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.
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.
Related Sites: CEN - Consumer Electronics Net , VideoBasedTutorials
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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.
Forex Dominator Review Plus Discount And iPad Bonus Revealed For New System - Houston Chronicle
Billy Smith II
Protesters arrested at DA's office in wake of Blomberg case
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--
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.
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.
Forex reserves drop by $1.37 billion - Times of India
The forex reserves has dropped sharply for the second consecutive week. It had declined by $2.18 billion in the previous week.
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.
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