Siemens appoints finance chief Kaeser as CEO

23, 2013 file picture Peter Loescher, CEO of German industrial conglomerate Siemens, listens questions of journalists during a news conference prior to the annual shareholder meeting in Munich, southern Germany. Siemens has appointed finance chief Joe Kaeser as its new chief executive, handing a manager with over 30 years’ experience at the industrial conglomerate the task of improving its fortunes after missed profit targets led to the departure of predecessor Peter Loescher. Siemens AG said Wednesday, July 31, 2013 its supervisory board unanimously chose the 56-year-old Kaeser. It said a new chief financial officer will be appointed “in due course.” (AP Photo/Matthias Schrader, file) Sponsored Links The Associated Press BERLIN Siemens appointed finance chief Joe Kaeser as its new chief executive on Wednesday, handing a manager with over 30 years’ experience at the industrial conglomerate the task of improving its fortunes after missed profit targets led to the departure of predecessor Peter Loescher. Siemens AG said its supervisory board unanimously chose the 56-year-old Kaeser, who will take office Thursday.

Finance moots 49% multi-brand retail FDI by automatic route

The anticipated results of such a warming level will pose unprecedented challenges to humanity. While no nation will be immune to the impacts of climate change, the distribution of impacts will likely be unequally tilted against many of the worlds poorest regions that lack the economic, institutional and technical capacity to adapt to the repercussions of the climate change. Some of the challenges to humanity will include the rise of sea-level to 15% and 20% in the tropics; increases in tropical cyclone intensity felt in low-latitude regions; and increasing aridity and drought in many developing country regions located in the tropical. Thus the level of impacts that developing countries and the rest of the world experience will be a result of government, private sector, and civil society decisions and choices, including, unfortunately, inaction, summarized in the report. Forbes Asia attended the Global Green Growth Summit in Songdo, Incheon, an annual event focused on Green Growth, to find out more about the future of green growth: finance, innovation and policy.

Wielding Finance, Innovation And Policy To Make An Impact In Climate Change

Last September, the government permitted foreign supermarkets in India by allowing up to 51 per cent FDI, subject to government approval. The cabinet is set to review FDI norms in multi-brand retail on Thursday. On July 24, commenting on the cabinet note moved by the Department of Industrial Policy & Promotion (DIPP), the finance ministry proposed that FDI up to 49 per cent is allowed on automatic route. The DIPP has declined to tweak the cabinet proposal saying this was not on the agenda of the July 16 meeting chaired by the Prime Minister, at which fresh FDI limits were decided. It was also not part of the suggestions put forward by the Arvind Mayaram committee.

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Serbia’s largest party agrees to finance minister’s ouster

Credit: Reuters/Djordje Kojadinovic BELGRADE | Wed Jul 31, 2013 6:16am EDT BELGRADE (Reuters) – The largest party in Serbia’s government signaled its acceptance of Finance Minister Mladjan Dinkic’s dismissal, saying on Wednesday it would continue to work with the Socialists in the ruling coalition. Prime Minister Ivica Dacic, a Socialist, proposed on Tuesday that the government move on without Dinkic and his United Regions of Serbia (URS) party, a junior partner in the coalition. Deputy Prime Minister, Aleksandar Vucic, who heads the largest party, the Serbian Progressive Party (SNS), said his party presidency had accepted Dacic’s proposal at a meeting on Wednesday morning. Without the 16 seats of Dinkic’s URS, the coalition would still retain a slim majority in parliament. But his departure could unnerve investors worried about Serbia’s growing budget gap and public debt, which have all but buried hopes of a new precautionary loan deal with the International Monetary Fund.

Siemens Names Finance Chief Kaeser as CEO to Replace Loes

And you have sort of everybody else wanting some sort of guarantee. A lots encapsulated within that everybody else. Indulging for a moment the idea that both chambers of Congress might actually pass something in the not-too-distant future, heres a look at the two plans, and whos pushing for what. In the Senate, Mark Warner (D-Va.) and Bob Corker (R-Tenn.) have introduced a bill that would: Create a Federal Mortgage Insurance Corporation, based on the Federal Deposit Insurance Corporation, that would collect insurance premiums and provide a backstop only after a certain amount of private capital is exhaustedincentivizing companies securitizing mortgages to manage risk more carefully Wind down Fannie Mae and Freddie Mac within five years, and transfer all resources of the Federal Housing Finance Agency to the new FMIC as soon as its established Levy a small fee on every loan securitized by the FMIC for a Mortgage Access Fund to support affordable housing programs The bill hasnt had a hearing yet, and most groups cautiously applauded the introduction of the first serious, bipartisan measure to do something about Fannie and Freddie. Already, though, divergent opposition has emerged: Conservatives at the Heritage Foundation are upset that the bill basically maintains the existing government guarantee in the shape of a new entity as the National Review put it , make the two-headed monster that is Fannie Mae and Freddie Mac into a one-headed monster. Consumer groups, led by the Center for American Progress and the National Community Reinvestment Coalition , worry that the Mortgage Access Fund wont generate enough to meet affordable housing needs and that increased down payment requirements will shut out low-income home buyers. In the House, Rep. Jeb Hensarling (R-Tex.) has offered the PATH Act , which moves more aggressively toward privatization of the mortgage market.

A quick-and-dirty guide to the housing finance reform battle

as the companys first external appointment as CEO, has had to write down the value of several acquisitions, and drove a failed push into environmentally friendly energy that led to spiraling costs. The company said it will release its third-quarter earnings later today. The stock dropped 1.4 percent to 79.55 euros as of 11:58 a.m. in Frankfurt trading.

The dash for cash: The best external finance options for SMEs

Once the loan application is accepted for entry, the auction can commence. The loan proposition is given a risk rating by the lending platform. Registered lenders start bidding the amount they are prepared to lend and the interest rate they expect to be paid. As bidding intensifies the interest rate tends to drop.

Research and Markets: Global Trade Review (GTR) – 2013 Edition: The Trade Finance Market’s Biggest Single Source of Contacts in the Industry

Sources, however, said the panel headed by Economic Affairs Secretary Mayaram had recommended that the FDI limit be raised to 49 per cent in almost all sectors through the automatic route, with 74 per cent FDI in multi-brand retail trading by the government approval route. “The finance min’stry’s proposal could get support from the Planning Commission,” an official said. The planning commission is yet to submit its response to the DIPP proposal. The departments of commerce, consumer affairs and agriculture & cooperation too haven’t given their responses. They have been asked to put forward their views at the cabinet meeting.

Finance moots 49% multi-brand retail FDI by automatic route

Subscribers have access to the magazine itself, a weekly news email service and the GTR Directory – the trade finance market’s biggest single source of contacts in the industry. – Do you often require simple and straightforward information, news and leads on emerging markets trading risk? – Often wonder who to turn to when looking for reliable information and partners for trading with China, Venezuela, Brazil, Ukraine, India? – Uncertain if political risk insurance might fit better than non-recourse discounting or simple letters of credit? – What about saving thousands by making your supply chains paperless and electronic?

D.C.’s campaign finance laws need reforming

campaign finance laws need to be toughened is Kwame R. Browns campaign for reelection to the D.C. Council in 2008. Exhibit B is the Democrats 2010 campaign for council chairman. Both efforts seem to have been rife with infractions of the rules on collecting and spending money.

Borst will retire as Toyota finance chief

The yen went from 115 to 80 to the dollar by 1995, and Lexus’ launch momentum was derailed. “I am most proud of my time at Lexus,” Borst said in an interview. “When we started to struggle, we could have had bargain-basement sales and eliminated all those customer handling touches. This was our first test of who we were. And in 1995, even as our sales volume had dropped, we still swept the J.D.

LDC Finance unsecured debenture holders lose out

Instead, the entire settlement proceeds have gone to the secured debenture holders who have now been repaid all of the $12.3 million they were owed, plus a small amount of interest. When LDC called in the receivers nearly six years ago, the unsecured debenture holders and call account holders were owed just over $9m. LDC was the substantial loser in the settlement with the trustees for F&I Finance, another Nelson- based financier funded by mum and dad investors, securing $5.8m. In a written statement, Grant Thornton, the new receiver of LDC Finance said: “The 468 secured investors of LDC Finance are to receive repayment in full of their capital investment plus a partial interest distribution, in total $4.9m.” The settlement came after a court fight between PWC, the former receivers of LDC, and F&I’s trustees.

Democrats File Complaint Over Stanzione’s Campaign Finance…

D.C.’s campaign finance laws need reforming

Posted by Taylor K. Vecsey (Editor) , July 29, 2013 at 07:32 PM Dominick Stazione Credit: Michael Heller Loading… Next Previous Slideshow Download While Democrats question Republican Town Councilman Dominick Stanzione’s latest campaign finance reporting, Stanzione said it’s a mistake he is already taking steps to correct. The Friends of Dominick Stanizione, the councilman’s re-election campaign committee, filed a finance report by the July 11 cutoff that claimed ” no activity ” for the past six months. Stanzione was the treasurer for the committee.

Serbian finance minister cedes economy brief, averts risk of snap poll

McKinsey & Co . estimates that by 2018 there will be up to 190,000 unfilled data-scientist jobs in theU.S. and an unfilled need for 1.5 million managers with analytical skills they can apply to their line jobs. That skills shortage emerges in many pockets of business. A recent survey by Booz Allen Hamilton found only 18% of managers of federal departments believe their agencies have the capability to analyze Big Data.

Dinkic said he would remain as finance minister, while the economy portfolio would go to the SNS, Serbia’s biggest party, paving the way for a fuller cabinet reshuffle. Dinkic had previously resisted splitting up his ministry, but Prime Minister Ivica Dacic warned on Saturday that the coalition would go on without him if he did not. Financial markets seem likely to welcome Dinkic’s continued presence in government. He has slowed the rate of increase of Serbia’s budget deficit and public debt, which had ballooned to all but scuppered hopes of a new precautionary loan from the International Monetary Fund.

Why Every Finance Professional Needs a Degree in Big Data

Browns brother. Washington Post Editorials Editorials represent the views of The Washington Post as an institution, as determined through debate among members of the editorial board. News reporters and editors never contribute to editorial board discussions, and editorial board members dont have any role in news coverage. Editorial Board New outbreaks erupt in Somalia and Kenya.

Weak Earnings Growth Outside Finance

RPT-Fitch Updates Criteria for Servicing Continuity Risk in Structured Finance

They will discuss personnel changes and a change in the approach to finance and economic policy making, Tanjug newswire cited Dacic as saying. Dacics Socialist party agreed July 26 to make changes. Dinkic yesterday said he would be willing to split his cabinet portfolio and remain finance minister while creating a separate Economy Ministry controlled by Vucics Serbian Progressive Party. The shuffle, including the ministry division, was triggered by Vucics former nationalists, who threatened early elections if their demands were not met.

That said, the earnings growth picture outside of Finance is very weak. Expectations for the coming quarters represent a material acceleration in the total earnings growth pace, as the chart below shows. Source: Zacks Data A lot of the second-half growth is expected to come from sectors outside of Finance, as the chart below of ex-Finance growth expectations shows. Source: Zacks Data My sense is that estimates need to come down in a big way.

How Finance Fueled Students’ And Nonprofit’s Future

The update does not contain any material changes and will not have any rating impact on existing transactions. No ratings will be reviewed as a result of the criteria update. The report entitled ‘Criteria for Servicing Continuity Risk in Structured Finance’ is available at http://www.fitchratings.com and replaces the previous report dated 10 August 2012. The report is available at http://www.fitchratings.com or by clicking on the link below. Link to Fitch Ratings’ Report: Criteria for Servicing Continuity Risk in Structured Finance

In an effort to recover from steep losses and tarnished reputations, large banks are seeking alternative, more equitable paths to prosperity. Impact investment may be the solution. Moreover, students may be helping to accelerate its adoption. Far from passive idealism, students are increasingly concerned about doing something meaningful with their careers, including those who study finance.Theyre demanding to learn the principles of social impact, gain experience through internships and case studies, and even embed impactinvesting in their universities endowment policies.

Big finance is strangling innovation

Why Every Finance Professional Needs a Degree in Big Data

Worse, the U.S. ranked second to last in terms of progress over the last decade. Research by the Organization for Economic Cooperation and Development (OECD) also shows that the U.S. is not making as many cutting-edge products as it used to, and that other countries with strong investment in the foundations of innovation, like education and research and development, and fewer of the things that hinder it, like income inequality, are making greater strides than we are. What went wrong?

Segmenting audiences and sampling opinions was the best even rigorous theorists could do. But in recent years online merchants like Netflix and Amazon demonstrated the value of using copious transaction data to treat every customer differently. Marketers began to understand they could manage reputational risk by monitoring Twitter, Yelp and even YouTube. The access to new types of external data suddenly created a need.

D.C.’s campaign finance laws need reforming

Gray (D) last year. Mr. Browns 2010 campaign for chairman was the subject of an audit, released this month by the campaign finance office, that showed the same problems that afflicted the earlier campaign, albeit on a smaller scale. Among the findings was the expenditure of more than $215,000 on consulting services to two companies; the committee didnt produce contracts or invoices detailing what services were provided. Also cited was the issuance of 28 checks, including seven made out to cash, totaling $92,260 by Che Brown, Mr.

Uncommon Jobs For Your Finance Degree

But just because you can’t land a glamorous finance job – or don’t want to – doesn’t necessarily mean you don’t belong in this major. Read on for some uncommon jobs in finance that you might want to consider. When Finance Doesn’t Suit You Finance isn’t for everybody and, over time, people and interests change. Don’t think that you need to work in the area you obtained your degree in for the rest of your career.

Finance Ministry may allow 5 pvt funds to manage pensions of govt staff

The Ministry is considering this proposal as there is no reason to deprive the government employees of the same choices both regarding pension fund managers and also the choice of investment pattern as is available to their private sector counterparts, sources added. Based on the decision taken, sources said, a notification will be issued shortly. Currently, there are three fund managers for managing pension corpus of government employees. They are LIC Pension Fund Ltd, SBI Pension Funds Pvt Ltd and UTI Retirement Solutions Ltd. Private sector pension corpus is managed by 8 players including three fund managers who manages the government employees’ corpus.

Finance companies and fictitious accounts

Despite their anguish, these clients realised it would not be in anybodys interest to create a panic that could easily spread throughout the finance companies sector. They also wanted to allow space for the Central Bank (CB) to map out a strategy that would allow them to recover their monies. So they aggressively chased away journalists who arrived there. But the anxiety of CIFLs 300,000 depositors remains acute. One client, a retiree, told the Sunday Times he had no money for living expenses.

Baucus Says Finance Panel to Consider Tax Code This Year

A chairman usually does not — and in this case wont — go into a room with a lot of surprises, said Leonard, a former House Democratic staff member whose clients include United Technologies Corp. and the Private Equity Growth Capital Council. I certainly hope that he can get there, Senator Charles Schumer, a New York Democrat on the Finance panel, said of the prospects for committee action. There are a lot of questions that have to be answered, above all, revenues. Baucus, who supports raising additional revenue through a tax rewrite, said when asked about a target figure: Well talk that through in the committee. Senate Republican leader Mitch McConnell of Kentucky said a revamped tax code would be good for the country, while he rejected Democrats proposal for additional revenue. No Interest I have no interest in re-opening the subject of additional taxes, McConnell said.

Finance Latest News: Kate Middleton Delivers the Royal Baby

Markets closed YOUR FRIENDS’ ACTIVITY Remind me when I share | Not you? Log out of Facebook How to remove this experience Finance Latest News: Kate Middleton Delivers the Royal Baby Link 13 hours ago, Wochit The royal baby has finally arrived! The Great Kate Wait ended Monday with the birth of Prince George Alexander Louis, whom Prince William and Kate Middleton carried home from the hospital just a couple of days later. Bobby Kotick, Activision Blizzard Inc’s CEO, who is shelling out $50 million of his own money in an $8.2 billion deal to buy back most of Vivendi’s stake, said the world’s largest video game publisher will be freer to pursue acquisitions and grow after emerging from its French parent’s wing. A disconcerting trend lurks beneath the recent round of solid profit forecasts announced by companies ranging from United Technologies Corp to Wendy’s Co : More than three years into the recovery, CEOs are still relying on cost cuts to prop up earnings.

Personal finance lessons from the Detroit bankruptcy

Much like Detroit,we can face suffocating debt.Detroit has interest payments on $11.5 billion in unsecured debt. Many people in financial peril are facing interest payments on student loans, mortgages, car loans, credit card debt, and so on. Much like Detroit,the solution is to carefully evaluate how your money is being spent and come up with a plan for fixing things.Detroits plan might involve cutting pensions or selling some city assets. Your plan might involve cutting back on spending or selling some of the items in your closet.

How Finance Fueled Students’ And Nonprofit’s Future

The year-on-year decline in profits during the quarter was on account of stagnation in loan growth and lower yield on liquidated loan accounts, Managing Director George Alexander Muthoot said in a statement. Reuters Expenses were high on account of lenders continuing higher level of interest and administrative expenses going up with the addition of branches in the past one year, he said. The companys retail loan assets under management stood at Rs 25,848 crore as of June 30. Muthoot Finance, the Kochi-based gold financing and non-deposit taking NBFC (Non-Banking Finance Company), said it has applied to the Reserve Bank for a banking licence.

Baucus Says Finance Panel to Consider Tax Code This Year

We have to reform the code, he told reporters today in Washington . Weve got to do our work. Baucuss plan for committee action this year matches efforts in the House of Representatives by Ways and Means Committee Chairman Dave Camp, a Michigan Republican. Baucus and Camp have started a national tour together in support of a tax rewrite. The effort faces a series of obstacles, including entrenched interests defending their tax breaks and a partisan divide over how much revenue should be raised from federal taxes.

Muthoot Finance profit drops 21% on loan growth stagnation

Reuters

With this experience under our belts and with the knowledge that there are innumerable nonprofits that could benefit from impact investments, we devised sofiwire.com , a database for social enterprises to search for funding given their individual characteristics. Student interest isnt the only expanding aspect of impact investment. Financial firms including Goldman Sachs are turning to impact investing as another profitable revenue source that may do even more for their reputation than for their bottom line. Boston Consulting Group estimates impact investing in the market may comprise as much as 1 billion ($1.5 billion) by 2016. The Global Impact Investing Network (GIIN) is even more optimistic, estimating that, of those already engaged in impact investing, 5-10 percent of overall portfolios will be allocated to impact investments in ten years. With customer activism and public fallout from 2008 still lingering, investors and foundations are speaking up: a rapidly growing supply of capital is seeking placement in impact investments across geographies, sectors, and asset classes, with a wide range of return expectations ( GIIN ). Large financial firms can now expect an acceleration of demand for values-driven investing.