The financial Blog

EON Cap, Kuwait Finance in RHB bidding war

2007-02-08T02:20:00.000-08:00

KUALA LUMPUR: Malaysia's EON Capital yesterday launched a takeover for Malaysia's Rashid Hussain, pitting it against Kuwait Finance House (KFH) for the control of the nation's fourth-largest lender. Malaysia's Utama Banking Group agreed earlier yesterday to sell a key asset to a group led by KFH, a deal heralding a $3.4bn plan to create the world's top Islamic bank. The consortium, led by Kuwait's state-backed number-one Islamic banking group KFH, is to buy Utama's 32% stake in Rashid Hussain, parent of Malaysia's fourth-largest lender RHB Capital, for 2.16bn ringgit ($618.5mn). But late yesterday, EON Capital, Malaysia's seventh-largest lender, joined in the fray, making an offer for the securities of Rashid Hussain and RHB Capital. It offered 1.80 ringgit for each Rashid Hussain share and offered 8.75bn ringgit or 4.80 ringgit a share for the assets of RHB Capital.

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Kuwait Finance House in $3.42 billion bid for RHB

2007-02-06T02:22:00.000-08:00

KUALA LUMPUR –– Islamic banking group Kuwait Finance House (KFH) will lead a 12 billion ringgit (3.43 billion dollars) bid for a Malaysian bank in a bid to create the world's largest Islamic bank. KFH said the consortium had made a “very attractive offer" to buy the Utama Banking Group's entire stake in Rashid Hussein Berhad (RHB), Malaysia's fourth largest lender. The Utama Banking Group (UBG) is the single largest shareholder in debt-ridden RHB, holding a 33 percent stake. “The consortium could invest in excess of 12 billion ringgit for this project. This will be one of the largest, single (foreign direct investment) into Malaysia," KFH said in a statement late Monday. Despite being the majority shareholder if the deal came through, KFH insisted “RHB will not be foreign controlled but will operate as an Islamic brotherhood partnership." It said the consortium—about which no details have been released—aimed to “create the world's largest, most innovative, and respectable Islamic bank with extensive networks across the world based out of Malaysia." Under its offer, the consortium said it was prepared to eliminate all debts at RHB if it received shareholder support.

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Finance Committee OKs budget cuts for seniors, veterans

2007-02-02T02:21:00.000-08:00

NATICK - The Finance Committee last night voted to recommend cuts for senior citizen and veteran services, though committee members said they hope to find extra money somewhere to restore some of the money. Services facing reductions include taxi vouchers and wellness programs for seniors, and food, clothing, fuel and transportation assistance for veterans. The committee voted to recommend the cuts at this point, though several members were unhappy with what they were doing. "The elderly and our veterans - you don't do it, sorry," committee member Peter Robbins said of the cuts. The committee held its second meeting to review the town's proposed $109.3 million budget for the fiscal year beginning July 1. The spending plan calls for cutbacks in several department budgets, though officials involved with many those budgets say their budgets are already underfunded.

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Finance Committee starts looking at budget picture

2007-01-31T02:23:00.000-08:00

NATICK - With big budget questions looming, taxpayers may soon get to decide what kind of town they want, and how much they want to pay for it, the town's finance officials said last night. The Finance Committee held the first of several meetings to review the proposed fiscal 2008 budget for the period beginning July 1. Town Administrator Phil Lemnios said the town's residents face a choice. "People have come to expect a certain level of services in Natick," Lemnios said. He said this may be the year when residents have to start weighing their desire for services against their ability or willingness to pay. "There is a ramification to be felt as a result of that choice." Lemnios' proposed $109.3 million plan allows for increased spending in some areas and reflects rising salary, insurance and other costs.

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Minister of Finance Discusses with DG of OPEC Progress of work in ...

2007-01-29T02:23:00.000-08:00

Minister of Finance and National Economy Al-Zubair Ahmed Al-Hassan has discussed with the Director General of the OPEC Fund for International Development, Dr. Suleiman Jasir, progress of the work in the projects financed by the fund in Sudan and new proposals for the coming programme. The minister explained that the medium-term programme has set the development priorities in Sudan including boosting the infrastructure in a view to upgrading the production base, lauding the role of the fund in effecting sustainable development. The minister called for financing the private sector to realize the aspired economic leap, indicating that Sudan is endeavoring to produce additional two million tons of sugar to utilize the comparative advantage of the country in this field. The minister also called on the fund to finance development projects in southern Sudan and Darfur.

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IFSB Islamic Finance Seminar in Tokyo opens new opportunities for ...

2007-01-23T02:25:00.000-08:00

Dr. Zeti Akhtar Aziz, Governor Central Bank of Malaysia, and Chairperson of the Islamic Financial Services Board (IFSB), this afternoon, addressed a gathering of over 200 financial industry practitioners and stakeholders at the Seminar on Islamic Finance: Challenges and Opportunities for Japan. [ClickPress, Tue Jan 23 2007] Dr. Zeti Akhtar Aziz, Governor Central Bank of Malaysia, and Chairperson of the Islamic Financial Services Board (IFSB), and Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB addressed on Monday a gathering of over 200 financial industry practitioners and stakeholders at the Seminar on Islamic Finance: Challenges and Opportunities for Japan this afternoon, held at the Japan Bank for International Cooperation (JBIC) Headquarters in Tokyo.

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Optimistic message from Finance Minister

2007-01-21T02:24:00.000-08:00

THE CYPRIOT economy is doing well and growing significantly above the EU average, at a rate of four per cent. That was the verdict of Finance Minister Michalis Sarris, speaking at a dinner hosted by the Cyprus-American Business Association, which focused on the island as a business destination. Unemployment in 2006 dropped from five to four per cent and we also witnessed growth in economic migration, the Minister said. Jobs were created in all sectors and the budget deficit stood at 1.5 per cent, which is better than expected due to growth in fiscal revenues. He added that investment and exports were high while expenditure did not follow revenues, which is a temptation we have avoided. Sarris also spoke of a very successful partnership between the private and public sectors and a commitment to providing a friendly business environment.

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Yahoo Aims for Consumer Finance Ad Dollars with Revamped Section

2007-01-19T02:26:00.000-08:00

While hardcore investors are online researching gold funds, Yahoo is panning for the precious stuff with the launch of its newly redesigned Personal Finance section today. The publisher hopes a more touchy-feely approach to finance will build a new audience of everyday home and retirement planners, which could help the portal strike it rich in ad revenue. Ad inventory within the area is already sold out for the unveiling, with placements going to T. Rowe Price, E-Trade and Intuit's Quicken and TurboTax, among others.Yesterday's visitors to the Yahoo's Finance section may have had trouble finding the Personal Finance area amidst a clutter of graphs, decimal points and links to stories with words like "chairman" and "shareholder" in the titles. "We just [weren't doing it] in a compelling way," said Yahoo Finance GM Peggy White, who expects "a big boost" in traffic to the new section, which is prominently promoted on the Yahoo homepage."CPMs tend to be considerably higher than CPMs in the investing category," she said, referring to consumer-aimed financial services advertisers.

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CREDAI to Organise its 'Second National Exhibition of Developers ...

2007-01-17T02:27:00.000-08:00

Reaching out to approximately around 1,00,000 potential buyers, the Confederation of Real Estate Developers' Association of India (CREDAI) is planning to hold yet again the 2nd National Property expos in Delhi from 19th Jan, 20th Jan and 21st Jan after the phenomenal turnout and success of the earlier expos. It is being held at Pragati Maidan Hall No 12 A from 10 am 7 pm on all three days The exhibition, following its huge success from 2004 in the capital is now focusing and aiming at adding pulse to this profuse market again this year. The idea is to bring under one roof all potential home-seekers, financial institutions, real estate developers, government officials, architects, consultants, insurance associates and others involved in the real-time development and promotion of real estate in the Northern hub of India The three-day exhibition being organised in association with Maharashtra Chamber of Housing Industry (MCHI) will feature properties and projects from Delhi, Gurgaon, Noida, Gaziabad,Faridabad, Agra, Chandigarh, Haryana, Lucknow , Jaipur, Jodhpur, Rewari to name a few places from North India, and Mumbai, Pune, Bangalore, Hyderabad, Goa, Kolkata, Kerala, Mysore and Bhubaneshwar from the Rest of India.

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Finance ministry to ressurect interest rate cap: sources

2007-01-15T02:29:00.000-08:00

The Ministry of Finance and Economy recently decided to resurrect a former law for setting limits on interest rates, according to a ministry official. The ministry had previously objected to the revival of the law, which applied an interest rate cap to loans given not only by financial institutions and loan companies, but also to loans between individuals, as well. The law, in place since 1962, was abolished during the Asian financial crisis in 1997-98 at the request of the International Monetary Fund (IMF). The current cap on loan interest rates - currently set at 66 percent annually - applies only to financial institutions and loan companies. On January 14, an internal official said that the Ministry of Finance and Economy had decided to resurrect the law in order to try to lower money lenders interest rates in South Korea, and had requested consultations with the Ministry of Justice regarding reinstating the legislation.

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Citigroup loses $474m as Japan tightens consumer finance laws

2007-01-13T02:22:00.000-08:00

Just two years ago, the largest US banking group made headlines when it was forced to close its private banking arm following violations of Japanese banking laws that drew the ire of the financial regulator. With memories of Chuck Prince, Citigroup's chief executive, bowing deeply in penitence at the time still fresh in the Japanese public's mind, Citigroup said earlier this week it would scale back drastically its consumer finance operations in the country in response to legal changes that will slash the business's profitability. It also said it would post a $US370 million ($474 million) fourth-quarter loss in its Japanese unit as a result. But this time, Citigroup might be forgiven for feeling more frustration than remorse. After a year of highly public and heated debate, the Japanese Government passed a law at the end of last year that would make it extremely difficult for any consumer finance companies, foreign or domestic, to survive without drastic restructuring.

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IT Optimisation & Planning - Finance Analyst

2007-01-11T02:22:00.000-08:00

An employer of choice in Melbourne's CBD has a challenging opportunity available for a Finance Analyst with a broad understanding of IT infrastructure operations and architecture. Joining the Global investment banking division of Australia's largest financial services institution you will be the bridge between technology and corporate finance by managing the consolidated view of the service delivery and infrastructure financial planning. Reporting to the Manager of Planning and Optimisation you will provide decision support for major investments including change proposals, scenario planning and long term economic impacts of existing and proposed infrastructure solutions. In addition, you will develop Key Performance Indicators (KPI's) to maintain, monitor and report on against the financial plan.

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Accountancy & Finance - Recruitment

2007-01-09T02:30:00.000-08:00

To be considered you'll need 2 years + Recruitment experience, ideally from the Accountancy sector, or from areas such as IT, HR, Banking, Finance, or senior level Secretarial/Office Support. You'll be well-educated and well-presented, with excellent communications & organisational skills. The company has very low staff attrition, there's no office politics, earning potential is outstanding, people are entrusted with real responsibility and career opportunities extend across the globe. We are conducting preliminary interviews over the next 5-10 days at times to suit you. Please contact us immediately to arrange a convenient appointment. Discretion assured. .

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Quantum finance and the scramble for gold

2007-01-07T02:29:00.000-08:00

If you can't spot the patsy, then it must be you, says Adrian Ash. Get ready for the next raft of post-Crash regulations... Only in finance do the losers get to write history. The government then prints their memoirs in the statute books, while a new volume of folly and greed is begun. Witness Barnard's Act of 1734. It sought "to prevent the infamous practice of stock-jobbing" that had peaked and exploded with the South Sea Bubble of 1720. Investors had long since fled Change Alley, however, and gone back to trading government bonds instead. Come 1934, and the Securities Exchange Act tried to protect US investors from the Great Crash of five years before. It guaranteed liquidity to investors who were already broke. And in 2002, Sarbannes-Oxley set new standards for US corporate accounting, stock options and boardroom ethics.

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Officials: Finance bill crucial to BRAC

2007-01-05T02:30:00.000-08:00

Senior military officials, including Army Secretary Francis J. Harvey and Chief of Staff Gen. Peter J. Schoomaker, are urging the new Democratic-led Congress to act quickly to fund costs mandated by the 2005 Base Realignment and Closure commission. Failure to quickly approve a $14 billion military construction bill that died in the previous Congress could have a disastrous effect on several Army posts, including Fort Benning. In a joint letter to Congressional leaders, Harvey and Schoomaker warned that the Army "will experience unacceptable delays" in constructing new housing and renovating inadequately funded bases if the construction bill isn't completed funded. Army officials estimate that $5.9 billion in projects targeted for 45 states, including 8,000 housing units, will go unfunded.

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Steinbrueck scores as finance minister

2007-01-03T02:32:00.000-08:00

PEER Steinbrueck has been riding high as finance minister, having presided over a cut in Germany's budget deficit to bring it in line with the eurozone's strict fiscal target for the first time since 2001. The German deficit, which embarrassingly overshot the three per cent limit of GDP for five years in a row, is expected to drop below the threshold this year as Europe's biggest economy emerges from a protracted period of stagnation. Knocking Germany's public finances into shape was a central policy plank of the power-sharing government made up of Chancellor Angela Merkel's conservative Christian Democrats and the Social Democrats that was forged in November 2005. A Social Democrat for more than 35 years, the 59-year-old Steinbrueck began his political career in the federal Ministry of Construction in 1974, before holding a series of posts in various state governments.

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Court sides with pro-life group in campaign finance ruling

2006-12-30T02:24:00.000-08:00

WASHINGTON — Free speech advocates recently gained an important victory in their support of advertising on legislative issues during election campaigns. A special three-judge panel ruled Dec. 21 in favor of a pro-life organization that paid for issue ads during the 2004 election, saying such advertising does not violate a campaign finance reform law. The panel, which consisted of an appeals court judge and two federal judges in the District of Columbia circuit, voted 2-1 to uphold Wisconsin Right to Life’s challenge to part of the 2002 Bipartisan Campaign Reform Act. The law is commonly referred to as "McCain-Feingold" for its prime Senate sponsors, John McCain, R.-Ariz., and Russell Feingold, D.-Wis. The broadcast ads by the pro-life organization did not seek to influence an election and were "neither express advocacy nor its functional equivalent," the panel said in its decision.

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Allco Finance Says Buyout Group to Maintain Qantas Loyalty Plan

2006-12-28T02:27:00.000-08:00

Dec. 28 (Bloomberg) -- Allco Finance Group Ltd., part of a buyout group bidding for Qantas Airways Ltd., said the airline's loyalty program would be maintained if a A$11.1 billion ($8.7 billion) takeover offer was approved by shareholders. ``This transaction will have no impact on the Qantas frequent flyer program,'' Sydney-based Allco Finance said in a letter to Qantas shareholders today. Qantas's frequent flyer plan has more than four million members and allows customers to accrue points toward free air travel, accommodation and other services, according to the airline's Web site. The board of Qantas, Australia's largest airline, this month accepted a sweetened takeover offer by a group including Macquarie Bank Ltd., Texas Pacific Group, Allco Finance and Allco Equity Partners.

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Free seminars on finance are thanks to fines

2006-12-26T02:28:00.000-08:00

How to keep from being scammed and how to be a smarter investor are the topics of an unusual sweep of free workshops to be held across Alaska over the next four months. The first workshops are in Anchorage next week. The workshops are the brainchild of the AARP, and much of the money underwriting them comes from the misbehavior of U.S. stock brokerage houses, said Ann Secrest, communications director for AARP in Alaska. Her group formed a coalition of state consumer- protection officials, investment professionals and debt counselors, among others, to put on the workshops, she said. AARP started with a $50,000 grant from fines the federal government collected in recent years from stock brokers for giving investors tainted advice on where to put their money in the 1990s and early 2000s amid the famous stock market bubble.

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HSBC Finance to give away $18000 next month

2006-12-17T02:28:00.000-08:00

Five lucky HSBC Finance promotion winners for the month of November walked away with their prizes, yesterday, in a ceremony held at the HSBC Finance Gadong office. On hand to present the prizes was HSBC Senior Marketing Officer Hj Md Shahrom bin Hj Md Jaafar. Awg Shukor Pintar won a B$1,000 shopping voucher, while Asri Hj Othman, Syalihen Ludin, Norsiahwati Hj Musa and Ak Md Fauzie Pg Zainal Abidin each won a B$500 petrol voucher. The winners expressed their thanks to HSBC Finance for such an exciting promotion, where aside from obtaining a brand new car with the car loan, customers stand a chance of winning exciting prizes. "I really look forward to the grand draw in January," said one of the lucky winners. "I hope I win one of the big three prizes!" HSBC Finance (Brunei) Berhad will also give away B$18,000 in cash prizes next month to three lucky winners of its latest car loan promotion.

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Position: Finance (Common Law Qualified)

2006-12-15T02:26:00.000-08:00

A newly-qualified Associate/junior Associate with capital markets or other finance experience who is interested in moving to Frankfurt immediately or within the next 6 months is sought after for this top international law firm. You will be working in the English law capital markets practice in Frankfurt, one of the leading financial centres of the world, and so will have the opportunity to work on a broad range of transactions and for blue chip clients. You must be common law qualified and German language skills are an advantage but not essential. Requirements: You must ideally have trained with a good international law firm and have an interest in moving to Germany for at least the medium term. German skills are not necessary but would be helpful to you. You are guaranteed a top end salary and great, international working environment.

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Bill helps finance local road repairs

2006-12-13T02:30:00.000-08:00

BATON ROUGE -- The state should redirect the 4 percent sales tax it levies on motor vehicle sales to a special fund to be used to repair local roads, state Treasurer John Kennedy said Monday. Kennedy, flanked by Sen. Mike Michot, R-Lafayette, Rep. Joel Robideaux, I-Lafayette, and Lafayette Mayor Joey Durel, said the plan would cost the state general fund about $237 million a year, the average of the sales tax collections on motor vehicle sales over the past decade. Robideaux said he filed House Bill 118 to create a special parish road fund to receive the tax and divide it among the parishes based on population. Michot late Monday filed Senate Bill 26, identical to Robideaux's bill. Kennedy said the measure could also take into account the number of miles of road in a parish or the number of vehicle sales in a parish.

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Public Finance Initiatives and the NHS

2006-12-09T02:28:00.000-08:00

ON December 7, you ran a major article on a report criticising Public Private Partnership projects, alleging they undermine health board budgets, and calling for a reassessment of public spending. This report is wrong on many levels and betrays a complete lack of understanding of public-sector finance. It would have been helpful to readers if even a single counter-argument had been presented. Regardless of which method is used to build major hospitals, there are always long-term costs to pay. Rental costs are fully taken into account when the project is planned – the PPP only proceeds if it is more cost-effective than the public-sector option. PPP projects don't drain money from the NHS – by taking a cost-effective route, we are delivering more investment in the fabric and personnel of the NHS than ever before, with significant benefits for patient services: shorter waiting times, better treatment and more lives saved.

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INTERVIEW - Shriram Transport Finance to double assets in 4 yrs

2006-12-07T02:30:00.000-08:00

MUMBAI (Reuters) - Commercial vehicles financier Shriram Transport Finance Co. Ltd. plans to double its asset base in four years to 150 billion rupees, expecting high demand for trucks to drive loan growth, a senior official said. The company, whose assets stood at 75 billion rupees by March 2006, also plans to get into financing of three-wheelers, tractors and multi-utility vehicles to support its main business of truck financing, Managing Director R. Sridhar told Reuters. A good portion of the demand for new trucks would come from regulatory and environmental pressure on truckers to give up smoke-spewing old contraptions and move on to more efficient and modern variants, he said on Thursday. "There is a terrific pressure and because of the triggers towards modernisation, (the) truck operator also does not want to hang on," he said.

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How to Finance a Fixer-Upper Home

2006-12-03T02:27:00.000-08:00

(ARA) - A home that needs a lot of repair is what's known as a "fixer-upper" because it needs to be "fixed up." There are several reasons you might buy a fixer-upper. Because of their less-than-peak condition, it can be a less expensive alternative to buying a newer home; fixing it up may be the only way to have a home that meets your needs; you might be an investor looking to "flip" the home (fix it and sell it for a profit); perhaps the home has been in your family for generations and you want to keep it that way; or you might be someone who just enjoys the challenge.Whatever your reason, it's going to take a significant amount of cash to make whatever changes or repairs the home needs. So where are you going to get the money?Well, you could pay for the materials, home repairs and home improvements on your credit card.

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Shakers: Finance chief names new general director

2006-11-27T02:33:00.000-08:00

Finance Minister Avraham Hirschson of Israel named Yarom Ariav, an Israel Chemicals executive, as the ministry's next general director. Ariav, 52, will take up the post at the beginning of 2007, replacing Yossi Bachar, who has been director general for the past three years, the Finance Ministry said. The move is subject to the approval of the public appointment committee, as well as the government. The director general is the top civil servant at the Finance Ministry and is responsible for its entire operations, from the national budget to regulation of the capital markets. .

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Supervisors reworking county campaign finance rules

2006-11-25T02:29:00.000-08:00

MARIN COUNTY supervisors, three of whom are likely running for re-election in less than two years, are talking about rewriting local campaign rules. Most of the supervisors are veterans of high-priced campaigns, and Supervisor Susan Adams knows what it's like having to run a low-budget campaign against a well-funded opponent. Adams and Supervisors Hal Brown and Charles McGlashan say they want to reform county campaigns to reduce the influence of big-money contributions and to rein in the growing clout of independent committees that are formed to target candidates like themselves. Brown and McGlashan were working on rewriting the rules when Adams started working with county staff on the same goal. The supervisors gathered Tuesday afternoon to cook up new rules for their own game.

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Finance ministry on terror money trail

2006-11-23T02:22:00.000-08:00

NEW DELHI: It is not only the income tax sleuths who are trailing cash transactions to unearth tax evasion. To detect funding of terrorist activities, the finance ministry is likely to track all cash inflows to individuals and non-corporate organisations from abroad that exceed Rs 10 lakh. A recent meeting attended by representatives of the banking and revenue departments in the finance ministry, home ministry, IB and RAW had mulled the feasibility of setting a Rs 1 lakh upper limit, but instead settled on the Rs 10 lakh bracket. This is part of the initiatives to block terrorism financing, that India is committed to as part of the international anti-money laundering network. For the government the issue is significant, as there has been a large spurt in inflow of funds into the country.

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Thai Tom Yam Kung restuarants in Malaysia finance separatists - PM

2006-11-21T02:23:00.000-08:00

Prime Minister Surayud Chulanont revealed that Thai Tam Yam Koong restaurants in Malaysia have financed movements of insurgents that involved in daily violence in the three southernmost provinces of Thailand. The network of the restaurants have collected the money by blackmailing and demanding for protection fees from local businessmen and channeled the sum to the militants. Surayud said the government is attempting to break down the network in order to cease the series of violence in Narathiwat, Pattani and Yala provinces. There are hundreds of Thai Tom Yam Kong stalls and restaurants along the border, mostly in Kotabaru city of Kelantaru, as well as in Malaysia's capital of Kuala Lumpur. Most of the restaurants were owned by Thai Muslims from the troublesome provinces of Thailand.

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XFONE Posts Record Revenue for Third Quarter 2006

2006-11-19T05:35:00.000-08:00

Revenues Climb 60% and Operating Income Increases 225% for Three Months Ended September 30, 2006
Conference Call Scheduled Today, November 15 at 9:00 A.M. Eastern Time
JACKSON, Miss.--(BUSINESS WIRE)--XFONE, Inc. (AMEX and TASE: XFN) ("XFONE" or "the Company"), a provider of international voice, video and data communications services, announced yesterday financial results for the third quarter and nine months ended September 30, 2006.
Financial highlights for the three months ended September 30, 2006 compared to the three months ended September 30, 2005 (translated into US dollars for convenience):

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Finance door opens a little bit wider for the tech pioneers

2006-11-19T02:23:00.000-08:00

SCOTLAND'S technology industry has come a long way since the dark days that followed the bursting of the dotcom bubble in 2000. The collapse of listed indigenous companies like Atlantic Telecom and Orbital Software following the seismic shift in market sentiment towards the sector back then seems like a distant memory. .

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Personal Finance Live – Part 3

2006-11-17T02:27:00.000-08:00

MONEYWEB: Dave, how about the final question from your namesake in Johannesburg? Do you pay off your car or you pay off your bond? DAVID SHAPIRO: Well, of course, your car is a depreciating asset. Your bond is an appreciating asset, so the first thing I would do is get rid of the depreciating asset. MONEYWEB: What does that mean? DAVID SHAPIRO: In other words, a car loses value. A property technically should increase in value. So I would get rid of the depreciating value, as well. MONEYWEB: Remember a car is a mode of transport, it's not an asset. DAVID SHAPIRO: Yes, of course, because you dont want your debt to be higher than the value of the asset that youre hold. Thats a negative.

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Unreadable paper work costs finance firm $70,000

2006-11-15T02:25:00.000-08:00

An Auckland finance company was penalised more than $70,000 in Auckland District Court today in a ground-breaking prosecution for giving customers unreadable documents about terms and conditions. In the first prosecution under the Credit Contracts and Consumer Finance Act, Senate Finance, which provides money for people buying cars, was fined $59,000. .

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Banking and Finance

2006-11-13T02:54:00.000-08:00

NIGERIA's Access Bank was one of the 15 banks from around the world that met in Edinburgh last week to exchange best practices on supporting women entrepreneurs and ways of reaching into this highly profitable market. This year’s annual summit of the Global Banking Alliance for Women was organized by Bank of Scotland, which hosted the event, and by the International Finance Corporation, which acted as the alliance’s secretariat. For the first time this year, banks from developing countries participated. Opening the summit, Cherie Booth, Queen’s Counsel, said: "Women all over the world share a common struggle against inequality. We have a duty to help women less fortunate than ourselves, whether at home or overseas." She called on members of the alliance and other financial institutions to extend their outreach to women, not out of duty but enlightened self-interest.

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Malaysia starts private finance initiative projects

2006-11-11T02:55:00.000-08:00

MALAYSIA has started to implement Private Finance Initiative (PFI) projects that will provide a springboard for industries and new investment growth regions in the country, Second Finance Minister Tan Sri Nor Mohamed Yakcop said. The projects have been identified and work has started in terms of preparation of designs and award of contracts, he added. Pembinaan BLT Sdn Bhd, which was formed in 2005 and by the end of this year would have commenced more than RM2 billion worth of projects building police quarters, will use the Build, Lease and Transfer approach. Among the key areas suitable for the implementation of PFI are regional developments such as the Southern Johor Economic Region, education, public transportation, health and water infrastr ucture, Nor Mohamed said at a PFI seminar in Kuala Lumpur yesterd ay.

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New strength ratings for NZ finance entities

2006-11-09T02:55:00.000-08:00

Standard & Poor's announced today that it will launch a new ratings scale to measure the relative financial strength of New Zealand non-bank finance entities. The launch of the new scale was based on strong industry support for the proposed ratings scale and methodology, as well as a significant number of finance entities that were committed to undertaking and releasing a rating, the agency said. The relative strength ratings would provide an opinion on the default risks of New Zealand non-bank finance entities. The ratings scale and symbology were unique, and tailored specifically for New Zealand finance companies, building societies, credit unions, and mortgage trusts, Standard & Poor's said. "Our service has been introduced in response to an overwhelming demand from investors, regulators, and the finance entities themselves for credible ratings that enable comparisons within the non-bank sector," managing director, corporate and government ratings said.

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Emaar joins hands with 3 institutions to offer easy finance on ...

2006-11-05T02:21:00.000-08:00

The UAE real estate giant, Emaar Properties has joined hands with 3 local banks and financial institutions to offer easy finance options to potential home-owners in Dubai. Emaar will extend the finance scheme through end-December, 2006 for apartments in its landmark developments, Downtown Burj Dubai, Dubai Marina and The Views. Through our partnership with the three financial institutions, potential buyers can own a home at any of the three Emaar projects under easy finance terms, Bahiya Kayed, Assistant Director of Sales, Emaar Properties. Amlak Finance, Mashreqbank and RAKBank are the financial institutions supporting the sale of Emaar homes. Amlak will offer finance of up to 96 per cent of the property value to UAE residents for a tenor of up to 25 years and a maximum of 90 per cent of the value to non-UAE residents for tenors of up to 15 years.

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Finance Ministry extends term for bids to convert Soviet debt

2006-11-03T02:44:00.000-08:00

MOSCOW, November 3 (RIA Novosti) - The Finance Ministry has extended until November 10 the deadline for bids to convert commercial debt of the former Soviet Union to Eurobonds and cash, the ministry said Friday. The Soviet-era debt to commercial lenders accrued as a result of the export of goods and services by foreign companies. The Russian Finance Ministry estimates the principal sum of this debt at more than $1.7 billion. "The period of accepting creditors' letters of transmittal, the end of which was originally planned for 17:00 London time on November 3, is being extended to 17:00 London time on November 10, 2006," the ministry said. Second-stage creditors' claims, totaling $720-$800 million as of September 15, will be swapped on the terms of the London Club of commercial lenders, i.e.

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Standard Life lines up new finance director

2006-10-30T02:32:00.000-08:00

STANDARD Life is this week expected to announce the appointment of David Nish, the former ScottishPower high-flier, as its finance director, according to insiders at the recently floated life and pensions group. Rumours have been swirling for months around the names of possible replacements for Alison Reed, Edinburgh-based Standard's current finance director, whose last day with the company is tomorrow. While Nish, the former finance director at ScottishPower, has for some time been considered the frontrunner in the race to replace Reed, former ScottishPower chief executive Ian Russell's name has also been thrown into the mix. However, Russell's candidacy was described yesterday as "crap". Nish, who was most recently the utility's executive director of infrastructure, had been viewed by the City as the likely successor to Russell, but was jettisoned in the so-called morning of the long knives as the company was being stalked by E.ON during a potential 10bn-plus takeover bid.

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Phone finance deal is no bargain

2006-10-26T03:19:00.000-07:00

A UK MOBILE phone seller has come up with a wizard wheeze to make a swift buck off those who want a mobile phone but can't survive a conventional credit check. PhonesonFinance will provide the credit blighted with a nice new LG "Chocolate" phone for ten percent of the selling price as a deposit. Punters, who are over 21, have a job and pass a basic credit check can pick one up from them. The downside is that customers will have to shell out a whopping 92 to 100 interest on teh balance. But the interest bill is not the only cost PhonesonFinance will hit you for, when we rang them up they told us that an LG Chocolate would set us back £429.99. However a quick search reveals that the LG Chocolate normally retails elsewhere for £245 and can be found Amazon for £219.00.

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Finance Ministry begins process of revising estimates

2006-10-24T03:17:00.000-07:00

New Delhi, Oct. 24 (PTI): The Finance Ministry has begun the process of revising estimates given in the Budget 2006-07 and making estimates for the next fiscal's budget. According to a circular issued by the Department of Economic Affairs in the Finance Ministry, various Ministries and departments have been asked to furnish feedback to it in this regard. As per the budget circular 2007-08, the estimates of the revenue receipts broadly encompassing tax collections by the Central and State Government organisations should reach the Budget Division by November 30. Similarly, the last date for sending capital receipt including public accounts transactions is October 26. However, the estimates of expenditure of various Ministries and departments are to be furnished to the division in phases. The circular also stated that in line with the basic principles of governance to which the Government is committed under the National Common Minimum Programme, which includes empowerment of women, the Government intends to gradually introduce gender budgeting.

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Finance Minister Highlights Speed at Which MOU II Was Concluded

2006-10-22T03:26:00.000-07:00

Minister of Finance and Planning, Dr. Omar Davies has said that the two Memoranda of Understanding that have been signed between the Government and the Trade Unions representing the public sector, were the most speedily concluded negotiations since his tenure as Minister of Finance. He made the observation at a press briefing, which was held at the Ministry's National Heroes Circle offices on Wednesday (October 18), to review developments in the economy for the first half of the 2006/07 fiscal period. "Not in the period since I have been Minister, except for the first MoU, have we ever concluded negotiations in as short a time period as we have done this year," he said. The first MoU was signed in February 2004, while the second (MoU II) was signed in May of this year.

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German finance minister seeking private buyer for EADS stake

2006-10-16T03:14:00.000-07:00

BERLIN : German Finance Minister Michael Glos is trying to find an alternative to state-owned bank KfW buying a share in European aerospace giant EADS, the Financial Times Deutschland reports on Monday. "The ministry would prefer to find a private buyer," the newspaper quoted finance ministry secretary of state Damar Woehrl as saying, in an advance extract published on Sunday. It reported that the ministry hoped Airbus suppliers and subcontractors would form a consortium to buy the 7.5 percent holding that German-US car maker DaimlerChrysler is expected to sell. Glos was preparing to meet with potential private investors and has the support of Chancellor Angela Merkel, who last week said a KfW was possible but not certain, the newspaper added. The minister on Friday said he opposed government plans to buy the stake in the EADS group, which includes the troubled aircraft maker Airbus.

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Toyota Fortuner finance deal

2006-10-04T03:15:00.000-07:00

UAE Toyota dealer Al-Futtaim Motors is promoting the Toyota Fortuner SUV with 2.22% interest financing through meBank on selected models. The Fortuner comes via a choice of 2.7-litre and 4.0-litre VVT-i engines. The seven-seater is equipped with full-time four-wheel-drive, dual air-conditioning, dual front airbags, anti-lock brakes, keyless entry and MP3 compatible audio system. .

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Finance manager jailed for tax fraud

2006-10-02T03:14:00.000-07:00

A COMPANY finance boss has been jailed for six months for committing a tax fraud of more than £1 million. David Paul Scott (42), of Newhall Avenue, Bradley Fold, pleaded guilty at Manchester Crown Court to a charge of cheating the public revenue after HM Revenue and Customs officers discovered that he had deliberately falsified tax documents. Scott was employed as the financial director of Tomlander Ltd, based in Sharston, South Manchester, which has now gone into receivership. .

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TELECOM: FINANCE POLICE IN GROUP'S MILAN OFFICE FOR TWO HOURS

2006-09-24T03:21:00.000-07:00

(AGI) - Milan, 22 Sept - The search by the Finance Police of Telecom Italia's offices in Milan lasted around two hours. Three plain clothes police arrived at 2 Piazza Affari just after 12.00 and left in a chauffeured police car just after 14.00. The Rome prosecutor sent the Finance police officers in order to take communications from the company to Consob, plus all files relevant to the aim of the investigation into the reorganisation. Also wanted were the records of the board meetings of 11 and 15 September being, respectively, the days on which the reorganisation plan was approved and on which Marco Tronchetti Provera resigned as president of Telecom Italia. The filed opened by Rome prosecutors Stefano Rocco Fava and Gustavo De Marinis is, at the moment, without names or suggested offences.

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City hires new finance director

2006-09-22T03:17:00.000-07:00

Carter, 31, who lives in Hutchinson, Minn., is now assistant finance director in Carver County and also worked for the city of St. Louis Park as a senior accountant. He will begin his new job on Oct. 9 and will be paid $81,080 a year. Carter will replace James Carufel, who retired May 31 after 12 years on the job. "He had fundamental knowledge of every aspect of the job," city administrator Stephen King said of Carter. "He has a high computer background. He's also a very personable young man. We have an organization that has people who've been here a long time. Not that that's bad. But we need to take a look at best practices and see if there are ways we can improve our services to our customers." Carter's degrees include a master's of business administration from Metropolitan State University in St.

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Al Fardan, NBE finance joint

2006-09-18T03:24:00.000-07:00

UAE-based Al Fardan Group and the National Bank of Egypt have launched Al Fardan Financial Services Company with capital of $2.7m. The company will offer a range of financial and investment services, mainly focusing on share trading in UAE and Egyptian stock markets. It will be based in Abu Dhabi. .

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Brunei drives finance centre

2006-09-16T03:24:00.000-07:00

BRUNEI Darussalam's unblemished Islamic credentials, its economic and political stability and its strategic location in Asia made it a prime candidate as a successful financial and regional Islamic fund management centre, the Minister of Finance II said yesterday. Speaking at the opening of the Brunei Islamic Financial Services Forum, Pehin Orang Kaya Laila Setia Dato Seri Setia Haji Abd Rahman bin Haji Ibrahim said Brunei already had the required infrastructure, along with the legal and regulatory framework, to promote business. At the same time it could protect the rights of all stakeholders, making the country a safe financial haven. The two-day forum, with the theme of Developing a Regional Islamic Fund Management Centre, is the first of its kind to be held in Brunei. It is being held at the Jerudong Park Country Club and attended by members of local, regional and international Islamic financial organisations.

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Innuendoes fuel school finance feud

2006-09-14T03:19:00.000-07:00

Sylvia Wedge, the president of the School Committee, has felt compelled to ask fellow member Karen Gleason to publicly apologize for statements raising questions about the way Supt. Susan F. Lusi spends the taxpayers' dollars. And Lusi herself has felt it necessary to issue a statement to put the skids on certain rumors. Opening the School Committee meeting Tuesday, Wedge took Gleason to task for implying -- without evidence -- that: Lusi had hosted breakfast meetings at the Sea Fare Inn at taxpayers' expense Lusi had tolerated non-resident children attending schools in town. The flap dates from a workshop of the School Committee's finance subcommittee last week, when Gleason offered suggestions for cutting $1.1 million from the budget to conform with the $31.4 million allocated by taxpayers at the special Financial Town Meeting last month.

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Vt. recruits Bay State business to move north

2006-09-13T05:58:00.000-07:00

To most Bostonians, Vermont conjures up images of ski slopes, maple syrup, and sleepy weekend retreats, not a buzzing hotbed of small business. Vermont officials want to change that perception. Today, they kick off a series of visits to Boston aimed at luring small businesses to north of the city, way north. Kevin Dorn, Vermont's secretary of commerce, will be here today to meet with reporters and business relocation consultants; he plans to return before year's end to make his pitch to business leaders. Dorn and Governor Jim Douglas also plan to promote the state to an audience of sweater-clad Bay State executives this winter: They'll host a series of aprés-ski receptions at Vermont mountain resorts to urge second homeowners from Massachusetts to relocate for good and to bring their businesses with them.

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Mayor Feliu faces new campaign finance woes

2006-09-10T06:13:00.000-07:00

Mayor Horace Feliu may have made several errors and omissions in his campaign finance report from the 2004 race, a state commission has found. BY ELAINE DE VALLE edevalle@MiamiHerald.com South Miami Mayor Horace Feliu, arrested on election eve 2004 but later acquitted of allegedly accepting an illegal campaign gift, is facing new allegations that he violated campaign laws. The Florida Elections Commission has found probable cause to charge Feliu -- reelected in February -- with 12 counts of campaign finance violations for contributions and expenditures made during the 2004 race. Detailed in a letter from the commission dated Sept. 1, the violations include a failure to list the occupations of 65 contributors, the failure to list addresses on 16 expenditures and missing contributions totaling more than $2,500.

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EU finance ministers warn of distortionary fiscal support for ...

2006-09-10T06:12:00.000-07:00

European Union (EU) finance ministers and central bank governors have warned member states against distortionary fiscal and policy support for the rising oil prices. The ministers and governors, who concluded a two-day informal meeting on Saturday prior to a summit of Asian and European leaders, reiterated their willingness to continue coordination and maintain discipline in reacting to high oil prices. They confirmed their commitment to avoid distortionary fiscal and other policy interventions. The ministers laid emphasis on the diversification of energy supply, improvement of energy efficiency and promotion of renewable sources, as well as innovation. They called for paying attention to cost-effectiveness of measures and to consistency with existing fiscal obligations.

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