Ace Finance News – Latest Post: BRITAIN: ‘ HMRC TO PUT YOUR TAX DETAILS ONLINE BUT DO YOU TRUST THEM? ‘.
` European Central Bank leaves `Key Interest Rates ‘ steady with ` Refinancing ‘ rate at 0.25 Percent’
#AceFinanceNews says that the European Central Bank held its key interest rates steady as largely expected on Thursday.
The ECB left its central “refi” or refinancing rate unchanged at 0.25 percent at its monthly policy meeting, it said in a statement.
The central bank also held its other two key rates — the marginal lending rate and the deposit rate — unchanged at 0.75 percent and zero percent respectively.
There had been speculation that the central bank might ease monetary conditions in the 18 countries that share the euro given the worryingly low level of inflation.
ECB President Mario Draghi was scheduled to explain the reasoning behind the latest decision at a news conference.
This decision is key to the strategy adopted by the European Central Bankers and will largely prevent inflation rises, but it will eventually lead to a slow down in the economy of the Western Nations. this is due mainly to the huge indebtedness and risk factor in the Asia-Pacific Investment markets.
More soon ………………………………………………………………………………….
` First there was a `New Currency ‘ called `Bitcoin’ then came `Greed ‘ now comes Taxation ‘ allowing `Greed ‘ to have its own Reward’s
#AceFinanceNews says according to latest news Japan is looking at ways to tax Bitcoin transactions, a report said Tuesday, in the wake of the spectacular failure of the Tokyo-based MtGox exchange after a half-billion-dollar theft.
The finance ministry and the national tax agency are studying possible rules that could govern transactions using the digital currency, the Yomiuri Shimbun newspaper said.
Authorities believe purchases made with Bitcoin can be subject to consumption and corporate taxes, even though the unit is not a legal currency, the Yomiuri said without citing sources.
This latest case of irregularities that has lead to an the recent investigation as cites by Reuters in saying Mt Gox, once the world’s largest bitcoin exchange, filed for bankruptcy in a Tokyo district court on Friday, the company’s lawyer citing ‘outstanding debts of $63.2 million, after mysteriously going offline on Monday.
Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures. More on this story at http://wp.me/pzTwj-2tk
Has allowed a way for countries to tax Bitcoin transactions and bring them in line with many other the Monetary Systems controls, as was always wanted by the a number of countries.
This latest round of investigations, has only added fuel to the fire.
#AceFinanceNews says that `Tokyo‘s Mt Gox Bitcoin Exchange has filed for `Bankruptcy‘ amid missing currency‘.
Investors may have lost all of their virtual coins, as the exchange’s computer system was exposed to fraudulent transactions and technical failures.
A leaked internal Mt Gox “crisis strategy” document suggesting that the exchange site had been hacked and hundreds of millions of dollars’ worth of the cryptocurrency stolen began to circulate online.
Technical glitches in February forced the trading platform to halt deposits, causing the already volatile crypto-currency to plunge 20 percent. On Friday it was listed at $565.07 on Winkdex, a New York-based bitcoin value…
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#AceFinanceNews says that the `IMF says `Taxing Super Rich’can boost Economic Growth in the long run’
“There is surprisingly little evidence that increases in tax rates impede medium-to-long-run economic growth,” the IMF paper says.
Growth inequality is more common in countries that redistribute less, and more equal societies have “faster and more durable…
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#US : “Obama to `Issue Executive Order’ Raising `Minimum Wage’ for `Federal Contract Worker’s’ to $10.10”
#AceFinanceNews says `Obama to Issue Executive Order‘ rising minimum wage for federal contract workers to $10.10
US President Barack Obama will announce he is issuing an executive order to raise the minimum wage to $10.10 an hour for federal contract workers under new contracts, the White House said. He will lay out a strategy for getting around Congress and boosting middle-class prosperity on Tuesday in his State of the Union speech, Reuters reported. The president is expected to make clear in his 9pm (02:00 GMT Wednesday) address that he will bypass US lawmakers and go it alone in some areas by announcing a series of executive actions.
- Obama to Hike Minimum Wage for Federal Contractors(swampland.time.com)
- Obama to raise minimum wage for federal contractors(politicalticker.blogs.cnn.com)
#AceFinanceNews says `HSBC‘ imposes restrictions on large cash withdrawals.
By Bob Howard Reporter, Money Box
Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.
HSBC admitted it has not informed customers of the change in policy, which was implemented in November.
The bank says it has now changed its guidance to staff.
Stephen Cotton went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.
A year before, he had withdrawn a larger sum in cash from HSBC without a problem.
But this time it was different, as he told Money Box: “When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”
Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ ”
He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.
HSBC customer letter
He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.
The bank said it did not have to tell him. “As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change,” HSBC wrote.
Mr Cotton cannot understand HSBC’s attitude: “I’ve been banking in that bank for 28 years. They all know me in there. You shouldn’t have to explain to your bank why you want that money. It’s not theirs, it’s yours.”
Peter from Wiltshire, who wanted his surname withheld, had a similar experience.
He wanted to take out £10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.
Peter phoned up the day before to give HSBC notice and everything seemed to be fine.
The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.
The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the £10,000.
Belinda Bell is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder’s quote.
HSBC has said that following customer feedback, it was changing its policy: “We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.”
“The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced.”
In a sense your money becomes pocket money and the bank becomes your parent”
Douglas CarswellMP for Clacton
Money Box asked other banks what their policy is on large cash withdrawals.
They all said they reserved the right to ask questions about large cash withdrawals.
But none of them said they would require evidence of what the money was being used for before paying out.
Douglas Carswell, the Conservative MP for Clacton, is alarmed by the new HSBC policy: “All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket-money and the bank becomes your parent.”
But Eric Leenders, head of retail at the British Bankers Association, said banks were sensible to ask questions of their customers: “I can understand it’s frustrating for customers. But if you are making the occasional large cash withdrawal, the bank wants to make sure it’s the right way to make the payment.”
What has your experience been of trying to withdraw a large sum of cash from your bank? Let us know your views.