Banking & Investment

Clarity Cards are Provided by Halifax

Halifax has launched the Halifax Clarity card, which aims to cut the cost of travel money for holidaymakers.

The card comes with no foreign exchange fees on transactions including all purchases and cash withdrawals abroad.

According to the lender, over 30 million Britons still change sterling for their currency of destination in advance of travelling, with over half believing this to be the most convenient form of payment on holiday, and almost 40% believing it to be the most secure.

However, spending on debit and credit cards whilst abroad is on the rise with consumers appreciating the benefits, such as the ability to access funds to cover unexpected expenses.

Halifax Credit Cards spokesman, Mark Powys, comments: “Our research shows that three quarters of holidaymakers would be more likely to use a credit card abroad if they knew they wouldn’t incur any fees.”

European Creditors May Receive Payout

The U.K.’s accounting watchdog is investigating Ernst & Young over its role as auditor to Lehman Brothers in the months leading up to the investment bank’s collapse.

In a statement, the Accountancy & Actuarial Discipline Board said it’s probing the firm’s conduct in relation to the preparation and audit of Lehman’s accounts for the fiscal year ended Nov. 30, 2007. It’s also reviewing the accounting treatment of transactions known as “repo 105″ and “repo 108.”

Lehman used these transactions to temporarily lower its apparent leverage and remove as much as $50 billion from its balance sheet, according to a report by a court-appointed examiner earlier this year. See story on how repo 105 worked.

The same report by Anton Valukas said there was evidence to support a possible professional malpractice claim against Ernst & Young and that claims might also be possible against some of Lehman’s competitors, including J.P. Morgan /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 38.48, +0.23, +0.60%) and Citigroup /quotes/comstock/13*!c/quotes/nls/c (C 3.97, -0.02, -0.50%) over collateral demands they made as Lehman began to fall apart. See story on potential Lehman lawsuits.

“Ernst & Young’s audit opinion stated that Lehman’s financial statements for that year were fairly presented in accordance with the relevant accounting standards, and we remain of that view,” the audit firm said in a statement.

Several Facts about Investment Banking

A good time to send your resume to an investment bank is in November and December.

Hires are usually made around January and February. But don’t stop in February just because you haven’t hit your target. According to one analyst we spoke to it’s really crucial to be persistent. It’s basically a numbers game. Contact lots of people. But at the same time, customize your approach to each person and bank. That means it’s going to be pretty much a full-time job.

Don’t forget to check back.

Traditional recruiting is done by April. Lots of people also change jobs in the March to July period. This means that many banks are scrambling for personnel in July, long after the resumes have been thrown away. Somewhat surprisingly, the best time to find a full-time job is by screening your contacts in late Spring and Summer.

Investment banking is going through a massive retrenchment due to the financial crisis.

Investment bankers are losing jobs in 2009 in massive numbers due to problems in the global economy. Financial market turmoil has been triggered by excessive buildup of investment bank balance sheets has caused valuations of investment banks to decline dramatically in the period from June 2008 to March 2009. This has been associated with substantial reductions in bonuses and large-scale layoffs.

The System of Offshore Web Money Integration

Introduction

The internet provides prime opportunities for the acquirement of funds. A successful web page can generate profits in the form of affiliate programs, direct billing for services or products and of course advertising. Efficient management of these profits can result in increased financial security.

The benefits of such a system include

a. Financial security and privacy, by choosing to deposit funds in an offshore banking system that has strict privacy regulations favoring the bank account holder factors negatively affecting the future availability are eliminated.

b. Stability, the bank account is usually held in a stable currency such as gold, silver or platinum. These currencies have been proved to appreciate steadily throughout history. Global financial and political instability are less likely to affect precious metals.

c. Tax Havens, directing your internet income directly to your offshore bank account avoids the heavy local taxation of your income. Offshore bank accounts in locations such as Panama have the benefit of no taxation.

d. Remote banking, the remote management of such offshore banking locations is usually a built in feature and allows for the manipulation of funds globally with internet access. International debit cards allow for the withdrawal of funds from any location and electronic currencies provide for the safe, secure and private transfer of funds to any entity in any location.

Offshore Banking and Its Benefits

Why is Offshore Banking more beneficial than conventional banking ? The answer to this is found by explaining the major advantages of this system; Security and Privacy, Stability, Tax Havens and Remote Banking. Here is a breakdown of these properties;

Security and Privacy

Countries hosting Offshore Banks such as Panama, Latvia, the West Indies and others have passed laws in favor of such systems. These laws cater for complete privacy for the bank account holder whose details are not revealed even to the request of other goverments. Such locations are safe havens for investors wishing to secure their funds to protect against unforseen scenarios that could result in the loss of financial security. An example of this is divorce; funds deposited in private and secure offshore bank accounts can be legally withheld from the spouse in case he or she decides to claim funds in a divorce agreement. Similarly the seizure of funds by the goverment can be protected against by depositing funds in such an offshore account invalidating the reach of the seizing authority in the offshore bank haven.