Financial sector slow to clean up its act despite royal commission revelations

Updated September 10, 2018 06:04:11 Last month the corporate regulator ASIC revealed banks and others in the financial services sector would have to refund up to $850 million that had been taken from customers without any service being rendered. It’s a number so big it’s hard to comprehend. The man running the banking royal commission, Kenneth Hayne, certainly comprehended what was going on when he questioned the head of the trustee responsible for NAB’s superannuation funds. “Did you think yourself…

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Financial mismanagment fears hit Karonga district council

… the council Secretariat to provide financial reports during its full council … Secretariat to provide a full financial report during the recent extraordinary … by the Secretariat to shun financial reports the councilors have reached … financial matters as they are aware of all financial reports through their finance … Source link

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Finance Ministry crafting strategy to boost GST revenues, engaging with states to identify issues

— By IANS | Sep 09, 2018 01:24 pm New Delhi: Alarmed by a nearly four-fold rise in GST compensation to states for June-July, the Finance Ministry is crafting a strategy to shore up tax revenues and engaging with states to identify issues hindering their collections. Finance Secretary Hasmukh Adhia has started meeting with GST officers, both from central and state tax departments, in the state capitals to understand issues plaguing the GST collections. There has been a spike in the bi-monthly GST…

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To the brink and back: A financial crisis timeline

The financial crisis that struck a decade ago had its origins in the easy-to-get mortgages that fueled a housing market bubble beginning in the early 2000s. The crash in home prices when the bubble burst led to a cascade of events that ignited the Great Recession and nearly destroyed the financial system before U.S. officials took controversial steps to prevent an economic meltdown. Oct. 18, 2006 | Early signs of trouble The number of Californians sharply behind on their mortgages…

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Finance Ministry crafting strategy to boost GST revenues

Finance Secretary Hasmukh Adhia has started meeting with GST officers, both from central and state tax departments. New Delhi: Alarmed by a nearly four-fold rise in GST compensation to states for June-July, the Finance Ministry is crafting a strategy to shore up tax revenues and engaging with states to identify issues hindering their collections. Finance Secretary Hasmukh Adhia has started meeting with GST officers, both from central and state tax departments, in the state capitals to understand issues plaguing the…

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10 years ago, Iceland’s massive financial crisis erupted

Banks in ruins, a currency in free fall and the IMF called to the rescue: A decade ago Iceland’s worst financial crisis erupted, a traumatic experience the nation still struggles to forget. Once dependent on fisheries, the Arctic island was in 2008 a country of flashy bankers with a vibrant finance sector, where locals enjoyed the highest standard of living in the world. Just before the crisis, the assets of the country’s three biggest banks — Kaupthing, Landsbanki and Glitnir…

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How to finance an investment property

For those who believe in the merits of property investment and wish to grow their portfolio, perhaps the most critical hurdle to overcome will be sourcing suitable property finance. Many of the mainstream retail banks are less eager to finance investment properties than primary residences.  I presume this is because these banks believe that individuals are most likely to prioritise the stability of their homes and family, and so are more likely to honour their monthly bond repayments on their primary residence…

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EDITORIAL: New strategy needed to fix financial crisis

By EDITORIALMore by this Author The debate over the controversial high fuel prices masks a fundamental problem, namely, poor economic management and high level of indebtedness. The government is facing serious financial crisis and is looking for all sorts of solutions to fix the deficit. Consequently, it has resorted to raiding the citizens’ pockets. At the heart of all this is poor planning and, subsequently, poor decisions. Tied to that is poor resource management, weak systems, theft and corruption. Our…

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First State Financial Planners opens office

Zakutny Maria Zakutny,presidentof First State Financial Planners, LLC, announced the opening of the business near Newark. Zakutnyhas earned the Certified Financial Planner (CFP) designation. As a CFP professional, Zakutny is held to the highest standards of fiduciary care and takes a holistic approach with her clients – looking at the entire financial picture and collaborating with clients to create a planto achieve their financial goals, a release stated. The business is located at 200 Continental Drive, Newark. Zakutny started hercareer…

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Former Finance Minister Yashwant Sinha attacks PM Narendra Modi, says people won’t tolerate lies- The New Indian Express

By IANS NOIDA: In a veiled attack on Prime Minister Narendra Modi, former Finance Minister Yashwant Sinha on Saturday said that lies of someone occupying top office in the country does not go unnoticed, as people are smart enough to see through such lies. “Politicians think public does not know anything and they can lie and get away with it. If a small man tells a lie, we may believe he is ignorant. But when someone sitting at the top…

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Buhari’s second will spell more joblessness, poverty – global financial body, HSBC warns

Multinational banking and financial services company, HSBC, has warned that if President Muhammadu Buhari is reelected for a second term in office, Nigeria’s poverty rate will likely continue to rise as the country’s economy will further stagnate The company stated this in a report by its Global Research unit, entitled, “Nigeria, papering over the cracks.” According to the report, whilst President Buhari’s approval ratings sit near all-time lows, a development, it said, “largely reflects the impact of Nigeria’s painful…

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Entrepreneurs, finance and understanding the ‘F’ of ‘E’

Entrepreneurs are risk-takers and niche-finders. They see and seize opportunities and implement new ideas, new processes and new technology. They are not afraid to venture out, make mistakes and take responsibilities for those mistakes. They do not see failure as the end but as a learning experience on which to build businesses and future success. That being said, starting a new business can be a daunting task. There are myriad issues a new entrepreneur will encounter: legal issues, financing, marketing,…

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‘1MDB is but a glimpse into corrupt offshore financial system’

Although the 1MDB scandal is widely seen as one of the worst corruption scandals in recent history, Sarawak Report editor Clare Rewcastle-Brown said it is but a glimpse into the workings of global offshore financial systems and related enterprises that enable it. She said corrupt proceeds – whether timber corruption in her home state of Sarawak, or those from the 1MDB scandal – are moot unless they can be “cashed in” all around the world, which global financial systems enable…

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Financial constrains forced Reyonlds to live in sold-off estate

Washington DC:  Hollywood’s yesteryear superstar Burt Reynolds in his final days, prior to his death was able to lead a peaceful life in a plush Florida estate. According to TMZ, the owner of the estate helped the actor by letting him stay there, as the latter was reeling under a period of financial crisis. In 2015 ‘The Longest yard’ star had sold his home to a friend, Charles Modica, as he wanted to overcome the financial woes he had been…

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Legion Finance Trade Limited(LFTL) granted a loan of €725m to Lobion Oil & Shipping Ltd – Finance Industry Today

Legion Finance Trade Limited(LFTL) granted a loan of €725m to Lobion Oil & Shipping Ltd – Finance Industry Today – EIN News Trusted News Since 1995 A service for finance industry professionals · Saturday, September 8, 2018 · 461,389,829 Articles · 3+ Million Readers News Monitoring and Press Release Distribution Tools Press Releases Events & Conferences Source link

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