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Jul272013

Finance c'tee readies NIS 400b. budget for Knesset approval








Weak Earnings Growth Outside Finance






The committee increased property tax to 6% from 5%, which was agreed to in principle in earlier discussions, and lowered the maximum tax exemptions on the lottery to NIS 50 million, which is expected to net the government some NIS 10m. a year. The committee found some extra cash in its adjustment budget, a pile of cash set aside in two-year budgets to fill unexpected spending gaps. Whereas the 2010-2011 budget allotted NIS 1.6b.










The cap would have to be 150 g/KWh to force all gas plants to deploy largely unproven carbon capture and storage technology. "The move by the EIB is very welcome, but more needs to be done. The EIB should strengthen its standards and eventually phase out its support for all power supply based on fossil fuels," green group WWF said. According to some observers at the meeting, Germany's director on the EIB board, which is made up representatives of EU member states and the European Commission, had urged that the bank should continue to finance coal-fired projects but was outnumbered.







EU finance arm curbs loans to coal-fired power plants






The sector is expected to account for 19.2% of total S&P 500 earnings in 2013 compared to Technologys 18%. Technology earnings remain weak, with total earnings for the 78.5% of the sectors market cap that have reported results down -11.3% on +1.6% higher revenues. The composite total earnings for Q2 (combining the results for the 240 companies with the 260 still to come) are expected to increase +2.3% on +0.5% higher revenues. Excluding Finance, total earnings for the rest of the S&P 500 would be down -2.9% on +0.2% higher revenues. Estimates for the second half of the year still reflect strong growth, with total earnings in the second half expected to increase by +7.4% after the +2.4% increase in the first half.




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Jul252013

Finance scandal: City of Miami never learns








How Finance Fueled Students' And Nonprofit's Future






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. In addition to my recommendations, it also included specific recommendations from 43 pro bono corporate leaders and career public servants who were assigned to 12 separate task forces that embraced all aspects of the citys operations.















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

This experience was invaluable as it provided us with broader exposure to the entire investment process by evaluating a potential borrowers financial strength and, more importantly, its social impact. 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.







Banks, finance firms hit by RBI's rupee defence






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. But that ratio ranges from 45 percent to 54 percent for Yes Bank, IndusInd Bank and Kotak Mahindra Bank (KTKM.NS). More worryingly, nearly three-fourths of Yes Bank's and Kotak's borrowings mature in less than a year, according to a Credit Suisse report.




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Jul252013

Finance scandal: City of Miami never learns








Banks, finance firms hit by RBI's rupee defence






Questionable also is the apparent absence of appropriate City Commission oversight, including serious questions that should be answered by the citys external auditors. In late 1996, as pro bono city manager of Miami, we uncovered a $68 million shortfall in a recommended, once approved 1996/97 city budget. As illegal as that was, I felt that the citys December 1995 $73 million revenue bond issue for the pension system, which seriously understated the citys poor financial condition, was even more egregious. Some of the proceeds ($25 million) from that bond issue were posted in the 1994/95 budget after (!) the fiscal year ended, and $35 million more was recorded as pension revenue in the then current 1995/96 budget. There were few bond funds left, yet another $35 million in revenue was shown in the proposed budget, an early indication that the proposed budget was based on smoke and mirrors.








Hugo Black Jr.

Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are "U.S. persons" for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act.







VOLTA FINANCE : Publication of June monthly report






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. He said he had told Wonga chief executive Errol Damelin about his aspiration. "I've met the head of Wonga and we had a very good conversation and I said to him quite bluntly 'We're not in the business of trying to legislate you out of existence, we're trying to compete you out of existence'," Mr Welby told Total Politics magazine. "He's a businessman, he took that well." Channel 5 did not wish to respond to criticisms of the deal, but the station's acting commissioning executive for factual and features, Jason Wells, said: "This is a very exciting new commission for Channel 5 and it's fantastic to be working with Hannah White and Wonga.







MP hits at Wonga TV show finance






"There could be a small impact on margin," he told reporters, adding that the impact on the bank would not be serious. 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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Jul252013

Justices to tackle campaign finance, affirmative action








Is That Finance Internship Worth It?






Federal Election Commission, doesn't challenge the $2,600 limit on donations to each candidate but rather the cumulative amount. If the court jettisons the overall limit, however, it could open the door to other legal battles against contribution limits. "I'd like to see individuals have more influence," McCutcheon, who made a fortune as an electrical engineer, told USA TODAY on Tuesday. "You should be able to spend your money however you want." A week later, on Oct.












Furthermore, the opportunity to interact with those professionals can help a student obtain guidance for their chosen profession, Schnur says. Branching Out Say you're a finance major and you want to go into investment banking, but the only internship you've been accepted to is for an insurance company. Is it worth your time? Parcells says internships are a chance to test the waters in a variety of fields before starting your career.







Equipment Lease Finance Industry Confidence Up Again In July






economy U.S. economic conditions over the next six months Business development spending expectations Open-ended question for comment How may I access the MCI-EFI? Survey results are posted on the Foundation website, , included in the Foundation Forecast newsletter and included in press releases. Survey respondent demographics and additional information about the MCI are also available at the link above. About the Foundation The Equipment Leasing & Finance Foundation is a 501c3 non-profit organization that provides vision for the equipment leasing and finance industry through future-focused information and research.







Banks, finance firms hit by RBI's rupee defence






"Wholesale funded banks (Yes, Indus, Kotak) and NBFCs are going to be worst impacted," Credit Suisse said. "Apart from the impact on funding cost and margins, growth is now likely to be much lower than the earlier growth trajectory." Yes Bank Chief Executive and Managing Director Rana Kapoor downplayed his bank's exposure to the money markets. "There could be a small impact on margin," he told reporters, adding that the impact on the bank would not be serious. 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.




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Jul232013

Japan needs to raise sales tax next year: Finance Minister








Finance officials plan special meeting






WAIT FOR GDP DATA Abe, whose ruling bloc won a big victory in Sunday's upper house election, has vowed to push ahead with tough reforms but could face resistance from some in his party. Some aides and lawmakers are worried the tax rise would weaken the world's third-largest economy just as it appears on the path to end 15 years on deflation. First-quarter data showed Japan was the fastest-growing major economy in the world. Abe has indicated he would decide on the tax rise in autumn.







Parties pick candidates for finance board






"He's highly skilled and would be a tremendous asset to the Board of Finance." Althea Brown, a political newcomer and community director of the Waterside Coalition . Mike Buccino, a political newcomer who serves on the Stamford Public Education Foundation board of directors and works as a financial advisor with The Dowling Group . "He has a financial background and he brings enthusiasm and wants to contribute to the future of the political party," Mallozzi said. The Republicans: Jerry Bosak, an incumbent first elected to the board in 2009. "Gerry has served tirelessly on the Board of Finance," said RTC member Cristina Andreana .










Other stories Not like father, not like son: McKinney charts path for governor Page 1 of 1 STAMFORD -- As the Aug. 1 property tax payment deadline quickly approaches, resentment is building among residents and elected officials alike as they prepare to write checks for tax bills they still don't understand. In response to the public outcry, Board of Finance members Jerry Bosak and Tim Abbazia have scheduled a special meeting next week aimed at giving residents a better understanding of the recent property revaluation's effect on their property taxes. The July 29 meeting will include a detailed presentation from the city Assessor's Office and allow residents to ask questions or voice their opinions on the revaluation process, Abbazia said. "I know there's a lot of residents who have concerns and want to have an official forum to voice those concerns," said Abbazia, a Democrat.




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