Month: March 2019

The Truth About Banking How To Break The Bank

First of all, what is money? Money is nothing more than a medium used to exchange for goods and services.

Initially, it was an actual receipt for an amount of gold that people stored with the towns goldsmith. Money is also called fiat, which in the Blacks Law dictionary 5th Edition is defined as: Paper currency not backed by gold or silver (which is in direct contravention of the U.S. constitution).

Nowadays, money is becoming digital, a mere number on a computer screen that is printed on a receipt and can be monitored and transferred on a thin, pocket-sized piece of plastic. Now that we know what money is, lets talk about its origination.

The actual receipt or note for the amount of gold stored with the goldsmith was worthless, what gave it any value was the actual gold it represented. However, these notes or receipts had much more mobility than sacks of gold, so people started to view them as valuable.

The goldsmith started to notice the pattern that people were not withdrawing their gold very often, if at all, after storing it with him. So he decided to loan gold via receipts, to other townsmen, assuming that they were not going to come withdraw their actual gold deposit anytime soon. He would charge an interest fee on these loans that were all profit to him, with no regards to the persons whose gold it actually belonged to.

When these loan were repaid, he ended up profiting an actual amount of gold with an added interest amount, entirely based around the created value of piece of paper representing someone elses gold. This fraud created the base principle that every bank in the world to date is built upon.

Banks today are actually built upon creating debt with a currency that is created directly on a computer screen. There is nothing that backs these notes anymore, only the mere thought of gold. We the people have created value in cash, and there is plenty of it out there.

However, if everyone decided one day to withdraw all of there cash, like our once gold, from the banks, or the once goldsmith, the banks would fall hard because the majority would not be compensated for their own, hard earned currency.

Why do you think that there has been talk about the government turning money completely digital and completely eliminating cash all together, forcing people into using checks, credit and debit cards as the only source of currency? There are already companies like paypal and alertpay who have profited off of this knowledge.

The ironic part is that even though the banks have the power to create money out of thin air, they need people to request these creations. They need people to request mortgage loans and car loans, so they can profit off of the interest and the eventually paid loan. If someone is not able to repay their loans, they confiscate their properties and turn them into profit.

The majority of the real estate across our nation is owned by a bank. The fraudulent principle that created banks, has given banks the power and ownership of almost everything you see in your day to day life.

Check out these quotes:

Let me issue, and control a nations finances, and I care not which puppet sits on the throne [Mayor Amchel Rothchild (1743-1812)];

It is well enough that the people of this nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning [Henry Ford];

The depression was the calculated ‘shearing’ of the public by the World Money powers, triggered by the planned sudden shortage of supply of call money in the New York money market….The One World Government leaders and their ever close bankers have now acquired full control of the money and credit machinery of the U.S. via the creation of the privately owned Federal Reserve Bank [Curtis Dall, FDR’s son-in-law as quoted in his book, “My Exploited Father-in-Law”].

I am merely scratching the surface of this monstrous mountain made of money, but what can we do about this? Well, first of all, we have to help each other instead of borrowing from the bank for every dollar needed. If we looked towards each other instead of the banks, the banks only purpose would be for keeping our money safe and insured (which is their actual original purpose).

Work at home programs is the best solutions to this problem. The majority of them do not require a large lump sum of money to get started, and your income has potential to be unlimited. Of course taxes may come into play, depending on how big your company grows, but this works better than paying taxes on top of owing money to begin with.

However, what I have found to work exceptionally well, and is completely tax free is cash gifting. Since cash is the bottom line of all business, and people have created so much of it due to the cycle of financing created debt with the banks, why not circulate it through the hands of the people and rid the middleman banker?

If more and more people got involved in cash gifting, the only job for the banks would be to do what they were meant to do in the first place, instead of profiting from a debt and interest created by someone in need. We the people have to take back our power and break the bankers hold on us, ourselves. If not, debt will enslave us forever.

I hope you have found this article to be resourceful and/or informative to you in some way. Lets start rebuilding our economy ourselves. Best wishes to you in all of your ventures!

Race Relations Act Questionnaire Rr65 Demonstrated By Emilio Botin Santander Abbey Banking Group

How to use the Race Relations Act Questionnaire RR65, and its importance, are demonstrated by the high-profile UK case Chagger v Abbey National plc & Hopkins (2006), where the Employment Tribunal found race discrimination and, following Emilio Botin Abbey Santander banking group’s refusal to reinstate Mr Chagger as the Tribunal had ordered to remedy the wrong done, awarded the record-breaking compensation of 2.8 million. In 2006, Abbey Santander Group (the UK retail bank owned by the powerful Emilio Botin Banco Santander Central Hispano Group BSCH, and which is to be re-branded as Santander share price soon) dismissed Balbinder Chagger from employment, stating compulsory redundancy as the reason. Mr Chagger, on the other hand, believed that the actual reason behind his dismissal was racial discrimination. Emilio Botin Abbey Grupo Santander banking group employed Mr Chagger, of Indian origin, as a Trading Risk Controller. He earned about 100,000 per year and reported into Nigel Hopkins.

Aggrieved employees who believe they have suffered racial discrimination in the workplace and are considering initiating legal action may serve a Race Relations Act Questionnaire RR65 upon the employer. The Race Relation Act (Questions and Replies) Order 1977 sets out the procedure for the Race Discrimination Questionnaire RR 65 procedure.

The aggrieved employee serves his questionnaire on a standard form called RR65. The RR 65 form contains some standard questions, like to what extent does the employer agree with the aggrieved employee’s account of events, what is the employer’s account of events, and does the employer accept that the employee has been racially discriminated against (and if not, then why not). The employee serving the questionnaire may append his own specifically taylored questions at the end of the standard questions.

Serving an RR65 Race Relations Act Questionnaire is not necessary in order to process the discrimination through formal legal proceedings; it is an option open to the aggrieved employee. However, it is an important option because it gives the aggrieved employee a unique opportunity to seek evidence in support of his case (by permitting the inclusion of searching questions), as well as, to collect further information useful for deciding whether or not to continue with legal proceeding. So, the aggrieved employee should give serious consideration to serving a Race Relations Act Questionnaire, and deploy questions aimed at uncovering evidence which is known only to the employer and proving the racial discrimination suffered, uncovering fully the employer’s defence, and ascertaining the grounds that are accepted by the employer and those that are disputed.

The employer is expected to reply to the questionnaire in writing within a reasonable time, considered to be 8 weeks from the date the of receipt. However, the employer does not have to reply to it, and cannot be forced to reply by any Employment Tribunal. If the employer does reply, then the reply may be admitted as evidence to an Employment Tribunal. If the employer doesn’t reply within the time limit and/or gives evasive or ambiguous answers, then the Employment Tribunal may hold such responses against the employer. If the Employment Tribunal believes the employer purposely and without good reason didn’t reply within the time limit and/or gave ambiguous and/or evasive answers, then the Race Relations Act 1976 requires the Tribunal to draw any negative inferences it considers just and equitable, including the negative inference that the employer committed the unlawful racial discrimination. This means that an Employment Tribunal can make a ruling of racial discrimination based just on the negative inferences it drew; however, an Employment Tribunal is unlikely to do that in practice, but it may decide to take a highly serious view of the employer’s failure to reply properly and be influenced by it in its decisions. The employee can improve the likelihood of the Employment Tribunal drawing negative inferences by posing reasonable questions in the questionnaire and making efforts to chase and encourage the employer to reply properly. The employer will be disadvantaged in not knowing before it faces the Employment Tribunal the consequences of its failures; by the time the employer is in front of the Tribunal, it may be too late to make good any failures. An employee who deploys the race discrimination questionnaire procedure automatically gains this tactical advantage.

Such was the scenario that Emilio Botin Abbey Santander had got itself into with Mr Chagger. The Tribunal decided that Emilio Botin Santander Abbey had failed to answer Mr Chagger’s questionnaire properly. Mr Chagger had asked Abbey Santander to provide details of the legal actions of race discrimination that had been brought against it since 1 January 2001. Grupo Santander Abbey answered with 17 citations of incidents. With regards to 6, Abbey Santander simply asserted that it didn’t know the results of the actions and that it was unable to find out during the time period in which the race discrimination questionnaire had to be answered; it never provided any further or follow up answers to Mr Chagger. The Employment Tribunal ruled that Abbey Santander’s answers were evasive. Santander Abbey’s failure to properly answer the questionnaire, contributed to the Employment Tribunal’s finding that Emilio Botin Abbey Santander and Mr Hopkins had racially discriminated against Mr Chagger in his dismissal.

The serving of an RR65 questionnaire does not by itself begin any legal action; legal action is started with a separate procedure. If no legal action is ever begun, then the questionnaire and the reply remain a private correspondence between the employee and employer. If there is sufficient other evidence that suggests race discrimination and the employee is giving serious consideration to taking legal action, then serving an RR65 questionnaire would be appropriate; because the employer’s answers may help the employee to make a final decision. However, if the employee does not seriously intend to pursue legal action, then serving the RR65 questionnaire would be inappropriate; because it may unnecessarily aggravate the employer and/or the employer’s reply may emotionally affect the employee into taking legal action he had not intended.

The Chagger v Emilio Botin Abbey Santander case did not end at the Employment Tribunal stage. Emilio Botin Abbey Santander and Mr Hopkins escalated the case to the Employment Appeal Tribunal (EAT) by appealing against the original Employment Tribunal’s rulings of racial discrimination and the record-breaking 2.8 million compensation. In 2008, the EAT upheld the original Employment Tribunal’s ruling of 2006, that both Emilio Botin Abbey Santander and Mr Hopkins had racially discriminated against Mr Chagger. The EAT did, however, accept Abbey Santander’s appeal against the 2.8 million compensation and sent it back to the original Employment Tribunal for reconsideration. In 2009, the case was escalated even higher, to the Court of Appeal (the 2nd highest court in UK). The Court of Appeal’s List of Hearings showed the appeal hearing was held on 7/8 July 2009. The Court of Appeal’s judgement and transcription were not available when writing this article. The 11KBW set of barristers’ chambers (who represented Emilio Botin Santander Abbey and Mr Hopkins in the Court of Appeal hearing), had reported that the hearing was to be only about quantum (i.e., the compensation) and not about liability also (i.e., not race discrimination also). That would appear to suggest that the wrongful act of unlawful discrimination committed by Emilio Botin Abbey Santander and Mr Hopkins was finalised by the EAT when it upheld the original Tribunal’s ruling that Abbey Santander and Mr Hopkins had racially discriminated against Mr Chagger, and that Mr Chagger had appealed against the EAT’s ruling to send back the compensation award for reconsideration.

Acceleration of Technological Breakthrough in Banking Industry

With ever-so-incrementing competition and fierce global expansion, the banking and financial services scenario has been swinging directionally. Today, banking and financial institutions are differentiating themselves on the basis of their broad range of techno-infused services provided. Banks are collaboratively assimilating technological advancements for becoming better service provider in the industry. They are significantly combining regulations and modern financial instruments to offer better opportunities to businesses in order to reduce operational pressures. On the other hand of fulcrum, global customers want highly reliable, figurative, transformational and personalized services to fulfill their appetite.

Banks need to develop financial compliance reports as well as diligent monitoring tools that can provide accurate insights fulfill growing customer demands and balk illegal activities. Today, on broader perspectives, banking and financial institutions are vying to meet these demands and are exerting their efforts in reducing escalating costs and controlling risks. However, success is near, as banks have finally decided to protect their data from illegal use. In fact, they are busy in creating banking intelligence system, which can offer complete insight for better and tangible decision making process. Today, most of the forward-thinking financial institutions are unfolding their potential to embrace technological trends and at the same time developing robust financial instruments that can enhance profitability, minimize risk, simplify online transactions and achieve competitive advantage.

Unquestionably, the acceleration of technological breakthrough and propulsive digitization has overtaken the traditional banking methods. This has speed-up the degree of online transaction, online transfer, bill payment and complete e commerce in the community. It results in broadening of the horizon of banks and allowed them to focus on phone banking, web banking, mobile banking and social media networks. The instant proliferation in the technological advancement has made banks and financial institutions a body of never-ceasing service provider. In fact, the adoption of online banking is more likely to continue to climb for the consistent rise in economies.

Banking analysts are also deeply thinking about discovering key technology priorities; streamlining customer interactions and optimizing data management in order to better inform and embrace banking technology decisions. It has contributed to customer satisfaction as an IT leader. This will directly impact front line interactions with the customers and help banking and financial institutions to think critically.

In this environment, financial institutions are managing to deliver best of banking practices, invaluable assistance, support services, reliable financial products and above all easy-to-use functionality for the business houses. This will not only help them attaining market share, but also leads to successful ethical digital transformation. This vivid transformation dramatically help businesses, institutions and industries to have full scale vision for expansion, growth, new project development, fresh venture and/or diversification. This will certainly help banking and financial industries to develop immunity to the emerging recession and financial crunch.

Banking Jobs In Bahrain

Bahrain undoubtedly is the financial hub of the Middle East. It is also internationally known to be the most diversified economy in the Gulf region. Unlike other countries in the Gulf region that depend heavily on oil and gas production, in Bahrain, the contribution of this sector is merely 14% of GDP (2007). The most thriving sector in Bahrain currently is the financial sector. Thus, there is no dearth of banking jobs in Bahrain. These financial sector jobs have been increasing as the sector has seen ample growth over the past few years and Bahrain has become an attractive career destination for qualified expatriates in this field. Other than the financial sector, other booming sectors in the region include professional services, logistics, ICT, and manufacturing sectors.

Bahrain boasts of the highest and most transparent regulatory and supervisory standards in its financial sector and has thus become the most established financial hub which has attracted investors for businesses in this field. Despite being such a small country, it has attracted a lot of foreign investment in this region as it is the tried and tested ground for banking and insurance sector. In the region, there are more than 400 licensed financial institutions which contribute nearly 27% of GDP (2007). These institutions operate in banking, insurance and funds. Also, Bahrain is a hub for Islamic finance as the largest number of Islamic financial institutions is located in the region. Owing to these reasons banking jobs in Bahrain have become quite attractive to skilled professionals across the globe.

Bahrain banking jobs are very lucrative too. The prime reason for this is that it is a tax-free region. Thus, no taxes are levied on the compensation of an individual. This is a major puller for expatriates who throng the region to take up such jobs and make savings for a lifetime. These expatriates take up jobs on contractual basis and leave the country at the end of their term but by the time they leave, they save enough money to make the period of stay worthwhile. The quality and the standard of lifestyle offered in Bahrain are also world-class. Though one might find a huge difference in culture but with an open mind, one can enjoy the luxuries offered by the place. One has to be a little open-minded to settle well in the country and accept all the good that it has to offer.

To get a Bahrain banking job, one can apply through various mediums such as recruitment firms operating in the area, newspapers, job sites and also by directly applying to these banks that regularly advertise their vacancies on their websites. If going through a recruitment agency, it is always advisable to choose a certified agency because there are a lot of sham companies operating in this field who make unsuspecting job searchers a prey. Once short listed, the candidates have to go through a comprehensive selection procedure as the standards of selection in top financial companies are also very high. The employer becomes the sponsor of the expatriates who work in Bahrain. In your employment contract, there are other included benefits too. For instance, many employers offer housing, education for children and one annual free trip back home to employees. Considering these benefits, a banking job in Bahrain becomes a sought after one.

Despite the current economic downturn, Bahrains established status as the financial capital of the Middle East is ready to weather these tough times. The sector has seen a surging employment growth in Bahrain’s financial industry in the last few years. There is an emphasis on employing local Bahrainis as the countrys education system has evolved and is producing graduates ready to take up jobs. However, there is still a lot of demand for foreign workers. Prominent financial services companies operating in Bahrain include some big international names such as AIG, American Express, Bank of China, Citibank, European Islamic Bank, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Hanover Re, HSBC, Royal Bank of Scotland, JP Morgan, Lazard, Merrill Lynch, and Standard Chartered. The expansion of these firms in the region has ensured that more and more jobs are being created each year. Apart from banking, insurance and funds are the other two branches in the finance sector that are employing expatriates in large numbers.

Useful links:
www.naukrigulf.com/
http://www.naukrigulf.com/banking-financial-services-jobs-in-bahrain

Malaysia Banking Industry1h11 – Overview,trends,analysis,outlook And Swot

Emerging Markets Direct released their latest Malaysia Banking Industry Report 1H11. Contributed by higher net interest and financing income and revenue related to financing activities, the pretax profit of Malaysia Banking Industry increased by 17.8% y-o-y to RM6.13 million in 3Q10. As of September 2010, total assets held by financial institutions in Malaysia amounted to RM1, 508.57 billion, a record growth of 10.12% y-o-y. Commercial banks represent the largest segment of all financial institutions in Malaysia (total asset at RM1, 192.84 million), with Maybank taking up 27.18% of the local market share and ranking first domestically.

About 55.61% of total loans in the Malaysian banking system is driven by the household sector (eg. Mortgage,hire purchase loans for passenger cards and personal loans), which was up 13.4% y-o-y as at September 2010. Education, health and other sectors saw a robust growth in total loans at a rate of 69.83% y-o-y. Overall, the total loans in the banking industry grew by 11.84% y-o-y to RM854.18 billion.

The banking system remains very stable with ample liquidity to meet demands for deposits withdrawals. In the third quarter of 2010, deposits saw a growth of 8.90% y-o-y, which was mainly derived from financial institutions, businesses and individuals. The loan-to-deposit ratio as well as the financing-to-deposit ratio were rather stable and remain at 81.3% and 87.8% respectively.
To sustain high level of stability, the banking system adheres to the rules and requirements specified under Bank Negara Malaysias mandate. All banking institutions in Malaysia are required to comply with the Risk-Weighted Capital Ratio requirement (8%) set by the central bank. As of 3Q10, the ratio remained strong at 14.75%, far more than the specified ratio.

Growth story continues in the Islamic banking segment, Islamic banking in Malaysia is the fastest growing sector in the global banking industry with an average annual growth rate of 20% over the past 5 years. Malaysia is the worlds largest market for sukuk or Islamic bond market, which takes up around 65% of the global market share. To date, Malaysia has 17 Islamic banks including Islamic units in HSBC holdings, OCBC and Standard Chartered PLC.

What is the development of Mobile Banking? How does the central bank and government offer assistance to the Small and Medium Enterprises (SME)? What are the mergers and consolidations activities set out in the Financial Sector Master Plan? What are the trends and outlook of the industry?

Profit now from our Malaysia Banking Industry report:
http://www.emergingmarketsdirect.com/products/Malaysia-Banking-Industry.html

Table of Content
1. Industry Profile
Sector Overview
Sector Size and Value
Total Assets
Total Loans and Deposits
1.2.3 Interest Rates
1.3 Sector Performance
1.3.1 Financial Institution Profit and Loss
1.3.2 Capital Adequacy Ratio (CAR)
1.3.3 Non-Performing Loan (NPL) Ratio
2. Market Trends and Outlook
2.1 Islamic Banking
2.2 Mobile Banking
2.3 Small and Medium Enterprises (SMEs)
2.4 Industry Consolidation
3. Leading Players and Comparative Matrix
3.1 Leading Players
3.1.1 Malayan Banking Berhad (Maybank)
3.1.2 Public Bank Berhad (Public Bank)
3.1.3 CIMB Group Holdings Berhad (CIMB)
3.1.4 RHB Capital Berhad (RHB)
3.1.5 Hong Leong Bank Berhad (Hong Leong)
3.2 Comparative Matrix
3.3 SWOT Analysis
4. Tables & Charts
Table 1: Banking Institutions in Malaysia
Table 2: Breakdown of Total Loans by Sector (December 2006 September 2010)
Table 3: Breakdown of Total Loans by Purpose (December 2006- September2010)
Table 4: Interest Rates in Malaysia 2006 2008,1Q09 to 3Q10
Table 5: Top 25 Countries by Shariah-Compliant Assets
Table 6: Number of Establishments by Sector
Table 7: CIMB: Profit before Tax by Segment FY08, FY09
Table 8: CIMB: 2009 Target Achieved
Table 9: Financial Highlights of the Leading Players FYE09 or FYE10
Chart 1: Malaysias GDP and Growth Rate 2006-2010
Chart 2: Total Assets by Types of Financial Institutions as at September 2009 and 2010
Chart 3: Total Assets of Nine Domestic Banks in Malaysia as at September 2010
Chart 4: Total Loans and Growth Rate September 2007-September 2010
Chart 5: Loan Disbursements by Sector 2Q09,3Q09,4Q09,1Q10,2Q10,3Q10
Chart 6: Banking Systems Loan Applications and Growth Rate 1Q07 3Q10
Chart 7: Loan applications vs Loan Approvals 1Q06 3Q10
Chart 8: Banking Systems Total Deposits as of September 2010
Chart 9: Banking Systems Total Deposits 2005-Sept 2010
Chart 10: Total Deposits by Types of Financial Institutions 2009 and September 2010
Chart 11: Loan/Financing to Deposit Ratio April 2009 September 2010
Chart 12: Overnight Policy Rate March 2006- September 2010
Chart 13: Commercial Banks Lending Rates 2006 2008, 1Q09 to 3Q10
Chart 14: Banking Systems Capital Ratios March 2006-September2010
Chart 15: Banking Systems Net NPL Ratio March 2005 – September 2010
Chart 16: Mobile Users Worldwide by 2011
Chart 17: Maybank: Net Income by Business Activity FY2010
Chart 18: Public Bank Loan Loss Coverage 2005-2009
Chart 19: Public Bank Asset Growth 2005-2009
Chart 20: CIMB Groups Earnings History 2005-2009
Chart 21: RHB Bank: Loans, Advances and Financing 2005-2009
Chart 22: RHB Bank: Total Deposits 2005-2009
Chart 23: RHB Bank: Operating Revenue by Business Segment in 2009
Chart 24: Intrinsic Value of Hong Leong Bank FY2006-2010
Chart 25: Hong Leong Bank Total Loans and Deposits at Bank Level FY 2006-2010