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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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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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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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