The banking industry faces a great slump as the British Bankers’ Association (BBA) and consumer groups had failed to reach an agreement about the PPI claims deadline. BBA officials said that the differences in opinion had made it virtually impossible to negotiate with the consumer groups.
The BBA’s proposal of making a mass marketing and advertising campaign that would run for one year to encourage people to reclaim their PPI refunds was not enough for the consumer groups to consider the suggestion. The recent scandal Lloyds and Deloitte with their Royal Mint Court Centre further decreased the chances of a deadline.
Martin Lewis of Money Saving Expert said that the banking industry had 10 years to mis sell PPI to their customers while amassing more than £25 billion in profits. It is only fair that customers get the same amount of time to reclaim their refunds.
Peter Vicary-Smith, CEO of the consumer group Which? said that it would be unfair for banks to set a deadline simply because PPI complaints already have a ticking clock deadline once the representative gives the customer a call. Within 30 days, you should have applied for your PPI complaint, or at least give your bank a call to give you the refund.
Aside from preventing difficult financial times, the BBA also proposed the deadline to curb the extensive profits Claims Management Companies (CMCs) were gaining from the PPI compensation package. Observers estimate that CMCs get at least 25-30% of the total PPI package. Others argue they are very much deserving of the profit they make for their work, as beside the actual chasing up of the claims, their advertising is what makes people aware they might be eligible for a PPI refund in the first place. This is important as many people are due refunds and have no idea that they even had been paying PPI premiums in the first place.
China is again ready to send three astronauts into orbit with one of the longest manned missions in China’s history. The Shenzhou 10 spaceship will blast off from the Jiquan Satellite Launch Centre in the Gobi Desert on Tuesday. The spaceship will be launched by a Long March-2F Rocket.
The ship will dock with the Tiangong-1 space module, where the crew will then transfer its supplies into the space laboratory set in orbit since September 2011. China’s Manned Space Program Spokesperson Wu Ping told the media that the main objective of the mission was to evaluate the functionality, coordination and performance of all the systems used during the mission. Another is to test the technologies that will help them construct a space station in line with China’s ambition to have a long-term human presence in space.
China has a total of 18 space launches since sending its first astronaut Yang Liwei in 2003. The capability of the gigantic country to launch space missions and its growing financial and military growth continually unsettles some Western countries.
From CNN, Nic Robertson was invited to China’s super-secret space city where the fifth manned mission will take off. He was the only western reporter to be invited to the launch Tuesday.
Sanaullah Ranjay, a Pakistani prisoner died at a high- security prison in Kashmir governed by the Indian after he was attacked by his fellow inmate. Ranjay, who was in a state of coma died, early Thursday in India’s Chandigarh city hospital because of a multi-organ failure. An international investigation regarding the attack was called by Islamabad. The Indian state said that the body of the prisoner will be returned to Pakistan. Last week Ranjay, endured several injuries in Kot Bhalwal jail in Jamu where he was attacked by his fellow inmate. Ranjay was behind bars for the past 17 years for violent related cases.
Ranjay was attack by the man on the same day that the body of an Indian prisoner who died in prison in Pakistan was cremated. A week ago, Sarabit Singh, who was punished to death in Pakistan in 1991, was struck by bricks by his inmates in Lahore’s Kot Lakhpat jail. The multiple organ failure which Ranjay suffered was because of his severe head injury. A hospital staff stated that a group of doctors led by Prof YK Batra tried their best to revive him.
Sushil Kumar Shinde, the Home Minister said that the prisoner’s body will be returned to Pakistan. A review will be made in connection to the attack on Ranjay, said Omar Abdullah, the Chief Minister of Jamu and Kashmir state. But the Pakistani government called for an international inquiry because Ranjay’s death was an “extra-judicial killing”. Last Wednesday, the Supreme Court in India cited their grief and concern for Ranjay’s death and questioned the prison staff about the protection of their prisoners.
A day after South Korea’s foreign minister went to visit; Japan’s 168 lawmakers came over the Yasukuni Shrine, a controversial shrine linked to war. Yasukuni celebrates over war dead of Japan and war criminals. The Chinese ambassador was summoned by Japan government after eight of its patrol ships sailed near the selected islands. As stated by the Chinese, they are monitoring Japanese vessels, because a group of Japanese rebels were found sailing their boats in the area.
The group of lawmakers was visiting the shrine in Tokyo for the spring festival. Deputy Prime Minister Taro Aso and two other cabinet members were also visiting the shrine last Sunday correcting the nearby regions who views the place as Japan’s reminder from the militarism in the past. The Prime Minister Shinzo Abe made a habitual offering but did not come to pay visit to the shrine. In connection with the minister’s visit Seoul cancelled the visit while China lodged a representation that is solemn.
Foreign Ministry spokeswoman Hua Chunying stated on Monday that only when Japan faces its past will it embraces the future and made friendly relationships in nearby Asian provinces. But according to Japanese lawmaker Hidehisa Otsujji, it is just the nature of the authorities to pay respect to a shrine where several people have died for the country. Tensions have risen in East China sea islands ,Senkaku in Japan and Diaoyu in China fought again because of a number of Chinese vessels in the area since the nationalization of the island chain since September 2012. The island chain has been claimed by China and Taiwan but the place is being controlled by Tokyo.
South Korea was reported to have already increased the alert level because of the threats that North Korea has been giving. It was labeled and described as a vital threat in the country because North Korea was predicted to have planned the missile test to scare the South and its allies. A ballistic missile that was already estimated to be two thousand miles away from the South was reported to be ready to launch anytime.
Pyongyang in North Korea was the base where the weapons are hidden and the area continues to create threats against the South Korean county. The threats given will be facing a tougher UN sanctions that will be imposed to North Korea who were giving the numerous threats including that threat on the third nuclear test. South Korea already conducted an investigation due to a cyber attack that has affected so many buildings, workforce, and banks.According to the news, the communist-led country will have their preparations done and be ready to launch a missile. The launching was already expected anytime.
The news agency in Korea called Yonhap has also reported that the forces that has combined the US and South Korea already tightened the alert level and increased the monitoring. The statement given to Yonhap was given by a military official. The Foreign Minister of South Korea said in a statement that anytime from now the launching of the ballistic missile might push through. If North Korea would go on with the launching of the missile, is a clear violation of the United Nations Security Council Resolution in 1718.
It was reported that North Korea will not be considered a nuclear state according to the United States. This announcement came after the announcement of North Korea on restarting their nuclear reactors which was said to be not at work since 2008. The U.S. Secretary of State John Kerry said in an interview.
Following the declaration of a state war with South Korea last Saturday, Pyongyang in North Korea is set to turn their nuclear reactors and activate it amidst the tension between the two Korean countries. The said threats begin to escalate because of the North Korean leader Kim Jong-Un’s decisions. The action of the current Korean Communist leader was considered to be provocative reckless, and is way too dangerous. The news agency in North Korea reported that their atomic energy department will restart the nuclear facilities of North Korea. The said facilities are housed inside a nuclear complex in Yongbyon.
Coming from the Washington, the Secretary‘s exact statement was not accepting the Democratic People’s Republic of Korea as a nuclear state. This statement was said during a brief meeting with the South Korean Foreign Minister. The statement added that the U.S. is eager and ready to defend their country and its people also including its allies, like South Korea. It was reported last Sunday that the North Korean was also determined to strengthen their nuclear weapons and the announcement on Tuesday declaring that nuclear reactors will be open is one of the evidence that the Communist leader was also eager and committed in the North Korean Weapons Program.
A slow growth in China’s profit in 2012 was reported by two of the largest Bank in the country. The annual report was already released by the banks and a weak result on the country’s profit growth has surfaced. China is considered to be the world’s second largest economy.
A report coming from the Bank of China reflected that there was an increase of 12.2% in the profit growth in 2012. The recorded growth since 2006 until 2012 has generated an amount of 139.4 Billion Yuan that is equivalent to $22.4 Billion. The main source of profit in the bank is coming from its net interest rate income. There was an increase of 12.7% in the interest rate income.
Another bank in China, the Agricultural Bank of China has also released a record of 19% on a yearly increase in their net profits. The net profit was recorded to reach an amount of 145.1 billion yuan in 2012. This was recorded to be a slow growth according to the filed records from the bank. The bank also released a statement saying they have an interest rate income of up to 341.9 Billion yuan last year. This marked an 11.3% gain on the net interest income. The two banks in the country have placed the blame on the failure of the loans. It is the country’s liberalization on the interest rate that caused the slow growth in profit, according to an analyst of a banking sector. An expansion of the country’s economy was visible in 2012 but was described as a slow pace for almost thirteen years.
Two countries in Asia that are known to have gambling tables are found in Macau and Singapore. Now, a newly opened Mega Casino in the capital of the Philippines has joined the ranks of the two Asian countries in terms of having a luxurious casino. The Solaire Resort and Casino opened in Manila and is considered to be catering the Filipinos and other tourists in the Philippines with their world-class casino and resort.
The said Mega Casino can already compete with other gambling spots in Singapore and Macau. The Resort and Casino is located in the country’s Entertainment City, which was built to hold different gaming and entertainment venues. The Solaire Resort and Casino cost $1.2 Billion. It is described to have a number of 1,200 slot machines and a 300 gaming table for a money wheel, blackjack, baccarat and many more. It also boasts its 6 thousand square meter gaming salon exclusive for its VIPs. The 18,000-square-meter casino offers an attraction similar to the casinos in Las-Vegas in the U.S.
According to a report from CNN, a government owned corporation called PAGCOR or the Philippine Amusement and Gaming Corporation is regulating gambling in the country since 1976. The new mega casino was developed a traded company called Bloomberry. A report coming from Macau Daily Times said that the new casino would attract a lot of businesses. The Philippines have different casinos but the Mega Casino, Solaire is the only one reported to compete with other Asian casinos.
Honkong has jailed a woman who was laundering money since2002. Lam Meiling a local resident of Dongguan has been laundering a total of $860 Million in several banks in Hongkong. The 61-year-old woman was jailed for almost ten years for money laundering. She has made forty thousand bank transfers from the year 2002 until 2005. According to her, the money that she transferred to different banks in Hongkong came from a factory owner in her hometown. She detailed that it was part of her job to transfer the money to another factory owners in China.
Lam Meiling was arrested in 2008 because two of her bank accounts were investigated and evidence showed a big amount of money that lead to laundering. She said that she got her money from monthly payments on her services. She added that she was an illiterate person. Lam’s bank account was investigated due to a complaint filed by a Dutch citizen. According to the reports of the media, the laundered money through 9 banks amounted to $20 Million or equivalent to £13 Million monthly.
Report says that it is easier for financial transactions to run in Hongkong because it has become a well known place for Chinese people to have their companies be based in Hongkong since it is a lot easier for them to travel and transact in Honkong. It was also reported that earlier this year the biggest laundering case discovered in Honkong amounted to $1.68 million where a delivery man from the Guangdong province was convicted for laundering the huge amount of money.
The Agreements on the Interest Rate Swap was investigated by the Financial Services Authority of the UK. It was reported that there is a percentage of 90 mis-sold interest rate swap sales. The banks who failed on the particular area triggered the FSA to investigate the sales of such products banks have been offering. There are guidelines given as a result of the investigation and the banks are prompted to meet the criteria. There are two categories under the guidelines, first it would be for the bigger firms who were really well informed about the product and second, to those small firms that does not have any idea about the product being sold to them.
The Financial Conduct Authority’s CEO made a remark on the actions that were made by FSA. The FSA as regulators for the nation will also ensure a reasonable and fair outcome both for small and large businesses. Most will resort to specialist claims companies like at InterestRateSwapsClaim.co.uk to get their compensation for them. The following banks that started their own review of the individual claims are already expected to pay out for the compensation to the customers where the product was mis-sold, but in their own time and to perhaps their own rules. It is expected for the smaller banks to begin their review. Banks in the UK like, HSBC, the Royal Bank of Scotland, and Barclays have started their investigation.
The Federation of Small Businesses has appreciated the work that was carried out by the FSA. The National Chairman of the Federation said that there isn’t enough clarity on how a redress would look like. He also encouraged the different banks to smoothly carry out the review and be able to give the right compensation to those caught up in the mis-selling of Internet Rate Swaps scandal.