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China bars Glaxo finance chief from leaving

Posted on 21/7/2013 at 21:20 - 0 Comments - Post Comment - Link

Islamic finance sits awkwardly in a modern business school

Duke University professor of economics and political science and Gorter Family Professor of Islamic studies Timur Kuran in Durham, North Carolina. (photo by Sara D. Davis for The Financial Times) It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company's China unit. Chinese police announced this week they have detained four GSK employees on suspicion of paying bribes to doctors, hospitals and others to encourage them to prescribe the company's medications. Police say the employees funneled as much as 3 billion yuan ($490 million) through travel agencies and consulting firms to hide the source of bribes, according to Chinese news reports. Investigators have not made clear how much of that money was paid as bribes.

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

Islamic banking, in its current form, will go down in history as a mighty deceit based on an operational principle that is simply unfeasible. Islamic banks give and take interest as a matter of course, though under the guise of commissions, fees, penalties or profit shares. The holder of a halal credit card pays a penalty on unpaid balances; this penalty is proportionate to the size of the balance, which makes it equivalent to interest. The sharia code was suited to the Middle Ages, when it assumed its classical form. At least on matters of economics and finance, it has not advanced measurably since then.

FILE - This April 28, 2010 file photo shows the GlaxoSmithKline offices in London. Drug manufacturer GlaxoSmithKline, under investigation in China on suspicion its employees bribed doctors, said Thursday, July 18, 2013 its finance director for the country has been barred from leaving. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement. It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company The shares advanced 3.9 percent to 27 shillings by 12:40 p.m. 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.

Finance House P.J.S.C. : Insurance House Appoints New Chief Executive Officer

Ahmad Idris is a leading professional in the insurance industry with more than 36 years experience within the UAE and internationally. The new CEO shall bring new business insights and add value to Insurance House's success and achievements. Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: "We are pleased to welcome Ahmad Idris to our family as Chief Executive Officer of Insurance House. With determination to accelerate business growth and mark additional success and achievements to Insurance House, Idris's strategic management skills and extensive experience in the Insurance industry will surely be essential as he takes up the challenge of leading Insurance House to another level". The newly appointed CEO, Ahamad Idris, Said: "Insurance House has achieved many remarkable milestones in a short period of time.


China bars Glaxo finance chief from leaving

Posted on 21/7/2013 at 21:20 - 0 Comments - Post Comment - Link

Islamic finance sits awkwardly in a modern business school

Duke University professor of economics and political science and Gorter Family Professor of Islamic studies Timur Kuran in Durham, North Carolina. (photo by Sara D. Davis for The Financial Times) It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company's China unit. Chinese police announced this week they have detained four GSK employees on suspicion of paying bribes to doctors, hospitals and others to encourage them to prescribe the company's medications. Police say the employees funneled as much as 3 billion yuan ($490 million) through travel agencies and consulting firms to hide the source of bribes, according to Chinese news reports. Investigators have not made clear how much of that money was paid as bribes.

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

Islamic banking, in its current form, will go down in history as a mighty deceit based on an operational principle that is simply unfeasible. Islamic banks give and take interest as a matter of course, though under the guise of commissions, fees, penalties or profit shares. The holder of a halal credit card pays a penalty on unpaid balances; this penalty is proportionate to the size of the balance, which makes it equivalent to interest. The sharia code was suited to the Middle Ages, when it assumed its classical form. At least on matters of economics and finance, it has not advanced measurably since then.

FILE - This April 28, 2010 file photo shows the GlaxoSmithKline offices in London. Drug manufacturer GlaxoSmithKline, under investigation in China on suspicion its employees bribed doctors, said Thursday, July 18, 2013 its finance director for the country has been barred from leaving. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement. It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company The shares advanced 3.9 percent to 27 shillings by 12:40 p.m. 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.

Finance House P.J.S.C. : Insurance House Appoints New Chief Executive Officer

Ahmad Idris is a leading professional in the insurance industry with more than 36 years experience within the UAE and internationally. The new CEO shall bring new business insights and add value to Insurance House's success and achievements. Mohammed Abdulla Alqubaisi, Chairman of Insurance House, said: "We are pleased to welcome Ahmad Idris to our family as Chief Executive Officer of Insurance House. With determination to accelerate business growth and mark additional success and achievements to Insurance House, Idris's strategic management skills and extensive experience in the Insurance industry will surely be essential as he takes up the challenge of leading Insurance House to another level". The newly appointed CEO, Ahamad Idris, Said: "Insurance House has achieved many remarkable milestones in a short period of time.


Finance board plans special meeting

Posted on 21/7/2013 at 07:38 - 0 Comments - Post Comment - Link

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.

Is there morality in personal finance?

Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.

Chinese economy set to turn around, no hard landing: finance minister

In this way, I think there is morality in thrift. What I did wasnt frugal. It was cheap . Cheap vs.


China bars Glaxo finance chief from leaving

Posted on 21/7/2013 at 01:25 - 0 Comments - Post Comment - Link

Pakistan launches media campaign to boost Islamic finance

The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement. It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company's China unit. (AP Photo/Kirsty Wigglesworth, File) JOE McDONALD July 18, 2013 BEIJING (AP) Drug manufacturer GlaxoSmithKline, under investigation on suspicion its employees bribed Chinese doctors, said Thursday the finance director for its local unit has been barred from leaving China. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement.

Very Weak Q2 Earnings Outside Finance

After all, the erosion of Googles search-ad prices (the so-called cost per click or CPC) is a direct function of traffic migration from the desktop to mobile platforms. Google may be able to offset its CPC issue with increased volume, but Intel, Microsoft and others have to fundamentally realign their businesses to succeed. Beyond these structural and secular issues is the cyclical problem of low demand for the sectors products and services resulting from weak global capital spending trends. Hard to envision the sectors fortunes improving without a positive shift in enterprise spending. And keep in mind that unlike the banking space which has more of a domestic orientation, the Technology market is far more global in nature.

FILE - This April 28, 2010 file photo shows the GlaxoSmithKline offices in London. Drug manufacturer GlaxoSmithKline, under investigation in China on suspicion its employees bribed doctors, said Thursday, July 18, 2013 its finance director for the country has been barred from leaving. The executive, Steve Nechelput, has not been questioned or arrested and is free to travel within China, the British company said in a statement. It said it had been aware of the travel restrictions since the end of June. Nechelput continues to work in his role as finance director for the company The central bank is rolling out a five-year plan for Pakistan's Islamic banking sector, which follows religious principles such as bans on interest and pure monetary speculation. "There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm," said central bank governor Yaseen Anwar at the launch of the campaign on Thursday. The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows. The country's Islamic banking industry includes five fully-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows.


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

Posted on 20/7/2013 at 16:35 - 0 Comments - Post Comment - Link

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. We expect further loan-book growth from rising credit demand as Housing Finance has lowered its base-lending rate to 16 percent from 18 percent and from a more stable macroeconomic environment, Vidur Dhingra, an analyst at Nairobi-based Kestrel Capital (East Africa) Ltd., said today in an e-mailed note.

Corporate HR and Finance Executives See More Collaboration in Their Future, Towers Watson Survey Fin

"As the economy improves, companies are putting more emphasis on ways to enhance financial performance," said Emmett Seaborn, a senior consultant at Towers Watson. "While the HR and finance functions have traditionally worked independently, both groups recognize that it's their employees who ultimately add value and help drive performance, and that for these workforce programs to succeed, they will need to collaborate more in the future." Return on investment (ROI) on reward programs is an area ripe for improvement since neither group believes current ROI is where it should be. According to the survey, just 56% of finance respondents and 61% of HR respondents agree their company's current ROI on rewards is acceptable. Overall, only 12% of all survey respondents indicated they didn't currently measure reward ROI, while just under two-thirds (64%) use financial metrics and just over half (53%) use workforce metrics.


Finance Latest News: GSK Sends Three Executives to China to Handle Crisis

Posted on 20/7/2013 at 10:27 - 0 Comments - Post Comment - Link

JPMorgan plans to name risk or finance experts to board: source

Finance Sat, Jul 20, 2013, 5:03 AM EDT - U.S. Markets closed YOUR FRIENDS' ACTIVITY Remind me when I share | Not you? Log out of Facebook How to remove this experience Finance Latest News: GSK Sends Three Executives to China to Handle Crisis Link 16 hours ago, Wochit GlaxoSmithKline has sent its head of emerging markets and two other top executives to China to lead the drugmaker's response to an unfolding crisis over alleged bribery and corruption. Disappointing earnings from two American technology giants, Microsoft and Google, weighed on markets after a stellar run that has seen Wall Street?s main indexes post a series of all-time highs.

Pope Francis Names Panel to Overhaul Vatican Finance Structure

It will also give advice on how to work with ever greater prudence in the financial sphere, according to the statement, which didnt mention the Vatican Bank by name. The banks director Paolo Cipriani and deputy director Massimo Tulli stepped down July 1. Their resignations followed the arrest on June 28 of a senior Vatican cleric in a corruption investigation thats part of a wider probe into the banks transactions. On July 10 the Vatican said it may extend its probe of suspicious bank transactions to people beyond Nunzio Scarano, the prelate arrested.

Credit: Reuters/Lucas Jackson Fri Jul 19, 2013 4:26pm EDT (Reuters) - JPMorgan Chase & Co (JPM.N) expects to name two directors with expertise in risk or finance to its board, according to a person familiar with the matter. The appointments, to come this year, will follow the resignations on Friday of two members of the board who had been on the panel's risk committee when the company made its "London Whale" derivatives trades that ultimately cost it more than $6.2 billion and damaged its reputation. (Reporting by David Henry in New York; Editing by Gary Hill) Tweet this


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

Posted on 19/7/2013 at 15:26 - 0 Comments - Post Comment - Link

Former socialist Finance minister George Papaconstantinou at the Greek Parliament in Athens on January 17, 2013. The three charges against Papaconstantinou are breach of trust, doctoring an official document and dereliction of duty. If convicted, he faces a prison sentence. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout. Because he is a lawmaker, Parliament has to approve the lifting of immunity before any prosecution can proceed. In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three.

A Comparison of Plans to Reform Our Housing Finance System

In that time, weve seen a bipartisan consensus develop around increasing private capitals presence in the market while maintaining explicit government support for the segment of the market traditionally served by Fannie and Freddie. But details of any future housing finance system must still be worked out, and Congress has only begun debating legislation to reform the system. What do Fannie Mae and Freddie Mac do? The primary function of Fannie Mae and Freddie Mac since their creation has been to provide liquidity to the nations mortgage finance system.


Film Finance Forum Latin America Lines Up Panelists

Posted on 19/7/2013 at 08:03 - 0 Comments - Post Comment - Link

Cine-Sud Boards ?Circus,? ?Parable? For years now Latin America has been a hotbed for emerging talent, and many of its countries have produced a steady output of successful local films, said Garcia. But its the combination of the growing appetite in the consumer market for cinema as evidenced by the rising screen count and the improving production resources/infrastructure that make Latin America ripe for a film finance forum, he added. Weve seen a comparable explosion for major music (e.g. Lollapalooza Chile) and sports (e.g.

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. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout. Because he is a lawmaker, Parliament has to approve the lifting of immunity before any prosecution can proceed. In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three. Seventeen deputies were absent. Addressing lawmakers before the vote, Papaconstantinou denied wrongdoing and said he was being targeted "for one simple reason, being the finance minister who put the country in the bailout process." A council of judges will convene, probably later this week, to decide whether Papaconstantinou should face the criminal charges outlined in Parliament.

Continental Prison Systems Retains Finance 500 as Financial Advisors

( CPSZ ) - a payment processing technology company that specializes in the $500 billion government payment space, is pleased to announce that the company has retained Finance 500, Inc, a FINRA licensed broker-dealer and investment banking concern as a financial advisor. In this capacity, Finance 500 will advise Company management on financing structures and strategic initiatives with the goal of increasing shareholder value. The strategic initiatives include the effective engagement of a potentially broader institutional shareholder base, strategies intended to increase trading liquidity, evaluating various strategic capital markets initiatives and opportunities to pursue other trading markets for the Company's stock. "After a lengthy vetting of multiple qualified financial firms we are confident that Finance 500 has the resources and relationships needed for Continental Prison Systems to take the next step in its corporate development," stated Ron Hodge, CEO, Continental Prison Systems.


Further Progress on Housing Finance

Posted on 18/7/2013 at 18:20 - 0 Comments - Post Comment - Link

In the Hensarling approach, Congress could always enact legislation that provides a guarantee on new mortgages but not on old ones. This would be along the lines of a proposal by Harvard professors David S. Scharfstein and Adi Sunderam (though they would have the government offer insurance on a modest share of mortgages even in normal times, to maintain the capacity to scale up when needed). This implies that the proposed new housing system would not be resilient to future crises; the Corker-Warner approach explicitly takes into account the inevitability of future financial market convulsions. A further challenge for the House approach to housing finance reform is to avoid inadvertently recreating the implicit guarantee of the previous system, under which policy makers provided a retroactive guarantee when the crisis hit.

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. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout.


Corporate HR and Finance Executives See More Collaboration in Their Future, Towers Watson Survey Finds

Posted on 18/7/2013 at 12:10 - 0 Comments - Post Comment - Link

German finance minister says multinationals must pay fair taxes

Those familiar with his academic work say it has focused not just on economic growth but on ensuring that the poor benefit. "Dr Galal describes himself as an 'eclectic' economist. He has been a long and firm believer in the importance of inclusive growth and education in contributing to inclusion and competitiveness," said Amina Ghanem, a former deputy finance minister. "Fiscal policy for him would not be a budget deficit number, it would be about growth, empowerment and human development," said Ghanem, who served under four finance ministers until shortly before Mohamed Mursi was elected president in mid-2012. The army ousted Mursi, Egypt's first freely elected leader, on July 3 after millions of Egyptians poured into the streets to protest against the Islamist president and his government.

Barclays poaches JP Morgan's Morzaria as new finance chief

About the Survey The Towers Watson/Forbes Insights survey was conducted in February 2013, and includes responses from 122 HR executives and 218 finance executives at U.S. and global organizations. Survey respondents ranged in size from 1,000 to more than 25,000 employees and represented a broad range of industries. The full report is available at towerswatson.com . About Towers Watson Towers Watson (NYSE, NASDAQ: TW) is a leading global professional services company that helps organizations improve performance through effective people, risk and financial management.

JP Morgan praised Morzaria's "analytical ability, combined with his calm, steady demeanor" and said it would appoint his successor in the coming days. The move ends Barclays' lengthy search for a finance director, after it said in February that Chris Lucas would step down after six years in the role. Morzaria, 44, will be paid a salary of 800,000 pounds and can earn an annual bonus of up to 2 million pounds and a long-term share award of up to 3.2 million. The long-term award would only start paying out in five years' time.

Fed Chairman Ben Bernanke, who will not be present in Moscow, has stressed he will only stop the money-printing press if he sees strong evidence of a U.S. recovery, and on Wednesday left open the option of changing the plan if the economy shifted. Schaeuble said a European Union paper setting out medium-term fiscal plans were an "appropriate and important" target on the way to proving the world's 20 biggest developing and developed nations were committed to consolidating budgets. In a document, EU finance ministers say that the lack of an agreement on a credible medium-term fiscal consolidation plan in the United States was a risk to the global economy. The G20 has agreed that advanced economies would develop medium-term fiscal strategies by the G20 leaders' summit in St.


Finance set to surpass tech as most-profitable U.S. industry

Posted on 17/7/2013 at 15:43 - 0 Comments - Post Comment - Link

"Technology has a lot more exposure to international markets, and the economic picture overseas isn't as strong as it is here right now," says Sheraz Mian, director of research at Zacks Investment Research. According to Mian's analysis, U.S. financial services companies in the S&P 500 index are expected to report that they earned aggregate profits of $49 billion in the second quarter. That's almost 20% of the $247 billion in quarterly earnings expected from the S&P 500 companies as a whole.

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. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout.

China Won?t Have Large Stimulus This Year, Finance Minister Says

The remarks were posted yesterday on the Finance Ministry s website. Premier Li Keqiang said this month that the nation should keep restructuring the economy as long as growth and employment stay above unspecified limits, even as a second-quarter slowdown in expansion increased risks that China will miss its 7.5 percent goal for the year. The government responded to the global financial crisis in 2008 with a 4 trillion yuan ($586 billion at the time) stimulus and a wave of bank lending. From a policy perspective, China wont roll out large-scale fiscal stimulus policies this year, said Lou, who became finance minister in March.

British head of finance for GlaxoSmithKline is banned from leaving China after officials accuse the company of bribing politicians

Former Chinese Premier Wen Jiabao at GlaxoSmithKline He has not been questioned, arrested or detained by police, the spokesman added. Beijing is preventing Steve Nechelput, drug company GlaxoSmithKline's head of finance for China, from leaving the country. Pictured, the entrance to the company's headquarters in Shanghai, China (file photo) Police have accused GSK of transferring up to 321million to 700 travel agencies and consultancies over six years to facilitate the bribes. Four Chinese nationals employed by the company have been detained. It is alleged doctors and officials were paid off to use GSK products and keep prices artificially high.


Finance minister Jim Flaherty keeps close eye on long-term car financing

Posted on 17/7/2013 at 09:27 - 0 Comments - Post Comment - Link

UPDATE 2-Barclays poaches JP Morgan's Morzaria as new finance chief

Many consumers already strapped with large monthly mortgage payments are looking for some extra financial breathing room and taking out car loans for as long as eight years (96 months). According to J.D. Power & Associates, 63 per cent of car buyers in 2013 who borrow to finance their new vehicle purchases are taking out loans of six years or longer a a huge increase from just 14 per cent six years ago. aFrom the consumer standpoint, I think a lot of this has to do with managing the monthly cash flow,a explained Brian Murphy, senior manager with J.D. Power & Associates.

High-ranking D.C. finance official is being ousted

Its capital strength is also under scrutiny. It is in talks with the Bank of England over how to reduce leverage after being warned last month it had to do so. Barclays said that could force it to cut lending to British households and firms, but the central bank said it would not allow that. Morzaria is chief financial officer of corporate and investment banking (CIB) at JP Morgan Chase, where he has spent most of his career. JP Morgan praised Morzaria's "analytical ability, combined with his calm, steady demeanour" and said it would appoint his successor in the coming days.

government photo) A veteran official in the Districts finance office is being forced out by Chief Financial Officer Natwar M. Gandhi, according to two officials with knowledge of the matter. Anthony F. Pompa had been deputy chief financial officer for financial operations and systems since 1997, with duties that included overseeing the citys annual comprehensive audit .


Cyprus finance minister optimistic ahead of troika's first assessment of bailout deal

Posted on 16/7/2013 at 16:40 - 0 Comments - Post Comment - Link

Haris Georgiades says the quickest way to shed the harsh terms of the 23 billion euro ($29.9 billion) bailout that the country signed in March is it to faithfully implement them. He said Tuesday that the government aims to slash spending by 11 percent by next year, but won't impose new taxes. Officials from the European Commission, the European Central Bank and International Monetary Fund begin the assessment Wednesday. Georgiades said the focus will be on quickly restoring the decimated banking sector back to health in order to get the tanking economy moving again.

Mitsubishi UFJ Lease & Finance Co Ltd (8593.T)

Chart for 8593.T The move to longer financing terms was partly born out of necessity, said Murphy. Just before the financial crisis hit in 2008, nearly half of Canadian new vehicle sales were leases, he said. But the market quickly dried up because automobile manufacturers couldnat secure the capital to finance the leases. The longer financing terms essentially allow Canadian car buyers to have a similar, lower monthly payment to when they leased a vehicle, he said, although they would now own the vehicle at the end of the term. For the auto industry, the net effect is also largely unknown because the switch to longer terms is a fairly new phenomenon, he added.

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. If convicted, he faces a prison sentence. Papaconstantinou served as finance minister from October 2009 to June 2011, and was finance minister when Greece negotiated its first international bailout. Dominique Strauss-Kahn on austerity Greece secures bailout deal with Troika Because he is a lawmaker, Parliament has to approve the lifting of immunity before any prosecution can proceed. In a secret ballot late Monday, 220 deputies in the 300-seat Parliament voted in favor of the former minister being prosecuted for at least one charge, and 166 for all three.

Finance minister Jim Flaherty keeps close eye on long-term car financing

Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here .


Barclays hires new finance chief Tushar Morzaria on 6.2m package

Posted on 16/7/2013 at 10:32 - 0 Comments - Post Comment - Link

Greek Parliament Votes in Favor of Indicting Ex-Finance Minister

Barclays said Mr Morzaria will receive a salary of 800,000 and will be entitled to an annual bonus worth 250pc of his base pay. On top of this, he will also be eligible for a share award under the banks long-term incentive plan worth up to 400pc of his salary. He will also be granted a pension contribution equal to a quarter of the value of his annual pay. In total, this means he could earn as much as 6.2m a year. Mr Lucas announced his decision to retire earlier this year and will formerly leave the bank next February.

Chris Lucas Barclays A majority in Greeces 300-seat parliament voted early today to ask a panel of judges to determine if Papaconstantinou, a former finance minister in the government of George Papandreou, should be tried on charges including criminal breach of trust and falsifying a document. Papaconstantinou is being investigated for allegedly removing relatives names from a list of Greeks with accounts at a branch of HSBC Holdings Plc (HSBA) in Geneva. The so-called Lagarde list is an electronic file of 2,062 people with deposits at the branch that was given to the government in 2010 by Frances then-finance minister, Christine Lagarde . Papaconstantinou, who negotiated Greeces first bailout by the European Union and the International Monetary Fund in 2010, denied the charges speaking in parliament yesterday. To contact the reporters on this story: Eleni Chrepa in Athens at echrepa@bloomberg.net ; Antonis Galanopoulos in Athens at agalanopoulo@bloomberg.net To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net

Egypt's new finance minister faces daunting task

Markets open in 1 hr 18 mins Earnings Barclays poaches JP Morgan's Morzaria as new finance boss Reuters 1 hour 31 minutes ago The Barclays logo is seen on a rental bike being ridden by a commuter in London February 12, 2013. REUTERS/Toby Melville RELATED QUOTES 311.65 +1.90 LONDON (Reuters) - Barclays ( BARC.L ) has poached JP Morgan ( JPM ) executive Tushar Morzaria to become its new finance director from February, offering up to 6 million pounds ($9.1 million) in annual pay and awards to help its recovery from a series of scandals. It ends a lengthy search for a finance director, after Barclays said in February Chris Lucas would step down after six years in the role. Morzaria is currently chief financial officer of corporate and investment banking at JP Morgan Chase, where he has spent the majority of his career. Morzaria, 44, was born in Uganda and moved to Britain in 1971.

Barclays poaches JP Morgan's Morzaria as new finance boss

"Fiscal policy for him would not be a budget deficit number, it would be about growth, empowerment and human development," said Ghanem, who served under four finance ministers until shortly before Mohamed Mursi was elected president in mid-2012. The army ousted Mursi, Egypt's first freely elected leader, on July 3 after millions of Egyptians poured into the streets to protest against the Islamist president and his government. Galal received a doctorate in economics from Boston University in 1986 after graduating in business administration from Cairo University. During his 18 years as an economist at the World Bank he concentrated on the Middle East and North Africa. He later headed two Cairo-based think-tanks, the Egyptian Center for Economic Studies and the Economic Research Forum.


Strauss-Kahn Re-emerges in Finance, in Russia

Posted on 15/7/2013 at 16:38 - 0 Comments - Post Comment - Link

Evans declined. Mr. Strauss-Kahns appointment appeared baffling if the intention is to raise the confidence of foreign investors in Rosneft, said one banker in Moscow who was not authorized to discuss the matter publicly. The banker added that an American company might think that because of his sexual reputation he is actually a liability. Last year, Mr. Strauss-Kahns lawyers negotiated a confidential settlement with Nafissatou Diallo, the hotel maid who had accused him of sexual assault in 2011.

July 2013, European Leveraged Finance Market Analysis; Video, Charts

The details: The European leveraged finance primary and secondary markets were buffeted by volatility. This follows comments made by the Fed chairman for tapering off support for quantative easing. Loan issuance was 7.6 billion in June 2013, while high yield issuance was just 2.9 billion. According to JP Morgan HY research: estimated outflows out of European HY funds was almost 1.5 billion for June versus inflows of 3.8 billion till the end of May. Net inflows till the end of June are an estimated 1.3 billion.


France Used To Torture And Execute Its Finance Ministers For Policies Gone Bad

Posted on 15/7/2013 at 10:25 - 0 Comments - Post Comment - Link

wooden horse In 1314, Philip died, and power passed to his eldest son Louis. Louis recognized Marigny had the best interests of the kingdom in mind. But the rest of the kingdom believed Marigny to be a venal thief. After Philip's brother accused Marigny of sorcery, and as the cries among the populace for justice grew, Louis gave in and had Marigny hanged. It's hard to say Marigny deserved it.

AstraZeneca finance chief Lowth to quit for BG Group

(Tyler Anderson/ National Post) (For Files) FOR POSTMEDIA AUTO PACKAGE NP-CARS-2011-12-28 Photograph by: Tyler Anderson/Postmedia News , Postmedia News OTTAWA a Finance Minister Jim Flaherty, who has repeatedly warned consumers about compiling too much household debt, has been closely monitoring the huge growth in popularity of long-term vehicle financing in Canada, show federal documents. Briefing notes prepared for Flaherty by Finance Canada officials, and obtained by Postmedia News under access to information legislation, show the department and minister have been keeping a close eye on a trend that has more and more Canadians obtaining vehicle loans of six years or longer in an effort to reduce their monthly payments. Many consumers already strapped with large monthly mortgage payments are looking for some extra financial breathing room and taking out car loans for as long as eight years (96 months). According to J.D. Power & Associates, 63 per cent of car buyers in 2013 who borrow to finance their new vehicle purchases are taking out loans of six years or longer a a huge increase from just 14 per cent six years ago.

Finance minister Jim Flaherty keeps close eye on long-term car financing

"He's a very intense, driven man - a technical strategy type I would say," said a former colleague. AstraZeneca said the search for a replacement for Lowth was underway. Lowth will forfeit his AstraZeneca bonus for 2013 but BG, which will pay him a base salary of 725,000 pounds ($1.10 million), will compensate him for it. He was paid a cash bonus of 1.034 million pounds last year. He is to leave AstraZeneca in October but as yet has no official start date at BG.


Flaherty's time as finance minister may be over, but any successor faces PM oversight

Posted on 15/7/2013 at 01:54 - 0 Comments - Post Comment - Link

Should the 63-year-old Flaherty leave federal politics, Harper would have a huge hole to fill in arguably his most important cabinet post. The Whitby-Oshawa MP is the longest-serving finance minister in the G8, well liked by MPs on both sides of the House of Commons and is the government's senior minister for the Greater Toronto Area. If Flaherty remains an MP but is shuffled to a different portfolio, it would almost certainly be another high-profile posting, further complicating the cabinet shakeup. Staying on as finance minister also has its pitfalls, as the economic recovery remains sluggish and the government tries to eliminate a deficit estimated at $18.7 billion. "From everything he says, he wants to go out with a balanced budget, but it's ...

Finance Latest News: SEC Takes Goldman's 'Fabulous Fab' to Trial in Civil Fraud Case

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Top 10 Best Finance Apps for Android

Posted on 14/7/2013 at 19:39 - 0 Comments - Post Comment - Link

Top 10 Best Finance Apps For Android Chase Mobile 8. Google Wallet Subscribe to the Heavy YouTube channel Google Wallet keeps all of your credit and debit cards safe and secure. Users can use any credit card from Visa, MasterCard, American Express, or Discover with the app. Make in-store purchases by tapping your phone.

Finance Latest News: SEC Takes Goldman's 'Fabulous Fab' to Trial in Civil Fraud Case

Harper has decided to keep Mr. Flaherty at his post. The Finance Minister has said publicly that he wants to remain on the job until the budget is brought back into balance, and has suggested that he may contest the next election. More Related to this Story Canadian Prime Minister StephenHarperspeaks about the G8 during a joint news conference with Irish Prime Minister Enda Kenny at Farmleigh House in Dublin, Ireland, Sunday, June 16, 2013.

Flaherty to remain Finance Minister in shuffled Harper cabinet

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China Can Endure Growth Slowdown to 6.5%, Finance Chief Says

Posted on 14/7/2013 at 13:30 - 0 Comments - Post Comment - Link

Finance minister Jim Flaherty keeps close eye on long-term car financing

It wont be possible to enjoy a comfortable life and a rapid growth rate with the structural adjustment. Lou said China shared its plan for further reforms with U.S. officials during the meetings, Lou said. Shipyard Aid China Rongsheng Heavy Industries Group Holdings Ltd. (1101) , the nations biggest shipyard outside state control, said this month its seeking financial help from the government, as the nations shipowners association forecast a slump in vessel orders will run through next year. Macquarie Group Ltd.

Investors Should Reset Ambitions on China aWe donat insure car loans,a Flaherty said in March. The briefing notes provided to Flaherty last fall highlighted some of the numbers calculated by J.D. Power & Associates. Finance officials also delivered a couple of preliminary conclusions, including athere has been a clear shift in auto financing,a and that vehicle loans with longer amortization periods have attracted customers who once leased vehicles and are looking for lower monthly payments. There is no indication from the documents what actions, if any, the government may take.


Xinhua corrects China Finance minister's growth target comment

Posted on 14/7/2013 at 07:18 - 0 Comments - Post Comment - Link

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