Tuesday 30th June 2015
NEWS TICKER, MONDAY, JUNE 29TH : The mobile service provider CM Telecom says the company will move into mobile payments and has founded CM Payments, a new payment service provider (PSP) that will operate internationally. CM Payments opens its office in Amsterdam. CM was founded in 1999 in Netherlands and specialises in worldwide mobile messaging and payments. The company declares they already have in-house technology and the platform, which can process a large number of transactions per second utilises this technology for the expanded service. The platform also offers connectivity to multiple payment methods including VISA, MasterCard, Paypal, iDeal, Microincasso and Bancontact (Belgium). CM Payments wants to expand cooperation with a number of existing CM customers by using the capabilities of the payment platform. The group consists of, among others, authorities, fundraising institutions, media, e-commerce and telecom players. After a closed beta period, CM Payments will go public. - Despite offering the first prepaid MasterCard with 14 currencies on a single card at ‘spread free’ exchange rates, Centtrip is urging holidaymakers visiting Greece in the next few days to physically take enough spending money for their entire holiday, because it believes local merchants may impose limits on how much they will accept by card, or reject cards altogether as they fear they will not be able to access funds from their own banks. Centtrip hopes that the level of uncertainty facing Greece will be removed soon, and that it can start recommending people use cards again when visiting the country. Greece has announced that banks will be closed until July 6TH – the day after a referendum on bailout proposals, and there is a €60 euro limit on ATM withdrawals. However, foreign tourists, a key driver of the Greek economy, will be exempt from the restrictions. Brian Jamieson, Co-Founder and Managing Director of Centtrip, said: “Although customers will be able to use our Centtrip card and others at ATMs, they will be faced with long queues to withdraw their money. Local merchants may also impose limits on how much they will accept by card or reject these altogether because they may be concerned about accessing funds from their own bank. During the current situation in Greece and the uncertainty that prevails, we are advising people to take all the spending money they think they will need for their entire holiday in hard physical Euros. As the situation develops, we will provide further recommendations to our clients and to those travelling to Greece.” - Scotiabank's Commodity Price Index climbed by 4.7% month-over-month (m/m) in May -- the second consecutive monthly gain -- though the All Items Index remains -26.5% below a year earlier. "While global economic conditions remain lacklustre, international oil prices have lifted off bottom and supply disruptions in Western Canada's oil patch have pushed up domestic netbacks," says Patricia Mohr, vice president of Economics and Commodity Market Specialist at Scotiabank. "May and June have witnessed an extraordinary narrowing of the discounts on Western Canada's light and heavy crude oil off West Texas Intermediate (WTI) -- the North American benchmark -- a trend which will continue into July. The Forest Product Index edged down in May by -0.2% m/m and is still -11.5% below a year earlier. However, strong US housing permits in May and a growing backlog of sold, but not yet started units, points to stronger residential construction in coming months. The basic supply of shelter in the U.S. is tightening, with apartment vacancy rates at a mere 4.2% - propelling multiple-unit building permits to an annualized 592,000 units in May, the highest level since January 1990. Western Spruce-Pine-Fir 2x4 lumber prices have jumped back to US$300 per thousand board feet from US$262 in April and US$256 in May. After investors bid up LME zinc prices as high as $1.09 per pound in early May, zinc prices have unwound alongside copper to the US$0.92 mark in late June. However, closure of the Century mine in Australia and Lisheen in Ireland in 2015:Q3 will tighten world supplies, sending prices significantly higher by year end. Chinese interest in copper and other mining investments remains strong - a sign that the 'bull run' in base metals is expected to return later in the decade.

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