SIBOS: BOSTON, NEW YORK – Citi Markets & Banking and TD Banknorth, N.A., announce today that Citi has been appointed by TD Banknorth to provide an Asian re-issuance processing service for TD Banknorth's commercial letters of credit to the region. Through this offering, TD Banknorth will be able to access Citi's Global Transaction Services' extensive trade network and will be able to take advantage of Citi's document checking services. Processing will be carried out primarily by Citi's trade operations center in Penang, Malaysia.
Bennett Schwartz, Senior Vice President and Director of International Banking at TD Banknorth, said, “Citi's ability to provide TD Banknorth with a number of different options gave us the opportunity to select the processing solution that best met our needs and to access the additional resources we require to grow our business. Citi's local support in the US, combined with its links to Asia and around the world, makes them an ideal partner for us.”
John Ahearn, Managing Director and Global Head of Trade Services at Citi, remarked, “Citi's appointment by TD Banknorth, a major U.S. regional bank, illustrates how our worldwide network and local market expertise come together to provide our clients with best-in-class solutions.”
Sankar Krishnan, Director and Canada Trade Head said, “Our growing relationship with TD Banknorth reflects our dedication and commitment to the financial institutions market. In addition, our network of more than 3, 000 correspondent banks allows us to support TD Banknorth by mitigating certain cross-border risks. In selecting Citi to assist them in Asia, TD Banknorth can leverage this superior network and benefit from Citi's own consistent service across the region.”
With a market-leading network spanning 72 countries and 113 cities, Trade Services and Finance, part of the Global Transaction Services division of Citi Markets & Banking, delivers comprehensive solutions to suppliers and buyers worldwide. Clients benefit from the innovative ideas of Citi's trade professionals, enabling them to manage risk, improve working capital, control trade flows and multiple currency cash flows, and access information to facilitate the management of trade activities.
In the 2007 Trade Finance Magazine's Awards for Excellence Citi was named the Best Trade Services Bank, Best Short-Term Finance Bank, Best Export Finance Arranger and Best Regional Bank in Asia as well as Best Trade Finance Bank in Malaysia, Philippines, Singapore, and Vietnam. In addition, Global Finance magazine named Citi World's Best Global Bank for Trade Finance, World's Best Trade Finance Bank and Provider for The Americas and Mexico, and the Best Trade Services Bank for Latin America and Central and Eastern Europe.
They weren't medieval ...
Italy's economy was based on international trade and finance,
Spain's economy was based on colonial exploitation that has similarities to our exploiting cheap labor in developing markets,
Portugal's was based on importing raw material and transforming it into finished products.
Economies are always about: supply and demand, capital and investment, borrowing and spending.
BTW, these were the leading global economic powers in THEIR day. And you'd be surprised how quickly and hard they fell -- there was no recovery possible through "deflation" as you suggest.
World Leaders To Discuss Averting
October 6, 2010
At the height of the global financial crisis two years ago, world leaders braced for a trade war. Governments were desperate to save jobs and protect their industries from foreign competition.
In the end, they generally avoided protectionism. But there's a new danger now.
When finance ministers gather in Washington D.C. later this week, they'll talk about how to avert a currency war.
Governments around the world are disappointed that their economies are recovering so slowly, and they're seeking new ways to boost growth
Japan's trade surplus shrank by more than one-third in 2001
Japan's trade surplus, a key indicator of the country's economic health, shrank by more than one-third in 2001 to its lowest level in 18 years.
The news, which represents the 18th consecutive monthly fall in the surplus, underlines the weakness of Japan's key export industries.
Concern over falling Japanese exports recently persuaded the government to move towards a weak-yen policy, which has seen the currency fall to three-year lows against the US dollar.
If the current weak yen persists, as many economists predict, the trade surplus should start to widen again this year