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Aug102013

Housing finance, beyond Fannie and Freddie








Reminder - Fifth Street Finance (FSC) Goes Ex-Dividend Soon




FSC+Dividend+History+Chart

Fannie and Freddie demonstrate that Washington can't use government-sponsored private companies to carry out its housing policies. The companies' ability to privatize profits while sticking taxpayers with their losses poses an enormous and unacceptable moral hazard. And phasing them out won't eliminate investors' appetite for the mortgage-backed securities that supply capital for home loans. Another lesson of the last recession, though, is that the government may be the only party willing to keep credit flowing when times get particularly tough. That's why it makes sense to replace Fannie and Freddie with an entity that can guarantee mortgages when needed in a credit crunch or a time of punishingly high interest rates.








A housing tax credit that helps

Investors including hedge fund Perry Capital LLC and mutual fund Fairholme Funds Inc. have sued the U.S. in the hopes that shareholders could recoup some profits. Theyve also been lobbying Congress to allow Fannie Mae and Freddie Mac to become private companies again instead of liquidating them. Some lawmakers say that makes them more determined to act.







Obama Endorsement Builds Momentum for Housing-Finance Overhaul




Obama Speech on U.S. Economy, Housing Market

As a percentage of FSCs recent stock price of $10.77, this dividend works out to approximately 0.89%, so look for shares of Fifth Street Finance Corporation to trade 0.89% lower all else being equal when FSC shares open for trading on 8/13/13. Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen or click here to find out which 9 other stocks going ex-dividend you should know about, at DividendChannel.com Below is a dividend history chart for FSC, showing historical dividends prior to the most recent $0.0958 declared by Fifth Street Finance Corporation: In general, dividends are not always predictable; but looking at the history above can help in judging whether the most recent dividend from FSC is likely to continue, and whether the current estimated yield of 10.67% on annualized basis is a reasonable expectation of annual yield going forward. The chart below shows the one year performance of FSC shares, versus its 200 day moving average: Looking at the chart above, FSCs low point in its 52 week range is $9.66 per share, with $11.13 as the 52 week high point that compares with a last trade of $10.79.







RPT-Fitch affirms 6 Taiwan bills finance companies






The affirmation of the six bills finance companies reflects their ability to maintain stable credit profiles despite earnings pressure from persistently low interest rates. Prudently managed asset quality, a stable liquidity environment, and potential regulatory support in liquidity will continue to support their ratings. The ratings also underline Fitch's expectation of adequate management in their capitalisation and liquidity. Key Rating Drivers - Issuer Default Ratings (IDRs) and National Ratings The IDRs and National Ratings of IBF, CBF, DCBFC, TCBFC and GBF are driven by their intrinsic creditworthiness, as reflected in their Viability Ratings (VR). TFC's IDRs reflect the potential for institutional support from its largest shareholders, as reflected in its Support Rating.




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Aug082013

Kuwait forms cabinet with new oil, finance ministers









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As well as Prime Minister Sheikh Jaber Mubarak Al-Sabah, six other members of the Al-Sabah family were appointed to the cabinet, one more than in the previous government. They control the key ministries of defence, interior and foreign affairs, as well as finance, information and health. New interior and defence ministers were appointed from within the ruling family. Sheikh Ahmad Humoud Al-Sabah was replaced at interior by Sheikh Mohammad Khaled Al-Sabah, who had previously held the post. Army chief of staff Sheikh Khaled al-Jarrah Al-Sabah replaces Sheikh Ahmad Khaled Al-Sabah at defence.














Five appointed to Finance Committee






New additions to the board include Susan Almono, Marta Solof and Timothy Tschirhart. Returning for another term on the board are current Chair Alan LeBovidge and Daniel Leary. Terms for the Finance Committee typically last for three years. Active Finance Committee members appointed by DiSalvo last July include Karin Blake William Callahan. Michelle Nadeau, one of the three appointments last year, resigned from the position due to a move out of town.







SEC?s Corporation Finance Chief Counsel Thomas Kim Joins Sidley Austin LLP






If [businesses] are still not viable after 25 years, they can still renew. At least we have the option to review [their contracts], Purisima said. A sunset provision or clause is a measure within an existing regulation or law that provides that the law shall cease to have effect after a specific date, unless further legislative action is taken to extend the law. Most laws do not have sunset clauses and therefore remain in force indefinitely.







Finance rejects income tax holiday






The PEG project works with local authorities and private sector groups to improve the enabling environment for investment and generate more productive employment and incomes. Through a focus on building key value chains -- including renewable energy, fisheries, and livestock the project leads activities to improve public-private partnerships to spur economic growth and manages an innovative business grant fund. Core Responsibilities: The Finance and Compliance Manager will provide leadership and day-to-day management and oversight for the programs financial management, operations, financial and compliance aspects of the grants process, and procurement, and related reporting functions in compliance with USAID regulations. The position is based in Hargeisa, Somaliland.







Finance and Compliance Manager, USAID Partnership for Economic Growth Project






office. His broad experience in both the private sector and at the SEC will be a great asset to our clients. As Chief Counsel of the Division of Corporation Finance, Mr. Kim managed a staff of more than a dozen senior lawyers, providing definitive legal advice on the federal securities laws administered by the Division, both informally and through the issuance of no-action, interpretive and exemptive letters. Under his leadership, the Chief Counsels Office updated all of the Divisions interpretations as Compliance and Disclosure Interpretations and issued several significant Staff Legal Bulletins. Mr.




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Aug082013

Fifth Street Finance Corp. Expands Its Syndicated Bank Credit Facility to $480 Million and Lowers Pricing to LIBOR + 2.25% Per Annum









The 2013 Seafood Harvest

The appointment of the new 16-member line-up came after the Gulf state's second parliamentary polls in eight months were again boycotted by the opposition. Former central bank governor, Sheikh Salem Abdulaziz Al-Sabah, who resigned last year in protest over a huge expansion in public spending, was appointed finance minister. In his resignation letter in February last year, Sheikh Salem complained that public spending had increased to unprecedented and unsustainable high levels, risking fiscal and monetary stability. Between 2006 and 2012, Kuwait spending has tripled to over $70 billion with the overwhelming majority going to support salary increases and public subsidies.







MY BIZ: Finance Ministry may back RBI's 'moral' rescue route




MY BIZ: Finance Ministry may back RBI

About ING Capital LLC ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, which is part of the global financial services company ING Group.ING Bank NV has 67,000 employees serving its clients through its extensive global network in the world's major financial services markets.ING Capital has built a leading position in corporate lending.The Investment Industry Finance (IIF) group at ING Capital offers a broad range of structured finance solutions to its clients active in the Investment Industry, including BDCs. Forward-Looking Statements This press release may contain certain forward-looking statements, including statements with regard to the future performance of the company. Words such as "believes," "expects," "projects," "anticipates," and "future" or similar expressions are intended to identify forward-looking statements.








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A senior Finance Ministry official told Mail Today that the issue was slated for discussion between RBI governor designate Raghuram Rajan and financial sector regulators in Mumbai on Wednesday. Moral suasion refers to a policy in which the government or the Central bank uses persuasion rather than regulatory force to convince financial sector participants to take a particular action. Currently, commercial banks like HDFC Bank offer annual rates of interest ranging from 8.75 per cent-9 per cent on fixed deposits for NRIs. However, while banks are free to vary this interest rate, they cannot raise it above the cap imposed by RBI.







RPT-Fitch affirms 6 Taiwan bills finance companies






However, their consistent focus on creditworthy corporates and high-quality underlying collaterals against repo help mitigate potential risks. CBF and IBF are rated at 'BBB', the highest among peers, reflecting their well-established franchise in Taiwan's money market, long-standing customer relationships, as well as their adequate financial strength. Fitch expects CBF and IBF to maintain a robust market presence, supported by their sustained leadership in guarantee underwriting and by their strong primary/secondary market-making among peers. Among smaller-sized companies, TCBFC reported strong guarantee growth (33% in 2012; sector average: 8.2%).




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Aug082013

Kuwait forms cabinet with new oil, finance ministers









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Army chief of staff Sheikh Khaled al-Jarrah Al-Sabah replaces Sheikh Ahmad Khaled Al-Sabah at defence. "The government has seven members from the ruling family and the rest are former ministers ... This confirms that there is no intention to inject young blood," independent MP Riyadh al-Adasani said. "Article 6 of the constitution states that the people are the source of all powers but in reality the ruling family is the source of all powers," former opposition MP Abdulrahman al-Anjari wrote on his Twitter account. The ministers of commerce, development, social affairs and labour, education and Islamic affairs were retained.







Obama touts mortgage finance plan, highlights private sector role






The president jabbed Republican adversaries over immigration and health care as well as housing. He argued that immigration reform - which is languishing in the House - would help the U.S. housing market because undocumented people were important buyers of homes. Obama noted that Arizona's two U.S.




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Aug072013

Obama touts mortgage finance plan, highlights private sector role








Bridging Finance And Innovation To Advance A Green Revolution in Africa






Obama's speech is one of a series focused on spurring faster economic growth in the middle of a still tepid recovery. His campaign-like tour is meant to help set the stage for the 2014 congressional elections and, more immediately, lay out his views ahead of an expected budget battle in Washington this fall. The president jabbed Republican adversaries over immigration and health care as well as housing. He argued that immigration reform - which is languishing in the House - would help the U.S.







George Clooney Ought To Stick To Filmmaking, And Leave Finance To Daniel Loeb






These innovative finance models will go a long way to replicate and scale many of the agricultural innovations already happening across the continent. The Dutch Agriculture Development and Trading Company, for example, developed a technology that brings a mobile cassava processing plant to villages and enables farmers in Mozambique to process their roots into cassava cakes that can be stored for up to two years opening new markets that were once limited because of root spoilage during transportation. In another example, The Rockefeller Foundation-supported Horn of Africa Risk Transfer for Adaptation project, an integrated risk management scheme developed by the Relief Society of Tigray and Oxfam America, helps Ethiopian farmers strengthen their food and income security through a combination of improved resource management, crop insurance, microcredit, and savings. The poorest farmers are eligible to pay for insurance with their labour through resilience-building projects in their communities. In addition to financing, catalytic innovations for growth are also emerging, including leveraging mobile phone technology to better share and disseminate information, structuring agricultural jobs as rural entrepreneurial enterprises to attract younger workers, and addressing gender inequities that hinder the income generation of women farmers.







E.P. Finance Advisor Search Starts






Here is the complete information about the position and the job description: Municipal Finance Advisor, City of East Providence The Department of Revenue is seeking qualified candidates for the position of Finance Advisor for the City of East Providence. The position of Municipal Finance Advisor was created by statute, and the duties and responsibilities are defined in Rhode Island General Law 45-9-10 as amended during the 2013 Legislative Session. The Advisor is responsible for monitoring the overall budgetary and financial administration and fiscal health of the city or town following the abolition of a state appointed fiscal overseer, budget commission or a receiver to a city/town where the receiver has not filed a petition for Chapter 9, Title 11 of the United States Code. The Advisor will be appointed by and report to the Director of the Rhode Island Department of Revenue, and will be an employee of the City of East Providence.










President Barack Obama smiles as he returns from a birthday weekend visit at Camp David to the White House in Washington, August 4, 2013. Credit: Reuters/Jonathan Ernst By Mark Felsenthal and Margaret Chadbourn WASHINGTON | Mon Aug 5, 2013 8:03pm EDT WASHINGTON (Reuters) - President Barack Obama will propose overhauling the U.S. mortgage finance system in a speech on Tuesday, weighing in on a tangled and polarizing problem that was central to the devastating financial crisis in 2007-2009 and that continues to slow the economic recovery, the White House said. Obama will propose eliminating mortgage finance entities Fannie Mae and Freddie Mac over time, replacing them with a system in which the private market buys home loans from lenders and repackages them as securities for investors, senior administration officials said. The mortgage securitization process is deemed essential to the smooth flow of capital to housing markets and the availability of credit.







Finance Committee Holds Public Hearing on Proposed Merrimack Valley Casino






Most famously here, Bill Murray agreed to star in Ghostbusters in return for a green light on The Razors Edge. To put it plainly, just as bestsellers pay for more literate novels in book publishing, so do blockbusters make the smaller, independent films possible. 20th Century Fox begat Fox Searchlight, not the opposite, New Line led to Fine Line, Sony Pictures begat Sony Pictures Classics and then Disney long ago purchased Miramax. Prestige pictures are made easier to green light by mainstream films, and if the financial wizardry of people like Daniel Loeb leads to a more profitable industry, the end result will be more, not less in the way of small movies that so many including this writer enjoy.







Obama to back mortgage finance reform to speed housing recovery






That's alot of work for Tewksbury electricians," Antonelli said. Several residents voiced concerns about increased traffic in the area of the proposed facility,near theInterstate 495/Route 133 interchange Alex Stolyar, Vice President of Corporate Development for Penn National, said the companyhad found in its other locations that their facilities' peak hours did not conflict with rush hour traffic. "Our peak times are post dinner times on Friday andSaturday nights, after7 p.m.on Friday and Saturday," Stolyar said."Normally we find it works well. It does not compete with existing rush hour times." Stolyar also noted Penn National would be paying for any mitigation that a traffic impact study reveals asnecessary in the area. When asked if Penn National was concerned at all about over saturation of the market for casinos with other proposed casinos in the area, Stolyar said the company had factored that consideration into their revenue projections. "We believe New Hampshire will legalize gaming right across the border and our projections take that into account," Stolyar said."Our commitment to the town is not based upon ourperformance, the host communityagreement guarantees a $200 million investment.




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