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Tuesday, January 1, 2008

Today at midnight, the Republic of Cyprus and the Republic of Malta, both small island states in the Mediterranean and former British colonies, adopted the euro as their official currency; less than four years after their accession to the European Union. Because Cyprus and Malta are in different time zones, Cyprus adopted the euro one hour before Malta did the same. In both countries the euro was welcomed with outdoor celebrations, including a fireworks display in Malta’s capital Valletta. According to the BBC Cypriot Finance Minister Michalis Sarris has said the euro “will benefit consumers and businesses alike because of the eurozone’s low inflation, low interest rates and large market.”

The BBC reports that Cypriot and Maltese leaders “made symbolic withdrawals of euros from cash machines just minutes into the New Year.” TIME reports that Maltese Prime Minister Lawrence Gonzi had to wait a little while before getting his hands on the new currency because “an automated teller machine did not work when Gonzi tried to withdraw euros, and he was obliged to use a different ATM.”

The Cypriot pound (CYP) and the Maltese lira (MTL) will remain in use during a dual circulation period that will last until the end of this month, at which point they will cease to be legal tender. However, it will still be possible to exchange them for Euro free of charge after the end of this period. Commercial banks in Cyprus will exchange Cypriot pounds for Euro until 30 June, but only for amounts up to CYP 1000 per customer and per transaction in banknotes and up to CYP 5O in coins. The Central Bank of Cyprus will exchange coins until the end of 2009 and banknotes until the end of 2017. Maltese commercial banks will exchange Maltese lira for Euro until the end of March, with a limit for non-customers of MTL 250, whereas the Central Bank of Malta will exchange coins until 1 February 2010 and banknotes until 1 February 2018.

The single currency has replaced the Cypriot pound and the Maltese lira at a rate of one euro to 0.585274 Cypriot pound and 0.4293 to the Maltese lira, or 1.71 euro per Cypriot pound and 2.33 per Maltese lira. This conversion rate had been fixed on 10 July 2007 by Ecofin, the council comprising the finance ministers of the EU Member States.

Cyprus and Malta are the 14th and the 15th country to join the Eurozone, which already includes Austria, Belgium, the Netherlands, Finland, France, Germany, Ireland, Italy, Luxembourg, Portugal, Spain, Greece and Slovenia. All EU Member States are required to join the Eurozone once certain conditions are fulfilled, except Denmark and the United Kingdom which have negotiated a so-called opt-out that allows them not to adopt the single currency.

The Turkish Republic of Northern Cyprus, the de facto independent Turkish-controlled area in the north of Cyprus, will not join the Eurozone. Northern Cyprus is not part of the European Union and is recognised only by Turkey. As a result, the Turkish lira will remain the official currency in the north of the island; however, TIME reports that “many Turkish Cypriot merchants will also accept euros along with Turkish lira.” Cypriot Euro coins are inscribed in both Greek and Turkish.

The euro will also be legal tender in the Sovereign Base Areas, British military bases in Cyprus.

The national sides of the Cypriot Euro coins feature three separate designs for the three series of coins. The 1, 2 and 5-cent coins feature the mouflon, or wild sheep, the 10, 20 and 50-cent coins feature the Kyrenia ship, the wreck of a 4th century BC Greek merchant ship discovered in 1967 and salvaged closed to Kyrenia, and the €1 and €2 coins feature the Idol of Pomos, a prehistoric sculpture from the village of Pomos, three national symbols of Cyprus. The designs were jointly created by Tatiana Soteropoulos and Erik Maell.

The Maltese euro coins’ national sides will also feature national motifs. The 1, 2 and 5-cent coins will feature the altar of the Mnajdra temple grouping, a complex of three Neolithic temples on the southern coast of Malta and one of the oldest free-standing temple groupings in the world, the 10, 20 and 50-cent coins will feature the Coat of Arms of Malta, and the €1 and €2 coins will bear the Maltese cross, a symbol associated with an order of Christian warriors known as the Knights Hospitaller or Knights of Malta, which was based on Malta for more than 250 years after they had been given the islands by Charles V, Holy Roman Emperor. The designs of Maltese engraver Noel Galea Bason were selected after two rounds of public consultations in which people were invited to vote via SMS.

Both Cyprus and Malta have taken a number of steps to address fears of undue price rises. 7,130 Cypriot companies have subscribed to a Fair Pricing Code launched by the authorities and the Cypriot government urged companies to round their prices down. In Malta, the FAIR initiative, a fair pricing scheme, was put in place in January 2007. This scheme, which provides for administrative fines for those failing to respect their commitment, now involves 80% of all retail outlets. Malta, according to the BBC, has also signed 12 price stabilisation agreements with importers, which will last until March 2008.

In both countries, the authorities will monitor retailers to ensure they do not exploit the changeover for unfair gain by rounding up their prices, contributing to inflation.

Thursday, September 6, 2007

Following on from the seizure of US$1.5 billion in former Thailand Prime Minister Thaksin Shinawatra’s Thai bank accounts, the ousted PM is claiming assets in Swiss bank accounts have been frozen.

When queried, the Swiss embassy in Bangkok said that there had been no request for an asset freeze, and that such action would only take place in the event of a successful prosecution.

Thaskin was removed from power in September, 2006 by Thailand’s military in a bloodless coup and was accused of corruption. Aside from having his Thai accounts frozen, Thaskin is the subject of arrest warrants in Thailand for “official misconduct”; charges that he denies. “Neither my family nor I has done anything illegal,” Thaskin said in a newspaper interview. “It is defamation.”

On the reputation of Swiss banking discretion, Thaskin was critical. “Good old bank secrecy is no more,” he commented. “Absolute discretion is a thing of the past.”

The ex-premier currently resides in the United Kingdom where he has purchased Manchester City football club for £81 million.

Thursday, November 16, 2006

Her Majesty Queen Elizabeth II of the United Kingdom and the Duke of Edinburgh are set to visit the United States in May 2007 to celebrate the 400th anniversary of the Jamestown Settlement.

This will be Her Majesty’s fourth State Visit to the United States.

Her Majesty and the Duke of Edinburgh welcomed President and Mrs. Bush on a State Visit to the United Kingdom at Buckingham Palace in November 2003 – during that visit, Her Majesty paid tribute to the ‘special relationship’ between the United Kingdom and the United States.

A statement released by the White House read:

“Laura and I welcome Her Majesty Queen Elizabeth II and His Royal Highness, Prince Philip, The Duke of Edinburgh, for a State Visit in May 2007 to celebrate the 400th Anniversary of the Jamestown Settlement.

“The United States and the United Kingdom enjoy an extraordinary friendship that is sustained by deep historical and cultural ties and a commitment to defend freedom around the world. We look forward to Her Majesty’s State Visit as an occasion to celebrate these enduring bonds.”

The Queen herself mentioned the upcoming visit in this week’s Speech from the Throne during the British State Opening of Parliament.

“The Duke of Edinburgh and I look forward to our State Visit to the United States of America in May 2007 to celebrate the 400th anniversary of the Jamestown Settlement.”

Virginia officials coordinating the ongoing Jamestown commemoration have scheduled an America’s Anniversary Weekend event on and near Jamestown May 11, 12, and 13.

Jamestown, the first British settlement of North America, was established in the name of His Majesty, King James I of England.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”

Wednesday, November 21, 2007

As “Brand International Promotion Association” and “Taiwan Excellent Manufacturers‘ Association” merged to “Taiwan Excellent Brand Association” (TEBA), “2007 Taiwan Brands’ Trend Forum”, with the slogan of “Winning Global Economic with Taiwan Brands”, held yesterday and invited professionals from governmental, financial, and IT industries to share experiences on marketing MIT (Made in Taiwan) brands and encourage MIT brands market to the world by innovations.

Newly-elected Chairman of TEBA Andy Tzu-jen Hsieh remarked in the opening: “A product with MIT brand didn’t mean ‘cheap’ but ‘value’ of its good quality.” With Hsieh’s words, Minister of Economic Affairs of Taiwan Steve Ruey-long Chen echoed and said: “Self-made (MIT) brands were progressively refined with its innovations, R&D, and new ideas. Lots of good MIT brands became notable world-wide in the presence. But it’s uncertain to determine success or failure when a company manages its brand because companies with small-business scale were grown up. A brand needs a long-period management to keep it in a good image.”

Many participants and local media focused on the keynote speech by the founder of Multitech Stan Shih. He compared brands trend between Taiwan and other world-wide countries with “The World Is Flat“ and proved the trend of optimization on global companies with his “Smiling Curve” theory. “We (the public) should determine a brand good or failure by its quality, nature, and notability but not its scale.” Shih said and stressed, “Companies with MIT brands (OBMs) can’t always be ODMs or OEMs because some (people) often confused on conceptions and basis of ‘Branding Taiwan’ and ‘Taiwan Brands’. If a company need a good brand, it (a brand) should has its (brand owner’s) creations and management strategies to mark it into the world in a good position.”

“The brand trends in Taiwan is from ODM in the past to OEM commonly in the presence. But after some products by MIT companies were presented to the public, lots of MIT brands became world-class brands such as BenQ, Giant, Acer so that Taiwan can enter into the OBMs’ era. If Taiwan can still be in the OBMs’ era, the global market competitiveness and world-wide media exposure of MIT brands will be improved. ‘OBMs in Taiwan’ will help companies from several industries keep their headquarters retain in Taiwan.” Tracy Chun-fang Hsu (Vice Director-general of the Bureau of Foreign Trade, Ministry of Economic Affairs of R.O.C.) mentioned in the forum.

Before the Panel Discussion, Jerry Wang (Vice Chairman of BenQ) corrected the difference between “Values” and “Value” with some quotes from Wikipedia. He said: “Value of a brand include values and consumers’ value. A factor who determine consumers to buy a product or not is emotion or self-need. A brand’s or a product’s nature can be known with differences on consumers’ population. Of course, in Taiwan or other world-wide countries, every self-made brand or product has its style, nature, and characteristics.”

In the final of Panel Discussion, 3 main speakers think that “Smiling Curve” theory is a key factor to determine a company pursue its “brand value” success or failure. If a MIT brands wants to become world-class and notable, a company (brand owner) should not only have its creations, images, and innovations but also consider feelings from consumers.

Monday, September 7, 2015

The US economy added 173,000 jobs in August, the Bureau of Labor Statistics reported on Friday. The unemployment rate fell from 5.3 to 5.1 percent, the lowest since April 2008.

Although August job gains were lower than most economists forecast, job growth numbers for June and July were revised upwards by a combined 44,000. Average job gains over the past three months stand at 221,000, compared to March-May’s 189,000 monthly average. Over the past twelve months, job growth has averaged 247,000 per month.

Average hourly earnings rose 0.3 percent, or 8 cents, marking the largest increase in earnings in seven months. Hourly earnings had risen by 6 cents in July. Wages have risen by 2.2 percent over the past year.

Job growth in August was primarily concentrated in the health care and social assistance, financial activities, and professional and business services sectors. Those three areas of the economy added a combined 108,000 jobs. Food service and drinking places employment increased by 26,000 over the month, and other economic sectors saw employment hold steady. Manufacturing, on the other hand, saw employment decline by 17,000 in August. A stronger dollar and worldwide economic weakness make US exports less desirable, leading to a flattening in manufacturing employment so far this year after steadily rising in the early years of the US economic recovery.

The solid overall job gains led analysts to slightly raise expectations for a decision by the Federal Reserve to raise interest rates this month. Investors raised the likelihood of a September rate increase from 26 percent before the jobs report to 30 percent, and stocks dropped by over one percent on Friday. “The payrolls data is certainly good enough to allow for a Fed rate hike in September,” said Deutsche Bank’s head of currency strategy, Alan Ruskin. “The big question is still whether financial market volatility will scupper the plans.”

“This is the first time the market has looked at a Fed meeting and really has no idea what the Fed is going to do,” said Mark Kepner, a New Jersey equity trader with Themis Trading. “Right now you’re looking at the overall uncertainty and that’s what’s hanging on the market. I don’t think this number in and of itself changes how somebody’s going to vote.”