Saturday, May 19, 2012
Gulf News
Dubai The UAE could be one of two trial markets as the UK-headquartered payment services company Xpress Money makes a move into the individual to business (or business to individual as the case may be) transaction space. Its home market could be the other test market with the trials expected to start post-summer.
“There are very few payments facilitators who are already offering such a service capability and those who are got into it quite recently,” said Sudhesh Giriyan, who heads the regional operations at Xpress Money. “By getting in ourselves at the earliest we expect to narrow any advantage the others may have.
“As of now, we are trying to feel the market out by talking to institutional clients.”
Sources at local remittance houses reckon this is the way forward for the industry. Having institutional clients readily translates into substantial funds flowing through the remittance pipeline and that can only be a good thing for all industry players.
Xpress Money — which came into being in 1999 — only services individual to individual payments, with the UAE — where it has 350 locations operated by various exchange houses — and the GCC being one of its top transactional markets globally. Last year it entered the US and more recently Australia. The plans are to extend coverage to Latin America.
Widely rated
That is why the company wants to get into payment settlements involving individual to business and vice-versa. This category is widely rated within the industry as the next big thing.
Such services could be utilised to make an airline booking, whereby a customer can do the needful at a physical location where the Xpress Money service is available, or for a business to send salary contributions to outstation employees.
“We are formulating the systems and will also require having in place strict compliance practices,” said Giriyan. “Also, future corporate clients would need to be assured that we can provide optimum coverage through physical locations and that’s being addressed. We will also need to maintain bank accounts.
“It’s different to the typical compliance requirements for individual to individual and quite exhaustive.”
Not that remittance volumes involving individuals are showing any signs of slacking off. The estimated volumes last year through the GCC corridor were estimated at $76 billion (Dh278.9 billion). Saudi Arabia alone would account for more than $25 billion, enough to place it among the Top Three worldwide.
“But it’s still the US that is the biggest remittance market by far and the recession does not seem to have had any impact,” said Giriyan. “Last year it was estimated at $51.6 billion and it’s not difficult to see why — the whole of Latin America depends on individual remittances coming out of the US and so are many markets in Asia.
“China, India and Mexico remain the biggest recipients of remittance transactions, which goes to show that customer to customer volumes are not saturated. But customer to business opens up a whole new stream of opportunities.”
By Manoj Nair?Associate Editor
© Gulf News 2012. All rights reserved.
Road money is still just a trickle - Vancouver Business Journal
The six-year plan released this week reflects last year’s priorities since nothing has changed.
Someday: Olde Towne Road will be straightened at the sharp turn in front of The Colonies at Williamsburg. When the timeshares were developed, VDOT gave up surplus right-of-way for buffers and The Colonies gave up land to fix the curve. The project will cost $2.66 million.
Croaker Road will be widened to four lanes from Richmond Road to the James City County Library. The project includes replacing a new two-lane bridge over the train tracks. The total project cost is $12.67 million, of which $984,211 is already funded.
Longhill Road will expand to four lanes between Route 199 and Olde Towne Road and get sidewalks. The road is already over capacity. The project will cost $11.8 million, with about $135,000 in hand.
County officials consider this project the most urgent, but Olde Towne and Croaker will likely reach the construction phase beforehand.
Racefield Drive would be paved under a project that sets aside money annually until enough has accrued to complete a project. So far, the county has $69,000 toward $177,600 needed.
Hicks Island Bridge over Diascund Creek will be replaced under a similar funding scheme. The bridge has a low sufficiency rating and has been pinpointed by VDOT as priority for replacement. The project will cost $726,000, of which $280,800 is funded.
The Board of Supervisors will review the priorities next week.
Want to go? The supervisors will meet at 7 p.m. Tuesday, May 22, in Building F of the County Government Complex, off Mounts Bay Road.
Forex Dominator Review Plus Discount And iPad Bonus Revealed For New System - PRWeb
Houston, TX (PRWEB) May 19, 2012
Cecil Robles' new Forex Dominator system is receiving many raving reviews as the program has almost sold out of the 500 available licenses. The program, which has a software program that offers one a low risk and high reward profit potential, providing them with an 84% accuracy to what the FOREX market is going to do at any given time. Along with training and many bonuses, the system is one of the hottest selling programs of 2012.
Forex Dominator reviews that are coming in on the Internet have been positive and are answering the question of people asking if it is a scam. The big draw of the program is summed up in the tagline, "More money. Less effort. No Guesswork. Minimal risk." The writers at http://ForexVestor.com have completed a through review of the program and have drawn out the pros and the cons.
One can view the whole review at http://forexvestor.com/forex-dominator-system-review.
Also on their site, they are offering an exclusive bonus package for all those who purchase from their site. They are offering a cash discount to all those who buy from their site as well as giving Apple iPads away. One can get all the details and take advantage of the offer by going here: Forex Dominator bonus.
Cecil Robles is one of the few Forex educators who has been in the business for almost a decade. All of his trading programs have been top sellers in the Industry and has one of the best rates of returning customers. Cecil believes in his training so much that he is offering a 45-day money back guarantee on this system, so if someone is not satisfied for any reason they can return it.
Those who wish to get immediate access to the program can go to the official Forex Dominator system page here.
India's forex reserves drop by USD 1.37 billion - New Kerala
Mumbai, May 19 : India's foreign exchange reserves declined by USD 1.37 billion to USD 291.80 billion for the week ended May 11, largely due to drop in the value of core currency reserves, official data showed.
The forex reserves has dropped sharply for the second consecutive week. It had declined by USD 2.18 billion in the previous week.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by USD 1.33 billion to USD 257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by USD 25.6 million to USD 4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by USD 16.7 million to USD 2.88 billion.
The value of gold reserves remained unchanged at USD 26.61 billion. (IANS)
Imposing sanctions on Iran damaging West financial recovery’ - Presstv
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Iran's Minister of Economic Affairs and Finance Shamseddin Hosseini The Iranian minister of economic affairs and finance says US and European Union sanctions will only harm the financial recovery of the West as any reduction in Iran’s oil exports will ...Downham Market: Mayor’s plea for council unity - Kings Lynn News
DOWNHAM’S new mayor Robin Pegg called for unity in the town council as he took on the civic role for the next year.
In his acceptance speech the former police officer said the authority’s finances were now more healthy and paid tribute to the council’s finance team.
He added: “I know there will be some difficult times ahead during the coming year but I am not fazed by this at all and I look forward to the challenges that lie ahead.
“One of the most difficult tasks ahead is to bring the council back together, to start working together to achieve our goals, to work in a more harmonious way, to put behind us the problems of recent times and to look forward.”
Mr Pegg promised to work relentlessly for the benefit of the town, confessed a passion for the town hall, a building that would take a tremendous effort to make it a place of which to be proud.
He envisaged a busy summer with celebrations of the Queen’s Diamond Jubilee and the Olympic Games, the Downham Festival and the Water Festival.
Proposing Mr Pegg, John Doyle said: “He has served the public in one way or another for most of his adult life. For many years this was with the police, all of which has given him a presence and an easy manner which commands respect and helps him mix with all kinds of people.”
Sheila Nunn said she had come to appreciate Mr Pegg’s knowledge of many subjects, especially in the field of law.
“His training and experience as a police officer have prepared him well for the position of Mayor and his wife Jill will be behind him all the way,” she said.
Outgoing mayor Val Starling said: “There have been so many invitations to our town’s clubs, societies and organisations and we have met so many lovely people. It’s been a privilege and a pleasure and a year I will never forget.”
Mrs Nunn paid tribute to Mrs Starling and her consort husband Ray, telling members: “I thought I worked hard but what Val has done is over and above the call of duty. Despite cycling round the town in all weathers delivering the post, she has been in the office afterwards attending the council business before getting ready to be out in the evening.”
She said a lasting legacy of Mrs Starling’s mayoral year would be the Jubilee Skatepark, which is officially opened next Saturday, May 26, at 12noon.
The new deputy mayor is David Sharman, a retired builder and property developer who moved to Downham nine years ago and joined the town council five years later.
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Print this pageWhy MetaTrader is the Best Trading Software - Phones Review
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Author Bio:
Author Christopher is a professional blogger, writer and a husband. His dedication for writing comes from www.elitemoney.co.uk/ which has provided him a platform for nurturing his writing skills and bring about revolutionizing changes. He also takes keen interest in outdoor activities during vacations.
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Forex reserves drop by $1.37 billion - Times of India
The forex reserves has dropped sharply for the second consecutive week. It had declined by $2.18 billion in the previous week.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
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