CaymanNet Business Wednesday
Bank ofButterfield Launches Fixed-Rate Mortgage
Bank of Butterfield is delighted to announcetheir new Fixed Rate Mortgage that guarantees your interest ratewill remain the same until the end of the term that you select.
Two and five-year fixed rate options areavailable with financing up to 80% of the purchase or appraisedvalue of the property, whichever is less (excluding legal, financingfees and taxes). The initial rates offered are 7% fixed for twoyears and 8% fixed for five years.
"Whether you are a first-time homebuyer, renovating or refinancing your present mortgage, our newFixed-Rate Mortgage allows you to plan your finances, regardlessof interest rate rises," says David Newlove, Head of Creditat Bank of Butterfield. "You'll know precisely how much you'repaying, which will not alter during the fixed-rate period,"he adds.
At the end of the fixed-rate term, you havethe option of selecting a new term at the prevailing interestrate or converting to a variable interest rate for the remainderof the mortgage term. You can also access your fixed rate mortgageand all of your banking and credit card accounts utilising ourButterfield Online service.
Conor O'Dea, Managing Director of Bank ofButterfield, commented, "We perceived a need for a fixedinterest rate mortgage product with interest rates being at 42year lows. We expect strong demand and are delighted to be addingthis new product to our wide range of banking and credit services."
Nokiaexpects lower sales
HELSINKI, Finland, (UPI) -- Nokia, the world'slargest mobile phone maker, warned Tuesday that its sales wouldfall in the second quarter due to weak demand for handsets andnetwork equipment.
Nokia, which makes more than one in threemobile phones sold globally, said that, based on developmentsduring April and May, it expects second-quarter net sales to decline2 percent to 6 percent year-on-year against a previous targetof 2 percent to 7 percent growth in the quarter.
Sales of Nokia mobile phones in the secondquarter are expected to grow by zero to 4 percent year on yearinstead of the previously stated 5 percent to 10 percent.
Nokia Networks sales are expected to declineby 20 percent to 25 percent, compared with earlier guidance ofa decline of 5 percent to 10 percent year on year.
In mobile phones, Nokia expects its marketshare for the second quarter to increase (both sequentially andyear on year) to the level of 38 percent during the quarter, withthe company's year-on-year volume growth exceeding 10 percent.
The company estimates overall mobile phonemarket volume to grow in the second quarter by about 5 percentfrom the 89 million users in the first quarter.
In the second quarter, Nokia mobile phone'spro forma operating margins are expected to be above 20 percent,"demonstrating Nokia's ongoing strong product competitivenessin this market," the company said.
Nokia Networks sales are expected to belower than estimated mainly due to cautious investments amongoperator customers.
But, despite the warning, Nokia stuck byits earnings targets for the second quarter.
Nokia said it expects to post pro formaearnings in the range of 17 cents to 19 cents a share in the secondquarter.
The company in April lowered its targetfor the second quarter from an earlier forecast of sales growthof at least 10 percent.
"Nokia expects its market share forthe second quarter to increase, both sequentially and year-on-year,to the level of 38 percent during the quarter," the companysaid.
Nokia will issue its second-quarter earningsresults on July 18.
Bankingprivacy issue on N. Dakota ballot
BISMARCK, N.D., (UPI) -- The banking industryMonday hoped voters would turn back an effort to impose privacyrestrictions on North Dakota financial institutions, preventingthem from disclosing customer information without express writtenpermission.
A referendum on Tuesday's primary ballotasks voters if they want to overturn a measure enacted 11 monthsago that allows banks, credit unions and other financial institutionsto share customer data. The measure puts the onus on customersto tell financial institutions they want their information keptprivate.
"This isn't necessarily about sellingcustomer information," said Catherine Pulley, a spokeswomanfor the Washington-based American Bankers Association. "Anytime you give your information to a charity or catalog company,that information gets sold from all over here to next Tuesday.This isn't about using information."
Current North Dakota law complies with thefederal Gramm-Leach-Bliley Act of 1999 that requires financialinstitutions to develop and disclose privacy policies to customers.Customers then have the opportunity to object.
The real issue is jobs. More restrictivebanking regulations would have made it difficult for U S Bankto plan a financial processing center in Fargo.
"I do not support North Dakota beingdifferent (when it comes to banking laws)," former Gov. EdSchafer told the Grand Forks Herald.
But former Attorney General Heidi Heitkampsaid it's unfair to make consumers try to decipher privacy noticesthat often are incomprehensible.
"Why should every person ... in NorthDakota have to watch their mail with an incredible diligence toprotect their privacy rights?" Heitkamp asked.
"Yo3ur bank has to by law discloseto you what is done with your information," Pulley said."Banks are investigated by regulators on whether this isdone on time.
"The problem with opt-in/opt-out lawsis that people have to respond. But most people don't read theirmail."
Allowing financial institutions to revealinformation, Pulley said, has some benefits for consumers, especiallyin the area of fraud.
"If you've ever had a credit card transactionheld up requiring the store to call for approval, that's becausethe account was being scanned for fraud. If you've opted out,that scanning cannot be done," Pulley said.