The 12th Money Expo ended on Sunday after recording about Bt93 billion in transactions, about Bt27 million short of the target for the four-day event, said Santi Viriyarangsarit, editor of Money & Banking magazine and president of Money Expo 2012.
The magazine, organiser of the expo, earlier estimated that the event would spur more than Bt120 billion in transactions and attract more than 900,000 visitors. However, the actual transactions totalled Bt92.92 billion and there were more than 850,000 visitors.
According to the organiser, the heavy rain during the four days was the main reason for the lower transactions and attendance.
Home loans remained the most popular product, representing 60.44 per cent of total transactions, or Bt56.17 billion, followed by loans to small and medium-sized enterprises of Bt25.58 billion and deposits of Bt5.18 billion.
The transactions of home loans and deposits at Money Expo 2012 were lower than at last year's event. Home loans extended at Money Expo 2011 totalled Bt78.99 billion, SME loans Bt23.03 billion and deposit products Bt11.97 billion.
Chatchai Payuhanaveechai, executive vice president of Kasi-kornbank, said the transactions at the KBank booth were more than Bt10 billion, lower than the target of Bt20 billion in transactions.
He said visitors this year had more choice of investments, adding that customers had shifted to invest in mutual funds and gold, while the size of mortgages was smaller in line with the size of residences.
"Customers have purchased smaller homes, so the amount of home loans was also reduced," he said.
He added that transport and the weather were the main factors in the lower attendance.
The Money Expo was held at Impact Muang Thong Thani.
Savings products including gold, mutual funds and savings insurance were hot products at the event.
The total transactions involving savings products was Bt8.38 billion. The most popular were savings accounts with annual interest of 3.50 per cent of CIMB Thai Bank and the four-month fixed-deposit account, also yielding of 3.50 per cent per annum, of Kiatnakin Bank.
Mutual-fund products of Bank of Ayudhya at the expo increased by 10 per cent to more than Bt650 million.
Naris Achalanan, senior vice president of Muangthai Life Assurance, said the company achieved premiums of Bt200 million from Smart Saving 5/1 insurance products on the first day because the product gave higher returns than deposits.
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Forex: USD/CHF little changed after Swiss SECO - FXStreet.com
Forex: EUR decline, Eurobonds and fiscal targets – BBH - FXStreet.com
India presents white paper to check illegal money - BBC News
India's Finance Minister Pranab Mukerjee has proposed the setting up of fast-track courts to deal with the issue of illegal money and tax evaders.
Mr Mukerjee said the government had already brought five bills in the parliament to deal with the problem.
The minister presented a "white paper" on illegal money in the lower house.
It did not name any offenders or give any estimates for illegal money but earlier reports have said $500bn was deposited in overseas tax havens.
Outlining the various proposals to deal with the problem of black money, the minister suggested that anti-corruption ombudsmen be appointed at the central and state levels.
"While these measures will set the tone for an equitable, transparent and a more efficient economy, there is much that we could do, both individually and collectively, to strengthen the moral fibre of our society," Mr Mukerjee said.
In the past, officials have said that illegal funds were often sent to tax havens such as Mauritius, Switzerland, Lichtenstein and the British Virgin Islands among others.
Analysts say this flight of capital has helped widen inequality in India.
According to one estimate, India's underground economy accounts for 50% of the country's gross domestic product.
In recent months, India's Congress party-led government has been on the back foot on the issue of black money and corruption.
The Supreme Court has also chided the government for not doing enough to unearth illicit money.
Money race tightens for general election - Bellingham Herald
Effectively clinching the Republican presidential nomination last month allowed Mitt Romney's campaign to marshal larger checks and chip into President Barack Obama's huge lead in the money chase heading into the general election.
Romney still has a long way to go. According to campaign finance records filed with the Federal Election Commission during the weekend, Obama maintains an expansive advantage in cash on hand. His re-election effort ended April with $147 million in the bank, compared with $61.4 million for Romney and the Republican National Committee.
Romney, however, is now operating on a more level playing field. After he became the party's presumptive nominee, his campaign last month began a joint fundraising partnership with the RNC and several state party committees. Donors can give larger checks to party committees than to candidates - a feature of the campaign laws that Obama has been able to take advantage of for months.
Romney's campaign announced last week the joint operation had brought in $40.1 million in April (including $11.4 million that went directly to the Romney campaign). That was nearly on par with the $43.6 million the Obama campaign and the Democratic National Committee raised (including $25.7 million that went directly to the Obama campaign).
Romney spent $12.5 million last month, slightly more than what his campaign took in. Much of that money was spent in the pursuit of more money - nearly $2.5 million on direct mail, $1.7 million on telemarketing and $900,000 on fundraising consulting.
The campaign also spent nearly $2 million on placing ads.
The Obama campaign, far more than Romney's, has invested in its online presence. Obama spent more than $2.3 million last month on online advertising; Romney spent $150,000.
Payroll expenses revealed another disparity. Obama, who has invested heavily in field organizers in battleground states, spent $2.4 million on campaign staff, nearly five times what Romney spent on payroll.
Overall, last month's takes showed a slowdown in fundraising for the candidates and several major political action committees that support them. Restore Our Future, the pro-Romney group that, like other "super PACs," can solicit unlimited contributions from individuals, unions and corporations, raised a net $3.9 million in April, a decrease of more than 50 percent from the previous month. It ended April with $8.2 million in the bank.
Priorities USA Action, the super PAC supporting Obama, brought in $1.6 million in April, nearly $1 million less than its March take. It ended the month with $4.7 million in the bank.
The bulk of the pro-Obama group's money came from labor unions. Associations representing air traffic controllers, social workers and pipe tradesmen gave more than $1.25 million.
Investors gave more than $1.7 million to Restore Our Future, with $1 million coming from Fort Worth hedge fund founder John Kleinheinz. The group also brought in $1.1 million from energy executives, including $985,000 from Harold Hamm, the billionaire chairman of Continental Resources of Oklahoma who is the chairman of Romney's energy advisory panel. Hamm has sharply criticized Obama for not approving the Keystone XL oil pipeline from Canada to the Gulf of Mexico. His company owns some of the largest holdings in oil fields in North Dakota and Montana, which could be served by the pipeline.
Some of the moneyed backers of other Republican presidential hopefuls have begun to migrate to Romney, the new filings showed. Jack Caveney of North Palm Beach, Fla., a supplier of communication products and a longtime Republican donor, had been a major backer of former candidate Rick Santorum's super PAC. Last month, he gave $100,000 to Restore Our Future.
But some of the biggest super PAC players have not yet come aboard. Sheldon Adelson, the Las Vegas casino magnate who, along with his family, dished out $21.5 million to a super PAC backing Newt Gingrich, did not give to Restore Our Future. Nor did Foster Friess, the biggest donor to the pro-Santorum super PAC.
American Crossroads, the heavyweight Republican super PAC founded in part by Karl Rove, posted anemic April numbers. It raised $1.8 million last month, buoyed mostly by a $1 million donation from Dallas investor and GOP mega-donor Harold C. Simmons. Simmons and his company have given $13 million total to American Crossroads this election cycle; in the last several months, he and his wife have also doled out a combined $2.1 million to super PACs supporting Romney, Santorum and Gingrich.
The super PAC ended the month with $25.5 million on hand, but the full scope of its war chest probably is substantially larger. The group has a nonprofit arm, Crossroads GPS, which is not required to disclose its donors.
Making Money from Gold as a Personal Dealer with the “Gold Profit Formula” - YAHOO!
Novices are making money from gold with Absolute Wealth's new gold dealing training course.
Austin, TX (PRWEB) May 21, 2012
Making money from gold doesn’t have to involve a brick and mortar business, or a pawn shop mentality of cheating the customer. Any one, no matter how much or how little experience they have, can become a successful gold dealer and earn more money than they could have imagined, according to a recent AbsoluteWealth.com article. Thanks to outrageously high gold prices, the business is booming and people are jumping at the chance to dump their unwanted precious metals, the article said.Sellers are earning good money, and buyers are turning their items in to refiners for even better money, said the article. Absolute Wealth has recognized the growing interest in gold dealing, and has accessed one of the most experienced and knowledgeable minds the jewelry and precious metal business has ever seen.
That expert shares his story and his advice in the “Gold Profit Formula,” the new training course that molds people into legitimate gold dealers. It teaches about the types of gold, silver, and other pieces of jewelry that get good money and shouldn’t be treated as scrap. It also teaches how scrap (whether it’s old, broken, or just not high-quality) can be turned into major profits through the refining process. It’s basically an easy gold guide that’s jammed with valuable information, the online article said.
It’s all about learning the value of precious metals and offering accordingly. The tools used to determine weight, size, and financial worth are explained using video trainings and a full-scale manual. “Gold Profit Formula” also guides people in the process of confidently connecting and communicating with potential customers to make them comfortable enough to conduct business. Sometimes the sleaziness of a “Cash for Gold” company creeps people out, said the article. If dealers act in a professional and fair way, they’ll see business pick up fast and have more customers than they could have ever expected.
Absolute Wealth is an expert team of real investors and advisors devoted to identifying winning strategies for exceptional returns. Members subscribe to the Independent Wealth Alliance for professional investment analysis and recommendations on the latest trends and progressions. For more information and subscription instructions, visit AbsoluteWealth.com.
Folks are eager to access the value of their gold, giving dealers the opportunity for real income generation. This is a chance to gain a significant amount of extra cash with the “Gold Profit Formula.” The article said it’s the most complete source of information on making money from gold, and it’s available now from Absolute Wealth.
Paul Norwine
AW Research Publishing, LLC
512-892-3022
Email Information
Black money in real estate: Govt for TDS on sale-purchase of properties - Economic Times
"One of the measures for deterring use of the real estate sector for generation and investment of black money could be the provision of deducting tax at source on payments made on real estate transactions and mandating it as a pre-condition for registering of the transacted property," the White Paper on black money prepared by the Finance Ministry said.
The current provisions of the direct tax legislation provide for mandatory furnishing of the tax identification number by the buyer and seller of an immovable property if the value exceeds Rs 5 lakh, it said.
Also, every registry of property is required to furnish annually information regarding transactions in immovable property if the value exceeds Rs 30 lakh, it said. However, it said, as many registrar offices still operate on a manual system, there are a number of gaps and lapses in the reporting of such transactions.
Besides, the paper has suggested more effective reforms in the real estate can yield a significant dividend in the form of reducing generation of black money in the long term.
It has also suggested for introduction of the provision of no objection certificate ( NOC) in the income tax law with safeguards to reduce administrative complications and increased ease of compliance, so that an appropriate and uniform database is set up and a proper national-level regulation also put in place.
The real estate sector in India constitutes about 11 per cent of the GDP, it said, adding, investment in property is a common means of parking unaccounted money and a large number of transactions in real estate are not reported or are under-reported.
The report noted that due to rising prices of real estate, the tax incidence applicable on real estate transactions in the form of stamp duty and capital gains tax can create incentives for tax evasion through under-reporting of transaction price. This can lead to both generation and investment of black money.
The buyer has the option of investing his black money by paying cash in addition to the documented sale consideration. This also leads to generation of black money in the hands of the recipient, it said.
The other vulnerable sectors of economy with regard to generation of unaccounted money is gold trading.
The White Paper also said financial market transactions can involve black money in different forms. Initial public offers (IPOs) offering equity shares to the public at large are also vulnerable to various manipulations that can generate black money for the promoters or operators, it said.
Rigging of markets by the market operators is one such means, it said.
This may involve use of shell companies and more sophisticated versions of such manipulation may involve offshore companies or investors in foreign tax jurisdictions who invest in shares offered by the IPO and through manipulated trading escalate their price artificially, only to offload them later at the cost of ordinary investors, it added.
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