| New mobile payment service eschews cash and checks for phones
Mpayy Inc., an online and mobile payment processing company, will launch tomorrow a service that enables merchants and shoppers to conduct retail transactions using mobile phones and online payment accounts. Shoppers can use the Mpayy service with roving salespersons or on retail web sites. Merchants set up accounts on Mpayy.com to establish a mobile payment system. Mobile merchantsMpayy is not yet targeting bricks-and-mortar retailerscan access reports on sales, send funds to desired banks, manage refunds and perform other tasks through a web-enabled administrative application. Shoppers set up accounts on the Mpayy site, entering their mobile phone number, account nickname, and checking account information. To conduct a transaction with a roving merchantan Avon lady, for examplea shopper logs in to Mpayys mobile web site and enters the merchants mobile phone number or nickname, enters the amount of the purchase, and submits the information, which brings up a transaction confirmation page with a Pay button to complete the purchase.
Auto Industry 1991-2000
Initially, it had been proposed to start the auction on November 12, and applications were supposed to be accepted only in Nizhny Novgorod region and Saransk. In fact, GAZ tried to sell its shares to loyal management of allied industries. However, GKI managed to uphold the sale of GAZ shares at an All-Russian auction. Fifty percent of the charter capital was put up for sale instead of 30% as the plant's administration had proposed. Then, as a result of a reappraisal of GAZ's property (mainly social and cultural amenities), the block of shares increased to 50.7%.
The auction was subsequently declared invalid. The State Committee set up after governor Boris Nemtsov petitioned the government with a letter about irregularities during the auction sent documents to the Russian prosecutor's office.
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The federal funds rate, the price bankers charge each other for overnight loans, was 5.25 percent from June 2006 to September 2007. The rate, after a round of recent cuts, today is 3.25 percent. Markets indicate that traders expect another half-point cut in the months to come. Nariman Behravesh, chief economist of the forecasting firm Global Insight, predicts short-term rates will drop another full percentage point by the end of April. "There's always the tendency, when you come in as a new central banker, to prove yourself to the fraternity that you're an inflation hawk," Brinner said. "Ben was doubly inclined to do so with his misguided ideas on inflation targeting." Overshoot the other way? .
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