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Jul302013

Big finance is strangling innovation








Business Finance Store President to Speak at Beauty, Brains, Business Convention this Aug. 15-17






Realize that the shareholder value ideology is destructive and will cause us to lag behind other countries that dont subscribe to it. Regulate employment contracts to ensure that workers who contribute to the innovation process get to share in the gains from innovation. Create work programs that make use of and enhance the productive capabilities of educated and experienced workers whose human capital would otherwise deteriorate through lack of other relevant employment. Move toward a tax system that channels some of the money made on the gains from innovation toward government agencies that can invest in the public knowledge base needed for the next round of innovation. Weve still got plenty of innovation left in us, but we have to change our priorities and make the financial economy subordinate to the productive economy.










He has slowed the rate of increase of Serbia's budget deficit and public debt, which had ballooned to all but scuppered hopes of a new precautionary loan from the International Monetary Fund. Dacic's Socialists and the nationalist Progressive Party (SNS), the two biggest parties in the alliance, had already agreed to reshuffle their ministers. Dinkic's United Regions of Serbia party (URS) is polling just 5 percent among voters. Weeks of fraught negotiations over the reshuffle had raised the risk of a snap election that would almost certainly have delayed the start of EU membership talks scheduled for January. "We accept the proposal of our coalition partners to separate the finance and economy portfolios," Dinkic said after a closed meeting of the URS party.







Serb Leaders to Discuss If Finance Chief Stays in Cabinet






15-17 Business Finance Store President Tim McCormack and Director of Finance Grey Nguyen will both be speaking at the Brains, Beauty, Business Convention in Iring, Tex. on Aug. 15-17 Santa Ana, CA (PRWEB) July 30, 2013 As advocates for the growth of small businesses everywhere, Business Finance Store President Tim McCormack, and Director of Finance Grey Nguyen will be speaking at this year's Brains, Beauty, Business Convention in Irving Tex. this August 15-17. As the President of Business Finance Store, Tim McCormack is passionate about empowering small business owners through funding, resources and education.







Serbian finance minister cedes economy brief, averts risk of snap poll






The coalition has promised to continue the Balkan countrys fiscal consolidation, resume talks with the International Monetary Fund and the World Bank and integrate faster into the European Union. Dacic has been trying to boost the economy, which has fallen into recession twice in the past three years, leaving a quarter of the nations workforce without jobs. Budget Deficit The budget deficit is expected to top at least 6 percent of gross domestic product this year, down from 7.3 percent in 2012. The current-account deficit will reach 8.7 percent of GDP according to IMF forecasts.




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Jul302013

Finance Minister Releases SAGE Interim Report








Serbian finance minister cedes economy brief, averts risk of snap poll






Let me give you some background to this recommendation. As of July 9, 2013, there were 548 posts vacant in Government. If these posts are left unfilled, the estimated cost savings based on a salary average of $70,000 per post, together with the savings on benefits would amount to more than $40 million. Were also recommending that any funds in the budget associated with the posts that arent filled be frozen immediately. Having said that, were aware that in certain specific cases, and subject to the discretion of the Minister of Economic Development, additional employees are required to meet International conventions or to support revenue generation for the Government and the Island as a whole.







Senior International Finance Officer-Washington, DC






Dinkic's United Regions of Serbia party (URS) is polling just 5 percent among voters. Weeks of fraught negotiations over the reshuffle had raised the risk of a snap election that would almost certainly have delayed the start of EU membership talks scheduled for January. "We accept the proposal of our coalition partners to separate the finance and economy portfolios," Dinkic said after a closed meeting of the URS party. The SNS, which is riding high in opinion polls, had made clear it was prepared to bring down the government if the reshuffle fell short of its ambitions.







Serb Leaders to Discuss If Finance Chief Stays in Cabinet






Stores. Congratulations to GE Capitals Retail Finance business on eight decades of success. Thank you for working with Lowes and our customers to help grow our business over the years by always looking for new ways to improve. Today, more than ever, private label credit cards and special financing programs play a significant role in building business for the retailer and stimulating customer loyalty and satisfaction, said Margaret Keane, CEO and president, GE Capitals Retail Finance business. Beyond the eight decades of consumer financing expertise, we bring innovative solutions to our clients, including deep industry knowledge, marketing and analytic capabilities, and tools that help them enhance sales and service. As it has for the past 80 years, GE Capitals Retail Finance business continues to: Provide billions of dollars in consumer financing through major retailers and more than 200,000 small- and mid-sized businesses throughout the United States. Serve business owners across nearly 20 industries, including apparel, appliances and consumer electronics, art, automotive aftermarket, home furnishings, elective healthcare, floor covering, home improvement, jewelry, music, online retailers, outdoor power equipment, powersports, sporting goods, and many others.







GE Capital Retail Finance Celebrates 80 Years of Consumer Financing






Budget Deficit The budget deficit is expected to top at least 6 percent of gross domestic product this year, down from 7.3 percent in 2012. The current-account deficit will reach 8.7 percent of GDP according to IMF forecasts. Monetary policy makers are balancing the need to shore up Serbia s $37 billion economy against fighting inflation and shielding the dinar from market turmoil. The inflation rate fell to 9.9 percent in May, dipping below 10 percent for the first time in nine months.








debt

Reporting to the Director of Global Finance, s/he ensures field accounting procedures conform to Generally Accepted Accounting Principles (GAAP) and as well as to company policy and donor regulations surrounding grants and contracts financial management. The Sr. IFO will routinely interact with international and headquarters staff concerning general informational inquiries. The ideal candidate will have proven experience in financial operations in the nonprofit INGO sector, and excels at account analysis and financial management in a non-profit fund accounting environment. Responsibilities Leads and conducts reviews of monthly country office financial report submissions for assigned portfolio, including: o Petty Cash & Bank Reconciliations o Cash Registers (pending General Ledger transactions) o Payroll and related Tax/Withholding entries o Liquidations of Employee & Partner Advances o Accrual Management o Reconciliation with Corporate G/L for country office activity Evaluate and provide guidance to the International Finance Officer and Finance Interns as may be applicable on the monthly desk review of the field financial data submission, including transfer of knowledge regarding cost principles and donor rules and regulations.




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Jul292013

Finance Ministry may allow 5 pvt funds to manage pensions of govt staff








How Finance Fueled Students' And Nonprofit's Future






Based on the decision taken, sources said, a notification will be issued shortly. Currently, there are three fund managers for managing pension corpus of government employees. They are LIC Pension Fund Ltd, SBI Pension Funds Pvt Ltd and UTI Retirement Solutions Ltd. Private sector pension corpus is managed by 8 players including three fund managers who manages the government employees' corpus. The other five players are HDFC Pension Management Company Ltd, ICICI Prudential Pension Funds Management Company Ltd, Kotak Mahindra Pension Fund Ltd, Reliance Capital Pension Fund Ltd and DSP BlackRock Pension Fund Managers Pvt Ltd.







RPT-Fitch Updates Criteria for Servicing Continuity Risk in Structured Finance






We interviewed the borrowers CFO and presented our findings to RSFs credit committee for final approval. With this experience under our belts and with the knowledge that there are innumerable nonprofits that could benefit from impact investments, we devised sofiwire.com , a database for social enterprises to search for funding given their individual characteristics. Student interest isnt the only expanding aspect of impact investment. Financial firms including Goldman Sachs are turning to impact investing as another profitable revenue source that may do even more for their reputation than for their bottom line. Boston Consulting Group estimates impact investing in the market may comprise as much as 1 billion ($1.5 billion) by 2016. The Global Impact Investing Network (GIIN) is even more optimistic, estimating that, of those already engaged in impact investing, 5-10 percent of overall portfolios will be allocated to impact investments in ten years. With customer activism and public fallout from 2008 still lingering, investors and foundations are speaking up: a rapidly growing supply of capital is seeking placement in impact investments across geographies, sectors, and asset classes, with a wide range of return expectations ( GIIN ).








Finance Minister P Chidambaram. (IE Photo)

The update does not contain any material changes and will not have any rating impact on existing transactions. No ratings will be reviewed as a result of the criteria update. The report entitled 'Criteria for Servicing Continuity Risk in Structured Finance' is available at www.fitchratings.com and replaces the previous report dated 10 August 2012. The report is available at www.fitchratings.com or by clicking on the link below.







Old-Fashioned Regulators Miss What?s New in Finance






Nobodys in any hurry, and the complexity of the issue has shielded it from political attention. Calling for stronger consumer protection or for the banks to be broken into smaller pieces is more thrilling than (yawn) demanding better regulation of repo and other non-deposit shadow-banking liabilities. Thats a shame. If regulators keep moving this slowly on modern short-term finance, the next crash -- which will be thrilling, but in a bad way -- is just a matter of time.




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Jul282013

Personal finance lessons from the Detroit bankruptcy








Why Every Finance Professional Needs a Degree in Big Data






The city is holding $11.5 billion in unsecured debt, the repayment of which has the city in such a deep financial hole that they cant keep up with the basic maintenance of the facilities they already have. Trent Hamm The Simple Dollar is a blog for those of us who need both cents and sense: people fighting debt and bad spending habits while building a financially secure future and still affording a latte or two. Our busy lives are crazy enough without having to compare five hundred mutual funds we just want simple ways to manage our finances and save a little money. Recent posts The Christian Science Monitor Weekly Digital Edition For those of us who have reached a financial low point in our lives, this sounds pretty familiar.







D.C.?s campaign finance laws need reforming






Marketers began to understand they could manage reputational risk by monitoring Twitter, Yelp and even YouTube. The access to new types of external data suddenly created a need. University graduate programs in operations research with heavy statistical analytics courses are an ideal source for the needed expertise. But they are far too small to fill the growing gap.










Attorney Ronald C. Machen Jr. urged city elections officials to revisit the issue with administrative proceedings. The board much to its credit imposed the maximum fine, citing the foremost duty to protect the integrity of the electoral process. But with $149.52 in its bank account and about $35,000 in debt, the committee is unlikely to pay the fine, and no campaign officials, including Mr.







Veerapa Moily urged to arrange finance to restore Kedarnath temple






"The Kedarnath temple is in danger and in a very bad shape. Take this up as a major project and arrange finance for its restoration," Katoch requested Moily. Katoch's request to Moily came at the foundation laying function for the development of tourist facilities at the famous Sun Temple by Archaeological Survey of India, National Culture Fund and Indian Oil Foundation . Kedarnath temple bore the brunt of floods and landslides triggered by the deluge in Uttarakhand on June 16 although the temple, stated to have been built in the 8th century, and the Shivling are safe. Union chemicals and fertiliser minister Srikanta Jena and Odisha chief minister Naveen Patnaik were also present.




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Jul282013

Why Every Finance Professional Needs a Degree in Big Data











Finance departments are not immune to the need for Big Data skills. According to a survey by CEB Financial Planning and Analysis Leadership Council, 71% of FP&A teams say that they fail to consistently deliver meaningful insights to the business. The problem is that the amount of available data to analyze has exploded in the past five years. Until recently, there wasnt a need for Big Data specialists, because there simply wasnt the ability to organize data in a way that enabled effective decision making. Segmenting audiences and sampling opinions was the best even rigorous theorists could do.







Baucus Says Finance Panel to Consider Tax Code This Year






Use Your Passion To Rise While you're only at the start of your career, it's always important to keep your future in mind. Hunt found her success by grabbing opportunities that matched her passion. Some professionals may tell you to lay low and wait your turn, but you've got to keep your eyes open for new ways to advance your career. For instance, you may have taken an entry-level position at a company, but if a new position is more in-tune with your passion and skills arises, it's important to go for it. A successful future in the finance sector depends on your ability to turn your passion into drive.









Serbian PM threatens to oust finance minister






Consensus Needed Rob Leonard, a tax lobbyist at Akin Gump Strauss Hauer & Feld LLP in Washington, said Baucus must lay out a complete proposal that best reflects his sense of where he can find consensus on the Finance Committee, which has 13 Democrats and 11 Republicans. A chairman usually does not -- and in this case wont -- go into a room with a lot of surprises, said Leonard, a former House Democratic staff member whose clients include United Technologies Corp. and the Private Equity Growth Capital Council. I certainly hope that he can get there, Senator Charles Schumer, a New York Democrat on the Finance panel, said of the prospects for committee action. There are a lot of questions that have to be answered, above all, revenues. Baucus, who supports raising additional revenue through a tax rewrite, said when asked about a target figure: Well talk that through in the committee. Senate Republican leader Mitch McConnell of Kentucky said a revamped tax code would be good for the country, while he rejected Democrats proposal for additional revenue.







Recent Grads: Passion Is the Secret Ingredient to Success in Finance






The two biggest parties, Dacic's Socialists and the national Progressive Party, signaled on Friday that they had agreed how to reshuffle their own ministers, but there was no word from the junior partner, Dinkic's United Regions of Serbia (URS). Without URS's 16 seats, the remaining coalition parties would still hold a slim majority in parliament. "If our political views match, we will continue to work within the same configuration, and in case they don't, we will work with or without URS, since we have a majority in the parliament," Dacic told reporters. He said he planned to present a new line-up for parliamentary approval on August 20. Dinkic's ouster would likely unnerve investors worried about Serbia's rising budget deficit and public debt, which have all but scuppered hopes of a new precautionary loan deal with the International Monetary Fund.




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