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Jul092013

EU finance ministers in a holiday mood









Mario Draghi, President of the European Central Bank, ECB addresses a press conference following the meeting of the Governing Council in Frankfurt am Main, central Germany, on July 4, 2013. The European Central Bank pledged to keep its interest rates at their current record low levels for an

"I don't want to have to come back to Brussels in the summer," the minister said. "It'll be fine if we see each other in the fall again." Portugalis done The finance ministers seem to be satisfied that Portugal's government crisis has now been overcome. It was sparked by last week's resignation of Finance Minister Vitor Gaspar, who said he felt that the population was no longer behind the austerity measures. The move immediately prompted an increase in interest rates on Portuguese government bonds.







International Finance Magazine, Financial Awards - Malaysia 2013






"RETROGRADE STEP" In one letter, the Defence Minister A.K. Antony, a powerful member of the cabinet, told the industry ministry a plan to allow foreign weapons manufacturers to invest up to 49 percent in defence joint ventures represented a danger to India's defence interests. "Allowing foreign companies to set up manufacturing/assembly facilities here will be a retrograde step," Antony said in the letter, an excerpt of which was seen by Reuters. He said the cap on foreign investment in defence companies should remain at 26 percent, except in special cases.














Finance Minister visits US to rescue rupee and court investors






The imperative of housing finance reform is to devise a new system that protects taxpayers against another costly bailout while ensuring that American families have access to mortgages on reasonable terms. Challenges With Reform A key challenge in moving forward with reform is that bringing in private investors who take losses ahead of taxpayers will translate into higher mortgage interest rates, reflecting the compensation demanded by private investors to take on housing credit risk. Indeed, in the past, proponents of reform were sometimes derided as being anti-housing for supposedly wishing for higher interest rates. The crisis has mostly silenced this criticism, with broad agreement that reform must involve greater private capital to take losses ahead of any potential government backstop. The Corker-Warner proposal requires investors to put at risk funds equal to 10 percent of the value of the mortgages included in mortgage-backed securities to be guaranteed by the government. The total losses of Fannie and Freddie during the crisis were equal to about 4 percent of the firms combined assets.







Progress on Housing Finance Reform






International Finance Magazine identifies some key performers in the financial domain who have contributed to the growth of the nation. Many congratulations to the winners and wish them success in their future endeavors" Detailed summary of the award winners could be found on the article The recipients of the financial awards 2013 for Malaysia are: Best Islamic Bank Best Islamic Asset Management Company AmInvest Best Islamic Finance Advisor IBFIM Commenting on the awards, Datin Maznah Mahbob, Chief Executive Officer of AmInvest said, "We are truly honored to receive these awards which validate our Shariah-compliant expertise and capabilities built over three decades within the industry. Our focus has always been to provide global best investment solutions that cater to the investment needs of global investors, especially in Asian equities and global sukuk. As we expand our global footprint, the acknowledgments of our team's hard work and commitment to excellence through these awards will enhance our proven track record in consistently creating value for our clients." Managing Director of Bank Islam Malaysia Berhad, Dato'Sri Zukri Samad said "Bank Islam is honored to be recognized as theMost Innovative Islamic Bank in Malaysiafor the year 2013 by International Financial Magazine, UK. The achievement is an important milestone for the Bank, and another step in the right direction for us to become amajor regional player.




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Jul092013

EU finance ministers in a holiday mood









Mario Draghi, President of the European Central Bank, ECB addresses a press conference following the meeting of the Governing Council in Frankfurt am Main, central Germany, on July 4, 2013. The European Central Bank pledged to keep its interest rates at their current record low levels for an

"Government crises within member states happen from time to time," he said, adding that he hadn't been surprised by his counterpart's resignation in Lisbon, though he did regret it. "Portugal has shown extremely stable conditions in the past few years," he said. "That's why I feel relatively relaxed. Portugal must continue its successful path." Portugal's path may be successful in terms of the bailout package, but whether the population will follow it to the end is another matter. Draghi critical It was Mario Draghi who ended up raining on the finance ministers' parade.














Zimbabwean Former Finance Minister Backs Tsvangirai in Election






The coming together of these parties has been necessitated by shared commitment to bring to an end the current hardships confronting Zimbabweans, due to the failed policies of the past, said Makoni, whose New Dawn party won 8 percent of the vote in 2008. He spoke at a joint press conference with Tsvangirai, leader of the Movement for Democratic Change in Harare, the capital. The alliance follows a July 5 coalition between the Zimbabwe African Peoples Union, which draws its support mainly in the western region of Matabeleland, and a separate faction of the MDC led by Welshman Ncube. Zimbabweans will vote in presidential and parliamentary elections July 31 after the Constitutional Court turned down applications, including one prompted by the Southern African Development Community , to delay the ballot.







Law ministry asks highways to approach finance ministry on premium rescheduling






"It's surprising for us that the law ministry has asked us to approach finance ministry whereas we have sought legal opinion from them for the second time. How can we seek legal opinion from the finance ministry?" he asked. Meanwhile, NHAI officials are hopeful of the proposal going through soon. They said that the rescheduling of premium has been proposed for two dozen projects and for a specific developer or a special project. "The issue started with GMR offering to take back Kishangarh-Udaipur-Ahmedabad project if NHAI allows.




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