之前，基本上實行金本位制。國家發行貨幣需以黃金擔保，黃金不足便要貶值。而一國出口疲弱，外貿逆差，欠下從別國進口的貨款最後還需以黃金支付，實在還不起錢的話，便與黃金脫鈎，也即是這個國家不支付欠款，用貨幣貶值來賴帳、沖銷債款。即使強如在十九世紀至二十世紀初擁有世界霸權的英國，英鎊作為當時最主要的國際流通貨幣，在一次大戰期間亦不得不與黃金脫鈎。英國於一九二五年恢復金本位卻令英鎊貶值，一九三一年與其他歐洲國家一起放棄金本位，導致貨幣再難穩定，匯率與物價齊變。也即使強如冷戰時期的美國，在一九七三年也要把美元與黃金脫鈎。一九七三年後美國的金融政策應該是消除戰爭和過度進口帶來的逆差和外債壓力，從而使美元的經濟回復平衡。二○○八年金融海嘯時，國際貨幣基金組織也建議美國進行結構調整。可惜從一九七三年以來，美國內外債日增，沒有調整，只靠濫發美元來支付，今天國債上升至二十一萬億美元更沒法調整。http://orientaldaily.on.cc/cnt/news/20180411/00184_001.html
- [the good life published by modern media] loh lik peng 卢立平 (https://sg.asiatatler.com/life/life-s-a-trip-loh-lik-peng) acquired the old town hall in bethnal green in 2007 and developed into a hotel with assistance from architects michel da costa goncalves and nathalie rozenwajg. He was born in dublin in 1974. In late 1990s during the asian financial crisis, he invested in a boutique hotel and made a fortune. He copied the business model in hk, shanghai, sydney and london.
- https://www.ft.com/content/43c5d6b8-efe6-11e9-ad1e-4367d8281195 Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Save Robin Harding in Tokyo YESTERDAY Print this page38 When the global financial crisis struck in 2008, the US and Europe had a ready model for how not to respond: Japan. Policymakers such as then Federal Reserve chairman Ben Bernanke had spent years thinking about Japan’s descent into deflation after its financial bubble burst in 1990. Japan, they decided, had cut interest rates halfheartedly and was slow to clean up its banks. With aggressive stimulus and bank recapitalisation, they would get different results. For a few years, it seemed to work, but now a decade on from the crisis, inflation is below target on both sides of the Atlantic, the European Central Bank is mired deep in negative interest rates, and the Fed is cutting rates from a peak of just 2.25-2.5 per cent. It is a process many investors dub “Japanification”. Policymakers around the world fear getting trapped in a Japan-like situation of permanently low inflation and interest rates, leaving them with no space to stimulate the economy when times are bad. That raises the question of whether what is happening in the US and Europe really is the same as what took place in Japan during the 1990s because many Japanese analysts draw a strong link between the country’s economic outcomes and its rapidly ageing demographics.
international currency agreement
- Announcement of the Ministers of Finance and Central Bank Governors of France, Germany, Japan, the United Kingdom, and the United States[1][2][3], commonly known as The Plaza Accord or Plaza Agreement, was an agreement joint by 5 major industry countries of France, West Germany, Japan, the United States, and the United Kingdom, to depreciate the U.S. dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The five governments signed the accord on September 22, 1985 at the Plaza Hotel in New York City. The U.S. dollar depreciated significantly since the agreement until it is replaced by Louvre Accord in 1987.The signing of the Plaza Accord was significant in that it reflected Japan's emergence as a real player in managing the international monetary system. However, the recessionary effects of the strengthened yen in Japan's export-dependent economy created an incentive for the expansionary monetary policies that led to the Japanese asset price bubble of the late 1980s.[citation needed] It is thus postulated[7] that Plaza Accord contributed to the Japanese asset price bubble, which progressed into a protracted period of deflation and low growth in Japan known as the Lost Decade.
- The Statement of the G6 Finance Ministers and Central Bank Governors[1], commonly known as Louvre Accord was an agreement, signed on February 22, 1987 in Paris, that aimed to stabilize the international currency markets and halt the continued decline of the US Dollar caused by the Plaza Accord from 1985.[1] It is considered - from a relational international contract view, as a rational compromise solution between two ideal-type extremes of international monetary regimes: the perfectly flexible and the perfectly fixed exchange rates. The agreement was signed by France, West Germany, Japan, Canada, the United States and the United Kingdom.[1] The Italian government was invited to sign the agreement but declined. France agreed to reduce its budget deficits by 1% of GDP and cut taxes by the same amount for corporations and individuals. Japan would reduce its trade surplus and cut interest rates. Great Britain would agree to reduce public expenditures and reduce taxes. Germany, the real object of this agreement because of its leading economic position in Europe, would agree to reduce public spending, cut taxes for individuals and corporations, and keep interest rates low. The United States would agree to reduce its fiscal 1988 deficit to 2.3% of GDP from an estimated 3.9% in 1987, reduce government spending by 1% in 1988 and keep interest rates low.
gold standard
- 事實上，單從近一百多年的歷史來看，國際金融危機頻仍，主要貨幣自由開放的程度有增有減。但在一九七三年之前，基本上實行金本位制。國家發行貨幣需以黃金擔保，黃金不足便要貶值。而一國出口疲弱，外貿逆差，欠下從別國進口的貨款最後還需以黃金支付，實在還不起錢的話，便與黃金脫鈎，也即是這個國家不支付欠款，用貨幣貶值來賴帳、沖銷債款。即使強如在十九世紀至二十世紀初擁有世界霸權的英國，英鎊作為當時最主要的國際流通貨幣，在一次大戰期間亦不得不與黃金脫鈎。英國於一九二五年恢復金本位卻令英鎊貶值，一九三一年與其他歐洲國家一起放棄金本位，導致貨幣再難穩定，匯率與物價齊變。也即使強如冷戰時期的美國，在一九七三年也要把美元與黃金脫鈎。一九七三年後美國的金融政策應該是消除戰爭和過度進口帶來的逆差和外債壓力，從而使美元的經濟回復平衡。二○○八年金融海嘯時，國際貨幣基金組織也建議美國進行結構調整。可惜從一九七三年以來，美國內外債日增，沒有調整，只靠濫發美元來支付，今天國債上升至二十一萬億美元更沒法調整。http://orientaldaily.on.cc/cnt/news/20180411/00184_001.html
digital gold
- 金銀業貿易場乘勢出擊，該機構理事長張德熙接受本報獨家專訪時透露，將於二月中之前推出實物黃金投資產品數碼黃金（GoldZip）。產品針對散戶，最低投資門檻為一克黃金，即每手入場費只需三、四百元。https://orientaldaily.on.cc/cnt/finance/20200116/00202_009.html
silver
- USA
- The Sherman Silver Purchase Act was a United States federal law enacted on July 14, 1890.The measure did not authorize the free and unlimited coinage of silver that the Free Silversupporters wanted; however, it increased the amount of silver the government was required to purchase on a recurrent monthly basis to 4.5 million ounces. The Sherman Silver Purchase Act had been passed in response to the growing complaints of farmers' and miners' interests. Farmers had immense debts that could not be paid off due to deflation, and they urged the government to pass the Sherman Silver Purchase Act in order to boost the economy and cause inflation, allowing them to pay their debts with cheaper dollars. Mining companies, meanwhile, had extracted vast quantities of silver from western mines; the resulting oversupply drove down the price of their product, often to below the point at which the silver could be profitably extracted. They hoped to enlist the government to increase the demand for silver.
- china
- hkej 17dec18 shum article
- currency war in late qing dynasty hkej 17dec18 shum article
- 金銀比是一項有逾4,000年的指標，往績顯示，該指標大升或預示重大金融危機。黃金和白銀曾作交易媒介，當時每單位黃金可買8單位白銀，即「金銀比」處於8附近，直至二十世紀比率平均50。黃金通常被視為避險資產，歷次幾乎每次經濟重大衰退和恐慌時，金銀比都會飆升，如二次世界大戰觸及98；九一年海灣戰爭爆發更觸及100，是正常水平的兩倍；八七年股災、千禧年科網泡沫爆破、○八年金融海嘯及一六年初環球冧市，金銀比都升至70以上！https://orientaldaily.on.cc/cnt/finance/20200319/00202_019.html
Currency peg
- http://www.economist.com/news/finance-and-economics/21674775-currency-pegs-are-still-fashion-some-are-creaking-pegs-under-pressure SINKING might be a better description than floating when it comes to many of the world’s currencies. A plunge in commodity prices has hit producers of natural resources hard. The weak oil price, in particular, has undermined the current-account position of oil exporters. The Economist Intelligence Unit (EIU), our sister company, expects the Norwegian current account to have deteriorated by 3.3 percentage points between 2013 and 2015. Many currencies have followed the oil price down. Since June 2014, the Norwegian krone has declined by 26%, the Brazilian real by 40% and the Russian rouble by 45% against the greenback (see chart).
Those who believe that competitive exchange rates boost economic growth should be pleased. But not every country is willing to let its currency freely adjust. The IMF’s annual review of currency regimes, published this month, revealed that at the beginning of 2015 only 35% of member countries let their currencies float, and only 16% intervened rarely enough for the IMF to classify them as “free floating”. The rest, from Hong Kong’s iron-clad peg to the dollar to the stumbling Nigerian naira, are managed with a tighter grip. This penchant for pegs can make sense. Many big oil exporters peg their exchange rates to the dollar because oil is priced in that currency. Anchoring a country’s exchange rate to another, stable currency allows a weak central bank to latch on to the credibility of a stronger institutions, and so keep inflation expectations steady. Just ask a Zimbabwean whether they prefer the old regime (when 175 quadrillion Zimbabwean dollars exchanged for five American dollars) or the new, hard-currency one. But pegs come with strings attached. In a free market, a shock such as a collapse in the value of exports would boost relative demand for foreign exchange, which in turn would cause the domestic currency to depreciate. The danger of a peg is that rather than allowing the exchange rate to adjust gradually, imbalances build up. Speculators spot the problem and attack the currency; if the country has to push up interest rates to defend the peg that hurts the underlying economy, but devaluing brings potential ruin to companies that have borrowed in foreign currency. If the exchange rate does not adjust to a shock, then something else has to shift instead. Some places, like Hong Kong, have enough flexibility to cope; its strong peg to the dollar works because workers’ wages can go down as well as up. But not everywhere is so nimble. An alternative approach is to build huge reserves to ward off speculators, as Saudi Arabia has done. According to estimates from Jadwa Investment, a Saudi Arabian fund manager, the government has amassed enough reserves to cover a comforting 48 months of imports. Few seem to think that the Saudi peg will fall soon.
- http://www.scmp.com/business/markets/article/1895991/should-hong-kong-let-go-its-peg-us-dollar-now
international currency
- 有說法是美國經濟在一八七○年超越英國，一九四五年美元替代英鎊成為國際流轉貨幣。這樣簡單樂觀的比較，忽視了英國及歐洲之前從領先美國至落後美國，在兩場世界大戰美國發戰爭財，而美元霸權的開始是依靠外貿順差帶來佔了全球大多數的黃金，基礎是金本位制，美元霸權的頭二、三十年也是金本位制的時代。現在美國或因地區戰爭而轉弱，但取消金本位制，美元還可靠金融霸權來支撐，不用像英國當年那樣，因外貿逆差，欠美國債而要把黃金運往美國。日本在九十年代開展的日圓國際化，至今成效輕微。現時佔全球國際支付不足百分之二的比重要追美元，除非美國自陷大危機，二、三十年遠不足夠，美國替代英國也要七、八十年。http://orientaldaily.on.cc/cnt/news/20180717/00184_001.html
Formation of economic bloc and national currency
- deutsche zollverein or customs union of german lands (began in 1820s and expanded to include most of german states)
- gold standard, standardisation of coinage and of weights and measures
- latin monetary union (gold standard) created in 1860s on the initiative of france, incorporating switzerland, italy and belgium. It extended to iberian peninsula (spain) and the balkans (greece, serbia, romania and bulgaria)
- using standardised coinage and free acceptance of different currencies
- came to an end with tensions of ww1, de jure dissipation came in 1927.
- scandinavian monetary union (gold standard) established in 1873
- banknotes were interchangeable and accepted across borders
- brought to an end by ww1, de jure dissipation in 1924.
- EU and D-mark
- https://www.quora.com/Was-the-euro-specifically-designed-to-assist-the-German-economy
- https://www.bbc.com/news/business-12346083 Do you remember the tanner, shilling, florin and half crown? If you do, you must be at least in your 40s, because it was back in February 1971, 40 years ago, that Britain "went decimal" and hundreds of years of everyday currency was turned into history overnight. On 14 February that year, there were 12 pennies to the shilling and 20 shillings to the pound. The following day all that was history and the pound was made up of 100 new pence. Decimalisation - having a currency based on simple multiples of 10 and 100 - had been a long time coming to Britain. France and the United States had gone decimal in the 1790s. Britain first thought about doing the same in the 1820s but the idea did not gather momentum. Prior to 1971, the closest Britain came to decimalisation was in 1849 with the introduction of the florin - a coin worth two shillings (24 old pence or 10 new pence) which was one-tenth of a pound. During the 1960s a number of Commonwealth countries had gone decimal - Australia, New Zealand and South Africa. Some three years before "D-Day" or Decimal Day, new 5p and 10p coins were introduced. They were of the same size and value as the existing one and two shilling coins. Then in 1969, a 50p coin was introduced to replace the 10-shilling note. The 50p coin was referred to as a 10-shilling coin at the time. On Monday 15 February 1971, the process was completed when the 0.5p, 1p and 2p coins were introduced. The banks were closed for four days from the previous Thursday to prepare for the change-over.
- uk
- On 15 February 1971, known as Decimal Day, the United Kingdom and Ireland decimalised their currencies. Under the old currency of pounds, shillings and pence, the pound was made up of 240 pence (denoted by the letter d for Latin denarius and now referred to as "old pence"), with 12 pence in a shilling and 20 shillings (denoted by s for Latin solidus) in a pound. The loss of value of the currency meant that the "old" penny, with the same diameter as the US half-dollar, had become of relatively low value.
- The Coinage Act of 1792 had officially authorized the United States as the first English-speaking nation to have decimalised currency, although Tsar Peter the Great used the concept for the Russian ruble close to a century earlier, in 1704, while China has used such a decimal system for at least 2000 years.[1] The United Kingdom's Parliament rejected Sir John Wrottesley's proposals to decimalise sterling in 1824, which was prompted by the introduction in 1795 of the decimal French franc. After this defeat, little practical progress towards decimalisation was made for over a century, with the exception of the two-shilling silver florin (worth
110 of a pound) first issued in 1849. A double florin or four-shilling piece was a further step in that direction but failed to gain acceptance and was struck only from 1887 to 1890. The Decimal Association was founded in 1841 to promote decimalisation and metrication, both causes that were boosted by a realisation of the importance of international trade following the 1851 Great Exhibition. It was as a result of the growing interest in decimalisation that the florin was issued. In their preliminary report, the Royal Commission on Decimal Coinage (1856–1857) considered the benefits and problems of decimalisation but did not draw any conclusion about the adoption of any such scheme. A final report in 1859 from the two remaining commissioners, Lord Overstone and Governor of the Bank of England John Hubbard came out against the idea, claiming it had "few merits". In 1862, the Select Committee on Weights and Measures favoured the introduction of decimalisation to accompany the introduction of metric weights and measures. The decimalisation movement even entered fiction. In Anthony Trollope's Palliser novels (and more so in the television series based on them), Plantagenet Palliser is a passionate advocate of decimalisation, a cause the other characters seem to find intensely boring. Palliser's scheme would have divided the shilling into ten (presumably revalued) pennies. This would have changed the threepenceinto 2
- 12 new pence, the sixpence into fivepence and the half crown into a two shilling, five pence piece. It would also have required the withdrawal and reissuance of the existing copper coinage. At the end of the fifth book in the series, The Prime Minister, Palliser (now Duke of Omnium) muses that the reform will not be accomplished, since it can only be done by a Chancellor of the Exchequer sitting in the House of Commons, and the Duke now sits in the House of Lords.
- https://www.quora.com/What-is-the-origin-of-the-difference-between-the-number-billion-in-English-and-in-other-languages the British switched over to the U.S. billion, and (if memory serves) this occurred shortly after 1971 when the British currency became decimalised.
The sol, later called a sou, is the name of a number of different coins, for accounting or payment, dating from Antiquity to today. The name is derived from the solidus. Its longevity of use anchored it in many expressions of the French language. The solidus is a coin made of 4.5 g of gold, created by emperor Constantine to replace the aureus.Doing honour to its name, the new currency earns the reputation of unalterability, crossing almost unchanged the decline and fall of the Western Roman Empire, the great invasions and the creation of Germanic kingdoms throughout Europe; not only was it issued in the Byzantine empire until the 11th century under the name of nomisma, but the solidus was imitated by the barbarian kings, particularly the Merovingians, albeit most often in the form of a "third of a sou" (tremissis).In 1795, the livre was officially replaced by the franc and the sou became obsolete as an official currency division. Nevertheless, the term "sou" survived as a slang term for 1/20 of a franc. Thus the large bronze 5-centime coin was called "sou" (for example in Balzac or Victor Hugo), the "pièce de cent sous" ("hundred sous coin") meant five francs and was also called "écu" (as in Zola's Germinal). The last 5-centime coin, remote souvenir inherited from the "franc germinal", is removed from circulation in the 1940s, but the word "sou" keeps being used (except for the 1960 new franc's five-centime coin which was worth five old francs).
tournoi
- [1776 chronicle] to get more info
The escudo (Portuguese: "shield") is a unit of currency historically used in Portugal and in their colonies in South America, Asia, and Africa.[1] It was originally worth 16 silver reais. The Cape Verdean escudo and the former Portuguese escudo (PTE), each subdivided into 100 centavos, are named after the historical currency. Its symbol is defined as a letter S with two vertical bars superimposed used between the units and the subdivion.
The piastre or piaster (English: /piˈæstər/) is any of a number of units of currency. The term originates from the Italian for "thin metal plate". The name was applied to Spanish and Hispanic American pieces of eight, or pesos, by Venetian traders in the Levant in the 16th century. These pesos, minted continually for centuries, were readily accepted by traders in many parts of the world. After the countries of Latin America had gained independence, pesos of Mexico began flowing in through the trade routes, and became prolific in the Far East, taking the place of the Spanish pieces of eight which had been introduced by the Spanish at Manila, and by the Portuguese at Malacca. When the French colonised Indochina, they began issuing the new French Indochinese piastre (piastre de commerce), which was equal in value to the familiar Spanish and Mexican pesos. In the Ottoman Empire, successive currency reforms had reduced the value of the Ottoman piastre by the late 19th century so as to be worth about two pence (2d) sterling. Hence the name piastre referred to two distinct kinds of coins in two distinct parts of the world, both of which had descended from the Spanish pieces of eight. Because of the debased values of the piastres in the Middle East, these piastres became subsidiary units for the Turkish, Cypriot, and Egyptian pounds. Meanwhile, in Indochina, the piastre continued into the 1950s and was subsequently renamed the riel, the kip, and the dong in Cambodia, Laos and Vietnam respectively.
tournoi
- [1776 chronicle] to get more info
The escudo (Portuguese: "shield") is a unit of currency historically used in Portugal and in their colonies in South America, Asia, and Africa.[1] It was originally worth 16 silver reais. The Cape Verdean escudo and the former Portuguese escudo (PTE), each subdivided into 100 centavos, are named after the historical currency. Its symbol is defined as a letter S with two vertical bars superimposed used between the units and the subdivion.
The piastre or piaster (English: /piˈæstər/) is any of a number of units of currency. The term originates from the Italian for "thin metal plate". The name was applied to Spanish and Hispanic American pieces of eight, or pesos, by Venetian traders in the Levant in the 16th century. These pesos, minted continually for centuries, were readily accepted by traders in many parts of the world. After the countries of Latin America had gained independence, pesos of Mexico began flowing in through the trade routes, and became prolific in the Far East, taking the place of the Spanish pieces of eight which had been introduced by the Spanish at Manila, and by the Portuguese at Malacca. When the French colonised Indochina, they began issuing the new French Indochinese piastre (piastre de commerce), which was equal in value to the familiar Spanish and Mexican pesos. In the Ottoman Empire, successive currency reforms had reduced the value of the Ottoman piastre by the late 19th century so as to be worth about two pence (2d) sterling. Hence the name piastre referred to two distinct kinds of coins in two distinct parts of the world, both of which had descended from the Spanish pieces of eight. Because of the debased values of the piastres in the Middle East, these piastres became subsidiary units for the Turkish, Cypriot, and Egyptian pounds. Meanwhile, in Indochina, the piastre continued into the 1950s and was subsequently renamed the riel, the kip, and the dong in Cambodia, Laos and Vietnam respectively.
Currency devaluation
- http://www.economist.com/news/finance-and-economics/21685489-big-currency-devaluations-are-not-boosting-exports-much-they-used-after
- cases
- The Plaza Accord was a joint-agreement, signed on 22 September 1985, at the Plaza Hotel in New York City, between France, West Germany, Japan, the United States, and the United Kingdom, to depreciatethe U.S. dollar in relation to the Japanese yen and German Deutsche mark by intervening in currency markets. The U.S. dollar depreciated significantly since the agreement until it was replaced by the Louvre Accord in 1987. The Louvre Accord (formally, the Statement of the G6 Finance Ministers and Central Bank Governors)[1] was an agreement, signed on February 22, 1987, in Paris, that aimed to stabilize international currency markets and halt the continued decline of the US dollar after 1985 following the Plaza Accord.[1] It was considered, from a relational international contract viewpoint, as a rational compromise solution between two ideal-type extremes of international monetary regimes: the perfectly flexible and the perfectly fixed exchange rates.The agreement was signed by France, West Germany, Japan, Canada, the United States and the United Kingdom.[1] The Italian government was invited to sign the agreement but declined.
printing money
- https://www.ft.com/content/7d31805c-b7ca-11e6-961e-a1acd97f622d When Marco Polo went to China he discovered something better than alchemy. Rather than turning base metals into gold, he marvelled that the Chinese were creating money out of paper. But what the 13th-century Venetian traveller could not know was how perilous a paper currency would prove for the country that invented it. Helicopter money has been proposed as an alternative to Quantitative Easing (QE) when interest rates are close to zero and the economy remains weak or enters recession. Economists have used the term 'helicopter money' to refer to two very different policies. The first set of policies emphasises the 'permanent' monetisation of budget deficits. The second set of policies involves the central bank making direct transfers to the private sector financed with base money, without the direct involvement of fiscal authorities. This has also been called a citizens' dividend or a distribution of future seigniorage. The idea was made popular by the American economist Milton Friedman in 1969; starting from 2012, economists have also called this idea "quantitative easing for the people."
- 紐約州華裔企業家楊安澤去年參選民主黨總統初選時，曾提出向民眾派錢的「全民基本收入」（UPI）理念。他近日與紐約州哈德遜一個社區組織合作，自資六十萬美元（約四百六十八萬港元），連續五年向紐約上州廿名低收入居民每月派發五百美元（約三千九百港元），了解能否改善他們生活質素。https://orientaldaily.on.cc/cnt/china_world/20200514/00180_005.html
bank clearance system
- swift
- 美國制裁伊朗、俄羅斯乃至北韓，最主要的工具是利用美國操控的全球跨境銀行結算系統（SWIFT系統）。據此，美國可監控所有外匯交易，並可引用美國法律懲罰任何外國銀行與企業。相對於聯邦儲備局控制國際上美元供應的數量和利率，這個操控手段更為厲害。SWIFT系統明顯上私營，實際操控於美國之手，與美元的發行、美國金融體在國際市場上的近乎寡頭壟斷地位，構成美國金融霸權的三大支柱。國際上為迴避美國金融霸權，當前主要的做法是去美元化。不用美元，改採其他國際貨幣或本國貨幣在交易中結算，甚至以物易物。除了以物易物外，即使用其他非美元貨幣，還是要通過SWIFT系統在銀行間結算，還是逃不了美國的金融操控。針對這種困境，中國在二○一五年推出人民幣跨境支付系統，今年五月二日第二期運行，覆蓋全球的所有時區。要與SWIFT系統競爭，還有很長的道路要走。但中國政府正銳意推行人民幣的國際化，借助當前美國金融霸權對所有國家進行壓迫之際，擴大人民幣的國際支付、建構人民幣資金的國際市場的循環使用。http://orientaldaily.on.cc/cnt/news/20180516/00184_001.html
- https://www.scmp.com/business/banking-finance/article/2165580/how-global-payment-system-cashes-yuans-increased-use-learn global financial messaging provider Society for Worldwide Interbank Financial Telecommunication (SWIFT) localises its technologies to support the Chinese language, a move to draw more mainland Chinese institutions into its network and help them converge with international market practices.
- iran
- https://www.reuters.com/article/us-iran-banks-swift/iranian-banks-reconnected-to-swift-network-after-four-year-hiatus-idUSKCN0VQ1FD Global transaction network SWIFT has reconnected a number of Iranian banks to its system, allowing them to resume cross-border transactions with foreign banks after the lifting of sanctions on Tehran, a SWIFT official said.
- https://www.ft.com/content/04b831fc-5913-11e8-bdb7-f6677d2e1ce8 The US and EU are heading for a showdown over how to handle one of the linchpins of the global financial system following Donald Trump’s decision to re-impose sanctions on Iran. The US has declared its determination to sever Iranian banks and the Tehran central bank from foreign financial institutions as it increases sanctions in the coming months after Mr Trump pulled out of the nuclear deal with Iran. Part of doing so will probably involve ensuring that the Belgium-based Swift network, the financial messaging system which facilitates cross-border payments, cuts off the Iranian banking system, as it did before Tehran signed the nuclear accord with six world powers in 2015.
- https://www.ft.com/content/1db52c7a-ca27-11e8-b276-b9069bde0956 European finance ministers will try to persuade the Trump administration not to cut off Iran’s access to Swift, the global financial messaging service, in meetings with Steven Mnuchin, the US Treasury secretary, at the IMF gathering in Bali this week. The Trump administration is due to reimpose hefty sanctions against Iran on November 5, including secondary sanctions on financial messaging services to the Central Bank of Iran and some Iranian financial institutions.
- 据俄罗斯Gazeta.ru新闻网站报道，俄罗斯、中国与欧盟各国发表联合声明称，各方就为伊朗建立特别支付系统一事达成一致。国际金融中心专家盖达尔·加萨诺夫（Gaydar Gasanov）说：“支付渠道将取代全球主要金融体系SWIFT，可确保伊朗收取石油收入、支付进口产品并为其在海外活动提供资金。
来源：«透视俄罗斯» - http://tsrus.cn/jingji/caijing/2018/10/19/663441
- china
- china daily 6aug19 SWIFT expanding presence in china http://paper.takungpao.com/resfile/PDF/20190808/PDF/a17_screen.pdf
- china daily 23aug18 "berlin backs EU payment system without US"
- https://www.dw.com/en/instex-europe-sets-up-transactions-channel-with-iran/a-47303580 Germany, France and the UK have set up a payment channel with Iran called INSTEX, to help continue trade and circumvent US sanctions. Washington has cautioned EU nations against such actions. Several European countries have set up a new transaction channel that will allow companies to continue trading with Irandespite US sanctions. The announcement was made on Thursday. The channel, set up by Germany, France and the UK, is called INSTEX — short for "Instrument in Support of Trade Exchanges."
central bank debt
- https://www.ft.com/content/ae19e60e-81b0-11e7-94e2-c5b903247afd Leading central banks now own a fifth of their governments’ total debt, a sign of the scale of the challenge they will face in unwinding unprecedented stimulus measures deployed over the past decade. Since the financial crisis emerged, the world’s biggest central banks have carried out large-scale purchases of bonds and other securities in a bid to boost the global economy by driving down borrowing costs for households and businesses. In total, the six central banks that have embarked on quantitative easing over the past decade — the US Federal Reserve, the European Central Bank, the Bank of Japan and the Bank of England, along with the Swiss and Swedish central banks — now hold more than $15tn of assets, according to analysis by the FT of IMF and central bank figures, more than four times the pre-crisis level.
funds
- ft 2jul18 "secrets of long life: the funds that go on and on"
etf
- 本周為交易所買賣基金（ETF）面世廿五周年，研究機構ETFGI資料顯示，全球有近7,200隻ETF，管理資產達4.8萬億美元（約37.44萬億港元），ETF已由一種不起眼的投資工具，進身全球金融市場的中心位置。全球首隻ETF名為SPDR（Standard Poor's Depository Receipts），將標指所有成分股包裝為單一股份，容許投資者押注廣泛大市。相比與之類似的指數互惠基金，ETF的優點包括可全日交易，以及不像許多 互惠基金般設有認購費導致成本增加。http://orientaldaily.on.cc/cnt/finance/20180124/00202_013.html
new currency
- 勞動券, 時間鈔 hkej monthly jul18 pp134-5
digital currency
- sovereign
- 在本周出席公 開活動時，黃奇帆 透露了中國即將發 布的數字貨幣名為 「DCEP」 ，並表 示 「中國人民銀行 很可能是全球第一 個推出數字貨幣的 央行」 。黃奇帆自 重慶市長退下來，近年圍繞產經政策屢有 主題演講，因其獨到見解備受外界追捧。 但人有失手、馬有亂蹄，這次還是露了怯 。事實上，在人民銀行之前，全球已有多 國在主權數字貨幣領域有所嘗試。 早在2016年，新加坡就曾基於區塊鏈 技術開發 「Ubin」 項目，旨在實現全球各 國央行通過數字貨幣處理實時跨境交易。 「Ubin」 共分為三個階段，最後一步即發 行CBDC（中央銀行數字貨幣），但考慮 到CBDC在可擴展性和隱私性存在一定局 限，新加坡政府近來明顯放緩開發進程。 無獨有偶，加拿大在2017年推出了類似項 目 「Jasper」 ，同樣應用於跨境支付領域 ，但 「Jasper」 更多體現出實驗性質，加 拿大政府也從未有發布CBDC的計劃。 瑞典是貨幣無紙化程度很高的國家， 2017年發布報告，探討推出一種國家擔保 的數字貨幣 「E-krona」 ，以便全面取代 本國貨幣克朗。按照計劃， 「E-krona」 將於2021年開始使用，但今年已有不法分 子打着 「E-krona」 的旗號，在網上進行 詐騙行為。http://paper.takungpao.com/resfile/PDF/20191103/PDF/a12_screen.pdf
- https://www.scmp.com/tech/blockchain/article/3043445/china-expand-blockchain-pilot-study-fx-reforms-cryptocurrency China will expand the scope of its blockchain cross-border financing pilot platform, a senior official at the country’s foreign exchange regulator said on Tuesday.Lu Lei, deputy head of the State Administration of Foreign Exchange (SAFE) made his remarks at a forum in Beijing, where he said the regulator will strengthen the integration of financial technology and the foreign exchange market, while maintaining a grip on supervising technology development.“We will gradually expand the scope of the pilot and the application scenarios of blockchain technology in cross-border financing and macro prudential management,” Lu said.“At the same time, (the government) will push forward a prospective study on foreign exchange reforms to deal with cryptocurrency and explore the construction of the foreign exchange regulation and technology system under the new situation.”
- Six new banks have joined a UBS-led effort to create a digital cash system that would allow financial markets to make payments and settle transactions quickly via blockchain technology. The group aims to launch the system late next year. Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have joined the group developing the "utility settlement coin" (USC), a digital cash equivalent of each of the major currencies backed by central banks, UBS said on Thursday. The group is in discussions with central banks and regulators and is aiming for a "limited 'go live'" in the latter part of 2018, UBS's head of strategic investment and fintech innovation told the Financial Times. http://www.businesstimes.com.sg/banking-finance/six-big-banks-join-blockchain-digital-cash-settlement-project
- ft 4jun19 big banks gear for digital coin release
- https://www.scmp.com/lifestyle/travel-leisure/article/3034043/japans-pocket-change-turns-old-foreign-currency-e-cash Enter Pocket Change, a money exchange kiosk that does more than just exchanging one currency for another. Instead, Japan’s latest travel invention collects all your leftover foreign coins and trades the accumulated amount into vouchers and e-cash to use in your home currency.Available vouchers and e-cash depend on the partnering “vendors” of each specific nation. You can convert the money you have into e-cash such as Reward Link credit (in Singapore), WeChat credit (China), YBCoin credit (Hong Kong) or public transport card top-ups in Japan. Alternatively, you can opt for a voucher equal to the accumulated amount you deposited in the machine. iTunes, Uber and even Domino’s Pizza are some of the vendors offering vouchers through the service.
- ft 19jun19 global financial watchdog join forces to judge risks of facebook currency
- ft 22aug19 brussels antitrust team begins circling facebook's proposed digital currency
- David Marcus (born April 12, 1973) is a French-born American entrepreneur. He is the former president of PayPal and is the current Vice President of Messaging Products at Facebook where he heads the Facebook Messenger unit. In December 2017, Marcus was appointed to the Coinbase Board of Directors. He is the actual director of Libra, a cryptocurrency project initiated by Facebook.Marcus was born on April 12, 1973[1] in Paris, France to a Romanian father and Iranian mother.[2] He grew up in Geneva, Switzerland.[3] At the age of 8, he learned basic computer coding.[4] Marcus attended the University of Geneva for one year before dropping out initially to support his family by working at a bank[5] and later to pursue an entrepreneurial career.
- hkej 20jun19 shum article
- https://www.reuters.com/article/us-facebook-cryptocurrency-france-german/france-and-germany-agree-to-block-facebooks-libra-idUSKCN1VY1XU France and Germany have agreed to block Facebook’s Libra cryptocurrency, the French finance ministry said on Friday. In a joint statement, the two governments affirmed that “no private entity can claim monetary power, which is inherent to the sovereignty of nations”.French Finance Minister Bruno Le Maire said on Thursday that Facebook’s new cryptocurrency should not be allowed to operate in Europe while concerns persist about sovereignty and persistent financial risks.
- ft 20sep19 singapore warns on facebook coin
- https://www.bloomberg.com/news/articles/2019-09-18/germany-broadens-european-front-opposing-facebook-s-libra-plan
- https://www.ft.com/content/6af11092-e5fd-11e9-9743-db5a370481bc PayPal is on the verge of quitting Facebook’s Libra project after having pulled out of a key meeting in Washington on Thursday. All 28 backers of Facebook’s plan for a new global digital currency were due to gather to discuss how Libra would tackle increasing opposition from regulators, but people familiar with the event said PayPal had not been present — the only one not to show. A decision by the payments group to quit Libra would be a big blow for the project, which is being steered by David Marcus, a Facebook executive who was previously PayPal’s president. One person close to PayPal said the company was concerned that Facebook has not done enough to address the backlash against the project, especially over money-laundering concerns.
- 社交網Facebook（Fb）打算明年推出虛擬貨幣Libra，惟計劃不斷受挫。繼PayPal後，信用卡公司Visa、MasterCard、拍賣網站eBay及科企Stripe等，上周五宣布退出Libra計劃，令現時參與Libra計劃的企業減至廿三個。https://orientaldaily.on.cc/cnt/china_world/20191013/00180_013.html
- https://www.telegraph.co.uk/technology/2019/10/13/g20-bankers-warned-digital-coins-like-libra/
- https://www.scmp.com/tech/innovation/article/3034570/facebooks-digital-currency-libra-poses-threat-wechat-pay-and-alipay Chinese tech giant Tencent Holdings has acknowledged that Facebook’s proposed cryptocurrency Libra could pose a serious threat to existing digital payment systems, including its own WeChat Pay as well as Alipay from rival Alibaba Group Holding. “Libra, if launched successfully … would not only impact traditional financial institutions but also undermine internet firms, including Tencent and Alibaba, which have their own relatively mature payment systems, hindering their global expansion,” Tencent said in a blockchain whitepaper released this week.
- 澳媒周三報道，為了釋除洗錢疑慮，澳洲多家金融監管機構或迫使Fb披露Libra計劃細節。Fb澳洲分部發言人回應時指，Fb將繼續對話。報道指，八間監管機構上月與Fb會面後不滿，已同意向Fb推出虛擬貨幣計劃施壓。對於有關虛擬貨幣或會引發擾亂金融系統、損害Fb用戶、協助洗錢等問題，澳洲訊息專員辦公室（OAIC）副專員漢普頓（Elizabeth Hampton）已向其他監管機構發電郵稱，若Fb未能就上述疑慮提供答案，國內監管機構將考慮在可能情況下行使正式權力。澳洲證券與投資委員會（ASIC）七月曾警告，若不能有效監管Libra，所有受監管實體、消費者、投資者或會受影響，擔心以Libra為基礎的詐騙活動擴散。Fb澳洲分部當時拒絕回應有關問題。https://orientaldaily.on.cc/cnt/china_world/20191107/00180_028.html
- Singapore state investor Temasek Holdings Pte has joined the Libra Association -- the organization behind Facebook Inc’s proposed digital currency.Libra said in an emailed statement that San Francisco-based crypto investment firm Paradigm, as well as investor Slow Ventures, have also joined as new members. The move to add Temasek comes as Libra attempts to win over global regulators to push the project forward, after facing initial blowback from politicians and revising plans for the release of a digital coin. Libra last week announced former US Treasury Department official Stuart Levey as its first chief executive officer.https://www.chinadailyhk.com/article/130637#S'pore's-Temasek-joins-Facebook-backed-Libra-Association
- Estcoin is a mooted national cryptocurrency, devised by the Government of Estonia[1][2] in August 2017.[3] In June 2018, amid criticism from banking authorities, Estcoin's plans were revised to no longer peg its value to the euro, nor for it to be a national cryptocurrency,[4] but that Estonia would plans to “explore various possibilities” for blockchain technology.[5] As will be restricted to individuals within the Estonia e-Residency program, it cannot be exchanged freely and thus technically doesn't qualify as a cryptocurrency.
- hkej 21jun19 shum article
- https://www.scmp.com/tech/policy/article/3036208/chinese-state-media-warns-blockchain-push-not-green-light-speculation Chinese state media People’s Daily has published a commentary stressing that while blockchain can help provide the breakthroughs needed to overtake competitors it should not be compared to cryptocurrencies, which China banned in 2017.The commentary, which comes a week after Chinese President Xi Jinping called for more research and investment into blockchain, emphasised that the opportunity brought about by blockchain did not mean people could speculate in cryptocurrencies.
- China has started testing its government-backed digital currency in some regions before it is introduced to the public, aiming to replace paper notes and coins in circulation, according to the People's Bank of China, the central bank. At present, the trials are being conducted in a closed environment and not connected to the existing sovereign currency issuance and circulation system. Pilot programs have been launched in Shenzhen, Suzhou, and Chengdu, as well as in the Xiongan New Area, Hebei province, said a senior official from the digital currency research institute of the PBOC, who did not want to be identified. Some of the payment scenarios related to the Beijing 2022 Winter Olympics are also undergoing tests, he said.https://www.chinadailyhk.com/article/128167#China's-digital-currency-trials-underway
- ft 13aug19 NZ legalises salaries paid in digital currencies
- https://www.reuters.com/article/us-gold-crypto-currency-perth-mint/infinigold-to-launch-digital-token-backed-by-perth-mint-gold-idUSKBN1WP211 Fintech firm InfiniGold said on Thursday it would launch a digital token backed by gold stored in the vaults of Australia’s Perth Mint, one of the world’s largest precious metals refiners.The token will join a growing number of crypto coins whose value is underpinned by physical gold, such as DigixGlobal in Singapore and Goldmint in Russia.
- https://www.ft.com/content/c7739de6-03e7-11ea-a984-fbbacad9e7dd Benoît Cœuré has been picked to head a new unit of the Bank for International Settlements (BIS) charged with producing public alternatives to private digital currency initiatives such as Facebook’s Libra coin. Mr Cœuré comes to the role from the European Central Bank, where he has been a member of the executive board with oversight of payments systems since January 2012. His eight-year term expires on December 31.
- https://www.scmp.com/business/banking-finance/article/3043805/asias-central-banks-are-ahead-race-develop-their-own
- evade sanctions
- https://www.scmp.com/news/asia/east-asia/article/3040030/us-cryptocurrency-expert-virgil-griffith-charged-helping-north A prominent American cryptocurrency expert has been charged for travelling to North Korea to teach the regime to use blockchain technology to evade economic sanctions, the United States Department of Justice said.Virgil Griffith, 36, was charged with violating the International Emergency Economic Powers Act, which prohibits US nationals from exporting goods, services or technology to North Korea without approval from the Treasury Department. It carries a maximum 20-year prison term.The programmer, who lives in Singapore and works for the blockchain and cryptocurrency developer Ethereum, was arrested at Los Angeles International Airport on Thursday, the Justice Department said.Griffith travelled to North Korea via China in April this year to deliver a presentation called “Blockchain and Peace” at the Pyongyang Blockchain and Cryptocurrency Conference, even after the US government had denied his request to go to the country.
cashless society
- hkej 9may19 shum article on germans' attachment to use of cash
https://xe.com - calculation of foreign currencies exchange
bitcoin
- regulation/ban
- 国际结算银行（BIS）发表最新报告表示，对比特币这类加密货币提出警告，指称世界各地中央银行对加密货币的增长不可以袖手旁观，皆因有可能对全球金融体系稳定构成风险。BIS表示，各地央行应当小心衡量是否需要发行加密货币，也要考虑到私隐和支付系统方面的问题，还要考虑其对经济、金融市场和货币政策所产生的影响。http://paper.takungpao.com/resfile/PDF/20170919/PDF/b2_screen.pdf
- 國際間對虛擬貨幣監管愈趨嚴謹，國際清算銀行（BIS）發表報告，指出虛擬貨幣對監管機構帶來監管挑戰，長遠會對金融體系的穩定性造成衝擊，須國際協調制訂監管。http://orientaldaily.on.cc/cnt/finance/20180619/00202_012.html
- uk
- ft 4jul19 uk regulator pushes retail ban on bitcoin derivatives
- china
- scmp 10dec18 mainland tightens grip on digital currencies
- 浙江杭州警方周三宣布查破一宗虛擬貨幣騙案，警方拘捕逾二百名疑犯，凍結涉案資金逾三千萬元（人民幣．下同，約三千三百八十五萬港元），受害人遍及全國各地。涉案詐騙組織自行架設虛擬貨幣交易網站，誘騙市民買賣比特幣，再從中虧空資金牟利。https://orientaldaily.on.cc/cnt/china_world/20191026/00178_002.html
- https://www.scmp.com/economy/china-economy/article/3039254/chinas-cryptocurrency-miners-look-capitalise-policy-shift China’s cryptocurrency miners are cautiously celebrating a government decision not to ban the energy-intensive industry even as authorities launch a fresh crackdown on trading virtual currencies, though operators remain wary of more robust regulation in the future.In a surprising policy shift in late October, China’s economic planning agency, the National Development and Reform Commission (NDRC), removed cryptocurrency mining from a list of activities set for elimination by the end of 2020.Although trading cryptocurrency is banned in China, mining is not, and the country dominates 70 per cent of global mining operations thanks primarily to cheap electricity supply. Its nearest competition, India and the United States, accounted for 4 per cent and 1 per cent of total mining share respectively, according to blockchain.com.Beijing’s change of stance on cryptocurrency mining came soon after Chinese President Xi Jinping publicly endorsed blockchain in late October, leading some industry players to predict a “spring for miners”.Yet mixed messages from the central government, including a fresh warning on virtual currency initial coin offerings and cryptocurrency trading last week, mean most miners still prefer to keep a low profile.The NDRC decision has left many miners confused about the central government’s stance, which appears to have morphed from opposition to “acceptance if in compliance with government regulation,” according to Wang Hongyi, who manages hundreds of thousands of mining machines in the provinces of Sichuan and Shaanxi, as well as Xinjiang and Inner Mongolia autonomous regions, where cheap energy is abundant.
- japan
- http://www.scmp.com/news/asia/east-asia/article/2101880/mtgox-ceo-heads-trial-japan-after-bitcoin-worth-us480-million The former CEO of collapsed Bitcoin exchange MtGox will soon head to trial in Tokyo on charges stemming from the disappearance of hundreds of millions of dollars worth of the virtual currency from its digital vaults. The 32-year-old was first arrested in August 2015 and released on bail nearly a year later over allegations he fraudulently manipulated data and pocketed millions worth of Bitcoins. MtGox, which claimed it once hosted around 80 per cent of global Bitcoin trading, shuttered in 2014 after admitting that 850,000 coins - worth around US$480 million at the time - had disappeared from its vaults.
- http://paper.takungpao.com/resfile/PDF/20170930/PDF/a18_screen.pdf日本金融服務局周五發出首批11個虛 擬貨幣交易經營許可證，批准在日本合法營運，進一步 穩固虛擬貨幣在日本的地位。 日本最大的虛擬貨幣交易所BitFlyer，是全球最大 交易所之一。外電昨引述該公司表示，預期周五獲取營 運許可證，雖然過程漫長，但對於結果感到高興。 BitFlyer和Quine已在金融服務局註冊的虛擬貨幣交易所 中，另外有17家在本月限期前提交申請，一旦經過監管 機構批准後將可繼續經營。
- korea
- 韓國金融服務委員會周五宣布，禁止所有ICO，將 會加強監管及調查客戶資訊外流。http://paper.takungpao.com/resfile/PDF/20170930/PDF/a18_screen.pdf
- 外媒报道称，参与的韩国政府部门包括法务部、金融委员会、金融监督院、警察机关等。另外，外媒亦引述韩国国税厅官员的消息称，考虑针对加密货币交易收益实施徵税，目前讨论的是如何收集加密货币交易数据。美国证券交易委员会（SEC）指控加拿大公司PlexCorps的ICO（首次代币发行）筹资，违反美国证券法，宣布以涉嫌欺诈罪名起诉该间公司，此为该委员会针对ICO的首次执法行动。http://paper.takungpao.com/resfile/PDF/20171206/PDF/a18_screen.pdf
- 新加坡的监管机构对ICO（首次代币发行），与其他亚洲地区不同，新加坡监管当局倾向推动“好”的ICO（即是受一定规管的）。 据英国金融时报报道，新加坡金融管理局局长孟文能（Ravi Menon）对英国金融时报称，新加坡金管局希望在监管较宽松的受控环境“监管沙盒”，测试“好”的ICO。http://paper.takungpao.com/resfile/PDF/20171117/PDF/b3_screen.pdf
- scmp 29jul19 singapore to ease crypto taxation rule
- 印度監管當局展開對比特幣交易所調查，並透過要求銀行增加對比特幣交易所的借貸撥備，打擊虛擬貨幣交易。印度四大銀行更以可疑帳戶為理由暫停帳戶，及對某些帳戶採取限制提款措施。http://orientaldaily.on.cc/cnt/finance/20180122/00202_032.html
- https://in.reuters.com/article/market-bitcoin-india-rbi-pakistan/india-pakistan-central-banks-clamp-down-on-crypto-currencies-idINKCN1HE03G
- usa
- 各地監管機構連環出手打擊虛擬貨幣！美國證券交易委員會（SEC）緊急叫停一宗首次代幣發行（ICO，即企業以虛擬貨幣融資），凍結6億美元資產。Facebook亦全面封殺虛擬貨幣推銷廣告。受負面消息拖累，周三主要虛擬貨幣全線下跌，比特幣失守1萬美元關。http://orientaldaily.on.cc/cnt/finance/20180201/00202_016.html
- 首間提供虛擬貨幣比特幣期貨的美國交易所，將停止推出該期貨的新合約，再一次反映主流金融機構對加密貨幣已經失去當初看好的態度。外媒報道，芝加哥期權交易所（Cboe Global Markets）上周通知交易員，該交易所目前不會推出新的比特幣期貨合約。http://paper.takungpao.com/resfile/PDF/20190320/PDF/a19_screen.pdf
- europe
- zimbabwe
- https://uk.reuters.com/article/us-crypto-currencies-zimbabwe/zimbabwe-bans-banks-from-processing-payments-for-cryptocurrencies-idUKKCN1IF0V4 Zimbabwe’s central bank has stopped local banks from trading or processing payments linked to cryptocurrencies like bitcoin, its governor said on Monday, but stopped short of banning local cryptocurrency trading exchanges.
- taiwan
- 台立法院周五三讀通過兩項修正案，將虛擬通貨平台及交易業務納入洗錢防制法範圍，比特幣等虛擬貨幣將首度納入規管。http://orientaldaily.on.cc/cnt/china_world/20181103/00178_028.html
- hk
- 佔據全球虛擬貨幣掘礦機市場逾90%份額的三大製造商比特大陸、嘉楠耘智（Canaan Inc.）及億邦，先後於去年遞交來港上市申請，然而至今仍是「只聞樓梯響」，未見進展。內媒報道，港交所(00388)行政總裁李小加被問及虛擬貨幣掘礦公司上市問題時指，在審批上市申請時要核心考慮「上市適合性」。http://orientaldaily.on.cc/cnt/finance/20190125/00202_003.html
- 全球最大的虛擬貨幣掘礦機比特大陸，在香港的上市申請失效。比特大陸表示，未來會在合適的時間重新啟動上市工作。至於同業嘉楠耘智（Canaan Inc.）的上市申請，則於去年十一月失效，現時只餘下億邦國際仍在申請有效之列。https://orientaldaily.on.cc/cnt/finance/20190327/00202_016.html
- 三大虛擬貨幣掘礦機生產商來港上市的申請均已失效。有傳當中龍頭比特大陸將改赴美國上市，目標下半年掛牌。https://orientaldaily.on.cc/cnt/finance/20190622/00202_022.html
- 內地比特幣挖礦機生產商來港上市觸礁，紛紛改赴美國掛牌。外媒報道，國內三大礦機商巨頭之嘉楠耘智（Canaan Inc.）已向美國證券交易委員會（SEC）遞交秘密上市申請，目標籌資金額2億美元（約15.6億港元），較最初傳來港集資10億美元規模大減。https://orientaldaily.on.cc/cnt/finance/20190801/00202_024.html
- https://www.scmp.com/business/money/wealth/article/3042962/bitcoin-miners-get-chance-hedge-risks-rig-maker-canaan-ties Bitcoin mining gear maker Canaan has tied up with cryptocurrency market maker GSR to offer its clients risk management products to protect themselves against volatility in bitcoin prices.Hong Kong-based GSR will offer through Hangzhou-based Canaan’s strategic partner Interhash, customised financial instruments such as swaps and collars, which could help them to avoid losses or boost their returns on inventory. Swap is a derivative instrument traded between two parties based on a specified notional amount that can be used for both hedging and speculating, while collar is an options strategy used by traders to protect against downside risks.
- 據彭博消息， 意博資本推出了香港首隻獲批的加密貨幣基金，目標第一年規模達到1億美元（約7.8億港元），這為機構投資者提供了官方許可的比特幣投資窗口。意博資本區塊鏈部門Arrano Capital昨宣佈推出比特幣基金，該機構本月滿足了香港證監會關於投資於虛擬資產的持牌條件。自一年前啟動監督加密貨幣行業，這是香港首次批准此類基金。http://pdf.wenweipo.com/2020/04/21/b01-0421.pdf
- 各地有意將虛擬貨幣正式納入金融監管，日本16間虛擬貨幣交易所，擬於下周成立自我監管機構，歐盟亦計劃於下周召開高層會議，討論相關監管政策及發展方向。一向對虛擬貨幣加強監管的南韓，更明言支持「正常交易」，而非完全禁止，利好比特幣價格http://orientaldaily.on.cc/cnt/finance/20180222/00202_011.html- money laundering
- https://www.ft.com/content/4cd5cc3c-8309-11e7-a4ce-15b2513cb3ffAustralia plans to strengthen its anti-money laundering laws and regulate digital currencies such as bitcoin in the wake of a financial scandal involving its biggest bank, Commonwealth Bank of Australia. Under reforms published on Thursday, Canberra would bring digital currency exchanges under the remit of Austrac, Australia’s financial crime fighting agency. New legislation would also bolster the investigation and enforcement powers of Austrac, which earlier this month initiated a civil legal action against CBA for alleged breaches of laws on money laundering and the financing of terrorism.
- https://www.theguardian.com/technology/2018/mar/14/google-bans-bitcoin-adverts-cryptocurrency-crackdown
- https://www.scmp.com/news/china/article/3041715/chinas-bitcoin-miners-scoop-greater-production-power-says-research China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners.Miners in China control 66 per cent of global “hashrate”, a measure of the power of computers hooked up to the bitcoin network that dictates their ability to produce new coins, according to a report by digital asset manager CoinShares.The Chinese share of hashrate, up from 60 per cent in June, is the highest recorded by CoinShares since it began tracking hashrate nearly two years ago. The gains may be due to their greater deployment of more advanced mining gear, said Chris Bendiksen, the firm’s head of research.Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of bitcoin mining gear. Another, Canaan, launched a US$90 million initial public offering in November, indicating investor hunger for exposure to miners.
- 虛擬貨幣瑞波幣企業Ripple前日指控，Google母公司Alphabet旗下的影片平台YouTube未有打擊冒充Ripple的騙徒，令大批用家誤墮虛擬貨幣騙案，宣布為此提控。Ripple今次提控，被視為挑戰美國保障網絡巨企的爭議法例。https://orientaldaily.on.cc/cnt/china_world/20200423/00180_033.html- grand exit plan?
digital currencies similar to bitcoin
- Ethereum-based blockchain technologies
- Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee.[4] The Litecoin network went live on October 13, 2011.
coin products
- 為慶祝澳洲安全情報組織（ASIO）成立七十周年，當地皇家鑄幣廠在九月特別推出二萬枚藏有「密碼」的新版五十分硬幣，並廣邀所有買家齊齊學特工，破解硬幣上印有的密文訊息。破譯比賽的截止時間為本月二日，澳媒上周五（13日）報道，主辦方近日終於為加密代碼揭秘，並宣布勝出者為一名昆士蘭男子，他將可獲得一枚獨一無二的ASIO硬幣。https://orientaldaily.on.cc/cnt/china_world/20191215/00180_028.html
forex, remittances
- scmp 2sep19 "a new breed of saviour" for the first time, remittances from international notes top other overseas fund sources for developing nations
- ft 31oct19 citigroup plans to withdraw from two thirds of foreign exchange platforms
救市
- international
- hk
The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is theConvention on Mutual Administrative Assistance in Tax Matters and the idea is based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements.
development bank
- economist 9mar19 "reality cheque" development banks are back
private banking
- 滙豐銀行嘅「可持續發展考察之旅」，本來只係畀銀行高層同私人銀行客戶參加，認識要增加財富同時要顧及環保同氣候變化等，該行最近就帶埋理財總值100萬美元以上嘅尚玉客戶，去馬來西亞婆羅洲熱帶雨林考察。婆羅洲考察有咩特色？原來會深入當地丹濃谷五日睇紅毛猩猩、婆羅洲侏儒象、鼯鼠同長臂猿等，睇完動物仲有得落手參與，齊齊種咗80棵婆羅洲盛產嘅龍腦香樹，有客戶參與完即刻話以後採購同裝修都會考慮環保因素，仲反思埋點樣拯救地球！https://orientaldaily.on.cc/cnt/finance/20191204/00202_023.html
Family offices
- http://www.scmp.com/business/money/markets-investing/article/1625425/asias-wealthy-families-show-higher-appetite-risk
- economist 18apr15 issue special report
- http://www.economist.com/news/special-report/21648169-four-main-types-family-business-united-diversity
foundations set up by rich people
- The Stichting INGKA Foundation is a Dutch foundation founded in 1982 by Ingvar Kamprad, a Swedish billionaire and founder of IKEA, and his corporate attorney Linnea Walsh. INGKA is one of the largest charitable foundations in the world and used to be one of the largest nonprofit organizations in the world.[1][2] The name "INGKA" comes from a contraction of his name, while stichting is the Dutch language word for foundation. The stated purpose of the foundation is To promote and support innovation in the field of architectural and interior design; however, the organization has recently expanded its philanthropic agenda to target children in the developing world.
- li ka shing foundation
private equity
- ft 24apr2007 "limis are put to the test" peter smith takes a look at a wonder of 21st c capitalism and explains how it all works
- https://www.scmp.com/news/china/article/3041715/chinas-bitcoin-miners-scoop-greater-production-power-says-research China’s bitcoin miners now control two-thirds of the crypto network’s processing power, research showed on Wednesday, a growing share that is likely to benefit the country’s miners.Miners in China control 66 per cent of global “hashrate”, a measure of the power of computers hooked up to the bitcoin network that dictates their ability to produce new coins, according to a report by digital asset manager CoinShares.The Chinese share of hashrate, up from 60 per cent in June, is the highest recorded by CoinShares since it began tracking hashrate nearly two years ago. The gains may be due to their greater deployment of more advanced mining gear, said Chris Bendiksen, the firm’s head of research.Chinese companies such as Bitmain and MicroBT are among the world’s biggest manufacturers of bitcoin mining gear. Another, Canaan, launched a US$90 million initial public offering in November, indicating investor hunger for exposure to miners.
- 虛擬貨幣瑞波幣企業Ripple前日指控，Google母公司Alphabet旗下的影片平台YouTube未有打擊冒充Ripple的騙徒，令大批用家誤墮虛擬貨幣騙案，宣布為此提控。Ripple今次提控，被視為挑戰美國保障網絡巨企的爭議法例。https://orientaldaily.on.cc/cnt/china_world/20200423/00180_033.html- grand exit plan?
- https://www.bloomberg.com/news/articles/2017-05-22/peach-becomes-japan-s-first-airline-to-accept-payment-in-bitcoin Peach Aviation Ltd. will become the first Japanese carrier to accept bitcoin as payment for airline tickets as the discount airline aims to attract more tourists from other parts of Asia. The cryptocurrency can be used to book seats starting by the end of the year, Peach said in a statement in Tokyo Monday, adding a change in Japan’s law on fund settlements in April helped facilitate the move. The carrier also aims to increase tie-ups with local governments and regional companies to help spread usage of the currency, it said.
- Fidelity Investments is to allow both its own staff and clients to use bitcoin in a sign of the growing acceptance of the crypto-currency. Employees of the US fund giant can now pay for their lunch at the office canteen with bitcoin, reports the Financial Times, reflecting the firm’s desire to position itself at the forefront of developing technology. http://citywire.co.uk/wealth-manager/news/fidelity-to-let-staff-and-clients-use-bitcoin/a1019432
- 《華爾街日報》引述知情人士稱，大型比特幣交易商Coinbase正與潛在投資者商討新一輪融資，集資目標超過1億美元(約7.78億港元)，估值高達10億美元(約77.8億港元)以上，一旦成事，將成為比特幣領域的歷來最大宗融資。Coinbase未就消息置評。http://pdf.wenweipo.com/2017/06/04/a15-0604.pdfCoinbase is a digital asset exchange company headquartered in San Francisco, California. It operates exchanges of Bitcoin (
), Ethereum (Ξ), Litecoin (Ł) and other digital assets with fiat currencies. Coinbase was founded in June 2012 by Brian Armstrong and Fred Ehrsam.[5][12]It enrolled in the Summer 2012 Y Combinator startup incubator program. In October 2012, the company launched the services to buy and sell bitcoin through bank transfers. In May 2013, the company received a US$5 million Series A investment led by Fred Wilson from the venture capital firm Union Square Ventures.[14] In December 2013, the company received a US$25 million investment, from the venture capital firms Andreessen Horowitz, Union Square Ventures and Ribbit Capital. In 2014, the company grew to one million users, acquired the blockchain explorer service Blockr and the web bookmarking company Kippt, secured insurance covering the value of bitcoin stored on their servers, and launched the vault system for secure bitcoin storage.[16][17][18] Throughout 2014, the company also formed partnerships with Overstock, Dell, Expedia, Dish Network, Time Inc., and Wikipedia to power accepting bitcoin payments.[19][20][21][22][23] The company also added bitcoin payment processing capabilities to the traditional payment companies Stripe, Braintree, and PayPal. In January 2015, the company received a US$75 million investment, led by Draper Fisher Jurvetson, the New York Stock Exchange, USAA, and several banks, "apparently the first time any traditional financial institutions have taken direct stakes in a bitcoin enterprise." Later in January, the company launched a U.S.-based bitcoin exchange for professional traders called Coinbase Exchange. Coinbase began to offer services in Canada in 2015, but in July 2016, Coinbase announced it would halt services in August after the closure of their Canadian online payments service provider Vogogo. On 29 March 2016, Coinbase was listed by UK-based company Richtopia at number 2 in the list of 100 Most Influential Blockchain Organisations. In May 2016, the company rebranded the Coinbase Exchange, changing the name to the Global Digital Asset Exchange (GDAX) and offering Ether, the value token of Ethereum, for trade on its professional trading exchange service. In July 2016, they extended the support to their "Coinbase" retail exchange by adding Ether as only the second digital currency offered to retail customers. On March 2017, Coinbase receives from the New York State Department of Financial Services the approval to offer trading of Ethereum and Litecoin currencies in New York.
- https://www.ft.com/content/32881cb2-bf23-11e7-b8a3-38a6e068f464 One of the most active markets for trading cryptocurrencies says it plans to list only a fraction of the hundreds of new digital coins that have been invented this year. The cautious approach to new digital assets by GDAX, a marketplace whose backers include the New York Stock Exchange, underlines the risks around many of the cryptocurrencies born in 2017’s frothy market for initial coin offerings, or ICOs.
- https://www.reuters.com/article/us-aig-blockchain-insurance-idUSKBN1953CD
- bitcoin cash http://pdf.wenweipo.com/2017/08/02/a19-0802.pdf
- 日本金融服务商Fisco计划发行比特币债券。据外媒报道，Fisco正在进行发售以比特币计价的债券，并相信比特币将最终成为日本法定金融资产，有助推动公司业务发展。http://paper.takungpao.com/resfile/PDF/20170818/PDF/b3_screen.pdf
- https://www.reuters.com/article/us-aston-bitcoin-property/isle-of-man-firm-to-launch-250-million-pound-dubai-property-priced-in-bitcoin-idUSKCN1BG3BA The Knox Group of Companies, with headquarters in the Isle of Man, announced late on Tuesday it will launch a residential and commercial property development in Dubai valued at 250 million pounds ($325 million), with residences that can be purchased in the digital currency bitcoin. The company said the 2.4 million-square-foot (22.3-hectare) property venture called Aston Plaza and Residences, consisting of two residential towers and a shopping mall, will be the first major real estate development that will accept bitcoin as payment.
- http://fortune.com/2017/10/10/vanuatu-accepts-bitcoin-for-citizenship/
- 澳洲多間銀行包括，澳洲銀行（NAB）、澳新銀行（ANZ）、澳洲聯邦銀行（CBA）和西太平洋銀行（Westpac Bank）以比特幣交易存在高風險為理由，出手凍結比特幣客戶的帳戶，並禁止帳戶轉帳到不同比特幣交易平台。http://orientaldaily.on.cc/cnt/finance/20180102/00202_013.html
- https://www.scmp.com/tech/blockchain/article/3032215/unicef-now-accepting-donations-through-cryptocurrencies-bitcoin-and The UN children’s agency, Unicef, has announced it is accepting and disbursing donations through cryptocurrencies bitcoin and ether. Unicef’s new Cryptocurrency Fund is the latest in a series of efforts by aid organisations to experiment with “blockchain” currencies, which have the potential to transform charitable giving and increase financial transparency.
- buying property
- 美國Magnum房 地產集團一棟在建的曼哈頓公寓住 宅，日前聲稱接受比特幣付款方 式，這亦是美國第二列接受比特 幣的房地產項目，之前得克薩斯 州奧斯汀的一所新建獨棟住宅首 次使用比特幣進行交易，買家來 自科技行業。http://pdf.wenweipo.com/2017/10/18/b03-1018.pdf
- 用比特幣買屋 366萬成交全英首宗http://pdf.wenweipo.com/2017/12/18/a17-1218.pdf
- http://paper.takungpao.com/resfile/PDF/20190708/PDF/b6_screen.pdf 歐洲早前便有一單物業交易，主要透過虛 擬貨幣進行，成為歐洲有史以來，第一宗 純以虛幣為媒介的物業交易。 這個項目名稱為AnnA Villa，位於巴 黎，是一幢價值650萬歐元的豪宅，買方 為 法 國 的 地 產 公 司 ， 名 為 Sapeb Immobilier and Valoricim，亦是首次有 大廈的業權轉移給一家聯營的、由代幣集 資而成的公司，業權其後分成100個代幣 ，分給各持份者。 這宗交易主要由法國區塊鏈投資平台 Equisafe主事，而所使用的，主要是以太 幣，亦是其中一個把區塊鏈技術引入物業 銷售的例子。
- futures
- CME Group Inc (CME.O), the world’s largest derivatives exchange operator, said on Tuesday it will launch a futures contract for bitcoin later this year, marking a major step in the digital currency’s path toward legitimacy and helping propel it to a fresh record high.https://www.reuters.com/article/us-cme-group-bitcoin/cme-to-launch-bitcoin-futures-in-push-for-currencys-wide-adoption-idUSKBN1D01UG
- 民众金融（00279）旗下民众证券公布，推出芝加哥商业交易所的比特币（Bitcoin）期货交易，为客户提供更多选择。http://paper.takungpao.com/resfile/PDF/20171218/PDF/a5_screen.pdf
- 美國芝加哥商品交易所（CME Group）正式推出比特幣期貨的期權產品，刺激虛擬貨幣比特幣的價格在周二急彈，兩個月來首次突破8,500美元水平。https://orientaldaily.on.cc/cnt/finance/20200115/00202_011.html
- 紐約證券交易所母公司洲際交易所（ICE）周日推出虛擬貨幣比特幣（Bitcoin）的期貨合約，第一宗成交價為10,115美元，與Bitcoin現價相若，該所冀藉此吸引更多投資者投資Bitcoin。https://orientaldaily.on.cc/cnt/finance/20190924/00202_016.html
- https://www.ft.com/content/d8960c02-5aa7-11e8-b8b2-d6ceb45fa9d0
LMAX Exchange, the UK foreign exchange venue has entered the cryptocurrency market and is brandishing its credentials as a reputable trading platform for banks and institutional investors looking at the sector. The London group, which trades about $4tn a year, has added the most widely-traded cryptocurrencies — Bitcoin, Ethereum, Litecoin, Ripple and bitcoin Cash — to its venue. - 縱橫遊成立於一九七九年，至今有三十八年歷史，公司於二○一七年初在創業板掛牌成為上市公司，招股價0.8元。縱橫遊官方網頁昨癱瘓，全線分店全日暫停營業。初步估計被盜資料客戶人數達數十萬計，勒索金額龐大，警方及旅行社方面的電腦專家仍全力尋找「解鎖」和破解方法，料電腦回復運作尚需時日，而縱橫遊各分社今午回復有限度服務。旅遊業議會指這是首次有旅行社的電腦系統遭黑客入侵。他認為倘在短時間內未能破解勒索程式，可能只有兩個選擇，一是交付贖款取回檔案，二是放棄檔案及透過備份復原。他又估計，黑客很可能要求以比特幣支付贖金。http://orientaldaily.on.cc/cnt/news/20171108/00174_001.html
- Accounting firm PricewaterhouseCoopers said it accepted a payment in bitcoin for its advisory services, its first in a virtual currency. https://www.wsj.com/articles/pricewaterhousecoopers-accepts-fee-in-bitcoin-1512036992
- tech firm paying out bitcoin as salary hket a42
- https://uk.reuters.com/article/uk-cboe-bitcoin/cboe-beats-cme-to-bitcoin-futures-launch-with-december-10-start-idUKKBN1DY1SV Cboe Global Markets Inc will launch its bitcoin futures contract on Dec. 10, just over a week ahead of rival CME Group Inc, as the exchange operator takes the next step toward launching an exchange-traded fund based on the digital currency.
- https://www.reuters.com/article/us-venezuela-economy/enter-the-petro-venezuela-to-launch-oil-backed-cryptocurrency-idUSKBN1DX0SQ
- https://www.ft.com/content/5bf1462c-ff84-11e7-9650-9c0ad2d7c5b5 BitFlyer, the Tokyo-based operator of one of the world’s largest bitcoin exchanges, is expanding into Europe after receiving regulatory approval, as the infrastructure that supports cryptocurrency trading continues to grow off the back of the recent boom. The exchange — which has an 80 per cent share of bitcoin trading in Japan and 20-30 per cent of the global market — is launching its European service on Tuesday after gaining a payment institution licence from Luxembourg’s financial regulator.
- 內地挖礦機價飆 境內外買家搶購http://paper.takungpao.com/resfile/PDF/20180220/PDF/a15_screen.pdf
- new pwc tool track footprint digital tokens scmp 12mar18
- 中國一批區塊鏈技術專家及投資者近期與獲得合法牌照的馬來西亞股東達成合作，上周在香港宣佈，在大馬推出持牌交易所，以拓展東南亞區塊鏈和虛擬貨幣商機。 http://pdf.wenweipo.com/2018/03/13/b03-0313.pdf
- coinbase opens barclays bank account ft 14mar18
- http://www.xinhuanet.com/english/2018-04/14/c_137110260.htm Vietnamese prime minister has signed a directive calling for stronger measures to rein in Bitcoin and other digital currencies amid fear that they could destabilize the financial market and hurt traders, local media reported on Saturday. Under the directive, credit institutions in Vietnam are not allowed to carry out digital currency-related transactions and must swiftly report any suspicious activities, newspaper Vietnam Financial Times reported.
- Chinese cryptocurrency mining hardware maker Bitmain is bracing for harder times as the China-US trade war shifts into high gear scmp 17oct18
- etoro (israeli online broker which previously offered leverage trade services on bitcoin) is expanding in s e asia and potentially hk scmp 28jan19 Swiss stock exchange SIX Group has listed an ethereum-based exchange-traded product (ETP). SIX Group announced Tuesday that trading for the Amun Ethereum ETP started on March 5 under the ticker symbol AETH. The product carries an annual management fee of 2.5 percent and is backed by Switzerland-based firm Amun AG. ETPs are a type of financial instruments with an underlying asset such as commodity or cryptocurrency that are traded on stock exchanges in a similar way to shares. https://sg.finance.yahoo.com/news/swiss-stock-exchange-six-lists-090019947.html
- marshall islands
- https://www.bbc.com/news/technology-45485685 The Republic of the Marshall Islands has been warned against adopting a digital currency as a second form of legal tender. The International Monetary Fund (IMF) said the country, which consists of hundreds of islands in the Pacific Ocean, should "seriously reconsider". Currently, only the US dollar counts as legal tender in the islands. A law to adopt a digital currency named "Sovereign" alongside the dollar was passed in February. The first virtual coins are due to be issued to members of the public via an initial coin offering (ICO) later this year. However, IMF directors said the potential benefits of the move were much smaller than the potential costs of "economic, reputational and governance risks".
- hk firm
- octagon strategy scmp 23feb18
- Bitcoin Mercantile Exchange or BitMEX rented office in hk scmp 23aug18
- https://beta.scmp.com/business/money/wealth/article/2182043/hong-kong-based-digital-currency-exchange-bitmex-ditches BitMEX, the bitcoin futures exchange that has leased Hong Kong’s most expensive office in Cheung Kong Center for US$600,000 a month, has been shutting down client trading accounts in the US and the Canadian province of Quebec, as global regulators intensify their crack down on unlicensed cryptocurrency trading platforms. The development comes at the same time as the Hong Kong-based company notifying users in North Korea, Iran, Syria, Cuba, Sudan and Sevastopol in the Crimea since the fourth quarter of 2018 against holding positions or trading on BitMEX, as these are restricted jurisdictions.BitMEX’s move to bar Quebec traders comes after the province’s financial regulator, the Autorité des marchés financiers (AMF), sent a letter to the exchange in early 2018 asking it to close all accounts linked to Quebecois, saying the exchange was not authorised to provide trading services.“BitMEX is not registered with the AMF and is therefore not authorised to have activities in the province of Quebec,” AMF’s director of media relations told the Post.“We informed this company that its activities were illegal.” The AMF official added that all accounts linked to customers in Quebec were immediately closed. The US Securities and Exchange Commission (SEC) declined to comment on BitMEX.
- 香港虛擬貨幣平台（HKCEXP）行政總裁張秀蓮今日在記者會上表示，HKCEXP平台現正進行內部測試，將於數日內推出。https://www.coinsnetwork.com/2018/09/14/%E6%96%B0%E8%99%9B%E6%93%AC%E8%B2%A8%E5%B9%A3%E4%BA%A4%E6%98%93%E5%B9%B3%E5%8F%B0%E6%93%AC%E9%80%B2%E8%BB%8D%E9%A6%99%E6%B8%AF-%E6%95%B8%E6%97%A5%E5%85%A7%E5%B0%87%E6%AD%A3%E5%BC%8F%E6%8E%A8%E5%87%BA/, https://www.hkcexp.com/zh/%E3%80%8C%E9%A6%99%E6%B8%AF%E8%99%9A%E6%93%AC%E8%B2%A8%E5%B9%A3%E5%B9%B3%E5%8F%B0%E3%80%8D%E5%85%A8%E7%90%83%E6%8E%A8%E9%80%B2%E9%A6%99%E6%B8%AF%E7%99%BC%E4%BD%88%E6%9C%83/
- http://hk.hkcd.com/pdf/201811/1109/HS13B09CTAJ.pdf cheung was conferred 爵士 by 圣约翰马耳他爵士联会
- hiccup
- InVault, a Shanghai-based start-up, claims to be the first such digital custodian to take advantage of the new licensing requirements to launch its services in Hong Kong.The company, which has about 1 million ethereum under its protection in mainland China, has obtained a new trust licence from the Hong Kong regulator and will start offering its fully automated service in December.https://www.scmp.com/business/banking-finance/article/2174885/invaults-cryptocurrency-custodian-service-debuts-hong-kong
- https://www.scmp.com/tech/start-ups/article/2183667/chinese-cryptocurrency-exchanges-seek-reverse-mergers-hong-kong-ipo The world’s biggest cryptocurrency exchanges are looking at reverse mergers in Hong Kong, as hopes dim for bitcoin mining rig makers’ plans to go public in the city. The back-door listing efforts have come to light amid the reluctance of the Hong Kong stock exchange to approve the initial public offering (IPO) applications of companies involved in the underregulated cryptocurrency industry, according to people with knowledge of the matter.On the same day that Li made his comments, Hong Kong-listed construction engineering firm Leap Holdings Group disclosed that the company’s controlling shares are now held by OKC Holdings Corp, the parent company of OKCoin – the world’s No 2 cryptocurrency exchange by trading volume. OKC bought a 60 per cent stake in Leap in a HK$484 million (US$62 million) deal completed on January 14. Star Xu Mingming, founder of the OKCoin exchange, is now the largest individual shareholder of Leap through his majority stake in OKC.
- https://beta.scmp.com/business/money/article/2185023/canadian-cryptocurrency-fund-boss-gerald-cotten-died-and-us190million About US$190 million in cryptocurrency has been locked away in a online black hole after the founder of a currency exchange died, apparently taking his encrypted access to their money with him. Investors in QuadrigaCX, Canada’s largest cryptocurrency exchange, have been unable to access their funds since its founder, Gerald Cotten, died last year.
- 日本虛擬貨幣交易公司「BITPoint Japan」早前遭非法入侵，導致價值約三十億二千萬日圓（約兩億一千九百萬港元）的虛擬貨幣失竊。該公司社長小田玄紀周二在記者會上致歉，承認受影響客戶約五萬人，佔總客戶數量一半，他承諾將全額賠償客戶的損失。https://orientaldaily.on.cc/cnt/china_world/20190718/00180_027.html
- Canadian Troy Hogg, who perpetrated a cryptocurrency scam via his Bermuda-domiciled Arbitrade group, is suing a Hong Kong-based Bitcoin exchange known as HitBTC, alleging it has failed to redeem C$1.18 million of Bitcoin he claims to own.https://www.offshorealert.com/troy-hogg-sues-hitbtc-hit-solution-ltd-bitcoin-dispute.aspx
- economist 9feb2020 "taking it with you" what happens when your bitcoin banker dies
- 香港虛擬貨幣交易所Gatecoin被高院頒令清盤，其官方網站亦變為顯示一份聲明，指公司過去一段時間遭遇財政困難，以致無法再提供服務，公司並已被委任臨時清盤人及需即時停止營運。https://orientaldaily.on.cc/cnt/finance/20190315/00202_003.html
- economist 1jun19 "facecoin"
digital currencies similar to bitcoin
- Ethereum-based blockchain technologies
- Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. Litecoin was released via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a former Google employee.[4] The Litecoin network went live on October 13, 2011.
coin products
- 為慶祝澳洲安全情報組織（ASIO）成立七十周年，當地皇家鑄幣廠在九月特別推出二萬枚藏有「密碼」的新版五十分硬幣，並廣邀所有買家齊齊學特工，破解硬幣上印有的密文訊息。破譯比賽的截止時間為本月二日，澳媒上周五（13日）報道，主辦方近日終於為加密代碼揭秘，並宣布勝出者為一名昆士蘭男子，他將可獲得一枚獨一無二的ASIO硬幣。https://orientaldaily.on.cc/cnt/china_world/20191215/00180_028.html
forex, remittances
- scmp 2sep19 "a new breed of saviour" for the first time, remittances from international notes top other overseas fund sources for developing nations
- ft 31oct19 citigroup plans to withdraw from two thirds of foreign exchange platforms
救市
- international
- The Plaza Accord or Plaza Agreement was an agreement between the governments of France, West Germany, Japan, the United States, and the United Kingdom, to depreciate the U.S. dollar in relation to the Japanese yen and German Deutsche Mark by intervening in currency markets. The five governments signed the accord on September 22, 1985 at the Plaza Hotel in New York City.
- Between 1980 and 1985 the dollar had appreciated by about 50% against the Japanese yen, Deutsche Mark, French Franc and British pound, the currencies of the next four biggest economies at the time.[1] This caused considerable difficulties for American industry but at first their lobbying was largely ignored by government. The financial sector was able to profit from the rising dollar, and a depreciation would have run counter to Ronald Reagan's administration's plans for bringing down inflation. A broad alliance of manufacturers, service providers, and farmers responded by running an increasingly high-profile campaign asking for protection against foreign competition. Major players included grain exporters, car producers, engineering companies like Caterpillar Inc., as well as high-tech companies including IBM and Motorola. By 1985, their campaign had acquired sufficient traction for Congress to begin considering passing protectionist laws. The prospect of trade restrictions spurred the White House to begin the negotiations that led to the Plaza Accord. The justification for the dollar's devaluation was twofold: to reduce the U.S. current account deficit, which had reached 3.5% of the GDP, and to help the U.S. economy to emerge from a serious recession that began in the early 1980s. The U.S. Federal Reserve System under Paul Volcker had halted the stagflationcrisis of the 1970s by raising interest rates, but this resulted in the dollar becoming overvalued to the extent that it made industry in the U.S. (particularly the automobile industry) less competitive in the global market.
- The signing of the Plaza Accord was significant in that it reflected Japan's emergence as a real player in managing the international monetary system. However, the recessionary effects of the strengthened yen in Japan's export-dependent economy created an incentive for the expansionary monetary policies that led to the Japanese asset price bubble of the late 1980s.[citation needed] It is thus postulated[4] that Plaza Accord contributed to the Japanese asset price bubble, which progressed into a protracted period of deflation and low growth in Japan known as the Lost Decade.
- hkej 30jul18 shum article
- hk
- http://hk.apple.nextmedia.com/supplement/columnist/左丁山/art/20150812/19251655 8月3日本欄談內地救市不生不死，有幾位朋友來電討論，一位朋友認為國家隊出手救市，外國例子多得很，日本政府便歷來干預市場，中國政府救市，無可厚非，市場不是萬能的。其他朋友則認為中國救市方式失諸於粗暴，不脫共產黨本色，即一放就亂，一亂就管，一管就死，目前不生不死的局面可能維持三年或以上，對中國股市宜避之則吉。金融時報（8月5日）有專欄談中國救市，指日本於1964年的救市方法與今天的中國式「暴力救市」差不了多少，至到今天，日本政府還是積極干預股市，指使政府養老基金少買債券，多買股票。香港在1998年大力救市，給格林斯潘大力批評，但救市成績斐然，至今受人稱頌；英國在1974年，美國在1929年皆曾救市，兩次都不見成功，股市無力回天。左丁山在1964年還是中學生，不知有日本救市，不過後來知道，如日本政府大力救市的話，1964年正合時機，那年東京主辦奧運，象徵日本經濟起飛，開始走入高增長時期，政府救市，因利乘便，隨着出口經濟蓬勃，公司利潤有可觀增長，便造就了1970，1980年代的好景，導致股市樓市大泡沫的形成，日經指數在1989年12月尾攀上三萬八千九百餘點的高峯，之後一瀉如注，26年過後，日經指數還是在二萬點上下浮沉，只是歷史高位的51%。救市要講天時，難道1989年至今，日本政府沒有救市？只是每一次都失敗而已。政府乏力，終究難敵市場大趨勢，大陸的經濟師，分析師不信這一套理論的話，終會吃虧。至於1998年香港救市成功，其實是有上天之助，曾蔭權、許仕仁、任志剛三人精明之處，不是打大鱷的部署，而是懂得在低點入市，當時恒生指數已在七千點以下，行將跌落六千點，左丁山及一班朋友正等待低位撈貨（即是話市場人士已認為恒指抵買），怎不知政府已搶先入貨，買了恒生指數股的近11%，再碰上俄羅斯賴債，LTCM破產，外資對沖基金唯有沽貨離場，套現自保，因是之故，香港1998年一役，勝在於低位入市，復有幸運之神幫忙。今天中國暴力救市，有沒有相似條件？朋友天真許在網上發文指救市要認清價格（Price）與價值（Value）的關係。中國A股在跌市前一年內升了近105%，跌市後還是在一年內升了69%，冠絕全球，股價實在太高，與股票價值偏差甚多（以P/E計）中國其實是在高位救市，與香港1998年剛好相反，救市也就事倍功半了。
The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the Organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is theConvention on Mutual Administrative Assistance in Tax Matters and the idea is based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements.
development bank
- economist 9mar19 "reality cheque" development banks are back
private banking
- 滙豐銀行嘅「可持續發展考察之旅」，本來只係畀銀行高層同私人銀行客戶參加，認識要增加財富同時要顧及環保同氣候變化等，該行最近就帶埋理財總值100萬美元以上嘅尚玉客戶，去馬來西亞婆羅洲熱帶雨林考察。婆羅洲考察有咩特色？原來會深入當地丹濃谷五日睇紅毛猩猩、婆羅洲侏儒象、鼯鼠同長臂猿等，睇完動物仲有得落手參與，齊齊種咗80棵婆羅洲盛產嘅龍腦香樹，有客戶參與完即刻話以後採購同裝修都會考慮環保因素，仲反思埋點樣拯救地球！https://orientaldaily.on.cc/cnt/finance/20191204/00202_023.html
Family offices
- http://www.scmp.com/business/money/markets-investing/article/1625425/asias-wealthy-families-show-higher-appetite-risk
- economist 18apr15 issue special report
- http://www.economist.com/news/special-report/21648169-four-main-types-family-business-united-diversity
foundations set up by rich people
- The Stichting INGKA Foundation is a Dutch foundation founded in 1982 by Ingvar Kamprad, a Swedish billionaire and founder of IKEA, and his corporate attorney Linnea Walsh. INGKA is one of the largest charitable foundations in the world and used to be one of the largest nonprofit organizations in the world.[1][2] The name "INGKA" comes from a contraction of his name, while stichting is the Dutch language word for foundation. The stated purpose of the foundation is To promote and support innovation in the field of architectural and interior design; however, the organization has recently expanded its philanthropic agenda to target children in the developing world.
- li ka shing foundation
private equity
- ft 24apr2007 "limis are put to the test" peter smith takes a look at a wonder of 21st c capitalism and explains how it all works
- economist 23feb19 "smooth operators" the true appeal of private equity
Payment platorm
- http://currentc.com/
電訊公司澳洲電訊（Telstra）周四發生網絡故障，導致澳洲多地的自動櫃員機及超級市場的電子支付系統癱瘓，服務數小時後逐漸回復正常。故障導致超級市場及商店需改為收取現金，初步估計全國損失高達約一億澳元（約五億五千萬港元）。https://orientaldaily.on.cc/cnt/china_world/20190713/00180_025.html
bank card
- https://www.ft.com/content/a67350fa-1f6f-11e7-a454-ab04428977f9 With only 2 per cent of the Southeast Asian nation’s 53m people carrying plastic in their wallets, UnionPay’s rapid push into the frontier market will make its red, blue and green logo one of the first that Burmese youth see when opening an account or applying for a credit card at a local bank. Myanmar is ground zero for the group’s attempt to steal global market share from companies such as Visa and MasterCard. The same goes for countries such as Indonesia, Malaysia, Kazakhstan and even the Democratic Republic of Congo — all spots where local banks have started issuing the Chinese company’s cards to an increasing cohort of non-Chinese customers.
M&A
- banking a/c
- financing options
- http://www.economist.com/news/business/21632675-latest-boom-dealmaking-appears-more-sensible-its-predecessors-valuations-are
crowdfunding
- sites in china and hk http://www.hkcd.com.hk/pdf/201509/0909/HA16909CADB.pdf
Direct listing
- unlike in a typical IPO, Spotify will not be raising any money: It is listing its stock publicly so that its current shareholders can sell, but Spotify itself won't sell any stock on the first day. This is a difference from most IPOs, but it is not an essential one. There are plenty of IPOs where the company doesn't really need the money and insiders sell more shares than the company does. There is a lot of money in private markets, and big tech companies are staying private longer, and the result is that the pressure on companies to go public is increasingly likely to come from private investors who want to cash out rather than from the company's own need to raise money. Another difference is that, unlike in an IPO, Spotify won't have bankers who build a book of demand and then set the initial price of the shares at a level that clears that demand. Instead, it will have a designated market maker on the New York Stock Exchange that will build a book of orders to buy and sell the stock, and then set the initial price of the shares at a level that clears that market. Spotify won't do an investor roadshow, but yesterday it did "a live-streamed hours-long event designed to introduce the company to public market investors," which is not un-roadshow-like. Spotify won't pay banks for underwriting its deal, but it will pay them something like $30 million in advisory fees, which would not be a terrible IPO paycheck. Spotify won't have banks "stabilizing" the deal by buying the stock if it goes down, but then the banks don't end up stabilizing most IPOs anyway just because most IPO stocks go up. https://www.bloomberg.com/view/articles/2018-03-16/spotify-will-skip-a-lot-of-ipo-essentials
i-bank fees
- http://hk.apple.nextmedia.com/financeestate/art/20150115/19003019 近年投行生意難撈，一間中型行每年開支最少三千萬元，除非能包銷一、兩隻大型新股，否則很難生存。資深投行人士溫天納表示，近年不斷有中資券商來港插旗，「間間冇分別，面對同一班客戶群，僧多粥少，好難突圍，惟有鬥平」。立法會金融服務界議員張華峰指，「（投行）都覺得越嚟越難做，搶到爛晒，你唔做就第二個做啫」。投行無肉食原因之一，是大型國企開始熟悉市場，以及有強勁財金網絡有關。該跨國投行亞洲區主管以近日大型內險股一宗配股為例，集資額高達數百億元，看似筍刁，其實只是表面風光。「間公司自己都找到九成承配人，餘下一成才要付1%佣金」。舉例三百億元規模配股交易，投行表面賺1%（即3億元），實則只袋0.1%（即三千萬元）。外資投行已經頂爛市，為了搶刁省靚招牌，佣金低已是不歸路，難向歐美市場看齊。從事收購合併財經顧問人士抱怨，形容財顧費用是「賣身葬父價」，收費與交易複雜度無關，幾乎都是統一價。綜合投行分析，國企只有在「走出去」併購，才願意付較高佣金，始終要依賴跨國投行在海外的人脈及市場知識。投行另一搵錢渠道是與國企合夥投資自己推介的項目，搭同一條船，「但這是投資收入，不是佣金」。
stock exchange
- http://www.ft.com/intl/cms/s/0/fe69e5c6-79a8-11e5-a95a-27d368e1ddf7.html A new band of stock exchanges from emerging markets are pushing ahead with plans to demutualise in coming months, aiming to loosen links with their governments and attract fresh investment. The main exchanges from Nigeria, Israel, India, Turkey, Chile and Sri Lanka are all pursuing plans to make significant changes to their corporate structure, according to their most senior executives.
Bank secrecy/Multilateral Competent Authority Agreement
- http://www.scmp.com/news/china/article/1628574/china-hong-kong-committed-global-alliance-end-banking-secrecy China is among more than 80 countries committed to signing a deal that could help end banking secrecy. Hong Kong has also pledged to join. Its sponsors hope the pact will be a major step in the global battle against tax evasion and fraud. A total of 51 countries have signed up to the Multilateral Competent Authority Agreement, under which their national tax authorities will exchange information automatically from September 2017. More than 30 other countries said they would sign up a year later, in 2018.
Global Bankruptcy Law
- http://www.ft.com/intl/cms/s/0/56622598-59fe-11e4-be86-00144feab7de.html Investors, lawyers, international organisations, governments and trade groups all backed new clauses that would bind investors in government debt to a majority decision if a country defaulted and restructured its bonds. Within a few weeks Kazakhstan became the first country to implement the changes and a line appeared to have been drawn underneath the sorry saga. But not everyone has taken part in the collective back-slapping. Last month, the United Nations General Assembly saw 124 countries vote in favour of considering a legal framework for restructuring the debt of bankrupt sovereign debt that would go beyond the “market based” solution of new bond clauses. Just 11 countries opposed the plan: the US, Britain, Israel, Germany, Czech Republic, Canada, Australia, Japan, Finland, Ireland and Hungary.
a financia derviative is a transaction, or contract, whose value depends on, or, as the name implies, derives from the value of underlying assets such ad stocks, bonds, mortgages, market indexes, or foreign currencies. A common reason to use derivatives is so that the risk of financial operations can be controlled. Derivatives can be used to manage foreign exchange exposure, especially unfavorable exchange rate movements. Speculators can seek profits from general price changes or simultaneous price differences in different markets, respectively. Others use derivatives to hedge their position; that is, to set up two financial assets so that any unfavorable price movement in one asset is offset by favorable price movement in other asset.
Gold price
- http://www.chinadaily.com.cn/business/2015-03/03/content_19699075.htm A new electronic daily gold pricing mechanism, set to launch on March 20, will include moreparticipants in setting the benchmark price of the precious metal, including Chinese banks suchas Industrial and Commercial Bank of China Ltd. The Intercontinental Exchange and the London Bullion Market Association will replace the currentprivate telephone conference between a group of just four banks, the remnants of a system thathas existed since 1919. But from March 20, the gold benchmark will be set via an electronic platform managed by ICEBenchmark Administration. The LBMA hopes the new pricing mechanism will increase the number of participants in the goldmarket. Bank of China Ltd, China Construction Bank Corp and ICBC are already members.
- http://paper.takungpao.com/resfile/PDF/20150710/PDF/b2_screen.pdf 近日交通銀行（03328）成功加入倫敦金銀市場協會（LBMA）並被該協會正式授予普通會員資格，成為國內第四家成功加入該協會的中資銀行。交行貴金屬業務相關負責人表示，成為LBMA會員對該行加快貴金屬業務的國際化具有重要意義。
!!!!!nation retirement related fund
- Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. Superannuation in Australia is partly compulsory, and is further encouraged by tax benefits. The government has set minimum standards for contributions by employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. In 1992, under the Keating Labor Government, the compulsory employer contribution scheme became a part of a wider reform package addressing Australia's retirement income dilemma.
- In the World Bank’s 1994 report, "Averting the Old-Age Crisis: Policies to Protect the Old and Promote Growth", a three-pillar approach was recommended to protect the aged.
- To help the ageing workforce save for their retirement, the Mandatory Provident Fund Schemes Ordinance (“MPFSO”) was enacted in 1995 and later supplemented by subsidiary legislation in 1998, 1999 and 2000. The MPF System was launched in December 2000.
- In 2005, in the light of operational experience, the World Bank expanded the three-pillar framework into a five-pillar framework. The five pillars are:
Pension
- http://www.economist.com/news/finance-and-economics/21672327-governments-should-avoid-arbitrary-changes-tax-treatment-pensions-no-tee HOW best to encourage people to save for their old age? Governments face many trade-offs when dealing with this issue. In the long run, they want to reduce the dependence of citizens upon the state; in the short term, they may prefer workers to consume rather than save, in order to manage the economic cycle. Another trade-off is between cost and simplicity. Governments offer tax breaks as an incentive to save for retirement, although it’s not clear whether such inducements increase the total amount of saving or merely cause workers to reallocate their savings to tax-favoured vehicles.
- http://www.economist.com/news/britain/21688861-state-pension-system-about-change-some-people-will-lose-out-tangled-web
safe deposit
- 保險庫專營公司Swiss Gold Safe話需求自一八年夏天開始激增，另一間喺瑞士蘇黎世有保險箱出租嘅貴金屬經銷商Sincona亦話，3年幾前仲大把吉箱，依家就每日租出至少5個，咁落去好快Full晒。不論英國、瑞士或美國嘅大城市，保險箱都同樣渴市，由幾cm高嘅箱仔到廚櫃Size，甚至成間房咁大都有。國際金庫供應商IBV International Vaults上月開業嘅倫敦保險庫，除咗一般嘅保險箱外，仲提供房咁大嘅保險庫，共450間，房租一年250萬英鎊，即大概2,500萬港紙一年！https://orientaldaily.on.cc/cnt/finance/20200109/00202_025.html
Payment card
- http://www.economist.com/news/finance-and-economics/21708669-five-years-after-crackdown-federal-reserve-credit-card-industry
Cardless atm
- http://www.shanghaidaily.com/business/it/Smartphones-replacing-debit-cards-at-ATMs/shdaily.shtmlHERE’S another use for the smartphone as it invades daily life: in place of your debit card at your bank cash machine. The “cardless” automatic teller machine is gaining ground in the US and around the world, with smartphone technology allowing for speedier and more secure transactions. Dozens of US banks are installing new ATMs or updating current ones to let customers order cash on a mobile application and then scan a code to get their money without having to insert a bank card. US banking giants Wells Fargo, Bank of America and Chase are in the process of deploying the new ATMs, as are a number of regional banks and financial groups around the world. Makers of ATMs and financial software groups are tapping this demand. “We think our model (using smartphones) reduces a lot of vulnerabilities,” said Doug Brown, who leads mobile technology for FIS Global, a major provider of software and technology for ATMs. Brown said the FIS cardless system is being used at some 2,000 ATMs operated by at least 28 banks in the US “and we’re looking to rapidly expand that.” He said the system should be operational at some 80,000 machines in North America over the coming 18 months. And similar changes are coming in other countries, according to Brown. In addition to speeding the transaction time, the smartphone-based system aims to curb the growing problem of “skimming” in which criminals steal the data on a card, often by inserting devices into the ATM card slot.
blockchain
- http://www.economist.com/news/business/21714395-financial-firms-and-assorted-startups-are-rushing-patent-technology-underlies
- https://www.ft.com/content/e088e0b6-131c-11e7-b0c1-37e417ee6c76 The commodities trading house Trafigura and a bank are testing blockchain as a way to settle deals in the US oil market, a sign of the potential for digital technology to change how barrels of crude are bought and sold.
- Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact. Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification. This contrasts with the present process - trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed.https://www.reuters.com/article/us-banks-blockchain-ibm-idUSKBN19H2M6
- ft 20sep18 "banks and energy traders back blockchain launches"
- ft 26sep18 "banks buy in to blockchain project"
- china daily 26sep18 on soccer clubs using blockchain tech
- ft 9nov18 "banks race to launch blockchain trade platforms"
- europe
- trade finance
- jewellery
- AI程式買美股一日輸1.6億恒豐後人與基金公司互告 appledaily 10jun19
Farmland
- http://www.ft.com/intl/cms/s/0/a0933e86-333b-11e2-aa83-00144feabdc0.html This looks set to change, though, according to Detlef Schoen, managing partner, farm investments at Aquila Capital, whose agriculture team manages more than £250m and runs more than 60 farms in New Zealand, Australia and Brazil. In the past, farming has been lumped together with soft commodities but it is increasingly coming to be seen as a specialised form of real estate, which will increase the amount of money available to the sector, he says.
The sector is becoming more attractive to investors who are finding it increasingly difficult to find assets that are truly uncorrelated from the rest of their portfolio.
Payment platorm
- http://currentc.com/
電訊公司澳洲電訊（Telstra）周四發生網絡故障，導致澳洲多地的自動櫃員機及超級市場的電子支付系統癱瘓，服務數小時後逐漸回復正常。故障導致超級市場及商店需改為收取現金，初步估計全國損失高達約一億澳元（約五億五千萬港元）。https://orientaldaily.on.cc/cnt/china_world/20190713/00180_025.html
bank card
- https://www.ft.com/content/a67350fa-1f6f-11e7-a454-ab04428977f9 With only 2 per cent of the Southeast Asian nation’s 53m people carrying plastic in their wallets, UnionPay’s rapid push into the frontier market will make its red, blue and green logo one of the first that Burmese youth see when opening an account or applying for a credit card at a local bank. Myanmar is ground zero for the group’s attempt to steal global market share from companies such as Visa and MasterCard. The same goes for countries such as Indonesia, Malaysia, Kazakhstan and even the Democratic Republic of Congo — all spots where local banks have started issuing the Chinese company’s cards to an increasing cohort of non-Chinese customers.
M&A
- banking a/c
- indirect investment
- direct investment
- current
- escrow
- financing options
- fixed assets acquisitions
- short financing (trade facilities, overdraft, short term loan), revolving facilities, multiple drawdowns, repayment at end of each drawdown
- guarantees (performance bonds, advance payment guarantees, tender guarantees, payment/trade debt guarantees, VAT bonds/duty deferment bonds, warranty bonds)
- structured trade (short term loan against stocks under managed by independent third party)
- loan security
- project finance
- supply chain finance
- distributor financing
- account receivables financing
- http://www.economist.com/news/business/21632675-latest-boom-dealmaking-appears-more-sensible-its-predecessors-valuations-are
crowdfunding
- sites in china and hk http://www.hkcd.com.hk/pdf/201509/0909/HA16909CADB.pdf
Direct listing
- unlike in a typical IPO, Spotify will not be raising any money: It is listing its stock publicly so that its current shareholders can sell, but Spotify itself won't sell any stock on the first day. This is a difference from most IPOs, but it is not an essential one. There are plenty of IPOs where the company doesn't really need the money and insiders sell more shares than the company does. There is a lot of money in private markets, and big tech companies are staying private longer, and the result is that the pressure on companies to go public is increasingly likely to come from private investors who want to cash out rather than from the company's own need to raise money. Another difference is that, unlike in an IPO, Spotify won't have bankers who build a book of demand and then set the initial price of the shares at a level that clears that demand. Instead, it will have a designated market maker on the New York Stock Exchange that will build a book of orders to buy and sell the stock, and then set the initial price of the shares at a level that clears that market. Spotify won't do an investor roadshow, but yesterday it did "a live-streamed hours-long event designed to introduce the company to public market investors," which is not un-roadshow-like. Spotify won't pay banks for underwriting its deal, but it will pay them something like $30 million in advisory fees, which would not be a terrible IPO paycheck. Spotify won't have banks "stabilizing" the deal by buying the stock if it goes down, but then the banks don't end up stabilizing most IPOs anyway just because most IPO stocks go up. https://www.bloomberg.com/view/articles/2018-03-16/spotify-will-skip-a-lot-of-ipo-essentials
i-bank fees
- http://hk.apple.nextmedia.com/financeestate/art/20150115/19003019 近年投行生意難撈，一間中型行每年開支最少三千萬元，除非能包銷一、兩隻大型新股，否則很難生存。資深投行人士溫天納表示，近年不斷有中資券商來港插旗，「間間冇分別，面對同一班客戶群，僧多粥少，好難突圍，惟有鬥平」。立法會金融服務界議員張華峰指，「（投行）都覺得越嚟越難做，搶到爛晒，你唔做就第二個做啫」。投行無肉食原因之一，是大型國企開始熟悉市場，以及有強勁財金網絡有關。該跨國投行亞洲區主管以近日大型內險股一宗配股為例，集資額高達數百億元，看似筍刁，其實只是表面風光。「間公司自己都找到九成承配人，餘下一成才要付1%佣金」。舉例三百億元規模配股交易，投行表面賺1%（即3億元），實則只袋0.1%（即三千萬元）。外資投行已經頂爛市，為了搶刁省靚招牌，佣金低已是不歸路，難向歐美市場看齊。從事收購合併財經顧問人士抱怨，形容財顧費用是「賣身葬父價」，收費與交易複雜度無關，幾乎都是統一價。綜合投行分析，國企只有在「走出去」併購，才願意付較高佣金，始終要依賴跨國投行在海外的人脈及市場知識。投行另一搵錢渠道是與國企合夥投資自己推介的項目，搭同一條船，「但這是投資收入，不是佣金」。
stock exchange
- http://www.ft.com/intl/cms/s/0/fe69e5c6-79a8-11e5-a95a-27d368e1ddf7.html A new band of stock exchanges from emerging markets are pushing ahead with plans to demutualise in coming months, aiming to loosen links with their governments and attract fresh investment. The main exchanges from Nigeria, Israel, India, Turkey, Chile and Sri Lanka are all pursuing plans to make significant changes to their corporate structure, according to their most senior executives.
Bank secrecy/Multilateral Competent Authority Agreement
- http://www.scmp.com/news/china/article/1628574/china-hong-kong-committed-global-alliance-end-banking-secrecy China is among more than 80 countries committed to signing a deal that could help end banking secrecy. Hong Kong has also pledged to join. Its sponsors hope the pact will be a major step in the global battle against tax evasion and fraud. A total of 51 countries have signed up to the Multilateral Competent Authority Agreement, under which their national tax authorities will exchange information automatically from September 2017. More than 30 other countries said they would sign up a year later, in 2018.
Global Bankruptcy Law
- http://www.ft.com/intl/cms/s/0/56622598-59fe-11e4-be86-00144feab7de.html Investors, lawyers, international organisations, governments and trade groups all backed new clauses that would bind investors in government debt to a majority decision if a country defaulted and restructured its bonds. Within a few weeks Kazakhstan became the first country to implement the changes and a line appeared to have been drawn underneath the sorry saga. But not everyone has taken part in the collective back-slapping. Last month, the United Nations General Assembly saw 124 countries vote in favour of considering a legal framework for restructuring the debt of bankrupt sovereign debt that would go beyond the “market based” solution of new bond clauses. Just 11 countries opposed the plan: the US, Britain, Israel, Germany, Czech Republic, Canada, Australia, Japan, Finland, Ireland and Hungary.
a financia derviative is a transaction, or contract, whose value depends on, or, as the name implies, derives from the value of underlying assets such ad stocks, bonds, mortgages, market indexes, or foreign currencies. A common reason to use derivatives is so that the risk of financial operations can be controlled. Derivatives can be used to manage foreign exchange exposure, especially unfavorable exchange rate movements. Speculators can seek profits from general price changes or simultaneous price differences in different markets, respectively. Others use derivatives to hedge their position; that is, to set up two financial assets so that any unfavorable price movement in one asset is offset by favorable price movement in other asset.
財技
- http://hk.apple.nextmedia.com/financeestate/art/20141119/18939976 恒大地產（3333）上周五宣佈斥9.5億元向楊受成買入新傳媒（708）74.99%股權，兩者僅簽下無約束力的諒解備忘錄（MOU），但新傳媒兩日爆升逾6倍。這宗民企以高溢價收購港媒交易背後，隱現「彤叔大Dee會」富豪大展財技手勢，投資者小心接火棒。Gold price
- http://www.chinadaily.com.cn/business/2015-03/03/content_19699075.htm A new electronic daily gold pricing mechanism, set to launch on March 20, will include moreparticipants in setting the benchmark price of the precious metal, including Chinese banks suchas Industrial and Commercial Bank of China Ltd. The Intercontinental Exchange and the London Bullion Market Association will replace the currentprivate telephone conference between a group of just four banks, the remnants of a system thathas existed since 1919. But from March 20, the gold benchmark will be set via an electronic platform managed by ICEBenchmark Administration. The LBMA hopes the new pricing mechanism will increase the number of participants in the goldmarket. Bank of China Ltd, China Construction Bank Corp and ICBC are already members.
- http://paper.takungpao.com/resfile/PDF/20150710/PDF/b2_screen.pdf 近日交通銀行（03328）成功加入倫敦金銀市場協會（LBMA）並被該協會正式授予普通會員資格，成為國內第四家成功加入該協會的中資銀行。交行貴金屬業務相關負責人表示，成為LBMA會員對該行加快貴金屬業務的國際化具有重要意義。
!!!!!nation retirement related fund
- Superannuation in Australia are the arrangements put in place by the Government of Australia to encourage people in Australia to accumulate funds to provide them with an income stream when they retire. Superannuation in Australia is partly compulsory, and is further encouraged by tax benefits. The government has set minimum standards for contributions by employees as well as for the management of superannuation funds. It is compulsory for employers to make superannuation contributions for their employees on top of the employees' wages and salaries. In 1992, under the Keating Labor Government, the compulsory employer contribution scheme became a part of a wider reform package addressing Australia's retirement income dilemma.
- In the World Bank’s 1994 report, "Averting the Old-Age Crisis: Policies to Protect the Old and Promote Growth", a three-pillar approach was recommended to protect the aged.
- To help the ageing workforce save for their retirement, the Mandatory Provident Fund Schemes Ordinance (“MPFSO”) was enacted in 1995 and later supplemented by subsidiary legislation in 1998, 1999 and 2000. The MPF System was launched in December 2000.
- In 2005, in the light of operational experience, the World Bank expanded the three-pillar framework into a five-pillar framework. The five pillars are:
Pillar Zero: a non-contributory, publicly financed and managed system that provides a minimal level of protection for retirement;
Pillar One: a mandatory, contributory and publicly managed system;
Pillar Two: a mandatory, privately managed, fully funded contribution system;
Pillar Three: voluntary savings (e.g. personal savings and insurance); and
Pillar Four: informal support (e.g. family support), other formal social programmes (e.g. health care and housing), and other individual assets (e.g. home ownership).
Pillar Two: a mandatory, privately managed, fully funded contribution system;
Pillar Three: voluntary savings (e.g. personal savings and insurance); and
Pillar Four: informal support (e.g. family support), other formal social programmes (e.g. health care and housing), and other individual assets (e.g. home ownership).
Pension
- http://www.economist.com/news/finance-and-economics/21672327-governments-should-avoid-arbitrary-changes-tax-treatment-pensions-no-tee HOW best to encourage people to save for their old age? Governments face many trade-offs when dealing with this issue. In the long run, they want to reduce the dependence of citizens upon the state; in the short term, they may prefer workers to consume rather than save, in order to manage the economic cycle. Another trade-off is between cost and simplicity. Governments offer tax breaks as an incentive to save for retirement, although it’s not clear whether such inducements increase the total amount of saving or merely cause workers to reallocate their savings to tax-favoured vehicles.
- http://www.economist.com/news/britain/21688861-state-pension-system-about-change-some-people-will-lose-out-tangled-web
safe deposit
- 保險庫專營公司Swiss Gold Safe話需求自一八年夏天開始激增，另一間喺瑞士蘇黎世有保險箱出租嘅貴金屬經銷商Sincona亦話，3年幾前仲大把吉箱，依家就每日租出至少5個，咁落去好快Full晒。不論英國、瑞士或美國嘅大城市，保險箱都同樣渴市，由幾cm高嘅箱仔到廚櫃Size，甚至成間房咁大都有。國際金庫供應商IBV International Vaults上月開業嘅倫敦保險庫，除咗一般嘅保險箱外，仲提供房咁大嘅保險庫，共450間，房租一年250萬英鎊，即大概2,500萬港紙一年！https://orientaldaily.on.cc/cnt/finance/20200109/00202_025.html
Payment card
- http://www.economist.com/news/finance-and-economics/21708669-five-years-after-crackdown-federal-reserve-credit-card-industry
Cardless atm
- http://www.shanghaidaily.com/business/it/Smartphones-replacing-debit-cards-at-ATMs/shdaily.shtmlHERE’S another use for the smartphone as it invades daily life: in place of your debit card at your bank cash machine. The “cardless” automatic teller machine is gaining ground in the US and around the world, with smartphone technology allowing for speedier and more secure transactions. Dozens of US banks are installing new ATMs or updating current ones to let customers order cash on a mobile application and then scan a code to get their money without having to insert a bank card. US banking giants Wells Fargo, Bank of America and Chase are in the process of deploying the new ATMs, as are a number of regional banks and financial groups around the world. Makers of ATMs and financial software groups are tapping this demand. “We think our model (using smartphones) reduces a lot of vulnerabilities,” said Doug Brown, who leads mobile technology for FIS Global, a major provider of software and technology for ATMs. Brown said the FIS cardless system is being used at some 2,000 ATMs operated by at least 28 banks in the US “and we’re looking to rapidly expand that.” He said the system should be operational at some 80,000 machines in North America over the coming 18 months. And similar changes are coming in other countries, according to Brown. In addition to speeding the transaction time, the smartphone-based system aims to curb the growing problem of “skimming” in which criminals steal the data on a card, often by inserting devices into the ATM card slot.
blockchain
- http://www.economist.com/news/business/21714395-financial-firms-and-assorted-startups-are-rushing-patent-technology-underlies
- https://www.ft.com/content/e088e0b6-131c-11e7-b0c1-37e417ee6c76 The commodities trading house Trafigura and a bank are testing blockchain as a way to settle deals in the US oil market, a sign of the potential for digital technology to change how barrels of crude are bought and sold.
- Tech giant IBM is building a blockchain-based platform for seven big European banks, including HSBC and Deutsche Bank, that is aimed at simplifying trade finance transactions for small- and medium-sized companies. Trade finance was identified by a survey of banks carried out by IBM and the Economist Intelligence Unit last year as one of the top areas where blockchain - the underlying technology behind bitcoin - could have an impact. Blockchain technology provides an electronic record-keeping and transaction-processing system, which lets all parties track documentation through a secure network and requires no third-party verification. This contrasts with the present process - trade finance transactions typically involve a complicated paper trail that requires international courier services, is vulnerable to document fraud, and can take as long as a month to be completed.https://www.reuters.com/article/us-banks-blockchain-ibm-idUSKBN19H2M6
- ft 20sep18 "banks and energy traders back blockchain launches"
- ft 26sep18 "banks buy in to blockchain project"
- china daily 26sep18 on soccer clubs using blockchain tech
- ft 9nov18 "banks race to launch blockchain trade platforms"
- europe
- 歐洲首個區塊鏈中心前日於立陶宛首都維爾紐斯開幕，立陶宛經濟部長辛克維奇斯表示，多名資訊科技界精英、歐洲央行及歐盟委員會官員出席，反映該國已成為歐洲區塊鏈技術發展的領袖。新中心將與位於中國上海及澳洲墨爾本的同類型中心合作，推動不同地區的商業來往。http://pdf.wenweipo.com/2018/01/29/a22-0129.pdf
- https://www.ft.com/content/a8d997a0-6605-11e7-8526-7b38dcaef614 The Bank of England has carried out a successful test of an “interledger” programme developed by Ripple, the California-based blockchain specialist, to synchronise a payment between two central banks’ systems. The test did not involve real money, nor any of the BoE’s core systems, or even use blockchain technology itself. However, the proof of concept announced on Monday evening marks an important moment for the blockchain community. “This is really about connectivity between central bank systems rather than replacing the central bank systems with the blockchain,” Daniel Aranda, head of Europe at Ripple, told the Financial Times. “It allows money to move between countries near-instantaneously and without settlement risk.” The BoE tested whether it could synchronise a multimillion-pound wholesale payment passing from its own settlement system, known as the Real-Time Gross Settlement (RTGS), to another central bank’s core system. The central bank said it set up two simulated RTGS systems on a cloud computing platform, using the Ripple interledger to simultaneously process “a successful cross-border payment”. “We also demonstrated that an attempted cross-border payment that failed validation on the receiving side would not be honoured,” it said. The 21-year-old RTGS system handles about £500bn of payments between banks every day, facilitating a huge range of transactions — from settling company invoices to house purchases.
- https://www.ft.com/content/100622d0-a680-11e7-93c5-648314d2c72c BP is experimenting with blockchain to make oil and gas trading more efficient in the latest sign of big companies bringing the database technology into mainstream use. The UK group said it was investing in pilot programmes to explore the “practical and ethical” implications of using blockchain in the energy sector.
- Millions of people across England and Wales can now sign their mortgage deeds online, as high street lenders sign up to use the service. As well as making it easier to remortgage, HM Land Registry is also looking to the future through its Digital Street research project and has successfully used a blockchain prototype to show how buying a home can be made simpler and quicker.https://www.gov.uk/government/news/hm-land-registry-is-making-it-easier-to-remortgage
- Australia’s ASX Ltd (ASX.AX) said on Thursday it would replace its registry, settlement and clearing system with blockchain technology to cut costs for customers. The decision to replace the Clearing House Electronic Subregister System (CHESS) on Australia’s main bourse follows two years of testing of distributed ledger technology, also known as blockchain. https://www.reuters.com/article/us-asx-blockchain/australias-asx-selects-blockchain-to-cut-costs-idUSKBN1E037R
- ft 1oct18 "Japanese banks to offer instant money transfers using blockchain" Japanese banks charge customers about $3 to transfer even small amounts of money to other ... cheaper way for people to send money from Hong Kong to the Philippines over its GCash .
- trade finance
- impact
- economist 26oct19 "time's up" the world's oldest, biggest and most intricate paper trail is about to be ripped up
- https://www.ft.com/content/c0670eb6-5655-11e8-bdb7-f6677d2e1ce8 HSBC has completed the world’s first commercially viable trade-finance transaction using blockchain, opening the door to mass adoption of the technology in the $9tn market for trade finance. The UK-based bank said the blockchain trade, which processed a letter of credit for US food and agricultural group Cargill, had shown the platform was ready to be commercially adopted across the industry. The introduction of blockchain, which underlies cryptocurrencies such as bitcoin, is expected to shake up the centuries-old trade-finance industry, reducing the numerous documents and several days of processing needed for a single transaction to a paperless task that can be completed in hours. The distributed ledger technology behind Blockchain has the potential to be used for encrypted and unhackable record-keeping across a range of industries, from property registration to medical records and insurance claims. “The next stage is actually encouraging as many participants as possible to sign up to the utility,” said Vivek Ramachandran, head of innovation and growth for commercial banking at HSBC, noting that banks, shipping companies, ports and customs operations would have to take up the same technology before it could gain widespread usage. “We don’t envisage the platform as anything other than a utility.”
- 匯豐銀行（中國）宣佈，已協助一 家深圳電子製造企業完成了全球首筆基於區塊鏈技術 的跨境人民幣信用證交易，這也是在粵港澳大灣區內 完成的首單區塊鏈跨境信用證交易。http://pdf.wenweipo.com/2019/09/04/b04-0904.pdf
- jewellery
- http://www.scmp.com/business/money/article/2116620/blockchain-transforming-one-worlds-oldest-professions The industry, one of the oldest in existence, is looking to the blockchain to resolve issues ranging from insurance to helping customers ascertain the origin and authenticity of gemstones. “In the jewellery business, trust is so important,” said Jade Lee, deputy general manager at Chow Tai Fook at the Hong Kong Fintech Week. “We are exploring the technology to see how we can put important information into the ledger.” Lee said the blockchain can be used to help stem the trade in blood diamonds, the term for gemstones that are illicitly sourced from conflict areas in Africa, and widely regarded as one of the biggest reputational challenges to the industry. The blockchain can help reduce trade in illicit diamonds by removing the reliance on paper certificates that can easily be tampered or forged.
- https://www.ft.com/content/22b2ac1e-fd1a-11e7-a492-2c9be7f3120a Louis Dreyfus Co, a leading agricultural commodities trader, and a group of financing banks have completed the first agricultural deal using blockchain in a further sign that the digital technology is set to change the way raw materials are bought and sold. Originally built to process bitcoin deals, blockchain is an electronic ledger which stores records of deals in digital blocks. Commodities traders are among those hoping that the technology will lead to faster, cheaper and more secure ways of settling transactions, with oil trading houses and energy groups now actively trialling platforms based on blockchain. LDC and Shandong Bohi Industry, a Chinese agricultural processor, along with the financing groups ING, Société Générale and ABN Amro trialled the blockchain-based digital platform for the sale of 60,000 tonnes of US soyabeans to China in December. Commodity players have been hoping that technology could ease the cumbersome process of exchanging contracts, letters of credit, inspection and other paperwork by email or fax when one company sells raw materials to another.
- AI程式買美股一日輸1.6億恒豐後人與基金公司互告 appledaily 10jun19
Farmland
- http://www.ft.com/intl/cms/s/0/a0933e86-333b-11e2-aa83-00144feabdc0.html This looks set to change, though, according to Detlef Schoen, managing partner, farm investments at Aquila Capital, whose agriculture team manages more than £250m and runs more than 60 farms in New Zealand, Australia and Brazil. In the past, farming has been lumped together with soft commodities but it is increasingly coming to be seen as a specialised form of real estate, which will increase the amount of money available to the sector, he says.
The sector is becoming more attractive to investors who are finding it increasingly difficult to find assets that are truly uncorrelated from the rest of their portfolio.
- http://www.ft.com/intl/cms/s/0/84a646a0-dedc-11e5-b67f-a61732c1d025.html
The Canada Pension Plan Investment Board is about as Canadian as an institution can be — except on the Saskatchewan prairie, where it has in effect been labelled an outsider. Saskatchewan this year outlawed all pension plans from buying farmland. It was a move to clip the ambitions of CPPIB, one of the world’s largest pension fund managers, which had already scooped up 115,000 acres (46,500 hectares), and to calm a powerful constituency of farmers in the country’s agricultural heartland.
property boom/bust
- marketing?
- https://www.scmp.com/business/article/3023452/bank-denmark-will-pay-you-take-out-mortgage-yes-thats-right The world’s headlong dash to zero or negative interest rates just passed another milestone: A bank in Denmark is paying homebuyers to take out mortgages. Jyske Bank A/S, Denmark’s third-largest lender, announced in early August a mortgage rate of -0.5 per cent, before fees. Nordea Bank Abp, meanwhile, is offering 30-year mortgages at annual interest of just 0.5 per cent. Years of easing by central banks hacked away at interest rates around the world, distorting the traditional economics of lending and borrowing. This is most pronounced in Europe, where a composite home-loan rate across the euro area fell to 1.65 per cent in June, the lowest since records began in 2000.
financing
- types
Microlending
- http://www.economist.com/news/international/21708258-microlending-booming-once-again-if-it-help-people-out-poverty-though-it
art-secured lending
- economist 6jul19 "cash in on your picasso"
negative interest rate
- http://pdf.wenweipo.com/2019/09/11/a18-0911.pdf new normal
securities
- duty of care
insurance
- republic of dubrovnik has the oldest insurance law in europe
- https://www.ft.com/content/8d088210-c804-11e6-8f29-9445cac8966f Chinese companies facing tighter US regulatory scrutiny of their overseas deals are being offered a novel solution: insurance policies that pay out if a takeover is blocked on national security grounds.
- insurance contract
- key person insurance is a policy covering the life of a person important to the enterprise or organization. The enterprise is usually the beneficiary because it expects to suffer a loss in the event of death or injury of the key person whose contributios to the business are crucial
reinsurance
- http://www.economist.com/news/finance-and-economics/21715687-berkshire-hathaway-completes-largest-purchase-ever-long-tail-reinsurance
budgeting
- zero-based budgeting
accounting
- liability of accountants
Audit
- standard of care and skills of an auditor
- early model of audit started to change, especially in us, in the early years of the 1990s. Breakup of large investment trusts like standard oil in us led to the need for any large corporations to have sources of equity beyond what the small number of wealthy individuals and us banks could provide. Hence an increasing number of companies issued common shares to the general public leading to a new class of investors in middle class being formed in what previously had been a mostly wealthy oriented activity.
- examples of assurance services
court cases re professional conduct of accountants/auditors
- 剛於上月在被控串謀走私和洗黑錢三十三億元案中獲判無罪的前「豪宅大王」秦錦釗，入稟高院向曾就該案提供專業會計意見給海關的美國顧問公司，以及相關公司人士等十三名被告索償。秦指稱，被告並非香港註冊會計師，並向海關提供虛假的法證報告，令他被海關檢控和損失超過四百六十億元。https://orientaldaily.on.cc/cnt/news/20190727/00176_073.html
- 受康得新巨額財務造假影響，瑞華會計師事務所受到證監會立案調查。今次事件亦影響眾多公司，據統計目前已有34家由瑞華所負責的IPO項目中止，包括數家擬登陸科創板的公司。此外，瑞華所服務的A股上市公司數量多達上百家，超過20家企業的增發、配股及可轉債發行等項目受到影響。Wind數據統計，截至7月31日有34個瑞華負責的IPO項目為「中止審查」狀態，其中10個主板排隊項目、7個中小板排隊項目、13個創業板排隊項目以及4個科創板排隊項目。http://pdf.wenweipo.com/2019/08/02/b02-0802.pdf
????
- 德勤‧關黃陳方會計師行（德勤）近期連環「劈炮」，根據本報統計，單自去年十二月中至今，德勤辭任核數師的上市公司數目近20間，當中包括於上月十六日辭去黎智英旗下壹傳媒(00282)核數師，因素包括壹傳媒截至二○二○年三月底止財政年度之審核費用水平及審計相關的專業風險。其他辭任的原因，根據多間公司的公告，包括雙方未就核數費用達成共識、因應當前工作流程可動用內部資源在內的若干因素等。涉及公司包括同方康泰(01312)、佳源國際控股(02768)、安捷利實業(01639)、國際資源(01051)等。根據山東黃金(01787)昨公布，公司原先在去年六月底舉行的股東周年大會上同意聘請德勤為國際核數師，但雙方最終無法就截至去年十二月底止財政年度的審核費用達成共識。董事會已議決委任信永中和（香港）會計師事務所為新的國際核數師，以填補德勤的空缺，周二（七日）起生效。至於納尼亞（香港）(08607)公布，德勤已辭任核數師，周二生效，原因是未能就截至去年十二月底止年度核數費用與德勤達成共識。https://orientaldaily.on.cc/cnt/finance/20200108/00202_017.html
The Canada Pension Plan Investment Board is about as Canadian as an institution can be — except on the Saskatchewan prairie, where it has in effect been labelled an outsider. Saskatchewan this year outlawed all pension plans from buying farmland. It was a move to clip the ambitions of CPPIB, one of the world’s largest pension fund managers, which had already scooped up 115,000 acres (46,500 hectares), and to calm a powerful constituency of farmers in the country’s agricultural heartland.
- http://www.ft.com/cms/s/0/d9864062-ded7-11e5-b67f-a61732c1d025.html Chinese corporations investing in land, and has helped trigger a backlash.
property boom/bust
- marketing?
- 內地不少一二線城市辦公大樓和商場，近日被外資炒熱。截至上月，包括美國黑石集團（Blackstone Group）、新加坡凱德集團（CapitaLand）等外企，今年頭三個月在內地房地產交易累計金額逾三百億元人民幣（約三百五十六億港元），主要收購大型商場。https://orientaldaily.on.cc/cnt/china_world/20190421/00178_025.html
- https://www.scmp.com/business/article/3023452/bank-denmark-will-pay-you-take-out-mortgage-yes-thats-right The world’s headlong dash to zero or negative interest rates just passed another milestone: A bank in Denmark is paying homebuyers to take out mortgages. Jyske Bank A/S, Denmark’s third-largest lender, announced in early August a mortgage rate of -0.5 per cent, before fees. Nordea Bank Abp, meanwhile, is offering 30-year mortgages at annual interest of just 0.5 per cent. Years of easing by central banks hacked away at interest rates around the world, distorting the traditional economics of lending and borrowing. This is most pronounced in Europe, where a composite home-loan rate across the euro area fell to 1.65 per cent in June, the lowest since records began in 2000.
financing
- types
- short-term and intermediate-term
- trade credit, bank, finance company, commercial paper, receivable financing, inventory financing
- long-term
- credit management
- mortgages, bonds, equity securities
- five c's of credit consists of five elements used by lenders to evaluate a borrower's credit application - character (willingness to pay); capacity (cash flow); capital (wealth); collateral (security); conditions (economic conditions)
Microlending
- http://www.economist.com/news/international/21708258-microlending-booming-once-again-if-it-help-people-out-poverty-though-it
art-secured lending
- economist 6jul19 "cash in on your picasso"
negative interest rate
- http://pdf.wenweipo.com/2019/09/11/a18-0911.pdf new normal
securities
- duty of care
- https://www.reuters.com/article/britain-court-daiwa/update-1-daiwa-loses-uk-duty-of-care-appeal-case-faces-150-million-bill-idUSL8N27F40E Daiwa Capital Markets Europe lost a court appeal on Wednesday that leaves the Japanese bank facing a $150 million damages bill and reinforces the expected duty of care between a bank and a corporate customer.The court was ruling on a dispute between Singularis Holdings, now in liquidation, and London-based investment bank Daiwa, a subsidiary of Daiwa Securities Group Inc of Japan.The case relates to a payment Daiwa made at the request of the main shareholder in Singularis and whether it had sufficiently carried out its duty as a financial institution to guard against fraud.
insurance
- republic of dubrovnik has the oldest insurance law in europe
- https://www.ft.com/content/8d088210-c804-11e6-8f29-9445cac8966f Chinese companies facing tighter US regulatory scrutiny of their overseas deals are being offered a novel solution: insurance policies that pay out if a takeover is blocked on national security grounds.
- insurance contract
- two categories : indemnity insurance; contingency insurance
- insurable interest
- statutes
- authorization
- formation of contract
- insurance: a contract uberrimae fidei
- disclosure
- controversial cases
- good faith
- content and interpretation of contract
- risk and exceptions
- conditions and warranties
- consumer protecion
- liability of insurer
- notice
- onus of proof
- reinstatement
- insurer's liability to third parties
- rights of insurers
- salvage
- subrogation
- contribution
- marine insurance
- insurance claims
- time
- claims content
- fraudulent claims
- consequences of fraud
- claims reinforcement
reinsurance
- http://www.economist.com/news/finance-and-economics/21715687-berkshire-hathaway-completes-largest-purchase-ever-long-tail-reinsurance
budgeting
- zero-based budgeting
- each year's expected expenditure must justified. Existing and new programs must have value and contribute to overall objectives of the firm. Each project is reexamined at the beginning of the period. When a project does not meet established criteria, it is dropped
accounting
- liability of accountants
- the liability under the relationship between an accountant and his client can be based on their contract or arise in tort, or a combination of both.
- where there is a contractual relationship between an accountant and his client, liability can arise from the contract either based on an express term or implied term. This applies in the case where the accountant gives advice and provides various services to the clients.
- basic liability - duty not to injure client financially; exercise professional skill;
- accountant may limit his liability by means of an express exemption clause in providing service to his client. This basically is possible except in the case of carrying out statutory audit. However, such exclusion clauses must clearly stated and satisfy the reasonable test as stated in the control of exemption clauses ordinance.
- remedy for client for loss he suffers as a result of the breach will be damages, for which the duty of mitigation of damages and remoteness of damages are relevant.
- the liability of accountant may also arise in tort as a result of negligence
- accountant owes a duty to his client or his neighbourhood (arise from relationship of proximity) to perform the service well. Duty of care arise from voluntary assumption of liability by account; in certain cases some duty will be imposed by statute on the accountant, because the occupation of accountant is being treated as producing a certain liability.
- where the duty exists, the accountant will be held liable in tort for negligent act or omission and very often for negligent misstatements (giving wrong advice). Liability arises if 3 elements exist: 1) there are special relationship (proximity) between the parties; 2) reliance by clients on the accountant's skill; and giving of information and advice
- responsibility accounting
- where concurrent liabilities (ie both contractual and tortuous liability) exist, the plaintiff can choose to sue under contract or tort. There are differences in the action, eg, in contract contributory negligence is not a factor whereas in tort it is relevant to reduce the amount of damages which will be awarded. In addition, the limitation periods are the same in contract and in tort. In both cases however it is possible to obtain damages for economic loss.
- the system for collecting and reporting revenue and cost information by areas of responsibility. It has the following advantages:
- it facilitates delegation of decision making
- it helps management promote the concept of management by objective
- it provides a guide to evaluation of performance helps to establish standards of performance which are then used for comparison purposes
- manage receivables
- it premits effective use of the concept of management by exceptions, which means that the manager's attention is concentrated on the important deviations from standards and budgets.
- age accounts receivable for overdue balances and compare them to industry and competitive norms as well as your own prior years
- periodically revise credit limits based on your customers' changing financial health
- obtain collateral at least equal in amount to the account balance when there may be a collection problem
- use collection agencies when warranted
- bill large sales immediately
- cases
- formento v selsdon 1958
- re kingston cotton mill 1896
- re thomas gerrard & son ltd 1968
- re london and general bank
- candler v crane christmas co ltd
- hedley byrne v heller 1964
- capro industries plc v dickman & others 1990
Audit
- standard of care and skills of an auditor
- court will often consider the following in assessing whether an auditor has discharged his duties with reasonable care and skill - 1) whether the auditor has complied with the current generally accepted auditing standards and the statement of standard accounting practice. If the auditor without reasonable ground deviates from such standards or statement then it is possible that the standard of care will be held to be insufficient 2) the concept of risk. Court will consider what is the risk that the accounts users is running if the auditor has breached his duties. This text examines whether the auditor's conduct was likely to cause harm; whether any such harm was likely to be serious; the cost of eliminating or guarding against the injury.
- whether an auditor should be a blood hound to find out fraud or iregularity even they are not obvious or just an watchdog in keeping his passiave eye open is not yet commonly agreed, and there are many judicial decisions being laid down iro the standard of care and liabilities of the auditors 1) in ascertaining the true financial position of the company the auditor must do more than merely verify the numerical accuracy of the account (fornento v selsdon (1958)) 2) it it not the duty of an auditor to comment on the efficiency of the management nor do they have a duty to take stock but they have a duty to verify that the stock take made by the company has been made on a sound basis. 3) an auditor is justified to believe in tried servant of the company in whom confidence is placed by the company and is entitled to assume that they are honest and to rely on their representations provided he takes reasonable care 4) it is clear that the standard of care and skill required of the an auditor has risen over years in line with the rise of the professional standards. Therefore an auditor must come with an inquiring mind if he suspects that there is a mistake, he must make a check to ensure that there is none 5) the auditor has a general duty to disclose his findings to members by sufficiently explicit statements in his reports. If he reaches conclusion on some material point he must state it and not cover it up some oblique or vague language
- auditor has a contractual relationship with the company and therefore it is the company which the auditor owes the basic duties
- third parties
- liable where they know the identity of the class of person who will be shown the account and the particular transaction involved (candler v crane christmas co ltd)
- negligence (hedley byrne v Heller 1964)
- auditor ought to have forseen that the accounts he audited may be relied on by that third party (jeb fasteners v marks, bloom & co)
- no duty of care is owed to third parties such as banks, debenture holders, trade creditors and minority shareholders; a duty of care is owed by shareholders as a class for the reasons that the interests of the shareholders and the company are one; will be liable to third parties such as banks where speical reports are required, providing both the purpose of transaction is known the identity of the third party is known. (capro industries plc v dickman & others 1990)
- where an auditor has not performed his duties with reasonable standard of care and skills the company on liquidation may also sue the auditor for misfeasance (improper performance of a lawful act) under s276 of the companies ordinance.
- under s358 the court has power to grant a relief to an officer and auditors of the company in an action against him for negligence, default, breach of duty or trust even it appears that he may be held liable, provided that he has acted honestly and reasonably and that he ought fairly to be excused.
- the reasonableness of an officer may depends on whether he has taken any legal advice (re claridge's patent asphalte co)
- where any officers of auditors of the company to whom s358 applies has reason to believe that a claim might be made against him in respect of any negligence, default, breach of duty or care he may apply to the court for relief
- early model of audit started to change, especially in us, in the early years of the 1990s. Breakup of large investment trusts like standard oil in us led to the need for any large corporations to have sources of equity beyond what the small number of wealthy individuals and us banks could provide. Hence an increasing number of companies issued common shares to the general public leading to a new class of investors in middle class being formed in what previously had been a mostly wealthy oriented activity.
- examples of assurance services
- Environmental audits
- Ethics audits
- Software audits
- Royalty audits
- Utilization audits
- Investment performance audits
- Cost audits
- Internal environment
- Objective setting
- Event identification
- Risk assessment
- Risk response
- Control activities
- Information and communication
- Monitoring
- Avoidance
- Acceptance
- Sharing risk
- Reduction
- Risk management
- Response by management (risk control mitigation)
- Information reliability
- Performance results
- Reaction by management
- Generally Accepted Auditing Standards, or GAAS are sets of standards against which the quality of audits are performed and may be judged. Several organizations have developed such sets of principles, which vary by territory. In the United States, the standards are promulgated by the Auditing Standards Board, a division of the American Institute of Certified Public Accountants (AICPA).
- https://www.ft.com/content/01c9f59c-ee65-11e8-8180-9cf212677a57 The Big Four accounting firms are routinely investigating their own clients on behalf of software companies such as Microsoft and SAP, raising fresh questions over conflicts of interest. EY, KPMG, PwC and Deloitte are regularly hired to verify that software users are complying with the terms of their licences, work that can trigger multimillion pound claims against the company in question. Some of the Big Four are taking on these lucrative software investigations even when they affect their own audit clients, a potential breach of UK industry best practice if appropriate safeguards are not put in place. According to research by Cerno, a consultancy specialising in software licensing, this conflict is widespread in both the private and public sectors.
court cases re professional conduct of accountants/auditors
- 剛於上月在被控串謀走私和洗黑錢三十三億元案中獲判無罪的前「豪宅大王」秦錦釗，入稟高院向曾就該案提供專業會計意見給海關的美國顧問公司，以及相關公司人士等十三名被告索償。秦指稱，被告並非香港註冊會計師，並向海關提供虛假的法證報告，令他被海關檢控和損失超過四百六十億元。https://orientaldaily.on.cc/cnt/news/20190727/00176_073.html
- 受康得新巨額財務造假影響，瑞華會計師事務所受到證監會立案調查。今次事件亦影響眾多公司，據統計目前已有34家由瑞華所負責的IPO項目中止，包括數家擬登陸科創板的公司。此外，瑞華所服務的A股上市公司數量多達上百家，超過20家企業的增發、配股及可轉債發行等項目受到影響。Wind數據統計，截至7月31日有34個瑞華負責的IPO項目為「中止審查」狀態，其中10個主板排隊項目、7個中小板排隊項目、13個創業板排隊項目以及4個科創板排隊項目。http://pdf.wenweipo.com/2019/08/02/b02-0802.pdf
????
- 德勤‧關黃陳方會計師行（德勤）近期連環「劈炮」，根據本報統計，單自去年十二月中至今，德勤辭任核數師的上市公司數目近20間，當中包括於上月十六日辭去黎智英旗下壹傳媒(00282)核數師，因素包括壹傳媒截至二○二○年三月底止財政年度之審核費用水平及審計相關的專業風險。其他辭任的原因，根據多間公司的公告，包括雙方未就核數費用達成共識、因應當前工作流程可動用內部資源在內的若干因素等。涉及公司包括同方康泰(01312)、佳源國際控股(02768)、安捷利實業(01639)、國際資源(01051)等。根據山東黃金(01787)昨公布，公司原先在去年六月底舉行的股東周年大會上同意聘請德勤為國際核數師，但雙方最終無法就截至去年十二月底止財政年度的審核費用達成共識。董事會已議決委任信永中和（香港）會計師事務所為新的國際核數師，以填補德勤的空缺，周二（七日）起生效。至於納尼亞（香港）(08607)公布，德勤已辭任核數師，周二生效，原因是未能就截至去年十二月底止年度核數費用與德勤達成共識。https://orientaldaily.on.cc/cnt/finance/20200108/00202_017.html
- SDM Group(08363)公布，德勤已辭任該公司核數師，昨日起生效，主要是未能就去年度的審核費用達成共識。https://orientaldaily.on.cc/cnt/finance/20200109/00202_010.html
- 名仕快相(08483)昨日公布，德勤經考慮多項因素包括與審計相關的專業風險、審計費用水平及當前工作流程下其可用的內部資源後，決定辭任該公司核數師，周一生效。畢馬威會計師事務所已獲委任為新核數師。另方面，中國春來(01969)亦發出通告表示，其與德勤無法就涉及債券投資、物業、收購等德勤所關注問題之解決方案達成協議，因此德勤在未完成公司年度綜合財務報表的審核之下，已經辭任核數師，並於上周五（十日）正式生效。中匯安達會計師事務所已經接任。https://orientaldaily.on.cc/cnt/finance/20200114/00202_018.html
- 北京燃氣藍天(06828)昨日公布，德勤已辭任核數師職務，於本周一（十三日）起生效，原因是公司與德勤未能就截至去年十二月底止財政年度的核數費用達成共識。中審眾環（香港）會計師事務所已接任為新核數師，任期直至下屆股東周年大會結束時為止。另外，和美醫療(01509)昨亦宣布，德勤已辭任其核數師，自周一起生效。德勤表示，經仔細考慮對該公司一八年度財務報表進行審核過程中注意到的若干未決事項，以及其可獲得的內部資源後，決定辭任。https://orientaldaily.on.cc/cnt/finance/20200115/00202_018.html
- 偉祿集團(01196)昨日公布，公司收到德勤來函，德勤提呈辭任公司核數師，自本周二（十四日）起生效。函件中述明，德勤經考慮包括核數費用水平、按目前工作流程其可用的內部資源及與核數相關的專業風險等因素，而決定辭任。https://orientaldaily.on.cc/cnt/finance/20200116/00202_017.html
- 昨再有兩家上市公司公布德勤辭任其核數師，分別是思城控股(01486)及創新電子控股(08346)。https://orientaldaily.on.cc/cnt/finance/20200118/00202_012.html
- hkej 21jan2020 b5
- 金榜集團公布，根據德勤致公司的函件，辭任原因是由於審核委員會與德勤無法就擴大有關該公司全資附屬公司上海金寓宏商貿有限公司錄得之若干貿易交易之商業實質，以及商業理據之獨立調查範圍達成共識。https://orientaldaily.on.cc/cnt/finance/20200124/00202_019.html
- 惠陶集團公告，德勤經考慮包括與核數有關的專業風險、核數費用水平及於目前工作流程下可動用的內部資源等若干因素後，決定辭任。惠陶集團董事會已議決委任國衛會計師事務所為核數師，以填補臨時空缺，任期至下屆股東周年大會結束為止。https://orientaldaily.on.cc/cnt/finance/20200125/00202_006.html
- 嘉進投資國際(00310)昨日（一月卅一日）公布，德勤辭任該公司核數師，同日起生效。https://orientaldaily.on.cc/cnt/finance/20200201/00202_012.html
- 珠寶首飾股DOMINATE GP(08537)周二公布，德勤已辭任公司核數師，二月四日起生效。https://orientaldaily.on.cc/cnt/finance/20200205/00202_012.html
- 銀建國際及廣駿集團控股分別指出，德勤經考慮眾多因素，包括審計費用水平及目前工作流程下可動用的內部資源後，決定辭任該兩公司核數師，同樣自周四起生效。https://orientaldaily.on.cc/cnt/finance/20200207/00202_004.html
- 賞之味控股(08096)公布，德勤已辭任公司核數師，自二月十日起生效，原因是公司與德勤未能就截至今年三月底止全年度的核數費用達成共識。https://orientaldaily.on.cc/cnt/finance/20200211/00202_005.html
- 據捷隆控股公告，因為沒法與德勤就截至去年底止年度之審計費用達成共識，德勤決定辭任該公司核數師，由周二起生效。https://orientaldaily.on.cc/cnt/finance/20200219/00202_011.html
- 新冠肺炎疫情持續，國際會計師行德勤的台灣地區加盟所勤業眾信聯合會計師事務所，有員工昨天向台媒揭發，公司要求外派員工三月一日全部返回上海復工，若拒絕就被辭退。該公司回應時稱，開工時間已因應疫情延後近一個月，若員工拒絕返回崗位，無法繼續工作，就會按台灣《勞基法》給予遣散費。https://orientaldaily.on.cc/cnt/china_world/20200228/00178_025.html
- 計及高萌科技(08065)周一（二日）的公告，近期德勤已連環辭任多家本港上市公司的核數師職位，兩個半月來累計公司總數更高達36家。https://orientaldaily.on.cc/cnt/finance/20200303/00202_014.html
- 計及承興國際控股(02662)周五（六日）的公告，近期德勤已連環辭任多家本港上市公司的核數師職位，兩個半月來累計公司總數更高達38家。https://orientaldaily.on.cc/cnt/finance/20200307/00202_012.html
- 計及MOS House Group Limited(01653)周一公告，近期德勤已連環辭任多家本港上市公司的核數師職位，兩個半月來累計公司總數更高達39家。https://orientaldaily.on.cc/cnt/finance/20200310/00202_013.html
- 奧思集團(01161)周三（十一日）公告，近期德勤已連環辭任多家本港上市公司的核數師職位，近三個月來累計公司總數達40家。https://orientaldaily.on.cc/cnt/finance/20200312/00202_017.html
- 敏華控股(01999)和新昌創展控股(01781)周五（十三日）公告，近期德勤已連環辭任多家本港上市公司的核數師職位，近三個月來累計公司總數達42家。https://orientaldaily.on.cc/cnt/finance/20200314/00202_012.html
- 計及南岸集團(00577)（前稱十三集團）周五（十七日）公告，近期德勤已經連環辭任多家本港上市公司的核數師職位，近四個月來累計公司總數達43家。https://orientaldaily.on.cc/cnt/finance/20200418/00202_016.html
- 計及亞信科技(01675)及九江銀行(06190)周三（廿二日）公告，近期德勤已連環辭任及退任多家本港上市公司的核數師職務，四個多月來累計公司總數達45家。https://orientaldaily.on.cc/cnt/finance/20200423/00202_016.html
- 計及瑞安房地產(00272)周四（廿三日）公告，近期德勤已連環辭任及退任多家本港上市公司的核數師職務，四個多月來累計公司總數達46家。https://orientaldaily.on.cc/cnt/finance/20200424/00202_020.html
- 計及昨日的維亞生物科技(01873)，德勤在過去近五個月，已連環辭任及退任總數達48家香港上市公司核數師職務。https://orientaldaily.on.cc/cnt/finance/20200508/00202_017.html
- 香港資源控股(02882)https://orientaldaily.on.cc/cnt/finance/20200511/00202_013.html
- 中國博奇環保(02377)和高奧士國際(08042)https://orientaldaily.on.cc/cnt/finance/20200512/00202_012.html
- 邁博藥業(02181)https://orientaldaily.on.cc/cnt/finance/20200521/00202_019.html
- 中國中車(01766)https://orientaldaily.on.cc/cnt/finance/20200526/00202_012.html
- 五龍動力(00378)五菱汽車(00305) https://orientaldaily.on.cc/cnt/finance/20200530/00202_013.html
- 瑞強集團8427 https://orientaldaily.on.cc/cnt/finance/20200602/00202_017.html
- 馬來西亞互聯網管理服務提供商Nomad Technologies 8645 https://orientaldaily.on.cc/cnt/finance/20200606/00202_012.html
- 內蒙古能源建設投資1649https://orientaldaily.on.cc/cnt/finance/20200612/00202_013.html
Financial pr
- Financial PR spins a new global story http://www.ft.com/intl/cms/s/0/e21a373e-137e-11e6-91da-096d89bd2173.html
- Joe Cribb is a numismatist, specialising in Asian coinages, and in particular on coins of the Kushan Empire. His catalogues of Chinese silver currency ingots, and of ritual coins of Southeast Asia were the first detailed works on these subjects in English.Cribb joined the Department of Coins and Medals, British Museum, in the early 1970s, and eventually became Keeper of the Department of Coins and Medals (2003–2010), before his retirement in 2010. During his time at the Museum he curated a major exhibition Money: from Cowrie Shells to Credit Cards (1986) developed the Museum's first Money Gallery, and contributed to many other exhibitions and catalogues. Cribb has specialist knowledge of all Asian coinages. He started looking at Chinese coins, and wrote the first English-language catalogue on Chinese silver ingots, and then focussed on the pre-Islamic coinages of India, Bangladesh, Sri Lanka, Pakistan, Kashmir and Afghanistan. He is particularly renowned for his research on the coins of the Kushan kings of ancient South and Central Asia (first to fourth centuries AD). In addition to his work at the British Museum, Cribb was President of the Royal Numismatic Society (2005–9) and is Secretary General of the Oriental Numismatic Society (2011-). He is also a Trustee of the Ditchling Museum, where his grandfather Joseph Cribb was a sculptor, and coordinator of the Eric Gill Society.
white collar crimes
- bribery
- money laundering
- insider trading
- RICO (racketeer-influenced and corrupt operations)
event
- international fintech conference, london (richard hammond gave a speech in 2019)
- fintech conference london ttps://fintechconferences.com/
- Financial PR spins a new global story http://www.ft.com/intl/cms/s/0/e21a373e-137e-11e6-91da-096d89bd2173.html
A peddler, in British English pedlar, also known as a canvasser, chapman, cheapjack, hawker, higler, huckster, monger, or solicitor, is a traveling vendor of goods. In England, the term was mostly used for travellers hawking goods in the countryside to small towns and villages; they might also be called tinkers or gypsies. In London more specific terms were used, such as costermonger. Peddlers have a long and colourful history. From antiquity, peddlers filled the gaps in the formal market economy by providing consumers with the convenience of door-to-door service. They operated alongside town markets and fairs where they often purchased surplus stocks which were subsequently resold to consumers. Peddlers were able to distribute goods to the more geographically isolated communities such as those who lived in mountainous regions of Europe and consumers who found it difficult to attend town markets. Thus, peddlers played an important role in linking these consumers and regions to wider trade routes. Some peddlers worked as agents or travelling salesmen for larger manufacturers, thus were the precursor to the modern travelling salesman. In Europe, suspicions of dishonest or petty criminal activity was long associated with peddlers and travellers. Regulations to discourage small-scale retailing by hawkers and peddlers, promulgated by English authorities in the fifteenth and sixteenth centuries and reinforced by the Church, did much to encourage negative attitudes towards peddlers. From the 16th century, peddlers were often associated with negative connota
Numismatics is the study or collection of currency, including coins, tokens, paper money, and related objects. While numismatists are often characterized as students or collectors of coins, the discipline also includes the broader study of money and other payment media used to resolve debts and the exchange of goods. Early money used by people is referred to as "Odd and Curious", but the use of other goods in barter exchange is excluded, even where used as a circulating currency (e.g., cigarettes in prison). The Kyrgyz people used horses as the principal currency unit and gave small change in lambskins; the lambskins may be suitable for numismatic study, but the horses are not. Many objects have been used for centuries, such as cowry shells, precious metals, cocoa beans, large stones, and gems.- Joe Cribb is a numismatist, specialising in Asian coinages, and in particular on coins of the Kushan Empire. His catalogues of Chinese silver currency ingots, and of ritual coins of Southeast Asia were the first detailed works on these subjects in English.Cribb joined the Department of Coins and Medals, British Museum, in the early 1970s, and eventually became Keeper of the Department of Coins and Medals (2003–2010), before his retirement in 2010. During his time at the Museum he curated a major exhibition Money: from Cowrie Shells to Credit Cards (1986) developed the Museum's first Money Gallery, and contributed to many other exhibitions and catalogues. Cribb has specialist knowledge of all Asian coinages. He started looking at Chinese coins, and wrote the first English-language catalogue on Chinese silver ingots, and then focussed on the pre-Islamic coinages of India, Bangladesh, Sri Lanka, Pakistan, Kashmir and Afghanistan. He is particularly renowned for his research on the coins of the Kushan kings of ancient South and Central Asia (first to fourth centuries AD). In addition to his work at the British Museum, Cribb was President of the Royal Numismatic Society (2005–9) and is Secretary General of the Oriental Numismatic Society (2011-). He is also a Trustee of the Ditchling Museum, where his grandfather Joseph Cribb was a sculptor, and coordinator of the Eric Gill Society.
white collar crimes
- bribery
- money laundering
- insider trading
- RICO (racketeer-influenced and corrupt operations)
event
- international fintech conference, london (richard hammond gave a speech in 2019)
- fintech conference london ttps://fintechconferences.com/
Hello Everyone,
ReplyDeleteHave you been looking for financing options for your new home purchase, construction, real estate loan, refinance, debt consolidation, personal or business purpose? Welcome to the future! Financing made easy with us. Contact us as we offer our financial service at a low and affordable interest rate of 2% for long and short loan term Interested applicant should contact us for further loan acquisition procedures via :triumphantfinanceltd@gmail.com