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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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Jul282013

Baucus Says Finance Panel to Consider Tax Code This Year








Finance companies and fictitious accounts






3, 2015. Senator Pat Roberts, a Kansas Republican, said the Finance panel should start with miscellaneous expiring provisions and work from there as lawmakers navigate serious differences on policy. We just have to sit down and start to work, so well see, Roberts said. Its a work in progress, but its a serious work. To contact the reporter on this story: Richard Rubin in Washington at rrubin12@bloomberg.net To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net U.S.







How Finance Fueled Students' And Nonprofit's Future






I think this does set us onto a better position for the future, she said. The board voted unanimously to adopt Hincheys proposal. Heir apparent to the finance director position is Yarmouths current financial analyst Edward Senteio, whose background in software development, Hinchey said, suits him to the more technical side of town finances. After reviewing a number of candidates for the position of finance director, and interviewing three finalists at its previous meting, the Yarmouth Board of Selectmen voted this week to hire none of them, and to begin the process of reorganizing the towns finance department instead. In presenting the new plan, Town Administrator William Hinchey told the board that the search for a new finance director had failed to reveal a candidate with all the skills and qualities necessary for the position.







Yarmouth finance department could see reorganization






The problem is that, in the books of these institutions, the figures are ok.Their assets and liabilities matched, explained Mr. Ekanayake. But the books didnt contain true values of the assets. They were overstated. For instance, CIFL owned 100 acres of land in Arugam Bay which it had valued at Rs. 600 million.










At the AshokaU Exchange in February 2013, we met Ted Levinson, Director of Lending atRSF Social Finance, and convinced him to give us the opportunity to gain experience in this innovative field. Impressed by our enthusiasm and commitment, he put us in touch with a nonprofit that benefited from impact investments: DC Central Kitchen. DC Central Kitchen is a Washington, D.C.-based nonprofit that provides culinary training to at-risk individuals using local recycled food in order to provide healthy school lunches for grade school students. Due to their staggering growth, they requested a loan from RSF to help them invest in better equipment. RSF gave us the responsibility to perform financial analysis and draft a credit memo for evaluation.




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Jul272013

Why Every Finance Professional Needs a Degree in Big Data











It wouldnt be long before financial operations accounted for almost half of the companys profit. Eventually we ended up with a situation in which, as my colleague Joshua Holland has noted , a corporate executive will starve the company of needed resources and hinder its ability to be productive in the interest of short-term gains. In his book The Speculation Economy , Lawrence Mitchell of George Washington University points out that a recent survey of CEOs of major American corporations revealed that nearly 80 percent would have at least moderately mutilated their businesses in order to meet [financial] analysts quarterly profit estimates. Silvers notes that as financialization fever took over, the U.S. developed a dangerous imbalance between private and public finance, and we promoted public policy founded on the strange idea that there really is no such thing as a public good. We embraced the idea that capital markets are more efficient if regulators step aside, and we subscribed to the faulty notion that deregulation of financial institutions would help the economy prosper.












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. But in recent years online merchants like Netflix and Amazon demonstrated the value of using copious transaction data to treat every customer differently.







Weak Earnings Growth Outside Finance






Source: Zacks Data A lot of the second-half growth is expected to come from sectors outside of Finance, as the chart below of ex-Finance growth expectations shows. Source: Zacks Data My sense is that estimates need to come down in a big way. The market hasnt cared much in the recent past about negative revisions, as aggregate earnings estimates have been coming down for over a year now. But if we are entering a post-QE world, as I believe we are, then it will likely be difficult to overlook negative earnings estimate revisions going forward.




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