Xpress Money may use the UAE as trial market for transaction service - Zawya.com Xpress Money may use the UAE as trial market for transaction service - Zawya.com

Saturday, May 19, 2012

Xpress Money may use the UAE as trial market for transaction service - Zawya.com

Xpress Money may use the UAE as trial market for transaction service - Zawya.com

Saturday, May 19, 2012

Gulf News

Dubai The UAE could be one of two trial markets as the UK-headquartered payment services company Xpress Money makes a move into the individual to business (or business to individual as the case may be) transaction space. Its home market could be the other test market with the trials expected to start post-summer.

“There are very few payments facilitators who are already offering such a service capability and those who are got into it quite recently,” said Sudhesh Giriyan, who heads the regional operations at Xpress Money. “By getting in ourselves at the earliest we expect to narrow any advantage the others may have.

“As of now, we are trying to feel the market out by talking to institutional clients.”

Sources at local remittance houses reckon this is the way forward for the industry. Having institutional clients readily translates into substantial funds flowing through the remittance pipeline and that can only be a good thing for all industry players.

Xpress Money — which came into being in 1999 — only services individual to individual payments, with the UAE — where it has 350 locations operated by various exchange houses — and the GCC being one of its top transactional markets globally. Last year it entered the US and more recently Australia. The plans are to extend coverage to Latin America.

Widely rated

That is why the company wants to get into payment settlements involving individual to business and vice-versa. This category is widely rated within the industry as the next big thing.

Such services could be utilised to make an airline booking, whereby a customer can do the needful at a physical location where the Xpress Money service is available, or for a business to send salary contributions to outstation employees.

“We are formulating the systems and will also require having in place strict compliance practices,” said Giriyan. “Also, future corporate clients would need to be assured that we can provide optimum coverage through physical locations and that’s being addressed. We will also need to maintain bank accounts.

“It’s different to the typical compliance requirements for individual to individual and quite exhaustive.”

Not that remittance volumes involving individuals are showing any signs of slacking off. The estimated volumes last year through the GCC corridor were estimated at $76 billion (Dh278.9 billion). Saudi Arabia alone would account for more than $25 billion, enough to place it among the Top Three worldwide.

“But it’s still the US that is the biggest remittance market by far and the recession does not seem to have had any impact,” said Giriyan. “Last year it was estimated at $51.6 billion and it’s not difficult to see why — the whole of Latin America depends on individual remittances coming out of the US and so are many markets in Asia.

“China, India and Mexico remain the biggest recipients of remittance transactions, which goes to show that customer to customer volumes are not saturated. But customer to business opens up a whole new stream of opportunities.”

By Manoj Nair?Associate Editor

© Gulf News 2012. All rights reserved.



FinMin: bill on CPB rescue allows options apart from EU bailout - famagusta-gazette.com
A bill approved by the Cypriot Parliament on state backing to Cyprus Popular Bank's recapitalisation efforts gives Cyprus room to examine all possible options to avoid the entry into the EU support mechanism, Finance Minister Vassos Sharly has said.

After lengthy discussions, the Parliament approved early this morning a bill providing for the state to act as an underwriter to CPB's capital increase of 1.8 billion euro through a rights issue.

''The effort made tonight (yesterday for the approval of the bill) gives the possibility to examine other options,'' Sharly said responding to a question whether Cyprus would avoid the EU support mechanism.

''And yes we will work in the time ahead to explore every option possible to avoid the (support) mechanism,'' he added.

Sharly said he is moved by the sense of responsibility shown by all MPs who approved the bill.

Furthermore, replying to questions, Sharly voiced his concern over developments in Greece, expressing hope that Greek politicians will put the interest of their country before their own political benefit so that Greece will remain in the euro area.

''If this prevails I believe that at the end of the day Greece will make it and will remain in the Euro area and the Greeks will see better days,'' he added.

Cyprus is heavily interconnected with Greece through the Cypriot baking system whose loan portfolio in Greece accounts for approximately 25 billion euro. While Athens is gearing up for new general elections on June 17 speculation for Greece's exit from the Euro area is rising.

''For this reason I say if the Greek politicians show the same sense of responsibility like their Cypriot colleagues I believe they will make it (to remain in the Euro zone) and will not drag Cyprus in more difficult days,'' Sharly said replying to a question.
  Copyright Famagusta Gazette 2012 All comments are now moderated



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.



Quick Finance is Only a Click of the Mouse Away Thanks to Pay-Day-Loan.com - Emailwire

(EMAILWIRE.COM, May 19, 2012 )
Los Angeles, Ca -- Its an experience that will be familiar to many; the car breaks down, the refrigerator fails or a whole host of bills arrive on the same day. The household budget didnt count on something like this happening and its a full two weeks before payday arrives again. In distressing circumstances such as these, it can be difficult to know where to turn.

Thankfully, theres always the option of short-term finance, often referred to as a pay day loan. Offered by many providers all over the country, the payday loan can be an effective way to bridge the gap between one pay check to the next should misfortune strike.

As with most things, however, all payday loan lenders are not created equal. Many are predatory in their practices and offer extremely uncompetitive terms. Unfortunately, many of those seeking pay day finance can be taken advantage of due to their perilous circumstances.

Its lucky, then, that high-quality, reputable providers such as Pay-Day-Loan.com still exist in the market. Experts in the area of last minute finance, the team at Payday Loan are well known for providing competitive, easy to access loans with the minimum of fuss. Now families and individuals from all corners of the nation can rest easy, knowing that they have a financial safety net available in the form of Pay-Day-Loan.com.

The process for obtaining finance from the Payday Loan team is simple and straightforward. A quick online application can mean access to cash on the very same day. With loans available up to the amount of $1500, its easy to see how the service offered by Pay-Day-Loan.com can be just the thing families need to bridge the gap between one payday and the next.

Unlike many lenders, the team behind Pay-Day-Loan.com also dont perform a credit check, nor do they request supporting documentation be sent via fax. In this way, loans can be provided faster and more efficiently than ever before, something which is essential for those who require access to their funds ASAP.

So for those caught out by the unexpected and who need to stretch things out just a little further this month, theres a light at the end of the tunnel. The dedicated team at Pay-Day-Loan.com are standing by with some of the most competitive, simple and efficient payday finance options available anywhere. Need a little extra? Then turn to the experts; Pay-Day-Loan.com.

About Pay-Day-Loan.com:

Payday Loan is a specialist finance service offering Americans from all corners of the nation quick access to cash in order to stave off unexpected financial situations. With competitive terms which allow speedy access to funds without a credit check or requirement to fax documentation, Pay-Day-Loan.com is one of the fastest and most effective ways in the country to get a short-term payday loan. For more information, visit http://www.pay-day-loan.com

###



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. 



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.

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Consensus on GST soon - MoneyControl.com

May 19 2012, 12:16

Greek exit depends on bank funding, not govt: Expert

- in FII View



The Business Finance Store Discusses Small Business Outsourcing - San Francisco Gate

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The City of Costa Mesa, CA took the first steps this week to outsourcing jail services and street sweeping in order to save tax payers money, The Orange County Register reported. In this sense, the term outsourcing is more akin to contracting ...

Manappuram Finance Q4 net profit up 83% at Rs 187 cr - MoneyControl.com

Published on Sat, May 19, 2012 at 12:59 |  Source : Moneycontrol.com

Updated at Sat, May 19, 2012 at 13:00  



Road money is still just a trickle - Vancouver Business Journal
JAMES CITY — With road money reduced to a trickle, look for no new projects in the next six years. Officials project $1.14 million, with just $227,377 starting July 1.

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.




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