| 19-11-2007: StanChart e$aver advocates flexible banking
KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd has launched an online banking product, the e$aver, which is designed to complement regular savings or checking accounts. The e$aver offers high interest rates of up to 3.5% on savings while providing the flexibility of managing funds online with no lock-in period. Without the need for a minimum amount, it comes with no maintenance fee, no minimum balance fee, no over-counter fee as well as no StanChart ATM withdrawal fee. “With this latest initiative, we expect a total of 40,000 new sign-ups which would further strengthen our targeted 10% growth rate," said Shyam Srinivasan, StanChart Malaysia country head of consumer banking. An early bird bonus interest of 0.25% per annum will added onto the account for customers who sign up before Dec 31, 2007.
In a dicey market, many turn to banks
For the risk-averse who are weary of stock market turbulence, a bank account or a long-term CD may seem the safest place to park money these days. The Federal Insurance Deposit Insurance Corp. insures accounts at thousands of banks nationwide, up to $100,000 per account. Not every depositor is savvy enough to use them. According to the FDIC's Web site, less than two-thirds (63.13 percent) of America's $8 trillion in deposits are insured. When NetBank, an online bank based in Alpharetta, Ga., failed in September, $109 million in 1,500 deposit accounts exceeded the FDIC's $100,000 insurance limit. According to ING Direct, the Wilmington, Del.-based online bank that took over NetBank's accounts, one elderly customer had more than $1 million in CDs. Depositors with $100,000 or less found their money seamlessly transferred to ING Direct.
Bank ordered to turn over Erap foundation fund to government
THE Sandiganbayan directed on Wednesday the Equitable-PCI Bank to turn over in favor of the Republic of the Philippines P215,828,318.13 contained in the account of the Erap Muslim Youth Foundation (EMYF).
Chief Sheriff Edgardo Urieta directed Gerardo Banzon, head of the bank�s Legal Advisory and Research Department, that the amount be divided into two certified checks: one for P209.35 million in the name of the Sandiganbayan and another for P6.47 million in the name of the Sandiganbayan Judiciary Development Fund.
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Urieta said he expects the sum to be turned over within the week.
IT disposal: waste not
Every organisation has to dispose of used IT equipment. But how do you do it in an ethical and environmentally sound way - and potentially reaps some financial returns? Our reporter examines the options Written by Neal Saunders Accountancy Age, 11 Oct 2007 .
The World In A Glass: Biofuel from wine; Vickâ€s vino misfortunes
With the price of oil reaching all-time highs, the European Union is looking toward alternative fuels and one of them is biofuel, made from biomass or anything living or dead that can be converted into fuel.One company is making biofuel from wine that has not been sold and from grapes that are not good enough to be made into wine.(Just think — the next time you drink some plonk, you have just deprived some EU citizen of some fuel.)New Zealand wine scandalThe wine that won top prize in the Hawkes Bay Wine Awards in New Zealand recently was made by the company headed by the chief judge of the competition.But, according to nzherald.co.nz, the judge, Tony Bish, said he was not involved in the judging that may have influenced the result. "As a judge he enforces the standards by which the wines are judged and is available for making decisions when judges’ opinions are split over any wine," the Web site said.
Keeping the yuan in pocket
Unless China allows significantly faster appreciation in the yuan, obviating the need for large accretion in foreign reserves, there's a good chance that people will save even more and the current-account surplus will bloat even further in 2008. .
IRG Has Options in Keeping Oregon License Operational
International Racing Group and parent company Youbet.com are facing a Nov. 12 deadline in regards to IRG’s license to operate a wagering hub in Oregon, and basically have two avenues to pursue for continued operation there. IRG, which is involved in a federal investigation that is looking into certain segments of its operation, will either have to come into compliance with Oregon statutes regulating the operation of a hub, or can appeal the decision by the state’s racing commission to suspend its license. The off-shore rebate shop is out of compliance with Oregon law because it does not have an active bank account working to carry out transactions on behalf of its customers. Federal officials in early October seized three IRG bank accounts in relation to the investigation, which has been reported by Youbet as involving certain IRG customers, employees, and possibly a former owner of the wagering entity.
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