Sri Lanka’s Nations Trust Bank is a fairly young company, but its efforts in local communities and strong financial nous have marked it out as a success story for the future
What started as a local Colombo bank 13 years ago has quickly become one of the fastest-growing financial institutions in Sri Lanka. Today, Nations Trust Bank (NTB) continues to expand through clever business strategies and profitable partnerships. The ba...
ActivoBank prides itself on its relationships with its clients, fostered through personalised service and use of modern technology
There is nothing more permanent in this world than change. And if the world changes, so will clients’ interactions with banks. That is the thinking that birthed ActivoBank, a bank specifically designed to make people’s lives easier. It aims itself at ...
Banco Ganadero has posted impressive growth figures in recent years, and looks set for a positive future in Santa Cruz de la Sierra
Banco Ganadero was established in 1994 with headquarters located in Santa Cruz de la Sierra, Bolivia. Santa Cruz is recognised as the economic and financial centre of Bolivia and receives the most important share of the loan portfolio in the country. Its ...
Invest Bank is one of the leading banks in the emirate of Sharjah, and is continuing to pursue its local philosophy on banking
Since its launch in 1975, Invest Bank, in the United Arab Emirate of Sharjah, continues to make steady progress on all fronts. Starting with financial resources of less than $3m, capital has increased to almost $350m, with shareholders’ funds exceeding ...
The Beirut bank hopes to carry the momentum gained from its national success into international expansion
Headquartered in Beirut, BankMed is one of the fastest-growing banks in Lebanon. Originally established in 1944, its market share – measured by total assets – has grown over the years to comprise almost 10 percent of the total Lebanese banking system....
MEAB Bank stands out among Lebanese financial institutions for its integrity, reliability and potential for international expansion. It has a solid footing in its native country and is looking abroad for further growth and profitability
Established in 1993, MEAB Bank has proudly forged solid and lasting relationships with its corporate customers in Lebanon and abroad. With branches covering the south of Lebanon as well as Beirut and the suburbs, MEAB is opening two new branches yearly to...
Falcon Private Bank is owned by Abu Dhabi-based global investment company Aabar Investment PJS, a partnership which seems to be bearing fruit
Established in Zurich in 1965, Falcon Private Bank offers personalised wealth management and investment services to private clients, wealthy families and institutional investors. Staying true to the historic and acclaimed tradition of Swiss banking, Falco...
The future of the markets will be defined by leaders who are not afraid to think outside the box, and embrace change as a way of life
The year is 2012. Markets are trending for a change, volatility is well below its long-term average and the Mayans’ sinister predictions of the end of the world in 2012 have not been validated. One would think life in global markets cannot get much bett...
Banco General Rumiñahui has evolved from a bank on the brink of bankruptcy in late 2002 to a bank selected as the best commercial bank in Ecuador in 2012
In late 2002, Banco General Rumiñahui (BGR) showed the worst financial indicators of its entire history. Inadequate management of the credit generation caused the bank, in just a short time, to jeopardise its own survival. At the beginning of 2003, the b...
The Cypriot bank on why innovation and relationship management are the timeless principles of private banking
Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services institution in Cyprus, offering a full range of banking and other financial products and services to meet the needs of its wide international client base. I...
Despite 150 years of experience in private banking and a dominant Nordic position, SEB Private Banking still sees innovation as key
In 1856 André Oscar Wallenberg founded Stockholm’s Enskilda Banken and ever since that time, the Wallenberg-controlled bank has played a vital role in defining the investment landscape of the Nordic region. “SEB has a strong tradition of being top...
Ten years ago, First Global Bank emerged on the Jamaican financial landscape offering a suite of banking products and services which are yet to be matched
The products offered by First Global Bank (FGB), while competitive, have provided Jamaicans with another option in which they can save and be a part of a fully owned local bank backed by a strong, stable and progressive conglomerate with an established br...
When Banco Privado Atlantico was formed in 2006 it aimed to establish itself as the best investment bank in Angola. Since then, both the bank and the country have gone from strength to strength
“The world is changing” is a statement that has probably been made ever since humanity has had self-awareness and a broader vision of the world. Banco Privado Atlantico (Atlantico) believes that the world is changing. In particular, it believes that A...
Few banks can claim to know their customers as people and not just figures on the balance sheet. BancoPanamá’s entire ethos revolves around making sure strong client relationships are at the centre of its strategy
Great changes give way to great opportunities. Changes in the financial sector, paired with Panama’s favourable economic conditions, have made the country a relevant banking centre in the world’s financial services industry. This, together with the ar...
Banca March has the highest solvency ratio in Europe according to the European Banking Authority’s stress tests
Banca March is the only completely family-run bank in Spain. Founded in 1926 in Palma de Mallorca by Juan March Ordinas, Banca March backed business growth on the Balearic Islands in its first years before later moving on to the Canary Islands, and more r...
European countries are scrambling to raise every last penny of funds through taxes. But some countries may have gone too far...
Though all business taxes in Belgium can be paid online with little effort and preparation, the rates are still sky-high at 57.7 percent, including a staggering 50.8 percent total rate on profits only in social security contributions.
In Belarus, a company spends up to 338 hours annually preparing for and paying ten different taxes and duties. The total tax rate has incredibly been lowered to 60.7 percent, from 117.5 percent in 2008.
A company in France pays seven different taxes and duties, the sum of which can amount to 65.7 percent of profits; though President François Hollande has announced a wave of business tax rate cuts coming up.
A business in Estonia pays 67.3 percent of profits in tax, 37.2 percent exclusively in social security contributions. The country has gone against the grain in Europe by raising businesses taxes from 48.6 percent in 2008 to the current rates.
While corporate income tax (IRES) in Italy is limited to 38 percent of taxable profit, a company operating in Italy can expect to pay 14 other taxes and duties, including social security contributions, bringing their total payable tax to 68.7 percent of profits, according to the World Bank.
Norway taxes motor fuels twice, with a road use tax and a CO2 emissions tax. Combined with strikes in the energy sector that have curbed output, the price of gas at a local pump has soared to $10.12 per gallon.
Though Turkey sits on the Suez Canal and neighbours many oil rich countries, the price of a gallon of average gas clocks in at $9.41 in Turkish pumps, because of a 60 percent share of taxes.
Like Turkey, Israel is surrounded by oil-rich neighbours, but drills very little itself. Gas prices are controlled by the government, so about half of the $9.28 per gallon goes to taxes.
There are few gas stations in Hong Kong, but the ones available charge up to 76 percent more per gallon than mainland China, where the government caps the cost of fuel. A gallon at the pumps will cost around $8.61 on the island.
Expensive labour costs make the Dutch petrol prices the dearest in Europe, at $8.26 per gallon; though the 57 percent tax add-ons don’t help.
8 February 2007
HSBC warns of subprime mortgage losses
2 April 2007
New Century goes bus
14 September 2007
Wholesale markets have dried up
17 March 2008
Rescue of Bear Stearns
7 September 2008
Rescue of Fannie Mae
15 September 2008
Lehman Brothers file for bankruptcy
3 October 2008
US congress approves $700bn bailout
14 February 2009
$787bn stimulus approved by congress
The effects of the current financial crisis are global and irrefutable. With the collapse of Lehman Brothers, the domino effect of irresponsible public monetary policies, huge levels of unsustainable debt, and a deregulated financial sector, has escalated to the point where no corner of the globe has been left untouched.
Syria and Egypt launch an attack on Israel on Yom Kippur and set off a twenty day war;
US President Carter creates Department of Energy, which develops the US strategic petroleum reserve
The Organisation of Petroleum Exporting Countries (OPEC) used their oil reserves as a weapon with the Arab Oil Embargo against those who supported Israel. By January 1974, world oil prices were four times higher than they were at the start of the crisis, especially in the US, and the shock led to a huge drop in the stock market with NYSE losing $97bn in just six weeks. The embargo lasted five months, and the effects are still seen today.
1923 – 1924
The trouble began when Germany missed a repatriation payment, worth about one third of the German deficit in this period. Inflation was already high but by 1923 it was raging. Prices doubled within hours, and by late 1923, it cost 200bn marks to buy a single loaf of bread. People burned money as it was cheaper than buying firewood. Germany eventually regained control of its economy when it introduced the Rentenmark into circulation in 1923, and then the Reichmark in 1924.
The Great Crash
Recovery and Recession
After the decadence of the Roaring Twenties, the 1930s saw the biggest economic slump of all time. The stock market crashed on 29 October 1929, and optimism and decadent living tumbled along with the figures. The GDP fell from $103.6bn in 1929, to $66bn in 1934 and the subsequent years of recovery were the most dramatic in US history.
Otto Heinze and his brother Augustus Heinze bought shares of United Copper.
The stock market was already cautious over the tight money supply, but the US was thrown into a depression after the stock market fell nearly 50 percent from its peak in 1906. The Heinze brothers thought they could influence market shares but ended up bankrupting lenders that provided the financing to buy the stock. A chain reaction left nine institutions bankrupt. By February 1908, the panic was over and the government created the Federal Reserve system, to prevent banks from exercising too much control over the economy.