| Ipsos MORI Poll rates 4X Currency as best specialist Foreign ...
Brighton, UK - Monday 19 March, 2007 - 4X Currency has been listed as the UK's best specialist foreign exchange provider, according to an Ipsos MORI Poll of exchange rates offered by 10 different UK-based FX providers. A mystery shopper telephone exercise was conducted to find the best rates available to customers seeking foreign currency exchange, and found that 4X Currency's rate of 1.4803 Euros to the pound was the most favourable - .73 of a cent more than the lowest placed provider. The shopper enquired how much each FX company charged on a purchase of 165,000 Euros and revealed that 4X Currency's offer - £111,463.89 - was the most competitive, and over £550 cheaper than that of the bottom-placed company, the International Currency Exchange.Ipsos MORI was commissioned to find the best live dealing rates available to customers.
Brits abroad stung with millions in credit card charges
British holidaymakers will be charged £355 million when they use their credit cards overseas this year, according to new research from uSwitch.com, the independent price comparison and switching website.
uSwitch.com estimates that UK consumers will be charged £204 million on credit card purchases and £151 million withdrawing foreign currency with their credit cards from cash machines.
Banks and credit card companies hit consumers each time they use their cards to make purchases and withdraw cash overseas with the following charges:
Exchange-rate loading fees – the average fee is 2.61% in the USA and 2.59% in Europe, this is added on to credit and debit card transactions (purchases and withdrawals) made overseas by most credit and debit card companies.
What's Behind the Shanghai Exchange's Global Ripple Effect?
When a sudden drop in the Shanghai Stock Exchange last week sparked a worldwide sell-off, Henry C. Yu saw a turnaround in the old saying that when America has the sniffles, the world catches a cold. "Now it's the reverse. When China sneezes, it's the U.S. and the rest of the world that fall sick," said Yu, who is the president of the Atlanta branch of the National Association of Chinese-Americans and the managing director for global trade solutions at Atlanta-based SunTrust Banks Inc. Yu is not alone in believing that the perception of the Chinese government's actions to dampen inflation and excessive speculation, which precipitated the 9 percent drop in Shanghai, were magnified beyond what the size and nature of the stock exchange would justify. "The Shanghai market is only about 1 percent of world stock market capitalization.
Foreign loans turn attractive due to latest cash squeeze
The rate hike repercussions continue! Foreign loans have become even more attractive and cheaper with the latest cash squeeze in India. The rupee strengthening, could also lead to an external commercial borrowing, or ECB flows lead flooding this year, reports CNBC-TV18. More greenbacks are likely to flow into the Indian shores this year in the form of foreign loans. For India Inc, the arithmetic is compelling. With the latest rate hike from RBI, a high quality Indian company has to pay at least 12% for a rupee loan in India, while a foreign loan, even if fully hedged, works out close to 10-10.5%. And if the corporate does not hedge the currency risk, then the company can save over 3%. Also helping is the fact that sentiment has changed in favour of the rupee.
New York Times lashes out at Chávez' economic policy
US newspaper The New York Times Friday published an editorial, "New Coin of the Realm," criticizing President Hugo Chávez' monetary policy and charging him with "cronyism, corruption and incompetence." The editorial came in response to Chávez' announced monetary conversion chopping three zeros from the Venezuelan bolivar as of January 1st, 2008, in an attempt at recovering purchasing power, AFP reported. "Mr. Chávez appears to be counting on a psychological boost from a currency with three fewer zeros," said The New York Times. "But by drawing attention to the bolívar's recent weakness and -even worse-to the government's capricious response, the maneuvers could further undermine confidence, rather than raise it." "Demagoguery and showmanship will do nothing to solve Venezuela's 20 percent inflation rate -now the highest in Latin America." The newspaper cited skyrocketing government expenses -which soared 48 percent in 2006- and price controls as two of the causes behind inflation and currency weakness.
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