NEW YORK (AP) -- Total U.S. money market mutual fund assets rose $350 million to $2.584 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell $1.10 billion to $904.23 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category rose $240 million to $713.05 billion. Tax-exempt retail fund assets fell $1.35 billion to $191.18 billion.
Meanwhile, assets of institutional money market funds rose $1.46 billion to $1.680 trillion. Among institutional funds, taxable money market fund assets rose $3.74 billion to $1.592 trillion; assets of tax-exempt funds fell $2.29 billion to $87.58 billion.
The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds was unchanged from the previous week at 45 days.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was unchanged from the previous week at 0.22 percent. The yield on one-year CDs was also unchanged at 0.33 percent. It fell to 0.52 percent from 0.53 percent on two-and-a-half-year CDs. It was flat at 1.14 percent on five-year CDs.
No impact on company or depositors - Sunday Observer
TFC-NSB transaction:
No impact on company or depositors
The public should be assured that TFC would not be affected by the recent TFC-NSB transaction, which is strictly a private affair between the owners of the shares and NSB, and has no impact on TFC or its depositors. The Finance Company PLC is a 72 -year- old company and holds the prestige of being one of the pioneering non bank finance organisations in the country.
The firm has been known to have led the market in many aspects with a range of innovative business avenues such as real estate and super speed vehicle loans.
During the time when finance companies the world over were facing strife few years ago, The Finance Co. PLC managed to stand tall to retain and safeguard the interests of its loyal customers. Moreover, it was also able to conduct a successful share issue through which it obtained the direct backing of many major public and private sector institutions such as the Bank of Ceylon, the Peoples Bank and the Seylan Bank, who now hold a major stake of the company bearing evidence to its credibility.
The loan disbursements of the company have seen accelerated growth of 123 percent in 2011/12 compared to 2010/11.
Whilst the new deposit intake has been on the upward trend with a year on year growth of 170 percent for fixed deposits and 54 percent for savings, there has been a high percentage of deposits being reinvested with the company at maturity.
The company enjoys its status as the custodian of one of the largest deposit bases in the non bank finance sector of the country amounting to over Rs 20 b.
Moreover, The Finance Co. PLC was able to conclude operations for the month of April recording an inflow of Rs one billion as new deposits apart from renewals.
This is a clear indication of the public confidence placed on the organisation.
Pawning being a main contributor to the companys bottom line has recorded a year-on-year growth of 237 percent.
The real estate sector, given its maturity as a longstanding strategic profit centre has shown an a growth of 350 percent
The recent land sale projects of the company have proved to be successful providing good returns, while offering the lands to the customer at the market price or even below with sound infrastructure due to the companies' bargaining power over the suppliers.
The Finance Company PLC has forged ahead at great pace over the many obstacles it has come across and looks to a future which will be strong to serve all its stakeholders .
The Finance Company PLC, with over seven decades of excellence in the industry is at present backed by state banks.
The company has employed the services of an internationally reputed agency to restructure the organisation, which is now being implemented to serve its customers with many value additions to maintain it's market leadership.
This reiterates the fact that the company is in safe hands and on a sound footing towards sustainable growth.
What the Greek crisis and turmoil in the Eurozone means for you - Daily Mirror
As the debt crisis in Europe grows, and with David Cameron warning things could get a lot worse, people are wondering what it means for the UK.
Here we explain how the Eurozone turmoil affects you and your pocket...
What if I’m going on holiday to Europe?
One of the few upsides is that the pound has strengthened against the euro, giving holidaymakers more spending money.
According to MoneySupermarket.com, people heading to Europe are saving up to £80 per €1,000 compared with last year and buying euros now could save you money.
The site’s Bob Atkinson said: “It’s a great time to take advantage of the rates. But there are no guarantees they won’t improve, or come crashing down, so it is a gamble.”
What if I’m going to Greece?
Even if Greece does exit the euro, the currency will almost certainly be accepted for some time, so if you’ve already bought euros there is no reason to panic. But some are warning it may be difficult to get cash out when you’re over there, so it might be worth taking a bit extra.
The danger if Greece opts out is the UK is likely to fall deeper into a long recession.
What about the financial crisis in Spain – are my savings safe with Santander?
Credit ratings agency Moody’s downgraded 16 Spanish banks on Thursday and cut the debt rating on Santander UK.
Santander says customers have nothing to worry about as the bank’s UK arm is separate from its Spanish parent company.
It is also regulated by the Financial Services Authority, which means deposits up to £85,000 – £170,000 for joint accounts – are fully protected.
What does all the turmoil mean for my pension and investments?
Stock markets have plummeted with more than £18billion wiped off the value of Britain’s biggest firms on Friday alone. The FTSE 100 fell by 1.33 per cent to 5,267.62, its lowest for nearly six months.
Even if you don’t own shares, if you are saving for retirement you will be affected as pension funds invest in stock markets.
People nearing retirement will have less money to purchase an annuity, or income for life. If you are concerned, seek professional independent financial advice.
What about my mortgage?
The Bank of England has warned families to prepare for steeper mortgages. The crisis means higher borrowing costs for lenders which will be passed on to customers.
If you can’t afford your payments going up you may want to consider a fixed-rate deal.
Many of these have increased recently, although on Friday Nationwide Building Society reduced its five-year fixed mortgage rate by 0.10 per cent to 3.89 per cent. The deal has a £450 product fee and a £99 booking fee and is available to those with a 30 per cent deposit or equivalent equity.
Case Study
'It's made Europe more affordable'
Octavia Walker is flying off to Rome this weekend on a city break with her boyfriend David Lillywhite.
They booked their break back in December through Lastminute.com but now realise that, while the holiday itself is paid for, their spending money is going to go much further.
“Rome is quite an expensive city so I must admit I’m quite excited that my money will go that extra mile,” Octavia says.
“In fact, we may upgrade our hotel as I have realised that with the euro as weak as it is, we can afford a lot more. I may even fit in a bit of shopping.”
Octavia and David, both 29, are planning another holiday later in the summer and are planning to stay in the eurozone again.
“We usually take two weeks in July,” says Octavia, a journalist from Crystal Palace, South London. “We were thinking about going to Sri Lanka but if the economic situation in Europe stays the same, we might just go to Spain instead.
“Europe has been prohibitively expensive for the last few years. So while it’s very sad their economy is in such a state, it is nice to be able to go and explore it again.”
EPFO resumes investment in scam-hit LIC Housing Finance - Deccan Herald
Retirement fund manager EPFO's trustees today approved a proposal to resume investment in the scam-hit LIC Housing Finance, a subsidiary of the country's largest insurance company Life Insurance Corporation.
The decision to resume investment in the LIC Housing Finance was taken at the meeting of the Central Board of Trustees (CBT), the apex decision-making body of the Employees' Provident Fund Organisation (EPFO).
The CBT had suspended investment in housing finance company following disclosure of the bribe-for-loans scam in November 2010 in which top officials of the LIC Housing Finance were allegedly involved. "Amount invested in LIC Housing Finance is not much...approved investment is only about Rs 800 crore," CBT member and Secretary All India Trade Union Congress D L Sachdev told reporters after the CBT meeting.
The EPFO had invested Rs 454 crore in the bonds of LIC Housing Finance Company. The fund manager's prevailing investment norms allow for investment of up to Rs 846 crore in the company.
The EPFO's advisory body, the Finance and Investment Committee (FIC), took up the issue in its meeting on January 28 and recommended resumption of investment in LIC Housing Finance. LIC Housing Finance went through a bad phase after CBI in November arrested its CEO Ramachandran Nair and seven other senior bankers for allegedly colluding with real estate firms to sanction large-scale corporate loans, overriding the mandatory due diligence involved in such approvals, besides other irregularities.
Mobile Mayor Sam Jones' campaign finance documents riddled with inconsistencies - Everything Alabama Blog
MOBILE, Alabama -- A review of Mayor Sam Jones’ 2011 campaign finance documents shows unreported spending, mislabeled expenses and some checks bearing signatures that appear to be forged.
Jones listed expenses of $32,800 on his annual campaign finance 2011 report, two years out from the city’s next mayoral election.
The Press-Register asked the campaign to supply documentation underpinning the spending.
The campaign provided copies of its annual financial report, receipts, invoices and canceled checks from the campaign’s bank account.
Raymond Bell, an attorney for the campaign, acknowledged some sloppiness in the bookkeeping, but he and Jones denied wrongdoing.
Bell has confirmed that Mobile County District Attorney Ashley Rich is investigating Jones’ campaign finances.
The documents that the campaign provided to the Press-Register are riddled with inconsistencies. For example, all the checks are signed Donna Mitchell, but at least three of them are written in a hand that bears no resemblance to the others, which suggests that two people wrote checks using the same name.
Mitchell is the director of Jones’ Office of Strategic Initiatives, which is funded by federal grant money. A message left for her at her office went unreturned Friday.
Additionally, the registry of canceled checks provided by the campaign does not square with the expenses listed in the annual finance report.
Read Sam Jones' 2011 campaign finance report [PDF]
Nine of the checks, totaling about $1,600 worth of spending, appear to lack corresponding entries in the finance report.
Other checks appear to correspond to expenses in the report — the amounts are the same down to the penny — but the entries listed on the financial disclosure form bear incorrect vendor names.
Some of the entries on the expense report have no documentation to support them. The check registry supplied to the Press-Register is missing the month of July.
Many of the campaign expenses are supported with documentation. That documentation shows that expenses in 2011 ran the gamut from food and Mardi Gras throws to overhead costs associated with campaign headquarters.
The campaign’s financial report, though, labeled all $32,800 in spending as "administrative." The reporting form included categories for food and lodging, but none of those boxes were checked.
Nearly all of the campaign’s more than $4,500 in spending at Sam’s Club, a bulk retailer, went on food, drinks and common supplies like cleaner, toilet paper and paper towels.
Read Sam Jones' Sam's expenses [PDF]
That would seem to corroborate the explanation that Jones has given for the spending. He said the food and drinks supply his conference room at City Hall and his campaign headquarters, which volunteers use year-round. Jones, who is in his second mayoral term, has said that he expects to run again in 2013.
Nonetheless, a few of the purchases reflected in the documents released to the Press-Register didn’t appear to correspond to any of those activities. They included:
- $18 for a razor and shaving cream.
- $40 for a pair of Kenneth Cole "puffer vests."
- $60 for three fleece "footie" pajamas.
Bell said that a campaign staff member bought those items for personal use but repaid the campaign in cash.
No cash reimbursement appears on the annual campaign finance report. Bell said that is because the petty cash account won’t be reconciled until the next filing, which would be in August, 12 months before the city election.
Such a reimbursement would be reflected on the report as a cash contribution. Campaign rules allow contributions to be accepted only within 12 months of an election.
Because the reimbursement would be shown as a contribution, the campaign is waiting to reconcile the petty cash account on the report, he said.
Campaign finance law does not allow donations to be spent on expenses that would exist irrespective of a person’s candidacy for office.
In addition to Mitchell, another member of Jones’ campaign, Barbara Wolfe, also works for the city in the Office of Strategic Initiatives.
Jones described Wolfe as a part-time campaign staffer who does clerical work.
Neither Wolfe nor Mitchell were hired for their city jobs through the Mobile County Personnel Board’s merit system, which means they work at the pleasure of the mayor’s office.
India's forex reserve dropped by $1.37-billion - Newstrack India
Amid continuously depreciating Indian currency 'Rupee' as international currency 'Dollar', India's foreign exchange reserve (forex) dropped by US $1.37-billion, official data reflects it.
India's forex reserve that was in an adequate amount earlier before beginning the devaluation of Rupee had sharply slipped in two consecutive weeks by US$ 2.18-billion to US $291.80-billion, recorded on week ended May 11.
Foreign currency assets, the biggest component of the forex reserves kitty, fell by $1.33 billion to $257.85 billion during the week under review, according to the Reserve Bank of India's weekly statistical supplement.
The RBI did not provide any reasons for the change in foreign currency assets.
It said the assets expressed in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.
However, the RBI is understood to have sold dollars from the reserves to curb the slide in the value of rupee.
The Indian rupee slumped to a new intra-day low of 54.91 against a dollar Friday. This was the third consecutive record low of rupee in the last three days. The rupee had hit a low of 54.60 against a dollar Thursday, surpassing previous day's record of 54.52.
The rupee also hit a new closing low of 54.49 against a dollar Wednesday and ended the week at 54.42.
The value of special drawing rights (SDRs) declined by $25.6 million to $4.43 billion, and India's reserves with the International Monetary Fund (IMF) fell by $16.7 million to $2.88 billion.
The value of gold reserves remained unchanged at $26.61 billion.
--With IANS Inputs--
Runners raise money for Pitt Community College scholarships - WNCT
WINTERVILLE, N.C. -- More than 100 people came out for the Second Annual Bulldog Run today at Pitt Community College.
A few of 9 On Your Side’s reporters and anchors were there to help PCC’s Alumni Association sponsor the race. Andrea Blanford, Lindsay Landry and Rich Klindworth participated in the race, too.
The early morning event featured a 5-K run, a one mile fun run and a kids’ dash.
All money raised will benefit scholarships and educational activities at the college. Many runners say supporting students who are financially in need inspired them to participate.
“Pitt’s a very good place to get started at,” says runner Ron Duffett, whose daughter graduated from PCC. “And any kind of financial aid that they can get to get started like that is to our benefit, to everybody’s benefit.”
Runner Danny Ellis agrees, “It’s a really good thing. It gets me my chance to run, gets me my exercise. And I know some kid somewhere along the line hopefully it’s going help them in their life.”
Prizes were awarded to the top three male and female runners. Organizers say prior to the race, they raised more than $5,000 dollars for scholarships.
Road money is still just a trickle - Vancouver Business Journal
The six-year plan released this week reflects last year’s priorities since nothing has changed.
Someday: Olde Towne Road will be straightened at the sharp turn in front of The Colonies at Williamsburg. When the timeshares were developed, VDOT gave up surplus right-of-way for buffers and The Colonies gave up land to fix the curve. The project will cost $2.66 million.
Croaker Road will be widened to four lanes from Richmond Road to the James City County Library. The project includes replacing a new two-lane bridge over the train tracks. The total project cost is $12.67 million, of which $984,211 is already funded.
Longhill Road will expand to four lanes between Route 199 and Olde Towne Road and get sidewalks. The road is already over capacity. The project will cost $11.8 million, with about $135,000 in hand.
County officials consider this project the most urgent, but Olde Towne and Croaker will likely reach the construction phase beforehand.
Racefield Drive would be paved under a project that sets aside money annually until enough has accrued to complete a project. So far, the county has $69,000 toward $177,600 needed.
Hicks Island Bridge over Diascund Creek will be replaced under a similar funding scheme. The bridge has a low sufficiency rating and has been pinpointed by VDOT as priority for replacement. The project will cost $726,000, of which $280,800 is funded.
The Board of Supervisors will review the priorities next week.
Want to go? The supervisors will meet at 7 p.m. Tuesday, May 22, in Building F of the County Government Complex, off Mounts Bay Road.
Reliance Capital back in green, nets Rs 329cr profit - Times of India
During the quarter, Rel Cap's consolidated total income rose by 25% to Rs 2,002 crore, the company said in a release. The company's consolidated net profit would be Rs 507 crore if one-time provisioning for third party motor claims were not taken into account, it said. For the full year ending March 2012, Rel Cap reported a consolidated net profit of Rs 458 crore, a jump of 57% from last year. tnnRs 291 crore a year earlier, which came from a 20% rise in total income to Rs 6,627 crore from 5,536 crore during FY11. The company's board has proposed a dividend of Rs 7.50 per share.
During the quarter, Nippon Life, the largest private life insurer in Asia, signed a deal with Rel Cap to buy a 26% stake in Reliance Mutual Fund for Rs 1,450 crore, valuing the assets management company at Rs 5,600 crore. The transaction is awaiting regulatory approvals, the company said.
NorthStar Realty Finance Earnings Hindsight: Down 14.1% in Last 16 Days (NRF) - Financial News Network Online
Two weeks ago on May 3rd, 2012 NorthStar Realty Finance (NYSE:NRF) reported earnings and analysts, on average, expected earnings of $0.33 on sales of $124.0 million. The company actually reported a loss of $0.33 per share on sales of $117.3 million, missing EPS estimates by $0.66 and missing revenue estimates by $6.7 million. Since the company's report, shares of NorthStar Realty Finance have fallen from $5.94 to $5.10, representing a loss of 14.1% in the past 16 days.
In the past 52 weeks, shares of NorthStar Realty Finance have traded between a low of $2.92 and a high of $5.96 and closed Thursday at $5.10, which is 75% above that low price. The 200-day and 50-day moving averages have moved 0.76% higher and 0.27% lower over the past week, respectively.
Potential upside of 15.2% exists for NorthStar Realty Finance, based on a current level of $5.10 and analysts' average consensus price target of $5.88. The stock should hit resistance at its 50-day moving average (MA) of $5.41, as well as support at its 200-day MA of $4.57.
NorthStar Realty Finance Corp. is an internally-managed real estate company. The Company makes investments in real estate debt, real estate securities, and net lease properties.
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