Cash plan for care of teenagers Nov 19, 2009
FAMILIES with older children would get more money under a shake-up of the family payments system being proposed by the Australian Council of Social Service. In a submission to the Henry tax review released yesterday, ACOSS says the current system provides for lower family payments once a child turns 16 when older children cost more. (Sydney Morning Herald -- Australia)
American Express buys Revolution Money for $300 million Nov 19, 2009
Revolution Money provides through an Internet-based platform and offers both a credit card and an online payments system. In the release, Chenault called Revolution Money a smart, nimble business with an accomplished management team. (Tampa Bay Business Journal, FL)
Trades Union Congress Calls for $50 Billion Tax on U.K. Bank Transactions Nov 11, 2009
05 percent tax on the 74 trillion pounds of annual transactions that go through the Clearing House Automated Payments System, known as CHAPS.. Brown on Nov. 7 said Group of 20 countries should consider imposing the tax or similar options that would protect taxpayers from paying for any future bailouts. (Bloomberg -- UK)
Zimbabwe: Country On Right Track, Says IMF Oct 30, 2009
In its advice to Government, the IMF is understood to have observed that the "incomprehensible" non-funding of the RBZ led to the undesirable scenario where the central bank, on some occasions, had to rely on part of statutory reserves from the commercial banks to keep the electronic payments system running, among other critical requirements ... RBZ Governor Dr Gideon Gono yesterday confirmed that the IMF sympathised with the precarious financial status of the central bank which did not allow... (allAfrica.com)
Recent cloud computing outages Oct 13, 2009
The PayPal online payments system failed a couple of times in August, leaving millions of customers unable to complete transactions. A network hardware issue was fingered as the culprit for the outage, which lasted for between 1 and 4. (San Francisco Chronicle -- Technology)
Government considers tracing welfare money Oct 11, 2009
Participants in briefings conducted by the Federal Government on the future of the welfare payments system have been told of new technology that could create a list of acceptable products that people could buy. Welfare Rights Centre director Maree O'Halloran said although reform of the payments system was needed, the changes had ''an underlying darker side. (Sydney Morning Herald -- Australia)
UK bank woes prompted riot fears Oct 7, 2009
Bank failures would have forced the government to cancel police leave and deploy troops as the breakdown of the financial payments system threatened the ability of utilities to provide essential services, said David Livingstone, a fellow at the Royal Institute for International Affairs in London, a former adviser to the government's Cobra crisis response committee. You are talking about a situation with mass disorder and panic,'' the former Royal Navy officer said in an interview. (Sydney Morning Herald -- Business)
Baucus bill takes the middle road Sep 22, 2009
It covers a wide range of health policy: insurance market reform, Medicare and Medicaid reform, disease prevention and wellness, changing Medicare's payments system to focus on quality of patient care instead of quantity of services, taxing insurance companies, pharmaceutical companies, medical device manufacturers and some expensive low-deductible or no-deductible health plans. Baucus included specific provisions for protecting rural health services. (Montana Standard, MT)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with the Socialist People’s Libyan Arab Jamahiriya Sep 22, 2009
The ongoing efforts to modernize the CBL and enhance the payments system will establish the infrastructure to support the design and implementation of monetary policy. To address large excess liquidity in the banking system, priority should be accorded to establishing quickly the Treasury Single Account and reducing on-lending by specialized credit institutions. (IMF News)
Riding the tsunami Sep 12, 2009
" All of this is part of something bigger that's been happening, largely unsung, in Australia, for years now. From being one of the world's chronic underperformers, Australia has become a model. The country that the Economist magazine in 2007 labelled "Downwonder" has emerged as a model in two senses. It's an example of an economic success, but it's also a model in that it has developed a distinctive political economy. There is now an "Australian model". The first time anyone really noticed... (Sydney Morning Herald -- Business)
Fundamental changes ahead in tax review Sep 7, 2009
But the real heat, however, will come from what the review recommends around the family payments system and, of course, about housing. And it will say something. (Sydney Morning Herald -- Business)
The Real Fed News Aug 26, 2009
It is the on-site regulator of Wall Street, playing, as its Web site says, "a leadership role in monetary policy, financial supervision and the payments system." Now it's headed by a union shill. Page. (Investors Business Daily)
IMF adopts irrigationplan during a flood Aug 25, 2009
Fund (IMF), which had long ago surrendered its role of safeguarding the international payments system, promoting policy coordination and exchange rate stability, and supporting countries in need of short-term balance of payments financing ... The world remains in dire need for the reform of the international payments system that would safeguard economic and financial stability: reducing the impact of destabilizing economic shocks originating in other countries, encouraging countries to adopt... (Asia Times Online)
Facebook to face off with new rivals Aug 15, 2009
It is also testing a stripped-down version of its service to boost growth overseas and is developing an electronic payments system ... Facebook, which Zuckerberg has described as a "social utility," could take on eBay Inc's PayPal online payments system and maybe Apple Inc's iTunes for digital downloads, he added ... At the same time, Facebook could go after PayPal with the online payments system it is developing. (India Times)
Nigeria: Addressing a Sea of Corporate Debts [editorial] Aug 10, 2009
The conventional wisdom since then converges on the assumption that there is a deep and significant malaise afflicting the financial payments system ... Constant speculation on the movement of the currency has led managers of the payments system to take their eyes off their day job with quite disastrous results ... It is obvious that all is not well and that a deep re-thinking of the entire payments system, including the adequacy of the regulatory framework, is urgently needed. (allAfrica.com)
Holistic regulation and supervision Aug 8, 2009
In its surveillance of the financial system, the central bank is able to leverage on its role in macroeconomic management and international reserve management as well as its oversight on the payments system and the money and foreign exchange markets. During the Asian financial crisis, the institutional arrangement of having the regulation and supervision function under the purview of the central bank allowed for a comprehensive assessment of how the crisis would evolve and on the implications it... (The Star Online, Malaysia -- Business)
China's sleepless nights Aug 6, 2009
The present international payments system could be classified as a hodgepodge. It is a akin to what prevailed during 1931-1945, when some currencies were floating against each other while others were fixed, governments were resorting to beggar-thy-neighbor policies, undertaking competitive devaluations, inflating their prices and opposing wage or price adjustments. (Asia Times Online)
Credit card bill hurts the little guy Aug 1, 2009
National retailers are promoting legislation that would authorize them to band together and essentially take over the nation s electronic payments system the network of credit-card companies, banks and stores that allows customers to use a credit card at almost any retail location in the country. Officially called the Credit Card Fair Fee Act, it ought to be called the Chain Store Swindle Act, because it will boost the profits of the nation s largest retail chains at the expense of nearly... (Atlanta Journal-Constitution -- Opinion)
PayPal Opens Door to Developers Jul 24, 2009
PayPal on Thursday opened its online payments system to third-party developers so they can embed a variety of PayPal payment mechanisms into Internet-based services. The widely used payment provider, a division of eBay, formally announced the Adaptive Payments System at its Platform Preview Event in San Jose, California, after confirming some details about it earlier this month. (Yahoo News -- Technology)
Nigeria: Jeune Afrique's Bizarre Ratings [editorial] Jul 20, 2009
These institutions are far too central to the health of the French payments system and economy to risk such mendacity. Our own financial institutions, no matter their perceived (real or imagined) inadequacy, are in no less a position vis-a-vis the nation's economy. (allAfrica.com)
Jenny Macklin Jul 18, 2009
CHILD poverty will rise as a result of Federal Government changes to the family payments system that will hurt 600,000 low-income and jobless families, the Australian Council of Social Service said. 1. (Sydney Morning Herald -- Australia)
Investors group seeks new risk watchdog, not 'tarnished' Fed Jul 16, 2009
It said the administration's proposal to give the Fed more oversight of systemically important companies has "serious drawbacks" because the central bank already has "competing responsibilities" to oversee monetary policy and manage the U.S. payments system. The group also faulted a proposal by some lawmakers to create a council of regulators, citing the potential for jurisdictional disputes and "blurred lines of authority" where ultimately no one would be held accountable. (USA Today -- Money)
Compared with other OECD countries, needy are well cared for Jul 9, 2009
AUSTRALIA has less "middle-class welfare" than any other developed country and our tax and social payments system is one of the most efficient in reducing inequality, a new analysis shows. It says Australia rivals Denmark and Sweden, the "epitome of redistributive welfare states", in effective reduction of income inequality. (Sydney Morning Herald -- Australia)
Sophisticated banking system essential for SA: Absa Jul 2, 2009
Johannesburg Absa on Thursday told the Competition Commission of Enquiry into Banking and the National Payments System that South Africa cannot afford the cost of having a less sophisticated banking system. In his presentation to the Commission, Absa Group chief executive Steve Booysen said that Absa welcomed the enquiry not only for what it might do to explain banking to the public, but also because its timing is good for Absa. (Business Report, South Africa)
Payments Central trade group acquired Jul 2, 2009
The merged trade association, which will operate under the name , helps banks, credit unions and thrifts maintain compliance with payments system rules and regulations, reduce risks, prevent fraud and improve operational efficiency. The organization generates revenue through membership dues and training fees. (Columbus Business First, OH)
Budget measure will hit battlers hardest Jun 24, 2009
CHILD poverty will rise as a result of Federal Government changes to the family payments system that will hurt 600,000 low-income and jobless families, the Australian Council of Social Service said yesterday. The proposed changes would undo a key part of Australia's anti-child poverty strategy introduced by the Hawke government in 1987 and maintained by the Howard government, it said. (Sydney Morning Herald -- Australia)
Mothers on low wages pay the most tax, says economist Jun 5, 2009
Professor Apps said the tax and payments system was so discriminatory that "the puzzle is why so many women work". Mortgage repayments and wanting to maintain skills were the two reasons most often given when she interviewed women. (Sydney Morning Herald -- Australia)
FACEBOOK brings in payment system; New revenue stream via site 'credits'... Jun 3, 2009
Facebook has begun tapping a new revenue stream with the introduction of an internal payments system, a move that might help the fast-growing social networking website achieve profitability while being less reliant on advertising. The long-rumoured payments system, which is in its early stages, will allow users to purchase Facebook credits, then use those credits to buy virtual goods from the third-party applications that run on the site, or from Facebook itself. (The Drudge Report)
GhIPSS Plans roll out of new products Jun 2, 2009
Accra, June 1, GNA - Management of the Ghana Interbank Payment Settlement Systems Limited (GhIPSS), the body responsible for implementing the National Electronic Payments System, is set to consolidate and expand its e-zwich services to reach the doorstep of all Ghanaians. This would be achieved through enrolment of senior high schools, tertiary institutions and workers at the public and private sectors as well through the introduction of new products to enhance the use of the cards. (Ghana Web, Ghana)
Cabcharge dropped from ferries bid after hiring transport chief May 23, 2009
Until yesterday morning, the company - which owns the country's biggest taxi service, Taxis Combined, and has a near monopoly on the national automated fare payments system - had been one of six corporations to have registered an expression of interest with the Government in running Sydney Ferries. Mr Zarb told the Herald that last Monday Mr Glasson had delegated all responsibility for dealing with Cabcharge to his deputy, Joanna Quilty. (Sydney Morning Herald -- Australia)
* Why an eclectic and rapid response to the economic crisis is vital May 7, 2009
I was also right to say that all but a tiny and unbalanced fringe of economists approve of central-bank guarantees of system stability, in order to prevent the risk of a collapse of the payments system from becoming a first-order consideration boosting the demand for cash to unnatural levels. The problem comes when expansionary monetary policy via standard open-market operations and central-bank guarantees of orderly markets prove insufficient. (Taipei Times, Taiwan -- Sports)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Zimbabwe May 7, 2009
They underscored that the payments system, banking supervision, and liquidity management would need to be attuned to the requirements of the multi-currency monetary framework. Directors underscored that the revival of the economy depends critically on quickly attracting private domestic and foreign investors and improving competitiveness. (IMF News)
Yar'Adua lauds CBN at 50 over economic reforms May 5, 2009
"As we work to re-brand Nigeria, our banks remain the country's dominant transnational corporations whose brand names adorn billboards around the world. "The CBN microfinance banking revolution is also changing the face of the poor in our country, and the advances in the payments system are commendable. I cannot possibly list all your achievements in this short speech. (Guardian News, Nigeria)
Revamp of Association of Banks in Malaysia under way May 4, 2009
In the issue of the cheque truncation payments system that was rolled out last year, ABM is working with the banks on operational issues to ensure that expectations for better service are met. Among the priorities is holding more dialogues with consumers. (The Star Online, Malaysia -- Business)
MultiChoice Subscribers Go Cashless with txtNpay Apr 28, 2009
To increase access to its services and decentralize the bill payments system for customers, MultiChoice has opened some branch offices across Accra and other metropolitan capitals. With the arrival of txtNpay however, officials strongly believe that payment of bills cannot be decentralized any better than enabling the customers to settle bills at a convenient distance and time by means of their personal mobile handset. (Ghana Web, Ghana)
China's Stimulus: More of the Same, and Not That Much More Apr 18, 2009
Beijing has created and powerfully defended, both in word and in deed, an external balance of payments system that keeps domestic and foreign currency entirely separate. At home, the Chinese government spends the old-fashioned way -- printing or borrowing through bond sales, all naturally conducted in yuan. (MSNBC -- Business)
Obama upbeat on US economy Apr 15, 2009
One of the main objectives of his speech was to map out for both Congress and voters why the nation needed to move swiftly on re-regulating the US economic system and to build strong foundations for the future by tackling issues such as healthcare costs, America's education system and its payments system such as social security. Referring to the parable from the Sermon on the Mount, Mr Obama said: ''We cannot rebuild this economy on the same pile of sand. (Sydney Morning Herald -- Business)
Bank of England Governor Mervyn K... Apr 9, 2009
There are good arguments in favour, to separate the utility functions of a retail bank taking household deposits and running the payments system from the casino trading of an investment bank, and good arguments against - the difficulty of maintaining a credible boundary between those institutions that are eligible to receive government support and those that are not. We need a public and informed debate on the merits of the arguments. (New York Post -- Business)
EU drops case against MasterCard Apr 1, 2009
BRUSSELS The European Union's executive arm dropped its case against MasterCard transaction fees on Wednesday, ending a 15-month battle that helped sow confusion among banks building a new pan-EU payments system. The battle with MasterCard was part of a wider offensive by Brussels to increase economic growth by making a single market in goods and services more accessible through cheaper banking and payment fees. (Globe and Mail -- Business)
Press Release: Statement at the Conclusion of an IMF Article IV Mission to Zimbabwe Mar 27, 2009
To facilitate transactions and improve credit availability, there is an urgent need to attune the payments system and banking supervision to the needs of the multiple currency system. Accountability and transparency of the Reserve Bank of Zimbabwe (RBZ) should be strengthened. (IMF News)
Australia warns payments industry Mar 26, 2009
Reserve Bank of Australia (RBA) Governor Glenn Stevens said the countrys electronic and online payments system was lagging other countries, largely because some in the industry were putting competitive considerations above the common good. Reuters. (The Star Online, Malaysia -- Business)
Australian, New Zealand Dollars Decline After Longest Rally Since 2007 Mar 25, 2009
RBA Governor will speak on Public Policy and the Payments System in Melbourne at 6:30 p.m. today. Australian government bonds fell for a fourth day. (Bloomberg -- Australia & New Zealand)
RBA warns on payment reforms Mar 25, 2009
The Reserve Bank of Australia would use its regulatory power to coerce necessary changes to the nation's payments system if industry participants were reluctant on reform, governor Glenn Stevens says. Mr Stevens said on Wednesday that the central bank sought a balance between co-operation and the competition benefits of reform and welcomed industry solutions. (Sydney Morning Herald -- Business)
Australian stocks to start week lower Mar 22, 2009
On Wednesday RBA governor Glenn Stevens delivers the Ian Little Memorial Lecture, titled Public Policy and the Payments System. The following day RBA head of economic analysis Anthony Richards addresses the Annual Housing Congress with a speech titled The outlook for the housing sector and the domestic economy. (Sydney Morning Herald -- Business)
Job seekers rush city Web site Monthly viewers increase from about 2,000 in 2008 to 934,870 Mar 19, 2009
" Among other new items on the site are the Council Document Center, which includes all agendas, staff reports and documents for City Council meetings. A code violations and reporting and monitoring system has begun, along with a historic registry map and a map showing what new commercial developments are being built. An online city utilities payments system is now operating. Coming next month, Rosales said, will be an online Community Services Department registration system, a customer... (Casa Grande Valley Newspapers, AZ)
Former Phila. Fed head could join Citi Mar 17, 2009
While at the Fed, he was a voting member of the Federal Open Market Committee, served as chairman of the system s committee on credit and risk management and also as member of the financial services policy committee and the payments system policy advisory committee. Prior to that, Santomero was a professor of finance and deputy dean at the Wharton School of the University of Pennsylvania. (Philadelphia Business Journal, PA)
EBay touts transformation, will expand PayPal Mar 12, 2009
EBay Inc., struggling to compete in a crowded and slowing e-commerce market, is remaking the company, starting by accelerating growth at its nascent PayPal payments system, its chief executive said Wednesday. Chief Executive John Donahoe said at the company's annual analyst day that changes to its slowing marketplaces business were overdue, and the pace of recent changes would increase. (Globe and Mail -- Technology)
Married with children: a bonus you can count on Mar 12, 2009
But he said the family payments system had helped make children "cost-neutral" and the emphasis on benefits for "working families" needed to be changed to help all people. send photos, videos ffs to 0424 SMS SMH (+61 424 767 764), or us. (Sydney Morning Herald -- Australia)
Virtual bank Feb 16, 2009
M-Pesa is one example of a mobile payments system. A banking system using mobile phones could soon help millions of the world's poorest people to tackle poverty. (BBC News -- Business)
