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Jul202013

G20 finance ministers tackle unemployment - eurozone crisis Friday as it happened








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






US treasury secretary Jack Lew has issued a brisk message to the Europeans to pull their socks up and get the economy moving again. Lew writes in the FT () When the finance and labour ministers of the Group of 20 leading nations gather today in Moscow, getting people back to work must be top of the agenda. In many parts of the world, such as Europe, growth is too weak to drive job creation, and it is critical to take steps to bolster private hiring. We have an enormous stake in Europe's success. Recalibrating the pace of fiscal consolidation, so that a fall in activity does not require more cuts, is a step in the right direction.








Police charge against demonstrators in Madrid as a wounded man lays unconscious on the pavement. Czuko Williams/Demotix/Corbis

Emerging nations have seen dramatic investment outflows since the Fed announced its exit plan, forcing policy responses around the globe. 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.







German finance minister says multinationals must pay fair taxes






Finance Sat, Jul 20, 2013, 6:09 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 17 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. The Standard & Poor?s 500-stock index fell 0.2 percent, the Dow Jones industrial average lost 0.3 percent, and the Nasdaq composite slumped 0.9 percent.




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Jul192013

Housing finance major HDFC quarterly net profit up 34 pct at Rs 1,707 cr








Finance Ministry Wants to Limit Welfare Fund Use on Infrastructure Projects






However, shares of the company were trading at Rs 802.60, down 2.46 per cent on the BSE. Reuters Top Stories Govt considering review petition on SC order on medical entrance exam Housing finance major HDFC today posted 34 per cent rise in consolidated net profit at Rs 1,707.10 crore for the first quarter ended June 30, 2013. It had posted consolidated net profit of Rs 1,275.86 crore in the April-June quarter a year ago, HDFC said in a BSE filing. * Check Live Stocks The total income during the period rose to Rs 8,482.85 crore, from Rs 7,388.51 crore in the same period a year ago.










Theprojects toreceive financing include building ahigh-speed railway line between Moscow andKazan, modernizing theTrans-Siberian Railroad andreconstructing theCentral Ring Road inthe Moscow region, thepresident said atthe St. Petersburg International Economic Forum inJune. Putin also said that up toa half ofthe fund's money would be subsequently invested intoother long-term projects inRussia. However, theidea ofusing thefund's money foranything beyond financing thethree announced projects did not find support with Siluanov.




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Jul192013

Further Progress on Housing Finance











Mortgage interest rates will rise with any overhaul that brings in private capital, but this reflects that the system is now undercapitalized with taxpayers at risk. Before the financial crisis, private-label mortgages bundled into securities without a then-implicit guarantee provided by Fannie and Freddie had interest rates from 0.5 to 1 percentage point higher than loans backed by the two government-sponsored enterprises. It is hard to know quite how much rates would rise without a government backstop, but the housing market is in an upswing and affordability remains high, so it seems likely that the housing sector would continue to recover even with higher rates from both changes in housing finance and the Federal Reserves eventual normalization of monetary policy. The proposal for a fully private system contrasts with the bipartisan legislation introduced a few weeks ago by Senators Bob Corker, Republican of Tennessee, and Mark Warner, Democrat of Virginia, in which a government guarantee would kick in on covered mortgage-backed securities after private investors have first taken losses equal to 10 percent of the value of mortgages receiving the guarantee.









The McDonald's Worker Budget and the Tyranny of Personal Finance






It is filled with so many whoppers (pun intended!) that bloggers have been going at it for the better part of a week with no end in sight. There is the absence of budget line items for children, heat in the winter and, my personal favorite, food. Then too there is the budget writers odd insistence that health care should cost a mere $20 per month, a number that was highly unlikely be true in 1993, never mind 2013. Finally, there is the fact that even the sites designers admit this much ridiculousness cant work unless the fictional worker holds down two jobs something they should know is an impossibility, since many McDonalds franchises are known for not committing to schedules much in advance, which essentially ensures employees need to give a full-time commitment in return for part-time wages. McDonalds workers suffer financial woes for a simple reason, and its not financial ignorance.







GE profit, revenue drop on finance unit weakness






GE said its order book, an indicator of how much work it has received from customers, was up 4 percent globally and 20 percent in the U.S., a jump that surprised investors. "This is as close as GE comes to a positive surprise as possible," said Tim Ghriskey of Solaris Asset Management, which owns GE shares. GE Capital's revenue fell 3 percent from the same period last year, and its earnings dropped 9 percent. GE, the world's largest jet engine manufacturer, posted second-quarter net income of $3.69 billion, or 36 cents per share, for the second quarter, from $4.01 billion, or 38 cents per share, a year earlier.




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Jul192013

German finance minister visits Greece as austerity measures usher in job cuts









Municipality employees demonstrate in front of the Greek Parliament during a vote on more austerity measures.

In its statement, Syriza said that "if the government is not hesitant about issuing dictatorial decisions banning gatherings, then the people must show that they have no fear for them." 'Better days will come' Under the new legislation, 4,000 civil servants, including teachers, could be out of work this year. Another 25,000 will be on a "mobility scheme" by the end of the year. This will allow them an eight-month period to look for re-employment while receiving 75% of their salary. If by the end of that period they have not found work in a different department, they could lose their job. A total of 15,000 are expected to be out of work by the end of 2014 to comply with the requirements of Greece's lenders, the International Monetary Fund, European Union and European Central Bank, which are asking for a slimming down of Greece's inflated public sector.







Further Progress on Housing Finance






The British citizen is a qualified chartered accountant who has worked for JP Morgan in London and New York and previously held finance roles at Credit Suisse and SG Warburg. He 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. Morzaria is expected to begin work at Barclays this autumn but there will be a lengthy handover period. He will join the board at the start of next year and take over as finance director when Lucas retires at the end of February.







Flaherty Remains at Finance in Canada Cabinet Shuffle






One might expect considerable pressure for Congressional action in the event of a future housing crisis in which private investors hesitate to take on housing risk and American families find it costly to obtain financing. 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).







Barclays Poaches JP Morgan's Morzaria As New Finance Boss




Barclays, Barclays Bank

He cited the departure of Mark Carney from the Bank of Canada last month and Julie Dicksons planned retirement from the Office of the Superintendent of Financial Institutions. Its probably more welcome than usual to have consistency at finance, Porter, chief economist at the Toronto-based lender, said by e-mail. Flahertys last budget plan -- delivered March 21 -- seeks to limit spending growth over the next five years to the rate of inflation. If successful, it would be the slowest pace since the country last eliminated the deficit in the 1990s. Stocks Underperform At 1.7 percent, Canadas growth this year will be one of the slowest among the Group of 20 countries outside Europe , according to International Monetary Fund forecasts released last week.




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Jul182013

Bajaj Finance Q1 net rises 27% to Rs 176 cr, provisions up











"It was our contious decision to reduce exposure in commercial segement including construction equipments, auto components and infrastructure loans. We will continue to do the same. However, we are positively surprised at the growth of our consumer durable loans driven by AC sales,"Jain said. Net interest income (NII) shot up 37 percent y-o-y to Rs600 crore from Rs439 crore. Total income grew by 32 percent to Rs 928 crore in April-June quarter FY14.







German finance minister says multinationals must pay fair taxes






I sold my old one when they gave me theirs. I genuinely thought they were trying to be nice, caring friends," she said. Mr Lopez said yesterday a repossession agent came to collect his car and, after receiving some legal advice from a Tauranga community law centre, he agreed to hand over the keys after removing his belongings from the vehicle. Mr Lopez said yesterday the couple in Australia sent a text message to him that stated they are willing to refund the $4500 and will wire the money today once their urgent loan payment shows up in their bank account. "I just hope the money does come through.







Finance warning for car buyers






"I believe that by now there is broad international consensus that states should not aggressively compete for each other's tax bases. 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.







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






officials in Washington. 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.




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