Monthly Archives: July 2013

Why Every Finance Professional Needs a Degree in Big Data

Serb Leaders to Discuss If Finance Chief Stays in Cabinet

Wanted Analytics, which tracks the HR and recruiting industries, says demand for candidates with analytical skills is up 10% this year and those jobs are moderately difficult to fill compared to other HR jobs. 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.

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. 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.

Serbian PM moves to oust finance minister, risking election

Dacic said the offer fell short. “Economy and finance are the most important issues for the future of Serbia and we need an additional impetus here,” he said. “We have no time for mistakes.” In response, Dinkic accused Dacic of “pure politicking” to cement his own position as premier. The nationalist SNS is riding high in opinion polls and stands to gain the most from a new election, which would likely cement its dominance of the Serbian political scene. But elections, and the weeks or months it would take to form a government, will cost valuable time in shoring up national finances and implementing a landmark accord between Serbia and its former Kosovo province, brokered in April by the EU.

Personal finance lessons from the Detroit bankruptcy

That experience, in many ways, parallels whats happening in Detroit. Much like Detroit,we all have basic maintenace were responsible for.Detroit has facility maintenance, while we have rent and insurance and so on. Much like Detroit,we have people relying on our hard work.Detroit has pensions and salaries for thousands of employees, while we have the safety and well-being of ourselves and those in our immediate family. Much like Detroit,we can face suffocating debt.Detroit has interest payments on $11.5 billion in unsecured debt. Many people in financial peril are facing interest payments on student loans, mortgages, car loans, credit card debt, and so on.

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

The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success. For 10 years, The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $100 Million in business credit lines, not including SBA loans.

A quick-and-dirty guide to the housing finance reform battle

In the Senate, Mark Warner (D-Va.) and Bob Corker (R-Tenn.) have introduced a bill that would: Create a Federal Mortgage Insurance Corporation, based on the Federal Deposit Insurance Corporation, that would collect insurance premiums and provide a backstop only after a certain amount of private capital is exhaustedincentivizing companies securitizing mortgages to manage risk more carefully Wind down Fannie Mae and Freddie Mac within five years, and transfer all resources of the Federal Housing Finance Agency to the new FMIC as soon as its established Levy a small fee on every loan securitized by the FMIC for a Mortgage Access Fund to support affordable housing programs The bill hasnt had a hearing yet, and most groups cautiously applauded the introduction of the first serious, bipartisan measure to do something about Fannie and Freddie. Already, though, divergent opposition has emerged: Conservatives at the Heritage Foundation are upset that the bill basically maintains the existing government guarantee in the shape of a new entity as the National Review put it , make the two-headed monster that is Fannie Mae and Freddie Mac into a one-headed monster. Consumer groups, led by the Center for American Progress and the National Community Reinvestment Coalition , worry that the Mortgage Access Fund wont generate enough to meet affordable housing needs and that increased down payment requirements will shut out low-income home buyers. In the House, Rep. Jeb Hensarling (R-Tex.) has offered the PATH Act , which moves more aggressively toward privatization of the mortgage market. It would: Wind down Fannie and Freddie within five years Centralize all housing finance operations within a Federal Housing Administration, independent of the Department of Housing and Urban Development.

Weil’s Views on Finance

Serbian PM says told coalition that finance minister should go

A tribunal found the firm and a partner had displayed a persistent and, in our view, deliberate disregard for proper accounting practice. No worries, though. Deloitte will pay whatever fine it must, and then move on to the next scandal. Yet another sign were in a Fed-fueled bond bubble Investors are pumping money into junk bonds globally at the fastest pace ever while tempering their enthusiasm for higher-rated debt, demonstrating a preference for yield over stability, writes Lisa Abramowicz of Bloomberg News. Remember what Chuck Prince said in 2007 when he was boss at Citigroup: As long as the music is playing, you have to dance.

GE Capital Retail Finance Celebrates 80 Years of Consumer Financing

“Economy and finance are the most important issues for the future of Serbia and we need an additional impetus here. We have no time for mistakes,” Dacic said. Dinkic’s departure from the year-old government would likely unnerve investors worried about Serbia’s growing budget gap and public debt, which have all but scuppered hopes of a new precautionary loan deal with the International Monetary Fund. “This is very bad timing given that global markets are still quite nervous and I think still there’s a bit of a question about the budget financing story anyway,” Standard Bank analyst Timothy Ash told Reuters. “I don’t think Dinkic himself was absolutely central but his participation and his party’s participation in the coalition was important to counterbalance the center-left Dacic,” he added.

The East Hampton Democratic Campaign Committee filed a formal complaint with the New York State Board of Elections on Monday. In a letter faxes to the enforcement division of the campaign finance unit in Albany, Christopher Kelley, the Democratic campaign chairman, claims Stanzione filed “a false campaign finance report.” He pointed to four advertisements in The East Hampton Star and other local newspapers, as well as on East Hampton Patch. “It is our understanding that both the expenditures for the ads and the source of the funds to pay for them are required to be disclosed in the periodic campaign finance report,” he wrote. “Even if the ads were donated, they would have to be reported as contributions in-kind and the donors name disclosed.” By phone Monday afternoon, Stanzione acknowledged an issue with his latest finance report and said he paid for the ads with personal funds as a loan to his campaign, he said. A professional treasurer, whom he recently hired, with the firm Campaigns Unlimited brought the problem to his attention about a week ago, he said, after reviewing the report. The firm is making the appropriate adjustments, he said.

Democrats File Complaint Over Stanzione’s Campaign Finance Report

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. Support clients with proprietary online technology such as BusinessCenter, which includes service, marketing and sales tools, as well as Learning Center, providing businesses with access to comprehensive training for their teams on consumer financing.

Personal finance lessons from the Detroit bankruptcy

D.C.’s campaign finance laws need reforming

Its just not a good plan. If you are in that situation, I highly recommend taking some of your income and banking it for future years. There very well may come a time in the future where you need it, particularly if your former employer winds up in a Detroit-like situation. If youre still working but are banking on a pension, consider opening up alternative retirement savings plans, like a Roth IRA or a 401(k)/403(b). Live off the pension when you retire and use the money in the 401(k)/403(b) as a true emergency fund.

Democrats File Complaint Over Stanzione’s Campaign Finance Report

Browns resignation as council chairman after he pleaded guilty to a misdemeanor charge of violating a city campaign statute and to felony bank fraud unrelated to the campaign. In closing the case in December, U.S. Attorney Ronald C. Machen Jr.

“Even if the ads were donated, they would have to be reported as contributions in-kind and the donors name disclosed.” By phone Monday afternoon, Stanzione acknowledged an issue with his latest finance report and said he paid for the ads with personal funds as a loan to his campaign, he said. A professional treasurer, whom he recently hired, with the firm Campaigns Unlimited brought the problem to his attention about a week ago, he said, after reviewing the report. The firm is making the appropriate adjustments, he said. “My bad.

‘Finance Ministry paid GHc42,000 to Danomah’s family’

Mr Peasah, who is also the Chief Economics Officer, later presented records of the payment to the commission. Senior State Attorney A Senior State Attorney, Mrs Elfreda Dankyi, who appeared before the commission on the same matter, emphasis ed that she was not the attorney that handled the matter, and that a file on the matter was presented to her only yesterday morning to appear before the commission. In fact the office was able to locate some scanty information which we have with us. So my Lord, I would not be able to answer all the questions that were served on our office. When asked who was in charge of the case, Mrs Dankyi said she did not have any record of the State Attorney who handled the matter.

Personal finance lessons from the Detroit bankruptcy

Nor would we dare lead you astray with one of the busiest parts of the park. With the Colorado River still within view of this cliff-edge site, Crazy Jug is a carside campers refuge from the troops of tourists. Find easy access to the Bill Hall Trail less than a mile from camp, and descend to get a peek at the volcanic Mt. Trumbull.

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

RECOMMENDED: Can you manage your money? A personal finance quiz. That experience, in many ways, parallels whats happening in Detroit. Much like Detroit,we all have basic maintenace were responsible for.Detroit has facility maintenance, while we have rent and insurance and so on. Much like Detroit,we have people relying on our hard work.Detroit has pensions and salaries for thousands of employees, while we have the safety and well-being of ourselves and those in our immediate family.

Weil’s View on Finance

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.

How Finance Fueled Students’ And Nonprofit’s Future

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. This experience was invaluable as it provided us with broader exposure to the entire investment process by evaluating a potential borrowers financial strength and, more importantly, its social impact. We interviewed the borrowers CFO and presented our findings to RSFs credit committee for final approval.

Cohen may learn how loyal, or not, the firms on which he lavishes such hefty commissions over the years will be.” 3. Fannie and Freddie Finished? : Jon Laing of Barrons says of Fannie Mae and Freddie Mac that its highly unlikely that the common or preferred shares hold any lasting value. (He will get no argument from me on that point.) There is little appetite in Congress or elsewhere to permit the two government-sponsored enterprises ever again to exploit their federal charters, with the cheaper borrowing costs and implicit government backstop of their obligations, to enrich shareholders and leave the American taxpayers to pick up the pieces when the model blows up. 4. In Defense of Multilevel Marketers .

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

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

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. The National Pension Scheme (NPS), which was introduced by the Central Government in January 2004 for its new entrants and subsequently extended to the private sector in May 2009, has accumulated a corpus of Rs 33,000 crore (as of March 2013) contributed by 50 lakhs subscribers. Last fiscal, the pension scheme for other than government employee with investment focus on corporate debt generated return of 14.19 per cent while investment in government debt earned 13.52 per cent. Besides, Swavlamban scheme generated a return of 13.40 per cent.

Finance Minister P Chidambaram. (IE Photo)

And, thoughinternships with large financial firms help to expose students to the field as well as enhance resumes, an internship with a firm that focuses on impact investment can be equally advantageous. The four of us are thrilled to be working for RSF Social Finance , a San Francisco-based impact investment firm that offers a different, and for us a more personally satisfying, experience. 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.

Serb Leaders to Discuss If Finance Chief Stays in Cabinet

Dacic, his deputy Aleksandar Vucic, and Finance and Economy Minister Mladjan Dinkic will meet at 5 p.m. today in Belgrade, the governments press office said. They will discuss personnel changes and a change in the approach to finance and economic policy making, Tanjug newswire cited Dacic as saying. Dacics Socialist party agreed July 26 to make changes.

How Finance Fueled Students’ And Nonprofit’s Future

Credit: Reuters/Marko Djurica BELGRADE | Sun Jul 28, 2013 11:36am EDT BELGRADE (Reuters) – Serbian Finance Minister Mladjan Dinkic agreed on Sunday to cede his economy portfolio, averting possible snap elections that could have dented the country’s ambitions to join the European Union. Dinkic said he would remain as finance minister, while the economy portfolio would go to the SNS, Serbia’s biggest party, paving the way for a fuller cabinet reshuffle. Dinkic had previously resisted splitting up his ministry, but Prime Minister Ivica Dacic warned on Saturday that the coalition would go on without him if he did not. Financial markets seem likely to welcome Dinkic’s continued presence in government.

Personal finance lessons from the Detroit bankruptcy

Yarmouth finance department could see reorganization

Your plan might involve cutting back on spending or selling some of the items in your closet. This touches on another aspect of Detroits bankruptcy that people everywhere should be thinking about:your pensions are not golden, even if youre employed by a government or other public-sector employer.You should not be planning your retirement based on your pension being available for 40 years. Its just not a good plan. If you are in that situation, I highly recommend taking some of your income and banking it for future years. There very well may come a time in the future where you need it, particularly if your former employer winds up in a Detroit-like situation.

NSW premier says finance minister is safe

Wolfgang Schaeuble told weekly Bild am Sonntag in an interview that Greece would continue to receive support beyond 2014 if needed and provided the country meets the demands of international creditors. Schaeuble was quoted as saying “it’s certain, however, that there will be no second debt writedown for Athens.” Extracts of the interview, to be published Sunday, July 28, were released by the paper Saturday and confirmed by the Finance Ministry. With Germany’s general election two months away, Chancellor Angela Merkel’s conservative government has been at pains to appear firm on Greece’s international bailout, which is unpopular with many Germans. Last year Greece’s debt was restructured with private-sector bondholders.

German Finance Minister rejects second writedown of Greek debt

“All members of parliament, all ministers, have entitlements to travel,” he told reporters in Sydney on Monday. Asked if Mr Pearce’s job was safe, he replied: “Yes”. “Being a member of parliament or being a minister is a seven-day-a-week activity and weekends can be very busy,” the premier said. “I’ve had events in regional areas that have finished late at night and sometimes it is more convenient, particularly depending on where you’re starting the next day, to stay in regional areas.” Mr Pearce has recently returned to work following a month’s stress leave in June after he was found to have misused travel entitlements. He was also escorted from parliament for being drunk in late May.

They would provide certain strengths, Hinchey said, but not the strengths wed like. Hinchey explained that the job of overseeing the various complex facets of a municipalitys finances has become increasingly technological, with expertise with complicated computer software a growing requirement of the position. Town bylaws currently stipulate that the finance director is also Yarmouths head accountant, leading to a growing confusion of duties, with a single individual being required to have great technical expertise in the minutiae of both software and numbers-crunching. Hincheys proposed fix is to separate the positions of finance director and town accountant, which would allow the town to select from two distinct pools of specialists, rather than trying to find a single person who could handle both. It would also mean a change in the bylaw, which would in turn require a vote at the next town meeting. Selectwoman Tracy Post apologized to the candidates who appeared before the board at its last meeting, but agreed that Hincheys plan was the best course.