Briefs	E-mail PagePrint Version

COMMERCIAL BANK OPENS SO CAL BRANCH

COSTA MESA - Commercial Bank of California has opened a branch in the Orange County community of Costa Mesa. With $27.4 million in capital, Commercial Bank ranks first in holdings among privately capitalized banks in the state. The bank is backed by 36 investors and will focus on serving small companies and individuals, specializing in loans that range from $250,000 to $5 million.

NEW POLL RANKS LIVABLE BUSINESS CITIES

NEW YORK - When it comes to places business executives want to work, it's sayonara, Tokyo, according to a recent poll conducted by Christian & Timbers, a New York-based international executive search firm. According to the poll, 47% of the 212 international business executives polled named Tokyo as the city they never want to work in. Los Angeles was second at 22%; New York, 13%; and Chicago 9%. Despite its high cost of living, the San Francisco / Bay Area would be turned down by only 5% of the executives. London fared best, with a 4% rejection rate.

US, JAPAN OUTLINE PROPOSED TAX AGREEMENT

The US and Japan have reached an "agreement in principle" on the text of a new income tax treaty between the two nations. The proposed tax treaty provides for substantial reductions in the withholding taxes imposed on cross-border dividends,interest, royalties and other income, including the complete elimination of source-country withholding taxes on royalties, certain interest, and certain inter-company dividends. The new agreement between the world's largest and second largest national economies reflects "the deepening economic ties between the US and Japan and the globalization of the two economies," according to the Treasury Department. Formal negotiations to replace the current tax treaty between the two countries began in October, 2001. The proposed treaty is a complete modernization of the existing treaty between the two countries, which is now over 30 years old and provides for substantial reductions in the withholding taxes imposed on cross-border dividends, interest, royalties and other income, including the complete elimination of source-country withholding taxes on royalties, certain interest, and certain inter-company dividends. The new agreement also "incorporates modern rules to ensure that the benefits of the treaty are enjoyed as intended by the businesses and residents of the two countries and to prevent improper exploitation of the treaty," Treasury said.

UNION BANK TO IMPLEMENT CASH MANAGEMENT PROGRAM

SAN FRANCISCO - Union Bank of California has agreed to implement the cash management software developed by the Atlanta-based S1 Corp. to expand its online global cash management services with more than 400 global correspondent banks. San Francisco-based Union Bank, which has assets of $40.4 billion, is a full-service commercial bank with branches throughout California and the Pacific Northwest, as well as 18 international offices. The S1 solution will be used by Union Bank to offer expanded payment initiation capabilities to support the growth of their international client base. According to the Bank, the software system will enable it to tap into the significant market growth in the international payments arena. In a study outlining the top 10 strategic initiatives for 2003, Financial Insights, a leading industry analyst firm, predicted double-digit growth in electronic payments spurred on by pending regulation in the US, and infrastructure build outs in Asia.

Go back, or read the latest briefs:

TRADE

empty