MotoNovo Finance Continue to Innovate and Impress
(PRWEB UK) 27 May 2012
MotoNovo Finance has once again been nominated for a number of top awards, at numerous events, in the motor finance industry. MotoNovo, literally translated as ‘Driving Forward/Innovation or change,’ are in the middle of yet another innovative year of business with prosperous results. The name certainly reflects the values of this forward-thinking company as new products and services are introduced to maximise on customer satisfaction.Firstly, the car finance company based in Cardiff were shortlisted for the respected Asset Finance Firm of the Year award at the ‘Credit Today Awards.’ Having won the award in the previous two years, the team at MotoNovo Finance were delighted to be amongst the nominees once more. The award ceremony, sponsored by the Marston Group, was celebrating its 13th year with a performance from comedian Al Murray, in front of over 1400 attendees.
Mark Standish CEO reflected on the event: “Having won the award for the previous two years, it is a huge honour to have made the shortlist once again. I think that the nomination reflects our commitment to innovation and excellence. I believe the nomination also highlights the success of the wider motor finance industry in raising the profile of dealer finance as a very attractive and very much available financing option to help dealers to sell cars to a consumer market where finance availability has reduced over recent years.”
In addition to this success MotoNovo have also been shortlisted, along with six others, for the MotorTrader Award for Innovation. The MotorTrader Industry Awards 2012 takes place at the Grosvenor House Hotel, London on 11th July. The motor finance suppliers have been nominated for their discount shopping service, offering discounts and savings from hundreds of high street stores. Deals include savings with up to 15% discounts on high street shopping for all MotoNovo Finance customers.
A new service My Car Locator, available on the MotoNovo Finance website, is also going from strength to strength. This service helps customers locate their ideal car by searching through thousands of cars from hundreds of accredited dealers online. This also allows dealers to upload stock with just one-click, including photographs and full finance quotes. This allows dealers to advertise to over 100,000 finance customers.
So now customers can get full, detailed finance quotes and apply online for immediate decisions. The team at MotoNovo Finance hope that this will make searching for and acquiring a car a lot easier for their clients. For the moment however, they look forward with anticipation, to the coming award show in July.
About MotoNovo Finance
MotoNovo Finance offers a range of car finance products and services quickly, efficiently and competitively. Assisting over a quarter of a million customers with motor finance for over 40 years, MotoNovo are supported by multi-national bank – FirstRand. Accredited with a two-star rating from ‘Best Companies,’ the Cardiff based company has also been bestowed with the Investors in People Silver Standard award. Employing over 170 individuals across the UK, the experienced management team has been involved with motor finance for decades.
Karl Werner
MotoNovo Finance
08447 704 438
Email Information
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.
Brazil Finance Minister Demands Lower Bank Interest Rates -Report - NASDAQ
SAO PAULO -(Dow Jones)- Brazilian banks must lower their lending rates by between 30% and 40%, and increase lending, without raising fees, to help spur economic growth, Finance Minister Guido Mantega said in an interview with the Folha de Sao Paulo newspaper and UOL website.
"In one more month, all of this has to be in due course," Mantega said in an interview with Folha. "Our intention is to monitor this on a weekly basis. I will demand," Mantega said.
Brazil's government and banks have been involved in a tug-of-war for several months over the reasons behind sky-high bank lending rates in Brazil. While the government argues that banks inflate their costs, as measured by the spread between their borrowing and lending rates, banks argue that high non-payment levels, labor costs and taxes all drive up interest rates.
"If private-sector banks reduce [rates] 30%, 40% and increase the volume [of lending] 30%, 40%, they will be providing a service to the economy," Mantega said. The Folha report cited central bank data which shows that Brazil's five largest banks on average charge 54.11% per year for personal and corporate loans. A 40% reduction would see that fall to 32.46%, according to the report.
Brazil's central bank has slashed rates by three-and-a-half percentage points since late August 2011, to 9%, and is expected to lower rates again after its next monetary policy meeting on May 29-30. But the government has become increasingly concerned that the Brazilian economy isn't picking up as fast as it would like, following a meager 2.7% rise in gross domestic product in 2011, and has taken a series of other measures to try to promote growth, most recently unveiling tax breaks and other incentives for car makers.
The minister said he no longer expects the economy to grow 4.5% this year, and that somewhere between 3.5% and 4% growth is more feasible. Inflation in 2012 will be lower than last year's 6.5%, the minister said. Consumer price inflation is currently running at around 5.1%; "If it stays were it is, that's good for us," the minister said.
Mantega said he doesn't see any need for the government to reduce its savings target, although he acknowledged that if there were to be a global catastrophe--such as a chaotic Greek exit from the euro zone--"then clearly we would use all the instruments to prevent the economy from skidding."
With regards to bad loans, the government is preparing measures to encourage customers that are late on their payments to catch up, the minister said. Rules currently don't favor repayment of overdue loans, he acknowledged. Current rules are more flexible for loans of up to 30,000 Brazilian reais and the government plans to extend this to BRL80,000 or BRL100,000, the minister said.
Mantega rejected worries that Brazilian families are increasingly indebted, and cannot thus consume as much as they have done in recent years, contributing to the economic woes. He said overall debt levels are among the lowest in the world, with families setting aside around 20% to 22% of monthly income to pay debts, compared to around 80% in the U.S. Moreover, credit will continue to grow as Brazil continues to generate more jobs, Mantega said.
On the web:
http://www.folha.com.br (http://www.folha.com.br)
-By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com
(END) Dow Jones Newswires 05-27-121018ET Copyright (c) 2012 Dow Jones & Company, Inc.
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