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December 9, 2016 / 9 Kislev, 5777

Posts Tagged ‘banking’

Greece Talks About Ties with Iran

Thursday, July 14th, 2016

Greek and Iranian government officials met this week in Athens for talks on developing economic, trade and industrial ties between the two countries.

Such a move could become a threat to the Jewish State, which has worked hard to develop closer ties with Athens. The Hebrew University of Jerusalem awarded an honorary doctorate to Greek President Prokopios Pavlopoulos during his state visit to Israel on March 30, citing his “warm relations with the State of Israel and the Jewish world.”

Iranian leaders have consistently maintained that government’s determination to “wipe the Zionist state off the map.”

Iranian Deputy Foreign Minister Majid Takht-Ravanchi met with Greek Minister of Economy, Development and Tourism Giorgos Stathakis, and Minister of Environment of Energy Panos Skourletis, according to IRNA, the official Islamic Republic News Agency.

Both sides “declared their political will to develop ties in different fields” according to the news outlet.

Greece has an embassy in Tehran, and Iran is represented by its embassy in Athens. A small Christian Greek community exists in Iran; there is a Greek Orthodox church in Tehran which opens mostly during the Greek Holy Week. But relations that date back millenia between the two nations — at one point, two empires — have laid dormant for decades.

The officials discussed development of oil and gas and renewable energies, pharmaceutical industries, “modern technologies,” shipbuilding and shipping, tourism and “promoting banking relations.”

Both nations allegedly expressed willingness to implement a document that was signed following a February 7 visit to Iran by Greek Prime Minister Alexis Tsipras, according to the Iranian news agency.

Hana Levi Julian

Official: Israeli CEO Salary Cap Law May Result in Hundreds Fleeing Banking Industry

Monday, June 20th, 2016

As many as 80 senior employees at Israel’s two largest banks, Hapoalim and Leumi, are threatening to leave shortly, in response to a new law capping the salaries of senior bank officers, Israel Army Radio reported Monday. The report cites a letter from the Supervisor of Banks in Israel Bank Hedva Bar to Justice Minister Ayelet Shaked (Habayit Hayehudi), which warns that as many as 215 senior bank administrators are expected to retire from the two top banks. Bar added that in the rest of Israel’s banks the numbers of departing administrators would be smaller.

So far Bank Hapoalim CEO Zion Keinan and the number two administrator at Bank Leumi Danny Tsiddon have already retired, and according to Bar there are 39 high ranking administrators at Hapolalim and 43 at Leumi who are at a very high risk of retiring.

These figures are particularly worrisome to Bar, who wrote that such mass departure could expose the banks to a real crisis — a managerial breakdown as well as a loss of knowledge and experience. The banks are preparing for such a scenario and have set aside the funds in case all these CEOs would be leaving close to one another and the banks would have to lay out their severance pay all at once — about $70 million.

Meanwhile, the banks have lost their first appeal to the Supreme Court against the salary cap law. And the Knesset, the Finance Ministry and Israel Bank have informed the court that they object to an interim ruling on the senior CEO salary cap law. The banks were asking for the time out to try to figure out whether the salary cap would include the severance and pension benefits the senior bank administrators have accumulated — would those funds also be limited to $650 thousand a year like the capped salaries? The banks fear that if the caps apply retroactively and include severance pay and pensions, a much larger number of bank officials would be seeking to leave before the law goes into effect in October.

The Knesset and the State argued in court that the banks are actually requesting the suspension of a law that otherwise passes constitutional muster in the eyes of the high court — something the court has applied on very rare occasions in the past.

The Knesset and the State also told the court that, assuming the appeal hearings would take roughly three weeks, this should be ample time for the banks to figure out the intricacies of the law and whether or not it applies retroactively.

JNi.Media

Israel ‘Shocked and Horrified’ at Orlando Massacre, But Life Must Go On

Monday, June 13th, 2016

Prime Minister Benjamin Netanyahu said he was speaking on behalf of the entire nation at the opening of the cabinet meeting on Monday when he offered condolences to the United States over the Orlando massacre.

The attack carried out by an ISIS terrorist at an Orlando night club in the wee hours of Sunday morning left 50 people dead and another 53 wounded, plus countless others deeply traumatized in the Florida city where Disney, among others, feel at home on the East Coast.

“We are all shocked at the horrific massacre in Orlando,” Netanyahu said at the start of the weekly government cabinet meeting.

“On behalf of the government and people of Israel, I would like to again express our condolences to the American people and the families at this especially difficult hour.

“This terror threatens the entire world and it is necessary – first of all – that the enlightened countries urgently unite to fight it. We stand shoulder to shoulder with the American people,” he said.

The prime minister then went on to discuss the economic improvements being considered by the government – including the separation of credit companies from the major Israeli banks.

“Competition in the banking sector will ease the credit situation for small and medium business,” he said. “And separation between the major banks and credit card companies is the start of a comprehensive reform that will be good for all Israelis.”

Hana Levi Julian

What You Need to Know About the Safety of Online Banking

Sunday, May 8th, 2016

How safe and efficient is online banking compared to brick and mortar banking services?

Martin Saidler, CEO and founder of Centralway, a company that develops mobile banking solutions, discusses the safety of online banking and the future of banks.

In the world of online banking what role do brokerage houses play?

Find out what Doug told a South African listener, who is planning to move to Israel, about how to handle his finances when making aliya.

Listen out for a link to an article explaining how to open a U.S. brokerage account from outside the United States and get some important advice about investing in Israel.

The Goldstein On Gelt Show is a financial podcast. Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

Doug Goldstein, CFP®

SWIFT Refuses to Suspend Israel, Russia

Tuesday, October 7th, 2014

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has announced it will not buckle to pressure to disconnect Israel – or for that matter, Russia – from its international transaction system.

“SWIFT regrets the pressure, as well as the surrounding media speculation, both of which risk undermining the systemic character of the services that SWIFT provides its customers around the world. As a utility with a systemic global character, it has no authority to make sanctions decisions,” the group said in a statement released on Monday.

“SWIFT services are designed to facilitate its customers’ compliance with sanctions and other regulations, however SWIFT will not make unilateral decisions to disconnect institutions from its network as a result of political pressure,” the communique said.

The international Boycott, Divestment & Sanctions (BDS) movement has been trying to pressure the system – as well as numerous corporations and other systems – to boycott Israel in an attempt to destroy its economy. BDS supporters are hoping that through economic destruction, Israel will be forced to withdraw from territory it won in the defensive war forced upon it by Arab nations in 1967 – including numerous Jerusalem neighborhoods restored to the Israeli capital since that time.

Disconnecting Israel from SWIFT would isolate its economy from international trade. However, the Brussels-based SWIFT is incorporated under Belgium law, the system noted, blocking it from making such unilateral decisions.

“Any decision to impose sanctions on countries or individual entities rests solely with the competent government bodies and applicable legislators. Being EU-based, SWIFT complies fully with all applicable European law,” the statement said.

Last month, the SWIFT system transmitted more than 21 million financial messages per day between more than 10,500 financial institutions and corporations, in 215 countries, according to the RT news site.

Over the summer there were discussions among EU leaders on whether to consider disconnecting Russia from the SWIFT system as means of pressuring Moscow into backing away from the Ukraine conflict.

Hana Levi Julian

Britain: ‘A World Capital for Islamic Finance’

Thursday, October 31st, 2013

Originally published at Gatestone Institute.

The London Stock Exchange will be launching a new Islamic bond index in an effort to establish the City of London as one of the world’s leading centers of Islamic finance.

Britain also plans to become the first non-Muslim country to issue sovereign Islamic bonds, known as sukuk, beginning as early as 2014.

The plans are all part of the British government’s strategy to acquire as big a slice as possible of the fast-growing global market of Islamic finance, which operates according to Islamic Sharia law and is growing 50% faster than the conventional banking sector.

Although it is still a fraction of the global investment market — Sharia-compliant assets are estimated to make up only around 1% of the world’s financial assets — Islamic finance is expected to be worth £1.3 trillion (€1.5 trillion; $2 trillion) by 2014, a 150% increase from its value in 2006, according to the World Islamic Banking Competitiveness Report 2012-2013, published in May 2013 by the consultancy Ernst & Young.

But critics say that Britain’s ambitions to attract investments from Muslim countries, companies and individuals are spurring the gradual establishment of a parallel global financial system based on Islamic Sharia law.

British Prime Minister David Cameron announced the plans during a keynote speech at the ninth World Islamic Economic Forum, which was held in London from October 29-31, the first time the event has ever been held outside the Muslim world.

“Already London is the biggest center for Islamic finance outside the Islamic world,” Cameron told the audience of more than 1,800 international political and business leaders from over 115 countries.

“And today our ambition is to go further still. Because I don’t just want London to be a great capital of Islamic finance in the Western world, I want London to stand alongside Dubai and Kuala Lumpur as one of the great capitals of Islamic finance anywhere in the world.”

Cameron said the new Islamic bond index on the London Stock Exchange (LSE) would help stimulate fixed-income investments from Muslim investors — especially investors from oil-rich Persian Gulf countries — by helping them identify which listed companies adhere to Islamic principles.

Investors who practice Islamic finance — which is said to be structured to conform to a strict code of ethics based on the Koran and Sharia law — refuse to invest in companies that are linked to alcohol, gambling, pornography, tobacco, weapons or pork. Islamic finance also forbids collecting or paying interest and requires that deals be based on tangible assets.

Unlike conventional bonds, sukuk are described as investments rather than loans, with the initial payment made from an Islamic investor in the form of a tangible asset such as land. The lender of a sukuk earns money as profit from rent, as in real estate, rather than traditional interest.

Cameron says the British Treasury will issue £200 million (€235 million; $320 million) worth of sukuk as early as 2014. The objective is to enable the government to borrow from Muslim investors. The Treasury plans to issue fixed returns based on the profit made by a given asset, thereby allowing Muslims to invest without breaking Islamic laws forbidding interest-bearing bonds.

The Treasury also said some sukuk bond issues may require the British government to restrict its dealings with Israeli-owned companies in order to attract Muslim money.

Although Britain has already established itself as the leading secondary market for sukuk — the LSE has listed 49 sukuk bonds worth $34 billion during the past five years — such bonds have rarely been issued from local firms and never from the government.

“For years people have been talking about creating an Islamic bond, or sukuk, outside the Islamic world. But it’s never quite happened,” Cameron said. “Changing that is a question of pragmatism and political will. And here in Britain we’ve got both.”

According to Cameron, this “pragmatism and political will” is being influenced by the fact that Islamic finance is “already fundamental” to the success of the British economy. Indeed, it is.

Britain is already the leading Western center for Islamic financial and related professional services. It is a leading provider of Sharia-compliant finance, with reported assets of $19 billion, according to Islamic Finance 2013, a new report published by The City UK, a financial sector lobby group.

Soeren Kern

What Everyone Should Know About Banking and Finance

Monday, May 6th, 2013

This week, meet Michael K. Salemi, professor emeritus at the University of North Carolina-Chapel Hill. His many writings include Money, Banking, and Financial Markets: What Everyone Should Know.” What do you need to know about your finances and the world of banking? Find out by listening to this week’s show.

Doug Goldstein, CFP®

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/what-everyone-should-know-about-banking-and-finance/2013/05/06/

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