A strategy used by a target firm to prevent a hostile takeover. In a lobster trap, the company passes a provision preventing anyone with more than 10% ownership from converting convertible securities into voting stock. Examples of convertible securities include convertible bonds, convertible preferred stock, and warrants.
An interest rate stated in Hong Kong dollars on the lending and borrowing between banks in the Hong Kong interbank market. The terms of the deposits vary from overnight to one year. The U.K. version, the London Interbank Offer Rate (LIBOR), is similar to the HIBOR. More than anything else, the HIBOR is a reference rate for lenders and borrowers that participate directly or indirectly in the Asian economy. |||The interbank market is used by banks for transferring funds and currency and managing liquidity. If a bank is nearing the point at which withdrawals are depleting short-term cash reserves, that bank will go into the Hong Kong interbank market and borrow money at the HIBOR. For example, an interest rate swap involving two counterparties with good credit ratings, both of which have bonds issued in Hong Kong dollars, will likely be quoted in HIBOR plus a given percentage.
The amount of time an investor must wait until he or she can withdraw funds from an annuity without facing a penalty. Withdrawing money before the agreed-upon holding period can result in a surrender charge. Generally, but not always, the longer the surrender period, the better the terms of the annuity. After the surrender period has passed, the investor is free to withdraw the funds without being subject to a fee.
The process a government uses to swap out floating stock or short-term bonds for long-term bonds. Because floating stock does not guarantee payout or a fixed rate of interest, swapping it for funded debt (long-term bonds that carry a fixed rate of interest) introduces more stability into the government's financing of its national debt. The process a company uses to convert its capital funding from short-term to long-term debt instruments. In July of 2009, amid the lingering global credit crisis, Sheila Bair, Chairwoman of the Federal Deposit Insurance Corporation (FDIC) weighed in on the creation of a Financial Services Oversight Council to prevent a recurrence of the global economic meltdown and credit market freeze of 2007-2008. As part of the proposed Council's work, it was suggested that financial companies be subject to rules that would require them to issue short-term debt that would automatically convert to long-term debt under certain conditions such as during a liquidity crisis.
A person or entity that charges borrowers interest above an established legal rate. Depending on where a person lives, lenders typically cannot charge more than 60% interest per annum. A loan shark, then, would be someone who illegally charged interest over the state's legal limit, which could range up to, or even over, 100%. For example, a loan shark would lend $10,000 to a person with the provision that they be repaid $20,000 within 30 days.A big word of caution is that loan sharks will often back their lendings with threats of violence or damage to a person's reputation as a way to ensure the loans are repaid. If you find yourself in a position of owing to a loan shark, make sure you talk to a financial (and maybe a legal) professional to help you get out of the situation.
The currency abbreviation for the United States dollar (USD), the currency for the United States of America. The United States dollar, or U.S. dollar, is made up of 100 cents and is presented with the symbol $ or US$ to differentiate it from other dollar-based currencies. The U.S. dollar is considered a benchmark currency, and is the currency used the most in transactions across the world. The currency is actually used as an official currency in many countries outside of the U.S., while many others use it alongside their own as an unofficial currency. |||The United States dollar was originally created through the Coinage Act of 1792, which specified that a dollar of currency would be equal to between 371 and 416 grains of silver, and an "eagle" (US$10) at between 247 and 270 grains of gold. Gold coins with equivalent weights were used, and based on this system, the value of the dollar (in purchasing power), would be equivalent to the purchasing power of the gold or silver on which it was based.In 1933, gold coins were taken back, and the gold standard was changed, setting the price of a troy ounce to $35. This gold standard continued until 1968, when a series of pegs to gold were put in place until 1975. In January of 1975, the U.S. dollar was removed from the gold standard, and was allowed to float freely on the international currency markets.
A line of credit extended to a homeowner that uses the borrower's home as collateral. once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion. Interest is charged on a predetermined variable rate, which is usually based on prevailing prime rates.once there is a balance owing on the loan, the homeowner can choose the repayment schedule as long as minimum interest payments are made monthly. The term of a HELOC can last anywhere from less than five to more than 20 years, at the end of which all balances must be paid in full. |||Several factors can lead to strong growth rates in this type of borrowing:-Increased retail sales channels, which have brought HELOCs to the masses. Most of these sales channels come from local banking institutions.-Rising home values, which increase the amount of equity available to homeowners -Prevailing low interest rates coupled with moderate inflation-The fact that mortgage interest is often tax-deductible, making it more attractive than alternative borrowing methodsBecause HELOC interest is variable, homeowners must be aware of prevailing interest rates -a spike can cause repayment balances to rise rapidly.
An account created in 1982 that offers a higher interest rate than a NOW account but lower interest than a money market account. Specific requirements, such as minimum deposits and interest rates, for super NOW accounts vary between banks. This is due to the 1986 deregulation of bank deposit accounts. Today, banks can charge interest based on their costs and competitive requirements.
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