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Jul182013

Further Progress on Housing Finance








German finance minister says multinationals must pay fair taxes






As documented by Joseph Gyourko, a professor of at the Wharton School of the University of Pennsylvania, the agency has financial troubles of its own. (I testified about the need for its reform at a hearing in February of the Senate Banking committee). The Hensarling bill includes changes that would address this situation. 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.










CDT, July 18, 2013 BERLIN (Reuters) - German Finance Minister Wolfgang Schaeuble will push to stop multinational companies shifting profits to tax havens and is confident the Group of 20 nations meeting in Moscow this week will agree on common standards. Schaeuble told Reuters in an interview on Thursday an action plan to be presented to G20 finance ministers by the Organisation for Economic Co-operation and Development would set clear and ambitious targets on tax evasion. "Multinational companies, too, must pay adequate taxes, and they must do so where they are economically active," Schaeuble said in the interview, conducted by email. "The OECD action plan as it is on the table in Moscow now is a milestone in this respect." A preliminary draft of the OECD's plan, seen by Reuters, showed the organisation had already identified a number of specific profit-shifting schemes and aimed for agreement on specific changes to international tax rules in one to two years.




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Jul182013

Barclays Poaches JP Morgan's Morzaria As New Finance Boss








Flaherty Remains at Finance in Canada Cabinet Shuffle






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. 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.







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






What loopholes? Gov. Cuomo , in a reversal from his election-year rhetoric, dismissed criticism he is taking advantage of loopholes in campaign finance laws that since January helped him raise more than $6 million, and the Democratic campaign committee an additional $7 million most of which went to fund ad campaigns in support of his agenda. RELATED: BOTANIC GARDEN CAN BREAK OUT THE BUBBLY! Those arent loopholes, Cuomo insisted on public radio Tuesday.







Gov. Cuomo dismisses criticism that he is taking advantage of campaign finance law loopholes






Since March, Harper has been dogged by scandal. Wright resigned from his post after the disclosure he paid about C$90,000 ($86,300) to Senator Mike Duffy to help with repayment of ineligible expenses Duffy has claimed, prompting an investigation from the the Royal Canadian Mounted Police . Senate Scandal Another senate lawmaker, Pamela Wallin, also left Harpers caucus amid investigation of her expenses. Harpers former minister of intergovernmental affairs, Peter Penashue, lost his seat in a special vote after he was found by the countrys independent voting agency to have received ineligible campaign contributions in the 2011 general election. Wright, a managing director at Toronto-based Onex Corp.








Barclays, Barclays Bank

However, there is far less collaboration in areas likely to become more important in the future, including setting an overall workforce strategy (35% finance and 23% HR) and talent management (32% finance and 20% HR). And while both functions agree there will be more collaboration in the next three years, HR respondents were far more likely to think so (70%) than finance respondents (49%). 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 its 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 companys current ROI on rewards is acceptable.




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Jul172013

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. 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.







Further Progress on Housing Finance






Policy makers judged that a lockup of this aspect of United States financial markets would have an untenable negative impact on the economy. Given the considerably larger size of the mortgage market, one might reasonably expect a similar intervention in a future housing crisis. In this case, government intervention could be seen as latent and unpriced. Even with these challenges, the draft legislation from the House Financial Services Committee represents an important step toward an eventual reform of housing finance that better protects taxpayers and the economy from the misguided incentives and risks of the previous system.







Gov. Cuomo dismisses criticism that he is taking advantage of campaign finance law loopholes






Related Stories Career Government Employee Under Fire ALBANY Loopholes? What loopholes? Gov. Cuomo , in a reversal from his election-year rhetoric, dismissed criticism he is taking advantage of loopholes in campaign finance laws that since January helped him raise more than $6 million, and the Democratic campaign committee an additional $7 million most of which went to fund ad campaigns in support of his agenda.














Flaherty Remains at Finance in Canada Cabinet Shuffle






Flaherty, who has been suffering from a rare skin disease, had said he wanted to remain as finance minister until the country eliminates its deficit, which he forecast will happen in the fiscal year beginning April 2015. Long Serving Flaherty has been Harpers only finance minister, making him the longest serving Conservative at the post in a century. If he stays through 2015, he would become Canada s second-longest serving finance minister since the country was created in 1867. Keeping him at the job may mean a quiet sigh of relief for financial markets because of all the changes at key Canadian economic institutions, Bank of Montreals Doug Porter said.




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Jul172013

WhiteHorse Finance, Inc. Prices Public Offering of $30 Million 6.50% Senior Notes Due 2020











This offering is being made solely by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained, when available, from any of the following joint book-running managers: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836 or by e-mailing prospectus.cpdg@db.com or by calling (800) 503-4611; Keefe, Bruyette & Woods, Inc., Attention: Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free (800) 966-1559; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146. About WhiteHorse Finance, Inc. WhiteHorse Finance, Inc. is a business development company that originates and invests in loans to privately held small-cap companies across a broad range of industries.














Gov. Cuomo dismisses criticism that he is taking advantage of campaign finance law loopholes






WhiteHorse Finance, Inc. is a business development company that originates and invests in loans to privately held small-cap companies across a broad range of industries. The Companys investment activities are managed by its investment adviser, H.I.G. WhiteHorse Advisers, LLC, an affiliate of H.I.G. Capital, L.L.C.







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






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 . The officials, who spoke on condition of anonymity due to the sensitivity of the personnel matter and to protect their relationships with Gandhi, said the CFO explained in private conversations that Pompas impending ouster was related in part to ongoing delays in a project to replace the citys basic accounting software. Efforts to replace the outdated System of Accounting and Reporting, or SOAR, date back to 2009, with a new system expected to be in place by October 2012.










Gov. Cuomo , in a reversal from his election-year rhetoric, dismissed criticism he is taking advantage of loopholes in campaign finance laws that since January helped him raise more than $6 million, and the Democratic campaign committee an additional $7 million most of which went to fund ad campaigns in support of his agenda. RELATED: BOTANIC GARDEN CAN BREAK OUT THE BUBBLY! Those arent loopholes, Cuomo insisted on public radio Tuesday.




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Jul172013

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








Finance Minister rules out gold import ban; urges people to moderate demand






And while the U.S economy keeps growing at a slow-but-steady pace, prolonged recessions in Europe and slowing growth elsewhere have turned hardware and software exports once a strength of the tech industry into a relative weakness. "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.









WhiteHorse Finance Inc : WhiteHorse Finance, Inc. Prices Public Offering of $30 Million 6.50% Senior Notes Due 2020






This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the Notes referred to in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to these securities was filed and has been declared effective by the Securities and Exchange Commission on July 16, 2013. This offering is being made solely by means of a written prospectus forming part of the effective registration statement. A copy of the final prospectus relating to the offering may be obtained, when available, from any of the following joint book-running managers: Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005-2836 or by e-mailing prospectus.cpdg@db.com or by calling (800) 503-4611; Keefe, Bruyette & Woods, Inc., Attention: Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free (800) 966-1559; or Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling (800) 831-9146. About WhiteHorse Finance, Inc.








dell

Besides, RBI too, has put restrictions on banks on importing gold. India is the largest importer of gold and is mainly utilised to meet demand of the jewellery industry. The imports stood at around 830 tonnes in 2012-13. In value terms, gold and silver imports are estimated to have declined substantially to USD 2.45 billion in June, from USD 8.39 billion in May. During the first three months of the current fiscal, April-June, inward shipments stood at to USD 18.33 billion in value terms.




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