Finance Sector

CFO survey shows UK firms optimistic over hiring and investments

DeloitteA new survey of chief financial officers (CFOs) in the UK has showed that the financial decision makers are looking to increase hiring and investment during the coming 12 months.

The survey conducted by professional services group Deloitte on a quarterly basis showed that 81 per cent of those surveyed showed that British businesses are planning to increase the number of employees, about 80 per cent said that they expect higher capital expenditure and 95 per cent expect increased mergers and acquisitions.


Increase transparency to deal with crony capitalism: CII

CIIIndian can deal with crony capitalism by introducing transparency and reducing discretionary power, new CII President Ajay Shriram suggested.

Expressing his views about crony capitalism in a just published interview, Mr. Shriram admitted that India too, like other countries, has 'black sheeps'.

Speaking about the issue, he said, "We have to accept that there are humans all over the world. We have had black sheeps. It's not only in India; it's in America, in Europe, every country. We should have a balanced approach and look at what to do with rules and regulations."


KFC registers 50 percent growth in loan disbursement

Kerala-Financial-CorporationThiruvananthapuram, April 3 : State-owned Kerala Financial Corporation (KFC) registered a record growth in critical operational areas like sanction, disbursement and recovery for the 2013-14 financial year.

The year-end figures show that KFC has sanctioned Rs. 989.48 crore as loans to MSME (micro-small-medium enterprises) sectors of the state with a growth of 49 percent over the previous fiscal.

The loan disbursed stood at Rs. 754.73 crore during the fiscal ended 2013-14.

The total recovery during the period stood at Rs. 568.61 crore.


FM comes up with more changes in Direct Tax Code draft bill

P ChidambaramP. Chidambaram-led finance ministry has made some more changes in the Direct Tax Code draft bill that aims to replace the country's income tax act of 1961.

In the revised DTC, the finance ministry has accepted 153 of 190 recommendations made by Yashwant Sinha-headed parliamentary standing committee on income tax.

However, the finance ministry didn't accept the standing committee's recommendation that the limit of income tax exemption should be hiked to Rs 3 lakh and the remaining tax slabs should be relaxed.


Ireland’s exports to grow 6%, says HSBC

HSBCGlobal financial giant, HSBC has said in a report that it expects Ireland to record an increase of 6 per cent in its exports as the country's economy records strong recovery.

HSBC said that the Irish economy will benefit from improvements in price competitiveness and higher demand from Europe from Irish products. The country recorded a fall in net exports in the previous year due to pharma patent issues but the bank and financial services firm believes that the exports will rise 6 per cent this year.


IFG sells UK unit to Ascot Lloyd

IFG sells UK unit to Ascot LloydIFG, a leading financial service giant, has said that it is selling its UK business IFG Financial Services, to Ascot Lloyd in a deal valued at about £3.5 million or about €4.19 million.

Booterstown-based IFG said that it might get a maximum of£5.6m if sales targets of the company are met in the next two years. The company's UK unit will become a part of the IFA business of Ascot. Ascot's IFA businesses will now include FG Financial Services Limited, John Siddalls Limited and Berkeley Jacobs Limited.


Market entities directed to conduct detailed risk assessment of their clients

SEBIAs part of its efforts to check money laundering and terrorist financing, the Securities & Exchange Board of India (Sebi) on Wednesday directed market entities to carry out detailed risk assessment of all of their clients.

The capital market regulator also directed market intermediaries, such as stock broking firms, to appoint a 'designated director' to make sure they comply with the Prevention of Money Laundering (PML) Act. 


FCA to probe debt collection by payday lenders

Financial Conduct AuthorityUK's regulator, the Financial Conduct Authority (FCA) has said that it is planning to conduct an investigation into the way payday loans collects debt from its borrowers.

The review comes after customers complained over the way payday loan companies treat borrowers, who are struggling to repay loans. The regulator is taking over the regulation of the consumer credit sector on 1 April and the investigation will be the first step to address issues in the industry. The regulator has also panned several other actions to make strict regulations in the industry.


Experts still confident over Bitcoin’s future

BitcoinFinancial experts and the supporters of online currency, Bitcoin are still confidence over the future of the currency even after the collapse of Mt. Gox of Torkyo, which was of the world's largest exchange for digital currency transactions.

The government said that it will look at factors that resulted in the closure of the exchange, which was the leading exchange for bitcoin virtual currency. The currency did not have much value earlier but its value increased significantly after online traders began using it for business purposes. The value of increasing popular cyber currency, Bitcoin has risen to the mark of $1,000 for the first time since it was created.


Andrew Bailey talks tough on Co-op bank

Andrew BaileyUK's tough financial regulator, Andrew Bailey has indicated that he will take tougher line against the industry in the country than his predecessors.

He said that he will take a tough stance in supervising Britain's discredited banks following a series of scandals in in the financial sector in the country. Bailey will now act as head of the Prudential Regulation Authority and deputy governor of the Bank of England and will have authority to regulate the banking sector in the country.


Chidambaram felicitates successful candidates of industry-oriented training courses

P ChidambaramNew Delhi, Feb 6 : Finance Minister P. Chidambaram felicitated, the first batch of over 300 successful candidates from the National Capital Region who have completed their industry oriented training courses under the National Skill Certification and Monetary Reward Scheme .

These candidates who were trained under the STAR scheme skilled in 11 different industry sectors received their STAR certificates on the completion of their respective courses. The scheme was launched by the Finance Minister on August 16, 2013 and is being implemented on a pan-India basis by the


Finance Ministry expected to achieve fiscal deficit target of 4.8%

Finance Ministry expected to achieve fiscal deficit target of 4.8%The finance ministry may achieve its fiscal deficit target of 4.8 per cent, as stated in the government's Budget Estimate for the current financial year.

The union government's fiscal deficit reached 95.2 per cent of the Budget Estimate in just nine months (April to December 2013) of the current financial year.


Govt. may relax gold import curbs by end of current fiscal: Chidambaram

P ChidambaramThe government may relax the curbs on gold imports by the end of current financial year if manages to control the country's ballooning current account deficit (CAD), Union Finance Minister P. Chidambaram said.

India is the world's second largest consumer of gold, after China. Heavy imports of the precious yellow metal led to ballooning of the country's CAD to a record high last year, forcing the government to take strict measures to curb imports of the metal.


Court approves JPMorgan $1.7 billion deal with authorities

JPMorganA court in New York has approved a non-prosecution agreement between JPMorgan Chase the US authorities to settle criminal charges against the banking giant for its failure to report its concerns about Bernard Madoff's private investment service.

U. S. District Judge Kevin Castel gave his approval to $1.7 billion deal between the banking institution and the authorities. The bank has said that it will settle allegations that it ignored signs of Bernard Madoff's Ponzi scheme. The bank has been working to reach a settlement with federal authorities, according to people closer to the matter.


JP Morgan to pay $2bn in penalties for Madoff case

JP Morgan ChaseUS financial giant, JPMorgan Chase & Co has said that it has agreed to pay $2 billion to reach a settlement in the case involving Bernard Madoff's Ponzi scheme.

The bank has said that it will settle allegations that it ignored signs of Bernard Madoff's Ponzi scheme. The bank is moving to reach a $2 billion settlement with federal authorities, according to people closer to the matter. The bank is being accused of ignoring signs of scheme.


Govt. approves Rs 1,405cr project for female safety in public transport

Govt. approves Rs 1,405cr project for female safety in public transportThe government on Thursday approved a Rs. 1,405 crore project to track and monitor public transport and provide the panic buttons for use in an emergency by the female passengers, Finance Minister P Chidambaram announced.

Under the project, a global positioning system (GPS) will be installed at the national and state level to track and monitor public buses in 32 cities. Public transport will also be equipped with video recording-capable cameras and panic buttons for use in any emergency.


Financial Services Bill becomes law after Royal Assent

British ParliamentThe Financial Services Bill, which included a set of reforms aimed at making the banking sector stronger to withstand crisis, will now become law in the UK following the Royal Assent.

The Financial Services Bill received the Royal Assent after it was approved by the British Parliament earlier. The new laws will require banks to ring-fence High Street operations from more high-risk investment banking businesses. The new laws will also give powers to the regulators to be able to split banks in order to protect their future.


Financial Conduct Authority to probe allegations against RBS

RBSBritish markets' regulator, the Financial Conduct Authority has said that it has launched an investigation into allegations that the Royal Bank of Scotland Group Plc forced small firms to collapse I order to acquire their assets at lower value.


Information on 368,000 student loans not available, says NAO

student loansThe spending watchdog the National Audit Office (NAO), has said that there no information relating to total of 368,000 student borrowers.

The NAO said that there is not information of current employment record or other information relating to their earnings. The lack of information may be as the students are unemployed or EU students who have returned home or UK students who have moved to other countries. The government lacks enough information to make a decision over if the students should be asked to repay the loans and how much loan should be repaid.


Government to sell some of the student loan book

student loansThe authorities in the UK have decided to sell a part of its student loan book in order to boost its financial position but the move is likely to trigger student protests across university campuses as it might lead of higher debt burden on students.

The government had announced in June that it is planning to sell student loans to private firms before the elections. The sale will include £900 million of debt on loans taken up by the students mainly in the 1990s in the country. The government has earlier sold student loans twice but this will be the largest sale and will help in reducing public debt.


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