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Tuesday, 3-Sep-2013 10:11 Email | Share | | Bookmark
Insight: India's Crisis Within A Crisis; Finance Minister Fights










However, the reform drive soon lost momentum, in part because of the main opposition party's recalcitrance in parliament. But resistance within Chidambaram's Congress party was as much to blame. Two senior ministers leaned on Prime Minister Manmohan Singh earlier this year to reverse a decision allowing 100 percent foreign direct investment in domestic pharmaceutical companies, a finance ministry source said. But Chidambaram pushed back, saying that if they had objections they should take them to the cabinet rather than surreptitiously lobbying the prime minister. At a meeting in July, three ministers got together to push through extra funding for roads in the far-flung northeast and Jammu and Kashmir state, overriding cost concerns raised by the finance ministry. And last month, Chidambaram wanted his colleagues to stick to the original version of the food security bill under which 18 out of 29 states would get less wheat and rice than allotted to them under an existing public distribution system because of a drop in the number of poor there. But other members of the cabinet resisted him, warning that the opposition could block the landmark bill - which guarantees 810 million Indians grain at a fraction of market prices - when it got to parliament.





Weil's View on Finance



The two of them "exchanged several emails on the subject." On Sept. 9, 2012, Gutschenritter sent all the Finance Committee members an email with his comments on the warrant article, writing, "I welcome all comments and suggestions either prior to or at tomorrows meeting." On Sept. 10, 2012, Finance Committee member Cherry Karlson sent the committee members two emails with comments on the proposed warrant articles for the Town Meeting. "Although these exchanges concerned documents to be discussed at a future meeting the warrant articles the members expressed opinions about the substance of those documents," wrote Assistant Attorney General Jonathan Sclarsic of the Division of Open Government. "This action should have been taken during an open session." In addition, the Finance Committee violated the Open Meeting Law by failing to respond to Harris complaint, even after the AGs office gave the committee a one-month extension. The AG ordered the Finance Committees future compliance with the law, and cautioned that future similar violations may be considered an intentional violation of the law. The committee must also publicly release the emails in question. Last month, Harris received a split decision from the AGs office in OML complaints he filed against two Wayland boards. Harris complained the Board of Selectmen and Wayland Surface Water Quality Committee were not specific enough in notices for meetings in August and September 2012, in addition to complaining the latter committee did not follow procedure for remote participation by a member. Sclarsic wrote that the Wayland Surface Water Quality Committee violated the Open Meeting Law, but the Board of Selectmen did not.





AG says Wayland Finance Committee violated Open Meeting Law



Microsofts deal to buy Nokias handset business The Financial Timess Lex column has a pertinent reminder in the wake of the latest deal news, in which Microsoft is buying Nokias handset business for $7.2 billion and Nokias chief executive officer, Stephen Elop, is rejoining Microsoft: As investors wait to hear from both companies about the deal, and while the inevitable conspiracy theories abound as to whether Stephen Elop was a sleeper agent for Microsoft all along, they can at least reflect on one general lesson: joint ventures in technology are too often doomed either to fail or not to succeed as well as they could have done. Government solution to Nasdaq woes may be worse than the problem Sure, the Nasdaqs three-hour shutdown last month was a big problem. But can the Securities and Exchange Commission do anything to help? Jim McTague of Barrons is rightfully skeptical. There is awfulness in having the SEC jump in www.firstfinancialuk.com to micromanage the exchanges, he writes. The regulators, at desks far removed from Wall Street, know much less about market plumbing than do the people who run the system. The perils of aging pipelines From Mike Lee of Bloomberg News: Cristobal Sustaita didnt know about the pipeline running underground near his West Texas home until it erupted into a fireball in 1976, burning to death five people including his wife and 20-month old son. The explosion was one of the first to focus attention on a lethal welding flaw in U.S. pipelines built before 1970.



Tuesday, 3-Sep-2013 07:38 Email | Share | | Bookmark
Abu Dhabi Islamic Bank Hires Ethica For Islamic Finance Training










Finance Tue, Sep 3, 2013, 6:58 AM EDT - U.S. Markets open in 2 hrs 32 mins Abu Dhabi Islamic Bank Hires Ethica for Islamic Finance Training Abu Dhabi Islamic Bank hires Ethica Institute of Islamic Finance for online training and award-winning certification. Press Release: Ethica Institute of Islamic Finance 2 hours 49 minutes ago Print DUBAI, United Arab Emirates, Sept. 3, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Abu Dhabi Islamic Bank, one of the world's largest Islamic financial institutions, today announced hiring Ethica Institute of Islamic Finance , the leader in Islamic finance training and certification, to deliver its online Islamic finance training certificate (CIFE) to its senior leaders and their deputies. Mohamed Abbas, Head of Training at ADIB Egypt said, "After looking at all our options, Ethica came away as the clear choice for bank-wide Islamic finance training . They had already won us over with their cost advantage; what secured their place as our top choice was the superb quality of their online training and certification." ADIB was named 'Best Islamic Bank' by Business Banking and Finance Magazine for two consecutive years. Ethica's spokesperson said, "Banks are slowly coming to the realization that 3 day crash courses are expensive and ineffective.







30, 2013, 8:30 a.m. EDT Structured Finance www.firstfinancialuk.com Industry Group Challenges Use of Eminent Domain to Seize Mortgage Loans Leading Association Representing the Structured Finance and Securitization Markets Files Brief Supporting Plaintiffs in Case Against City of Richmond, California WASHINGTON, Aug. 30, 2013 /PRNewswire via COMTEX/ -- The Structured Finance Industry Group, Inc. ("SFIG"), a member-based trade industry advocacy group focused on improving and strengthening the broader structured finance and securitization market, today announced that it has filed an amicus curiae brief in support of Wells Fargo National Association's motion for a preliminary injunction against the City of Richmond, California and Mortgage Resolution Partners LLC ("MRP"). The case, which attempts to halt the city's proposed use of eminent domain to seize mortgage loans from private label securitization trusts ("PLS Trusts"), is currently proceeding in the United States District Court, Northern District of California, San Francisco Division. "While SFIG recognizes the challenges currently confronting municipalities and borrowers, the use of eminent domain to seize mortgage loans is an illegitimate tactic that undermines the integrity of the entire home mortgage system," said Richard Johns, Executive Director of SFIG. "Allowing this type of practice is a short-sighted and unconstitutional idea.



Tuesday, 3-Sep-2013 03:02 Email | Share | | Bookmark
Finance Chairman Set To Take Helm Of Nh Senate










In many ways, Chidambaram has been grappling virtually alone with India's economic emergency since he became finance minister for a third time 13 months ago. Cabinet colleagues, wayward allies of the ruling coalition and an obstructive opposition have together stood in the way of bold steps that might have averted this year's collapse of confidence First Financial in the India story. It is a crisis within a crisis. With elections looming, that won't change anytime soon, which means Chidambaram will find it difficult to take robust policy action if the situation goes from very bad to worse. "If parliament is not able to point to the direction in which the country's economy will go, parliament is not able to agree on, say 10 steps which the government should take today ... what kind of a message will it send to the rest of the world?" he asked lawmakers in frustration last week as the rupee tumbled ever-lower into uncharted territory. "The fact is, the polity of this country is divided on economic policies and that is understandable ... My plea to everyone, despite our differences: can we agree upon some measures which have to be taken in order to lift the country's economy from what it is today?" he said. Chidambaram was not available for an interview for this story. AUTHORITIES "STILL DON'T GET IT" An almost comic spectacle of the country's policy deadlock played out in parliament last month as the monsoon session of the legislature got under way. Lawmakers were so busy bawling at each other over issues that might sway voters - a corruption scandal, the partition of a southern state and communal violence - that over its first seven days the lower house spent just 12 minutes on legislative work and there were 11 sittings before a single bill was passed.







Democratic Gov. Maggie Hassan and the Democrat-led House wanted to authorize Medicaid expansion in the budget bill, but the Republican-led Senate insisted on establishing a commission to study the issue first. The commission must report its recommendations by Oct. 15, but lawmakers can begin filing bills this month for next year's session. Some lawmakers have talked about moving the legislation on a faster than normal track to ensure action as close as possible to the Jan. 1 implementation of the federal provision on expansion.





Report: GE to spin off consumer finance business



GE's stock has climbed nearly 11 percent so far this year. @yahoofinance on Twitter, become a fan on Facebook Related Content Chart Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module. You need to enable your browser cookies to view your most recent quotes. Search for share prices Copyright/IP Policy Quotes are real-time for NASDAQ, NYSE, and NYSEAmex when available. See also delay times for other exchanges . Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page . Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. All information provided "as is" for informational purposes only, not intended for trading purposes or advice.



Tuesday, 3-Sep-2013 00:41 Email | Share | | Bookmark
Finance And Pakistan Pose Twin Challenges For Zimbabwe










Team news Pakistan will take a call on Hafeez only on the morning of the match. It is very likely that he will be ready but if he doesn't play, Azhar Ali and the recalled Khurram Manzoor - who was brought into the squad after Imran Farhat opted out for personal reasons - are likely to open. Wahab Riaz, who was also recalled for this series, will probably partner Junaid with the new ball. Pakistan (probable) 1 Mohammad Hafeez, 2 Khurram Manzoor, 3 Azhar Ali, 4 Younis Khan, 5 Misbah-ul-Haq (capt), 6 Asad Shafiq, 7 Adnan Akmal (wk), 8 Wahab Riaz, 9 Saeed Ajmal, 10 Junaid Khan, 11 Abdur Rehman As has been the case all through this tour, Zimbabwe named their squad late on the eve of the first match. Their 16-man squad had a few key figures missing from the Tests against Bangladesh, with Ray Price having retired, Kyle Jarvis having moved to England and Graeme Cremer having made himself unavailable due to the money issue. Sean Williams was named, even though it was understood earlier in the day that he would not play until paid. Zimbabwe (probable) 1 Vusi Sibanda, 2 Tino Mawoyo, 3 Hamilton Masakadza, 4 Brendan Taylor (capt), 5 Malcolm Waller, 6 Elton Chigumbura, 7 Richmond Mutumbami (wk), 8 Prosper Utseya, 9 Brian Vitori, 10 Shingi Masakadza, 11 Tendai Chatara Pitch and conditions The pitch at the Harare Sports Club is expected to be not as dry as usual, and Zimbabwe will be thankful for that given the quality of Pakistan's spinners. The ball should swing around a bit in the mornings, but other than that the batsmen aren't likely to be tested much. If the weather forecast is correct, and it is indeed cloudy on Tuesday, the captain winning the toss would want to bowl as the following four days are expected to be sunny. Stats and trivia Pakistan have lost an away Test to Zimbabwe only once in eight matches - that defeat came in the maiden Test between the two in Harare, in 1995.







A copy of the Notice of Annual General Meeting and associated information including the Company's Annual Report on Form 20-F can be found on our website and in the attachments below. September 2, 2013 Hamilton, Bermuda About Ship Finance Ship Finance is a major ship owning company listed on the New York Stock Exchange /quotes/zigman/348896/quotes/nls/sfl SFL -1.97% . Including newbuildings, the Company has a fleet of 70 vessels, including 24 crude oil tankers (VLCC and Suezmax), two chemical tankers, 12 drybulk carriers, 19 container vessels (including eight newbuildings), two car carriers, six offshore supply vessels, two jack-up drilling http://www.firstfinancialuk.com rigs (including one newbuilding), two ultra-deepwater semi-submersible drilling rigs and one ultra-deepwater drillship. The fleet is one of the largest in the world and most of the vessels are employed on long-term charters. More information can be found on the Company's website: www.shipfinance.org Cautionary Statement Regarding Forward Looking Statements This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management's examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.



Monday, 2-Sep-2013 19:42 Email | Share | | Bookmark
Report: Ge To Spin Off Consumer Finance Business










A link has been sent to your friend's email address. Join the Nation's Conversation To find out more about Facebook commenting please read the Conversation Guidelines and FAQs Supreme Court's campaign finance First Financial case gets new firepower Richard Wolf, USA TODAY 12:07 p.m. EDT August 30, 2013 Nation's leading opponent of campaign finance restrictions also fought McCain-Feingold a decade ago and won Citizens United case for unlimited corporate spending Sen. Mitch McConnell has been a leading opponent of campaign finance laws. (Photo: Stephen Lance Dennee, AP) Story Highlights Senate Republican leader Mitch McConnell gets time to argue Case is successor to Citizens United, McCain-Feingold SHARECONNECT 41 TWEET COMMENTEMAILMORE WASHINGTON -- The Supreme Court has granted Senate Republican leader Mitch McConnell oral argument time in a major campaign finance case being heard in early October, giving opponents of current contribution limits new firepower. McConnell is the nation's leading opponent of campaign finance restrictions, who lost his effort to defeat the McCain-Feingold law's limits on corporate and union donations a decade ago but won the Citizens United case in 2010 that freed corporations to spend unlimited amounts independently on elections. By allowing McConnell to take some of the precious 30 minutes his side will have to make its case, the court on Friday further assured that the case will take on the aura of those two previous cases -- pitting Republican-aligned backers of unlimited spending against Democratic-aligned groups that want to reduce the influence of money in elections. The case is being brought by Alabama millionaire Shaun McCutcheon, a Republican businessman who objects to the overall limits federal regulations place on campaign donations. Donors can give a maximum of $123,200 every two years to federal candidates, political parties and political action committees. McConnell will be represented at the court by Bobby Burchfield, a trial partner at McDermott Will & Emery.







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Finance ministry seeks priority lending for exports



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