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NEW YORK—The Federal Reserve Bank of New York today released results from its monthly Survey of Consumer Expectations (SCE) which contains insight into Americans’ views on inflation, prices, the labor market and household finance. February results show that consumer inflation expectations rose slightly in February at both the one-year and the three-year ahead horizon. Median earnings growth expectations remained above 2013 levels. The mean perceived chance of finding a job in three months, if one were to lose their current job today, declined slightly to about 46 percent. Household income and spending growth expectations remained essentially unchanged, as did past and future credit access perceptions.

Additional results from February 2014 include:

Inflation

Consumer inflation expectations rose slightly in February to 3.1 percent at the one-year horizon and to 3.2 percent at the three-year ahead horizon. Median expectations at both horizons remain low compared to 2013 levels.
Inflation uncertainty fell slightly at both horizons for most demographic groups.
Median home price growth expectations fell from 4.6 percent to 4.0 percent, reversing an increase in January. Dispersion in expectations across respondents fell, but home price uncertainty was largely unchanged.
Labor Market

Median earnings growth expectations remained essentially unchanged at 2.3 percent from the recent high reached in January (2.4 percent), above 2013 levels. While the median fell slightly, the 75th percentile of responses increased to the highest level in the past 9 months.
The average perceived chance of finding a job among the currently employed (if current job was lost) declined marginally to 46.1 percent, driven by declines among people with high school or less and people over 60.
The mean perceived chance of being laid off fell slightly, driven by a decline in expected layoff risk reported by older workers, while the mean likelihood of voluntary quits increased slightly.
Household Finance

Household income growth expectations remained essentially unchanged, with median expectations falling slightly but both the top and bottom quartiles of responses rising slightly.
Spending growth expectations were also essentially flat, but the cross-sectional distribution tightened somewhat.
There were no systematic changes in past or future credit access perceptions. Debt delinquency expectations (a measure of future credit constraints) were also unchanged.
About the Survey of Consumer Expectations:
The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing and education to behave. It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit. The SCE also provides measures of uncertainty in expectations for the main outcomes of interest. Expectations are also available by age, geography, income, education and numeracy.

The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,200 household heads. Respondents participate in the panel for up to twelve months, with a roughly equal number rotating in and out of the panel each month. Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, our panel allows us to observe the changes in expectations and behavior of the same individuals over time.

The survey is conducted on our behalf by The Demand Institute, a non-profit organization jointly operated by The Conference Board and Nielsen. The sampling frame for the SCE is based on that used for The Conference Board’s Consumer Confidence Survey (CCS). Respondents to the CCS, itself based on a representative national sample drawn from mailing addresses, are invited to join the SCE internet panel.

This news is courtesy of www.newyorkfed.org

CHERRY HILL, N.J.,- TD Bank, America’s Most Convenient Bank®, announced the results of the TD Bank Financial Education Survey focusing on millennial banking habits, which revealed that these young adults take few risks when it comes to managing their money. In fact, 47 percent of millennials describe their financial personality as being cautious when it comes to overall personal finance habits. The nationwide survey polled more than 2,000 millennials (ages 18-34) about their banking behaviors and preferences, as well as their go-to sources for financial information and advice.

“The results of our study prove that financial education is not only a key component of financial success, but also that millennials want more support with their personal finances,” said Nandita Bakhshi, Executive Vice President, Retail Distribution and Product, TD Bank. “Millennials need to feel empowered to reach out to their bank and have their questions answered so they become more confident about their financial futures.”

Millennials Mirror Family Banking Habits and Seek Advice from Family Members

According to the survey, millennials are relying mostly on financial institutions and their families for advice.

49 percent of responding millennials see their parents as primary influencers in shaping their banking and financial views.
40 percent still say they turn to parents and family as a source of information.
54 percent of responding millennials are going in to their bank branch for information; 62 percent are going online.
While 59 percent of millennials reported that they are “extremely” or “very” knowledgeable about their day-to-day banking products like checking accounts, they still want advice on personal finance topics, including:

savings (32 percent)
creating a budget (30 percent)
credit cards (26 percent)
In addition, very few of the respondents report to having had formal financial education training, such as a class at school, a seminar at a local bank or online courses, while 69 percent of respondents had received no financial education lessons at all.

Changing Behaviors

According to the TD Bank survey, millennials are banking online and on their mobile devices more frequently than in a branch. In fact, 90 percent of survey respondents said they use online or mobile tools for their everyday banking activities, such as checking balances or paying bills, and 57 percent said they are using mobile banking more frequently than they were last year.

Millennials who responded to the survey said they check their balance and banking activities daily (35 percent) or weekly (53 percent). While checking their balance is the most popular activity online, millennials reported that they are still visiting bank branches as frequently as they did last year, mostly to deposit or withdraw money. Those who do their banking in a branch feel it is more secure and enjoy the in-person service.

“While millennials are banking more online and on their mobile device, 52 percent are still visiting a branch as frequently as they did last year,” said Bakhshi. “The branch visits plus the increased mobile banking activity shows that they appreciate a bank that can offer them the tools they need to succeed, whether this is in a branch, online or through a mobile app.”

Regional Banking Behavior

23 percent of Boston respondents feel extremely knowledgeable about banking products vs. 13 percent of Philadelphians who feels extremely knowledgeable.
40 percent of New York City respondents check their account balance daily vs. 21 percent of Philadelphia respondents who check their balance daily.
54 percent of Floridians prefer going in to a bank branch to receive banking advice vs. 53 percent of Philadelphians who prefer asking their family for advice.
46 percent of New York City respondents want advice on saving vs. 28 percent of Boston respondents who want advice on saving.
Full survey results including regionally specific findings from Boston, Florida, New York and Philadelphia, and Hispanic and gender findings, can be found at https://mediaroom.tdbank.com/finedsurvey.

Survey Methodology
The study was conducted among a nationally representative group of consumers from January 28 through February 10, 2014. The total sample size is 2,031 millennials (ages 18-34) and the national sample size of 1,530 has a margin of error of +/- 2.5%. The survey was hosted by global research company Angus Reid Public Opinion.

About Angus Reid Public Opinion
Angus Reid Public Opinion is the Public Affairs practice of Vision Critical—a global research company. Vision Critical is a leader in the use of the Internet and rich media technology to collect high-quality, in-depth insights for a wide array of clients.

About TD Bank, America’s Most Convenient Bank®
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at approximately 1,300 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J.

This news is courtesy of www.tdbank.com

The booming U.S. energy market, robust housing recovery and strengthening economy are creating growth opportunities for investors of non-financial specialty assets, including farmland, timberland, real estate, private businesses, and oil and gas, according to U.S. Trust. In a report published today on its 2014 outlook for non-financial assets, U.S. Trust’s Specialty Asset Management group said it expects strong performance from the asset class and that it is a market poised for long-term growth.

“When you factor in long-term market trends – population growth, economic development in emerging markets and the correlating demands on energy, food and housing – we see a strong growth opportunity emerging for non-financial assets,” said Dennis Moon, national executive of U.S. Trust’s Specialty Asset Management group that manage separate accounts for high net worth investors in real assets.

“Furthermore, the factors that drive the value of these assets are unique and independent of the volatile forces often at play in the broader market, making these investments highly attractive and an important consideration in the construction of a balanced portfolio.”

In its outlook for 2014, U.S. Trust takes an in-depth look at the opportunities for five key non-financial asset categories:

Timberland: Demand for timber is expected to grow as the U.S. housing recovery moves into high gear and competition for resources heats up between pulp and paper mills and renewable energy plants fueling the fast-growing woody biomass market. Timber pricing is rebounding from historic lows and will likely continue to rise as supplies tighten and demand accelerates. These market fundamentals, combined with low return volatility and tax efficiency, suggests a strong 2014 for timberland investments.

Farm and ranch land: With a 4 percent, or in some cases higher, cash yield expected in 2014, farmland remains a favorable investment opportunity. In 2014, farm and ranch land prices are expected to level off as more normal slow growth is anticipated for commodities including corn, soybeans and wheat, spurred by macro-trends such as global population growth. As farmer-investors become more conservative and land prices level off, more opportunities for farmland deals are expected to emerge for long-term investors.

Oil and gas properties: As demand for energy accelerates and the U.S. moves ever closer to energy independence, oil and gas investment activities will continue to be a big area of focus. With the apparent worldwide economic improvement, in conjunction with the transforming energy efficiencies and correlating demands, the stage is set for investment opportunities in energy over the long term.

Commercial real estate: Economic improvements in 2013, both domestic and abroad, translated into stronger demand in the U.S. commercial real estate market, with the office, retail, multi-family and industrial segments all posting improvements for the year in vacancy, rents and valuation. The outlook remains positive overall for commercial real estate investors in 2014; however, there will be variances by product type and market. In the year ahead, multi-housing rent growth is expected to moderate and vacancy rates may slightly rise. Office and industrial properties are seeing continued rent growth but also shifts in tenant preferences for more functional space and amenities. Renovation will likely be the dominant focus of investments in retail properties as many markets continue to deal with “dead centers.”

Private businesses: As an investment class, private businesses are expected to offer a breadth of opportunities both for domestic and foreign acquirers in the year ahead, along with an increase in the inventory for buyers and the number of interested sellers. Positive balance sheet growth should continue to strengthen in 2014, and business owners are benefitting from strong credit opportunities at favorable rates, which should spur M&A activity. However, the pace of private company investment activity may be slowed as business owners face the still unknown impact of the Affordable Care Act on their cost of doing business.

“Non-financial assets can be an effective diversifier to a portfolio of financial assets, and we’re seeing this asset class become an increasing focus for many of our clients, both individual and institutional investors with access to the amount of capital needed for direct investments1,” added Moon. “By their nature, these are unique investments, and the assets themselves need to be managed to maximize the value of the deal and the investment’s income-producing potential.”

The Specialty Asset Management team at U.S. Trust offers strategic insight and specialized experience required to manage and maximize the potential of these investments. Led by Dennis Moon, the executive team includes:

Doug Donnell, national Timberland executive.
John Taylor, national Farm and Ranch executive.
Dick Sadler, national Oil and Gas executive.
Andrew Tanner, national Private Business and Real Estate Services executive.
A copy of U.S. Trust’s 2014 Outlook on non-financial assets is available at www.ustrust.com/sam along with additional whitepapers from the specialty asset management group at U.S. Trust.

1Note: Oil, gas and mineral interests are not available for direct investment through U.S. Trust.

U.S. Trust
U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients’ wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,000 professionals and maintains 140 offices in 32 states.

As part of Bank of America, U.S. Trust can provide access to a broad range of banking solutions for individuals and businesses, and an extensive retail banking platform.

Bank of America
Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile users. Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Non-financial assets, such as closely-held businesses, real estate, oil, gas and mineral properties, and timber, farm and ranch land, are complex in nature and involve risks including total loss of value. Special risk considerations include natural events (for example, earthquakes or fires), complex tax considerations, and lack of liquidity. Nonfinancial assets are not suitable for all investors. Always consult with your independent attorney, tax advisor, investment manager, and insurance agent for final recommendations and before changing or implementing any financial, tax, or estate planning strategy.

Energy and natural resources stocks have been volatile. They may be affected by rising interest rates and inflation and can also be affected by factors such as natural events (for example, earthquakes or fires) and international politics.

Diversification does not ensure a profit or protect against loss in declining markets.

U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC.

This news is courtesy of www.bankofamerica.com

PayPal and Samsung today announced a collaboration that will make Samsung Galaxy S5 users the first to be able to login and shop at any merchant that accepts PayPal on mobile and in-stores with only their fingerprint. The new secure, biometric feature means Galaxy S5 users will no longer need to remember passwords or login details across millions of PayPal merchants. PayPal will be the first global payments company to support Samsung’s mobile fingerprint authentication technology.

Samsung is one of the world’s most trusted handset makers, with a strong presence in more than 150 countries. By using fingerprint authentication instead of a traditional login and password on the new, fifth generation Samsung Galaxy S5, launched today at Mobile World Congress, consumers benefit from an even more secure and seamless mobile and in-store shopping experience across the millions of merchants that accept PayPal.

“We spearheaded the Fast IDentity Online Alliance last year and predicted that the industry would soon move beyond passwords, and this announcement brings us one step closer to that reality,” said Hill Ferguson, Chief Product Officer for PayPal. “By working with Samsung to leverage fingerprint authentication technology on their new Galaxy S5, we are able to demonstrate that consumers don’t need to face a tradeoff between security and convenience. With a simple swipe of a finger, consumers can still securely log into their PayPal account to shop and pay with the convenience that mobile devices afford.”

PayPal provides a secure wallet in the cloud and doesn’t store personal information on the device. Customers can use their finger to pay with PayPal from their new Galaxy S5 because the FIDO Ready™ software on the device securely communicates between the fingerprint sensor on their device and PayPal’s service in the cloud. The only information the device shares with PayPal is a unique encrypted key that allows PayPal to verify the identity of the customer without having to store any biometric information on PayPal’s servers.

“We are very excited about our relationship with PayPal as it will bring one of the most trusted online payment solutions in the world to the broader mobile market,” said Hankil Yoon, Senior Vice President of Mobile Product Strategy. “Together with PayPal, we expect to provide our customers with a seamless and secure experience in online shopping and payments on our new Samsung Galaxy S5.”

Starting in April, PayPal fingerprint authentication on the Samsung Galaxy S5 will be available in 26 markets globally, including Australia, Brazil, Hong Kong, Russia, United Kingdom and United States. To watch a video of the experience, please click here.

About Samsung Electronics Co., Ltd.
Samsung Electronics Co., Ltd. is a global leader in technology, opening new possibilities for people everywhere. Through relentless innovation and discovery, we are transforming the worlds of TVs, smartphones, tablets, PCs, cameras, home appliances, printers, LTE systems, medical devices, semiconductors and LED solutions. We employ 286,000 people across 80 countries with annual sales of US$216.7 billion. To discover more, please visit www.samsung.com.

About PayPal
PayPal is the faster, safer way to pay and get paid online, via a mobile device and in store. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With 143 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 9 million payments every day. Because PayPal helps people transact anytime, anywhere and in any way, the company is a driving force behind the growth of mobile commerce and processed $27 billion in mobile payments in 2013. PayPal is an eBay (Nasdaq:EBAY) company and contributed 41 percent of eBay Inc.’s revenues in 2013. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore.

This Press Release is courtesy of www.ebayinc.com

Today American Express introduced the Amex EveryDay Credit Card, a new no annual fee credit card that puts a twist on the traditional rewards program. The Card will be available by April 2, 2014.

This new kind of credit card from American Express rewards Card Members for how often they use the Card, and not just how much they spend. Use the Card 20 or more times on purchases in a billing period and earn 20% extra Membership Rewards points on all those purchases less returns and credits. *Terms and limitations apply (1)

The Amex EveryDay Credit Card was designed with the multi-tasker in mind, like busy moms juggling family, work and their personal lives. The Card rewards Card Members at the places they already shop, and includes access to the retail protection, security and service expected from American Express. The Card will also come with smart chip technology and a 0% introductory rate on purchases and balance transfers for the first 15 months.(2)

To introduce the Amex EveryDay Credit Card, American Express collaborated with award-winning actress, author and writer Tina Fey, an expert multi-tasker balancing the demands of a young family and a demanding career – in a way that demonstrates the challenges, rewards and humor of everyday moments. In addition to one :60 and two :30 television commercials, Tina Fey will also appear in print advertising shot by photographer Annie Liebowitz.

“Our goal is to be a more inclusive and welcoming brand by building new products for different lifestyles and spending needs, backed by the service and quality that has made American Express so successful,” said Josh Silverman, president, Consumer Products & Services, American Express. “The average American uses their credit or debit card twice a day, and shops most within 20 minutes of their home,” added Silverman. “So we designed a card that doesn’t require you to change your daily ritual – but rewards you for where you already shop.”

Earn Rewards Quickly, Use Rewards Easily with the Amex EveryDay Credit Card:

Earn 2x Membership Rewards points at U.S. supermarkets, on up to $6,000 per year on purchases (then 1x); and 1x points on all other purchases.(3)
Use the Card to make 20 or more purchases in a billing period and earn 20% extra points on all those purchases less returns and credits. Terms and limitations apply.
A digital counter in the Amex Mobile app helps keep track of each qualifying purchase for the bonus, so Card Members always know when they’re close to earning 20% extra Membership Rewards points.
Redeem points for a variety of rewards, including using them towards recent charges with Use Points for Charges(4), redeeming for gift cards or merchandise, using them towards purchases at Amazon.com and Ticketmaster and booking travel at amextravel.com, or transferring them for miles in the frequent flyer programs of 17 different airlines.
About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, foursquare.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products and services: charge and credit cards, business credit cards, travel services, gift cards, prepaid cards, merchant services, business travel, and corporate card.

This Press Release is courtesy of www.americanexpress.com

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.3 billion in the fourth quarter of 2013, a $5.8 billion (16.9 percent) increase from the $34.4 billion in earnings that the industry reported a year earlier. This is the 17th time in the last 18 quarters — since the third quarter of 2009 — that earnings have registered a year-over-year increase. The improvement in earnings was mainly attributable to an $8.1 billion decline in loan-loss provisions. Lower income stemming from reduced mortgage activity and a drop in trading revenue contributed to a year-over-year decline in net operating revenue (the sum of net interest income and total noninterest income). More than half of the 6,812 insured institutions reporting (53 percent) had year-over-year growth in quarterly earnings. The proportion of banks that were unprofitable fell to 12.2 percent, from 15 percent in the fourth quarter of 2012.

“The trend of slow but steady improvement that has been underway in the banking industry since 2009 continued to gain ground,” said FDIC Chairman Martin J. Gruenberg. “Asset quality improved, loan balances were up, and there were fewer troubled institutions. However, challenges remain in the industry. Narrow margins, modest loan growth, and a decline in mortgage refinancing activity have made it difficult for banks to increase revenue and profitability. Nonetheless, these results show a continuation of the recovery in the banking industry.”

The average return on assets (ROA), a basic yardstick of profitability, rose to 1.10 percent in the fourth quarter from 0.96 percent a year ago. The average return on equity (ROE) increased from 8.53 percent to 9.87 percent.
Fourth quarter net operating revenue totaled $166.1 billion, a decline of $2.8 billion (1.7 percent) from a year earlier, as noninterest income fell by $4.2 billion (6.6 percent) and net interest income increased by $1.4 billion (1.3 percent). The average net interest margin — the difference between the average yield banks earn on loans and other investments and the average cost of funding those investments — was 3.28 percent, the highest average of any quarter in 2013, but down from 3.34 percent in the fourth quarter of 2012.

Total noninterest expenses were $5.8 billion (5.3 percent) lower than in the fourth quarter of 2012, as litigation expenses fell by $3.1 billion at one large institution. Banks set aside $7 billion in provisions for loan losses, a reduction of $8.1 billion (53.7 percent) compared to a year earlier. This is the 17th consecutive quarter that the industry has reported a year-over-year decline in quarterly loss provisions.

Asset quality indicators continued to improve as insured banks and thrifts charged off $11.7 billion in uncollectible loans during the quarter, down $6.8 billion (37 percent) from a year earlier. The amount of noncurrent loans and leases — those 90 days or more past due or in nonaccrual status — fell by $14 billion (6.3 percent) during the quarter. The percentage of loans and leases that were noncurrent declined to 2.62 percent, the lowest level since the 2.35 percent posted at the end of the third quarter of 2008.
Net income over the full year of 2013 totaled $154.7 billion, an increase of $13.6 billion (9.6 percent) compared to 2012. The average full-year ROA rose to 1.07 percent from 1.00 percent in 2012. More than half of all institutions (54.2 percent) reported higher net income in 2013, while only 7.8 percent were unprofitable. This is the lowest annual proportion of unprofitable institutions since 2005.

Financial results for the fourth quarter of 2013 and the full year are contained in the FDIC’s latest Quarterly Banking Profile, which was released today. Also among the findings:
Total loan balances increased. Loan balances increased by $90.9 billion (1.2 percent) in the three months ending December 31, as all major loan categories except one- to four-family residential real estate loans experienced growth during the quarter. Loans to commercial and industrial (C&I) borrowers increased by $27.3 billion (1.7 percent), loans secured by nonfarm nonresidential real estate properties rose by $17.1 billion (1.6 percent), and credit card balances posted a $14.3 billion (2.1 percent) increase. Home equity loan balances declined for a 19th consecutive quarter, falling by $6.9 billion (1.3 percent). Balances of other loans secured by one- to four-family residential real estate properties fell by $13 billion (0.7 percent), as the amount of mortgage loans sold during the quarter exceeded by $29 billion the amount of mortgage loans originated and intended for sale. For the 12 months through December 31, total loan and lease balances were up by $197.3 billion (2.6 percent).

Mortgage activity remained well below year-ago levels. One- to four-family residential real estate loans originated and intended for sale were $307.7 billion (62 percent) lower than in the fourth quarter of 2012, as rising interest rates in the first half of 2013 reduced the demand for mortgage refinancings. Noninterest income from the sale, securitization and servicing of mortgages was $2.8 billion (34 percent) lower than a year ago. Realized gains on available-for-sale securities also were lower than a year ago, as higher medium- and long-term interest rates reduced the market values of fixed-rate securities. Banks reported $506 million in pretax income from realized gains in the fourth quarter, a decline of $1 billion (66.6 percent) from a year ago.

The number of “problem banks” fell for the 11th consecutive quarter. The number of banks on the FDIC’s “Problem List” declined from 515 to 467 during the quarter. The number of “problem” banks is down by almost half from the recent high of 888 at the end of the first quarter of 2011. Two FDIC-insured institutions failed in the fourth quarter of 2013, down from eight in the fourth quarter of 2012. For all of 2013, there were 24 failures, compared to 51 in 2012.

The Deposit Insurance Fund (DIF) balance continued to increase. The unaudited DIF balance — the net worth of the fund — rose to $47.2 billion as of December 31 from $40.8 billion as of September 30. Assessment income and a reduction in estimated losses from failed institution assets were the primary contributors to growth in the fund balance. Estimated insured deposits increased 0.7 percent, and the DIF reserve ratio — the fund’s balance as a percentage of estimated insured deposits — rose to 0.79 percent as of December 31 from 0.68 percent as of September 30. A year ago, the DIF reserve ratio was 0.44 percent. By law, the DIF must achieve a minimum reserve ratio of 1.35 percent by 2020.

This Press Release is courtesy of www.fdic.gov

NEW YORK – A new Verizon report has found that too many businesses, following their annual assessment for meeting the Payment Card Industry Data Security Standard, fail to maintain ongoing compliance – putting the businesses at an increased risk for data breaches, and financial and reputational damages.

The “Verizon 2014 PCI Compliance Report” affirms that payment card transactions remain a prime target for attackers, and the rate at which data breaches are occurring appears to be increasing. It is estimated by The Nilson Report that global credit cards fraud exceeded $11 billion in 2012 alone.

According to the report, in most cases, payment card data breaches are not a failure of security technology or of compliance with the Payment Card Industry Data Security Standard, but rather a failure to implement appropriate compliance and security measures as intended.

“We continue to see many organizations viewing PCI compliance as a single annual event, unaware that compliance needs to have a 365 day-a-year focus,” stated Rodolphe Simonetti, managing director, PCI practice, Verizon Enterprise Solutions.

However, there is a bright spot in the report: Organizations’ initial compliance with the PCI standard has shown some improvement. In 2013, more than 82 percent of organizations were compliant with at least 80 percent of the PCI standard at the time of their annual baseline assessment, compared with just 32 percent in 2012.

There were also regional differences due to breach notification laws, varying legal requirements and levels of adoption. The Asia-Pacific region took the top spot (75 percent), followed by the U.S. with 56 percent and Europe with 31 percent in meeting at least 80 percent of the PCI requirements.

Areas where businesses struggle the most in achieving initial compliance include: security testing (23.8 percent); security monitoring and the ability to effectively detect and respond to data compromised (17 percent); and protecting stored sensitive data (55.6 percent).

“Anything less than 100 percent compliance is an issue for businesses today,” said Simonetti. “We have seen time and time again that noncompliance leaves an organization open to credit card theft, which can potentially cost hundreds of millions of dollars when you factor in all the damages, not to mention lost consumer trust and the impact on brand reputation. Organizations need to rethink how they factor in maintaining a PCI-compliant environment, whether it’s devoting more resources or working with a managed security services provider.”

Report Takes In-Depth Look at Each of 12 PCI Requirements
In addition the report examines in detail how well organizations comply with each of the 12 specific PCI requirements; provides recommendations that organizations can implement to help them earn and maintain compliance; and explains how noncompliance with each requirement can lead to a data breach.

Simonetti points out that “compliance activities should be planned; integrated with largest organizationalwide governance, security and compliance initiatives; and automated as much as possible to help ensure compliance is sustainable and cost effective.”

PCI Report Findings Based on Actual PCI Assessments
The report is based on findings from hundreds of PCI DSS assessments conducted by Verizon’s team of PCI Qualified Security Assessors, from 2011 through 2013. Like Verizon’s Data Breach Investigations Report (DBIR) series, the PCI Compliance Report is based on actual casework and is believed to be the only report of its kind in the industry. This report analyzes PCI Data Security assessment data, with a specific focus on the retail, financial services and hospitality industries across North America, Europe and the Asia-Pacific region.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America’s most reliable wireless network, with nearly 103 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries. A Dow 30 company with more than $120 billion in 2013 revenues, Verizon employs a diverse workforce of 176,800.

This Press Release is courtesy of www.verizon.com

MCLEAN, Va.- Capital One 360, the nation’s largest direct bank, is opening its first area Café at 799 Boylston Street in Boston’s Back Bay. Bostonians visiting the new Café can recharge their bank accounts, their devices and their lives by learning new ways to save time and money, and trying out financial and digital tools – all while enjoying free Wi-Fi and a hand-crafted espresso from Peet’s Coffee & Tea’s full line of beverages.

As an online bank, Capital One 360 lets people bank where and when they want – but also knows that making a face-to-face connection to its Customers and communities is important. The Café is a retail destination where Customers can experience the same banking services as the Capital One 360 online bank, along with Associates who are available to answer banking questions and demonstrate digital and financial tools, all while enjoying a hand-crafted latte. Boston will be the first U.S. city to have multiple Capital One 360 Cafés with additional locations scheduled for Downtown Crossing, Coolidge Corner and Harvard Square.

“Boston is a vibrant, digitally savvy city with residents who embrace innovation and ingenuity, and the city is an ideal place for us to expand and build upon the success of our 360 Cafés,” said Jim Kelly, Head of Direct Banking, Capital One. “Our Cafés provide a great environment for us to interact with the local community and our Customers. From fostering conversations about saving, to introducing new financial tools, our Cafés give us an opportunity to make personal connections, and showcase our passion for helping people save time and money.”

Peet’s Coffee & Tea hand-crafted coffee and tea beverages

Capital One 360 Cafés have been serving Peet’s espresso and drip coffee for more than a decade, since the first Café opened in New York City in 2001. In the new Boston 360 Cafés, Peet’s will be the exclusive beverage and food service provider, with trained baristas on staff to serve its full line of premium hand-crafted coffee, espresso and tea beverages. Peet’s also will offer bagged coffee, tea and other merchandise. Since Peet’s opened its first store in Berkeley, Calif. in 1966, the company has been dedicated to crafting the highest quality, hand-roasted coffee using the world’s best beans and maintaining a strict standard of freshness.

“Our expanded relationship with Capital One 360 further highlights our strong commitment to bring Peet’s premium, quality coffee to more neighborhoods across the U.S., beginning this year with Capital One 360 Cafés in Boston,” said David Burwick, President and CEO of Peet’s Coffee & Tea. “With a dedication to fresh, premium coffee and hand-crafted beverages, we’re taking it to the next level together with Capital One 360, creating Cafés in Boston with a more unique, personal experience that Customers will appreciate.”

Of note, as part of the Boston roll-out, Capital One Customers will receive a 50 percent discount on their hand-crafted Peet’s beverage purchases when they use a Capital One credit or debit card.

From cups of coffee to giving back

In addition to serving 360 Customers, the Back Bay Café will be a community hub for bringing people together for events focused on digital tools, trends and innovations, as well as education and face-to-face conversations. Similar to other 360 Cafés, it will offer free meeting space for non-profit groups.

In the New England region, Capital One has partnered with Junior Achievement to teach local students about money management. In addition to Junior Achievement, Capital One works with BUILD, whose mission is to use entrepreneurship to motivate low-income students. Before doors to the Back Bay Café even opened, Associates have dedicated their time to working with these two organizations. Already, Associates have painted and installed new technology at BUILD, while also working with students on ways to grow their businesses using digital tools and technology.

This Press Release is courtesy of www.capitalone.com

Bonn,- DHL, the world’s leading logistics provider, along with IMG Fashion, announced today the launch of a new program, DHL Exported, to support the fashion industry worldwide. This unprecedented program was launched to help designers who are already established in their local market and are gaining momentum internationally, to further their global footprint via the world’s most powerful fashion week platforms. Designers from around the world will submit an application package and select a foreign event of their choice: Mercedes-Benz Fashion Week in New York, London Fashion Week, Milan Fashion Week or Mercedes-Benz Fashion Week Tokyo. A committee of regional experts in each of these markets will review applicants and decide which designer demonstrates the most promise to benefit from debuting their collections at the event.

DHL will sponsor a chosen designer for two consecutive seasons at each of the four Fashion Weeks. Designers will receive a guaranteed spot on the schedule along with a funded and produced runway show. DHL will also underwrite all logistic costs of producing the collection (i.e. international shipping and exporting of hard goods) as well as exporting the collection to New York, London, Milan or Tokyo for the designers’ runway debut.
IMG Fashion will open up the application process from February 17th through April 2nd at www.DHLExported.com. Finalists will be chosen in April for committee review and winners will be announced at exclusive press events in New York, London, Milan and Tokyo in May.

“DHL Exported will assist in breaking down international barriers for fashion’s brightest talent. DHL’s unsurpassed commitment to supporting the needs of fashion professionals will foster the designers’ brands in new markets by enabling them to debut their collection on the runway in either New York, London, Milan or Tokyo”, said Arjan Sissing, Senior Vice President Corporate Brand Marketing, Deutsche Post DHL.

“DHL has been a longtime partner of fashion weeks worldwide and has continuously supported the advancement of the fashion industry,” says Jarrad Clark, VP and Global Creative Director, IMG Fashion Events and Properties. “DHL Exported stands out from other programs as it aims to help designers who are already locally notable but need that extra boost to further reach their international goals. While there are many successful programs to help emerging talent or designers succeed within one specific country, this program is truly designed with the global mindset that brands today need to adopt in order to grow their brand into international successes.

After the four winners have been announced in late May, DHL will support the designers’ journey from the outset of transporting fabrics and supplies for the collection to shipping the completed collection to the runway. To extend the reach and further support each designer, DHL and IMG Fashion are also creating an online portal that allows the designers to sell and ship their fashions around the world.

Application, program details, and nominating committee details are available at DHLExported.com. DHL Exported is supported by IMG Fashion, the British Fashion Council, Camera Nazionale Della Moda, and Japan Fashion Week.
During each Fashion Week, on-site stands will further promote the designer and allow attendees to browse through the designs and place orders. In addition, DHL and IMG Fashion will host leadership discussion panels at each Fashion Week about latest topics relating to the growth and development of fashion globally, including the influence of e-commerce. These discussions will feature industry experts, designers, buyers and journalists.

This Press Release is courtesy of www.mbfashionweek.com

NEW YORK – Millions of Americans lack even the most basic life insurance to protect their families. In fact, 41 percent of American adults have no life insurance whatsoever, and 50 percent of American households report they do not have enough life insurance. Many believe that life insurance is too difficult to obtain and too expensive – consumers estimate life insurance to cost three times as much as it actually does. To help bridge this gap, MetLife, America’s largest life insurer, has created a new product, MetLife‘s Simplified Issue Term Life insurance, which is easy to qualify for, easy to obtain, and easy to afford, enabling more consumers to become insured.

“No matter who you are, you should have access to simple and affordable insurance products” said Manish Bhatt, senior vice president, MetLife. “Getting started with life insurance is the hardest part for many consumers in the U.S. middle market — comprised of those making $100,000 or less per year – and we’re finding that smaller face value policies that are easy to qualify for and obtain, like our Simplified Issue Term product offers, can provide enough coverage to take care of some basic needs for survivors and provide needed protection to many families.”

Simplified Issue Term is term life insurance, made available to anyone from age 18 to 70, and can be purchased over the telephone with same-day approval. The product is offered in face amounts from $10,000 to $100,000. No medical exam is necessary; applicants just answer a few simple health questions, yet it is affordable coverage: for example, a $50,000 face value policy for a female aged 43 costs just $30.00 per month. Even better for those concerned about maintaining their life insurance, Simplified Issue Term is what is known as “term to 90” insurance: it automatically renews each year, up to age 90, and it renews without additional underwriting as long as premiums are paid. Premiums increase in five-year increments, based on the insured’s age, and annual premiums stay the same for the five-year period.

This Press Release is courtesy of www.metlife.com

HOUSTON– American International Group, Inc. (NYSE:AIG) today announced the launch of AG Asset ProtectorSM, a suite of riders for a life product that provides financial security to customers. AG Asset Protector consists of two innovative riders that allow policy holders to access their death benefit while they are still living: the Accelerated Access SolutionSM in the event of a chronic illness, and the Lifestyle Income SolutionSM that offers customers more financial control during uncertain economic times and affordable protection against outliving retirement income.

“AIG is transforming the way people think about life insurance,” said James A. Mallon, President, Life Insurance, AIG Global Consumer Insurance. “Think of our new AG Asset Protector as ‘life insurance you don’t have to die to use.’ This innovative protection solution complements our diverse portfolio of offerings, and makes it possible for consumers to use life insurance benefits while they are still living to meet life’s challenges.”

AG Asset Protector is AIG’s latest product in the company’s string of initiatives to better understand the changing landscape of retirement and mindset of retirees. A major component of this work includes AIG’s Retirement Reset Study, an in-depth survey of Americans ages 55 and older conducted in 2012. The study found that the rising costs of health care and inflation are among the top concerns of Americans on the brink of retirement, and also reported that 80% of respondents have subsequently taken a more cautious approach to their financial situation and investing.

The features and benefits offered by AG Asset Protector provide protection against the excessive costs of dealing with chronic illnesses and conditions as well as the fear of outliving retirement income, giving policy holders the option to receive living benefits from their life insurance policy.

“AG Asset Protector offers unmatched solutions for retirees, and builds on AIG’s reputation for providing customers with unparalleled financial security,” said John Deremo, Executive Vice President and Chief Distribution Officer, Life Insurance, AIG Financial Distributors. “Americans are living longer, but with increased longevity also comes concern about financial distress due to illness or a shortfall in retirement income. AG Asset Protector gives clients peace of mind and helps protect their dreams so they can focus on their goals to live longer and retire stronger.”

This Press Release is courtesy of www.aig.com

Today, the Justice Department announced the results of its ongoing efforts to combat fraudulent tax-return preparers and promoters of tax-fraud schemes. Taxpayers filed an estimated 142 million individual income tax returns for the 2011 tax year, with nearly 70 million taxpayers using a paid return preparer according to the Internal Revenue Service (IRS) Compliance Data Warehouse, Individual Returns Transaction File and Return Preparers and Providers Database, Tax Year 2011, filed through March 2013. The return filing deadline for the 2013 tax year is just over two months away on April 15, 2014. The department’s Tax Division has an active program to stop fraudulent return preparers and promoters from violating federal tax laws, particularly where their fraudulent activity can harm individual customers or drain the U.S. Treasury. In the last year, the division has obtained permanent injunctions against more than 60 preparers and promoters doing business all over the United States.

“During the time when honest taxpayers are preparing their returns, the Tax Division will work tirelessly to challenge those who would abuse the tax laws and take advantage of their customers,” said Assistant Attorney General Kathryn Keneally for the Tax Division. “The division’s attorneys and staff, along with our colleagues in the Internal Revenue Service, are working hard to shut down these abusive schemes and scams and punish the perpetrators where appropriate.”

The division’s enforcement efforts have been directed against against both large-scale return preparation franchises and smaller, independent return preparers and promoters. For example, in 2013 the Tax Division concluded civil actions resulting in permanent injunctions against ITS Financial LLC, the parent company of the Instant Tax Service franchise located in Dayton, Ohio, and against Instant Tax franchises in Las Vegas, Kansas City , Kan., Los Angeles and Indianapolis. Instant Tax Service claimed to be the fourth-largest tax-preparation firm in the nation. In entering the permanent injunction in November 2013 that ordered ITS Financial LLC to cease operating, the court found the “defendants’ harm to the public is extensive and egregious, indeed appalling…especially so given the nature of Instant Tax Service’s core customer – the working poor – who are particularly vulnerable to [the] defendants’ fraudulent practices.” The injunction also barred Fesum Ogbazion, the sole owner and CEO of ITS Financial, from operating or being involved with any business relating to tax-return preparation.

Similarly, in September 2013, the division obtained injunctions that permanently barred the owners, Markey Granberry and Derrick Robinson, as well as Eumora Reese, a former manager of Mo’ Money Taxes, the Memphis, Tenn., based tax-preparation chain that at one time operated as many as 300 offices in 18 states, from preparing tax returns for others and owning or operating a tax return preparation business. Earlier, in March 2013, a federal district court in Tennessee permanently shut down a Nashville, Tenn., licensee of Mo’ Money Taxes LLC and MoneyCo USA LLC.

Numerous smaller tax return preparation businesses and individual preparers around the country were also subjects of injunctions shutting down their business, including tax return preparers in Indiana, Maryland, Missouri, Texas, Georgia, South Carolina, Florida and California who were engaging in fraudulent practices.

The division also obtained injunctions against a number of fraudulent tax-scheme promoters. For example, in October 2013, a federal court permanently barred Tobias Elsass and his companies from preparing federal tax returns, promoting the availability of theft loss deductions or engaging in any other tax-related business. The court found that Elsass and Fraud Recovery Group promoted a nationwide scheme that falsely informed customers that they were entitled to claim large theft loss tax deductions, and then prepared the tax returns that improperly claimed such deductions. The court stated “there can be no doubt that the collective transgressions represent concerted and conscious attempts to game the nation’s income tax system not necessarily for the benefit of FRG’s customers, but for the profit of Elsass himself.” At the division’s urging, federal courts also enjoined a real estate appraiser who allegedly inflated easement values on historic properties to help customers claim millions in improper deductions, and a Chicago lawyer , who the complaint alleges had lawyers, entrepreneurs and professional football players among his customers, from promoting tax fraud schemes and from preparing various types of tax returns (IRS Forms 1040, 1041, 1065 and 1120) for individuals, estates and trusts, partnerships or corporations, to help facilitate the schemes.

As set forth in the civil injunction complaints filed by the United States, fraudulent return preparers commonly falsify return information to take advantage of refundable credits available under the tax code, often manipulating a taxpayer’s income, expenses and dependents to maximize the amount of the refundable credit claimed. Some return preparers also take advantage of their customers by selling deceptive loan products with exhorbitant fees. As identified in the complaints, some of the fraudulent schemes and practices that have been stopped through injunction orders entered include:

· Preparing phony tax-return forms with fabricated businesses and income;
· Claiming false education and homebuyer credits;
· Claiming false and inflated deductions;
· Claiming false filing status;
· Claiming false dependents;
· Selling deceptive loan products and defrauding customers, who were largely low-income earners, by marketing false and fraudulent loan products to lure them into the tax-preparation offices;
· Filing tax returns without customer consent or authorization;
· Preparing bogus W-2 Forms, based on information from employee paystubs;
· Falsifying return information to claim inflated Earned Income Tax Credits;
· Preparing tax returns for cash payments, but not signing the tax returns; and
· Defrauding customers by requiring franchisees to charge phony and exorbitant fees.

In addition to the civil enforcement through injunctions that stop their illegal actions, many return preparers also face prosecution. Examples of those investigations can be found for fiscal years 2013 and 2014 .

In the past decade, the Tax Division has obtained injunctions against hundreds of tax-return preparers and tax-fraud promoters. Information about these cases is available on the department website . Return preparer fraud is one of the IRS’s “Dirty Dozen Tax Scams.”

The IRS advises taxpayers who may select a tax professional to prepare their return to be careful in selecting a tax professional to prepare a return. The IRS offers some basic tips and guidelines to assist taxpayers in choosing a reputable tax professional and is also offering taxpayers a number of instructional YouTube videos to help them prepare their own taxes for the upcoming filing season. Several options, including free assistance with preparation and electronic filing for the elderly and individuals making $50,000 or less, are available to help taxpayers prepare for the 2014 tax season and receive their refunds as easily as possible.

This Press Release is courtesy of www.justice.gov

New York, — New York Life Investments announced today that it has completed its acquisition of Dexia Asset Management, a leading international asset manager, with management centers in Brussels, Paris, Luxembourg and its investment boutique, Ausbil, based in Sydney, for EUR 380 million.

Dexia Asset Management joins New York Life Investments’ diversified family of investment boutiques, complementing its current capabilities in fixed income, equities and alternative investments and adds $100 billion in assets under management, bringing New York Life Investments’ total assets under management to $511 billion.

Naïm Abou-Jaoudé will continue in his role as chief executive officer and chairman of the Executive Committee of Dexia Asset Management and Paul Xiradis will remain chief executive officer of Ausbil. Yie-Hsin Hung, in addition to her current role as co-president of New York Life Investment Management and chairman of New York Life Investment Management International, becomes chairman of the Board of Directors of Dexia Asset Management. Naïm Abou-Jaoudé joins the Executive Committee of New York Life Investment Management International as vice chairman.

“Expanding our asset management business in Europe and Australia represents a significant growth opportunity for New York Life to become a key player in the global asset management arena, adding important scale and geographical diversity to our business,” said John Kim, vice chairman, New York Life. “As with our other boutiques, Dexia Asset Management will preserve the integrity of its investment processes, portfolio management teams and distinct culture, while at the same time benefit from the strength, resources and capital of New York Life.”

“The acquisition of Dexia Asset Management, a robust organization with a diverse array of products and broad distribution adds quality investment solutions for our clients on a global basis, and represents a milestone in the growth of New York Life Investments. We warmly welcome Naïm Abou-Jaoudé and his entire team to the New York Life family and look forward to fully supporting the firm’s future endeavors,” he added.

“I am delighted to take on the role of chairman of the Board, working with Naïm Abou-Jaoudé to bring New York Life’s significant resources to Dexia Asset Management,” said Yie-Hsin Hung, co-president of New York Life Investment Management and chairman of New York Life Investment Management International. “With the backing of New York Life, Dexia Asset Management has the opportunity to even better meet the needs of its clients with innovative products, strong performance, meticulous risk management and substantial resources, and do what it does best — being an excellent investment partner to its clients.”

“With our expanded business, our clients now have access to the breadth and depth of European and Australian markets through best-in-class products, global capabilities and tremendous talent and insight on the ground,” Yie-Hsin Hung added.

Naïm Abou-Jaoudé, chief executive officer and chairman of the Executive Committee, Dexia Asset Management, said: “New York Life has the highest possible financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies. With this Fortune 100 institution underpinning our business, we are now better positioned than ever to provide continuity and stability to our clients and staff. We are also pleased to confirm our commitment to maintaining our local presence, platforms, teams and investment processes. We look forward to moving ahead with New York Life’s confidence and backing, to continue adding value for our clients in the years to come.”

New York Life Investments has been growing rapidly, more than doubling assets under management to $400 billion in the five years since the financial crisis by employing a successful multi-boutique approach. Third party assets have risen to $189 billion as of December 31st, 2013, from $68 billion at year end 2008. The investments business has become a vital part of New York Life, significantly expanding the company’s profile and its profitability and contributing to its financial strength. The Dexia Asset Management acquisition continues the strong growth of New York Life Investments.

Yie-Hsin Hung, Co-President, New York Life Investment Management; Chairman, New York Life Investment Management International; Chairman of the Board of Directors, Dexia Asset Management

Yie-Hsin Hung is the co-president at New York Life Investment Management. In this capacity, she is responsible for a number of the equity, fixed income, and alternatives focused investment boutiques. Ms. Hung is also the chairman of New York Life Investment Management International responsible for the firm’s investment management institutional activities and presence outside the U.S. She is also chairman of the Board of Directors of Dexia Asset Management. She joined New York Life in 2010 with more than 25 years of industry experience, having most recently served as senior advisor at Bridgewater Associates and managing director and global head of Strategic Acquisitions and Alliances at Morgan Stanley Investment Management. At Morgan Stanley, she also served as chief administrative officer, head of the firm’s Private Equity and Absolute Return businesses, and had responsibility for the business development effort of the Alternative Investments group. Prior to that, Ms. Hung was a managing director in Morgan Stanley’s Investment Banking division for a number of years, with a primary focus on real estate. Ms. Hung received a BS in Mechanical Engineering from Northwestern University and her MBA from Harvard Business School.

Naïm Abou-Jaoudé, Chief Executive Officer and Chairman of the Executive Committee, Dexia Asset Management; Vice Chairman, New York Life Investment Management International

Naïm Abou-Jaoudé is the chief executive officer and chairman of the Executive Committee, Dexia Asset Management since 2007 and the vice chairman of New York Life Investment Management International. Within this role he relies on a broad experience acquired in the financial sector, and more particularly 25-years’ experience in the asset management industry. Until end 2006, he was a member of Dexia Asset Management’s Executive Committee, in charge of Alternative Management and Structured Products. He joined Dexia Asset Management in 1996. Previously, he was a member of the Management Board, responsible for the Investment Management and Derivatives department at UBS Asset Management France and Alfi Gestion (companies respectively acquired by Dexia). He started his career as one of the partners at Transoptions Finance (subsidiary of Crédit Agricole-Indosuez). Naïm Abou-Jaoudé is member of the board of several asset management industry bodies and is a graduate of the Institute of Political Studies in Paris (IEP-Sciences Po). He holds a Masters’ degree in Economics and Finance (Université Paris II).

Paul Xiradis, Chief Executive Officer, Deputy Chairman and Founding Head of Equities, Ausbil

Paul Xiradis is the chief executive officer, deputy chairman and founding head of Equities at Ausbil Dexia Limited (“Ausbil”). He co-founded Ausbil in 1997 and has over 30 years experience in investment management across all investment disciplines. His formative investment years were spent in Westpac’s Investment Management Division where his responsibilities included the management of both superannuation and non-superannuation retail investment trusts. He progressed to become senior portfolio manager for Delfin and investment manager for the Mercantile & General Reinsurance Group in Australia in 1989. Mr. Xiradis joined Legal and General Asset Management in 1994, rising to become director of Australian Equities, where he continued his sound track record in equity management. In late 1995 BZW Investment Management approached him to accept an equity management position as Associate Director-Equities, a position he held until 1997.

This Press Release is courtesy of www.newyorklife.com

Bank of America Merrill Lynch, a global leader in payments, last week hosted a series of informational webcasts on key considerations for corporates as they enter the last stages of SEPA implementation. These webcasts are the latest in a series of initiatives – including client-facing sessions, forums and workshops – that the firm has generated over the past 18 months to help clients prepare for the SEPA deadline.

Led by Jennifer Boussuge, head of Global Transaction Services, EMEA, with commentary from regional head of Payments and Receivables, Ad van der Poel, the webcasts highlighted the fact that preparations and interpretations differ across today’s SEPA-zone, and that depending on a counterparty’s readiness, corporates could face a wide range of experiences.

Van der Poel noted that despite the recent spike in migration rates, adoption continues to be a challenge. “The European Commission’s recent announcement (extending the deadline by six months) has not changed the urgency with which we are treating SEPA conversion,” he said. “Our message to clients is to maintain focus and be fully compliant by the original end date so that from 1 February, direct debit and ACH payments can be made as SEPA transactions as opposed to legacy domestic ones.”

“The advantage for SEPA-ready companies is that they are already reaping the benefits of value-added migration services, such as our IBAN enrichment offering,” he continued. “But for others who were concerned about meeting the February deadline, there is now a transition window that can be utilised.”

For those companies who still have concerns, van der Poel noted that as well as technology and file formats, it is important to consider internal and external business partners such as customers, payroll vendors, human resources and employees’ banks. He also stressed the need for a contingency plan should companies be unable to make payments to vendors and employees or collect money.

“Thinking beyond the SEPA migration date and its challenges, there are broad efficiencies to be gained from the regulation’s adoption,” added Jennifer Boussuge. “SEPA should be viewed not as a hindrance, but rather as a catalyst for visibility and control. For example, SEPA adoption provides an opportunity for automation, rationalisation and centralisation, which can then help with efficiency gains in all areas of business.”

Boussuge asked the audience to imagine:

Reusing the same standards and data elements in the invoice and in the purchase order – which will lead to enormous efficiencies in a corporate’s value chain.
Creating an innovation such as a new mobile payment method where the underlying payment instrument covers the entire eurozone – meaning that the reach of an innovation is immediately expanded from one to 33* countries.
“While it’s challenging to predict what will influence your business a decade from now, through your actions today, you can shape and build the foundations for innovations in the years to come,” Boussuge concluded. “There is light at the end of the tunnel and numerous benefits to consider once the scheme is in full force.”

This Press Release is courtesy of www.bankofamerica.com