Financial Translation: Quality counts !
The handling of financial information requires accuracy, reliability and discretion shall be permitted no mistake, there may also have a wrong number only serious consequences for the results of a bank or financial institution. Similarly precise must therefore be the translation of financial documents.
To provide an optimal product to one with the same level of terminology in the main text, special skills are required. These are – how much is believed to often – and not just merely linguistic, but also concern, in particular the deeper understanding the source text. Many translation agencies namely, a tendency to entrust such work translators who have does have certain language skills, but in most cases have no knowledge of economic and financial relationships and therefore are unable to understand the main texts.
The necessary knowledge to quality produce high-quality financial translations, which are tailored to the needs of the readership includes not only terminological skills that can be appropriated by a series of glossaries and regular consultation with relevant sources, but also a heuristic knowledge of the financial world as well as whose products and markets. It is not enough here to know “how to translate a particular word, you have to know is how in the industry” thinks “and” speaks “.
In addition to the translation of financial documents, as far as possible the continuous development of the financial sector, financial markets and the specific needs of the institutions that are active in these markets reflect. The translation work for banks and financial service providers must never be static but should evolve as this constant evolution.
Another aspect that remains all too often missing is the “customer focus”, ie the account of the target audience, which is in effect, read the text. For example, consider the case of a market report, which is read depending on the situation of the retail customers of a bank or from a group Finanzanalisten: the former often have limited financial knowledge and therefore need a translation, the understanding of the source text is not unnecessarily complicated and too many requires knowledge, while in the second case, high precision and an exact reproduction of the original text are necessary.
Hence the need of a growing number of financial institutions to entrust such specialized work language translators who know the financial and banking system and really understand. It is ideally to graduate economists who deal extensively with the industry and if possible can demonstrate several years of experience in the financial sector.
Only then is it possible to provide a precise, accurate and the target audience absolutely understandable translation, while the “end users” of these translations to provide that security and reliability of feeling, which is for every bank and every financial company one of the most important pillars of success.
Japanese tsunami: a view from Asia
Returned from China where I just spent a week I would like to share some observations about the situation that has developed since the tsunami of March 11, colored by my presence in Asia and my understanding of Japan.
Lives in Japan has always bent bow: is the magnitude of the earthquake, tsunami monitoring and finally managed to damage caused to the plant in Fukushima that hit. But the Japanese know that they live on a tectonic plate, and Tokyo was hardly damaged. Cities are built to withstand such shocks. On Monday, the Japanese were working. At no time did they panicked, even when millions of people of Tokyo had to walk home in several hours. It’s absolutely remarkable.
Several telephone conversations I remember an old Japanese collaborator: even if she does not know where to turn, she was busy on Saturday to put his apartment in order, concern over the fate of the twins as her own . Despite the disruption, her husband had kept his restaurant open by “social duty”. Japan has much to teach us about the composure and the civic sense.
While some went south to Osaka, most stayed in Tokyo. At no time did the President of the Tokyo Stock Exchange has imagined close the stock market and banks were active investors in the post on Monday. The Bank of Japan injected 146 billion dollars to avoid a liquidity crisis. If there were changes, they remained within the limits of what a dramatic situation justifies it. The markets were not disrupted. In my contacts with my former colleagues in the TSX, and with their president, the only real concern was electricity. They would have died if the post had been.
Compared to this reality on the ground, the reactions abroad have demonstrated impressive contrasts. I want to concentrate on television. The Chinese CCTV followed in real time the situation with factual comments, but without visible emotion: for cons in private conversations, the concern of a nuclear cloud dominated. Relations between Japan and China are certainly very difficult.
NHK, Japanese television has played a key role in managing the crisis: it covered with a sober images on the ground, the official reactions and news specific to different parts of the population hungry for instructions. The Prime Minister had shown tremendous leadership and the Emperor intervened with sobriety and empathy to reassure his people.
The BBC and TV5 Monde have done what was expected of them: to inform and try to identify the risk in using nuclear specialists who have helped to dissect the risks and, in fact, reassure them that it s would not apply to another Chernobyl. Unfortunately, while BBC World continues to present and discuss the situation in Japan and discussed regional risks, after 24 hours, the French television engaged in a debate between France and French perfectly indecent. It is normal to discuss the French nuclear risk. From there to use such dramatic events for national politicians, there is not that I would not have crossed. Some French media do not live well in the hexagonal problematic. While the Libyans were killed, Saudi Arabia between dangerously in a religious war and Japan is suffering, the presidential polls to hold elections 14 months from the headlines.
But my criticism goes directly to the United States. CNN how to transform a human tragedy and disruption that can impact the planet into a “show” near the soap opera, is totally unacceptable. The information she fingered were swollen, and surdramatisation American media. Panic American had global repercussions.
In this context, what emerged most is the lack of information and knowledge of international realities in the United States. Making “show” a tragedy of this nature and create panic based on non-shocking facts. The “experts” were looking swell to more than limit the debate or risk. As for their analysis of Japan, it was a crass ignorance.
It would not matter if it did not make a dramatic impact on economic balance. Those are the foreigners who sold in panic. Fortunately, when the markets return to more balance, the panic will not benefit them.
We need more leadership and stable wall. We can manage our societies by making a show ground. As always, comments on Facebook showed how individuals are better centers on the practical realities, and compassion was everywhere. Social media seems to show more maturity than others.
Citigroup: $ 12.3 billion for U.S. taxpayers
Despite all the cries of ferrets that have surrounded the activities of the United States in the rescue of their banks, we must recognize that it was not money to fund lost. If Citigroup is exemplary.We all remember the difficulties of the Bush administration to obtain the agreement of the Republicans … 750 billion fund called TARP (Trouble Asset Relief Program). It was during the election campaign: it is at this precise moment that the hysterical reaction of John McCain contrasted with the leadership of Barack Obama. This was the turning point of the campaign.
Besides this amount was used not only to banks but to other industries, the conditions were were far from easy and, è s the beginning, the U.S. Treasury wanted to structure its operations on a model which provided that sooner or later he would be reimbursed.
The intervention took place in Citigroup quite dramatically at the end of 2008: in total, the Treasury has injected 45 billion dollars in a bank in which nobody believed. Vikram Pandit, a veteran of Morgan Stanley replaced Chuck Prince, a lawyer whose management of Citigroup had been disastrous.
Vikram Pandit has taken the problem head on. In spite of invective from some quarters in Washington, he enjoyed such support from the principal shareholder of the group, Prince Al Waleed of Saudi Arabia. It was established with the support of Bob Rubin, Treasury Secretary for Bill Clinton.
In several installments, the U.S. State emerged from these positions. This action, which had collapsed to $ 1 is now worth $ 5. The last tranche of warrants has been sold at four times its purchase price. In total, the operation of Citigroup has reported $ 12.3 billion in U.S. taxpayer, or a profit of 28%. This was announced by the Treasury this morning.
It is important to learn from this type of intervention.
It is perfectly legitimate for governments to intervene in such rescues, but there is one key condition: such an “investment”, he was in crisis, implies a clear vision of the “exit strategy” states . This is not to intervene without having clearly established with the institution concerned, the manner and conditions of sale of those assets that states are not intended to keep. It is not, by definition, a strategic investment or perennial. The input type must therefore take into account the need to leave.
The operating conditions must protect capital as much as possible, and provide pay and conditions that create an incentive for institutions to “get rid” of such creditor or shareholder expensive bulky. United States, three types of incentives have been used: a high interest rate, fees and capital bulky … limits on pay.
Under these conditions, moreover, banks like Deutsche Bank and Barclays Bank have just thanked their respective states for their proposal and waived taste of this “potion” not so magical as that. In doing so, they were competitive position of strength.
D è s 2010, several banks have taken steps to get rid of those cumbersome conditions: at the forefront as Goldman Sachs and Morgan Stanley, which limits compensation at a competitive disadvantage.
And we do not make me instantly of “liberalism”! The hypocrisy of those who screamed and cried when responding to liberalism when it comes to coping inescapable.
Citigroup and the U.S. Treasury is to remind us that it is possible for the taxpayer to participate in the rescue of national interest without the taxpayer will lose.
Who qualifies for an IVA?
Anyone facing unmanageable debts will want to find a solution that can make those debts affordable again. One option could be an IVA (Individual Voluntary Arrangement), which enables the borrower to repay as much of their unsecured debt as possible over a set time period, and writes off the rest – assuming they’ve upheld their side of the arrangement throughout.
This may sound like an ideal solution but it does come with drawbacks, and is only available to people in specific circumstances. You must have unsecured debts that you can’t afford to repay in full, and you must still be able to commit to regular monthly payments towards your debts.
IVA providers often say that you must have a certain level of debt (often quoted as £15,000) to qualify for an IVA. However, in practice this isn’t strictly true – it’s more of a ‘ballpark figure’.
Whether or not an IVA can go ahead is at your unsecured lenders’ discretion, and however much you owe, they may accept your proposal if you can demonstrate that your unsecured debts are unaffordable – but that you could afford to repay a reasonable amount through an IVA.
What’s involved in an IVA?
Most IVAs require you to make regular monthly payments towards your unsecured debts, based on what you can afford alongside your other essential costs. In most cases this will continue for 60 payments (which normally takes five years).
As long as you keep up with these payments, you will be legally protected against any further action by your lenders regarding your unsecured debts.
Then, on successful completion of the agreement, the rest of your unsecured debt will be written off.
Should I apply?
Even if you think you’ll qualify for an IVA, it might not be the best solution for you. There are a number of other solutions that could be more suitable, so it’s always important to discuss all your options with an expert debt adviser before you make any decisions.
Even if an IVA does turn out to be the best option, you’ll need to consider the downsides: an IVA will affect your credit rating for six years after it starts, and you may have to release equity from your home in the final year if you’re a homeowner.
However, it’s important to note that the consequences of doing nothing could be even more serious – so finding the right solution really is important.
For more advice on debt solutions and further help with an IVA, visit debtadvisorycentre.ie
The global financial crisis of 2011 did it begin?
I do not ask this question lightly. The West has been living beyond its means and the tsunami begins to grow in the U.S. and Europe. This time he touches the heart of the public finances.
While British students show their school fees, the French show for their retirement, and the Irish and Portuguese are in the streets against austerity, no less a race against time has begun. There will be no way to avoid a crisis: we must at all costs, however, put under control the risk of racing and trying to master it. The tragedy is that both sides of the Atlantic, the crisis brings to light a reality difficult to master : the political dysfunction.
The United States has a political system that is jammed for years, and the November elections as the Democrats put the Republicans into a corner. There is no way to take any action whatsoever that it be without a showdown Republicans forced their way in the House . In this context President Obama and the White House have little leeway. The reports coming out and despatched by indisputable authorities of both political parties remind us to reality. They point to specific measures, but the reality is grim: the federal budget is 80% allocated to education, health and military spending. These items, considered as incompressible, will have to be reduced. Needless to say that Democrats do not want to touch the health and to education and the Republicans do not want to touch on military expenditures.
The U.S. budget deficit is unsustainable, and at the slightest increase in interest rates, the snowball effect may result in unsustainable growth of debt. With a Federal Reserve overtaken by events, do not count on the American discipline. Rising interest rates can be controlled by the central bank: it will come from the risk premium required by investors to subscribe to the obligations of the U.S. state. It has already increased.
All interest groups trying to stop both in their field that cuts are made. The result is neither more nor less than a block of policy making at a time when we are most in danger & action should be decisive and quick.
In Europe, the risk of contagion Eurozone faces a who, having underestimated the seriousness of the national debt, can not afford to support the budget deficits of some of its Member States. Already it is evident that Greece, Portugal, Spain and Ireland will not be able to contribute to the fund of 750 billion euros in place in the heat of the Greek crisis. If Europe does not create its own Monetary Fund has the authority to control public finances of its members we are going to the disaster. However, the use of aggressive interventions and conditional on corrective measures have been specifically denied by Paris and Berlin. What worries the markets is a Europe that seems condemned to a process of intervention and decision is always too little and too late.
Europe must build a staff of crisis in permanent d è s now. I know … I swim in utopia. Gone are the European summits and presidential tantrums. Forget that the Commission has no knowledge of these problems. Let’s put procurement experts, government finance and central banks, not too many economists or lawyers. The decision will ultimately political, but measures should be designed based on a rigorous analysis of facts.
If this debt crisis, the European funds will not suffice and all Europe will be driven in a scenario that obviously the famous “stress tests” Europeans have not considered: the equivalent of a bankruptcy of some states , namely a debt restructuring that will reach primarily the larger European banks. For your information, these 750 billion euros exist only on paper. The maximum is mobilized 310 billion, after which new political decisions are needed. The 85 billion will be collected in Ireland on this installment. It has obviously spent the “technical” aspects in silence.
The perceived risk of contagion sets in: the Middle East, the United States and Asia will be tempted to limit their holdings of government bonds of European countries considered threatened. Outside the “four” in difficulty, the following list includes Italy and France as well as several smaller countries. This is particularly the case in Belgium so suicidal that continues to be concerned about his community problems. Only Germany, the Netherlands and Scandinavia to escape the wave of mistrust, but we should not count on Berlin to save the Euro without making drastic restructuring measures.
This time, Asia was embroiled. First, the debt of Japan is one of the largest in the world. In addition, Asian central banks are the largest holders of U.S. and European government debt and see their reserves lose value and their weakened currencies. The prospect of a world Creditors states (namely Asia and Middle East) will dictate the law to the International Monetary Fund or block actions towards Europe has frightening.
The jamming of political processes on both sides of the Atlantic makes the prospect of the crisis more likely. However, this is where the action should be situated. Unfortunately, that mechanism is blocked. As to the “austerity until 2012″ announced the French Parliament by the Prime Minister, it takes account of local politics, but believe me, the whole world does not care a lot for the 2012 elections. Both France and the United States, they will take place in a climate of crisis advanced. This will be anything but business as usual.
Democracy is in danger, and our social system with it. A reordering include a restructuring of at least five years. To us to decide whether we will lead or if we will be imposed.