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"BERLIN - Millions of German bank cards have been affected by a "millennium bug"-like problem because they contain software that can't process the number 2010, industry groups said Tuesday. The DSGV group, which represents public-sector banks, said some 20 million debit cards issued by those banks were affected, along with around 3.5 million credit cards - nearly half of the total number of cards issued by those banks. The group said cash machines were adjusted hours after the problem emerged to ensure that customers could withdraw money, but there may still be problems using some debit-card terminals. Those should be fixed by Monday, it said. Problems remain with credit cards and customers should use debit cards instead for now, added the group. The BVR group of cooperative banks said about 4 million debit cards issued by its members - about 15 percent of the total - also were afflicted by the faulty software, although there were no problems withdrawing cash. Its credit cards were unaffected. Another 2.5 million cards issued by German private banks were affected. The problem stemmed from a chip on the cards which, due to a programming fault, wouldn't correctly process the number 2010. Computer experts widely believed that hardware and software systems would fail as the clocks rolled over to the year 2000. The problem, they said, would be caused when computers and other devices, which used only two digits to represent the year, mistook the year 2000 for the year 1900. In the end, however, the so-called "millennium bug" caused few problems."

"*To announce tenure limit of bank MDs, minimum disclosure requirements soon To strengthen credit control and forestall the recurrence of non-performing loans in banks, the Central Bank of Nigeria (CBN) has said that very soon those without the national identity card may not be able to access bank loans. It added that in a few weeks time it will release a new minimum disclosure requirement for banks and tenure limit for managing directors and chief executive officers. Sanusi Lamido Sanusi, CBN governor made the declaration at the launch and public forum of CRC Credit Bureau Limited. Experts have hailed the move, saying it has always been easy for people to forge any other identity card, noting that it will be difficult to forge the national identity card. Sanusi said "the CBN will liaison with the National Identity Management Commission (NIMC) with a view to enhancing the National Identity Card project", and that "whenever the National Identity scheme takes off we will ensure that no new credit is extended to anybody unless the person has a national identity card". Sanusi at the forum warned existing managing directors of banks to start thinking of an exit and succession plan before the imposition of the tenure limit. "

"Russia diversifies into Canadian dollars By Peter Garnham Published: January 20 2010 16:46 | Last updated: January 20 2010 16:46 Russia's central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves. Analysts said the move could be a sign of increased diversification of emerging market central bank assets away from the dollar and into investments denominated in other commodity-linked currencies, such as the Australian dollar. Adam Cole at RBC Capital Markets said if taken in isolation, Russia's announcement that it was buying Canadian dollars was not significant, but if it was part of a broader trend, then it was an important step. "If it is a barometer for the activity of other central banks, then its is structurally positive for the currencies of countries like Canada and Australia that have a commodity bias in their economies," he said. Although not officially confirmed, traders said that other emerging market central banks, including some in Asia which hold large foreign exchange reserves, have also been active in the foreign exchange market in recent weeks buying both Canadian dollars and Australian dollars. Alexei Ulyukayev, first deputy chairman of Russia's central bank, said that it would invest in Canadian dollar-denominated deposits and bonds. "The Canadian financial market is not very deep, so we can invest in deposits in significant volumes, while the bond market is limited," he said. Although the central bank did not specify how much of its reserves it was allocating to assets denominated in the Canadian dollar, analysts estimated that the central bank could put up to $9bn, or 2 per cent, of its foreign exchange reserves into the currency."

"IT MIGHT sound like a contradiction in terms, but for the first time one of the main Irish consumer banks is moving to cashless banking in all its branches. National Irish Bank has written to thousands of its customers this month informing them of a "new style of banking" in which branches will not handle over-the-counter cash transactions. The letter says branches will no longer handle cash withdrawals and lodgements, night safe lodgements and foreign currency cash. Branches will continue to lodge cheques, drafts and postal orders and issue drafts. Customers are advised to obtain cash from "ATMs nationwide" or to seek "cash-back" on their debit cards. A spokesman confirmed that cashless banking was being introduced across the entire NIB branch network over the next 18 months, and had already been introduced successfully in a number of branches. He said the feedback from customers was positive with few complaints. "These branches provide better security for staff and allow us to spend more time, in a better setting, with our customers . . . Customers like them, as our staff have more time to discuss customers' overall needs.""

"Palestinian President Mahmoud Abbas has proposed that the Obama administration negotiate the final borders of a Palestinian state with Israel, a Palestinian official said Wednesday, as a U.S. envoy headed to the region for another attempt to restart Mideast peace talks. Such a proxy arrangement could provide a way around the current deadlock over reviving Israeli-Palestinian talks, which broke off more than a year ago. Abbas says he won't return to the table without a complete Israeli settlement freeze, something Israeli Prime Minister Benjamin Netanyahu has refused to do. As an alternative, U.S. officials could replace Palestinian negotiators in border talks with Israel, said an Abbas aide, who spoke on condition of anonymity because he was not authorized to discuss the content of internal meetings. The U.S. negotiators would be given clear parameters, the aide said. Advertisement The state would have to be established in the territories Israel captured in the 1967 Mideast War - the West Bank, Gaza and east Jerusalem - but the Palestinians would agree to swap up to 3 percent of the territory to accommodate some Israeli settlements, the aide said. Abbas made the proposal in recent meetings with Egyptian officials who passed the idea along to Washington, the aide said. It was not clear how the Americans reacted. Officials at the U.S. Consulate in Jerusalem, which serves the West Bank, had no comment. Abbas has said much ground has been covered in his talks with Netanyahu's predecessor, Ehud Olmert, and that the time has come for decisions. In those talks, Abbas offered a swap of up to 1.9 percent of West Bank land for Israeli territory, while Olmert proposed 6.5 percent. Alternately, Abbas could resume negotiations with Netanyahu, provided the Israeli leader agrees to a six-month settlement freeze in the West Bank and east Jerusalem. Netanyahu would not have to announce the freeze, the aide said, presumably to avoid a rebellion in his hardline coalition. The

Federal regulators seized Charter Bank in New Mexico this week as its capitalization fell below requirements, making it the latest of scores of banks to have failed in the economic crisis. However, the Albuquerque Journal reports that Charter faced a very low default rate on residential loans and no commercial failures, either - until the Office of Thrift Supervision, its regulator, demanded that Charter increase its declared risk fivefold (hat tip HA reader Super5): Federal authorities on Friday closed Charter Bank, a closely held, family-run financial institution known for its financing of low-income housing in New Mexico and for the philanthropy of its owners. … Last fall, Office of Thrift Supervision examiners, responding to the national collapse of real estate development, ordered Charter to increase its allowance for loan losses from $10.8 million to $55.4 million, even though Charter had no delinquent commercial construction loans and only [0].34 percent of the loans in its commercial real estate portfolio were behind on their payments. That order reduced the level of capital Charter had on its books. Last Wednesday, OTS ordered Charter to find new capital as a buffer against insolvency or face closure. Charter had hoped to find a buyer, but none appeared. The owners' stake in the company was wiped out by the forced closure. How involved were they in low-income lending? The head of New Mexico's MFA makes it clear: Charter became a major real estate lender and was especially active in underwriting and servicing mortgages for low-income housing. It worked closely with the Mortgage Finance Authority, which was established by the State Legislature to help finance low-income housing construction. According to MFA executive director Jay Czar, Charter services about 95 percent of the mortgages issued through the agency. "They are just class bankers," Czar said. "These are guys who quite frankly really look out for the s

"Three steps to take to protect your account data from getting into the wrong hands Whether by choice or necessity, American consumers are increasingly relying on debit rather than credit cards. Debit card spending has risen steadily, growing from 47.7 percent of purchases made with plastic in 2003 to 58.9 percent in 2008 and it is expected to surpass 67 percent by 2013, according to the Nilson Report, a newsletter that tracks the consumer payment industry. When you use a debit card, the money is immediately taken from your checking account. While using debit guarantees that you pay as you go, these cards have downsides, including a growing appeal to thieves. "As economic conditions have worsened, there's been a noticeable increase in all types of card fraud," says Avivah Litan, an analyst specializing in fraud detection and prevention at Gartner Research in Stamford, Conn. "But ATM and debit-card fraud is the top area of concern we're hearing about from banks all over the world." More from ConsumerReports.org: * Pros and Cons of Debit Cards * Credit Card Perks * Post-Recession Investing Unlike credit-card thieves, who usually charge merchandise and then resell it to come up with money, people who create counterfeit ATM or debit cards by stealing your PIN and other account data can simply pull cold cash from your bank account. Using a technique known as skimming, they set up equipment that captures magnetic stripe and keypad information when you input your PIN at ATM machines, gas pumps, restaurants, or retailers. Here's how you can protect yourself: Don't Type in Your Pin at the Pump Be especially vigilant at gas stations, Litan says. "Gas pumps are notorious for skimming because they're produced by only a couple of different manufacturers, and if someone gets the key to one from a disgruntled employee, they can insert a skimming device inside the pump where it can't be seen," she says. She recommends using a credit card rather than a debit card whe

"BEIJING: The smart card system has been introduced in a Chinese city for the first time on Monday. The event coincided with a court verdict meting out the first-ever conviction in the country for theft and misuse of personal information. Wuxi, one of the most modern small cities of China, has unveiled the first batch of smart cards that contain barcodes containing crucial information about card holders . The smart cards, which are being rolled out for the first time in China, will enable their users to perform a wide range of tasks. The barcodes on the cards contain finger prints and personal information like date of birth, blood group, social security number and bank card numbers. It will carry the name and photograph of the card holder. The local administration of Wuxi is making arrangements for the use of smart cards in bank ATMs, buildings equipped with electronic guard system and even for allowing parents to pick up their children from high-guarded kindergarten schools. It will later add more information to the smart cards and widen the scope of its use. In another development, a court in China's Guangzhou city sentenced a man to one and a half year in prison for violating the security of personal information that include unlisted phone number and call histories of important people. Prosecutors told the court that Lin Guiyu bought personal information of senior officials and used it to swindle several people. He used the information to impersonate as the vice mayor of Zhuhai in Guangdong province while asking for money in return for official favors. Lin led a gang that committed five such crimes and cheated people of $121,554 after impersonating different officials including the Communist Party secretaries of Foshan and En'ping , official sources said. "

http://TrendsResearch.com Gerald Celente talks with Russia Today on Obama's bank tax.

"A nuclear Iran would set off an unprecedented arms race in the Middle East, Deputy Foreign Minister Daniel Ayalon warned Wednesday. "A nuclear Iran would destroy the world order," Ayalon told a gathering in Jerusalem. "We would see a nuclear arms race which we have never seen before." Advertisement He urged the international community to form a "united front" against Iranian nuclear aspirations. Iran was an especially dangerous state to possess an atom bomb because of its "radical, fundamentalist" regime, its "extremist policy" and its support of Islamic militant factions, he charged. Tehran was "banking on driving a wedge between the different members of the security council and the international community. "Suffice to say that I take the American president and secretary of state at their word and they are right to say and to state that all options are on the table," Ayalon warned, alluding to the possibility of a military strike on Iranian nuclear facilities in case international sanctions failed. Speculation has been rife as to whether Israel is planning such a military strike and whether it would carry out such a plan even without US support. Israeli officials have repeatedly warned that they prefer tough international sanctions, but have equally often threatened that it would not rule out military action. "

"(1/4/10) FORT LAUDERDALE, FL - A new state law attempting to meet the requirements of the Federal Real ID Act instituted by Congress in 2005, now requires Floridians either getting a new license or renewing an expiring license to provide additional documentation to prove their identity before their new license can be issued. Even if a person uses the on-line renewal system or does so by mail, every renewing driver will have to bring at least four items to a local DHSMV/Driver's License office, proving their identity, address and Social Security Number. The DHSMV has set up a convenient website to help customers gather the necessary documents by creating a personalized list of items to bring with them to a driver's license office. Effective January 1, 2010, drivers are required to provide one of the following to establish their identity: a certified, state-issued birth certificate, a valid passport, a counselor report of birth abroad, a certificate of naturalization, or a certificate of citizenship. Expired or expiring driver's licenses/ID cards will not be accepted to prove one's identity. To prove their Social Security Number, they must provide one of the following items: a Social Security Card, a W-2 Form from their employer, a recent pay check, or a Form 1099. Additionally, drivers will have to show two documents to establish their home address, including (but not limited to): a recent mortgage bill or statement, a Florida voter registration card, Florida vehicle registration, a utility hook-up bill no more than 60 days old, a W-2 or 1099 form, recent bank statements,or even a current homeowner's insurance statement or bill. For those minors or dependents who do not have any of these items in their own name, a parent or guardian residing at the same address must accompany the driver and provide proof of their residence. For homeless persons, a letter from a homeless shelter or half-way house is only one of the documents allowed. Mail received from s

"Palestinian President Mahmoud Abbas declared on Thursday that Palestinians would not accept any alternative to Jerusalem as the capital of a future state, despite other proposals. Abbas told Russian television that Jerusalem should not be divided and that there should be free passage for people of various faiths. The Palestinian leader added it must be made clear what belongs to the Palestinians and what belongs to Israel. A Advertisement bbas said that he could only recognize Israel as a Jewish state in the framework of a conclusive peace agreement that leads to the establishment of a Palestinian state. Abbas also said that he could not agree to resume the stalled peace negotiations with Israel as long as construction in West Bank settlements and East Jerusalem continue. The peace process would collapse after the first meeting of such negotiations, said Abbas. "If Israel says in the meeting that it will not accept the 1967 borders and that it is not prepared to discuss Jerusalem and the refugee situation, what is there to talk about?" Abbas said in the interview. "If I enter negotiations with them and the building in East Jerusalem continues, Israel will be saying that Jerusalem is theirs. So why would I agree to negotiate while building in East Jerusalem continues?" "

"Republicans scoff at the "Jobs for Main Street Act" title that House Democrats put on their $174 billion package last month. They refer to it as "son of the stimulus," the $787 billion economic recovery plan of nearly a year ago that they say was ineffective at producing jobs. In its last vote of 2009, the House narrowly passed the bill, 217-212, without a single Republican supporter. Democrats tick off the job prospects from the House bill's $75 billion in infrastructure and public sector spending: tens of thousands of new construction jobs, 5,500 more police officers, 25,000 additional AmeriCorps members, 250,000 summer jobs for disadvantaged youth, 14,000 part-time jobs for parks and forestry workers. "Why don't we just put everyone in the United States on the federal government payroll and call it a day?" said Rep. Jerry Lewis, California Republican. (emphasis added)"