2007-08-28T09:31:00.000-07:00

Currency

Exchange

Since the mid-1980s, the value of the Hong

Kong dollar has been pegged at HK$7.8 to the US dollar, and consequent rates of exchange to other currencies. However, the

market rate exchange to the US dollar fluctuates marginally. Banks and money changers charge commission. Similarly,

commissions are payable in hotels and major retail outlets which provide exchange facilities for their customers. As

elsewhere, the rates of exchange for cash and travellers cheques are marginally different and coins are not

exchangeable.

Licensed

money changers, such as Thomas Cook and Chequepoint are abundant in tourist areas. Money changers are open every day,

including Sundays and holidays and late into the evening. There is no commission, but the exchange rate offered is

equivalent to a 5% commission when compared with bank rates. If you are changing several hundred US dollars, you can bargain

for a better rate.

The

display of net rates of exchange by money changers is a legal obligation. Visitors are advised to check them - and also the

amount of any additional commission payable for the exchange of travellers' cheques - before handing over the money for

exchange. Before the actual exchange is made, the money changer is required by law to give you a form to sign clearly

showing the amount, rate and any service charges.

Major banks are open from 9am to 4:30pm Monday to Friday, and 9am to 12:30pm on Saturday. They

close on Sundays and public holidays. Some banks and branches are open slightly longer hours. Some banking services are not

available an hour before closing.

Automated teller machines (ATMs) can be found almost everywhere. Some HSBC "Electronic Money"

machines provide 24-hour cash withdrawal (HK$) and facilities for Visa and MasterCard holders. American Express cardholders

have access to Jetco ATMs and can withdraw local currency and travellers' cheques at the Express Cash ATMs in

town.

There are no

restrictions on currencies being brought in or taken out of Hong Kong.

Currency Exchange and European Money

When you

need to obtain or exchange money in Europe, the solution is usually easy: Use your ATM card (but be sure to read my ATMs and Currency Exchange Machines and

ATM "Conversion Fees" articles before

you leave home.)

You'll almost always get a

better rate from an ATM than from a bank, an exchange counter, or--worse yet--a hotel or shop.

Also beware of hidden fees on overseas transactions with credit cards,

which can range from 2% to 5%. Read my credit-card surcharges article, then

check to make sure that your Visa or MasterCard provider isn't double-dipping every time you make a purchase in a foreign

currency.

ATM "conversion fees" can also suck money

from your budget. And prepaid travelers' cash cards are even worse, as I explain in my article on the American Express Travelers

Cheque and Visa TravelMoney cards.

If

you're from outside the euro zone, read my euro article

to learn how the "common currency" of 12 European nations will (or won't) affect your trip.

Finally, if you're from the U.S., read Dollar-Saving European Travel Tips for Americans before

deciding that you can't afford a transatlantic vacation.

Currency-exchange tip: Before changing small amounts of money, make sure the bank or exchange

counter doesn't charge a flat fee or a minimum commission.

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Gadget Guide

The Euro

You've probably heard a lot about the euro, and maybe you're wondering how it will affect your

European travel plans. In this article, I'll answer the most common questions about the euro and provide links to in-depth

information resources.

Q. What is the euro?

It's a common currency that has replaced 12 national currencies in Western Europe. Now

that the euro transition is complete, you no longer use francs in France, D-Marks in Germany, lire in Italy, etc.--instead,

you fill your wallet with the same currency (the euro) in all 12 countries that have chosen to join the European Monetary

Union.

The euro is divided into 100 cents. Prices and other amounts are typically

quoted with the symbol € or the abbreviation EUR.

Q. Which countries

are participating?

Initially, a dozen countries have replaced their currencies

with the euro. The member states include:

Austria	Ireland
Belgium	Italy
Finland	Luxembourg
France	Netherlands
Germany	Portugal
Greece	Spain

As you can see from the list, many nations within and outside of the

European Union have not yet chosen to support the euro: among them, Britain, Switzerland, and all but one of the

Scandinavian countries.

European Investment Fund

Invests EUR44m in Turkey focused private equity fund, Actera Partners

European Investment Fund (EIF), the risk capital arm of the European Investment Bank,

has undertaken its first investment in the Turkish market by committing EUR°44m to support the establishment of Actera

Partners, a new fund which expects to raise EUR 250m before end of 2007.

Francis Carpenter, EIF's Chief Executive, said Whilst Turkey seems to have the necessary ingredients

to become a major market for private equity in the region, there are currently very few players, and EIF wants to play a

role in supporting strong management teams such as Actera. Isak Antika and Murat Cavusoglu, the Managing Partners of

Actera, stated it brings us great satisfaction to have EIF on board as it is a leading institutional investor that provides

the European dimension. Two major North American institutional investors are cornerstones to the fund.

Actera Partners will focus primarily on buy-out and growth equity investments in the

mid-market across a wide range of industries in Turkey.

U.S. Dollar Fund Market Timing.

Trend Trading The Dollar For Aggressive Mutual Fund Timers.

The U.S. Dollar Fund Timer offers proprietary market timing signals to profit from swings in the

currency markets. The U.S. Dollar Fund Market Timer takes bullish U.S. Dollar Fund positions and bearish U.S. Dollar Fund

positions and is an aggressive timing system.

Fund switching (buy/sell)

signals are non-discretionary. No emotions are involved.

See the U.S.

Dollar Fund Timer performance record.

The proprietary trend trading

indicators make buy and sell decisions based on price action of the U.S Dollar (DX00Y) as our basis for timing

signals.

Emailed alerts are sent to all subscribers for every trade, and the

U.S. Dollar Fund Timer report is also updated, by 9PM, EST the evening "before" any change is executed.

The U.S. Dollar Fund Timer is designed to allow only very small losses and always be on the

right side of all bullish, as well as bearish, dollar trends. The proprietary trend trading indicators used in this model

create specific buy and sell signals. There is no emotion involved in the decision making.

The U.S. Dollar Fund timing system is our newest fund timing strategy and has been trading in real

time since 2004. It has been back tested through the beginning of 1999 so that its performance potential in both bull and

bear markets could be measured.

Until recently there were no available

bull/bear mutual funds available for easy trading of the currency market swings. But now there are. This strategy uses the

new ProFunds Rising U.S. Dollar Fund (RDPIX) and the ProFunds Falling U.S. Dollar Fund (FDPIX).

Funds Europe

The funds europe Research Centre undertakes bespoke research projects in the asset management arena.

Drawing on funds europe's extensive database of contacts and the in-depth industry knowledge of the funds europe team, the

Research Centre provides detailed and authoritative research results, coherently presented and interpreted.

The values that define funds europe also pertain to Research Centre projects: independence,

quality writing and high production values. The funds europe Research Centre specialises in research into the European asset

management markets, where it has unrivalled coverage. However, research projects in other markets will also be considered on

a case-by-case basis.

European

Investment Fund - Investment approach

In our venture

capital activities we:

invest exclusively in specialised

venture capital funds providing equity and other forms of risk capital to SMEs in order to finance

growth
operate throughout the European Union and the Accession Countries,

targeting funds that focus on European businesses
support professional

management teams with successful venture capital track records
play a catalytic

role by taking minority positions and encouraging commitments from a wide range of investors, especially from the private

sector
act independently and commercially under market conditions, targeting

appropriate returns for our shareholders
participate on equal terms, making

investments on a pari passu basis with other investors
expect funds with which

we are involved to operate in line with best market practices.

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European Investing

Currency Exchange and European Money

EuropeanInvestment Fund - Investment approach

In our venturecapital activities we:

European

Investment Fund - Investment approach

In our venture

capital activities we: