Sunday, November 22, 2009

Kuwait forex




Nasser Al-Kharafi & familyIndustry - DiversifiedCitizenship - KuwaitAge - 62Net worth (US $ billion) - 12.4Country of Residence - KuwaitContent derived from Wikipedia article on Nasser Al-KharafiNasser Al-KharafiNasser Al-Kharafi (born 1944) is a Kuwaiti businessman who runs M.A. Kharafi & Sons,Runs $4.3 billion (sales) M.A. Kharafi & Sons in Kuwait, which has benefited from that nation's robust economy. His net worth rose thanks to rising share prices of several holdings including Mobile Telecommunications Co., National Bank of Kuwait, and Americana, operator of U.S. fast food chains. Avid BBC-viewer. Older brother Jassim is the spokesman of Kuwait parliament; sister Faiza is president of Kuwait University. Has construction contracts in more than 30 countries worldwide.

Italy Forex



Italy, officially known as the Italian Republic, is located on the Italian Peninsula in Southern Europe, and on the two largest islands in the Mediterranean Sea, Sicily and Sardinia. Italy shares its northern Alpine boundary with France, Switzerland, Austria and Slovenia. The independent states of San Marino and the Vatican City are enclaves within the Italian Peninsula, while Campione d'Italia is an Italian exclave in Switzerland.Italy has been the home of many European cultures, such as the Etruscans and the Romans, and later was the birthplace of the movement of the Renaissance, that began in Tuscany and spread all over Europe. Italy's capital Rome has been for centuries the center of Western civilization, and is the seat of the Catholic Church.Today, Italy is a democratic republic, and a developed country with the 7th-highest GDP, the 8th-highest Quality-of-life index,[1] and the 20th-highest Human Development Index rating in the world.

China Forex



The foreign exchange market (Currency, Forex, or FX) market is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.Today, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.[3]The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.

Denmark Forex



Forex is a Swedish financial services company. The company was started in 1927 as a currency exchange service for travellers, at the Central Station in Stockholm. The owner of Gyllenspet's Barber Shop, according to the legend, discovered that most of his customers were tourists in need of currency for their trips. So he started keeping the major currencies on hand.The company was subsequently acquired by Statens Järnvägar, the Swedish State Railways, which expanded the operations until it was sold off to one of the managers, Rolf Friberg, in 1965. The company was the only one apart from the banks that was licensed to conduct currency exchange in Sweden.The company, which is still wholly owned by the Friberg family, has expanded into Denmark and Finland and has over 50 shops, usually located at train stations or airports. The decrease in the business brought on by introduction of the Euro has made the company look for alternative sources of revenue, like applying for a banking license and attempting to move into more regular transaction services, earlier handled by the Swedish postal service.

Bahrain Forex


Bahrain, officially known as the Kingdom of Bahrain, is an island country in the Persian Gulf. Saudi Arabia lies to the west and is connected to Bahrain by the King Fahd Causeway (officially opened on November 25, 1986), and Qatar is to the south across the Gulf of Bahrain. The Qatar–Bahrain Friendship Bridge being planned will link Bahrain to Qatar as the longest fixed link in the world[1].




Indonesia Forex

Indonesian rupiahFrom Wikipedia, the free encyclopediaJump to: navigation, searchIndonesian rupiahrupiah Indonesia (Indonesian)Rupiah banknotes, only the Rp 1000 and Rp 5000 notes are currentISO 4217 CodeIDRUser(s)IndonesiaInflation11.77%Source[2], October 2008Subunit1/100senSymbolRpCoinsFreq. usedRp 100, 200, 500Rarely usedRp 25, 50, 1000BanknotesFreq. usedRp 1000, Rp 5000, Rp 10 000, Rp 20 000 Rp 50 000, Rp 100 000Central bankBank IndonesiaWebsitehttp://www.bi.go.id/MintPerum PeruriThe rupiah (Rp) is the official currency of Indonesia. Issued and controlled by the Bank of Indonesia, the ISO 4217 currency code for the Indonesian rupiah is IDR. The symbol used on all banknotes and coins are Rp. The name derives from the Indian monetary unit rupee. Informally, Indonesians also use the word "perak" ('silver' in Indonesian) in referring to rupiah. The rupiah is subdivided into 100 sen, although inflation has rendered all coins and banknotes denominated in sen obsolete.The Riau islands and the Indonesian half of New Guinea (Irian Barat) had their own variants of the rupiah, but these were subsumed into the national rupiah in 1964 and 1971 respectively (see Riau rupiah and West New Guinea rupiah).

Jordan Forex




Emerging MarketsThe term emerging markets is used to describe a nation's social, or business activity in the process of rapid industrialization. The term "rapidly growing economy" is now being used to denote emerging markets.Contents1 Terminology2 List of countries3 See also4 References5 More Readings//TerminologyOriginally brought into fashion in the 1980s by then World Bank economist Antoine van Agtmael,[1] the term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China,[2] India, Pakistan, Mexico, Brazil [3], Chile, Argentina, Peru, much of Southeast Asia, countries in Eastern Europe, the Middle East, parts of Africa and Latin America. Emphasizing the fluid nature of the category, political scientist Ian Bremmer defines an emerging market as "a country where politics matters at least as much as economics to the markets."[4]The research on emerging markets is diffused within management literature. While researchers including C. K. Prahalad, George Haley, Hernando De Soto, Usha Haley, and several professors from Harvard Business School and Yale School of Management have described activity in countries such as India and China, how a market emerges is little understood.

Egypt Forex



Egypt, officially known as the Arab Republic of Egypt, is a country in North Africa that includes the Sinai Peninsula, a land bridge to Asia. Covering an area of about 1,001,450 square kilometers (386,660 sq mi), Egypt borders Libya to the west, Sudan to the south and the Gaza Strip and Israel to the east. Its northern coast borders the Mediterranean Sea; the eastern coast borders the Red Sea.Egypt is one of the most populous countries in Africa. The great majority of its estimated 80 million people (2007) live near the banks of the Nile River, in an area of about 40,000 square kilometers (15,000 sq mi), where the only arable agricultural land is found. The large areas of the Sahara Desert are sparsely inhabited. About half of Egypt's residents live in the densely-populated centres of greater Cairo, Alexandria and other major cities in the Nile Delta.Egypt is famous for its ancient civilization and some of the world's most famous monuments, including the Giza pyramid complex and its Great Sphinx. The southern city of Luxor contains numerous ancient artefacts, such as the Karnak Temple and the Valley of the Kings. Egypt is widely regarded as an important political and cultural nation of the Middle East.

Saturday, November 21, 2009

Thiland Forex



Asian Financial CrisisFinancial Glossary Written by Wikipedia, the free encyclopedia.var sburl8937 = window.location.href; var sbtitle8937 = document.title;var sbtitle8937=encodeURIComponent("Asian Financial Crisis"); var sburl8937=decodeURI("http://www.actionforex.com/financial-glossary/financial-glossary/asian-financial-crisis-20041204325/"); sburl8937=sburl8937.replace(/amp;/g, "");sburl8937=encodeURIComponent(sburl8937);The Asian financial crisis was a financial crisis that started in July 1997 in Thailand, and affected currencies, stock markets, and other asset prices of several Asian countries, many part of the East Asian Tigers. It is also commonly referred to as the Asian Currency Crisis or locally, although inaccurately, as the IMF Crisis.Indonesia, South Korea and Thailand were the countries most affected by the crisis. Malaysia, the Philippines and Hong Kong were also hit by the slump. Mainland China and Taiwan were relatively unaffected. Japan was not affected much by this crisis but was going through its own long-term economic difficulties.HistoryUntil 1996, Asia attracted almost half of total capital inflow to developing countries. However, Thailand, Indonesia and South Korea had large current account deficits and the maintenance of pegged exchange rate encouraged external borrowing and led to excessive exposure to foreign exchange risk in both the financial and corporate sectors.Economists have advanced the impact of Mainland China on the real economy as a contributing factor to the crisis. China had begun to effectively compete with other Asian exporters particularly in the 1990s after the implementation of a number of export-oriented reforms. Most importantly, the Thai and Indonesian currencies were closely tied to the dollar, which was appreciating in the 1990s. Western importers sought cheaper manufactuerers and found them, indeed, in China whose currency was depreciated relative to the dollar.The Asian crisis started in mid-1997 and affected currencies, stock markets, and other asset prices of several South East Asian economies. Triggered by events in Latin America, Western investors lost confidence in securities in East Asia and began to pull money out, creating a snowball effect.Many economists, including Joseph Stiglitz and Jeffrey Sachs, have downplayed the role of the real economy in the crisis compared to the financial markets due to the speed of the crisis. The rapidity with which the crisis happened has prompted Sachs and others to compare it to a classic bank run prompted by a sudden risk shock. Sachs points to strict monetary and fiscal policies implemented by the governments in the wake of the crisis, while Frederic Mishkin points to the role of asymmetric information in the financial markets that led to a "herd mentality" among investors that magnified a relatively small risk in the real economy. The crisis has thus attracted interest from economists interested in market psychology.Thailand

Norway Forex



Forex AB is a Swedish financial services company. The company was started in 1927 as a currency exchange service for travellers, at the Central Station in Stockholm. The owner of Gyllenspet's Barber Shop, according to the legend, discovered that most of his customers were tourists in need of currency for their trips. The owner began keeping the major currencies on hand.The company was subsequently acquired by Statens Järnvägar (SJ), the Swedish State Railways, which expanded the operations until it was sold off to one of the managers, Rolf Friberg, in 1965. The company was the only one apart from the banks that was licensed to conduct currency exchange in Sweden.The company, which is still wholly owned by the Friberg family, has expanded into Denmark, Finland, Norway and Iceland and has over 60 shops, usually located at train stations or airports. The decrease in the business brought on by introduction of the euro has made the company look for alternative sources of revenue, like applying for a banking licence and attempting to move into more regular transaction services, earlier handled by Svensk Kassaservice, a subsidiary of the state owned Swedish postal company, Posten.Since 2003 Forex is a licensed bank.

Bahrain Forex




Bahrain, officially known as the Kingdom of Bahrain, is an island country in the Persian Gulf. Saudi Arabia lies to the west and is connected to Bahrain by the King Fahd Causeway (officially opened on November 25, 1986), and Qatar is to the south across the Gulf of Bahrain. The Qatar–Bahrain Friendship Bridge being planned will link Bahrain to Qatar as the longest fixed link in the world[1].

South Korea Forex



The foreign exchange market (Currency, Forex, or FX) market is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.Today, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.[3]The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.

Friday, November 20, 2009

Kuwait forex



Nasser Al-Kharafi & familyIndustry - DiversifiedCitizenship - KuwaitAge - 62Net worth (US $ billion) - 12.4Country of Residence - KuwaitContent derived from Wikipedia article on Nasser Al-KharafiNasser Al-KharafiNasser Al-Kharafi (born 1944) is a Kuwaiti businessman who runs M.A. Kharafi & Sons,Runs $4.3 billion (sales) M.A. Kharafi & Sons in Kuwait, which has benefited from that nation's robust economy. His net worth rose thanks to rising share prices of several holdings including Mobile Telecommunications Co., National Bank of Kuwait, and Americana, operator of U.S. fast food chains. Avid BBC-viewer. Older brother Jassim is the spokesman of Kuwait parliament; sister Faiza is president of Kuwait University. Has construction contracts in more than 30 countries worldwide.

Dubai Forex




finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a standardized quantity of a specified commodity of standardized quality (which, in many cases, may be such non-traditional "commodities" as foreign currencies, commercial or government paper [e.g., bonds], or "baskets" of corporate equity ["stock indices"] or other financial instruments) at a certain date in the future, at a price (the futures price) determined by the instantaneous equilibrium between the forces of supply and demand among competing buy and sell orders on the exchange at the time of the purchase or sale of the contract. They are contracts to buy or sell at a specific date in the future [1] at a price specified today. The future date is called the delivery date or final settlement date. The official price of the futures contract at the end of a day's trading session on the exchange is called the settlement price for that day of business on the exchange.A futures contract gives the holder the obligation to make or take delivery under the terms of the contract, whereas an option grants the buyer the right, but not the obligation, to establish a position previously held by the seller of the option. In other words, the owner of an options contract may exercise the contract, but both parties of a "futures contract" must fulfill the contract on the settlement date. The seller delivers the underlying asset to the buyer, or, if it is a cash-settled futures contract, then cash is transferred from the futures trader who sustained a loss to the one who made a profit. To exit the commitment prior to the settlement date, the holder of a futures position has to offset his/her position by either selling a long position or buying back (covering) a short position, effectively closing out the futures position and its contract obligations.Futures contracts, or simply futures, (but not future or future contract) are exchange traded derivatives. The exchange's clearinghouse acts as counterparty on all contracts, sets margin requirements, and crucially also provides a mechanism for settlement.[2]

USA Forex





Forex Research. Market Snapshot ... Forex Guest of the Week. Mr. Ebrahim Hasham. (CE, Mehran Sugar Mills Ltd.) Read · Archives. Our Partner Service ...

Newzealand Forex




The foreign exchange (forex) market is the largest market in the world because currency is changing hands whenever goods and services are traded between nations. The sheer size of the transactions going on between nations provides arbitrage opportunities for speculators, because the currency values fluctuate by the minute. Usually these speculators make many trades for small profits, but sometimes a big position is taken up for a huge profit or, when things go wrong, a huge loss. In this article, we'll look at the greatest currency trades ever made.
How the Trades Are MadeFirst, it is essential to understand how money is made in the forex market. Although some of the techniques are familiar to stock investors, currency trading is a realm of investing in and of itself. A currency trader can make one of four bets on the future value of a currency:Shorting a currency means that the trader believes that the currency will go down compared to another currency.Going long means that the trader thinks the currency will increase in value compared to another currency.The other two bets have to do with the amount of change in either direction - whether the trader thinks it will move a lot or not much at all - and are known by the provocative names of strangle and straddle. (For details on those strategies, read Get A Strong Hold On Profit With Strangles and Straddle Strategy A Simple Approach To Market Neutral.) Once you're decided on which bet you want to place, there are many ways to take up the position. For example, if you wanted to short the Canadian dollar (CAD), the simplest way would be to take out a loan in Canadian dollars that you will be able to pay back at a discount as the currency devalues (assuming you're correct). This is much too small and slow for true forex traders, so they use puts, calls, other options and forwards to build up and leverage their positions. It's the leveraging in particular that makes some trades worth millions, and even billions, of dollars. (For more on the mechanics of the forex market, see our Forex Tutorial and Getting Started In Forex.)No. 3: Andy Krieger Vs. The KiwiIn 1987, Andy Krieger, a 32-year-old currency trader at Bankers Trust, was carefully watching the currencies that were rallying against the dollar following the Black Monday crash. As investors and companies rushed out of the American dollar and into other currencies that had suffered less damage in the market crash, there were bound to be some currencies that would become fundamentally overvalued, creating a good opportunity for arbitrage. The currency Krieger targeted was the New Zealand dollar, also known as the kiwi. Using the relatively new techniques afforded by options, Krieger took up a short position against the kiwi worth hundreds of millions. In fact, his sell orders were said to exceed the money supply of New Zealand. The kiwi dropped sharply as the selling pressure combined with the lack of currency in circulation. It yo-yoed between a 3% and 5% loss while Krieger made millions for his employers. One part of the legend recounts a worried New Zealand government official calling up Krieger's bosses and threatening Bankers Trust to try to get Krieger out of the kiwi. Krieger later left Bankers Trust to go work for George Soros. (For more on how this works, see Trading The Odds With Arbitrage.)No. 2: Stanley Druckenmiller Bets on the Mark - TwiceStanley Druckenmiller made millions by making two long bets in the same currency while working as a trader for George Soros' Quantum Fund. Druckenmiller's first bet came when the Berlin Wall fell. The perceived difficulties of reunification between East and West Germany had depressed the German mark to a level that Druckenmiller thought extreme. He initially put a multimillion-dollar bet on a future rally until Soros told him to increase his purchase to 2 billion German marks. Things played out according to plan and the long position came to be worth millions of dollars, helping push the returns of the Quantum Fund over 60%. Possibly due to the success of his first bet, Druckenmiller also made the German mark an integral part of the greatest currency trade in history. A few years later, while Soros was busy breaking the Bank of England, Druckenmiller was going long in the mark on the assumption that the fallout from his boss's bet would drop the British pound against the mark. Druckenmiller was confident that he and Soros were right and showed this by buying British stocks. He believed that Britain would have to slash lending rates, thus stimulating business, and that the cheaper pound would actually mean more exports compared to European rivals. Following this same thinking, Druckenmiller bought German bonds on the expectation that investors would move to bonds as German stocks showed less growth than the British. It was a very complete trade that added considerably to the profits of Soros' main bet against the pound. (Read more about currency devaluation in What Causes A Currency Crisis?)No. 1: George Soros Vs. The British PoundThe British pound shadowed the German mark leading up to the 1990s even though the two countries were very different economically. Germany was the stronger country despite lingering difficulties from reunification, but Britain wanted to keep the value of the pound above 2.7 marks. Attempts to keep to this standard left Britain with high interest rates and equally high inflation, but it demanded a fixed rate of 2.7 marks to a pound as a condition of entering the European Exchange Rate Mechanism (ERM). (Learn more about why some countries peg their rates in Floating And Fixed Exchange Rates.) Many speculators, George Soros chief among them, wondered how long fixed exchange rates could fight market forces, and they began to take up short positions against the pound. Soros borrowed heavily to bet more on a drop in the pound. Britain raised its interest rates to double digits to try to attract investors. The government was hoping to alleviate the selling pressure by creating more buying pressure. Paying out interest costs money, however, and the British government realized that it would lose billions trying to artificially prop up the pound. It withdrew from the ERM and the value of the pound plummeted against the mark. Soros made at least $1 billion off this one trade. For the British government's part, the devaluation of the pound actually helped, as it forced the excess interest and inflation out of the economy, making it an ideal environment for businesses. A Thankless JobAny discussion around the top currency trades always revolves around George Soros, because many of these traders have a connection to him and his Quantum Fund. After retiring from active management of his funds to focus on philanthropy, Soros made comments about currency trading that were seen as expressing regret that he made his fortune attacking currencies. It was an odd change for Soros who, like many traders, made money by removing pricing inefficiencies from the market. Britain did lose money because of Soros and he did force the country to swallow the bitter pill of withdrawing from the ERM, but many people also see these drawbacks to the trade as necessary steps that helped Britain emerge stronger. If there hadn't been a drop in the pound, Britain's economic problems may have dragged on as politicians kept trying to tweak the ERM. (For related reading, see Working Through The Efficient Market Hypothesis.)ConclusionA country can benefit from a weak currency as much as from a strong one. With a weak currency, the domestic products and assets become cheaper to international buyers and exports increase. In the same way, domestic sales increase as foreign products go up in price due to the higher cost of importing. There were very likely many people in Britain and New Zealand who were pleased when speculators brought down the overvalued currencies. Of course, there were also importers and others who were understandably upset. A currency speculator makes money by forcing a country to face realities it would rather not face. Although it's a dirty job, someone has to do it.

Hong Kong Forex




HistoryCitibank began operations in Hong Kong in 1902, thus becoming the first foreign bank to offer its services there. Citibank (Hong Kong) Limited is a licensed bank incorporated in Hong Kong. It is traded with the Chinese trading name 花旗銀行 (formerly 萬國寶通銀行). An office tower, the Citibank Plaza, in Garden Road, Central, Hong Kong is named after the bank.[edit] Company ProfileCitibank Hong Kong has a network of 25 branches spread over Hong Kong Island, Kowloon, New Territories and Macao .[edit] Awards• 2008: Awarded Best Flexible Work Practices by the Hong Kong HR Awards• 2008: SME’s Best Partner Award• 2008: Asian Banker Achievement Awards• 2007: Supreme Service Award• 2007: Best Practice Awards• 2007: Best Bank in Wealth Management Award• 2007: awarded the Best Foreign Bank by FinanceAsia• 2007: awarded the Best Foreign Cash Management Bank by Asiamoney• 2007: awarded the Overall Best Global Private Bank by Asiamoney magazine for the 3rd time• 2007: recognized as the Best Equity House by Euromoney• 2007: awarded the Excellence in Wealth Management Award by Asian Banker• 2007: awarded the Best Wealth Management Bank (Citigold) by Capital Magazine.• 2004: Selected Most Preferred Bank by Asia’s Top 1,000 Brand Listing.[edit] See alsoList of banks in Hong KongCitibank[edit] Product Lines and ServicesAs part of the world's largest financial institution with a strong global network in over 100 countries, Citibank International Personal Banking allows people abroad to hold bank accounts in Hong Kong without setting foot in the country.Like all other banks, Citibank Hong Kong offers various types of bank accounts options, investment products, loans and credit cards to its clients .[edit] Mobile Financial ServicesThrough partnership with SK Telecom, Citibank has established Mobile Money Ventures to focus on mobile financial services applications.[1] Mobile banking services were launched in Hong Kong in November 2008. The network- and device-independent mobile services platform supports diverse handsets; the platform is also available with customizable features like mobile stock trading. Customers of Citibank Hong Kong now have access to services such as account inquiry and management, transfer and payments, time deposits, stock trading, pending order management, stock quotation and portfolio management through their mobile phones.2[edit] The Octopus Credit CardIn July 2008, Citi launched a combined ‘contactless’ Octopus travel and credit card in Hong Kong. With over 50,000 terminals operational, customers can use their Octopus cards to travel on public transportation, as well as make low-value contactless payments at participating retail outlets. The Octopus Rewards Scheme enables users to collect and spend points earned from participating merchants. Users can also avail of cash rebates by spending on their Octopus cards; the rebates are credited for further usage.Similar partnerships have been forged with the Mass Rapid Transit Systems (MRT) in Delhi and Singapore, and the New York City Metropolitan Transport Authority[edit] DivisionsCitibank’s parent company, Citigroup, has three main divisions in Hong Kong: Citi Markets & Banking, Global Consumer Group and Global Wealth Management.The Global Consumer Group operates under the Citibank brand and its financial products and services are offered through 25 branches, one of which is in Macau. Additionally, Citibank Hong Kong provides its clients with investment options in the form of bonds, mutual funds, insurance products, foreign currency trading and stock trading. Through Citigold Wealth Management Banking, clients get a customized plan on wealth management. Citibank Hong Kong is also one of the largest issuers of credit cards in the island country.[edit] Sponsorship and Corporate Social ResponsibilitiesAs part of CSR, Citi Hong Kong’s is engaged in environmental conservation and financial education. It is also engaged in a variety of community activities and makes grants, business donations and encourages employee volunteering. Since 2003, Citi Hong Kong has donated more than HK$58.5 million (US$7.5 million) to support over 100 community programs, and has been recognized by the Hong Kong Council of Social Service as a “5 Years Plus” Caring Company.With few people having received any formal education about personal finance, Citi Hong Kong, has over the years played a lead role in developing programs for primary, secondary, university and post-graduate students. Since 2003, more than 260,000 students have benefited from Citi’s financial education programs. Additionally it is also involved in implementing financial education programs targeted at youth and low-income families in partnership with non-governmental organizations .

Australia Forex



The foreign exchange market (Currency, Forex, or FX) market is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.Today, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.[3]The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.

Spain Forex



Gentili, AlbericoADVERTISEMENTif(window.yzq_d==null)window.yzq_d=new Object();window.yzq_d['X14kFdj8a3w-']='&U=13fi13kiu%2fN%3dX14kFdj8a3w-%2fC%3d715481.13179312.13348613.12579831%2fD%3dRMP%2fB%3d5236828%2fV%3d1';if(window.yzq_d==null)window.yzq_d=new Object();window.yzq_d['Xl4kFdj8a3w-']='&U=12cg1fv88%2fN%3dXl4kFdj8a3w-%2fC%3d-1%2fD%3dSIPR%2fB%3d-1%2fV%3d0';if(window.yzq_d==null)window.yzq_d=new Object();window.yzq_d['U14kFdj8a3w-']='&U=13fcgivq6%2fN%3dU14kFdj8a3w-%2fC%3d715481.13175706.13346305.6227634%2fD%3dLREC%2fB%3d5406486%2fV%3d1';(älbārē´kō jāntē´lē) , 1552—1608, Italian writer on international law. Forced to leave Italy because of his Protestantism, he went to England (1580), where he became regius professor of civil law, Oxford, and in 1605 became advocate for the king of Spain in the British admiralty court. His De legationibus (1585) had a great influence in shaping modern diplomatic practice. In De jure belli [on the law of war] (1598), one of the earliest works on international law, he developed many ideas on the legal conduct of war to which Hugo Grotius later gave wider circulation.

South Africa Forex



The Republic of South Africa is a country located at the southern tip of the African continent. It borders Namibia, Botswana, Zimbabwe, Mozambique, and Swaziland, while a sixth country, Lesotho, is an enclave entirely surrounded by South African territory.South Africa has experienced a significantly different evolution from other nations in Africa as a result of two facts. Firstly, immigration from Europe reached levels not experienced in other African communities. Secondly, the strategic importance of the Cape Sea Route, as emphasised by the closure of the Suez Canal during the Six Day War, and mineralogical wealth made the country extremely important to Western interests, particularly during the Cold War. As a result of the former, South Africa is a very racially diverse nation. It has the largest population of people of 'coloured' (mixed race) communities in Africa. Black South Africans account for slightly less than 80% of the population.Racial strife between the white minority and the black majority has played a large part in the country's history and politics, culminating in apartheid, an official policy of 'separate development', which was instituted in 1948 by the National Party, although segregation existed prior to that date. The laws that defined apartheid began to be repealed or abolished by the National Party in 1990 after a long and sometimes violent struggle (including economic sanctions from the international community) by the black majority as well as many white, coloured, and Indian South Africans.The country is one of the few in Africa never to have had a coup d'état, and regular elections have been held for almost a century; however, the vast majority of black South Africans were not enfranchised until 1994. The economy of South Africa is the largest and best developed on the continent, with modern infrastructure common throughout the country.South Africa is often referred to as The Rainbow Nation - a term coined by Archbishop Desmond Tutu and later elaborated upon by then-President Nelson Mandela as a metaphor to describe the country's newly-developing multicultural diversity in the wake of segregationist apartheid ideology.South Africa will be the host nation for the 2010 FIFA World Cup. It will be the first time the tournament is held in Africa.Contents[hide]1 History2 Politics3 Administrative divisions4 Geography5 Flora and fauna6 Economy7 Agriculture8 Demographics9 Culture9.1 Languages10 Crime11 Military12 Media13 References

London Forex


London Forex

The foreign exchange market (Currency, Forex, or FX) market is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.
Today, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.[3]
The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.

Brazil Forex



Brazil , Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. By far the largest of the Latin American countries, Brazil occupies nearly half the continent of South America, stretching from the Guiana Highlands in the north, where it borders Venezuela, Guyana, Suriname, and French Guiana, to the plains of Uruguay, Paraguay, and Argentina in the south. In the west it spreads to the equatorial rain forest, bordering on Bolivia, Peru, and Colombia; in the east it juts far out into the Atlantic toward Africa. Brasília is the capital; the largest cities are São Paulo and Rio de Janeiro . Land Brazil's vast territory covers a great variety of land and climate, for although Brazil is mainly in the tropics (it is crossed by the equator in the north and by the Tropic of Capricorn in the south), the southern part of the great central upland is cool and yields the produce of temperate lands. Most of Brazil's large cities are on the Atlantic coast or the banks of the great rivers. The rain forests of the Amazon River basin occupy all the north and north central portions of Brazil. With the opening of the interior in the 1970s and 80s, these rain forests were heavily cut and burned for industrial purposes, farming, and grazing land. Beginning in the late 1980s, popular international movements, along with changes in government policy, began to reduce the rate of deforestation, but by the mid-1990s extensive burning was again occurring. New policies appeared to slow deforestation in the early 21st cent., but it reemerged as a significant problem in late 2007. The Amazon region includes the states of Amazonas , Pará , Acre , Amapá , Roraima , and Rondônia ; its chief city is Manaus . Although it is not as developed as other parts of Brazil, the Amazon region produces timber, rubber, and other forest products such as Brazil nuts and pharmaceutical plants. Gold mining, ecotourism, and fishing are also important. At the mouth of the Amazon is the city of Belém , chief port of N Brazil. Southeast of the Amazon mouth is the great seaward outthrust of Brazil, the region known as the Northeast. The states of Maranhão and Piauí form a transitional zone noted for its many babassu and carnauba palms. The Northeast proper—including the states of Ceará , Rio Grande do Norte , Paraíba , Pernambuco , Alagoas , Sergipe , and the northern part of Bahia —was the center of the great sugar culture that for centuries dominated Brazil. The Northeast has also contributed much to the literature and culture of Brazil. In these states the general pattern is a narrow coastal plain (formerly supporting the sugarcane plantations and now given over to diversified subtropical crops) and a semiarid interior, or sertão , subject to recurrent droughts. This region has been the object of vigorous reclamation efforts by the government. The "bulge" of Brazil reaches its turning point at the Cape of São Roque. To the northeast lie the islands of Fernando de Noronha , and to the south is the port of Natal . South of the "corner" of Brazil, the characteristic pattern of S Brazilian geography becomes notable: the narrow and interrupted coastal lowlands are bordered on the west by an escarpment, which in some places reaches the sea. Above the escarpment is the great Brazilian plateau, which tapers off in the southernmost state, Rio Grande do Sul, where it is succeeded by the plains of the Río de la Plata country. The escarpment itself appears from the sea as a mountain range, generally called the Serra do Mar [coast range], and the plateau is interrupted by mountainous regions, such as that in Bahia, which separates E Bahia from the valley of the São Francisco River. The chief cities of the Northeast are the ports of Recife in Pernambuco and Salvador in Bahia. There are a number of excellent harbors farther south: Vitória in Espírito Santo; Rio de Janeiro, the former capital, one of the most beautiful and most capacious harbors in the world; Santos , the port of São Paulo and the one of the greatest coffee ports in the world; and Pôrto Alegre in Rio Grande do Sul. In the east and southeast is the heavily populated region of Brazil—the states that in the 19th and 20th cent. received the bulk of European immigrants and took hegemony away from the old Northeast. The state of Rio de Janeiro , with the great steel center of Volta Redonda , is heavily industrialized. Neighboring São Paulo state has even more industry, as well as extensive agriculture. The city of São Paulo, on the plateau, has continued the vigorous and aggressive development that marked the region in the 17th and 18th cent., when the paulistas went out in the famed bandeiras (raids), searching for slaves and gold and opening the rugged interior. They were largely responsible for the development of the gold and diamond mines of Minas Gerais state, the second most populous state in Brazil, and for the building of its old mining center of Vila Rica ( Ouro Prêto ), succeeded by Belo Horizonte as capital. Minas has some of the finest iron reserves in the world, as well as other mineral wealth, and has become industrialized. Settlement also spread from São Paulo southward, particularly in the 19th and early 20th cent. when coffee from São Paulo's terra roxa [purple soil] had become the basis of Brazilian wealth, and coffee growing spread to Paraná . That state, in the west, runs out to the "corner" where Brazil, Argentina, and Paraguay meet at the natural marvel of the Iguaçu Falls on the Paraná River. The huge Itaipú Dam, built from the early 1970s through the mid-1990s by Paraguay and Brazil, provides power for most of southern Brazil. The more southern states of Santa Catarina and Rio Grande do Sul , developed to a large extent by German and Slavic immigrants, are primarily cattle-raising areas with increasing industrial importance. Frontier development is continuing in central Brazil. The state of Mato Grosso is still largely devoted to stock raising. The transcontinental railroad from Bolivia spans the southern part of the state. The federal district of Brasília was carved out of the neighboring plateau state of Goiás , to the east, and the national capital was transferred to the planned city of Brasília in 1960. People Brazil has the largest population in South America and is the fifth most populous country in the world. The people are diverse in origin, and Brazil often boasts that the new "race" of Brazilians is a successful amalgam of African, European, and indigenous strains, a claim that is truer in the social than the political or economic realm. More than half the population is of European descent, while another 40% are of mixed African and European ancestry. Portuguese is the official language and nearly universal; English is widely taught as a second language. Most of the estimated 350,000 to 550,000 indigenous peoples (chiefly of Tupí or Guaraní linguistic stock) are found in the rain forests of the Amazon River basin; 12% of Brazil's land has been set aside as indigenous areas. About 75% of the population is at least nominally Roman Catholic; there is a growing Protestant minority. Economy Brazil has one of the world's largest economies, with well-developed agricultural, mining, manufacturing, and service sectors. Vast disparities remain, however, in the country's distribution of land and wealth. Roughly one fifth of the workforce is involved in agriculture. The major commercial crops are coffee (Brazil is the world's largest producer and exporter), citrus fruit (especially juice oranges, of which Brazil also is the world's largest producer), soybeans, wheat, rice, corn, sugarcane, cocoa, cotton, tobacco, and bananas. Cattle, pigs, and sheep are the most numerous livestock, and Brazil is a major beef and poultry exporter. Timber is also important, although much is illegally harvested. Brazil has vast mineral wealth, including iron ore (it is the world's largest producer), tin, quartz, chrome ore, manganese, industrial diamonds, gem stones, gold, nickel, bauxite, uranium, and platinum. Recently discovered offshore petroleum and natural gas deposits could also make the nation a significant oil and gas producer. There is extensive food processing, and the leading manufacturing industries produce textiles, shoes, chemicals, steel, aircraft, motor vehicles and parts, and machinery. Most of Brazil's electricity comes from water power, and it possesses extensive untapped hydroelectric potential, particularly in the Amazon basin. In addition to coffee, Brazil's exports include transportation equipment, iron ore, soybeans, footwear, motor vehicles, concentrated orange juice, beef, and tropical hardwoods. Machinery, electrical and transportation equipment, chemical products, oil, and electronics are major imports. Most trade is with the United States, Argentina, China, and Germany. Brazil is a member of Mercosur . Government Brazil is governed under the 1988 constitution as amended. The president, who is elected by popular vote for a four-year term (and may serve two terms), is both head of state and head of government. There is a bicameral legislature consisting of an upper Federal Senate and a lower Chamber of Deputies. The 81 senators are elected for eight years and the 513 deputies are elected for four years. The president may unilaterally intervene in state affairs. Administratively, the country is divided into 26 states and one federal district (Brasília); each state has its own governor and legislature. The main political parties are the Brazilian Democratic Movement party, the Liberal Front party (now known as the Democrats party), the Democratic Labor party, the Brazilian Social Democracy party, and the Workers party. History Early History There is evidence suggesting possible human habitation in Brazil more than 30,000 years ago, and scholars have found artifacts, including cave paintings, that all agree date back at least 11,000 years. By the time Europeans arrived there was a relatively small indigenous population, but the archaeological record indicates that densely populated settlements had previously existed in some areas; smallpox and other European diseases are believed to have decimated these settlements prior to extensive European exploration. The indigenous peoples that survived can be classified into two main groups, a partially sedentary population that spoke the Tupian language and had similar cultural patterns, and those that moved from place to place in the vast land. It is estimated that approximately a million indigenous people were scattered throughout the territory. Whether or not Brazil was known to Portuguese navigators in the 15th cent. is still an unsolved problem, but the coast was visited by the Spanish mariner Vicente Yáñez Pinzón (see under Pinzón, Martín Alonso ) before the Portuguese under Pedro Alvares Cabral in 1500 claimed the land, which came within the Portuguese sphere as defined in the Treaty of Tordesillas (1494). Little was done to support the claim, but the name Brazil is thought to derive from the Portuguese word for the red color of brazilwood [ brasa =glowing coal], which the early visitors gathered. The indigenous people taught the explorers about the cultivation of corn, the construction of hammocks, and the use of dugout canoes. The first permanent settlement was not made until 1532, and that was at São Vicente in São Paulo. Development of the Northeast was begun about the same time under Martím Afonso de Sousa as first royal governor. Salvador was founded in 1539, and 12 captaincies were established, stretching inland from the Brazilian coast. Portuguese claims, somewhat lackadaisically administered, did not go unchallenged. French Huguenots established themselves (1555) on an island in Rio de Janeiro harbor and were routed in 1567 by a force under Mem de , who then founded the city of Rio de Janeiro. The Dutch made their first attack on Salvador (Bahia) in 1624, and in 1633 the vigorous Dutch West India Company was able to capture and hold not only Salvador and Recife but the whole of the Northeast; the region was ably ruled by John Maurice of Nassau . No aid was forthcoming from Portugal, which had been united with Spain in 1580 and did not regain its independence until 1640. It was a naval expedition from Rio itself that drove out the Dutch in 1654. The success of the colonists helped to build their self-confidence. Farther south, the bandeirantes from São Paulo had been trekking westward since the beginning of the 17th cent., thrusting far into Spanish territory and extending the western boundaries of Brazil, which were not delimited until the negotiations of the Brazilian diplomat Rio Branco in the late 19th and early 20th cent. The Portuguese also had ambitions to control the Banda Oriental (present Uruguay) and in the 18th cent. came into conflict with the Spanish there; the matter was not completely settled even by the independence of Uruguay in 1828. The sugar culture came to full flower in the Northeast, where the plantations were furnishing most of the sugar demanded by Europe. Unsuccessful at exploiting the natives for the backbreaking labor of the cane fields and sugar refineries, European colonists imported Africans in large numbers as slaves. Dependence on a one-crop economy was lessened by the development of the mines in the interior, particularly those of Minas Gerais, where gold was discovered late in the 17th cent. Mining towns sprang up, and Ouro Prêto became in the 18th cent. a major intellectual and artistic center, boasting such artists as the sculptor Aleijadinho . The center of development began to swing south, and Rio de Janeiro, increasingly important as an export center, supplanted Salvador as the capital of Brazil in 1763. Ripples from intellectual stirrings in Europe that preceded the French Revolution and the successful American Revolution brought on an abortive plot for independence among a small group of intellectuals in Minas; the plot was discovered and the leader, Tiradentes , was put to death. When Napoleon's forces invaded Portugal, the king of Portugal, John VI , fled (1807) to Brazil, and on his arrival (1808) in Rio de Janeiro that city became the capital of the Portuguese Empire. The ports of the colony were freed of mercantilist restrictions, and Brazil became a kingdom, of equal status with Portugal. In 1821 the king returned to Portugal, leaving his son behind as regent of Brazil. New policies by Portugal toward Brazil, tightening colonial restrictions, stirred up wide unrest. Independence and the Birth of Modern Brazil The young prince eventually acceded to popular sentiment, and advised by the Brazilian José Bonifácio , on Sept. 7, 1822, on the banks of the Ipiranga River, allegedly uttered the fateful cry of independence. He became Pedro I , emperor of Brazil. Pedro's rule, however, gradually kindled increasing discontent in Brazil, and in 1831 he had to abdicate in favor of his son, Pedro II . The reign of this popular emperor saw the foundation of modern Brazil. Ambitions directed toward the south were responsible for involving the country in the war (1851-52) against the Argentine dictator, Juan Manuel de Rosas, and again in the War of the Triple Alliance (1865-70) against Paraguay. Brazil drew little benefit from either; far more important were the rise of postwar discontent in the military and beginnings of the large-scale European immigration that was to make SE Brazil the economic heart of the nation. Railroads and roads were constructed, and today the region has an excellent transportation system. The plantation culture of the Northeast was already crumbling by the 1870s, and the growth of the movement to abolish slavery, spurred by such men as Antônio de Castro Alves and Joaquim Nabuco , threatened it even more. The slave trade had been abolished in 1850, and a law for gradual emancipation was passed in 1871. In 1888 while Pedro II was in Europe and his daughter Isabel was governing Brazil, slavery was completely abolished. The planters thereupon withdrew their support of the empire, enabling republican forces, aided by a military at odds with the emperor, to triumph. In 1889 the republic was established by a bloodless revolution, with Marshal Manuel Deodoro da Fonseca as its first president. The rivalry of the states and the power of the army in government, especially under Fonseca's unpopular Jacobinist successor, Marshal Floriando Peixoto , caused the political situation to remain uneasy. The expanding market for Brazilian coffee and more particularly the wild-rubber boom brought considerable wealth as the 19th cent. ended. Brazil in the Twentieth Century The creation of rubber plantations in Southeast Asia brought the wild-rubber boom to a halt and hurt the economy of the Amazon region after 1912. Brazil sided with the Allies in World War I, declaring war in Oct., 1917, and shared in the peace settlement, but later (1926) it withdrew from the League of Nations. Measures to reverse the country's growing economic dependence on coffee were taken by Getúlio Vargas , who came into power through a coup in 1930. By changing the constitution and establishing a type of corporative state he centralized government (the Estado Nôvo —new state) and began the forced development of basic industries and diversification of agriculture. His mild dictatorial rule, although it aroused opposition, reflected a new consciousness of nationality, which was expressed in the paintings of Cândido Portinari and the music of Heitor Villa-Lobos . World War II brought a new boom (chiefly in rubber and minerals) to Brazil, which joined the Allies in 1942, after coming close to backing Germany, and began taking a larger part in inter-American affairs. In 1945 the army forced Vargas to resign, and Gen. Eurico Gaspar Dutra was elected president. Brazil's economic growth was plagued by inflation, and this issue enabled Vargas to be elected in 1950. His second administration was marred by economic problems and political infighting, and in 1954 he committed suicide. Juscelino Kubitschek was elected president in 1955. Under Kubitschek the building of Brasília and an ambitious program of highway and dam construction were undertaken. The inflation problem persisted. On Apr. 21, 1960, Brasília became Brazil's official capital, signaling a new commitment to develop the interior of the country. In 1960 Jânio da Silva Quadros was elected by the greatest popular margin in Brazilian history, but his autocratic, unpredictable manner aroused great opposition and undermined his attempts at reform. He resigned within seven months. Vice President João Goulart was his successor. Goulart's leftist administration was weakened by political strife and seemingly insurmountable economic chaos, and in 1964 he was deposed by a military insurrection. Congress elected Gen. Castelo Branco to fill out his term. Goulart's supporters and other leftists were removed from power and influence throughout Brazil and, in 1965, the president's extraordinary powers were extended and all political parties were dissolved. A new constitution was adopted in 1967, and Marshall Costa e Silva succeeded Castelo Branco. In 1968, Costa e Silva recessed Congress and assumed one-man rule. In 1969, Gen. Emílio Garrastazú Médici succeeded Costa e Silva. Terrorism of the right and left became a feature of Brazilian life. The military police responded to guerrilla attacks with widespread torture and the formation of death squads to eradicate dissidents. This violence abated somewhat in the mid-1970s. Gen. Ernesto Geisel succeeded Médici as president in 1974. By this time, Brazil had become the world's largest debtor. In 1977 Geisel dismissed Congress and instituted a series of constitutional and electoral reforms, and in 1978 he repealed all emergency legislation. His successor, Gen. João Baptista de Oliveira Figueiredo , presided over a period (1979-85) of tremendous industrial development and increasing movement toward democracy. Despite these improvements, economic and social problems continued and the military maintained control of the government. Civilian government was restored in 1985 under José Sarney, and illiterate citizens were given the right to vote. Sarney's reforms were initially successful, but increasing inflation brought antigovernment protests. In 1988 a new constitution came into force, reducing the workweek and providing for freedom of assembly and the right to strike, and in 1990 President Fernando Collor de Mello was elected by popular vote. As a result of increasing international pressure, Collor sponsored programs to decrease the rate of deforestation in Amazon rain forests and to protect the autonomy of the indigenous Yanomami. In 1992, amid charges of wide-scale corruption within his government, Collor became the first elected president to be impeached by the Brazilian congress; he resigned as his trial began, to be replaced temporarily by his vice president, Itamar Augusto Franco. In 1994 the supreme court cleared Collor of corruption charges, but he was barred from public office until 2001. Fernando Henrique Cardoso was elected president in Oct., 1994, and took office in Jan., 1995. The Cardoso government reduced state controls on the economy and privatized government-owned businesses in telecommunications, oil, mining, and electricity. With the help of a new stable currency, Cardoso was able to bring inflation under control; he also signed decrees expropriating new lands from private estates for redistribution to the landless poor. Reelected in 1998, Cardoso was faced with an economic crisis as budget deficits and a decline in foreign exchange reserves led to currency devaluations and increased interest rates. Late in 1998, he appealed to the International Monetary Fund, which assembled a $42 billion aid package for the country. Brazil then began implementing a program of stringent economic policies that restored investor confidence by mid-1999 and led to economic growth. In May, 2000, Cardoso signed a fiscal responsibility law that limited spending by the states; the legislation was a result of fiscal crises in several Brazilian states. A series of corruption scandals that undermined the governing coalition in early 2001 was followed by an energy crisis that led the government to order widespread cuts in electrical consumption from May until Mar., 2002; the crisis resulted from a drought that reduced the water available to produce hydropower and a decade-long increase in the demand for electricity. Popular dissatisfaction with economic austerities helped fuel the election of Lula da Silva , of the opposition Workers' party (PT), to the presidency in 2002. Da Silva's subsequent inauguration also marked the increasing stability of Brazilian democracy; it was the first transfer of power between elected presidents since 1961. The new president did not deviate greatly from his predecessor's economic program, however, which alienated many supporters on the left. Da Silva's government was hurt by a campaign finance scandal in early 2004 and by an increase in unemployment, and suffered losses in popular and congressional support, although economic growth in 2004 was strong and unemployment subsequently decreased. In June, 2005, the president was further hurt PT officials were accused of buying the votes of some of its congressional coalition members. The charges, made by the leader of a party in coalition with the president, led to the resignation of the president's chief of staff (who was expelled from the congress late in the year) and of the Workers' party leader and treasurer and forced the president to reshuffle his cabinet to shore up coalition support for his government. A separate bribery scandal led to the resignation of the speaker of the House in September, and in Mar., 2006, the finance minister resigned when he also was ensnared in a bribery scandal. Although the president weathered the scandals, they led to the sidetracking of social-reform legislation he had proposed. Meanwhile, Amazonas state was hit by a severe drought in 2005 when the dry season saw much less rainfall than usual. A weeklong outbreak of rampant gang violence and, in turn, police vengeance against the gangs erupted in mid-May, 2006, in São Paulo state when a gang sought revenge for a government attempt to break the influence of its imprisoned leaders and members. The violence exposed a variety of ills in Brazil criminal justice system, including corruption in the prisons and lawlessness among the police. São Paulo experienced outbreaks of criminal gang violence in July and August as well, and Rio de Janeiro experienced a series of gang attacks in late December. The 2006 presidential election, in October, was inconclusive after the first round. Da Silva won a plurality, but failed to win the required majority; his campaign was hurt by the corruption scandals that affected the PT and a late-breaking dirty-tricks scandal involving his campaign organization. The runner-up, Geraldo Alckmin, the former governor of São Paulo state, saw his campaign hurt by the recent violence in the state. In the runoff at the end of the month, da Silva won handily, securing 60% of the vote. Corruption scandals continued to make news in 2007. The most prominent new cases occurred in May, when the energy minister resigned after corruption allegations against him became public and a major Brazilian newsmagazine reported that the Senate president had taken payoffs; toward the end of the year the Senate president resigned, though he remained a senator. In August, the supreme court voted to charge da Silva's former chief of staff and the former Workers' party treasurer with corruption. In Jan., 2008, Brazil became a net creditor nation, in large part due to debt-reduction measures undertaken by da Silva's government. Bibliography See G. Freyre, Order and Progress; Brazil from Monarchy to Republic (tr. 1970); F. de Azevedo, Brazilian Culture (tr. 1950, repr. 1971); E. B. Burns, A History of Brazil (2d ed. 1980); P. McDonough, Power and Ideology in Brazil (1981); T. C. Bruneau, The Church in Brazil: The Politics of Religion (1982); P. S. Falk and D. V. Fleischer, Brazil's Economic and Political Future (1988); R. P. Guirmaraes, Politics and Environment in Brazil (1991).