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31/7/2013 - Stamford finance board's audit aimed at 'outliers'

GE Capital Retail Finance Celebrates 80 Years of Consumer Financing

The only option remaining for residents seeking to challenge their assessments is to file a lawsuit in court. "My expectation is that any adjustments (stemming from the audit) will be effective with next year's Grand List," said Board of Finance Chairman Tim Abbazia . "There are limited options for this year." The finance board nonetheless considers the audit worthwhile. The five members who voted for the review said they want to investigate cases where homes' valuations swung wildly compared to previous years as well as properties assessed dramatically higher or lower than other houses in the area. The board's sixth member, Democrat Mary Lou Rinaldi , was out of town and did not attend Monday's meeting.

Today, GE Capitals Retail Finance business is among the countrys most successful retail lenders and celebrating 80 years of providing financial solutions to retailers to help grow their customer sales and enable consumers to buy the products and services they need and want. The business provides customized credit programs to retailers and consumers in the United States and Canada, including private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as promotional and installment lending, bankcards and financial services for consumers through dealers, contractors, manufacturers, healthcare practices, associations, and service providers. Weve been working with the GE Capital credit card program for over 30 years to provide our customers with financing options to help them accomplish their home improvement projects,said Dennis Knowles, Lowes Executive for U.S. Stores.

Siemens appoints finance chief Kaeser as CEO

"Our company is certainly not in crisis, nor is it in need of major restructuring," Kaeser said. "However, we've been too preoccupied with ourselves lately and have lost some of our profit momentum vis-a-vis our competitors." He pledged "to put Siemens back on an even keel and create a high-performance team" and said that, by this fall, Siemens will "address the medium-term prospects and our vision for the company." Siemens said shortly after announcing the leadership change that its net profit rose 43 percent in the April-June period, its fiscal third quarter, after it spun off its lossmaking light bulb business. Net earnings were up to 1.1 billion euros ($1.46 billion) from 770 million euros a year earlier, when light-bulb business Osram cost Siemens 354 million euros. However, other measures of profit sagged as the company took charges totaling 436 million euros for a restructuring program aimed at restoring its profit levels and a 91 million euros charge related to inspecting and refitting wind turbine blades.

Finance Committee vows action on stock market in emergency meeting

The absence of an efficient stock market hurts the ability of companies and investors and even the government to raise capital. In the end, that hurts growth and also employment, he told the committee. Branfeld protested that changes in leadership were not the solution, arguing that many factors contributed to the slump in the stock exchange. Activity slumped in the 1990s and early 2000s, he remarked, but instead of changing the leaders, there were solutions and the stock market came out of the crisis. He minimized the importance of the stock market in Israels overall capital markets, There is plenty we can do even if we wont be an international financial center, which we should not strive to be. Focusing on the stock markets shortcomings instead of the robustness of the broader capital markets was like paying attention to a kettles whistle instead of the entire kettle. The bond market still managed to raise NIS 40b.

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31/7/2013 - Serbia avoids early election with deal to oust finance minister

Growth will be better than last year?s 5%: Finance Minister P Chidambaram

Facing a myriad of important contracts, stability is important," Vucic said. He was referring to prospective government deals including a strategic partnership between the United Arab Emirates' Etihad Airways and loss-making Serbian flag carrier JAT, to be signed on Thursday. He said that the remaining coalition partners would decide on candidates for the cabinet reshuffle by August 20. Without the 16 seats of Dinkic's URS, the coalition retains a slim majority in parliament and the Balkan country avoids the prospect of a snap election, which would almost certainly have delayed its talks on joining the European Union. But his departure is a concern for investors worried about Serbia's growing budget gap and public debt, which have all but buried hopes of a new precautionary loan deal with the International Monetary Fund.

Finance moots 49% multi-brand retail FDI by automatic route

The cabinet is set to review FDI norms in multi-brand retail on Thursday. On July 24, commenting on the cabinet note moved by the Department of Industrial Policy & Promotion (DIPP), the finance ministry proposed that FDI up to 49 per cent is allowed on automatic route. The DIPP has declined to tweak the cabinet proposal saying this was not on the agenda of the July 16 meeting chaired by the Prime Minister, at which fresh FDI limits were decided. It was also not part of the suggestions put forward by the Arvind Mayaram committee.

It has stabilised the rupee to some extent, but we have to be very watchful. Would you say the interest rate easing cycle should restart as soon as possible? I think, this is just a guess. I think it would have started but for the rupee depreciation in the month of June and July.

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31/7/2013 - Finance moots 49% multi-brand retail FDI by automatic route

Serbia's largest party agrees to finance minister's ouster

It was also not part of the suggestions put forward by the Arvind Mayaram committee. Sources, however, said the panel headed by Economic Affairs Secretary Mayaram had recommended that the FDI limit be raised to 49 per cent in almost all sectors through the automatic route, with 74 per cent FDI in multi-brand retail trading by the government approval route. The finance minstrys proposal could get support from the Planning Commission, an official said. The planning commission is yet to submit its response to the DIPP proposal.

Siemens Names Finance Chief Kaeser as CEO to Replace Loes

For more information about H.I.G. Capital, please visit http://www.higcapital.com . For more information about the Company, please visit http://www.whitehorsefinance.com . Forward-Looking Statements This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties.

Kaeser, currently chief financial officer, will start his new role on Aug. 1, the Munich-based company said in an e-mailed statement today. Siemens will name a new CFO in the near future, it said. Loescher last week cut a profit forecast for the fifth time in his six years at Siemens, underlining the challenges for Kaeser to oversee a company that has 60 sub-units and manufactures products including trains, gas turbines, medical scanners and factory automation gear.

WhiteHorse Finance, Inc. to Report Second Quarter 2013 Financial Results

Credit: Reuters/Djordje Kojadinovic BELGRADE | Wed Jul 31, 2013 6:16am EDT BELGRADE (Reuters) - The largest party in Serbia's government signaled its acceptance of Finance Minister Mladjan Dinkic's dismissal, saying on Wednesday it would continue to work with the Socialists in the ruling coalition. Prime Minister Ivica Dacic, a Socialist, proposed on Tuesday that the government move on without Dinkic and his United Regions of Serbia (URS) party, a junior partner in the coalition. Deputy Prime Minister, Aleksandar Vucic, who heads the largest party, the Serbian Progressive Party (SNS), said his party presidency had accepted Dacic's proposal at a meeting on Wednesday morning. Without the 16 seats of Dinkic's URS, the coalition would still retain a slim majority in parliament. But his departure could unnerve investors worried about Serbia's growing budget gap and public debt, which have all but buried hopes of a new precautionary loan deal with the International Monetary Fund.

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30/7/2013 - Why Every Finance Professional Needs a Degree in Big Data

A quick-and-dirty guide to the housing finance reform battle

Most of all, the CFO has to help create a culture in which managers habitually use predictive analytics to make decisions rather than relying on experience and gut instinct alone. Unfortunately, the skills needed to use Big Data are scarce. In the current business world, there arent very many data scientists who both know how to use technologies like Hadoop and have the business savvy to analyze data and ask the right questions that generate clear choices. Analysts and consultants have trumpeted the shortage of data scientists.

Serbian PM moves to oust finance minister, risking election

The coalition has promised to continue the Balkan countrys fiscal consolidation, resume talks with the International Monetary Fund and the World Bank and integrate faster into the European Union. Dacic has been trying to boost the economy, which has fallen into recession twice in the past three years, leaving a quarter of the nations workforce without jobs. Budget Deficit The budget deficit is expected to top at least 6 percent of gross domestic product this year, down from 7.3 percent in 2012. The current-account deficit will reach 8.7 percent of GDP according to IMF forecasts.

A major advantage of this form of finance is that it can be fast, providing finance in less than 24 hours of the invoice being raised, and is flexible. Invoices need to be to customers who are credit-worthy, established businesses and many platforms require a minimum invoice value. Typical discount fees vary but can be as low as 1 to 2% of invoice value per 30 days outstanding. E-Invoicing, debtor management & arranging finance Many large customers now require their SME suppliers to invoice through the internet.

Serb Leaders to Discuss If Finance Chief Stays in Cabinet

Analysts say he would have taken a harder line in cutting public sector wages and pensions, but was reined in by Dacic's Socialists who were strongly against. On Sunday, Dinkic offered to give up his economy portfolio as part of a cabinet reshuffle, but retain the position of finance minister. Dacic said the offer fell short. "Economy and finance are the most important issues for the future of Serbia and we need an additional impetus here," he said. "We have no time for mistakes." In response, Dinkic accused Dacic of "pure politicking" to cement his own position as premier.

The dash for cash: The best external finance options for SMEs

Economist Mark Zandi backs up that concern . Liberal lawmakers and consumer protection advocates, like the Center for Responsible Lending , oppose the bill because scrapping the government guarantee and increasing down payment requirements would make it much more difficult to obtain a 30-year fixed-rate mortgage, curtailing opportunities for low-income, minority home buyers. Those are the ones to whom were about to say, sorry the windows closed. Let them eat rent, says John Taylor, president of the National Community Reinvestment Coalition, of Hensarlings proposal. Do people in his district pay any attention to what hes doing? Because hes basically advocating for homeownership for the rich only. The National Association of Home Builders, who are interested in ensuring that as many people can buy new homes as possible, shares consumer advocates concerns .

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29/7/2013 - Simon Hamilton appointed new finance minister

The move was announced by DUP leader and first minister, Peter Robinson, on Monday. The change had been expected because of a forthcoming ban on double jobbing at Westminster and Stormont. Mr Robinson said that in two years Mr Wilson would have to choose between the assembly and Westminster. Should he decide to stay in the assembly Mr Wilson would be a "high priority" for consideration as a minister again in the future, Mr Robinson added. Mr Robinson said Mr Hamilton had demonstrated his "tremendous capability and hardworking mind-set" in various positions both inside and outside the assembly.

LCD Finance loses out after settlement

That ended in a victory for F&I in the High Court last year, after which PWC resigned, citing conflict of interest. PWC had been an adviser to LDC and F&I on a series of deals which had seen good loans from F&I swapped for ultimately worthless preference shares in LDC, and had briefly been receiver of both finance ventures. At the time both LDC and F&I were struggling under the weight of poor lending decisions which had brought both to the verge of collapse. How do you want your news?

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29/7/2013 - Finance Ministry may allow 5 pvt funds to manage pensions of govt staff

Finance Minister P Chidambaram. (IE Photo) The problem is that the amount of available data to analyze has exploded in the past five years. Until recently, there wasnt a need for Big Data specialists, because there simply wasnt the ability to organize data in a way that enabled effective decision making. Segmenting audiences and sampling opinions was the best even rigorous theorists could do. But in recent years online merchants like Netflix and Amazon demonstrated the value of using copious transaction data to treat every customer differently.

How Finance Fueled Students' And Nonprofit's Future

Based on the decision taken, sources said, a notification will be issued shortly. Currently, there are three fund managers for managing pension corpus of government employees. They are LIC Pension Fund Ltd, SBI Pension Funds Pvt Ltd and UTI Retirement Solutions Ltd. Private sector pension corpus is managed by 8 players including three fund managers who manages the government employees' corpus. The other five players are HDFC Pension Management Company Ltd, ICICI Prudential Pension Funds Management Company Ltd, Kotak Mahindra Pension Fund Ltd, Reliance Capital Pension Fund Ltd and DSP BlackRock Pension Fund Managers Pvt Ltd.

Weak Earnings Growth Outside Finance

We interviewed the borrowers CFO and presented our findings to RSFs credit committee for final approval. With this experience under our belts and with the knowledge that there are innumerable nonprofits that could benefit from impact investments, we devised sofiwire.com , a database for social enterprises to search for funding given their individual characteristics. Student interest isnt the only expanding aspect of impact investment. Financial firms including Goldman Sachs are turning to impact investing as another profitable revenue source that may do even more for their reputation than for their bottom line.

Markets open in 3 hrs 13 mins Weak Earnings Growth Outside Finance By Sheraz Mian | Zacks Thu, Jul 25, 2013 6:10 PM EDT The following is an excerpt from this week's Earnings Trends. Click here to access the PD F . The Finance sector gave the 2013 Q2 earnings season a flying start, but the sectors momentum came as no surprise -- estimate revisions activity in the run-up to the reporting season indicated a strong showing from the sector. The sectors actual performance has turned out to be even better relative to pre-season expectations. The fact is that the strength in Finance sector results is helping hide broad earnings weakness elsewhere.

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28/7/2013 - Personal finance lessons from the Detroit bankruptcy

NSW premier says finance minister is safe

Carlos Osorio/AP/File Enlarge If youve been following the news this week, youve heard that the city of Detroit has filed for bankruptcy . The city is holding $11.5 billion in unsecured debt, the repayment of which has the city in such a deep financial hole that they cant keep up with the basic maintenance of the facilities they already have. Trent Hamm The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds we just want simple ways to manage our finances and save a little money. Recent posts The Christian Science Monitor Weekly Digital Edition For those of us who have reached a financial low point in our lives, this sounds pretty familiar.

"All members of parliament, all ministers, have entitlements to travel," he told reporters in Sydney on Monday. Asked if Mr Pearce's job was safe, he replied: "Yes". "Being a member of parliament or being a minister is a seven-day-a-week activity and weekends can be very busy," the premier said. "I've had events in regional areas that have finished late at night and sometimes it is more convenient, particularly depending on where you're starting the next day, to stay in regional areas." Mr Pearce has recently returned to work following a month's stress leave in June after he was found to have misused travel entitlements. He was also escorted from parliament for being drunk in late May.

Serbian finance minister cedes economy brief, averts risk of snap poll

Credit: Reuters/Marko Djurica BELGRADE | Sun Jul 28, 2013 11:36am EDT BELGRADE (Reuters) - Serbian Finance Minister Mladjan Dinkic agreed on Sunday to cede his economy portfolio, averting possible snap elections that could have dented the country's ambitions to join the European Union. Dinkic said he would remain as finance minister, while the economy portfolio would go to the SNS, Serbia's biggest party, paving the way for a fuller cabinet reshuffle. Dinkic had previously resisted splitting up his ministry, but Prime Minister Ivica Dacic warned on Saturday that the coalition would go on without him if he did not. Financial markets seem likely to welcome Dinkic's continued presence in government. He has slowed the rate of increase of Serbia's budget deficit and public debt, which had ballooned to all but scuppered hopes of a new precautionary loan from the International Monetary Fund.

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28/7/2013 - Personal finance lessons from the Detroit bankruptcy

How Finance Fueled Students' And Nonprofit's Future

Recent posts The Christian Science Monitor Weekly Digital Edition For those of us who have reached a financial low point in our lives, this sounds pretty familiar. I never reached a point where I had to file bankruptcy, but I did reach a point where I had bills on the table and not enough money to pay them. It was frightening. I had people relying on me not just myself, but my wife and my infant son.

Impact investment may be the solution. Moreover, students may be helping to accelerate its adoption. Far from passive idealism, students are increasingly concerned about doing something meaningful with their careers, including those who study finance.Theyre demanding to learn the principles of social impact, gain experience through internships and case studies, and even embed impactinvesting in their universities endowment policies. And, thoughinternships with large financial firms help to expose students to the field as well as enhance resumes, an internship with a firm that focuses on impact investment can be equally advantageous.

Finance Ministry may allow 5 pvt funds to manage pensions of govt staff

"We have received representation from Pension Fund and Regulatory Development Authority (PFRDA) that the government employees should have same choices of pension fund managers as is available to non-government subscribers," a source said. The Ministry is considering this proposal as there is no reason to deprive the government employees of the same choices both regarding pension fund managers and also the choice of investment pattern as is available to their private sector counterparts, sources added. Based on the decision taken, sources said, a notification will be issued shortly. Currently, there are three fund managers for managing pension corpus of government employees. They are LIC Pension Fund Ltd, SBI Pension Funds Pvt Ltd and UTI Retirement Solutions Ltd.

US to finance feasibility study of $14bn dam

aPakistan welcomes the interest shown by the US Congress for its support in carrying out feasibility studies for Pakistanas flagship storage project Diamer Bhasha Dam,a Mr Dar was quoted as welcoming the US support and said the government had no objection over preparation of feasibility study of international standards to meet requirements of US laws. The official said Mr Dar sought support of the US administration in increasing the IMF bailout package to $7.3 billion. Mr Olson said the US supported the IMF programme which was an aextremely good thinga to restore confidence of the lending and investor community. He said the US administration would put its weight behind Pakistanas case for higher loan package.

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28/7/2013 - Muthoot Finance profit drops 21% on loan growth stagnation

Reuters ranked second to last in terms of progress over the last decade. Research by the Organization for Economic Cooperation and Development (OECD) also shows that the U.S. is not making as many cutting-edge products as it used to, and that other countries with strong investment in the foundations of innovation, like education and research and development, and fewer of the things that hinder it, like income inequality, are making greater strides than we are. What went wrong? William Lazonick, an expert on the history of the American business corporation, points out that the U.S has enjoyed, over its history, an extremely productive economy.

Net profit in the corresponding quarter a year earlier was Rs 246.10 crore, the company said in a filing to the BSE. Total income declined to Rs 1,285.79 crore during the quarter from Rs 1,293.78 crore a year ago. The year-on-year decline in profits during the quarter was on account of stagnation in loan growth and lower yield on liquidated loan accounts, Managing Director George Alexander Muthoot said in a statement. Reuters Expenses were high on account of lenders continuing higher level of interest and administrative expenses going up with the addition of branches in the past one year, he said.

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27/7/2013 - Why Every Finance Professional Needs a Degree in Big Data

Yarmouth finance department could see reorganization

The problem is that the amount of available data to analyze has exploded in the past five years. Until recently, there wasnt a need for Big Data specialists, because there simply wasnt the ability to organize data in a way that enabled effective decision making. Segmenting audiences and sampling opinions was the best even rigorous theorists could do. But in recent years online merchants like Netflix and Amazon demonstrated the value of using copious transaction data to treat every customer differently.

In presenting the new plan, Town Administrator William Hinchey told the board that the search for a new finance director had failed to reveal a candidate with all the skills and qualities necessary for the position. That failure, he said, was due more to the evolving nature of the position than to any shortcomings of the candidates. They would provide certain strengths, Hinchey said, but not the strengths wed like. Hinchey explained that the job of overseeing the various complex facets of a municipalitys finances has become increasingly technological, with expertise with complicated computer software a growing requirement of the position. Town bylaws currently stipulate that the finance director is also Yarmouths head accountant, leading to a growing confusion of duties, with a single individual being required to have great technical expertise in the minutiae of both software and numbers-crunching. Hincheys proposed fix is to separate the positions of finance director and town accountant, which would allow the town to select from two distinct pools of specialists, rather than trying to find a single person who could handle both.

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27/7/2013 - Personal finance lessons from the Detroit bankruptcy

Finance departments are not immune to the need for Big Data skills. According to a survey by CEB Financial Planning and Analysis Leadership Council, 71% of FP&A teams say that they fail to consistently deliver meaningful insights to the business. The problem is that the amount of available data to analyze has exploded in the past five years. Until recently, there wasnt a need for Big Data specialists, because there simply wasnt the ability to organize data in a way that enabled effective decision making.

I never reached a point where I had to file bankruptcy, but I did reach a point where I had bills on the table and not enough money to pay them. It was frightening. I had people relying on me not just myself, but my wife and my infant son. I needed to make sure that certain things were provided for them a roof over their head and food in their bellies, for starters. RECOMMENDED: Can you manage your money?

Banks, finance firms hit by RBI's rupee defence

Sell-side analysts said they were advising clients to be cautious on private sector banks that rely heavily on market funding, after the central bank unveiled a second set of measures on Tuesday to drain cash from Indian money markets and defuse speculation against the rupee. The rupee hit its highest in a week, rallying further from record lows as it secured a respite, thanks to the Reserve Bank of India's efforts to push up rates. Analysts said the banks were vulnerable as the bulk of their lending activities are financed by wholesale deposits, from companies or other banks prone to move their money quickly. That contrasts with peers such as HDFC Bank (HDBK.NS) and state-owned banks with a massive nationwide presence that lets them access more stable deposits from retail investors. Bulk or wholesale deposits make up just 22 percent of HDFC Bank's total deposits.

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26/7/2013 - Is There Morality in Personal Finance?

Finance scandal: City of Miami never learns

But morally, this was kind of a crappy thing for me to do. Because maybe a hard-working mom saw the 'Free Lone Ranger Ticket!' link. And maybe she got excited because her daughter wanted to see it - butoops!Someone who doesn't even appreciate the movie already got the last one because,*shrug* It's free. Part of being frugal, at least the moral part of it, is not taking more than what you need - not just because you can't afford it, but because you want to leave more for everyone else. In this way, I think there is morality in thrift. What I did wasn't frugal.

Hundred Dollar Bills Cash Money Currency Afterwards, the actual budget deficit rose very quickly to $68 million and we were forced to totally reconstruct the proposed budget. As a matter of prudent fiscal policy, spending long-term revenue bond funds to meet annual pension fund requirements only serves to dig a deeper financial hole, with compounded bond interest, in the citys future. That 1995 bond issue was the basis for the SECs 2003 cease and desist order following extensive hearings during which I was a witness. When I took the stand at that hearing, I was surprised to see the attorney defending the city because, with commission authorization, I had hired him to sue the citys external auditors, which we had previously fired. While in office I also accepted the city internal auditors resignation.

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25/7/2013 - Fifth Street Finance Corp.'s Upcoming Fiscal Q3 2013 Income Statement Projection (Part 2)

Old-Fashioned Regulators Miss What?s New in Finance

The net increase in net assets resulting from operations, as adjusted (ACTUAL) figure is derived from FSC's quarterly SEC submissions via its 10-Q or 10-K where applicable. To obtain FSC's net increase in net assets resulting from operations, as adjusted figure, the following two accounts will need to be determined: 1) adjustments for interest and gain on extinguishment of convertible senior notes and 2) adjustments for dilutive effect of convertible senior notes. This second account needs to be determined because a new weighted average common shares outstanding amount needs to be computed due to the dilutive nature of the convertible senior notes. 1) Adjustments for Interest and Gain on Extinguishment of Convertible Senior Notes: - Estimate of $1.6 Million; Range $1.3 - $1.9 Million - Confidence Within Range = High - See Table 6 Above Next to the June 30, 2013 Column for Reference Basically, this will be the quarterly interest on the convertible senior notes that has already been calculated within the interest expense analysis earlier in this article (see Table 5 above). Also (as discussed earlier), there will be no gain on extinguishment of convertible senior notes for the current quarter.

D.C.?s campaign finance laws need reforming

The transfer of cash is akin to a short-term deposit; the price difference is the repo equivalent of paying interest. In addition, the loan is collateralized, because the bank or other borrower loses the security if it breaks its promise to repurchase. Theres an extra margin of safety because the collateral is typically worth more than the loan -- this margin, called the haircut, serves a purpose similar to capital for a deposit-taking bank. So whats the problem? Essentially, when fear gripped the capital market, securities deemed safe when they were pledged as collateral suddenly looked unsafe.

Finance scandal: City of Miami never learns

FILE - In this June 18, 1972 file photo, human sexuality researchers William H. Masters, M.D., and his wife, Dr. Virginia Johnson Masters, pose for a photo in San Francisco. Virginia Johnson While in office I also accepted the city internal auditors resignation. To their credit, the fact that former Finance Director Diana Gomez and former Internal Auditor Victor Igwe raised red flags, in writing, over the questionable transfer of capital funds to shore up general fund operating deficiencies, serves to bring responsible players into the picture depending on who received those memos. The fiscally irresponsible practice that they objected to was a standard financial practice for the city of Miami in 1995/96 and before. Unfortunately, the 1996 City of Miami Financial Recovery Plan that I formally presented to the mayor and City Commission on my last day as interim manager, when Ed Marquez was appointed city manager, never received the wide public discussion and recognition it should have. About an inch thick, the report set forth, in some detail, all the reasons why the city faced potential bankruptcy including serious management deficiencies.

Equipment Lease Finance Industry Confidence Up Again In July

Che Brown also pleaded guilty to bank fraud not related to the campaign. The campaign finance offices general counsel will decide whether to recommend board action. At most, that would be another fine that would go unpaid by another campaign committee that also has no cash on hand. We suspect Mr. Brown might have been more attentive to the rules if he knew he were personally on the hook.

78.1% of survey respondents indicate they expect the same access to capital to fund business, a decrease from 80.6% the previous month. No one expects less access to capital, unchanged from June. When asked, 25% of the executives reported they expect to hire more employees over the next four months, a decrease from 29% in June. 68.8% expect no change in headcount over the next four months, up from 67.7% last month. 6.3% expect fewer employees, up from 3.2% of respondents who expected fewer employees in June. 90.6% of the leadership evaluates the current U.S.

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25/7/2013 - UPDATE 1-EU finance arm curbs loans to coal-fired power plants

A report published by pressure group Bankwatch last year listed Barclays, Deutsche Bank, Royal Bank of Scotland, BNP Paribas and Credit Suisse as the main European private sector lenders to the coal mines, transport and power stations between 2005 and 2011. In an answer to emailed questions from Reuters, RBS said its lending to the power sector was "continually under review" and that as of end-2012 its total lending to coal-related assets was 1.2 billion pounds, or 0.2 percent of its total lending. In the United States, JP Morgan Chase, Citigroup , Bank of America and Morgan Stanley were the main financiers for projects that mine and burn the fossil fuel, according to the WRI report. Bank of China, Industrial and Commercial Bank of China and China Construction Bank have been the main private-sector Asian lenders to coal. Some observers have questioned whether private and state-backed lenders in Asia and the Middle East will cut investments in coal, given the high returns that mines and power plants could yield in power-hungry developing countries and the earnings at stake for suppliers of coal-related technology.

MP hits at Wonga TV show finance

She said: "Hannah White may be used to sailing the high seas, but the legal loan sharks preying on communities like mine are a very different to those under the oceans. Whilst she profits from these companies, other celebrities are taking a more principled stand and joining the sharkstoppers campaign by refusing to promote payday loan companies until there is reform of the industry. "We've seen how these companies use such individuals to try to make themselves appear respectable and loveable when the truth is very different, especially for the millions of Britons now struggling with payday loan debt. I urge Hannah to come to Walthamstow and learn for herself the truth about her new friends and the damage they are doing to our country." The entire payday lending industry, worth 2 billion, was referred last month for a full-blown investigation by the Competition Commission after the trading watchdog uncovered ''deep-rooted'' problems with the industry, with the Office of Fair Trading (OFT) saying it decided to make the referral because it continues to suspect that features of the market ''prevent, restrict or distort competition''. The Archbishop, the Most Rev Justin Welby, said he hoped the Church of England's credit unions would act as an alternative to payday lenders and "compete" Wonga out of existence.

Banks, finance firms hit by RBI's rupee defence

THREE-WAY HIT Analysts estimate the average net interest margin for Indian banks at about 3.5 percent. Ten-year government bond yields are already up 100 basis points since the RBI pushed up money market rates on July 15. With no indication how long the policy tightening will continue, banks are not talking of raising loan rates. A second hit to bottomlines of banks and mutual funds would come through a sharp fall in the value of bond portfolios as yields rise.

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25/7/2013 - Finance c'tee readies NIS 400b. budget for Knesset approval

AfDB enhances operational capacity to track climate finance in development projects

for such spending, the committee only set aside NIS 100m. this time around. With only four months left in 2013, there were fewer chances of wild miscalculations. In earlier budget negotiations, Prime Minister Binyamin Netanyahu tapped the adjustment budget to rescue the Defense Ministry from spending cuts.

Old-Fashioned Regulators Miss What?s New in Finance

As increasingly significant amounts of climate finance are being mobilized globally, development partners have noted that existing tracking systems could be enhanced to embed transparency, accountability and capacity to track and report on climate finance flows, and unify tracking and reporting procedures across all multilateral development banks (MDBs). This new methodology is a significant milestone in the realm of climate finance, and supports: Better project design by raising awareness about adaptation and mitigation at the conceptual and operational levels Improved tracking and assessment of results as project components where climate change adaptation and mitigation benefits are identified ex-ante, at project approval stage More transparent tracking and reporting of climate finance flows to all key stakeholders Clearer tracking and accounting of donor pledges The methodology has its roots in a 2011 agreement between MDB Vice-Presidents to develop such a joint approach. The AfDB led the efforts to develop the adaptation approach while contributing to the mitigation approach as well. Through the process, each MDB committed to report annually on its previous years climate finance commitments and to continue to refine the Joint MDB tracking approaches through implementation. To support this, the AfDB is leading additional technical work to refine these approaches and has commissioned an independent technical analysis to review both the adaptation and mitigation approaches as well as their application to the AfDB 2012 portfolio.

The archetype of the new form of non-deposit bank funding is repo. In a repurchase transaction, a bank or other borrower sells a security in return for cash, promising to buy it back later at a higher price. The transfer of cash is akin to a short-term deposit; the price difference is the repo equivalent of paying interest. In addition, the loan is collateralized, because the bank or other borrower loses the security if it breaks its promise to repurchase. Theres an extra margin of safety because the collateral is typically worth more than the loan -- this margin, called the haircut, serves a purpose similar to capital for a deposit-taking bank.

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23/7/2013 - Japan needs to raise sales tax next year: Finance Minister

Prime Minister Shinzo Abe has said he will decide later this year whether to go ahead with the increase, citing concerns it could weaken the economy. Finance Minister Taro Aso said delaying the increase would go against commitments made to the G20 group of developed and developing nations that Japan would fix its finances, and said the government could take steps to mitigate any economic impact. "We need to consider an extra budget. It's better to moderate economic fluctuations (from the tax hike)," Aso told a media conference after a cabinet meeting. Earlier, the government upgraded its view on the economy for a third straight month, saying deflation was easing and growth was picking up due to massive monetary fiscal stimulus.

G20 finance ministers aim for more growth

Saturday, July 20, 2013 | Posted: 11:55 a.m. Saturday, July 20, 2013 G20 finance ministers aim for more growth Related View Larger Finance ministers and central bank chiefs pose for a group photo following a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. (AP Photo/Alexander Zemlianichenko) View Larger From left, Mexico's Central Bank Governor Agustin Carstens, Managing Director of the International Monetary Fund Christine Lagarde, and Special Envoy for the President of the World Bank Mahmoud Mohieldin pose for a group photo after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013.

Equipment Lease Finance Industry Confidence Up Again In July

economic conditions will get better over the next six months, an increase from 22.6% in June. 62.5% of survey respondents indicate they believe the U.S. economy will stay the same over the next six months, a decrease from 71% in June. 3.1% believe economic conditions in the U.S. will worsen over the next six months, a decrease from 6.5% who believed so last month. In July, 31.3% of respondents indicate they believe their company will increase spending on business development activities during the next six months, an increase from 25.8% in June. 68.8% believe there will be no change in business development spending, a decrease from 74.2% last month. No one believes there will be a decrease in spending, unchanged from June.

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23/7/2013 - Finance minister says Japan must raise taxes soon to fix economy

Responsibility for survivor benefits shifts from Finance to Welfare Ministry

The sales tax is scheduled to rise from 5 percent to 8 percent by April next year, and then to 10 percent by October of 2015. Abe has cited concerns that it will affect the economy negatively and so will be observing the conditions until autumn of this year when he will make a decision. But Aso said that delaying the increase would break their commitment to the G20 group of developed and developing nations that Japan would fix its financial situation that has been struggling for the past decade. The government announced that for the third straight month, they are upgrading the view on the economy because deflation has been slowly easing and because of the massive monetary fiscal stimulus, there has been continuous growth. But Aso says the government still needs to consider the extra budget, especially since they have the largest public debt among industrialized nations that is more than twice its 500 trillion yen economy.

G20 finance ministers aim for more growth

Since we have not done a good enough job in treating survivors of the Holocaust, changes must be made, he said. If the reality is not good, you need to change it. The government is in the process of streamlining aid to survivors, he said, by compiling a consolidated list of survivors. But some survivors expressed their dismay with Lapids move. According to Uri Chanoch, 86, the vice chairman of the Center of Organizations of Holocaust Survivors in Israel, moving the authority is a very bad decision. Chanoch said survivors will be made to feel stigmatized by having to deal with the welfare office. While there have always been issues with how the government has handled payments to survivors, he said, things have improved greatly over the previous decade.

Finance minister says Japan must raise taxes soon to fix economy (AP Photo/Alexander Zemlianichenko) View Larger Russian Finance Minister Anton Siluanov speaks on a phone as he attends a group photo ceremony after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. The finance chiefs of the world's leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas. (AP Photo/Alexander Zemlianichenko) View Larger From left, Central Bank Governor Jens Weidmann and German Finance Minister Wolfgang Schauble attend a group photo ceremony after a meeting of the Group of 20 finance ministers in Moscow, Russia, Saturday, July 20, 2013. The finance chiefs of the world's leading economies hope to force multinational companies to pay more taxes by closing loopholes that have allowed them to stash profits overseas. (AP Photo/Alexander Zemlianichenko) View Larger Russian Finance Minister Anton Siluanov, left, speaks to Russian Labor Minister Maxim Topilin at a meeting of the Group of 20 finance ministers in Moscow, Russia, Friday, July 19, 2013.

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21/7/2013 - Resignations to leave void on finance board

G20 finance ministers aim for more growth

Russian Finance Minister Anton Siluanov, left, speaks to Russian Labor Minister Maxim Topilin at a meeting of the Group of 20 finance ministers in Moscow, Russia, Friday, July 19, 2013. Stashing profits offshore may soon get tougher for companies, thanks to an ambitious plan released Friday by the finance chiefs of leading world economies aimed at forcing multinationals to pay more taxes. (AP Photo/Alexander Zemlianichenko) "I certainly have learned much from her during her tenure." Murphy, a former CFO for the Boston-based acquisitions company Connell Limited Partnership , has worked as Greenwich's treasurer for the last seven years. She said she is considering a bid for Stamford's top office because she wants to improve key city departments, such as Human Resources and the Tax Collector's Office. "I'll be focusing on fixing the foundation for the city -- the city would be run for the residents," Murphy said. Right now I think we're run probably for the developers." Murphy has until Sept. 4 to collect enough signatures to petition her way onto the ballot if she decides to launch a mayoral run as an Independent, according to the Secretary of the State's Office.

Greece's former finance minister should be prosecuted, lawmakers say

Former socialist Finance minister George Papaconstantinou at the Greek Parliament in Athens on January 17, 2013. However, its existence was not revealed until September 2012. Information that the list had been misplaced, copied and altered so as to exclude certain names then started coming to light, causing a major uproar. The three charges against Papaconstantinou are breach of trust, doctoring an official document and dereliction of duty. If convicted, he faces a prison sentence.

In a separate statement, IMF head Christine Lagarde said the meeting saw constructive discussions on "the spillover effects of monetary policies, the implications of recent market volatility, and the need for balanced and credible fiscal strategies." "''The global economy remains too weak and unemployment is too high in many countries," she said. "There has also been an increase in financial market volatility and tightening of financial conditions." The G-20 communique called on members "to ensure that international and our own tax rules do not allow or encourage multinational enterprises to reduce overall taxes paid by artificially shifting profits to low-tax jurisdictions." On Friday the Organization for Economic Cooperation and Development unveiled a 15-point plan for a united front to fight tax avoidance by multinational companies. If adopted, the measures would close loopholes and allow countries to tax profits held in offshore subsidiaries. It would also target such practices as deducting the same expense more than once, in more than one country.

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21/7/2013 - Finance board plans special meeting

Then I really want to hear what the public has to say." Bosak, a Republican, said the Board of Finance's office has been inundated by phone calls from irate taxpayers in recent weeks. "Many of our citizens wanted to be able to ask questions to the board and to understand the process and we felt we should create a venue for people to be able to do so," Bosak said. "And hopefully compel the assessor's office to be able to come and answer questions." Independent finance board member Kathleen Murphy said residents are outraged by what they see as inconsistencies in house and property valuations. Murphy, who owns a house in Shippan, has filed a legal action in court to protest her recent revaluation, which sent her tax bill soaring by more than $10,000. "I think there were quite a few irregularities and then when we went through the appeal process we didn't really get to present our case and hear the assessor's case," Murphy said.

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21/7/2013 - Pope Francis Names Panel to Overhaul Vatican Finance Structure

Last years earnings compare with a 14.9 million-euro deficit in 2011, the Holy See said today in a statement . The Vatican bank, formally known as Institute for the Works of Religion or IOR, last year gave the Pope a contribution of 50 million euros, the Holy See said. The new body set up by the pontiff will be led by Joseph FX Zahra, currently chairman of Middlesea Insurance Co Ltd. It will hold its first meeting shortly after Franciss return from a visit to Brazil that begins July 21, according to todays statement.

Housing Finance Jumps to 6-Week High on Outlook: Nairobi Mover

in Nairobi, the most on a closing basis since April 2. More than six times the three-month daily average of shares were traded. Housing Finance, which said in February it will build 500 homes this year, reported a 59 percent increase in first-half net income to 397 million shillings ($4.6 million) in a statement yesterday. Net interest income, the money earned from interest charges on loans, increased 58 percent to 1.38 billion shillings.

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