FOX Translator
No data currently available.
No data currently available.
We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
Home
Monday, June 30, 2008
Elleipsis Enters China's Exploding $150 Billion Travel Market With M2B World Travel in Time for 2008 Olympics
Comtex
LAS VEGAS, NV, Jun 30, 2008 (MARKET WIRE via COMTEX) ----Elleipsis Global Travel Solutions, Inc. (PINKSHEETS: EGTS) through its wholly owned subsidiary, Elleipsis, Inc., announced today its expansion into China through its agreement with M2B World Travel, a leader in travel related products and services catering the Asian consumers. Powered by Elleipsis' TravelTalk(R) platform, M2B World Travel's online travel site is launching into China in time for the 2008 Olympics in Beijing. M2B World Travel has successfully opened access into China as well as additional Asian countries through its agreement with CITS and backed by a global agreement with GDS powerhouse Amadeus.
According to the UN World Tourism Organization, international travelers are projected to nearly double in size by 2020, lead by China, India and destinations in South-East Asia. The China Travel Bureau reports that in 2007, Chinese travelers alone spent $150 billion on domestic travel and on inbound travel by foreigners. While the travel industry has long ago identified and monitored this growing trend, international travel companies have faced significant challenges in efforts to conduct business in previously closed markets like China. According to ResearchAndMarkets.com, the year of 2007 witnessed a healthy growth in online travel bookings in China, and the market size amounted to CNY2.55 billion, up 65.4% year-on-year. Stimulated by 2008 Beijing Olympics as well as the development of business travel and private travel market, it is forecasted that the online travel market size will reach CNY4.38 billion in 2008, rising 70.9% against a year earlier.
M2B World has secured unprecedented access into the expanding Chinese travel market through an agreement signed with China International Travel Services (CITS, Sichuan Province), a leading provider of agent and booking services within China. The M2B World Travel platform, powered by Elleipsis' TravelTalk(R), will integrate with the CITS network within the major tourist hubs in China. The CITS network will serve as the on-site customer liaison between localized agents and travelers entering China, as well as will provide exclusive Chinese destination information and content to M2B World Travel. TravelTalk(R) will facilitate each booking and generate revenue on every transaction.
"Asian consumers are looking for more access to travel options, particularly now leading up to the 2008 Olympics in Beijing," said M2B World Travel Ltd. CEO Colin Binny. "With M2B World's access, our global agreement with Amadeus, and the advanced TravelTalk platform, we are uniquely aligned to leverage the emerging Asian travel market. It's the right product, the right market, and the right time."
Current online travel bookings alone in China have skyrocketed to US $2.62 Billion, driven from the expansion of broadband access and a mobilized middle class with disposable income. With this highly sought-after market in mind and the securing of the CITS agreement, M2B World Travel and Elleipsis are now positioned to meet the rising consumer demand both into and out of the region, as well as ease the travel barriers by offering a cache of broadband on-demand content covering the region to educate travelers about the destinations within China and the options and resources available to personalize their journey.
Elleipsis Global Travel Solutions secures travel fares through its agreements with the major Global Distribution Systems (GDS), including Amadeus, Sabre and Galileo as well as international consolidators. Its customizable product offering, named TravelTalk(R), is an industry-leading travel reservation and booking solution that simplifies the airfare search and booking process, enabling easy and secure transactions for online travel agencies. Aligned for the global travel markets, TravelTalk(R) is available in several international languages, and can facilitate transactions in foreign currencies.
About Elleipsis
Elleipsis' TravelTalk(R) technology facilitates travel industry commerce by enabling travel agents and travel industry suppliers to connect clients to the world's largest electronic Global Distribution Systems plus additional travel offerings from other independent providers. The company offers travel solutions based on its TravelTalk(R) Suite of Business products, which include TravelTalk(R) Portal, TravelTalk(R) Connect, and TravelTalk(R) Dynamic.
For more information, please visit www.elleipsis.com.
About M2B World Travel
M2BWorldTravel.com is a subsidiary under the M2B brand, a leader in the Broadband Media Entertainment business, and a major provider of interactive Entertainment-on-demand, Education-on-demand, and ecommerce streaming over Broadband channels, Internet portals, and 3G devices. To date, the Company has launched multiple Broadband TV websites for Hollywood and Asian entertainment, education and online shopping, with over 100 channels designed to cater to various consumer segments and lifestyles. Its content covers diverse genres such as movies, dramas, comedies, documentaries, music, fashion, lifestyle, edutainment, and more. The M2B brand has established its competitive edge by offering access to an expansive range of content libraries for aggregation, distribution and syndication on Broadband and other media; including rights for merchandising, product branding, promotion and publicity.
M2BWorldTravel.com offers travel related products and services. The website provides global travel related solutions to all customers through a strategic link with one of the leading Global Distribution System. The website also provides selected video content to customers who would like to know more about the destination that they have chosen to visit.
Cautionary Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Elleipsis Global Travel Solutions, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contact: Elleipsis, Inc. 888-697-8586 Email Contact
SOURCE: Elleipsis Global Travel Solutions, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=E67AFCB29AA16B67
Copyright 2008 Market Wire, All rights reserved.
Market Snapshot
| Symbol | Last Price | Netchange | Volume |
|---|---|---|---|
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
| -- | -- | -- | -- |
