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The much-anticipated statement of the Finance Minister on the controversial Aircel-Maxis deal in Rajya Sabha was today deferred to the next session even as the opposition cried foul saying "its worse fears have come true". BJP member Venkaiah Naidu drew ...Forex: GBP/USD trimming losses, eyes on 1.5800 - FXStreet.com
EU finance ministers haggle over bank rules - Yahoo Finance
BRUSSELS (AP) -- European Union finance ministers are to meet in in Brussels Tuesday to hammer out an agreement over how high banks should build their defenses against future financial shocks, with the U.K. running the risk of being isolated over who should set the height.
The EU's 27 members agree on the need to increase capital reserves of banks, following an international agreement called Basel III, which was negotiated by the world's largest economies to avoid another financial meltdown such as the one brought on by the collapse of U.S. investment bank Lehman Brothers in 2008.
But the U.K. wants national regulators to be able to set requirements significantly higher than those of the EU — a position opposed by almost all other EU members, who fear investors might then prefer UK banks and flee from those in other countries.
On his way into the meeting Tuesday morning, George Osborne, the British chancellor of the exchequer, was non-committal about the possibility of reaching an agreement.
"This is a time of considerable uncertainty in the eurozone economies," he said, referring to the 17 countries — the U.K. not among them — that use the euro currency. "And that uncertainty is undermining the entire European recovery. And I think we're reaching a point where we've got to make a decision to see the eurozone stand behind their currency. A very important part of that, of course, is strengthening the entire European banking system. And that is what we intend to do today."
Once enacted, Basel III would require lenders to increase their highest-quality capital — such as equity and cash reserves — gradually from 2 percent of the risky assets they hold to 7 percent by 2019. An additional 2.5 percent would have to be built up during good times. All members of the G-20 have agreed to implement Basel III; if the European Union succeeds, it would become the first entity to institute the new requirements.
The U.K. is arguing that, because national taxpayers have to bail out banks when they fail, national authorities should be able to set more stringent requirements to guard against such failures. A compromise proposal offered by the Danes, who hold the rotating presidency of the European Union, would allow national authorities some leeway to increase requirements beyond those called for in the Basel III agreement. That proposal has broad support — except, so far, from the U.K.
The finance ministers can approve the compromise proposal without British support, through what is known as qualified majority voting, in which member countries have different numbers of votes according to their populations. However, there is a tradition in the EU that changes that would affect an industry in a particular country — such as the banking sector in the U.K. — are not forced into effect over the objections of that country, and consensus is sought.
"I think there should be a unanimous decision on such an important issue," Swedish Finance Minister Anders Borg said on his way into the meeting.
How charity finance directors can become chief executives - The Guardian
Charity finance directors could be ideally placed to lead their organisations in an age of social bonds and performance-related-contracts, said Paul Palmer director of the Centre for Charity Effectiveness, last week.
Speaking at the Charity Finance Group's annual conference, he also suggested that finance directors who wanted the top roles in charities should try to change their job title to something other than finance director, take on special projects, broaden their focus from just finance and become a trustee: 51% of chief executives in the FTSE 100 were previously finance directors; it doesn't seem to be the same at charities, said Palmer.
But the director told several hundred delegates that a new financial landscape could pave the way for finance directors to step up. Palmer said: "As charities move away from grants to contracts and loans, leaders might require very different skills. If your charity is going down this route, there's a clear leadership role for the finance director. The move to chief executive can be an exciting journey, but you need to overcome some perceptions. And it's not an easy ride."
One piece of advice for finance directors was to look at changing their job title. "The title might be detrimental – there are perception issues with it. Trustees want the finance director to be a safe comfort blanket; they want you to conform to your role, so the title might not help you break out of that role. Change it and they might see you in a different light," said Palmer.
In the session 'How financial directors get to lead and be involved in strategic planning', Palmer also pointed out that most chief executives still came from outside the sector. "Charities still primarily import CEOs rather than export, which gives some idea of how trustees see people in the sector. But your knowledge and experience of the organisation should give you a competitive advantage. Trustees think you can understand the sector by reading a book, but it takes years," he explained.
Other advice was to be a trustee of another charity. "Two thirds of CEOs are also trustees at other charities. Resist being pigeon-holed as treasurer – take on another position."
In addition, he said chief executives should have vision, sharp people skills, a constructive relationship with the chair, be a good leader and communicator, and should understand marketing and fundraising.
"Think about your personal development. Work on your weaknesses rather than further developing your strengths. Get a coach if needed," Palmer told delegates.
Mark Watts, the recently retired chief executive of the RSPCA, told how he was offered the role when he retired from a finance director's position. On leaving, he sent a detailed document to trustees about how he thought the charity could be strengthened. It was well-received and they asked him to stay on as chief executive.
"I'd worked at the RSPCA for 28 years and saw six CEOs come and go. I had thought about going for the job but I wasn't confident enough," said Watts. "Most finance directors are very reserved and self-effacing, and trustees want to keep a good finance director in position." His advice was to "not be passive; express your opinions".
Watts added that finance directors should be the chief executive's "right hand man" and aware of drivers across the whole charity. "Have a good idea of how the organisation is performing, not just financially. Have clarity of vision and be able to communicate that. Have passion for the cause and make the impossible possible. And, don't be scared to ask questions because you think you'll look foolish," he told the audience.
Watts concluded by saying that finance directors should not underestimate the importance of their contribution at a time when financial recovery will be slow. "Maybe sometime you'll take on the reins, I promise you won't regret it," he said.
Other sessions focused on good leadership in general. Dr Robina Chatham, a training consultant and neuroscientist, said that in the current financial climate it was tempting for an organisation to just "try to survive", but it was important that the chief executive managed the future at the same time.
Chatham said that research she'd conducted with Cranfield University had found that long-term success for leaders came from understanding the world they work in. She discussed how important it was to understand covert and non-covert agendas at the office and who holds power and influence. "It could be those who are smokers who get together outside, it could be people who are fun to be with," she explained.
She also highlighted the importance of networking. "Lunchtimes are not for sitting at your desk with a sandwich if you want to be a leader," she said. "They're for networking. This is where people will share covert agendas in a less formal environment.
"And, innovative ideas come from making connections with people we don't know very well. If we stick to our friends in our team, you just get renovation, not innovation. Sparks of ideas come from conversation with someone from a totally different background. If you're not networking, you're not allowing the opportunity for really innovative ideas and you'll have no vision to inspire the organisation: 75% of your time should be spent on communication, innovating and networking," said Chatham.
She concluded that the top five traits leaders needed were high integrity, empathy, passion for motivation, courage to take risks and vision for the future.
Speaking on skills development for staff, Helen Simmons, finance director at London Diocesan Fund, offered a number of insights. She said that finance teams learn better when "doing" a task rather than reading about it or watching a demonstration.
Job swaps and shadowing also helped staff understand more about how a charity works, increasing empathy and allowing staff to cover for each other during times of sickness because they knew more about different roles.
Simmons said that at the beginning of every new job she had a meeting with all the staff: "Even if it's just for 10 minutes, find out if the job description matches the role and whether they have all the tools for the job.
"Staff need to have their needs met to do a good job. They need to feel biologically and physically safe, a sense of belonging and self-esteem. And, if they have personal issues, you need to try to understand these.
"You also need to be fair and transparent with pay and benefits. There's no point in providing biscuits if you haven't got these basics right," said Simmons.
She added that finance directors who wanted to step up to the chief executive position should gradually expose themselves to office and organisational politics and should also use any opportunities to present to staff and join project groups.
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FOREX-Euro steadies vs dlr as focus shifts to EU summit - Reuters India
* Euro rebound slows as profit-taking eases
* Traders still wary of short squeeze potential
* Growth/austerity debate expected at EU summit
By Nia Williams
LONDON, May 22 (Reuters) - The euro steadied against the dollar on Tuesday as its rebound from a recent four-month low stalled, although traders said selling was likely to be limited in the run-up to an informal meeting of European leaders this week.
Many in the market were sceptical policymakers could agree measures to help tackle the euro zone debt crisis and soothe concerns about Greek political turmoil and weakness in the Spanish banking system.
But with speculators' short euro positions at a record high, traders were wary of the potential for a squeeze higher on any signs of progress at Wednesday's meeting.
The euro dipped 0.1 percent against the dollar to $1.2802, but holding above last week's four-month low of $1.2642.
"I doubt any news out of the meeting tomorrow will be able to create a positive environment, but people booked some profit at the end of last week and may be waiting for better levels to sell the euro," said Niels Christensen, FX strategist at Nordea.
"Even if the political leaders were to pull an agreement out of the hat we need something that's going to take immediate effect. I see a bit of consolidation in euro/dollar and then more downward bias."
Market players saw support for the euro around $1.2789, the 23.6 percent retracement of the May fall from $1.3283 to $1.2642, and traders reported offers from Asian central banks above $1.2825-30 that were expected to cap gains.
French President Francois Hollande is expected to push for a joint euro zone bond at the EU meeting in Brussels, a measure backed by Italy, Spain and the European Commission. However Germany, Europe's largest economy, has so far opposed the move and championed austerity measures to tackle the crisis.
"The market has been sort of supporting the German line of tough austerity. But that may be changing as well," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
"Investors who have risk assets want their prices to rise and it's becoming clear austerity measures alone are not going to bring about that."
Many market participants were cautious ahead of the summit, which could highlight a deep divide between the German-led drive for austerity and the efforts to put more focus on growth, a pledge of the new French president.
BOJ MEETING EYED
Although the euro struggled versus the dollar it climbed 0.2 percent against the yen to 101.84. The dollar also rose 0.3 percent against the Japanese currency to 79.51, off a three-month low of 79.002 hit on Friday.
The Bank of Japan begins a two-day policy meeting on Tuesday, with most market players expecting the BOJ to keep policy on hold after easing last month.
However, speculation the BOJ could ease further raised the possibility the yen could rise if it kept policy on hold.
That could push the dollar below 79 yen, setting it on course to test the important support level of its 200-day moving average, around 78.53 yen.
The Australian dollar rose 0.2 percent to US$0.9931 , rising clear of a six-month low of US$0.9794 hit last week thanks to broad recovery in riskier assets on Monday.
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