Ads 468x60px


Showing posts with label global. Show all posts
Showing posts with label global. Show all posts

Wednesday, June 29, 2011

Trio of China banks ranked in global top 10: study (Reuters)

LONDON (Reuters) – Three Chinese banks are now in the world's top 10, underlining the dramatic growth of the country's financial industry in recent years, according to a new study released on Thursday.

Bank of America (BAC.N) ranks as the world's top bank for the second successive year, followed by JP Morgan (JPM.N), Britain's HSBC (HSBA.L) and Citigroup (C.N), according to The Banker magazine's latest Top 1,000 list.

The magazine uses Tier 1 capital as a measure of a bank's ability to lend on a large scale and endure shocks.

Industrial and Commercial Bank of China (ICBC) (601398.SS) ranks in sixth place (up from 7th last year), China Construction Bank (601939.SS) is in eighth (from 15th), Bank of China (601988.SS) ranks in ninth (from 14th) and Agricultural Bank of China (601288.SS) has risen to 14th (from 28th).

China's banks are also the most profitable, with ICBC's earnings of $32.5 billion last year eclipsing all other banks. CCB was second with profits of $26.4 billion, followed by JPMorgan with $24.9 billion.

Chinese banks' profits have soared by 95 percent over the past three years and now account for over a fifth of global banking profits, The Banker estimated.

Other major emerging economies have also advanced up the rankings. Brazil's banks, for example, have some of the highest returns on average capital at 32 percent, while India's banks have more than doubled profits since 2007, the magazine said.

The biggest losses were recorded by Irish banks for the second successive year. Anglo Irish lost $23.5 billion, and Allied Irish Banks lost $15.8 billion.

The Tier 1 capital of Bank of America, based in Charlotte, North Carolina, was $164 billion at the end of 2010, just up from a year earlier and $22 billion above JPMorgan.

Bank of America also topped The Banker's first Top 1,000 list 41 years ago, when it was based on assets rather than capital.

(Reporting by Steve Slater; Editing by Will Waterman)


Yahoo! News

Thursday, June 9, 2011

Bilderberg: The Uber Powerful Global Elite Meet Behind Closed Doors In St. Moritz (Time.com)

This post is in partnership with Worldcrunch, a new global-news site that translates stories of note in foreign languages into English. The article below was originally published in Le Temps.

(ST. MORITZ) - Dominique Strauss-Kahn will not be stepping out of a limousine this year. That much is sure about this year's Bilderberg conference, which the former IMF chief, awaiting trial for alleged sexual assault of a hotel maid in New York, is said to have attended several times in the past. But little else is known about this secretly organized, unofficial meeting of some 100 powerful figures, slated to take place June 9-12 in a luxury hotel in the Grison station. Indeed, not even the dates of the gathering are confirmed.

The canton is to ensure the tranquility of its guests with the help of the Federal security service. Two of its ministers will take part in some of the discussions. But the canton is not commenting on the measures in place or the cost of the operation. (See pictures from Dominique Strauss-Kahn's legal battle.)

The Bilderberg group is one of the world's most famous clubs, it gathers bankers, politicians, industrialists, media moves and shakers, scholars and billionaires in a different location each year, usually in Europe. All the attendees share one condition of membership: discretion.

Created in 1954 by Prince Bernhard of Holland in order to bring together European and American elites, this annual meeting is named after the hotel of the Dutch village Oosterbeek where it took place for the first time. Henry Kissinger, Helmut Schmidt, Gerhard SchrOder, Daniek Vasella, the heads of Coca-Cola, Shell, Fiat and even the Queen of Holland are among the participants regularly mentioned. What do they do there? What do they want?

Decade after decade, the Bilderberg group has fueled all kinds of speculation. Multiplied on online forums, these hypotheses, sometimes denounced as "conspiracy theories", spread the idea that a powerful minority is carrying out its plan for a new world order. The idea is that important political and economic decisions are being made behind closed doors, with no democratic control. With the Bilderberg conference bringing together important politicians from left and right, some rumors say the group recommends future heads of state. Bill Clinton, Lionel Jospin, and even JosE Manuel Barroso, were invited to join shortly before they came to power.

"The conspiracy theory is absurd," said the former federal counselor Pascal Couchepin, one of the Swiss politicians to have participated in these conferences. "We spend three days trying to better understand the world thanks to meetings that I would describe more as intellectual than political. We are away from any pressure." (See pictures of world leaders on vacation.)

Le Valaisan, invited "four or five times", mainly remembers fascinating discussions about French history, or encounters with people like Olivier Roy, an expert on Islam. Another Swiss politician, Christoph Blocher, is usually skeptical about international collaboration, but shares the same opinion. Invited to a meeting in Athens where he rubbed shoulders with the head of Coca-Cola, the King of Morocco's daughter and the Swedish Secretary of State Carl Bildt, he appreciated "the excellence of the orators and the frankness of the debate". A vestige of the Cold War, the only drawback of the meeting could be that the Chinese and the Russians are still missing.

But the St. Moritz conference does disturb certain representatives of the Swiss political party UDC. In March, the national counselor Dominique Baettig filed an interpellation cosigned by Oskar Freysinger and Yves Nidegger, among others, denouncing "sopra-national and non-transparent governance." The politician justifies his action: "this kind of gathering of powerful people of the globalized world goes against our principles of sovereignty.

See the world's most influential people in the 2011 TIME 100

Criticisms about circumventing democracy are especially sharp this year, in the context of the Arab revolutions. Moreover, the cost for the Swiss taxpayer is kept secret. The Federal Council answered that it was not part of its role "to pass judgment on information policy carried out in relation to private manifestations."

Much more exclusive than Davos

This exclusive version of the Davos World Economic Forum has already been held twice in Switzerland. It is organized by a steering committee of about 20 people, which now includes Josef Ackermann, CEO of Deutsche Bank, and Daniel Vasella, CEO of Novartis. Experts are invited along with the guests. Each participant has a limited speaking time and the debates are graded to guarantee their quality. Another tacit condition is a command of the English language. (See 50 remarkable years of Europe.)

In the past few years, the mystery surrounding the Bilderberg group has faded slightly because of interest from journalists. Despite the confidentiality protecting it, the group publishes its discussion themes and participants after the meeting online at www.bilderbergmeetings.org. But the defenders of the "conspiracy theory" who keep denouncing the "Illuminati" are still active.

"This conspiracy spirit is also due to an official authority crisis. It is no longer confined to the myth of the Jewish conspiracy, but it now touches all population categories", says Bruno Fay, journalist and author of a book on the "plot-cracy" who met the current Bilderberg director, the Belgian Etienne Davignon. Rather than making decisions, the Bilderberg meetings are a way to sound out opinions on current affairs, some say. "And the members are also asked to identify rising personalities in their country." (See TIME's report on the World Economic Forum: Davos 2010.)

Another custom evoked is the invitation of the president of the host country. The communication services of the President of the Confederation say that "Micheline Calmy-Rey will not participate in the Bilderberg meeting which will take place next week in St. Moritz." For their part, the young socialists will be present behind the scenes of the meeting. For several weeks, they have called for a demonstration on June 11, on the main square of St. Moritz, to sign a manifesto in favor of greater democracy. Lukas Horrer, president of the Social Democratic Party's youth organization Grison Jusos explains: "We don't agree with the conspiracy theory. We just want to remind people that democracy has to prevail in the economic world."

Also from Worldcrunch:

Fashion Faux Pas? Big Brand Retailers Transform Paris
- Le Monde

Backpacking in the Buff: Germany's New Hiking Trail for Naked Nature Lovers
- Tages Anzeiger

Exclusive: Dark Journey to Dara'a, Syria's Martyr Town Under Siege
- Le Monde

See TIME's Pictures of the Week

See the Cartoons of the Week

View this article on Time.com

Most Popular on Time.com:


Yahoo! News

Tuesday, May 31, 2011

Sony promises full global PSN restoration this week (Digital Trends)

The dark times are nearly over. Sony is still working to win back the trust of its customers following the April hacking that left PlayStation Network, Qriocity and Sony Online Entertainment services shut down for a month and more than 100 million users with exposed personal information. The switch was flipped back to “ON” roughly two weeks ago, with limited service being restored across the company’s online networks. Today brings the news that all will be back to normal sometime this week.

Yes, we’ve hummed along to a similar tune from Sony a couple of times now, and been disappointed each time, but things have remained relatively stable these past two weeks and there’s no reason to believe that the company won’t be able to keep its promise this time. The news comes from a press release posted on the PlayStation Blog, which states that full PSN service will be restored for all regions — excluding Japan, Hong Kong and South Korea — by the end of this week.

Some amount of Qriocity service will be returning as well, with Music Unlimited coming back to PlayStation 3, PlayStation Portable and PCs. More importantly for gamers, the restoration of service will also bring back access to the PlayStation Store, in-game purchases and code redemption.

“We have been conducting additional testing and further security verification of our commerce functions in order to bring the PlayStation Network completely back online so that our fans can again enjoy the first class entertainment experience they have come to love,” Sony boss Kaz Hirai said in the press release. “We appreciate the patience and support shown during this time.”


Yahoo! News


This post was made using the Auto Blogging Software from WebMagnates.org This line will not appear when posts are made after activating the software to full version.

Monday, April 18, 2011

Poll: U.S. economy improving despite global events

said Shawn DuBravac, an economist with the Consumer Electronics Association, who analyzed the findings.

The outlook for employment rose slightly, reaching a 12-year high. No firms reported significant layoffs, with the only reductions coming from already planned cuts.

Sales increased for the third consecutive quarter, profit margins continued to improve and the number of economists whose firms increased spending over the previous quarter held steady. Nearly all of the 72 economists surveyed, about 94%, now expect the economy to grow at least 2% in 2011.

The quarterly survey includes the views of economists for private companies and trade groups who are NABE members. The data are reported by broad industry groupings. Many results in the survey are expressed through the Net Rising Index, or NRI

View the Original article

Sunday, April 3, 2011

Mormon church marks global growth, new temples

usatoday.com. Include name, phone number, city and state for verification. To view our corrections, go to corrections.usatoday.com.

Posted

ShareWe've updated the Conversation Guidelines. Changes include a brief review of the moderation process and an explanation on how to use the "Report Abuse" button. Read more.

Advertisement

Most Popular E-mail Newsletter

View the Original article