Mumbai, June 16: As he gets ready to move to Raisina Hill, Union finance minister Pranab Mukherjee today had some encouraging words for India Inc, which has been critical over the policy paralysis at the capital.
Mukherjee today said even as the Centre was doing its bit to bring the economy back on growth path, the Reserve Bank of India could also lower interest rates.
A day after he was nominated as the Presidential candidate, Mukherjee today said the Centre had been taking various steps to address concerns expressed not only by Corporate India, but also international credit rating agencies to dispel the recurrent talk of policy inaction by the Centre and the North Block.
Addressing a seminar organised by Assocham, the finance minister said he was aware of the challenges India was facing and expressed the optimism that measures taken by the government would yield results soon.
"As finance minister, I cannot ignore the ground realities and areas of difficulties and also the apprehensions expressed sometimes by captains of industry, sometimes by credit rating agencies. As finance minister, I do not dismiss their concerns. I take serious note of their concerns and try to find out what is to be done, that is the exercise which I have done all three years starting from January 2009,'' he said.
The finance minister also had a word of advice for India Inc. Admitting that there was a "negative sentiment'' when it came to investment, he said the country had to find its own solution to the problem.
"My only request to leaders and captains of industry is that we should take note of these areas of difficulty, but we will have to find our own solutions. I believe industry has the resilience, the economy has the resilience and we are competent to rise to the task of meeting grave challenges,'' he said.
Mukherjee further expressed the hope that the Reserve Bank would bring down interest rates to stimulate the economy.
The RBI is set to announce its mid-quarter review of the monetary policy on Monday and it is widely expected to bring the policy rate at least by 25 basis points.
"I am confident that keeping in view all the factors, the RBI will adjust the monetary policy as we are adjusting the fiscal policy," he added.
Rupee volatility
Expressing concern over rupee volatility, Mukherjee today said there was an urgent need to diversify the country's export markets.
"The volatility of the rupee is still a matter of concern. And in the context of the current account deficit and going by the slow exports growth, (this) clearly demands that we must diversify our export destination and also our export basket," said Mukherjee.
He added that there was a need to encourage people to invest in market instruments. The minister regretted that people were investing in gold with the expectation that the value of their investment would appreciate. "Quantum of import of gold ... is a clear indication (that) large section of community...want (to) investment in dead asset only with expectation that its value would appreciate," he said.
Greece votes to decided whether to stay in the eurozone - Daily Telegraph
Opinion polls show Greeks, weary after five years of deep recession, overwhelmingly favour remaining in the euro, but there is bitter anger over repeated rounds of tax hikes, slashed spending and sharp cuts in wages.
Many voters are also furious with New Democracy and the other traditional ruling party, the now severely weakened PASOK, blaming them for decades of corruption, waste and inefficiency.
"It's the first time I feel depressed after voting, knowing that I voted again for those who created the problem, but we don't have another choice," said 66-year-old English teacher Koula Louizopoulou.
"I voted for the bailout because these are the terms that will keep us in Europe," she said.
A win for Greece's national soccer team in a game on Saturday at the Euro 2012 championships provided some lift for voters but there was little sign of enthusiasm at the polling booths, which close at 5pm UK time. Exit polls will follow soon after voting ends.
"It's obvious the country is now staring into the abyss," leading Greek daily Kathimerini said in a front-page editorial on Sunday, calling for the creation of a New Democracy-led "unity" coalition to keep the country in the euro.
The party gaining the most votes wins an automatic 50-seat advantage but neither New Democracy or Syriza is expected to win an outright majority and whoever emerges as top party will have to hold coalition negotiations with smaller groups.
European leaders weighed in on the eve of the vote - a re-run of an earlier election on May 6 that produced no clear winner - some of them openly urging Greeks to reject SYRIZA or risk undermining the very foundations of the single currency.
But whoever wins power may find their tenure is short-lived and, despite the insistence of EU politicians, some adjustment of the bailout terms may be inevitable if Greece is to cut a public debt amounting to 165pc of gross domestic product.
"It is a scenario I see as likely and if that is the condition presented for Greece to stay and then move on, I would say it is probably something that should be attempted," Angel Gurria, head of the Organization for Economic Cooperation and Development, told Reuters in an interview.
Central banks from Tokyo to London are readying arsenals to defend banks and national currencies against any post-election turmoil. The result will dominate a meeting of the Group of 20 world economic powers on Monday and Tuesday in Mexico.
Finance officials in the eurozone have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing eurozone capital controls as a worst-case scenario.
Eurozone officials have hinted they might give a new Greek government some leeway on how it reaches debt targets set by the EU/IMF bailout package, but there would be no change to the targets themselves.
Eurozone paymaster Germany warned Greeks on Saturday the bailout would not be renegotiated.
"That's why it's so important that the Greek elections preferably lead to a result in which those that will form a future government say: 'Yes, we will stick to the agreements'," Chancellor Angela Merkel told a party conference of her Christian Democrats.
A Greek exit from the single currency would heap further pressure on two far larger European economies - Spain has already received up to €100bn to save debt-riddled banks and Italy could be next to seek a bailout.
Anger with the establishment parties New Democracy and PASOK propelled Syriza and its youthful leader, a former Communist student protest organiser, from the obscure radical fringe to a shock second place on May 6.
The far-right Golden Dawn party also won seats in the first election, underscoring the fragmentation of a stressed society wrestling with unemployment of almost 23pc and plummeting living standards.
Five years of recession and more than two years of acute crisis have started to fray the edges of Greek society, undergoing its severest test since the overthrow of the military dictatorship in 1974.
The streets of central Athens are scarred by repeated waves of protests, some hospitals are short of vital medicines and reports of suicides caused by the crisis have become routine.
Five opinion polls published before a blackout two weeks ago put New Democracy narrowly ahead. Two other polls had Syriza leading.
But analysts say Samaras, 61, will find it hard to govern for long with an empowered Syriza protesting at the gates. Tsipras, if he wins, will inherit a country on the verge of bankruptcy. He has ruled out a government of national unity and promised to nationalise banks and halt privatisations.
Some global businesses and banks are already in retreat.
Europe's biggest retailer Carrefour said on Friday it was selling up in Greece, a day after French bank Credit Agricole moved to take direct control of its Albanian, Bulgarian and Romanian units from its Greek bank Emporiki.
Global Islamic Finance Standards Come to Australia, Malaysia, Singapore, and New Zealand - PR Inside
Global Islamic Finance Standards Come to Australia, Malaysia, Singapore, and New Zealand
Dubai, United Arab Emirates – June 17, 2012
It takes 7 hours to fly from Dubai to Kuala Lumpur; 6 more to Sydney. And then there’s the trip back. Throw in airports, jet lag, and delays, and it is no wonder that a short business trip to South East Asia from most parts of the world feels like it takes a week. In a world of Skype and streamed video, air travel just does not have the same appeal anymore. As a result, while 90% of the countries offering Islamic finance now follow one set of standards, namely AAOIFI’s, South East Asia has been left behind with its own
set of standards.This is about to change.
Ethica Institute of Islamic Finance, the most heavily-enrolled Islamic finance program in the world, will be the first globally recognized institute to bring fully AAOIFI-compliant certification to Australia, Malaysia, Singapore, and New Zealand. AAOIFI is the Accounting and Auditing Organization for Islamic Financial Institutions, the de facto standard for over 90% of the world’s jurisdictions.
“Because of the vast distance between the Gulf and South East Asia, the two regions historically developed their industries quite separately from each other. With Ethica’s 100% online platform, we finally bridge the distance with globally recognized certification that harmonizes standards across regions,” said Ethica’s spokesperson. The institute leads the Islamic finance certification industry with over 20,000 paying users in 44 countries and a network of resellers in 10 countries.
Ethica’s highly sought after exclusivity license went to Equitable Financial Solutions and grants marketing and selling rights for Australia, Malaysia, Singapore, and New Zealand. Usman Siddiqui, Equitable’s Managing Director, said, “Partnering with Ethica enables EFSOL to deliver a world-class Islamic finance certification to a market that has massive potential. Innovation and development in Islamic finance will not happen if our current base of professionals and academics are not versed in a better understanding of Islamic finance.”
What makes the partnership especially promising is that Ethica’s 4-month Certified Islamic Finance Executive (CIFE) program is delivered 100% online. This means that these countries are now connected to the same standardized training delivered in Dubai, Bahrain, and London. The Dubai-based institute’s clients include large banks like Mashreq Bank which trains 1,000 employees using Ethica, universities like La Trobe, and Dow Jones affiliate Zawya, which offers Ethica to its 750,000 users.
About Equitable Financial Solutions (EFSOL)
Equitable Financial is a Sydney-based company providing viable Shariah-compliant financial solutions to the Australian community and the region. In addition to offering a Mudarabah-based investment fund and a Musharakah-based home financing product, EFSOL provides training and certification to the business community. EFSOL has sold numerous properties and educated many professionals about the benefits of Islamic finance and now plays a vital role in marketing and distributing Ethica’s global certification program across the region. To learn more about Ethica’s training programs in Australia, Malaysia, Singapore, and New Zealand, please call +61-2-800-50235 or e-mail at info@efsol.com.au.
About Ethica Institute of Islamic Finance (www.EthicaInstitute.com)
Winner of “Best Islamic Finance Qualification” at the 2011 Global Islamic Finance Awards, Ethica is chosen by more professionals and students for Islamic finance certification than any other organization in the world. With over 20,000 paying users in 44 countries, the Dubai-based institute is accredited by leading scholars and serves banks, universities, and professionals across over 100 organizations. To watch an Ethica training video click bit.ly/FCWhyIF. For more information about this article, or to schedule an interview with Ethica Institute of Islamic Finance, please call +971-4-455-8690 or e-mail at info@ethicainstitute.com.
Developing nations should prepare for 'Lehmans moment', says World Bank chief Robert Zoellick - Daily Telegraph
"Uncertainty in markets is now starting to increase costs for developing countries," Zoellick said. "The ripple effects are making everybody's life harder."
In a reference to tensions in the eurozone over Greece's future, Zoellick said: "Europe may be able to muddle through but the risk is rising. There could be a Lehmans moment if things are not properly handled."
The bankruptcy of US bank Lehman Brothers in September 2008 triggered a global financial slump that indebted Western nations are still struggling to recover from.
Finance Minister asks LIC to attract younger customers - dayandnightnews.com
The Finance Ministry has asked LIC to devise a strategy with a view to focus on young people so that the average age of policy holders can be brought down leading to improvement in bottom line. “The average age of policyholders (of LIC) is very high. It needs to come down,” a top Finance Ministry official said.
LIC should bring proper policy and reach out to younger people so that this objective can be achieved, the official added. Average age of insured with LIC is 37 years. Higher average age raises risk for LIC. Lower the age of people, the mortality rate such cases are lower. Thus, it will help the company in improving profitability. The insurer behemoth has a market share of around 81 per cent in terms of new business policies and 71.3 per cent in terms of new business premium during 2011-12.
Finance Minister Pranab Mukherjee in a recent meeting with the heads of the public sector insurers had appreciated role of LIC in implementation of social security schemes. “I congratulate LIC for being the trust factor among the people. LIC also is successfully implementing Social Security Schemes – Aam Aadmi Bimay Yojana and Janashree Bima Yojana (JBY),” he had said. “I would advise LIC to work out “Kisaan Bima Yojana”, a life insurance scheme for the farmers on the lines of JBY where the coverage can be extended up to the age of 65 or 70 years and the additional premium could be borne by the farmers covered under the scheme,” he had said.
In order to increase penetration of insurance in the country, the Finance Ministry has advised insurers to appoint Business Correspondents as agents. It will make business sense for insurance companies to appoint these Business Correspondents as agents to tap the huge potential of insurance coverage in rural areas.
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ACC to investigate Finance Committee decision to pay committee allowance - Haveeru Daily Online
The Anti Corruption Commission (ACC) has stated that it will investigate into the decision by Finance Committee of the Parliament to give the committee allowance of MVR20,000 to all MPs for the month of March.
President of the commission Hassan Luthufee said that an individual had submitted a case to the ACC claiming that MPs are to earn a committee allowance for a month which saw no activity in the Parliament and that the ACC is gathering information regarding the case.
“This is a matter of concern for the commission. Members of the Parliament are an example to all. If a civil servant is to claim payment more than the work done, the matter will be sent to the court. Given this it is worrying that people who should be role models to the rest are claiming allowances for work they haven’t done. It raises the question as to how good role models they are,” Luthufee said.
He noted that if anyone claims more in payment than the work they do it is termed under corruption and that there is no doubt to it.
“Every decision taken by the MPs in the Parliament chambers is considered a law, and from that point even we cannot investigate any further. But the decision to take the allowance was taken in a committee meeting, so we can investigate this matter,” he explained.
At the Finance Committee meeting chaired by Bilehdhoo MP Ahmed Hamza held last Wednesday it was approved that all MPs will be paid the committee allowance for the month of March with the vote of Hulhu-Meedhoo MP Ilyas Labeeb, Nolhivaram MP Mohamed Nasheed, Alifushi MP Mohamed Nashiz and Eydhafushi MP Ahmed ‘Redwave’ Saleem.
Kulhudhufushi-North MP Abdul Gafoor Moosa and Vilufushi MP Riyaz Rasheed adhered from voting.
Besides six meetings held by the Finance Committee of the parliament between March 19 and March 31 no other sessions or committee meetings were held for the month of March in the Parliament.
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Finance expert Martin Lewis secures TV deal - Daily Record
