| China's central bank deputy chief says capital to be released slowly
China's central bank will gradually ease restrictions on capital flows in a renewed effort to curb its huge trade surplus, according to Wu Xiaoling, deputy governor of the People's Bank of China. "China will ease cross-border capital transactions selectively and gradually under the precondition of effective risk prevention and intensified capital flow monitoring," Wu told a forum in Mumbai, India. She said the bank would broaden the overseas investment channels step by step, adding it was actively nurturing a foreign exchange market to provide more investment instruments for foreign currency holders. The government would also take more measures to boost domestic demand and persuade domestic businesses to import and invest overseas, she said.
Forex trading ‘guru’ indicted
Joel Nathan Ward, 48, of Turlock has been indicted by a federal grand jury in Sacramento on five counts of wire fraud, two counts of mail fraud, and two counts of engaging in a monetary transactions in property derived from specified unlawful activity, a form of money laundering. Mr. Ward, a frequent commentator and seminar speaker on foreign currency exchange (forex) trading, is alleged to have been running an elaborate scam through two of his companies, the Joel Nathan Forex Investment Group of Turlock and Learn: Forex, Inc., a forex trading educational center based in Sacramento. The indictment alleges that Mr. Ward provided investors with monthly statements that purported to reflect their true profits and account balances. In reality, however, he stole the investors funds and, in order to conceal the theft, made Ponzi payments using other investors funds and provided his investors with altered account statements, according to Assistant U.S.
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.
BANCOLOMBIA Obtains Foreign Financing
MEDELLIN, Colombia, April 2 /PRNewswire-FirstCall/ -- BANCOLOMBIA S.A. (NYSE: CIB) has obtained loans from foreign financial institutions amounting to US$ 590 million which will be used for the purchase of foreign currency loans of BANCOLOMBIA (PANAMA) S.A. at market conditions and pursuant to the corresponding authorizations and applicable law. The proceeds of these transactions will be used by BANCOLOMBIA (PANAMA) S.A. for the acquisition of Banagricola S.A. The approval of these loans demonstrates the confidence that international banks have in BANCOLOMBIA S.A. Website: http://www.bancolombia.com.co/
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