Advertisement

Trump’s Lieutenants Flunk Finance 101 | National Review

trump’s lieutenants flunk finance 101 | national review

BEGIN ARTICLE PREVIEW:

Secretary of State Mike Pompeo takes questions during a news conference at the State Department in Washington, D.C., July 8, 2020.
(Tom Brenner/Reuters)

Sanctions against Hong Kong risk undermining the dollar.

In a scoop, Bloomberg reported last week that Secretary of State Mike Pompeo and some of President Trump’s top lieutenants are considering fully weaponizing the U.S. dollar to undermine Hong Kong’s financial system. The idea has been hatched to punish China for its recent aggressions in Hong Kong.
Just what does the weaponization of the greenback entail? The U.S. dollar is the international currency. It is the major reserve currency held by central banks, the most prominent currency used to denominate debt, and the unit of account for invoicing goods and services in international trade. The dollar’s stable value means that it is used widely for both international payment and interbank transactions, as well as for official intervention in foreign-exchange markets. In short, the dollar is entrenched at the center of the international financial system. This gives the United States an “exorbitant privilege,” as the Frenchman Valéry Giscard d’ Estaing pointedly put it. For the U.S., the benefits are incalculable.

Advertisement

The greenback …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE

IMF urges Lebanese to unite around government financial rescue plan

imf urges lebanese to unite around government financial rescue plan

BEGIN ARTICLE PREVIEW:

The International Monetary Fund urged Lebanese authorities on Monday to unite around a government rescue plan and warned that attempts to lower losses from the financial crisis could only delay recovery.The government’s rescue plan has served as the cornerstone of talks with the IMF and maps out massive losses in the financial system.The talks have been bogged down by a row over the scale of financial losses that have embroiled the government, the central bank, commercial banks, and lawmakers from Lebanon’s main political parties. “It is very important that the authorities unite around the government plan. From our side, we are ready to work together with the authorities to improve the plan where this is necessary,” said Athanasios Arvanitis, deputy director of the IMF’s Middle East and Central Asia Department.Lebanese Finance Minister Ghazi Wazni said last week the talks were on hold pending the start of economic reforms and agreement on the losses.READ: Lebanon’s traffic lights outage caused by revenue row, not fuel scarcityArvanitis said in an online press conference that delaying taking action would only worsen the outlook for the economy.“However we’re also worried that attempts to present lower …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “IMF urges Lebanese to unite around government financial rescue plan”

Lewis-Clark State’s Julie Crea Named VP For Finance and Administration

lewis-clark state’s julie crea named vp for finance and administration

BEGIN ARTICLE PREVIEW:




LEWISTON – Julie Crea, a 21-year employee of Lewis-Clark State College, has been named vice president for finance and administration at the institution, LC State President Cynthia Pemberton announced Monday.Crea was named one of three finalists for the position last month. The vice president position has been open since December when Todd Kilburn left to become the chief financial officer for the Idaho State Board of Education in Boise. The search for the position started last winter but then was put on hold in the spring during the COVID-19 pandemic. The position reports to President Pemberton and serves as the chief financial officer for the college, directing financial strategies, analyses forecasting, and financial operations.“Dr. Crea rose to the top of a narrowed field of three strong finalists,” President Pemberton said. “Her knowledge, skills and expertise, along with her can-do attitude and abilities make her the right choice at the right time for LC State. I am very much looking forward to our continued work together, and have every confidence Dr. Crea will rise to the challenges associated with this next level of leadership on behalf of LC State.”Crea will oversee the following areas: the budget office, controller’ …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Lewis-Clark State’s Julie Crea Named VP For Finance and Administration”

Mercedes-Benz launches new digital service & finance initiatives: Zero-cost EMI for 3 months

mercedes-benz launches new digital service & finance initiatives: zero-cost emi for 3 months

BEGIN ARTICLE PREVIEW:

DSDNxt (Digital Service Drive Next) is a customer services program of Mercedes-Benz India that includes a host of digital solutions for customers to stay connected from the comfort of home and avail personalised services. Mercedes-Benz India has announced the introduction of digital service solutions called DSDNxt (Digital Service Drive Next) and ‘Pay at your convenience’. As a customer-centric brand, Mercedes-Benz believes in the integration of digital technology in the entire value chain, from design and development to production, and finally to sales and service. Towards this strategy, the digital program DSDNxt, the Vehicle Digital Reception System (vDRS), and WhatsApp for Business initiatives will ensure real-time service updates to the customers remotely, Martin Schwenk, MD & CEO, Mercedes-Benz India, said.‘Pay at your convenience’: An industry-first service bill finance aims to ensure ease of payment to the customers for their service requirements. It will be available with credit cards from more than 13 banks, allowing Credit Card EMI option for a tenure up to 12 months, Zero-cost EMI option for 3 months, and One swipe EMI easy payment option for both preventive maintenance and general repairs.Also read: Mercedes-Benz India starts online bookings: Book a car or service from homeVehicle Digital Reception System (vDRS) allows …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Mercedes-Benz launches new digital service & finance initiatives: Zero-cost EMI for 3 months”

Bank secrecy lifting pushed to avoid financial fraud | Inquirer Business

bank secrecy lifting pushed to avoid financial fraud | inquirer business

BEGIN ARTICLE PREVIEW:

To avoid a repeat of cross-border financial fraud that implicated local financial institutions, it’s time for Congress to ease the antiquated bank secrecy law while the government tightens enforcement against such crimes, Finance Secretary Carlos Dominguez III said.
Stephen Cutler, a security analyst and antimoney laundering consultant, noted that the Philippines seemed “to attract financial fraud,” citing the involvement of local banks in the Bangladesh Bank cyberheist in 2016 and the more recent controversies involving Australia’s Westpac and Germany’s Wirecard.
ADVERTISEMENT

Cutler blamed the Philippine financial sector’s vulnerability to fraudulent activities to shortcomings in enforcement of regulators such as the Securities and Exchange Commission (SEC), the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC) as well as a weak whistleblower program covering crimes in the private sector.
Dominguez said this vulnerability could be addressed by focusing on enforcement—detection, prosecution and conviction.FEATURED STORIES
Dominguez admitted that the SEC, for instance, had a poor record of law enforcement of financial fraud perpetrators.
“For example, [there were] no convictions of pyramid scheme operators,” Dominguez noted, even as the SEC had been going after these Ponzi schemes.Dominguez said he had discussed how to address this …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Bank secrecy lifting pushed to avoid financial fraud | Inquirer Business”

Your Money: Investing in FDs or RDs? Five tips to keep in mind

your money: investing in fds or rds? five tips to keep in mind

BEGIN ARTICLE PREVIEW:

Banks deduct 10% TDS when the interest income from FDs or RDs surpass Rs 40,000 (Rs 50,000 for senior citizens) in a financial year.The capital protection and income certainty features of fixed deposits (FD) and recurring deposits (RD) make them the most popular choice among risk-averse investors, and those investing for their short-term financial goals. Here are five facts which every FD and RD investor should know:Up to Rs 5 lakh covered under deposit insuranceFDs and RDs opened with scheduled banks are insured up to Rs 5 lakh per bank per depositor in case of bank failures. Risk-averse investors looking for higher FD rates but with maximum possible capital protection can open high-yield FDs or RDs with small finance banks and some private sector banks and distribute them in such a way that their cumulative deposits in those banks do not exceed Rs 5 lakh in each bank. Small finance banks are scheduled finance banks and their highest FD slab rates are 200-300 bps higher than those offered by PSU and most private banks.Related NewsTax liability does not end with TDSBanks deduct 10% TDS when the interest income from FDs or RDs surpass Rs 40,000 (Rs 50,000 for senior citizens) in a financial year.For those …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Your Money: Investing in FDs or RDs? Five tips to keep in mind”

Private school to permanently close due to financial struggles during the pandemic

private school to permanently close due to financial struggles during the pandemic

BEGIN ARTICLE PREVIEW:

`;

articleContent = document.querySelector(“.article-content”);

articleContent.innerHTML = articleContent.innerHTML + formbox;

function waitForElement(id, callback){
var goStahp = setInterval(function(){
if(document.getElementById(id)){
clearInterval(goStahp);
callback();
}
}, 100);
}

waitForElement(“customAnvatoPlayerForHowTipsBecomeStories”, function(){
// AnvatoPlayer(“customAnvatoPlayerForHowTipsBecomeStories”).init({
// url: “https://ep-lin-publish.storage.googleapis.com/videos_lin/variant/5541156.m3u8”,
// width: “100%”,
// poster: “https://www.kxan.com/wp-content/uploads/sites/40/2020/05/Featured-Image-Tip-Form-Video.jpg”,
// “share” : 0,
// “mcp”:”LIN”,
// “plugins”:{
// “googleAnalytics”:{
// “trackingId”:”UA-32507368-26″,
// “events”:{
// “VIDEO_STARTED”:{
// “alias”: “How a Tip Becomes A Story – videoContentPlay”,
// “category”:”Video”
// },
// “VIDEO_FIRST_QUARTILE”:{
// “alias”: “How a Tip Becomes A Story – video 25%”,
// “category”:”Video”
// },
// “VIDEO_MID_POINT”:{
// “alias”: “How a Tip Becomes A Story – video 50%”,
// “category”:”Video”
// },
// “VIDEO_THIRD_QUARTILE”:{
// “alias”: “How a Tip Becomes A Story – video 75%”,
// “category”:”Video”
// },
// “VIDEO_COMPLETED”:{
// “alias”: “How a Tip Becomes A Story – videoComplete”,
// “category”:”Video”
// },
// “USER_PAUSE”:{
// “alias”: “How a Tip Becomes A Story – videoPause”,
// “category”:”Video”
// }
// }
// },
// }
// });
});

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Private school to permanently close due to financial struggles during the pandemic”

Stressed NBFCs, HFCs seek about Rs 10,000-crore financing support under special liquidity scheme

stressed nbfcs, hfcs seek about rs 10,000-crore financing support under special liquidity scheme

BEGIN ARTICLE PREVIEW:

New Delhi: The finance ministry on Sunday said financing requests of close to Rs 10,000 crore have been received under the special liquidity scheme worth Rs 30,000 crore for stressed NBFCs and HFCs whose financials further deteriorated due to the COVID-19 crisis.
The scheme was launched on July 1. The Reserve Bank of India (RBI) has provided funds for the scheme by subscribing to government-guaranteed special securities issued by a trust set up by SBI Capital Markets Limited (SBICAP).
“RBI has also issued a circular to NBFCs and HFCs on July 1, 2020 itself on the Scheme. SBICAP has received 24 applications requesting about Rs 9,875 crore of financing as on July 7, 2020 which are being processed,” the finance ministry said in a statement.
The first application has been approved and the remaining are also under consideration, it said.
The Investment Committee of Special Liquidity Scheme (SLS) Trust has approved investment of up to Rs 200 crore in commercial paper issued by the applicant.
Non-banking financial companies (NBFCs) and housing finance companies (HFCs) came under stress following a series of defaults by IL&FS group firms in September 2018.
During the latest review of the Atmanirbhar Bharat package by Finance Minister Nirmala Sitharaman, progress of various schemes was discussed, including …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Stressed NBFCs, HFCs seek about Rs 10,000-crore financing support under special liquidity scheme”

JPMorgan, BlackRock, Wells Fargo Among Financial Reports Due – TheStreet

jpmorgan, blackrock, wells fargo among financial reports due – thestreet

BEGIN ARTICLE PREVIEW:

JPMorgan, BlackRock, Wells Fargo Among Financial Reports DueSecond-quarter earnings season gets under way in the week ahead with full slate of banks and financials on tapAuthor:Tom BemisPublish date:Jul 12, 2020 9:00 AM EDT JPMorgan, BlackRock and Wells Fargo are among a slew of banks and financial companies set to kick off second-quarter earnings season in the week ahead. JPMorgan ChaseJPMorgan Chase & Co.  (JPM) – Get Report is expected to report adjusted net income of $3.8 billion, or $1.15 a share, on sales of $30.4 billion before the market opens on Tuesday, based on a FactSet survey of 22 analysts.In the same period a year ago, the company posted earnings of $2.82 a share on sales of $29.6 billion. It reported net income of $9.1 billion. The stock has fallen 4.4% since the company last reported earnings on April 14.In the upcoming quarter analysts are forecasting adjusted net income of $5.3 billion, or $1.76 a share, on sales of $27.8 billion.For the year, analysts project revenue of $114.2 billion.JPMorgan Chase is a holding in Jim Cramer’s Action Alerts PLUS portfolio. CitigroupCitigroup Inc.  (C) – Get Report is expected to report adjusted net income of $1.1 billion, or 35 cents a share, on sales of $19.1 billion before the market opens on Tuesday, based on …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “JPMorgan, BlackRock, Wells Fargo Among Financial Reports Due – TheStreet”

Will Robo-Advisors Replace Traditional Financial Planners?

will robo-advisors replace traditional financial planners?

BEGIN ARTICLE PREVIEW:

The past decade has seen the rise of numerous automated investment management platforms — “robo advisors” — that are said to threaten the very existence of the human advice industry. While these services provide core offerings that can and do act as portfolio centerpieces, automated investment managers come with a number of drawbacks that may have a significant impact on their ability to grow into the future. A holistic exploration of the advantages and disadvantages of robo-advisors, especially in comparison to human-delivered advice, is warranted.
Lets look at two advantages first:
1. Inexpensive, Innovative, and Effective
Robo-advisors are elegant tools that do their best to minimize investing costs and streamline their clients’ financial lives. FinTech firms like Betterment and Wealthfront have developed easy-to-use interfaces that allow clients to become fully invested after answering a simple questionnaire. Once invested — usually in a low-cost portfolio of ETFs — clients are able to go back to their everyday lives without thinking about their investments again, other than to add more money to their portfolio or open a new account. 
This is done on a basic level for an expense fee of only 0.25% of assets annually, which is a far cry from the 1% (or …

END ARTICLE PREVIEW

READ MORE FROM SOURCE ARTICLE Continue reading “Will Robo-Advisors Replace Traditional Financial Planners?”