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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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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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