Financial services entities seek setting up of a bad bank

financial services entities seek setting up of a bad bank


NEW DELHI: Financial services sector entities batted for a one-time restructuring of all loans and setting up of a bad bank — or a system like the Troubled Asset Relief Program (TARP) of the US — to help revive the economy and shore up weak balance sheets that they said would be seen a year from now due to the impact of Covid-19.
Speaking at the 125th annual session of the Confederation of Indian Industry on Tuesday via videoconference, entities representing non-banking financial companies (NBFCs), health insurers and private equity firms also backed the idea of a single financial regulator, besides enabling healthcare insurance for all.
“Going into Covid, we had a weak financial sector. A $25-30 billion TARP-like programme can pull sectors like NBFCs out of distress,” Bain Capital Private Equity managing director Amit Chandra said.
Others also backed one-time restructuring. “A weaker credit book business will be the result of the moratorium (for six months on loan repayments) as it gives time for the borrower, but it is not the solution; a one-time restructuring plan (is),” said Sanjay Nayar, the CEO of KKR India.
Sanjiv Bajaj, the managing director of Bajaj Finserv, the country’s largest NBFC, also supported the …



Education Finance Takes Center Stage Amid Fiscal Uncertainty

education finance takes center stage amid fiscal uncertainty


June 2, 2020

Quality Counts’ annual deep dive into school finance might seem like a specialty project—crucial for the brass who keep the fiscal ship afloat in their school districts, but overshadowed by the day-to-day challenges of teaching, learning, and student safety that seem to dominate the K-12 education discussion.
Not this year.
As it has with every aspect of society, the COVID-19 pandemic threatens K-12 finances to an unprecedented degree. School administrators and state policymakers face the prospect of devastating budget cuts, layoffs, and programmatic retrenchment even as they wrestle with how to safely reopen their virus-shuttered schools.

Highlights From the Report

Full Report

They can’t make these decisions in a vacuum. School leaders need a clear picture of the resources in hand and what they can learn from those who have confronted past financial downturns—and survived.
“Quality Counts 2020: School Finance” aims to address all of these needs.
In his lead article, Education Week school finance reporter Daarel Burnette II, who has been covering the fiscal impact of the pandemic for months, shares advice from district leaders and school finance experts on navigating this crisis, informed by lessons from the Great Recession of 2007-09 and its aftermath.
Scores, …


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Zoom’s Q1 earnings will revolve around pandemic, security issues

Information Access and Management (IAM) Platform powers IAM Network - 60,000 + engaged information professionals worldwide.


Video chat software giant Zoom (ZM) announced its Q1 2021 earnings after the bell on Tuesday, beating expectations and giving investors and analysts their first look at how much growth the company has experienced as a result of the coronavirus pandemic and ensuing lockdowns.Here are the most important numbers from the report compared with what analysts were expecting, as compiled by Bloomberg.Revenue: $328 million versus $203 million expectedEarnings per share: $0.09 versus $0.01 expectedThe company’s stock was down in after hours tradingZoom has been among the biggest beneficiaries, if you can call it that, of the pandemic. The lockdowns, which are now being eased in many countries, forced people to gather in front of their laptops, smartphones, and tablets to stay in contact with friends and loved ones, work from home, and attend virtual classes.Its revenue, as a result, jumped a whopping 169% year-over-year. Zoom CEO Eric Yuan attends the opening bell at Nasdaq as his company holds its IPO in New York. (AP Photo/Mark Lennihan, File)MoreZoom says it now has 265,400 customers with more than 10 employees, a 354% increase year-over-year, and 769 customers paying more than $100,000 for the service.The company, however, expects to see a larger amount of customer churn in …


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Darqube Announces Crowdfunding Effort, Aims To Democratize Finance With Trading Analytics Platform

darqube announces crowdfunding effort, aims to democratize finance with trading analytics platform


Darqube, a U.K.-based trading technologies company, has brought to market an analytics platform aimed at helping retail market enthusiasts, traders and portfolio managers gain access to insights formerly available at the institutional level.
Thhe firm’s founder Rostislav Haliplii spoke with Benzinga about the democratization of financial technology.
Why Darqube?
Haliplii is a veteran in the institutional asset management and trading space. He studied financial engineering at Imperial College London prior to working as a quantitative trader and risk manager.
His experiences allowed him to found Darqube, an all-inclusive trading technology that allows users access to the same cutting-edge insights institutions leverage in generating consistent returns.
“The idea was to build an all-in-one platform where people can look at the markets, socialize, and create bots without programming skills,” Haliplii said. “It’s something very similar to what institutional traders do on a daily basis, but tailored for retail.”
Darqube’s Breadth Of Capability
Darqube comes in three products: Messenger, Terminal and Tradelab.
The Messenger application aggregates and parses through data from Bloomberg, CNBC, ABC News and over 200 other platforms and social media sources.
The Terminal provides access to an intelligent natural language search engine, customizable dashboards, portfolio analytics, cross-asset …


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Western Union makes bid to buy Dallas-based rival MoneyGram

western union makes bid to buy dallas-based rival moneygram


Western Union Co. is seeking to acquire Dallas-based rival MoneyGram International Inc. in a transaction that would bring together two of the largest U.S. providers of money-transfer services, according to a person familiar with the matter.Western Union has made a takeover offer for MoneyGram, said the person, who asked not to be identified because the matter isn’t public. No decision has been made and Western Union could opt to proceed without a deal, the person said.Representatives for Western Union and MoneyGram declined to comment.The business has been in decline as more people use online payments. Financial-technology upstarts have taken aim at the industry, offering strong new competition to established companies. Meanwhile, policy makers are intent on trimming the fees associated with moving money around the world.MoneyGram shares shot up nearly 30% Tuesday to close at $3.36, giving the company a market value of $213 million. It also has about $878 million of debt. Western Union rose 11% to $23.05 for a market value of about $9.5 billion.Dallas-based MoneyGram has struggled during the coronavirus pandemic, which has forced it to shutter operations around the globe as governments imposed shelter-in-place orders. While MoneyGram has boosted digital transactions, they made up just 18% of …


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Market movers: Bajaj Finance, Kotak lead rally; 150 stocks give buy signal

market movers: bajaj finance, kotak lead rally; 150 stocks give buy signal


NEW DELHI: Unperturbed by Moody’s sovereign rating downgrade and concerns over growth outlook in coming months, investors continued piling up equities as benchmark indices rose for the fifth-straight session on Tuesday.
In a repeat of Monday, bank and financial names led the rally as the 30-share pack Sensex climbed over 500 points and the broader 50-share Nifty advanced 150 points to flirt with the 10,000 mark.
Among bluechips, Bajaj Finance was the biggest gainer, up nearly 9 per cent while Kotak Mahindra Bank, IndusInd Bank, HDFC, Axis Bank and ICICI Bank added 3-8 per cent.
Here is a lowdown on what happened in Tuesday’s session:
Smallcaps outperform
Nifty Smallcap index continued their stupendous run, rising for the sixth session, outperforming its peers. The index added 2.36 per cent led by 6-10 per cent gains in Arvind Fashions, Aster DM, NCC, Aegis Chemicals and ITI. In comparison, Nifty Midcap advanced 1.36 per cent, Nifty500 1.46 per cent and Nifty50 1.56 per cent.
FMCG lone losing sector
At a time when everything was being bought, FMCG stocks were under pressure as investors believed some cost cutting from households is likely as cash flow dwindles. Some selling was also due to CAPF canteen’s decision to exclude products from ‘ …


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Five finance tips for recent college grads – KYMA

five finance tips for recent college grads – kyma


YUMA, Ariz. (KYMA, KECY) – A financial balance is important for recent college graduates as they enter adulthood.

Rebecca Gramuglia, a personal finance expert at, has five tips for recent college graduates to better budget their money.

The first tip is building credit. She says creditworthiness is factored in when opening a credit card or buying a car.

Second is finding a good balance for budgeting income in terms of essential, debt, and personal spending.

“The 50/20/30 rule is to use up to 50% of your after-tax income on essentials such as housing, food; up to 20% on any financial priorities such as savings or debt repayments; and up to 30% on any lifestyle choices,” Gramuglia said.

Maiely Gonzalez is a California State University, Chico graduate, and resident of Calexico. She believes colleges should help students be more prepared financially.

“College should have like a specific class to teach every single student about like credit and their savings because there’s a lot of people who don’t know anything about it, and I only know because I did my own research,” Gonzalez said.

Tune in tonight at 4 p.m. on 13 On Your Side as April Hettinger provides more tips graduates can use to …


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Finance department ‘withholding’ PPE order emails

finance department ‘withholding’ ppe order emails


A DUP MLA has accused the Department of Finance of withholding emails about a failed Personal Protective Equipment (PPE) order from China.Paul Frew said the finance committee had requested all emails about the order, but only some of the correspondence was released.He said emails covering 30 and 31 March were not provided.The finance minister said he was happy to “consider any request for appropriate information”.But Conor Murphy also asked Mr Frew if he brought the same “righteous indignation” into his own party meetings when such issues as the renewable heat incentive (RHI) are discussed, and said he doubted this was the case.The botched green energy project contributed to the collapse of the Northern Ireland Executive in 2017.’A grave place’Mr Frew, who is the deputy chairman of the finance committee, accused the department of denying the committee access to the emails and claimed a BBC freedom of information request to access the same emails was also rejected by the department. “We are in a grave place if we are denied access to these emails, ” Mr Frew said.”Any department that stops information going to a scrutiny committee is unjust and diabolical”The Ulster Unionist MLA Mike Nesbitt, who …


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Prime Trust and Strike Protocols Partner to Enable Connectivity and Clearing Directly from Custody

prime trust and strike protocols partner to enable connectivity and clearing directly from custody


LAS VEGAS, June 2, 2020 /PRNewswire/ — Prime Trust, the innovative API-enabled financial solution provider and digital asset custodian announced today its partnership with Strike Protocols, a New York based provider of connectivity, clearing, and settlement services. Through this partnership, Prime Trust will enable its customers to connect and consolidate their trading and custody accounts using the Strike Network.

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The Strike Network allows users to easily access and view all of their accounts on a single intuitive and easy to use platform. The network also enables the rapid and efficient settlement of transactions through its innovative clearing and settlement technology.

Andrew Lawrence, founder and CEO of Strike Protocols, said, “As we build out our industry-first connectivity network, we are delighted to have Prime Trust as a partner. Access to our solutions will allow their customers to better manage their digital asset portfolios and trading activity- increasing their efficiency, simplifying their operational complexity, and reducing their risk.”
“We are pleased to partner with Strike Protocols,” stated Scott Purcell, CEO of Prime Trust. “We believe that this will be a significant addition to our already industry-leading suite of services offered to customers. The professionalism of the Strike Protocols team, the impact …


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