Mukherjee made the comment when he was asked by newsmen in Kolkata whether any decision has been taken on the issue of bringing the Lokpal Bill in the Upper House in the current session itself. BJP said the legislation should be passed before the end of the current session, criticising the Union government over the delay in the passage of the Bill for creating an anti-corruption ombudsman.
"Four ministers from the government had met the Opposition leaders on the Lokpal Bill issue. BJP had given suggestions on it and the party is ready to support them in the Parliament. Two (working) days are remaining for the session to end and we expect the government to pass the Bill," BJP national spokesperson Shahnawaz Hussain said at a press conference in Mumbai.
Prime Minister Manmohan Singh and Congress President Sonia Gandhi deliberated yesterday on the way ahead for the much-debated legislation. There have been indications that the government is now having second thoughts on bringing the bill in this session. This was because differences still persist on some of the issues despite the government holding consultations on it with leaders of a number of political parties, sources said.
On Wednesday, Minister of State of Personnel V Narayanasamy had said that the government stands by the commitment to bring the bill in the present session. The amended form of the bill includes deletion of the controversial provision for Lokayukta creation and bringing more transparency in appointment of CBI chief. Debate on the bill, passed by the Lok Sabha in December last year, could not be completed in the upper house during the last Winter session due to technical reasons.
Islamic finance industry to probe growth chances - Gulf Daily News
MANAMA: As the Islamic finance industry continues to be one of the fastest growing components of the global financial system, with an estimated growth rate of 15 per cent to 20pc, international markets are witnessing a growing demand for Islamic financial products and services - even beyond the traditional markets of South East Asia and the Middle East.
The Islamic funds and investments industry has seen steady growth over the past decade due to the growing global demand for Sharia-compliant financial products and services and a significant increase in the number of institutions structuring Islamic investment products. According to Ernst and Young the Islamic funds industry grew to $58 billion, achieving a growth of 7.6pc in 2010.
Held under the theme "New Growth Horizons: Expanding The Global Footprint of Islamic Funds and Investments", the 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012), opens today at the Gulf Hotel.
Leading players, industry thought leaders and key regulators in the international Islamic funds and investments industry will lead the discussions that will seek to capitalise on the new opportunities and chart the future direction of the global Sharia-compliant funds and investments industry.
The two-day event, under the patronage of the Central Bank of Bahrain, will be officially inaugurated with an opening keynote address by executive director - financial institutions supervision Abdul Rahman Mohammed Al Baker.
Speaking ahead of the event, Mr Al Baker said that as with other forms of Islamic finance, the Islamic funds industry has grown to become an increasingly substantial segment within the global financial markets and has gained significant interest as a viable and efficient alternative model of financial intermediation.
"Growing awareness and increasing demand for investing in accordance with Sharia principles on a global scale have been the catalyst towards making the Islamic financial services industry a flourishing industry.
"This is also a reflection of the increasing wealth and capacity of investors, both Muslim and non-Muslim, to seek and invest in new investment products that serve their needs."
He said with Islamic finance having considerable capacity to meet large investment requirements, opportunities therein lie in the more effective and efficient channelling of the sizeable surplus funds towards the vast productive investment opportunities within and across various key markets for Islamic finance."
World Islamic Funds and Financial Markets Conference chief executive David McLean said with an addressable universe in excess of $500bn for Islamic fund managers, which is still growing by at least 10pc to 15pc annually, it is essential that the industry players seize this opportunity and innovate new Islamic instruments and encourage more spending in research and development, in order to widen the contribution of Islamic investments in the global financial market.
"With sukuk emerging as a new asset class for global investors, it is essential to see that the demands of sophisticated investors are met in order to maintain the current growth levels that the Islamic funds industry has achieved.
"This calls for co-ordinated efforts in order to further improve the market for both issuers and investors," he said.
Irish Funds Industry Association chairman Ken Owens said that he was honoured to be asked to speak at the conference and "we very much look forward to our participation at this very prestigious event".
"As an international fund jurisdiction we very much look forward to our participation amongst this impressive gathering of senior industry representatives to discuss the different industry issues and how we in Ireland can assist the asset management community to respond to the challenges.
"It is also an excellent showcase for Ireland to demonstrate our capabilities and our determination to be the leading European centre for Islamic Finance."
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MEMC Electronics names new finance chief - Yahoo Finance
ST. PETERS, Mo. (AP) -- Solar power equipment maker MEMC Electronic Materials Inc. said Wednesday that it appointed a new CFO to replace Mark Murphy, who resigned to take a position at Praxair Inc.
MEMC, based in St. Peters, Mo., appointed Brian Wuebbels to replace Murphy, effective immediately. Wuebbels, who also is executive vice president, has been with MEMC since 2007, most recently as vice president and general manager of Balance of System Products.
Murphy has been named president of Praxair Surface Technologies. He will have a consulting role at MEMC to assist in the transition.
Shares of MEMC fell 18 cents, or 7.8 percent, to close at $2.13. Praxair dropped 64 cents to close at $109.37.
Police discloses money laundering scheme (ROUNDUP) - Focus Infomation
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Authorities neutralised an organised crime group that used to operate on the territory of Bulgaria, which was part of an international organisation, which secured part of the process of the laundering of money passing through the country and which is acquired through drugs trafficking from Latin America to Europe.
The investigation revealed that the money used to come from destinations such as the Antilles, Venezuela, Panama and other countries. After the money was transferred to controlled bank accounts in Bulgaria, the sums were immediately redirected to China, Hong Kong, Spain and the USA.
It was also ascertained that the money flow was passing through the bank accounts of the members of the group and controlled juridical persons.
According to initial data, the laundered sum since the turn of the year is estimated at more than BGN 5 million.
Authorities raided three addresses in Sofia, where they found bank, company and tax documents, personal computers, cell phones.
Three people were arrested, aged 25 and 37.
I thank the colleagues with the General Directorate for Fight against Organised Crime (GDBOP) for the well-done work in the exchange of information with DEA, Interior Minister Tsvetan Tsvetanov told FOCUS News Agency, in commentary for the money laundering scheme disclosed in the special police operation dubbed The Launderers.
The scheme involved money transfers from different countries in the world, while the receivers are Bulgarian citizens. This way they re-launder the money, transferring it through several bank accounts. The money flow is controlled by the organisers, who are responsible for the money laundering. I thank the colleagues from the GDBOP for the well-done work in the exchange of information with the colleagues from DEA. This proves the importance and usefulness of the Bulgarian law-enforcement system and that the joint work after the opening of a DEA office gives serious results, Tsvetanov remarked.
The Specialised Prosecutors Office pressed charges on five of the detainees in the special police operation codenamed The Launderers, its press office announced.
Charges were brought on two of the participants in the organised crime group and on three of their accomplices. Two more people will be pressed charges, including groups organiser. At the moment they are outside the country and a procedure for their extradition was opened.
UK/US financiers launch $150m equity fund - Screendaily
Darby Angel’s finance and production outfit Angel World Entertainment and Glenn Myles’ merchant bank First Wall Street (FWS) are launching a $150m equity fund dedicated to independent productions.
Darby Angel’s finance and production outfit Angel World Entertainment and Glenn Myles’ merchant bank First Wall Street (FWS) are launching a $150m equity fund dedicated to independent productions.
Angel is in Cannes discussing the fund with industry. Projects will be in the $5-30m range and are due to be announced in the coming weeks.
Myles previously oversaw investments and capital holdings as executive vice president for former 20 Century Fox owner Marvin Davis’ Davis Corporation, encompassing Davis Real Estate, Davis Petroleum and Davis Entertainment. AWE is currently involved in film financing through its debt fund.
AWE founder and CEO Darby Angel said: “We’re thrilled to bring a new solution to the international film market to provide support to independent producers, while also protecting the investors whose risks and returns we take very seriously.”
FWS founder, chairman and CEO Glenn Myles said: “We’ve seen a need in the market for a finance structure allowing for the equity investor to sit in the first position. We have found the perfect partner in AWE as we share the same passion for structure and due diligence.”
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.
The Business Finance Store Highlights Considerations for Upgrading a Credit Card Terminal - Consumer Electronics Net
May 19, 2012 --
Santa Ana, CA (PRWEB) May 19, 2012
VeriFones SAIL credit card swiper might be a little too close to Squares mobile technology, Bloomberg Businessweek reported. While VeriFones SAIL looks physically different, the agreement and usage terms are remarkably similar, such that Square might believe VeriFone copied their merchant agreement. Regardless of whether these VeriFone copied square, the news is demonstrative of the fact that credit card swiping technology is constantly changing. With constant changes in merchant terminal technology, small businesses might be wondering whether it is worth it to update. In the recent blog post Should You Upgrade Your Credit Card Terminal?, The Business Finance Store highlights some things to look for when considering upgrading a credit card terminal.
Technology is changing quickly. For small business owners, they might have a hard time keeping up. Changes in merchant terminal technology now allow customers to pay with a credit card just about anywhere with some of the other technologies that have surfaced. Read more about upgrading credit card terminal technology at The Business Finance Store Blog.
The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as:Business Financial Solutions, Legal Solutions, and Accounting Solutions.
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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 $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.
For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.
Read the full story at http://www.prweb.com/releases/2012/5/prweb9521467.htm.
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Your First Date With Forex Trading? - 1UP.COM
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- Open Market - this market is considered 'open' and 'transparent'. Currencies moves are dictated by news flow and changes in the outlook for national economies. There can be virtually no 'insider trading' as this information is readily accessible to help ...Pressure on Forth Ports to commit funds towards cost of Leith docks upgrade - Herald Scotland
The Sunday Herald has learned that the £130m upgrade of the port of Hull is being funded by Associated British Ports (ABP), with no financial input from the public sector. ABP is spending the money to unlock an £80m investment from German group Siemens to build a factory at the port which will assemble nacelles – the central parts of the tops of offshore wind turbines, where electricity is generated.
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