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Jul232013

Finance officials plan special meeting











Stamford outsourced its most recent property revaluation, paying Vision Government Solutions $1 million to complete the city's physical assessments. Stamford last completed a revaluation in 2007 at the height of the real estate bubble. Last year's revaluation saw average real estate assessments drop 24 percent. In May the Board of Finance approved a $447 million gross tax levy, setting the average tax increase at 3.41 percent. Elected officials from the Board of Representatives have also raised questions about the 2012 property revaluation's effect on this summer's tax bills.














G20 finance ministers aim for more growth






(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.







Finance minister says Japan must raise taxes soon to fix economy




Finance minister says Japan must raise taxes soon to fix economy

To make the parallel with the financial markets, we might say that stock prices are kicked around by myriad unknown factors in the marketplace. Today, these ideas have been developed into a means of computing the value of sophisticated financial instruments and the management of risk. As a particle physicist, I work with systems containing just a few particles and because the number of particles is not too great I can keep track of the ways they can interact with one another. Things rapidly spiral out of control whenever we try to study systems with a large number of components because it is then impossible to keep track of everything. Notice the generality of the language we speak of "systems" and their "components".







Why do physicists gravitate towards jobs in finance?






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.




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Jul222013

G20 finance ministers aim for more growth








Lew Says U.S. Recovery ?Inextricably Linked? to European Economy






JIM HEINTZ July 20, 2013 MOSCOW (AP) The Group of 20's finance ministers said Saturday their countries consider strengthening economic growth and creating jobs to be top priorities. In a communique at the end of their meeting in Moscow, the ministers noted that although there are signs of stronger economies in the United States and Japan, the group of 17 European Union countries that use the euro continues to suffer from recession and that economic growth in emerging markets is comparatively slow. The ministers also said they were "mindful of the risks and unintended negative side effects of extended periods of monetary easing." They did not directly address the situation in the U.S., where speculation that the Federal Reserve may soon wind down its bond-buying program has roiled markets around the world especially in developing economies. 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.















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)

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.







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






stimulus was imminent, boosting demand for fixed-income assets around the world. First Visit In the first visit by a U.S. treasury secretary since the crisis began -- and on his third visit to Europe since taking the post in February -- Lew met with Greek Prime Minister Antonis Samaras and Finance Minister Yannis Stournaras to discuss economic recovery and job creation. Greece has gone a long way in the last 12 months, Samaras said after the meeting, according to an e-mailed statement from his office. German Finance Minister Wolfgang Schaeuble also visited Athens last week on his first such trip, warning the country that there are no shortcuts to austerity -- even as he opened the possibility of further debt relief.







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.

It is certainly an honor to be part of this family. I intend to strengthen IH's position to be a leading company in the insurance industry in the UAE. It is a big responsibility to build up on what Insurance House has achieved so far in the UAE market. Insurance House has invested in the right people and infrastructure to realise its growth plans which shall enhance my mission".




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Jul212013

Peshawar?s top colleges: Self-finance admissions galore








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






The students of self-finance annually pay Rs40, 000 fee. Similarly, there are 375 seats for open merit in Part-I of pre-medical and pre-engineering group of Islamia College for Boys and Islamia College for Girls, while on self-finance basis, the number of seats offered for these courses total 715, according to the prospectus of the college. The normal fee in ICP is around Rs22,000, while the fee for self-finance admission is Rs55,000. When asked why the college is offering more admissions on self-finance basis than on open merit, spokesman for ICP Dr Naseeb Dar told Dawn that the countryas all public sector universities had been facing financial problems and self-finance scheme for admissions helped them generate money for functioning. He said the government had increased salary of employees during the last three to four years but the Higher Education Commission had not provided additional funds to universities for increase of the staffas salary.









Is there morality in personal finance?






Benjamin Franklin listed frugality as a virtue, after all. Shutterstock Enlarge photo Summary A lot of financial lessons are life lessons, too. Taking responsibility is the key lesson, and its a virtuous one that can definitely be applied to other aspects of life. More Coverage 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. Kirstin Wong Editor's note: This article by Kristin Wong originally appeared on the personal finance blog, Get Rich Slowly .










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.







G20 finance ministers aim for more growth






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 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.




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Jul212013

Peshawar?s top colleges: Self-finance admissions galore








Is there morality in personal finance?






The students of self-finance annually pay Rs40, 000 fee. Similarly, there are 375 seats for open merit in Part-I of pre-medical and pre-engineering group of Islamia College for Boys and Islamia College for Girls, while on self-finance basis, the number of seats offered for these courses total 715, according to the prospectus of the college. The normal fee in ICP is around Rs22,000, while the fee for self-finance admission is Rs55,000. When asked why the college is offering more admissions on self-finance basis than on open merit, spokesman for ICP Dr Naseeb Dar told Dawn that the countryas all public sector universities had been facing financial problems and self-finance scheme for admissions helped them generate money for functioning. He said the government had increased salary of employees during the last three to four years but the Higher Education Commission had not provided additional funds to universities for increase of the staffas salary.










The Scorecard for the broader S&P 500 as of this morning shows Q2 results from 103 S&P 500 companies or 20.6% of the indexs total membership that combined account for 31.8% of its total market capitalization. Total earnings for these 103 companies are up +8.1%, with 61.2% beating earnings expectations. On the revenue side, we have a growth rate of +4.6% and 44.7% are coming ahead of top-line expectations. The earnings and revenue growth rates seen thus far are broadly in-line with what we have seen from the same group of 103 companies in recent quarters. The Finance sector is helping hide a lot of weakness in the aggregate earnings picture. Strip out the strong growth reported by the Finance sector and total earnings growth for the remaining S&P 500 companies turn negative down -2.9%.







Very Weak Q2 Earnings Outside Finance






I am optimistic that we can agree on mutual standards. The action plan gives us clear and ambitious goals on the timing." FED EXIT Finance ministers and central bankers meet at a sensitive time with the U.S. Federal Reserve intent on slowing, then exiting a bond-buying program that created $85 billion a month, news that has sent ripples through emerging nations. "The Fed announcement led to a broad echo especially in emerging nations.









German finance minister says multinationals must pay fair taxes






The virtue in how we spend A while back, I wrote a story about poverty and learning financial independence. I want to spend money on my future kids, but I dont want them to be spoiled. I considered how Id do this, and someone left a really thoughtful comment: Spend money on your children if you have it, sure. But do it in a way that actually enriches their lives and helps them understand the world. In this way, the money would be spent in a virtuous way. Teaching my children that money can be used for meaningful things is, to me, further evidence that frugality is a moral concept.




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Jul202013

G20 finance ministers aim for more growth, job creation








Pakistan launches media campaign to boost Islamic finance




An investor, with henna-dyed hair, monitors an electronic board displaying stock prices at Karachi Stock Exchange July 16, 2010. REUTERS/Akhtar Soomro/Files

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.















Demonstrators hold trays with bites decorated with small portraits of the government members during a protest in front of the delegation of the Spanish government in Catalonia, in Barcelona, Spain, Thursday July 18, 2013. Spain?s prime minister brushed off demands he should resign after text messages emerged showing he had a cozy relationship with a disgraced political party treasurer who amassed 47 million euros ($61 million) in secret Swiss bank accounts. The spectacle of alleged greed and corruption has enraged Spaniards hurting from austerity and sky high unemployment with no end in sight. (AP Photo/Emilio Morenatti)

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.







Is there morality in personal finance?






The campaign is part of an overhaul of Islamic finance activities in Pakistan, which also includes the establishment of a country-level sharia board and new rules for sharia-compliant financial products. 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.







China bars Glaxo finance chief from leaving




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

An acquaintance recently told me hes almost free from six figures worth of debt . Of course, I asked him how he did it. I stopped feeling sorry for myself, he told me. I wanted to go out to eat, and I couldnt.




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