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Posts sent on: 2013-07-27


US to finance feasibility study of $14bn dam

Banks, finance firms hit by RBI's rupee defence

Mr Dar told the ambassador that the IMF management had agreed to increase bailout package to $6.5bn from $5.3bn offered by its staff mission early this month but Pakistan was insisting on increasing it to $7.3 billion to bridge the gap between external inflows and outflows. Mr Dar said all progress on details of the programme have been positive so far and athe only pending issue that needs to be resolved was the size and tranches of the loan.a aEven with $7.3 billion loan, Pakistan will be facing a financing gap of about $0.5 billion,a the finance minister told Mr Olson, elaborating that in case of $6.5bn offered by the IMF, the gap would go beyond $1bn and hence US support in the IMF board would be of crucial importance. An official statement said the issue of Bilateral Investment Treaty (BIT) between the two countries also came under discussion during the meeting. The US has been pushing early signing of the agreement to facilitate US investment in Pakistan but some strong protectionist rights to US investors were being opposed in relevant government quarters because the US demand involves dispute resolution directly through international arbitration without first completing Pakistanas judicial process. The finance minister, however, informed the ambassador that he had been pre-occupied with budget and circular debt issues and would now plan to obtain input from all stakeholders in the government to take the process forward.

Hincheys proposed fix is to separate the positions of finance director and town accountant, which would allow the town to select from two distinct pools of specialists, rather than trying to find a single person who could handle both. It would also mean a change in the bylaw, which would in turn require a vote at the next town meeting. Selectwoman Tracy Post apologized to the candidates who appeared before the board at its last meeting, but agreed that Hincheys plan was the best course. I think this does set us onto a better position for the future, she said. The board voted unanimously to adopt Hincheys proposal.

Yarmouth finance department could see reorganization

Brokers also turned bearish on non-bank financial companies (NBFCs), which traditionally tap short-term debt markets. "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.

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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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