| International Forecaster November 2007 (#5) - Gold, Silver, Economy + More
The following are some snippets from the most recent issue of the International Forecaster. For the full 20 page issue, please see subscription information below. THE INTERNATIONAL FORECASTER SATURDAY 111707(5)_IF P. O. Box 510518, Punta Gorda, FL 33951-0518 An international financial, economic, political and social commentary. Published and Edited by: Bob Chapman E-Mail Address: International_forecaster@yahoo.com CHECK OUT OUR WEBSITE www.theinternationalforecaster.com 1-YEAR $159.95 U.S. Funds US AND CANADIAN SUBSCRIBERS: Make check payable to Robert Chapman (NOT International Forecaster), and mail to P.O. Box 510518, Punta Gorda, FL 33951-0518. Please include name, address, telephone number and e-mail address.
MD wins right to sue TD over Visa fees
As record numbers of Canadians head south for cross-border shopping, a court has ruled that a class-action suit against the Toronto Dominion Bank over foreign currency transactions on its Visa credit cards will be allowed to proceed. The decision by the Court of Appeal for Ontario, released this week, overturns a lower court ruling that dismissed the certification of a class-action suit by a Toronto doctor who complained about service charges on his TD Visa card. Dr. Paul Cassano used his credit card to pay for a hotel in New York in 1994. The bill came to $563.36 (U.S.), or $766.62 (Canadian). The hotel mistakenly charged his credit card twice, so Cassano was given a credit. However, instead of a refund of $766.62, his credit card statement showed he was given $745.44.
Live within your income, not within your credit limit to avoid finance trap
Remember the euphoric rush we felt when we got our first unsolicited offer of a "pre-approved" credit card? Well, all over Fairbanks tomorrow the postal carriers will be delivering that same "rush" to thousands of unsuspecting high school and college students over 18 years old (the legal age to contract). I polled one of my classes last week and every single student got at least one offer and one student received five — in that week alone! Why on earth would credit card companies offer poor broke students credit cards? The reason is (insert drum roll here) students like to own "stuff" and are sure to use the card. Those who offer unsolicited credit cards, for the most part, aren't really banks or credit unions, they are finance companies and they make lots of money from merchants when their cards are used in addition to huge interest payments and fees on top of fees when balances aren't paid in full, go over the limit, or are paid late.
So, he wants a divorce ...
A new book shows women how to survive with finances and wit intact. Vicki King was agonising over bikinis for Ipanema when her husband said their marriage was over. "Oh and, by the way, the trip to Brazil is cancelled." Did she shoot him? Yell abuse and threaten revenge? Nope. She put on her game face and said, "You have a week to tell me your plans. And you'll need to find somewhere else to sleep." Then she rang her parents, siblings and best friend. Otherwise zilch for 24 hours. No chopping suits, no slashing radial tyres, no dobbing to the tax man. "Whatever pops into your head, don't act on it. It could end up hurting you later in court with your settlement, with custody issues," King says, her clipped voice of reason on the line from Richmond, Virginia.
In full: Brown speech on liberty
Here is the full text of Gordon Brown's speech on liberty and planned constitutional changes, on 25 October 2007: I want to talk today about liberty - what it means for Britain, for our British identity and in particular what it means in the 21st century for the relationship between the private individual and the public realm. I want to explore how together we can write a new chapter in our country's story of liberty - and do so in a world where, as in each generation, traditional questions about the freedoms and responsibilities of the individual re-emerge but also where new issues of terrorism and security, the internet and modern technology are opening new frontiers in both our lives and our liberties. Addressing these issues is a challenge for all who believe in liberty, regardless of political party.
Nigeria: Zenith Wins Quoted Company of the Year Award, Set for Public Offer
Zenith Bank Plc last Thursday won the 2007 quoted company of the year award of the Nigerian Stock Exchange(NSE). The award which was announced by the President of the NSE, Chief Oba Otudeko, at the Annual President's Merit Award on Thursday in Lagos saw Zenith surpassing 18 other companies to win the prestigious award. .
Big bank gives thanks
When executives at the Iselin headquarters of Chase Home Lending count their blessings on Thanksgiving, they could include the collapse of the subprime market. The financial debacle is helping the mortgage-lending division of JPMorgan Chase & Co. and other large bank lenders gain market share. Chase Home Lending increased third-quarter originations by 35 percent to $39.2 billion, compared with the year-earlier period. Tom Kelly, a senior vice president at Chase, cites the subprime meltdown, which has caused the demise of more than 100 mortgage companies, for this year's growth spurt. "There is more opportunity to make loans because other people aren't," he said in a recent interview. Chase's U.S. market share of residential mortgages and home-equity loans climbed to 9 percent from 5.7 percent over the past year, the largest increase of any of the top 10 lenders, according to statistics from Inside Mortgage Finance, a trade publication.
US Fed injects $53 billion into economy
THE US Federal Reserve injected $US47.25 billion ($53 billion) into US money markets overnight to help ease tight liquidity, the central bank said. It was the largest single-day cash infusion since September 2001, when the terror attacks in New York and Washington shocked the financial markets, according to the Federal Reserve of New York, which conducts the operations for the US central bank. The New York Fed said it had injected the money in three separate operations: $US19.25 billion in a one-day operation, $US20 billion in a six-day operation and $US8 billion in a 14-day operation. However, due to the expiration of other operations, the combined injections produced a net increase in liquidity in the banking system of $US6.75 billion, which is considered a moderate rise, a New York Fed official said.
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