Trekking in Nepal Himalaya

Everest Base Camp Trek

It will give us enormous pleasure to introduce you to an astounding view of the world's highest peak. Perhaps in viewing Everest in this way, you will be fulfilling a long held desire. Certainly you will never be quite the same again. Ever since the days of early climbing expeditions, this 8,848m mountain has had a lure of its own, drawing climbers to scale it and trekkers to gaze on its icy faces. It easy to see why the trek to the base camp of Mount Everest has become one of the most popular routes in Nepal.

We start our trek from Lukla after a 30 minute flight from Kathmandu. When we land at that tiny airstrip, the adventure really begins. During trekking, we spend several days moving through the homelands of the Sherpa people, and will see Buddhist monasteries and close up views of Mt. Everest and neighboring Ama Dablam, considered by many to be among the most beautiful mountains in Nepal. We spend 2 nights at Namche Bazaar, the bustling market town in the heart of Sherpa country, and at Pheriche see a cluster of houses set among the high summer grazing pastures of the region. We spend the time in Namche Bazaar exploring and acclimatizing, which is an important factor in your enjoyment of the trek.

People who have fully acclimatized may trek to the Everest Base Camp but without doubt, for many people the main highlight will be the magnificent views which unfold from the summit of Kalapathar - the extradinary ice sculptures of the Khumbu Glacier, Nuptse and the south-west face of Everest itself.


A Glimpse of Everest Trek


This trek is comparatively easy one to some of other treks. The trek takes you up high along trails to Tengboche Monastery (3850m). Although, it is a short trek, offers very scenic trek giving you a really superb view of the world's highest peaks, including Mt. Everest, Mt. Lhotse, Mt. Thamserku, Mt. Amadablam & other many snowy peaks..
This trek starts from Lukla after taking 30 minutes scenic flight from Kathmandu to Lukla. From there we trek up to Namche Bazaar, Tyangboche (famous for its monastery, mountain views), Khumjung village, which offers a very nice settlement of Sherpas people.

This trek definitely gives a great introduction to Sherpa country & its culture along with fine mountain views. During trekking, you really find the area as a very popular destination for first time trekkers in Nepal. The trek is best suited especially for those people who haven't enough time for longer treks into the high mountains.


Gokyo Lake Trekking


The trek to Gokyo provides an excellent opportunity to see an eyeful view of the Mt. Everest at close range.
This trek is to be considered as an alternative trek to the traditional Everest Base Camp trek that offers magnificent view of the mountain peaks and the Ngozumpa Glacier- the largest in the Nepal Himalayas.

The image of of this region is associated with the soaring view of the most popular mountains in Nepal, at an altitude of 8000m including Cho Oyu, Everest, Lhotse and Makalu which are clearly visible from Gokyo Ri (5483m.) above Gokyo Lake.

One of the most remarkable feature of the trek is the view of tremendous ice ridge between Cho Oyu and Gyachung (2922m) located in Khumbu region.

This extraordinary trek is also worthy in a sense that it offers an ample opportunity to explore the amazing destination and its impressive sight, which is beyond human imagination.


Gokyo Lake + Chola Pass + E.B.C Trek



This unique trek leads you to the home of the legendary Sherpa people, on the foothill of the highest peak of the world, the Mt. Everest at 8848m. This 18 days trek follows the highly praised trekking route through the Dudh Koshi to its source the Gokyo Lake to the west of the Everest Base Camp. The excellent trek give the benefit to summit Gokyo peak (5483m) offering a fantastic panoramic view of Cho Oyo, Everest, Makalu etc. During traveling through Khumbu Himal, Gokyo valley and pass, one is rewarded with some of the most dramatic landscapes. The trek can be treated as one of the adventurous trek in the Himalayas as it follows the route via high pass into Khumbu i.e. Cho La pass at 5330m. As we cross the Cho-La pass, we then return back to Lukla following the route through Everest Base Camp, Kala Pathar and Thyangboche monastery, Khumjung village, Namche Bazar.

This ideal trek gives enough opportunity to enjoy the breathtaking view of Everest including several other similar peaks and to explore the Buddhists monasteries located at the world's highest elevation.


Jomsom - Muktinath Trek


The Jomsom Trek is indeed a classical trek, essentially the final third of the Annapurna Circuit, follows the Kali Gandaki Valley between the soaring peak of Annapurna & Dhaulagiri. Finally, it emerges to the north of the main Himalayan range, on the dry, desert- like Tibetan Plateau. A several days walk beyond Jomsom, takes you the final destination, Muktinath, the holy temple. This trek allows access to the high mountains of the Himalayas within a reasonable timeframe and without ascending to extreme altitude. You will then return to Pokhara by taking a flight from Jomsom.


Annapurna Sanctuary Trek


Annapurna region is best described as the most happening incentive trekking destination of Nepal. The Annapurna Circuit Trek has been proved as a highly praised and spectacular trekking route in the Annapurna region since it opened to foreign trekkers in 1977. This three weeks trek starts right from Besishahar and goes along the Marshyangdi River, with great view of Manashlu and Himal Chuli to the east. This magnificent trek leads you to the fine village inhabited by a wide diversity of people from different ethnic groups, offering spectacular and majestic view of the white Himalayas. As it continues to the north of the main Himalayan range on to the high and dry Tibetan Plateau, the scenery is equally breathtaking.
The highest point of the trek is Thorungla pass at the top of the valley at 5416m high. Due to the difficulties of crossing the pass, the circuit is usually walked in a counter clockwise direction. Traveling clockwise the longer ascent and shorter descent from west to east is too much for many peoples to manage in one day.

As we descend to the west at Muktinath from Manang, we continue to the the barren Tibetan like village of the kali Gandaki - the world's deepest gorge passes between the giant Annapurna and Dhaulagiri mountains. After you cross the Thorung La pass from Manang to Muktinath the final seven days of the circuit trek are the same as the Jomsom Trek from Pokhara, but in reverse.


Poon Hill – Ghorepani Trek


The trek to Ghorepani - Poon Hill (Pun Hill) which is located in Annapurna region, is truly called as all the best of the trekking in Nepal.

The trek offers the spectacular mountain scenery along with charming villages inhabited particularly by the Gurungs & Magars, dense rhododendron forests full of birds and deep sub-tropical valleys, all set below the Annapurnas with the picturesque peak of Machhapuchhare (Fishtail Peak) dominating the skyline.

One of the important highlight of this trip is to make a climb on Poon Hill, possibly the most spectacular mountain scapes on Earth. When sun rises, it touches the snow-capped summits the Himalayan giants, Dhaulagiri (8,167m) and Annapurna (8,091m) along with a maze of other peaks, there gradually appear, just like magic that your eye could not believe.

Besides, during journey, you are rewarded by the natural beauties in your each & every footsteps.


Manaslu Trekking


Manaslu has unique environment and exceptionally rich bio diversity which have made this region as the finest tourist destination of Nepal for many years. The region consists of varieties of cultural diversities, natural cenery of the majestic Himalayan ranges, high altitude romantic glacier lakes and fascinating flora and fauna, all these natural and cultural features of this region have made it one of the most popular tourist destination of Nepal and is restricted area requiring special trekking permit to get entry into the region for foreginers.

YORK HOTEL IN SAN FRANCISCO

A Modern Classic to suit your Personality.

Beginning May 1st, the York Hotel will undergo a complete renovation to be transformed into Hotel Vertigo. The hotel will remain open during its renovation so that our guests can experience the memories of York Hotel and look forward to its new Personality launching September 2008.

All 97 York Hotel guest rooms are spacious & moderately appointed with walk-in closets, safes, free wireless & operable windows. Our comfortable suites include 2 bathrooms and a parlor area with a Queen sleeper sofa, wet bar, microwave, and refrigerator.

YORK HOTEL ROOMS

Stay where the stars stay!
Our newly remodeled, spacious and comfortable suites have been recently renovated to look like replicas of our Performers Suite, where the likes of Rita Moreno and Betty Buckley stayed when they were performing at the York Hotel. These glorious suites include (2) bathrooms, (2) over-sized walk-in closets, personal safes and data port as standard amenities, wireless internet access is also available. The parlor area includes a plush Queen size sofa sleeper, wet bar, microwave, refrigerator, and a garden view, to take you away from the hustle and bustle of the City.

Superior King Rooms
Ask about our new superior king rooms, which include flat screen TV's, new beds, and recently refinished bathrooms for the height of elegance and comfort. As a bonus , enjoy free wireless internet access for the duration of your stay.

Guest Rooms
All of our deluxe rooms are spacious and comfortable. With the same decor as our suites, they offer a pleasant and relaxing atmosphere. Walk-in closets, data ports, personal safes, and coffee makers with complimentary coffee and tea are standard amenities. The York Hotel offers a variety of bed types and room configurations to fit every traveler's needs.

YORK HOTEL AMENITIES

Room Amenities:

Internet access - wireless
Cable/satellite TV

Premium TV channel(s)
Blackout drapes

Voice mail
Direct-dial phone

Internet access - dial-up
Coffee/tea maker

Complimentary toiletries
Hair dryer

Shower/tub combination
In-room safe

Window opens
Electronic/magnetic keys

Clock radio
Iron/ironing board (on request)

Cribs (infant beds) available
Pet friendly - Please read our Pet Policy



Hotel Amenities:

Concierge services
Tour assistance

Parking (surcharge)
Parking (valet)

Internet access - wireless
Meeting rooms (small groups)

Number of rooms: 96
Internet access in public areas - surcharge

Porter/bellhop
24-hour front desk

Dry cleaning service
Number of floors: 7

Business services
Elevator/lift

Conference room(s)
Complimentary newspapers in lobby

Microwave in lobby
Internet access in public areas - high speed

Parking nearby


YORK HOTEL LOCATION

Opened in 1922, this boutique hotel between downtown and Cathedral Hill is located 4 blocks from the Powell Street cable car and 6 blocks from Nob Hill and the shops of Union Square.

http://www.yorkhotel.com

How HUD Mortgage Policy Fed The Crisis

In 2004, as regulators warned that subprime lenders were saddling borrowers with mortgages they could not afford, the U.S. Department of Housing and Urban Development helped fuel more of that risky lending.
Eager to put more low-income and minority families into their own homes, the agency required that two government-chartered mortgage finance firms purchase far more "affordable" loans made to these borrowers. HUD stuck with an outdated policy that allowed Freddie Mac and Fannie Mae to count billions of dollars they invested in subprime loans as a public good that would foster affordable housing.
Housing experts and some congressional leaders now view those decisions as mistakes that contributed to an escalation of subprime lending that is roiling the U.S. economy.
The agency neglected to examine whether borrowers could make the payments on the loans that Freddie and Fannie classified as affordable. From 2004 to 2006, the two purchased $434 billion in securities backed by subprime loans, creating a market for more such lending. Subprime loans are targeted toward borrowers with poor credit, and they generally carry higher interest rates than conventional loans.

Today, 3 million to 4 million families are expected to lose their homes to foreclosure because they cannot afford their high-interest subprime loans. Lower-income and minority home buyers -- those who were supposed to benefit from HUD's actions -- are falling into default at a rate at least three times that of other borrowers.
"For HUD to be indifferent as to whether these loans were hurting people or helping them is really an abject failure to regulate," said Michael Barr, a University of Michigan law professor who is advising Congress. "It was just irresponsible."
Congress is expected to vote before its Fourth of July recess on legislation that would strip HUD of its regulatory authority over Fannie and Freddie and give it to a stronger regulator.
Fannie and Freddie finance about 40 percent of all U.S. mortgages, with $5.3 trillion in outstanding debt. Owned by private shareholders but chartered by Congress, they are exempt from state and local taxes and receive an estimated $6.5 billion-a-year federal subsidy because they can borrow money more cheaply than other investors. In return, they are expected to serve "public purposes," including helping to make home buying more affordable.
HUD officials dispute allegations that the agency encouraged abusive lending and sloppy underwriting standards that became the hallmark of the subprime industry. Spokesman Brian Sullivan said the agency and Congress wanted to increase homeownership among underserved families and could not have predicted that subprime lending would dominate the market so quickly.
"Congress and HUD policy folks were trying to do a good thing," he said, "and it worked."
Since HUD became their regulator in 1992, Fannie and Freddie each year are supposed to buy a portion of "affordable" mortgages made to underserved borrowers. Every four years, HUD reviews the goals to adapt to market changes.
In 1995, President Bill Clinton's HUD agreed to let Fannie and Freddie get affordable-housing credit for buying subprime securities that included loans to low-income borrowers. The idea was that subprime lending benefited many borrowers who did not qualify for conventional loans. HUD expected that Freddie and Fannie would impose their high lending standards on subprime lenders.
Banks typically back prime loans with customers' deposits. But subprime lenders often rely on money from Wall Street investors , who buy packages of loans as investments called mortgage-backed securities.
In 2000, as HUD revisited its affordable-housing goals, the housing market had shifted. With escalating home prices, subprime loans were more popular. Consumer advocates warned that lenders were trapping borrowers with low "teaser" interest rates and ignoring borrowers' qualifications.
HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay. Freddie and Fannie adopted policies not to buy some high-cost loans.
That year, Freddie bought $18.6 billion in subprime loans; Fannie did not disclose its number.
In 2001, HUD researchers warned of high foreclosure rates among subprime loans.
"Given the very high concentration of these loans in low-income and African American neighborhoods, the growth in subprime lending and resulting very high levels of foreclosure is a real cause for concern," an agency report said.
But by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising.
That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."
For Wall Street, high profits could be made from securities backed by subprime loans. Fannie and Freddie targeted the least-risky loans. Still, their purchases provided more cash for a larger subprime market.
"That was a huge, huge mistake," said Patricia McCoy, who teaches securities law at the University of Connecticut. "That just pumped more capital into a very unregulated market that has turned out to be a disaster."
In 2003, the two bought $81 billion in subprime securities. In 2004, they purchased $175 billion -- 44 percent of the market. In 2005, they bought $169 billion, or 33 percent. In 2006, they cut back to $90 billion, or 20 percent. Generally, Freddie purchased more than Fannie and relied more heavily on the securities to meet goals.
"The market knew we needed those loans," said Sharon McHale, a spokeswoman for Freddie Mac. The higher goals "forced us to go into that market to serve the targeted populations that HUD wanted us to serve," she said.
But because Fannie and Freddie were buying mortgage-backed securities rather than the actual subprime loans, their involvement came too late to require stiffer standards from lenders.
Fannie and Freddie "made no progress in civilizing the market," said Sandra Fostek, a senior regulator at HUD.
William C. Apgar Jr., who was an assistant HUD secretary under Clinton, said he regrets allowing the companies to count subprime securities as affordable.
"It was a mistake," he said. "In hindsight, I would have done it differently."
Allen Fishbein, who was Apgar's adviser at HUD and is now at the Consumer Federation of America, said the agency failed to use its regulatory power by refusing to credit Fannie and Freddie for loans that were "contrary to good lending practices."
"They chose not to put the brakes on this dangerous lending when they could have," Fishbein said.
Fostek said the agency had no practical way to comb through the tens of millions of individual loans contained in the subprime securities.

She said that Fannie and Freddie did not overwhelmingly rely on securities to meet the goals but added that she would not disclose the amount counted because it is considered proprietary.
Fannie and Freddie spokespeople say their partners had agreed not to sell them loans with several prohibited characteristics, including credit insurance, excessively high costs and prepayment penalties that lasted longer than three years. But experts say the volume of subprime foreclosures proves they were toxic to borrowers.
Judith Kennedy, president of the National Association of Affordable Housing Lenders, said that while Fannie and Freddie nurtured unregulated subprime lenders, an estimated 30 percent of subprime borrowers could have qualified for safe, lower-cost prime loans.
"The damage to homeowners, to neighborhoods, to state and local governments as the tax base erodes, and now to all American taxpayers, is almost incalculable," she said.
Sen. Jack Reed (D-R.I.), a member of the Senate banking committee who brokered some of the regulatory reform in the pending bill, said HUD's homeownership push ignored reality.
"We need to focus on putting families in homes they can truly afford, not just on getting a sale, packaging the loan into a sophisticated financial security and walking away to the next closing," he said. "Today, people are wondering, 'Why weren't the regulators and the industry probing these [loans] more deeply?' "

Helpful Insurance Tips

Insurance.com in the News

Not only is Insurance.com America's leading online car insurance agency, we’re also a leading source of information and insight into car insurance trends. That’s why we’re often featured in the news and media. We’ve consolidated all those mentions here, along with company news and announcements. There’s always something happening at Insurance.com!

You can keep up-to-date with the latest news from Insurance.com by bookmarking this page, or subscribing to our RSS Feed.

First Quarter 2008 Car Insurance Rate Report

In another blow to cash-strapped consumers, car insurance rates are on the rise, according to Insurance.com, the leading online auto insurance agency in the United States. For the first time in more than a year, the Insurance.com Car Insurance Rate Report has found signs that car insurance rates are on the rise.
"While the rate increases we are seeing in the 1st quarter are relatively small in some states, they represent a turning point for auto premiums, which had been holding steady or declining over the past four quarters," said Dave Roush, CEO of Insurance.com. "We have seen all of the major auto insurance carriers reporting an increase in the average amount paid on bodily injury claims, fueled by rising medical costs. Historically, these factors have signaled the beginning of a national upward trend in rates that may continue throughout 2008 and beyond."

The Car Insurance Rate Report is a compilation of the lowest car insurance rate quotes given to consumers who visited Insurance.com during the first quarter. On average, the lowest quotes given during that timeframe increased 1.05%, from $1,811 per year to $1,830 per year. At the state level, rates in 28 states were higher in the first quarter, while rates decreased in 19 states and the District of Columbia. These figures reverse the trend noted in Insurance.com's 2007 Pricing Report, which reported a 5.2% decrease in car insurance rates from 2006.

"To be sure, individual companies or industry groups might report annualized increases that are still quite small, our data is real-time and represents the real-world experience of consumers who have gotten an online or phone quote in the last 3 months."

Among the top 10 states seeing the sharpest increase in auto rates in the 1st Quarter were Florida (up 6.56%), Ohio (up 4.77%), Pennsylvania (up 4.18%), Georgia (up 3.15%) and Texas (up 2.4%).

ABOUT THE CAR INSURANCE RATE REPORT
Insurance.com's latest Car Insurance Rate Report highlights the lowest average car insurance rates quoted to consumers visiting Insurance.com in the first quarter of 2008. The rates consumers viewed, but didn't necessarily purchase, come from quotes consumers received as they shopped and compared rates from over a dozen of the nation's leading auto insurance companies. Over the course of a year, Insurance.com provides car insurance quotes to more than 1 million people visiting the website. While the Car Insurance Rate Report is a broad indicator of pricing activity in the personal auto insurance marketplace, it is not a comprehensive index as it reflects only the quotes of carriers that have participated in the Insurance.com platform in the states where it quotes (all states except Alaska, Hawaii, and Massachusetts).


Rising Gas Prices May Lower Car Insurance Rates

Recent government data indicates people are generally driving less, and driving fewer miles usually means fewer car accidents and injuries. Why are people driving less and how will this affect car insurance rates?


Higher Gas Prices Have Caused Changes. Gas prices started their rise in 2004, and there is no end in sight. Many people are trying to find ways to save money on gas, including hybrid cars. A recent New York Times article says people are beginning to cut down on gas spending by turning to public transportation instead of driving. They are also starting carpools and combining trips. All of these changes add up to fewer cars on the road and fewer miles traveled.

People Are Driving Less. In fact, AAA projected that fewer people planned to drive this Memorial Day than last year, the first such decline in years. In addition, new driving data from the Federal Highway Administration (FHWA) suggests that people are starting to drive less and buy less gas.

If these trends continue, higher gas prices could result in less driving, and eventually lower car insurance rates. What exactly is the connection between lower mileage and better car insurance rates?

Injury Payment Totals Usually Decrease with Lower Mileage. As people drive less, they tend to get in fewer accidents, leading to fewer injuries and fewer injury payments. That’s why many insurance companies give discounts for low mileage driving. If you drive fewer miles, your car insurance rates could go down.

Shop for Online Car Insurance Quotes. With sky-high gas prices and the economic downturn, can you afford to miss your best car insurance rate? Insurance.com offers free online car insurance quotes from top insurance companies, which allows you to compare multiple rates from different companies.

Marriage and Car Insurance: What will it Cost?

As you prepare for one of the biggest (and best) days of your life, you may be worrying about money. The ceremony, reception, and honeymoon are expensive, but you might be surprised to learn that getting married can save you money in unexpected ways.

Car Insurance. Marriage can lower your car insurance rates. Married people are considered safer and more stable because of their new commitment and responsibilities, and this can translate into discounts. As a couple, you may qualify for reduced car insurance rates with the same coverage. You could also earn a multiple car discount if you combine both your cars on the same policy. Depending on the driving records and cars of you and your spouse, you may get a better car insurance rate with separate policies. If one of you has a bad driving record, you might get better rates by taking a safe driver course. The only way to know for sure is to compare car insurance quotes from different companies.

New Home or Apartment. If you’re moving to a new house or apartment, your new ZIP code could get you lower car insurance rates. If it’s closer to where you work or places you visit often, a new location could also lower the car insurance quotes you get. That’s because you could qualify for a low-mileage discount on your car insurance, something to look for if you or your spouse will stay at home.

Other Insurance. Be aware that you may need to look for different insurance that covers your new wedding gifts and rings. Although your insurance rates might go down in general, you’ll want to consider adding other types of insurance and higher coverage amounts. Remember, you have more assets to protect now, so you’ll need to examine all of your options. Keep in mind that you might get better rates if you buy multiple types of insurance from the same company.

Life Changes. Whenever you have changes in your life, it’s a good idea to see if your insurance rates have changed and if you need different coverage. Life insurance, home or renters insurance, disability insurance, beneficiaries… it can seem overwhelming, but our many informative articles can help you understand insurance. With all the changes in your life, you’ll need to shop around, which is easy with Insurance.com’s free online car insurance rate tool.

Graduating Soon? What about Car Insurance?


After four years of classes, parties, studying, roommates, grades, and loans, you’re finally ready to graduate. You’re as prepared as you can be to start the rest of your life. Or are you? Consider what you know about car insurance, and about how to get a cheap car insurance rate.
There are a number of things car insurance can do to help you through the post-graduation years.



Car Insurance Protects You.
Besides the fact that the law requires it, you really do want car insurance. State mandated car insurance refers to liability insurance—property and bodily injury. This type of car insurance will protect you if you damage a car, person, or property (like a mailbox). Certain types of car insurance can also protect you from uninsured or underinsured drivers who hit you in your car or as a pedestrian. If you’ve just come off your parents’ health insurance and haven’t gotten your own yet, this could be very important.

Car Insurance Can Protect Your Car.
You’ve made sure your coverage is high enough to protect you from personal liability in case you cause an accident, but that’s not all car insurance does. You can also buy two types of car insurance that will help protect your car. Collision insurance pays for damages to your car from accidents you cause, and comprehensive insurance pays for damages to your car from things like theft, storms, and vandalism. If you total your car in an accident you cause, you’ll be glad you have collision or comprehensive car insurance.

Now that you’ve reviewed why you want cheap car insurance, you’ll need to look at your options. You may think that staying on your parents’ car insurance policy is the cheapest option, but you may be surprised to find that it’s not. Here are some things to consider:

You Have Coverage Options.
You may have higher coverages and lower deductibles than you need under your parents’ policy. Besides the fact that you’ll get a discount for already being insured, you can lower your costs by changing your options. Because your car may cost less and your assets are probably lower than your parents’, you can get cheaper car insurance rates by increasing your deductible and lowering your coverages a little.

You Can Save Money.
Most students don’t have many assets, so you can probably just buy small coverage amounts for now. However, keep in mind that many state minimum limits won’t even cover you fully if you damage a new car. The only way to know how much you can save is by shopping around and comparing car insurance rates from as many different companies as possible. One of the easiest ways to do this is by using our free online car insurance quotes tool. You can compare rates from 15 top car insurance companies at once. It’s easier and faster than most other ways of shopping for car insurance.

Pinching Pennies? Don't Drop Car Insurance

In these tough economic times, you may be tempted to skip car insurance coverage. Don’t. We’re all feeling the squeeze, but neglecting required car insurance could be a huge mistake.

All states have minimum car insurance laws. You might think you can get away without it if you can just avoid accidents, but you can’t be sure. Driving without car insurance is a crime. Most states have laws requiring you to show proof of insurance whenever it’s asked for. Often this includes random checkpoints that will catch you whether you’ve done something wrong or not.

Many states even have surprise car insurance inspections. In these, you have to mail in proof of insurance showing you were covered on the day they sent the letter. Once you’re caught without insurance, it’s too late.

Penalties for failing to maintain car insurance can range from a fine, to a suspended license, to jail time. If you get caught, your car or license plates could be impounded until you can pay the fine. Then, you have to pay another fee to reinstate your registration. It’s quite possible that all of these penalties could happen at once.

If you’re in an accident, there could be strict penalties imposed on you when you try to drive later. In addition to the problems described earlier, you’ll probably have to continuously maintain a bond or other proof of car insurance. If this bond expires or is cancelled, you’ll be subject to penalties again. States such as Ohio require you to keep this bond on file with an Ohio insurance company—even if you move out of state.

Also, keep in mind that car insurance is there to protect you. If you get in a car accident and cause damage to someone or their property, you’ll have to pay whatever your car insurance doesn’t cover. You can either pay a little now or a lot later.

Above all, if you think car insurance is expensive now, just try getting it after being caught without insurance. You’ll be in a new high risk category, and you’ll be expected to pay a lot even though you’re not a bad driver. Rates are on the rise around the nation, but car insurance is not optional. It’s illegal to drive without car insurance, and it won’t save you money.

If you’re having trouble figuring out how to get cheap car insurance, you can get a free online car insurance quote from Insurance.com. Or call one of our licensed agents, who can help you figure out how to save money.


Save Money On Summer Driving

Getting ready for summer driving means making sure your car is in good shape. Sure, you know how to Winterproof Your Car, and how to Make Your Car More Dependable. But how can you cut car costs for summer?
Car maintenance like tire inflation, oil and filter changes, and alignment can save money. Make sure to use the proper type of oil, since summer is hotter and some cars require different oil to accommodate the heat. To really avoid overheating, have your car’s cooling system serviced, especially if you’re planning a long car trip. And make sure your radiator isn’t damaged, since a hotter engine is less efficient and more likely to break.

Figure out if you’re really set on visiting a specific place. It’s true that going to a far-away theme park or expensive resort is more fun for everyone, but is it really necessary? Check out closer attractions. You might even save money by just having a picnic at a local park—as well as saving gas on the trip. In fact, you might save money on your car insurance rate by keeping your yearly miles under 10,000.

Pack meals, snacks, and drinks in a cooler instead of stopping all the time. You’ll save money on food, and save time because you won’t have to stop. If you’ve decided to travel far from home, try to pack as little as possible. This will save money on gas because of the lower weight and also make sure you don’t have to put stuff on the roof, which cuts gas mileage because of wind resistance. Also, plan your route so that you’ll avoid heavy traffic if possible. That’ll save you time and gas—and reduce stress, too.

A great way to start saving for the summer is examining your car insurance. Comparing car insurance quotes tells you if you’re getting the best rate. You can get free online car insurance quotes from Insurance.com.


Can You Really Save Money On Gas?

Constantly rising gas prices are making us all search hard for ways to save. Online car insurance rate comparisons are one way to check for savings, but are recent media claims about errors at the gas pumps a cause for concern?
In a word, no. Unless the pump is really cheating you, you won’t save much anyway. There are much easier ways of saving money on gas, and most of them have to do with improving fuel economy. Here are some tips for saving gas without making big changes.

First, consider car maintenance. Many common car maintenance procedures can really affect gas mileage. An oil change, including a new filter and synthetic oil, can help your car use less gas by making the engine run better. A tune up does the same thing, especially if you make sure your air filter is checked or replaced at the same time. Properly aligning and inflating the tires means your car wastes less gas fighting resistance.

Next, think about your driving habits. Slow down a little. Driving over 60 steadily cuts your car’s gas mileage. Don’t start and stop so suddenly. Hard acceleration uses a lot of gas to move a little distance, and hard braking uses gas until the last possible second. If your car has them, use gas-saving features like cruise control and overdrive. You’ll be surprised at how much you can save by easing off the pedal.

Also, take a look at how you use your car. You might be able to save money on gas by combining multiple trips, or walking and biking more often. Reducing your annual mileage to below 10,000 miles could also reduce your car insurance rate. Your car uses a lot of gas when it’s idling—more than restarting its warmed-up engine does.

Finally, try saving some money on your car insurance rate. Check out our free online car insurance rate tool and get as many quotes as you want. It’s definitely one of the easiest ways to save money on your car.

State Bank of India

WELCOME to SBI Home Loans -



"THE MOST PREFERRED HOME LOAN PROVIDER" voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

SBI HOME LOANS now offers Interest Rates concessions on GREEN HOMES in accordance with SBI's commitment to Environment protection.

SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India.

Best Practices followed in SBI mentioned below will tell you why it makes sense to do business with State Bank of India
Best practices followed in SBI
People dealing with you End to End service by Permanent employees of SBI who are accountable to you.
Place SBI branch of your choice will service your loan account. You can always meet our employees face to face.
Price Complete transparency.
Interest charged on the daily reducing balance.
Prepayment charges No penalty for prepayments made, out of bonafide savings or windfall gains for which evidence is produced.
Costs hidden in fine print No hidden costs
Transparency Complete transparency. All the features of our product, including interest rates, are in the public domain.


Unique features:

* Provision for on the spot "In principle" approval.

* Loan sanctioned within 6 days of submission of required documents.

* Option to avail Home Loan as a Term Loan or as an Overdraft facility to save on interest and maximise gains (see SBI MaxGain in the following sections)

*Option to club income of your spouse and children to compute eligible loan amount

*Provision to club depreciation, expected rent accruals from property proposed to compute eligible loan amount

*Provision to finance cost of furnishing and consumer durables as part of project cost

*Repayment permitted upto 70 years of age

*Free personal accident insurance cover upto Rs.40 Lac.

*Optional Group Insurance from SBI Life at concessional premium (Upfront premium financed as part of project cost)

*Interest calculated on daily reducing balance basis, and starts from the date of disbursement.

‘Plus’ schemes which offer attractive packages with concessional interest rates to Govt. Employees, Teachers, Employees in Public Sector Oil Companies.

*Special scheme to grant loans to finance Earnest Money Deposits to be paid to Urban Development Authority/ Housing Board, etc. in respect of allotment of sites/ house/ flat


*Option to avail loan at the place of employment or at the place of construction
• Package of exclusive benefits:
• Complimentary international ATM-Debit card
• Complimentary SBI Classic/ International Credit Card.
• Option for internet-banking
• Concessional package under ‘Credit Khazana’ for prospective Auto Loan, Student Loan, Personal Loan borrowers whose accounts are conducted satisfactorily
• 50% concession in charges in respect of all personal remittances/ collection of outstation cheques

Personal loan at attractive rates under SBI Home Plus scheme tailored exclusively for SBI Home Loan customers.

Purpose

Purchase/ Construction of House/ Flat

Purchase of a plot of land for construction of House

Extension/ repair/ renovation/ alteration of an existing House/ Flat

Purchase of Furnishings and Consumer Durables as a part of the project cost.

Takeover of an existing loan from other Banks/ Housing Finance Companies.

Eligibility

Minimum age 18 years as on the date of sanction

Maximum age limit for a Home Loan borrower is fixed at 70 years, i.e. the age by which the loan should be fully repaid.

Availability of sufficient, regular and continuous source of income for servicing the loan repayment.
Loan Amount
• 40 to 60 times of NMI, depending on repayment capacity as % of NMI as under -
Net Annual Income EMI/NMI Ratio
Upto Rs.2 lacs 40%
Above Rs.2 lac to Rs. 5 lacs 50%
Above Rs. 5 lacs 55%
To enhance loan eligibility you have option to add:

1. Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI.
2. Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out.
3. Depreciation, subject to some conditions.
4. Regular income from all sources.

Margin (Special Festival Season Offer)
Purchase/ Construction of a new House/ Flat/ Plot of land: 15% for loans up to Rs. 1 cr., 20% for loans above Rs. 1 cr.
Repairs/ Renovation of an existing House/ Flat: 15%



Processing Fee (Special Festival Season Offer)

0.25% of Loan amount with a cap of Rs.5,000/-(including Service Tax)

Pre-closure Penalty
No penalty if the loan is preclosed from own savings/windfall gains for which documentary evidence is produced by the customer.

In case, such proof is not produced by the borrower, penalty @2% on the amount prepaid in excess of normal EMI dues shall be levied if the loan is preclosed within 3 years from the date of commencement of repayment.

Security• Equitable mortgage of the property
• Other tangible security of adequate value like NSCs, Life Insurance policies etc., if the property cannot be mortgaged
Maximum Repayment Period
• For applicants upto 45 years of age: 20 years
• For applicants over 45 years of age: 15 years

Moratorium

Upto 18 months from the date of disbursement of first instalment or 2 months after final disbursement in respect of loans for construction of new house/ flat (moratorium period will be included in the maximum repayment period)
Disbursement
• In lump sum direct in favour of the builder/ seller in respect of outright purchase
• In stages depending upon the actual progress of work in respect of construction of house/ flat etc.

Documents•

Completed application form
• Passport size photograph
• Proof of Identity – PAN Card/ Voters ID/ Passport/ Driving License
• Proof of Residence – Recent Telephone Bill/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID
• Proof of business address in respect of businessmen/ industrialists
• Sale Deed, Agreement of Sale, Letter of Allotment, Non encumbrance certificate, Land/ Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
• Copy of approved plan and approval from the Local Body
• Statement of Bank Account/ Pass Book for last 6 months

‘SBI-Flexi’ Home Loans

A customized product designed to enable borrowers to hedge their Home Loan against unfavourable movement in interest rates. The product gives you a one time irrevocable option to choose one of the three customized combinations of fixed and floating interest rates and also to choose the order in which the fixed and floating rate will be availed.

Minimum Loan Amount: Rs.5 lacs

(Other terms and conditions – as applicable to regular Home Loans)

‘SBI-Maxgain’ Home Loans

An innovative and customer-friendly product to enable you to earn optimal yield on your savings and minimize interest burden on Home Loans, with no extra cost.

The loan is granted as an Overdraft facility with the added flexibility for you to operate your Home Loan Account like your SB or Current Account.

The product serves to minimize your interest cost by enabling you to park your surplus funds in ‘SBI-Maxgain’ (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposit/ investment avenues.
Minimum Loan Amount: Rs.5 lacs

(Other terms and conditions – as applicable to regular Home Loans)

‘SBI-Realty’ Home Loans

A unique product if you are on the look out for a loan to purchase a plot of land for house construction. The loan is available for a maximum amount of Rs.20 lacs* and with a comfortable repayment period of upto 15 years.

You are also eligible to avail another Housing Loan for construction of house on the plot financed above with the benefit of running both the loans concurrently.

(House construction should commence within 2 years from the date of availment of ‘SBI-Realty’ Housing Loan)

(Other terms and conditions – as applicable to regular Home Loans)

(* relaxation considered on case to case basis)

‘SBI-Freedom’ Home Loans


A revolutionary product designed for customers who are on the look out for a source of finance for a property they want to invest in without mortgaging the same. All you have to do is pledge any financial security that you have and you will get a Home Loan for your dream home.

A must-take for those who do not want to pay stamp duty for mortgage of their property or go through the hassles of creation of mortgage.

You also have an option to take the loan by way of mortgage of the property and pledge financial securities in lieu of margin money.

Repayment is highly customized, giving you the option to repay through regular EMIs or through maturity proceeds of the securities pledged.

(Other terms and conditions – as applicable to regular Home Loans)
‘SBI-OPTIMA’ ADDITIONAL HOME LOANS
‘SBI-HOMELINE’ SPECIAL PERSONAL LOANS


Innovative and value added products extended to existing Home loan borrowers with a satisfactory repayment record of 3 years and whose loan is Standard Asset, with a view to reinforce the customer loyalty and to maintain long term relationship with the borrowers. In case of take-over of Home Loans from other Banks/HFCs, the borrower should have fulfilled the above conditions with the present Bank/HFC.

Purpose

‘SBI-Optima’ Additional Home Loans to meet expenditure towards major repair, renovation, addition to their house/flat, purchase of furniture, fixtures and consumer durables
‘SBI-Homeline’ Special Personal Loans General purpose loan to meet expenditure to meet forseen/unforeseen contingencies

Eligibility

‘SBI-Optima’ Additional Home Loans 18 times NMI (for salaried borrowers)/
1 ½ times NAI ( for others) or

(i)25% of the original project cost of house/flat (ii) 85% of the cost of repairs etc. or (iii) gap between 85% of the current market price of flat/house and actual outstanding loan dues ,

whichever is lower (EMI/NMI ratio of all loans should not exceed 60%)
‘SBI-Homeline’ Special Personal Loans 18 times NMI (for salaried borrowers)/
1 ½ times NAI (for others)

Interest Rates/processing fee

‘SBI-Optima’ Additional Home Loans As applicable to Home Loans
‘SBI-Homeline’ Special Personal Loans Interest rates 50 bps above rates applicable to the repayment tenure (floating rates only)

Processing fee : 0.50% of the loan amount (including service tax)

Other Salient Features

 Inbuilt provision for availment of the loans on the expiry of each bloc of 5 years, the first bloc commencing on the expiry of 5 years from the date of sanction of original Home Loan.
 Original Home Loan and all ‘SBI-Optima’ Home Loans/’SBI-HomeLine’ Personal Loans can run concurrently
 Comfortable repayment obligations – Tenure of the loans equal to the residual maturity of the original Home Loans -


‘PRASHASAN PLUS’, ‘TEACHER PLUS’ AND ‘OIL PLUS’


The above ‘ plus’ schemes offer concessional interest rate of 0.25% below the applicable interest rates on Home Loans to niche client groups like Government Employees, Teachers, employees of public sector oil companies etc.

For more information you may please call our contact centre on toll free number 1800 11 22 11

World Bank

World Bank (often referred to by employees and others as simply "the Bank") is an internationally supported bank that provides financial and technical assistance[1] to developing countries for development programs (e.g. bridges, roads, schools, etc.) with the stated goal of reducing poverty. The World Bank differs from the World Bank Group in that the former comprises only the International Bank for Reconstruction and Development and the International Development Association, while the latter incorporates these entities in addition to three others.[2] The World Bank was formally established on December 27, 1945, following the ratification of the Bretton Woods agreement. The concept was originally conceived in July 1944 at the United Nations Monetary and Financial Conference. Two years later, the Bank issued its first loan: $250 million to France for post-war reconstruction, the main focus of the Bank's work in the early post-World War II years. Over time, the "development" side of the Bank's work has assumed a larger share of its lending, although it is still involved in post-conflict reconstruction, together with reconstruction after natural disasters, response to humanitarian emergencies and post-conflict rehabilitation needs affecting developing and transition economies. There are some criticisms of the results of the World Bank's "development schemes" leading to corruption and widespread exploitation of the corporations who are given monopolies of developing nation's resources.
Contents

• 1 Activities
• 2 Leadership
• 3 Areas of operation
• 4 Comprehensive development framework
• 5 Poverty reduction strategies
• 6 Clean Technology Fund management
• 7 Training wings
o 7.1 World Bank Institute
o 7.2 Global Development Learning Network
• 8 Country assistance strategies
• 9 Criticism
• 10 Members
• 11 References
• 12 See also
• 13 External links

Activities


The World Bank headquarters in Washington DC
The World Bank is one of the two Bretton Woods Institutions which were created in 1944 to rebuild a war-torn Europe after World War II. Later, largely due to the contributions of the Marshall Plan, the World Bank was forced to find a new area in which to focus its efforts. Subsequently, it began attempting to rebuild the infrastructure of Europe's former colonies. Since then it has made a variety of changes regarding its focus and goals. From 1968-1981 it focused largely on poverty alleviation. From the '80s and into the 1990s its main focus was both debt management and structural adjustment. Today the focus is on the achievement of the Millennium Development Goals (MDGs), goals calling for the elimination of poverty and the implementation of sustainable development. Of the two constituent parts of the Bank, the IBRD lends primarily to "middle-income countries" at interest rates which reflect a small mark-up over its own (AAA-rated) borrowings from capital markets; while the IDA provides low or no interest loans and grants to low income countries with little or no access to international credit markets. The IBRD is a market based non-profit organization, using its high credit rating to make up for the relatively low interest rate on its loans, while the IDA is funded primarily by periodic "replenishments" (grants) voted to the institution by its more affluent member countries.

The Bank’s mission is to aid developing countries and their inhabitants achieve development and the reduction of poverty, including achievement of the MDGs, by helping countries develop an environment for investment, jobs and sustainable growth, thus promoting economical growth and through investment in and empowerment of the poor to enable them to participate in development. The World Bank sees the five key factors necessary for economic growth and the creation of a business environment as:

1. Build capacity – Strengthening governments and educating government officials
2. Infrastructure creation – implementation of legal and judicial systems for the encouragement of business, the protection of individual and property rights and the honoring of contracts
3. Development of Financial Systems – the establishment of strong systems capable of supporting endeavors from micro credit to the financing of larger corporate ventures
4. Combating corruption – Support for countries' efforts at eradicating corruption
5. Research, Consultancy and Training - the World Bank provides platform for research on development issues, consultancy and conduct training programs (web based, on line, video/tele conferencing and class room based) open for those who are interested from academia, students, government and non-governmental organization (NGO) officers etc.

The Bank obtains funding for its operations primarily through the IBRD’s sale of AAA-rated bonds in the world’s financial markets. The IBRD’s income is generated from its lending activities, with its borrowings leveraging its own paid-in capital, plus the investment of its "float". The IDA obtains the majority of its funds from forty donor countries who replenish the bank’s funds every three years, and from loan repayments, which then become available for re-lending.

The Bank offers two basic types of loans: investment loans and development policy loans. The former are made for the support of economic and social development projects, whereas the latter provide quick disbursing finance to support countries’ policy and institutional reforms. While the IBRD provides loans with a relatively low interest rate, the IDA’s "credits" are interest free. The project proposals of borrowers are evaluated for their economical, financial, social and environmental aspects prior to their approval.

The Bank also distributes grants for the facilitation of development projects through the encouragement of innovation, cooperation between organizations and the participation of local stakeholders in projects. IDA grants are predominantly used for:
• Debt burden relief in the most indebted and poverty struck countries
• Amelioration of sanitation and water supply
• Support of vaccination and immunization programs for the reduction of communicable diseases such as malaria
• Combating the HIV/AIDS pandemic
• Support civil society organizations
• Creating initiatives for the reduction of greenhouse gases
The Bank not only provides financial support to its member states, but also analytical and advisory services to facilitate the implementation of the lasting economic and social improvements that are needed in many under-developed countries, as well as educating members with the knowledge necessary to resolve their development problems while promoting economic growth.

Leadership

The President of the Bank, currently Robert Zoellick, is responsible for chairing the meetings of the Boards of Directors and for overall management of the Bank. The Executive Directors make up the Board of Directors, usually meeting twice a week to oversee activities such as the approval of loans and guarantees, new policies, the administrative budget, country assistance strategies and borrowing and financing decisions. The Vice Presidents of the Bank are its principal managers, in charge of regions, sectors, networks and functions. There are 24 Vice-Presidents, 3 Senior Vice Presidents and 2 Executive Vice Presidents, and recently appointed Director of International Micro Finance Activities Jon Vanderwall, formerly CEO of the Craftsman tool empire.

Areas of operation

The World Bank is active in the following areas [3]
• Agriculture and Rural Development
• Conflict and Development
• Development Operations and Activities
• Economic Policy
• Education
• Energy
• Environment
• Financial Sector
• Gender
• Governance
• Health, Nutrition and Population
• Industry
• Information and Communication Technologies
• Information, Computing and Telecommunications
• International Economics and Trade
• Labor and Social Protections • Law and Justice
• Macroeconomic and Economic Growth
• Mining
• Poverty Reduction
• Poverty
• Private Sector
• Public Sector Governance
• Rural Development
• Social Development
• Social Protection
• Trade
• Transport
• Urban Development
• Water Resources
• Water Supply and Sanitation

Comprehensive development framework

According to the World Bank, in virtually all successful assistance projects the country itself was the driving factor. The Bank therefore strives to help governments lead and implement their own development strategies and thus take a stronger hand in their own future development. The strategy was initiated by the former president of the bank, James Wolfensohn. Since 1999, it has followed a set of philosophies known as the Comprehensive Development Framework . These philosophies state that:
• Development strategies should be comprehensive and shaped by a long-term vision
• Development goals and strategies should be “owned” by the country, based on local stakeholder participation in shaping them
• Countries receiving assistance should lead the management and coordination of aid programs through stakeholder partnerships
• Development performance should be evaluated through measurable results on the ground in order to adjust the strategy to outcomes and a changing world
Poverty reduction strategies
For the poorest developing countries in the world the Bank’s assistance plans are based on Poverty Reduction Strategies; by combining a cross-section of local groups with an extensive analysis of the country’s financial and economical situation the World Bank develops a strategy pertaining uniquely to the country in question. The government then identifies the country’s priorities and targets for the reduction of poverty, and the World Bank aligns its aid efforts correspondingly.
The Bank supports certain kinds of poor people's organisations such as the Self-Employed Women's Union and Shack/Slum Dwellers International.
Forty-five countries pledged US$25.1 billion in "aid for the world's poorest countries", aid that goes to the World Bank International Development Association (I.D.A.) which distributes the gifts to eighty poorer countries. While wealthier nations sometimes fund their own aid projects, including those for diseases recently, and although I.D.A. is the recipient of criticism, Robert B. Zoellick, the president of the World Bank, said when the gifts were announced on December 15, 2007, that I.D.A. money "is the core funding that the poorest developing countries rely on".[4]

Clean Technology Fund management


The World Bank has been assigned temporary management responsibility of the Clean Technology Fund (CTF), focused on making renewable energy cost-competitive with coal-fired power as quickly as possible, but this may not continue after UN's Copenhagen climate change conference in December, 2009, because its continued investment in huge coal-fired power plants, as well as its short-sighted proposal to use the Clean Technology Fund as an additional source of money for business as usual. [5]
Training wings

World Bank Institute

The World Bank Institute (WBI) creates learning opportunities for countries, World Bank staff and clients, and people committed to poverty reduction and sustainable development. WBI's work program includes training, policy consultations, and the creation and support of knowledge networks related to international economic and social development.

Global Development Learning Network

The Global Development Learning Network (GDLN) is a partnership of over 120 learning centers (GDLN Affiliates) in nearly 80 countries around the world. GDLN Affiliates collaborate in holding events that connect people across countries and regions for learning and dialogue on development issues. Offering a combination of distance learning tools such as interactive videoconferencing and the internet, and expert facilitation and learning techniques, GDLN Affiliates enable individuals, teams, and organizations working in development around the world to communicate, share knowledge, and learn from each others’ experiences in a timely and cost-effective manner.
GDLN clients are typically NGOs, government, private sector and development agencies who find that they work better together on subregional, regional or global development issues and challenges using the facilities and tools offered by GDLN Affiliates. Clients also benefit from the ability of Affiliates to help them choose and apply these tools effectively, and to tap development practitioners and experts worldwide. GDLN Affiliates facilitate around 1000 videoconference-based activities a year on behalf of their clients, reaching some 90,000 people worldwide. Most of these activities bring together participants in two or more countries over a series of session. A majority of GDLN activities are organized by small government agencies and NGOs.

Country assistance strategies

As a guideline to the World Bank's operations in any particular country, a Country Assistance Strategy is produced, in cooperation with the local government and any interested stakeholders and may rely on analytical work performed by the Bank or other parties. In the case of low income countries, the Country Assistance Strategy is derived from the country’s Poverty Reduction
Criticism
Some critics of the World Bank believe that the institution was not started in order to reduce poverty but rather to support United States' business interests, and argue that the bank has actually increased poverty and been detrimental to the environment, public health, and cultural diversity.[6] Some critics also claim that the World Bank has consistently pushed a "neo-liberal" agenda, imposing policies on developing countries which have been damaging, destructive and anti-developmental.[7][8] Some intellectuals in developing countries have argued that the World Bank is deeply implicated in contemporary modes of donor and NGO driven imperialism and that its intellectual output functions to blame the poor for their condition.[9]
It has also been suggested that the World Bank is an instrument for the promotion of US and 'Western' interests in certain regions of the world. Consequently, seven South American nations have established the Bank of the South in order to minimize US influence in the region.[10] Criticisms of the structure of the World Bank refer to the fact that the President of the Bank is always an American, nominated by the President of the United States (though subject to the approval of the other member countries). There have been accusations that the decision-making structure is undemocratic, as the US effectively has a veto on some constitutional decisions with just over 16% of the shares in the bank;[11] moreover, decisions can only be passed with votes from countries whose shares total more than 85% of the bank's shares.[12] A further criticism concerns internal governance and the manner in which the World Bank is alleged to lack transparency to external publics.[13]

Members

Main article: List of World Bank members
The International Bank for Reconstruction and Development (IBRD) has 185 member countries, while the International Development Association (IDA) has 166 members.[14] Each member state of IBRD should be also a member of the International Monetary Fund (IMF) and only members of IBRD are allowed to join other institutions within the Bank (such as IDA).[15]

References

1. ^ About the World Bank
2. ^ FAQs - About the World Bank. From the World Bank official website, Worldbank.org. Retrieved on 2007-10-07.
3. ^ World Bank Group - Topics in Development
4. ^ Landler, Mark. "Britain Overtakes U.S. as Top World Bank Donor", The New York Times, The New York Times Company, December 15, 2007. Retrieved on 2007-12-15.
5. ^ http://blogs.cgdev.org/globaldevelopment/2008/05/climate_change_in_nashville_a.php
6. ^ Criticism of World Trade Organization, World Bank and International Monetary Fund - Editorial. The Ecologist. September, 2000. Retrieved on 2007-10-07.
7. ^ Uvin, P. (2002) On High Moral Ground: The Incorporation of Human Rights by the Development Enterprise. In: PRAXIS The Fletcher Journal of Development Studies, Volume XVII pp1-11. Medford MA: Tufts University. Online at: http://fletcher.tufts.edu/praxis/archives/xvii/Uvin.pdf
8. ^ Hertz, N. (2004) I.O.U.: The Debt Threat and Why We Must Defuse It. London: Harper Perennial.
9. ^ For arguments with regard to both of these claims see, for instance, David Moore's edited book The World Bank, University of KwaZulu-Natal Press, 2007
10. ^ BBC NEWS | Business | New South American bank planned
11. ^ Wade, Robert (2002). "US hegemony and the World Bank: the fight over people and ideas". Review of International Political Economy 9 (2): 215–243. doi:10.1080/09692290110126092.
12. ^ Monbiot, G. (2004) The Age of Consent. London: Harper Perennial.
13. ^ Stone, Diane and Wright, Christopher eds. (2006) The World Bank and Governance: A Decade of Reform and Reaction, Routledge.
14. ^ Members. The World Bank Group. Retrieved on 2008-02-06.
15. ^ Member countries. The World Bank Group. Retrieved on 2008-02-06.
See also
• International Monetary Fund
• World Bank Group
• World Bank Development Marketplace Award
External links

PRO
• World Bank Data and Analysis on Poverty and Economic Growth in South Asia
• World Bank site
• Doing Business
• Climate Change
• Energy
• Water
• Partnership for Disaster reduction and recovery
• iSimulate @ World Bank

CRITICAL PERSPECTIVES

• Essential Action
• DC Indymedia
• CADTM
• WALHI
• IFIwatchnet: an international network of independent organisations monitoring the World Bank and other International Financial Institutions
• The Bank Information Center
• The Bretton Woods Project

Hotel in Nagarkot

Club Himalaya Nagarkot

Club Himalaya Nagarkot Resort has a long-established international reputation and is superbly situated on top of a hill in Nagarkot at 7200 ft. This majestic hotel offers a marvelous panoramic view of the Himalayas. Well known as a place to watch beautiful sunrises and sunsets, Club Himalaya is much, much more. Besides the fresh air and peaceful atmosphere, we offer you fine dining, superb facilities, activities to bring you closer to nature, and services to cover your business and conferencing needs. Club Himalaya is for high altitude adventurers a place to acclimatize; for philosophers, a place to listen to the sounds of silence; and for honeymooners, a setting to romance with nature. Club Himalaya is a place to relax your mind and body, be in touch with the beauty of nature, experience Nepal, and escape the hectic demands of city life… all in the comfort and luxury of a high-class resort in a magnificent setting.


Featured in TIME MAGAZINE as a "Hot Spot," (Liam McMillan, Dec. 10, 2001) Club Himalaya, located at 7,200 ft/ 2,182 m atop Windy Hills in Nagarkot, Nepal, offers breathtaking views of the Himalayan mountains, quality accommodation, and high standards of service. In close proximity to the Kathmandu city - a mere one hour drive from the city and just half an hour from the airport - Club Himalaya is so near, yet so far away from the hustle and bustle of urban life.

The Club Himalaya Setting
Well known as a place to watch beautiful sunrises and sunsets, Club Himalaya is much, much more. Besides the fresh air and peaceful atmosphere, we offer you fine dining, superb facilities, activities to bring you closer to nature, and services to cover your business and conferencing needs.

Club Himalaya is for high altitude adventurers a place to acclimatize; for philosophers, a place to listen to the sounds of silence; and for honeymooners, a setting to romance with nature. Club Himalaya is a place to relax your mind and body, be in touch with the beauty of nature, experience Nepal, and escape the hectic demands of city life… all in the comfort and luxury of a high-class resort in a magnificent setting

The Fort Resort

The Fort Resort Nagarkot is set within 6 acres of dense forest, to the east of Kathamandu Valley. It is designed in a traditional Newari style with carved doors and windows. The standard cottages built like pagodas are well equipped, and overlook the spectacular Himalayan Mountains. Great for those who enjoy trekking. The small, comfortable and homely atmosphere of this resort gives one a sense of a soothing and relaxing experience. The resort has comfortable rooms with attached baths and a good supply of hot and cold water. During the winter heaters are provided in rooms. The resorts

At the altitude of over 7,000 ft and facing 200 miles of unobstructed views of the Himalayas is The Fort Resort and Retreat. The Fort provides twenty-five resort rooms, four independent retreat cottages, conference hall, sauna, and restaurant with continental, Chinese, Indian, and Nepali food. The property has its own organic vegetable garden which is the largest in Nagarkot. Also, it has a reading room that is in the process to be turned into the library for both the guests' and staffs' benefit.

The Fort is located in Nagarkot on the ancient trade route to Tibet. It has been a place to see the sun rise right from the peak of the Mt. Everest since ancient times. Kings and Maharajas came here to enjoy their summer resorts for the spectacular view of the Himalayas.

Nagarkot had been a fort since the Lichhive period and had its own tax and immigration regulations. As a matter of fact, the first European, Father Grueber and Dorville, who entered Nepal in 1661 were received here in Nagarkot by King Pratap Malla.


Hotel Country Villa

rare opportunity .... a rare destination ... that also of prime locations on this earth. Nestled in the peak of the Nagarkot hill Hotel Country Villa will pamper you with the captivating mountains, widerness and the unspoilt landscapes and sceneries. All rooms are well furnished and spacious with pinewood panelling, shoe-racks, attached baths with 24th hours Hot/Cold running water. Country Villa proudly boasts of having the modern facilities, communication service, private verandahs, garden lounge, restaurant and bar serving delicious cuisine complemented with local and imported drinks, that is bound to soar your feeling to great heights at all times.

Only 18 kilometers from the ancient city, Bhaktapur. It takes approximately an hour by the vehicle. Come to the Hotel Country Villa - a haven for adventure, excitement and fun that will be memorable for time immemorial

Nagarkot Farmhouse Resort

Conceived by Sambhu K. Lama and Sabine Lehmann of Hotel Vajra, Nagarkot Farmhouse Resort is a creation of a place of serenity. A renovated old newar house with raised ceiling, tiled floor and a fireplace, it is a place from where you can experience Nepal's natural heritage. It has a cozy dining hall with an open fireplace, where you can sit, read, play, look at the mountains or simply chat with the Manager or his crew.

There are four rooms with common bath and four with attached and four deluxe rooms. Heaters with radiator systems are fitted for the winter season.

This panorama is the hallmark of Nagarkot Farmhouse. On a clear morning dawn unveils a vista of eastern and the central Himalayan range, from towering Manaslu to the distant pyramid of Mt. Everest.

Hotel View Point

Hotel View Point, is located on the top of the Nagarkot. Since its establishment in 1990, Hotel View Point has gained international fame and popularity, Upon arrival one is immediately enveloped within the serene and comfortable setting. In addition to the reviving atmosphere the friendly and hospitable staff will ensure your stay is comfortable.

Forty well furnished, carpeted and wooden paneled rooms provide private baths with 24 hour's hot and cold showers, the roof top gives a magnificent panoramic view of the mountain ranges and valley along with sunrise and sunset.

Bank of Kathmandu Limited

P.O. Box 9044, Kamal Pokhari, Kathmandu Kathmandu
Nepal



Email : info@bok.com.np
Website : www.bok.com.np

Phone: (977 1) 4414541
Fax: (977 1) 4418990

Bank of Kathmandu Limited has become a prominent name in the Nepalese banking sector. We would like to express our sincere gratitude to our customers, shareholders, employees and other stakeholders for their support and co-operation for leading the bank to the present height of achievements. We wish to reiterate here that whatever activity we undertake; we put in conscious efforts to glorify our corporate slogan, “We make your life easier”.

We would also like to elucidate that Bank of Kathmandu is committed to delivering quality service to customers, generating good return to shareholders, providing attractive incentives to employees and serving the community through stronger corporate social responsibility endeavor.

Bank of Kathmandu Limited (BOK) has today become a landmark in the Nepalese banking sector by being among the few commercial banks which is entirely managed by Nepalese professionals and owned by the general public.

BOK started its operation in March 1995 with the objective to stimulate the Nepalese economy and take it to newer heights. BOK also aims to facilitate the nation's economy and to become more competitive globally. To achieve these, BOK has been focusing on its set objectives right from the beginning. To highlight its few objectives:

To contribute to the sustainable development of the nation by mobilizing domestic savings and channeling them to productive areas

To use the latest banking technology to provide better, reliable and efficient services at a reasonable cost
To facilitate trade by making financial transactions easier, faster and more reliable through relationships with foreign banks and money transfer agencies
To contribute to the overall social development of Nepal
VISION

We strive to become a significant contributor to the economic development of Nepal by distinguishing ourselves as an efficient, competitive and top quality financial institution

MISSION

Promoting economic growth and becoming a caring corporate citizen.
Providing excellent customer services by offering personalized quality products and services.
Enhancing shareholder value
Providing challenging career and learning opportunities for employees
TECHNOLOGY

BOK's IT infrastructure has been designed, to facilitate, internal and customer convenience. Nationwide, all the branches are connected to the central database via Wide Area Network (WAN) powered by Finacle, state-of-the-art banking application software supported by hardware like SUN Fire V880 RISC server, VSAT etc. Internally, BOK relies on Information & Communication Technology (ICT), for a quick, reliable, efficient system. Banking operations are powered by Finacle, which is listed among the top 40 companies that have reshaped the global economy as per the Wired Magazine.

FINACLE

BOK takes pride in using Finacle, banking application software, “The Banker” Technology Award 2004.
Certified by Information Technology Association of using certified processes and methods
One of the first banking products to be JAVAtised to enable to operate effectively, provide better customer services challenges of the internet paradigm.
Is installed in more than 400 sites across the world.
INTERNET BANKING

With the aim of providing banking services at the customer's fingertips, BOK is starting Internet Banking and Alert Service very soon. In Internet Banking, BOK will provide Consumer e-banking (Core, Retail and Bill Payment) as well as Corporate e-banking facilities (Trade financing and web based Cash Management).

Head Office
Bank of Kathmandu Limited, P.O. Box 9044, Kamal Pokhari, Kathmandu, Nepal

SWIFT: BOKLNPKA
Telex: 2820 BOK NP
Tel: (977 1) 4414541
Fax: (977 1) 4418990
Email: info@bok.com.np



Kamal Pokhari Branch
Bank of Kathmandu Limited, Kamal Pokhari
Kathmandu, Nepal

Tel: (977 1) 4414541
Fax: (977 1) 4418990
Email: info@bok.com.np
Branch Manager: Girija Malla



New Road Branch
Bank of Kathmandu Limited, New Road, Kathmandu, Nepal

Tel: (977 1) 4231556/4231557
Fax: (977 1) 4223279
Email: newroad@bok.com.np
Branch Manager: Thaman B Khatri


Thamel Branch
Bank of Kathmandu Limited, Thamel, Kathmandu, Nepal

Tel: (977 1) 4430640/4430642
Fax: (977 1) 4410143
Email: thamel@bok.com.np
Branch Manager: Manoj Khadka



Hetauda Branch
Bank of Kathmandu Limited, Hetauda Branch
Main Road, Hetauda, Makawanpur, Nepal

Tel: (977 57) 521331
Fax: (977 57) 523018
Email: hetauda@bok.com.np
Branch Manager: Dipendra Budathoki




Birgunj Branch
Bank of Kathmandu Limited, Birgunj, Adarsha Nagar, Parsa, Birgunj Branch, Nepal

Tel: (977 51)534025/534026
Fax: (977 51) 534027
Email: birgunj@bok.com.np
Branch Manager: Ganesh Lamsal



Jawalakhel Branch
Bank of Kathmandu Limited, Lalitpur,
Patan Branch, Nepal

Tel: (977 1) 5524624/5526228
Fax: (977 1) 5523632
Email: jawalakhel@bok.com.np
Branch Manager: Chiranjibi Bista
Butwal Branch
Bank of Kathmandu Limited, Rajmarg Chaurha, Butwal, Rupandehi, Nepal

Tel: (977 71) 541692/541774
Fax: (977 71) 541642
Email: butwal@bok.com.np
Branch Manager: Umesh Raj Aryal



Dhangadhi Branch
Bank of Kathmandu Limited, Dhangadhi Branch
Main Road Chauraha, Dhangadhi, Kailali, Nepal

Tel: (977 91) 523386
Fax: (977 61) 522853
Email: dhangadhi@bok.com.np
Branch Manager: Surendra Bahadur Shahi



Nepalgunj Branch
Bank of Kathmandu Limited, Nepalgunj Branch
Dhamboji, Surkhet Road, Nepalgunj, Banke, Nepal

Tel: (977 81) 523185/523484
Fax: (977 81) 523187
Email: nepalgunj@bok.com.np
Branch Manager: Ek Raj Rawal




Biratnagar Branch
Bank of Kathmandu Limited, Biratnagar Branch
Main Road, Biratnagar, Koshi, Nepal

Tel: (977 21) 536904 /536905
Fax: (977 21) 536906
Email: biratnagar@bok.com.np
Branch Manager: Manoj Dahal



Pokhara Branch
Bank of Kathmandu Limited, Pokhara,Newroad, Pokhara Branch, Nepal

Tel: (977 61)539150
Fax: (977 51) 539151
Email: pokhara@bok.com.np
Branch Manager: Jit Bahadur Saru



Amlekhgunj Branch
Bank of Kathmandu Limited, Amlekhgunj, Mainroad,Bara, Amlekhgunj Branch, Nepal

Tel: (977 53)570033
Fax: (977 56)
Email: amlekhgunj@bok.com.np
Branch Manager:


Janakpur Branch
Bank of Kathmandu Limited, Janakpur,
Station Road, Dhanusha
Janakpur Branch, Nepal

Tel: (977 41) 527372
Fax: (977 41) 527373
Email: janakpur@bok.com.np
Acting Branch Manager: Dinesh Kumar Shah

About Bank of America

Corporate history
Before 1998, the Bank of America organization that exists today was known as NationsBank and was previously known in earlier years as North Carolina National Bank before being abbreviated to "NCNB" as it branched out of its home base of Charlotte, North Carolina. In 1998, NationsBank acquired San Francisco-based BankAmerica and renamed the corporation "Bank of America".


Bank of Italy
Many historical banks across the United States have been consolidated into the Bank of America. The most prominent is the Bank of Italy, founded in San Francisco by Amadeo Giannini in 1904 based on catering to immigrants. When the 1906 San Francisco earthquake struck, Giannini was able to get all of the deposits out of the bank building and away from the fires.

In the late 1920s, Giannini approached Orra E. Monnette, President and founder of Bank of America, Los Angeles, about a merger between the two entities. The Los Angeles based bank had exhibited strong growth throughout the 1920s, due in part to its success in developing an advanced branch banking system. The merger was completed in early 1929 and took the name Bank America. The combined company was headed by Giannini with Monnette serving as co-Chair.


Growth in California
Giannini sought to build a national bank, expanding into most of the western states as well as into the insurance industry, under the aegis of his holding company, Transamerica Corporation. The passage of the Bank Holding Company Act of 1956, prohibited banks from owning non-banking subsidiaries such as insurance companies. Bank of America and Transamerica were separated, with the latter company continuing in the insurance business. However, federal banking regulators prohibited Bank of America's interstate banking activity, and Bank of America's domestic banks outside California were forced into a separate company that eventually became First Interstate Bancorp, which was acquired by Wells Fargo and Company in 1996. It was not until the 1980s with a change in federal banking legislation and regulation that Bank of America was again able to expand its domestic consumer banking activity outside California.

These technologies also enabled credit cards to be linked directly to individual bank accounts. In 1958, the bank introduced the BankAmericard, which changed its name to VISA in 1975.[6] A consortium of other California banks came up with Master Charge (now MasterCard) in order to compete with BankAmericard.

Expansion outside of California

Bank of America Corporate Center, located in the center of uptown Charlotte, North Carolina.Following the passage of the Bank Holding Company Act of 1967, BankAmerica Corporation was established for the purpose of owning Bank of America and its subsidiaries.

BankAmerica expanded outside California in 1983 with its acquisition of Seafirst Corporation of Seattle, Washington, and its wholly owned banking subsidiary, Seattle-First National Bank. Seafirst was at risk of seizure by the federal government after becoming insolvent due to a series of bad loans to the oil industry. BankAmerica continued to operate its new subsidiary as Seafirst rather than Bank of America until the 1998 merger with NationsBank.

BankAmerica was dealt huge losses in 1986 and 1987 by the placement of a series of bad loans in the Third World, particularly in Latin America. The company fired its CEO, Sam Armacost. Though Armacost blamed the problems on his predecessor, A.W. (Tom) Clausen, Clausen was appointed to replace Armacost. The losses resulted in a huge decline of BankAmerica stock, making it vulnerable to a hostile takeover. First Interstate Bancorp of Los Angeles (which had originated from banks once owned by BankAmerica), launched such a bid in the fall of 1986, although BankAmerica rebuffed it, mostly by selling its FinanceAmerica subsidiary to Chrysler, and by selling the brokerage firm Charles Schwab and Co. back to Mr. Schwab. By the time of the 1987 stock market crash, BankAmerica's share price had fallen to $8, but by 1992 it had rebounded mightily to become one of the biggest gainers of that half-decade.

BankAmerica's next big acquisition came in 1992. The company acquired its California rival, Security Pacific Corporation and its subsidiary Security Pacific National Bank in California and other banks in Arizona, Idaho, Oregon and Washington (which Security Pacific had acquired in a series of acquisitions in the late 1980s). This was, at the time, the largest bank acquisition in history. Federal regulators, however, forced the sale of Security Pacific's Washington subsidiary, Rainier Bank, as the combination of Seafirst and Rainier would have given BankAmerica too large a share of the market in that state. Later that year, BankAmerica expanded into Nevada by acquiring Valley Bank of Nevada.

In 1994, BankAmerica acquired the Continental Illinois National Bank and Trust Co. of Chicago, which had become federally owned as part of the same oil industry debacle emanating from Oklahoma City's Penn Square Bank, that had brought down numerous financial institutions including Seafirst. At the time, no bank had the resources to bail out Continental, so the federal government operated the bank for nearly a decade. Illinois at that time regulated branch banking extremely heavily, so Bank of America Illinois was a single-unit bank until the 21st century. BankAmerica moved its national lending department to Chicago in an effort to establish a financial beachhead in the region.

These mergers helped BankAmerica Corporation to once again become the largest U.S. bank holding company in terms of deposits, but the company fell to second place in 1997 behind fast-growing NationsBank Corporation, and to third in 1998 behind North Carolina's First Union Corp. In 1998, BankAmerica was purchased by NC-based NationsBank, and changed the headquarters to Charlotte, North Carolina.

History since 1998

In 2001, Bank of America CEO and chairman Hugh McColl stepped down and named Ken Lewis as his successor. Lewis's greater focus on financial discipline and efficiency contrasted greatly with the expansionary mergers and acquisition strategy of his predecessor.


Acquisition of National Processing Company
In 2004, Bank of America purchased Louisville, Kentucky-based National Processing Company for $1.4 billion from National City Corp. The company was renamed BA Merchant Services. The company provides financial solutions for travel and healthcare companies. BA Merchant Services is headquartered in Louisville, with a call center in El Paso, Texas.

FleetBoston Financial merger
Also in 2004, Bank of America acquired Boston, Massachusetts-based FleetBoston Financial for $47 billion in an all-stock deal to solidify Bank of America's position as the bank with the largest FDIC-rated deposit market share in the United States with $513 billion in deposits, well ahead of the number two bank holding company, newly-merged JPMorgan Chase-Bank One with $353 billion in deposits and number three Wells Fargo & Co. with $228 billion (as of 30 June 2003). This acquisition gave Bank of America access to the northeastern market.

Purchase of MBNA
In 2005, Bank of America was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[7] [8] [9]

On 30 June 2005, Bank of America announced it would purchase credit card giant MBNA for $35 billion in cash and stock. The Federal Reserve Board gave final approval to the merger on 15 December 2005, and the merger closed on 1 January 2006. The acquisition of MBNA provided Bank of America a leading credit card issuer at home and abroad. The combined Bank of America Card Services organization, including the former MBNA—had more than 40 million U.S. accounts and nearly $140 billion in outstanding balances.

Divestiture of operations in Brazil, Chile and Uruguay
In May 2006, Bank of America and Banco Itaú (Investimentos Ita S.A.) entered into an acquisition agreement through which Itaú agreed to acquire BankBoston's operations in Brazil and was granted an exclusive right to purchase Bank of America's operations in Chile and Uruguay. A deal was signed in August 2006 under which Itaú agreed to purchase Bank of America's operations in Chile and Uruguay. Prior to the transaction, BankBoston's Brazilian operations included asset management, private banking, a credit card portfolio, and small, middle-market, and large corporate segments. It had 66 branches and 203,000 clients in Brazil. BankBoston in Chile had 44 branches and 58,000 clients and in Uruguay it had 15 branches. In addition, there was a credit card company, OCA, in Uruguay, which had 23 branches. BankBoston N.A. in Uruguay, together with OCA, jointly served 372,000 clients. While the BankBoston name and trademarks were not part of the transaction, as part of the sale agreement, they cannot be used by Bank of America in Brazil, Chile or Uruguay following the transactions. Hence, the BankBoston name has disappeared from Brazil, Chile and Uruguay. The Itaú stock received by Bank of America in the transactions has allowed Bank of America's stake in Itaú to reach 11.51%. Banco Boston do Brazil had been founded in 1947.

Purchase of US Trust
On 20 November 2006, Bank of America announced the purchase of The United States Trust Company for $3.3 billion, from the Charles Schwab Corporation. US Trust had about $100 billion of AUM and over 150 years of experience. The deal closed 1 July 2007.[10]

Acquisition of ABN Amro North America and LaSalle Bank
On September 14, 2007, Bank of America won approval from the Federal Reserve to acquire ABN Amro North America, LaSalle Bank Corporation and LaSalle Corporate Finance from ABN AMRO for $21 billion. With this combination Bank of America will have 1.7 trillion in assets. A Dutch court blocked the sale until it was later approved in July. The acquisition was completed on October 1, 2007.

The deal increased Bank of America's presence in Illinois, Michigan, and Indiana by 411 branches, 17,000 commercial bank clients, 1.4 million retail customers and 1,500 ATMs. Bank of America has become the largest bank in the Chicago market with 197 offices and 14% of the deposit share, passing up JPMorgan Chase.

LaSalle Bank and LaSalle Bank Midwest branches adopted the Bank of America name on 5 May 2008.[11]

Acquisition of Countrywide Financial
On August 23, 2007 the company announced a $2 billion repurchase agreement for Countrywide Financial. This purchase of preferred stock was arranged to provide a return on investment of 7.25% per annum and provided the option to purchase common stock at a price of $18 per share.[12]

Following that initial investment, on January 11, 2008 Bank of America announced that they would buy Countrywide Financial for $4.1 billion.[13] This acquisition will give the bank a substantial market share of the mortgage business, and access to Countrywide's expertise, technology, and employees for servicing mortgages.[14] The acquisition also is seen as preventing the potential of bankruptcy for Countrywide. Countrywide has denied that it is close to bankruptcy. Countrywide provides mortgage servicing for nine million mortgages valued at $1.4 trillion USD as of December 31, 2007.[15] However, Countrywide under FBI investigation due to possible fraud in home loan and mortages, therefore Bank of America states by 2009 they will be "offically" affiliated to Countrywide


Bank of America divisions

Bank of America ATM
Typical Bank of America local officeBank of America generates 90% of its revenues in its domestic market and continues to buy businesses in the US. The core of Bank of America's strategy is to be the number one bank in its domestic market. It has achieved this through key acquisitions.[17]


Consumer
Global Consumer and Small Business Banking (GC&SBB) is the largest division in the company, and deals primarily with consumer banking and credit card issuance. The acquisition of FleetBoston and MBNA significantly expanded its size and range of services, resulting in about 51% of the company's total revenue in 2005. It competes directly with the retail banking divisions of Citigroup and JPMorgan Chase. The GC&SBB organization includes over 5,700 retail branches and over 17,000 ATMs across the United States.

Bank of America is a member of the Global ATM Alliance, a joint venture of several major international banks that allows customers of the banks to use their ATM card or check card at another bank within the Global ATM Alliance with no fees when traveling internationally. Other participating banks are Barclays (United Kingdom), BNP Paribas (France), China Construction Bank (China), Deutsche Bank (Germany), Santander Serfin (Mexico), Scotiabank (Canada) and Westpac (Australia and New Zealand).[18] This however does not include cash advances or any of their credit card services which when used abroad deduct a 3% transaction fee and a 3% cash advance fee on top of the currency transaction fee.


Corporate
Global Corporate and Investment Banking (GCIB), also known as Banc of America Securities LLC, provides mergers and acquisitions advisory, underwriting, capital markets, as well as sales & trading in fixed income and equities markets. Its strongest groups include Leveraged Finance, Syndicated Loans, and mortgage-backed securities. It also has one of the largest research teams on Wall Street. Banc of America Securities LLC is based in New York City, with major offices also located in Charlotte, Chicago, San Francisco, Tokyo, Frankfurt, London, and Mumbai. Ken Lewis, the ambitious chief executive who masterminded the bank's expansion into exotic new businesses including GCIB, bluntly ruled out any further acquisitions in its investment banking division. "I've had all of the fun I can stand in investment banking at the moment," he told analysts.


Investment managementGlobal Wealth and Investment Management manages assets of institutions and individuals. It is among the 10 largest U.S. wealth managers (ranked by private banking assets under management in accounts of $1 million or more as of June 30, 2005). In July 2006, Chairman Ken Lewis announced that GWIM's total assets under management exceeded $500 billion. GWIM has five primary lines of business: Premier Banking & Investments (including Bank of America Investment Services, Inc.), The Private Bank, Family Wealth Advisors, Columbia Management Group, and Banc of America Specialist.

Bank of America has recently spent $675 million building its US investment banking business and is looking to become one of the top five investment banks worldwide. "Bank of America already has excellent relationships with the corporate and financial institutions world. Its clients include 98% of the Fortune 500 companies in the US and 79% of the Global Fortune 500. These relationships, as well as a balance sheet that most banks would kill for, are the foundations for a lofty ambition."[19]

Bank of America is currently constructing a massive new headquarters for its New York City operations. The skyscaper will be located on 42nd Street and Avenue of the Americas, at Bryant Park, and will feature state of the art, environmentally-friendly technology throughout its 1.2 million square feet (111,484 m²) of office space. The building will be the headquarters for the company's investment banking division, and will also host most of Bank of America's New York-based staff.


International operations
In 2005, Bank of America acquired a 9% stake in China Construction Bank, China's second largest bank, for $3 billion.[20] It represented the company's largest foray into China's growing banking sector. Bank of America currently has offices in Hong Kong, Shanghai, and Guangzhou and is looking to greatly expand its Chinese business as a result of this deal.

Bank of America has invested in India as an emerging market. Currently, Bank of America maintains branches in Mumbai, Chennai, Calcutta, New Delhi and Bangalore. For the fiscal year ending March 31, 2006 Bank of America reported an 80% increase in net profit.[21]

Bank of America operated under the name BankBoston in many other Latin American countries, including Brazil. In 2006, Bank of America sold all BankBoston's operations to Brazilian bank Banco Itaú, in exchange for Itaú shares. The BankBoston name and trademarks were not part of the transaction and, as part of the sale agreement, cannot be used by Bank of America. (That meant the extinction of the BankBoston brand.)

Bank of America's Global Corporate and Investment Banking spans the Globe with divisions in United States, Europe and Asia. The U.S. headquarters are located in New York, European headquarters are based in London and Asia's headquarters are split between Singapore & Hong Kong.


Financial data
Financial data[22] in $ millions Year 2002 2003 2004 2005 2006
Revenue Net of Interest 35,082 38,529 49,610 56,923 74,247
EBITDA 18,654 16,722 21,885 29,490 35,597
Net profit 9,249 10,810 13,947 16,465 21,133
Staff NA NA 176,000 176,638 203,000


Corporate governance

Directors
William Barnet III, Chairman, President and Chief Executive Officer, The Barnet Company
Frank P. Bramble Sr, Former Executive Officer, MBNA Corporation
John T. Collins, Chief Executive Officer, The Collins Group
Gary L. Countryman, Chairman Emeritus, Liberty Mutual Group
Tommy Franks, Retired General, United States Army
Charles K. Gifford, Former Chairman, Bank of America Corporation
W. Steven Jones, Dean, Kenan-Flagler Business School University of North Carolina at Chapel Hill
Kenneth D. Lewis, Chairman, President and Chief Executive Officer, Bank of America Corporation
Joe L. Price, Chief Financial Officer (CFO), Bank of America Corporation
Monica C Lozano, Publisher and Chief Executive Officer of La Opinion
Walter E. Massey, President Emeritus, Morehouse College
Thomas J. May, Chairman, President and Chief Executive Officer, NSTAR
Patricia E. Mitchell, President and Chief Executive Officer, The Paley Center for Media
Thomas M. Ryan, President and Chief Executive Officer, CVS/Caremark Corporation
O. Temple Sloan, Jr., Chairman, General Parts International
Meredith R. Spangler, Trustee and Board Member
Robert L. Tillman, Chairman and CEO Emeritus, Lowe's
Jackie M. Ward, Retired Chairman/CEO, Computer Generation

Social responsibility
In addition to its new eco-friendly office tower in Manhattan, Bank of America has pledged to spend billions on commercial lending and investment banking for projects that it considers "green." The corporation, which already supplied all of its employees with cash incentives to buy hybrid vehicles, is also helping its customers be eco-friendly by rolling out a new credit card program in 2007 that would donate money to helping the environment, as well as providing mortgage loan breaks for customers whose homes qualified as energy efficient.[23]

Bank of America has also donated money to help health centers in Massachusetts[24] and made donations to help homeless shelters in Miami.[25]

In 2004 the bank pledged $750 billion over a ten-year period for community development lending and investment. The company had delivered more than $230 billion against a ten-year commitment of $350 billion made in 1998 to provide affordable mortgage, build affordable housing, support small business and create jobs in disadvantaged neighborhoods.

Diversity and inclusion

Bank of America in Washington, D.C.Bank of America was named for the 19th year as one of the "100 Best Companies for Working Mothers" in 2007 by Working Mother magazine. In 2006 Bank of America was one of the first companies inducted into Working Mother magazine's Hall of Fame.

In 2007, DiversityInc ranked Bank of America as the number one company for diversity in this prestigious list and placed as a top employer for executive women, Hispanics, Asian Americans and for GLBT executives, as well as number one for recruitment and retention, and number six for supplier diversity.

IT Senior Management Forum (ITSMF) recognized Bank of America as the "2007 Organization of the Year." This award is presented annually for leadership in the areas of developing and embracing a diverse workforce.

National Black MBA Association awarded Bank of America the "2006 Company of the Year" for recruiting, retaining and providing advancement opportunities for blacks in the workplace. It also recognized Bank of America's Managing Director, Deputy Head of Global Investment Banking Lewis Warren, Jr. as one of the "75 Most Powerful Blacks on Wall Street."

Bank of America was named the number one company for Hispanics by Hispanics Business Magazine in 2006. LATINA Style Magazine continues to rank Bank of America in their Top 15 for its "50 Best Companies for Latinas" which measures companies based on recruitment, retention and advancement opportunities for Latinas.

Human Rights Campaign 2006 Corporate Equality Index gave Bank of America a 100% rating for its support of gay, lesbian, bisexual and transgender associates.


Environmental record
Bank of America has increased its spending on environmental initiatives. In March of 2007, Bank of America announced in a news release its $20 billion plan for change spanning 10 years. This initiative intends to promote environment-friendly business practices and creation of new products. One of these practices was a program for home equity buyers that enabled donations to Conservation International.[26] In a speech about the $20 billion initiative, Chief Executive Officer Kenneth Lewis noted the reasons for Bank of America’s concern about the environment. He stated that “green economy” has a great future for customers and his business.[27] The mission for Lewis and Bank of America is to reduce global warming. Some ways this is being attempted is in inquiry of solar panels, cap-and-trade discussions and carbon analyzing. [28]

Bank of America is creating an environmental banking group focused on finding and financing ways to promote conservation and reduce global warming.[29] Bank of America commits to reduce by 7 percent its own direct emissions of greenhouse gases (GHG) such as carbon dioxide (CO2) by 2008. It bases this goal on best estimates of the Intergovernmental Panel of Climate Change (IPCC), which determines global scientific consensus on climate change. The bank also seeks to reduce by 7 percent its indirect GHG emissions, namely those the bank is exposed to through investment in its energy and utilities portfolio. Bank of America will commission a research report evaluating banking sector risk exposure through financing GHG emission intensive industries.[30]

In addition, the company is a member of the Pew Center's Business Environmental Leadership Council which is a group of fortune 500 companies that are interested in finding ways to positively affect the climate. Bank of America plans to reduce its gas emission levels by 2009 and construct the “Worlds Greenest Skyscraper”. [31] This new company headquarters will be specifically designed to diminish negative affect on the environment by installing rain runoff and water recycling as well as wind turbines for power and cooling.[32]


Student Leader
Bank of America sponsors five high school juniors and seniors in 45 markets as a Bank of America Student Leader to participate in a leadership summit in Washington, DC and a paid internship with a local nonprofit/charitable organization. Students must be in good standing in academia and show superb leadership qualities.


Controversies
Main article: Bank of America controversies
Bank of America has been involved in a number of controversial issues. Many of its policies, such as "biggest check first" check clearing, overdraft fee policies, credit card application policy, and early account closures, have become heavily criticized. Bank of America controversies details some of the more notable and public issues.