BANKING & INSURANCE

All is well with market at current levels: Nirmal Bang

2011-04-10T07:03:00.001-07:00

In the previous fortnight, the Indian bourses witnessed strong FII inflows mainly on the back of profit-booking in base metals like copper, zinc and nickel. These funds found their way into India and the Philippines, among other emerging nations, giving a fillip to the stock markets, and are likely to continue, going forward.
Also, after the recent hike in interest rates by the Reserve Bank of India in its monetary policy review, the upside now seems to be capped at the current rate.
The Nifty benchmark index has support at the 5,800 level and at the 5,750 level, thereafter. The markets look good at current levels for investors and traders alike.
Market participants can consider stocks like Axis Bank (LTP: Rs 1,409.05), Bank of India (LTP: Rs 479.90), Orchid Chemicals & Pharmaceuticals (LTP: Rs 317.30), Bharat Forge (LTP: Rs 355.35), Federal-Mogul Goetze (India) (LTP: Rs 212.05) and Mcleod Russel India (LTP: Rs 262.35) as they look attractive at the current levels.
Sectorally speaking, cement looks good and market participants can look at Prism Cement (LTP: Rs 54.10), Grasim Industries (LTP: Rs 2,529.90) and ACC (LTP: Rs 1,091.95) from investment as well as trading perspectives.
The fourth quarter company results, which are also the year-end financial results for 2010-11, are likely to be the highlight of the coming month. The streets are expecting a mixed bag of results for the quarter. However, banking could be a positive surprise.
On the global level, rising crude oil prices could be a cause of concern in the next fortnight.

http://www.moneycontrol.com/news/marketoutlook/alliswellmarketatcurrentlevelsnirmalbang_535187.html

ICICI Bank and Intuit launch “Money Manager”

2011-04-10T07:00:00.001-07:00

ICICI Bank Ltd, India's largest private sector Bank and Intuit, a leading
global developer of business and personal finance management solutions, today
announced the launch of "Money Manager". It is an on-line personal finance
management solution which helps banking customers understand their spending
habits and organize their finances by providing them with details of all their ICICI Bank
accounts on a single platform.
This web-based solution, available through ICICI Bank's website, delivers the flexibility
to focus on specific details such as earnings, savings, spends and loans. "Money
Manager" makes it easy for customers to quickly and easily categorize their expenses
and set and track a realistic budget to achieve their financial goals.
Mr Rajiv Sabharwal, Executive Director, ICICI Bank Ltd, said, "Our Bank has always
focused on innovation in technology for customer empowerment. Internet Banking is
core to our technology prowess and we constantly innovate to provide path-breaking
solutions for our customers on-line." "Money Manager" is a unique personal finance
management solution which will give customers convenience of aggregating their
accounts and providing output required for managing expenses."
"Money Manager is the latest in a line of Intuit offerings that improve people's
financial lives so profoundly that they cannot imagine going back to the old way of
doing things," said Mr Alex Lintner, President, Global Business Division, Intuit Inc.
"Money Manager is unique to India and was specifically built for the market, while
leveraging the insights and learning's from our Quicken and Mint products. As a result
Intuit and ICICI Bank can deliver a world-class offering that addresses the unique
needs of banking customers."
With "Money Manager", ICICI Bank net banking customers can:
• Aggregate all their ICICI Bank Accounts (Savings Account, Credit Cards,
Loans, DEMAT etc.) automatically on one screen
• It will automatically segregate transactions across different income or
expense categories
• Set their monthly budget and monitor the performance of investments
• Get custom alerts on their balances, transactions and bill payments

About ICICI Bank:
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second
largest bank in the country, with consolidated total assets of over $115 billion at
December 31, 2010. ICICI Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities brokerage firms, mutual funds
and private equity firms. ICICI Bank's presence currently spans across 19 countries,
including India.
About Intuit Inc.:
Intuit Inc. is a leading provider of business and financial management solutions for
small and mid-sized businesses; financial institutions, including banks and credit
unions; consumers and accounting professionals. Its flagship products and services,
including QuickBooks®, Quicken® and TurboTax®, simplify small business
management and payroll processing, personal finance, and tax preparation and filing.
ProSeries® and Lacerte® are Intuit's leading tax preparation offerings for professional
accountants. Intuit Financial Services helps banks and credit unions grow by
providing on-demand solutions and services that make it easier for consumers and
businesses to manage their money.
Founded in 1983, Intuit had annual revenue of $3.5 billion in its fiscal year 2010. The
company has approximately 7,700 employees with major offices in the United States,
Canada, the United Kingdom, India and other locations. More information can be
found at www.intuit.com.

Except for the historical information contained herein, statements in this release, which contain words or
phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may
constitute 'forward-looking statements'. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results to differ materially from those suggested
by the forward-looking statements. These risks and uncertainties include, but are not limited to our
ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future
levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance
for credit losses, technological implementation and changes, the actual growth in demand for banking
products and services, investment income, cash flow projections, our exposure to market risks as well
as other risks detailed in the reports filed by us with the United States Securities and Exchange
Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events
or circumstances after the date thereof.

Raghuram Rajan opposes issuing of licence to corporate houses

2011-04-10T06:59:00.001-07:00

Reserve Bank of India has started issuing Banking licences to the foreign banks and corporate houses to start operating banking operations in the country but former IMF chief economist and honorary advisor to PM, Mr. Raghuram Rajan has opposed the idea.

"I think the old RBI policy of not allowing corporates banking licence was good one. I still stand by that. Whether it will continue with this or not is a different question," he said.

He stressed on giving preference to the NFBCs and MFIs over corporate houses. He said "If corporates are given licence, the regulator needs to ensure there is no inter-company lending, proper risk management processes are followed and there is enough transparency."

Ratnakar Bank has entered in to an agreement with the AGS Transact Technologies. According to the agreement AGS technologies will install ATMs for the lender and will also provide with technology based solutions for banking, retail, petroleum and postal sector.

The Head of Ratnakar Bank (Direct Banking Channels) Mr. Ritesh Rai said "The ATM deployment is a part of our plan towards aggressive expansion in the country. We have been looking for a strategic partner to help us with this objective. AGS' expertise in ATM management will help us in gaining a strong foothold and increasing our network."

President and CEO of AGS Transact technologies Mr. Sunil Udupa said "We have been servicing 10,000-plus ATMs through our state-of-art 24X7 command center that gives confidence to our customers. With this, we believe we can add great value to the bank's initiatives."

The National Payment Corporation (NPCL) has partnered with three banks and has launched Aadhar Enabled Payment System (AEPS) Project. The project is aimed to make banking process easier for the poor and less educated population in the country. The Business Correspondents have a major role to play in the implementation of the project.

Under this project, the customers will be able to withdraw or deposit cash, make balance enquires and they will also be able to transfer funds through Business Correspondents by using their UIDs

NPCL defines this facility as "a bank-led model, enabling online financial inclusion transaction at PoS or point of sale, or the MicroATM, through Business Correspondent (BC) of one bank for customers of another using Aadhar Authentication."

Through this project NPCL will give a boost to the Financial Inclusion Plan as it will make easy to access their account for the no-frills account holders in the remote areas of the country.

The project is made functional in various districts of Jharkhand, where UIDs have been allotted. The three banks that are involved with this project are ICICI Bank , Union Bank of India and Bank of India.

REPRESENTATIONS AND WARRANTIES

2011-04-10T06:57:00.001-07:00

In consideration of the Lenders having agreed to provide / provided the Facility to the
Borrower in terms of the Facility Agreement, the Borrower makes the following
representations, warranties and agreements and confirms that (except unless otherwise
permitted by the Lenders or as otherwise disclosed to the Lenders in the Credit Application or
otherwise in writing) they are, true, correct, valid and subsisting in every respect as of the
date of the Facility Agreement, as of the date of each disbursement by the Lenders under the
Page 12 of 39
Facility Agreement (in each case, before and after giving effect to disbursements occurring
on such date) and as on each Due Date, which representations, warranties and agreements
shall survive the execution and delivery of the Facility Agreement and the provision of the
Facility under the Facility Agreement and repayment/payment in full of the Facility and all
monies in respect thereof:
(a) CREDIT APPLICATION
The Credit Application, if any, is true and accurate in all material respects, is not misleading
and does not omit any material fact, the omission of which would make any fact or statement
therein misleading and the Credit Application shall be deemed to form part of the warranties
herein contained.
(b) STATUS AND AUTHORISATIONS
i) The Borrower is duly incorporated and validly existing under the laws of India and
has the power to enter into the Facility Agreement and the other Transaction Documents and
Project Documents and to own its assets and carry on its business and operations (including
the Project) as it is being or is proposed to be conducted.
ii) All acts, conditions and things required to be done, fulfilled or performed, and all
authorisations required or essential, for the purpose of the Project or for the entry and
delivery of the Facility Agreement and the other Transaction Documents or for the
performance of the Borrower's obligations in terms of and under the Facility Agreement and
the other Transaction Documents have been done, fulfilled, obtained, effected and performed
and are in full force and effect and no such authorisation has been, or is threatened to be,
revoked or cancelled.
iii) The Borrower has not received any notice, nor is it aware that any authorisation from
concerned authority(ies) necessary or required to be obtained in present or in future, will not
be granted or obtained.
iv) The Borrower has, wherever necessary, obtained import licences with list of
equipment and/or necessary authorisation about eligibility, scope and validity of imports
under open general licence for equipment to be imported for the Project.
v) The Borrower is in compliance in all respects with all laws and regulations affecting
its assets, the Project and its business and operations.
(c) LEGAL VALIDITY
The Facility Agreement, the Transaction Documents and the Project Documents have been
duly and validly executed by its authorised Directors/Members/Trustees   or executives and
the Facility Agreement constitutes, and each Transaction Document and the Project
Documents constitute or when executed in accordance with its terms will constitute, legal,
valid and binding obligations of the Borrower and the relevant parties thereto enforceable in
accordance with their respective terms. The Borrower has taken all steps and done all acts to
ensure that the Facility Agreement and each Transaction Document and Project Document is
admissible in evidence in India.
(d) NON-CONFLICT
The entry into, delivery and performance by the Borrower of, and the transactions
contemplated by, the Facility Agreement and the other Transaction Documents do not and
will not conflict :
i) with any law;
ii) with the constitutional documents of the Borrower; or
iii) with any document which is binding upon the Borrower or on any of its assets.
(e) NO DEFAULT
i) No default is subsisting or might result from the execution of, or the availing of the
Facility under, the Facility Agreement by the Borrower.
ii) No other event or circumstance is subsisting which constitutes (or with the giving of
notice, lapse of time, determination of materiality or the fulfilment of any other applicable
condition or any combination of the foregoing, might constitute) a default under any
document which is binding on the Borrower or any of its assets.
iii) The Borrower is not in breach of the terms of the Facility Agreement or any other
Transaction Document and no Event of Default is subsisting.
iv) The Borrower is not in breach of the terms of any Project Document nor (so far as it is
aware) is any other party thereto, to an extent which might have a Material Adverse Effect.
(f) TAXES ON PAYMENTS
The Borrower agrees to pay any and all duties and all other applicable indirect taxes, duties,
or levies whether present or future, including but not limited to interest tax, service tax, cess,
sales tax, levied by Central/State Governments or any other statutory authority, under the
applicable laws as may be amended from time to time, which may be payable in connection
with the Facility Agreement.
(g) OWNERSHIP OF ASSETS
The Borrower has good title to, or valid leases or licences of, or is otherwise entitled to use its
assets.
(h) IMMUNITY
i) The execution or entering into by the Borrower of the Facility Agreement and the
other Transaction Documents constitute, and its exercise of its rights and performance of its
obligations under the Facility Agreement and the other Transaction Documents will
constitute, private and commercial acts done and performed for private and commercial
purposes.
ii) The Borrower is not, will not be entitled to, and will not claim immunity for itself or
any of its assets from suit, execution, attachment or other legal process in any proceedings in
relation to the Facility Agreement and/or the other Transaction Documents.

(i) JURISDICTION/GOVERNING LAW
The Borrower's:
i) irrevocable submission to the jurisdiction of courts as specified in Facility Agreement,
and
ii) agreement that the Facility Agreement and the other Transaction Documents is
governed by Indian law (unless such Transaction Documents stipulate / specify otherwise),
are legal, valid and binding on the Borrower under Indian law.
(j) ACCOUNTS
The most recent audited accounts of the Borrower delivered to the Lenders:
i) have been prepared in accordance with accounting principles and practices generally
accepted in India, consistently applied;
ii) have been duly audited by the statutory auditors of the Borrower; and
iii) represent a true and fair view of its financial condition as at the date to which they
were drawn up
and there has been no Material Adverse Effect since the date on which those accounts were
drawn up.
(k) LITIGATION
No litigation, arbitration, administrative or other proceedings are pending or threatened
against the Borrower, its directors / partners / trustees, its assets or the Project, which, if
adversely determined, might have a Material Adverse Effect.
(l) INFORMATION
i) All information communicated to or supplied by or on behalf of the Borrower to the
Lenders from time to time, whether in writing, electronic form or otherwise, is true, correct
and complete in all respects as on the date on which it was communicated or supplied.
ii) Nothing has occurred since the date of communication or supply of any information
to the Lenders which renders such information untrue or misleading in any respect and
which, if disclosed, might adversely affect the decision of the Lenders to enter into, or to
make disbursements under the Facility Agreement.
(m) PROJECT DOCUMENTS
i) All Project Documents delivered to the Lenders by or on behalf of the Borrower were
genuine and in the case of copies, such copies were, at the date of delivery, true, complete
and accurate copies in all material respects, of originals which had not been amended or
superseded in any way. The services to be provided, materials to be supplied, and the
easements, leases, licences and other rights granted or to be granted to the Borrower pursuant
to the terms of the Project Documents provide or will provide the Borrower with all rights
and property interests required to enable the Borrower to obtain all services, materials or
rights (including access) required for the design, construction, start-up, operation and
maintenance of the Project, including the Borrower's full and prompt performance of its
obligations under the Project Documents other than those services, materials and rights that
reasonably can be expected to be obtained in the ordinary course of business without material
additional expense or delay.
ii) Save for the Project Documents, there are no other material agreements or contracts to
which the Borrower is a party, copies of which have not been delivered to the Lenders and
there are no agreements or arrangements (whether in writing or otherwise) modifying or
amending any Project Document, other than those furnished to the Lenders.
(n) INTELLECTUAL PROPERTY
i) The Borrower owns, has licence to use or otherwise has the right to use, free of any
pending or threatened liens, all Intellectual Property or Intellectual Property Rights, which are
required or desirable for the conduct of the Borrower's business and operations and the
Borrower does not, in carrying on its business and operations, infringe any Intellectual
Property Rights of any person.
ii) None of the Intellectual Property or Intellectual Property Rights owned or enjoyed by
the Borrower, or which the Borrower is licensed to use, which are material in the context of
the Borrower's business and operations are being infringed nor, so far as the Borrower is
aware, is there any infringement or threatened infringement of those Intellectual Property or
Intellectual Property Rights licensed or provided to the Borrower by any person.
iii) All Intellectual Property or Intellectual Property Rights owned by the Borrower or
which the Borrower is licensed to use are valid and subsisting. All actions (including
registration, payment of all registration and renewal fees) required to maintain the same in
full force and effect have been taken.
(o) INSURANCES
i) All insurances which are required to be maintained or effected by the Borrower or any
other person pursuant hereto or any of the Transaction Documents are / will be in full force
and effect and no event or circumstance has occurred, nor has there been any omission to
disclose a fact, which would in either case entitle any insurer to avoid or otherwise reduce its
liability under any policy relating to the insurances.
ii) The Borrower has complied / shall comply with its obligations with respect to
insurances under the Facility Agreement and each Transaction Document.
(p)   NO OTHER BUSINESS
The Borrower has not engaged in any business or activities, either alone or in partnership or
joint venture.
(q) TAX COMPLIANCE
The Borrower has complied in all material respects with all taxation laws in all jurisdictions
in which it is subject to taxation and has filed all tax returns and paid all taxes and statutory
dues due and payable by it and, to the extent any taxes are not due, has established reserves
that are adequate for the payment of those taxes and statutory dues. the Lenders shall not be
responsible for the compliance of direct and indirect tax obligations by the Borrower.
(r) BANKRUPTCY
The Borrower has not taken any action and no other steps have been taken or legal
proceedings started by or against it in any court of law for its winding-up, dissolution,
administration or re-organisation or for the appointment of a receiver, administrator,
administrative receiver, trustee or similar officer of the Borrower or of any or all of its assets.
(s) ENVIRONMENT
i) The Borrower has obtained all authorisations under applicable environmental laws
and is and has been in compliance with all such authorisations and laws and there are no
circumstances that may at any time prevent or interfere with such compliance.
ii) As at the date of the Facility Agreement, no further environmental authorisations
other than those already obtained are required for the carrying on of the business and
operations of the Borrower as currently conducted.
iii) There is no claim pending or threatened, against the Borrower for any breach of
environmental law which, if adversely determined, might have a Material Adverse Effect.
(t)      AFFILIATES
The Borrower is not a party to any contract or agreement with, or any commitments to,
whether or not in the ordinary course of business, any affiliates or group companies other
than on a commercial basis and on terms no less favourable to the Borrower than those that
the Borrower would have obtained had the Borrower entered into any contracts or agreements
with any party other than such affiliates or group companies.
(u) ENCUMBRANCES
There are no encumbrances subsisting or in existence on any of the Borrower's assets.
(v) ARRANGING OF FINANCIAL ASSISTANCE
The Borrower has entered into effective agreements or made arrangements for raising of
funds as per the Financing Plan.
(w)      WILFUL DEFAULTER
No director/partner/member/trustee, as the case may be, of the Borrower has been declared to
be a wilful defaulter and neither the name of the Borrower nor its director(s) figure in any list
of defaulters circulated by RBI or any bank and financial institution nor the names of its
directors appear in caution list issued by RBI, etc.
(x) NO CONFLICT
None of the directors / partners / manager / trustee / employee of the Borrower is a director or
relative of a director of any of the Lenders nor does any director of the Lenders hold any
substantial interest in the Borrower.

IMF Activates Expanded New Arrangements to Borrow (NAB)

2011-04-10T06:51:00.001-07:00

The International Monetary Fund (IMF) has formally completed the process of activation of the expanded New Arrangements to Borrow (NAB), which became effective on March 11, 2011 The NAB is a standing set of credit lines under which 39 members or their institutions are committed to provide supplementary resources to the IMF. The total agreed size of the credit lines under the expanded NAB now amounts to SDR 367.5 billion (about US$581 billion). Pending the effectiveness of the expanded NAB, member countries had already pledged more than $300 billion of the total in immediate bilateral financing. Bilateral lines from NAB participants will no longer be used to finance new commitments, and outstanding balances under their bilateral lines may be folded into the NAB.

The NAB is supplementary to quota resources, which are made up of the quota subscriptions each country pays upon joining the Fund and in the context of quota increases thereafter, broadly based on its relative size in the world economy. The IMF is a quota-based institution, and the Fund's Board of Governors has emphasized that each member of the Fund commits to use its best efforts to complete the steps required to make the quota increase under the 14th General Review of Quotas effective no later than the Annual Meetings in 2012. When the quota increase comes in to effect, quota resources will increase from a current approved level of SDR 238.3 billion (about US$377 billion) to approximately SDR 476.8 billion (about US$754 billion), and the NAB will be correspondingly scaled back, with details to be determined during the review of the NAB to be completed by mid-November 2011.

The activation of the NAB, which required the consent of participants representing 85 percent of total credit arrangements eligible to vote and the approval of the IMF's Executive Board, followed the expansion of the NAB completed on March 11, 2011. The reforms also made the NAB a more flexible and effective tool of crisis management and responded to a call by the leaders of the Group of 20 (G-20) and endorsed by the International Monetary and Financial Committee (IMFC) to increase the financing available to the Fund. Thirteen new participants, including a number of major emerging market economies, have joined 26 participants in the previous NAB or are in the process of completing their domestic processes for adherence to the expanded NAB.

http://www.banknetindia.com/banking/110413.htm

North Penn Bancorp, Inc. Shareholders Approve Pending Merger with Norwood Financial Corp.

2011-04-10T06:50:00.001-07:00

SCRANTON, Pa., April 8, 2011 /PRNewswire/ -- North Penn Bancorp, Inc. (OTCBB: NPBP), the holding company for North Penn Bank, Scranton, Pennsylvania, announced today that at a special meeting of shareholders held on April 8, 2011, the shareholders of North Penn Bancorp voted to approve the Company's pending merger with Norwood Financial Corp. (NASDAQ Global: NWFL). More than 98% of the votes cast by North Penn Bancorp's shareholders were in favor of the merger.

Completion of the merger is subject to certain conditions, including receiving requisite regulatory approvals.

'We are pleased with this overwhelming endorsement of our merger by North Penn Bancorp's shareholders and are appreciative of the support that our shareholders have given us over the years,' said Frederick L. Hickman, President and CEO of North Penn Bancorp.

Lewis J. Critelli, President and Chief Executive Officer of Norwood Financial commented: 'We are very pleased with the tremendous show of support from North Penn's shareholders for the merger of our companies. We look forward to welcoming the North Penn customers, stockholders and employees to Wayne Bank.'

North Penn Bancorp, Inc. is the holding company for North Penn Bank, a Pennsylvania savings bank that conducts its business from its main office in Scranton, Pennsylvania and four branch offices, in the northeastern Pennsylvania counties of Lackawana and Monroe. As of December 31, 2010, North Penn Bancorp, Inc. had total assets of $163.9 million, total net loans of $120.3 million, total deposits of $136.3 million and total stockholders' equity of $19.6 million. North Penn Bancorp, Inc.'s common stock is traded on the Over-the-Counter Bulletin Board under the symbol 'NPBP.'

Norwood Financial Corp., through its subsidiary Wayne Bank, operates eleven offices in Wayne, Pike and Monroe Counties, Pennsylvania. At December 31, 2010, Norwood Financial Corp. had total assets of $537.0 million, loans receivable of $356.9 million, total deposits of $393.9 million and stockholders equity of $67.7 million. Norwood Financial's stock is traded on the Nasdaq Global Market, under the symbol, 'NWFL'.

SOURCE North Penn Bancorp, Inc.

http://www.banknews.com/News-List.676.0.html?newsID=40176417&topic=REGNEBNK

Become money smart this fiscal

2011-03-28T23:37:00.000-07:00

: Did you fail to follow all those resolutions taken on 1st January, at the beginning of new year, to improve your financial life? Don’t worry here is another chance to once again make some fresh resolutions and make some amends. This week marks start of another New Year — a New Financial Year. Lets discuss what are the top 4 priorities you MUST have among others to put your finances in order.Tax PlanningMake sure to file your tax returns by 31st March, if you haven’t filed already. Go to http://www.incometaxindiaefiling.gov.in/ for filing your returns online or contact a tax preparer nearby. For the coming year, starting April 1st, make sure you do your tax planning in advance. * Use all tax deductions possible to bring your tax liability down * Declare your HRA, home loan principal and interest contribution, and tax saving investment related details to your employer at the start of the year itself * Keep all HRA receipts received from your landlord, keep at least 6 months of salary slips and keep a record of previous tax returns * If you plan to invest in ELSS from mutual funds, start a SIP rather than wait till the end of FY to make lump sum investments. It will average out the risk and reduce financial burden at the end of the year. Investment PlanningDiscuss your long term and short term financial goals with your family and make sure you write them down. Taking inflation in to account will make your future requirement a more realistic figure. For eg, if the current cost of your son’s education is Rs 10 lakh, then assuming an inflation of 7 per cent, the requirement after 10 years would be over Rs 20 lakh. Look at equity for long term goals and debt for short term (1 to 2 years). If you do not have the expertise or inclination to invest directly in to stocks, you can look at equity diversified mutual funds. CEO, Value Research, Dhirendra Kumar believes, “mutual funds are a good vehicle for equity investments as you have a dedicated fund manager to manage your investment and even with small amounts of money you can invest in several companies through the fund of your choice.” Make a portfolio of 4-5 equity diversified mutual funds with proven track record and consistent performance and review the portfolio from time to time. Equity, as an asset class has given best returns over the longer period. However, discipline to contnue investing and patience for long term is a must for an equity investor. For debt investment you can look at fixed maturity plans or liquid funds offered by various fund houses. Though the returns are not guaranteed, the post tax returns on debt funds makes them an attractive option as compared with Fixed Deposits. Along with equity and debt you must have 15 to 20 per cent of your portfolio in gold. You may look at gold exchange traded funds than buying physical gold, for investment purposes. However, you need a demat account for buying a gold exchange traded fund. Insurance PlanningIf you haven’t already bought a life insurance policy, buy one immediately as you would not want your family to suffer, should something happens to you. You may buy life insurance online as that would be 20 to 30 per cent cheaper than bought through an agent. However, avoid looking at any kind of returns from your insurance premiums. Suresh Sadagopan, a Mumbai based Certified Financial Planner suggests, “avoid mixing insurance with investment and buy a term insurance policy which is cheapest form of life insurance available.” Along with covering your life, a health insurance policy is equally important. This will take care of your hospitalisation expenses, which are becoming expensive day by day. Remember, insurance is a necessary cost to reduce your risk. Don’t forget to claim tax deductions both on life and health insurance policies. Along with these two, you must look at insuring your household through a household insurance policy. While buying the policy declare value of each product being insured and keep the purchase receipts of each item. Household policy will come handy in case of burglary or fire, not uncommon these days. Get financial life in orderThis is a good time to get your financial life sorted. * First and foremost start making a written monthly budget and follow it strictly. * Build a good credit history by making all loan/credit card payments on time. * Maintain a file of all provident fund, mutual funds, and insurance policy related documents. Follow the steps above and become money smart. Do not break the resolutions this time and make your financial life free from all mailto:worries.ritukant.ojha@expressindia.comKEY TAKEAWAYS* File tax return by 31st March * Keep record of all tax saving instruments like PF, ELSS etc * Make sure to be adequately insured. Buy health and life cover immediately * Identify financial goals and start investing towards them

Buy IndusInd Bank With Target Of Rs 270

2011-03-28T23:36:00.000-07:00

Technical Analyst Anu Jain has maintained 'buy' rating on IndusInd Bank Limited stock with a target of Rs 270. Mr. Jain said that the stock can be purchased on dips with a stop loss of Rs 247.50. The stock of the bank, on March 23, closed at Rs 253.95 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 309.30 and a low of Rs 165.40 on BSE. Current EPS & P/E ratio stood at 10.83 and 23.74 respectively. IndusInd Bank is eyeing to get hold of Deutsche Bank's credit card biz in India and hopes to settle the transaction by the coming weeks. IndusInd Bank, together with Axis Bank, Dhanlaxmi Bank and Karnataka Bank expressed interest in acquirement of Deutsche Bank's credit card biz. As a precursor to its foray in credit card biz, the banking institution has nominated Mr. Anil Ramachandran as the chief of its cards biz during November 2010. Mr. Anil has already begun establishing the credit cards biz of the banking institution. Indusind Bank has recorded an increase of 74.76% in its net profit for the three month period ended December 2010. The bank's net profit during the period remained at Rs 1.54 billion as compared to Rs 880.40 million during the same period last year. source:http://www.topnews.in/buy-indusind-bank-target-rs-270-2319160

Nokia Ties With Union Bank Of India, Launch Mobile Payments Services

2011-03-28T23:35:00.000-07:00

Nokia has come up with a partnership with Union Bank of India and have launched mobile payment services. It is mainly targeting all those people who don't have proper banking facilities. With this service, consumers can easily take out cash at ATMs (automated teller machines), transfer money at selected retail stores as well as to transfer to other people. Nokia even said that their customers can pay utility bills and recharge pre-paid mobile connections through this facility. Through this "Union Bank Money powered by Nokia" service, many millions of Indian people are given the banking service facility by Union Bank and Nokia. Nokia will also be targeting about 10 million Indian people spread over 32,000 villages by 2013 to use this mobile banking facility. First, it will be rolled out in suburbs of Delhi, mainly Gurgaon, and then all across India in the coming few months. Interestingly, all those who don’t even have a Nokia phone can also transfer money, as the company have done it so. The service from Nokia and Union Bank is based on the Obopay mobile payment platform. The service comes as independent of the mobile operators. Customers can create an account at a correspondent outlet, and then install the banking application on their phone. Thereafter, through SMS or Short Message Service facility, users will be able to receive money or transfer funds. However, the respective mobile number will be used as the unique identifier by the bank. And also each customer will be charged a certain transaction fee. SOPURCE:http://www.india-server.com/news/nokia-ties-with-union-bank-of-india-39217.html

'Indian credit card boom to beat China'

2011-03-28T23:31:00.000-07:00

Boston: MasterCard\'s India-born President and CEO Ajay Banga today said India is a "more exciting" market than China for the credit cards and payment giant and the company is focused on shifting as many consumers in India as possible from cash to the electronic payment system."India still uses a lot of cash in its economy. All I am interested in is converting utilisation for retail payments from cash to alternative forms," Banga said. Speaking on the sidelines of the \'India Conference\' organised by the Harvard Business School (HBS) and Harvard Kennedy School, the IIM Ahmedabad alumnus said India is undertaking various steps to help drive "electronification" – from the unique identification number scheme to mobile payments. Sheer availability and acceptance of cards will help drive growth of the electronic payment system in India and "I am keen to do that," he said. Banga, who was named MasterCard CEO last year, added that cash is expensive for an economy to print, distribute and secure, costing between 0.6 to 1.5 per cent of the country\'s GDP. The presence of cash in an economy also facilitates income tax evasion as well as illegal cross border activity. "Electronic payment would not facilitate that," he said, adding that the market in India is ready for a boom in use of electronic payment systems. Earlier, when asked by HBS Dean Nitin Nohria to choose between India and China in terms of which is the "more exciting market for MasterCard", Banga replied "India." He said the world over, the "tonality" regarding India has changed completely. This is a testament to the country\'s "unbelievable economic growth," he said, adding that hopefully, India\'s GDP growth rate will surpass that of China\'s in a few years. Speaking to Harvard students, Banga said the most interesting part of India\'s growth story is that the economic development has continued irrespective of which political party is in power. Lauding India\'s entrepreneurial energy, Banga said India has the opportunity to have balanced domestic and external growth as well as "diversified growth" in areas like services, agriculture and industry. He pointed out that while in the short and medium term, the services sector will create more jobs, India has to build its manufacturing capabilities for sustained economic development. "Eventually India has to go past the services sector into developing manufacturing. There is need for the manufacturing sector to drive subsequent growth," which would require a series of reforms on capital formation, land acquisition and more infrastructure development in non-urban areas. India has to strike a balance between "knowledge intensity and labour intensity" to ensure sustained growth, he said. "We should not go only for labour intensity, we need to use knowledge intensity for our benefit to make our economy an innovation driven one," he said. While pointing out that India has the advantage of a "demographic dividend", Banga said sheer size of a young population will alone not result in growth for the country going forward. He said efforts have to be made to improve the quality of life for Indian citizens, an issue which is a matter of concern and poses real challenges to the India growth story. He said issues like healthcare, education, infant mortality rate are "challenges and need urgent addressing". He called on the Indian private sector to partner with NGOs to help improve the quality of life in India. "Private sector needs to be willing to give a great deal more into charitable causes," he said, adding that while some people have begun giving more to charity, "there is still lots to be done." On the issue of various corruption scandals that have hit India, Banga said institutional corruption is a "very serious issue" and added that change can be brought about even by a single person. He said people in India see the corruption scandals as a "blot on our face" and are reacting strongly against them. "This sense of self respect can bring about changes," Banga added.

Indian Budget 2011-12- Full Text of Budget Speech

2011-03-28T23:29:00.000-07:00

We are reaching the end of a remarkable fiscal year. In a globalised world with its share of uncertainties and rapid changes, this year brought us some opportunities and many challenges as we moved ahead with steady steps on the chosen path of fiscal consolidation and high economic growth. 2. Our growth in 2010-11 has been swift and broad-based. The economy is back to its pre-crisis growth trajectory. While agriculture has shown a rebound, industry is regaining its earlier momentum. Services sector continues its near double digit run. Fiscal consolidation has been impressive. This year has also seen significant progress in those critical institutional reforms that would set the pace for double-digit growth in the near future. 3. While we succeeded in making good progress in addressing many areas of our concern, we could have done better in some others. The total food inflation declined from 20.2 per cent in February 2010 to less than half at 9.3 per cent in January 2011, but it still remains a concern. In the medium term perspective, our three priorities of sustaining a high growth trajectory; making development more inclusive; and improving our institutions, public delivery and governance practices, remain relevant. These would continue to engage the Indian policy-planners for some time. However, there are some manifestations of these challenges that need urgent attention in the short term. 4. Though we have regained the pre-crisis growth momentum, there is a need to effect adjustments in the composition of growth on demand and supply side. We have to ensure that along with private consumption, the revival in private investment is sustained and matches pre-crisis growth rates at the earliest. This requires a stronger fiscal consolidation to enlarge the resource space for private enterprise and addressing some policy constraints. We also have to improve the supply response of agriculture to the expanding domestic demand. Determined measures on both these issues will help address the structural concerns on inflation management. It will also ensure a more stable macroeconomic environment for continued high growth. 5. The UPA Government has significantly scaled up the flow of resources to rural areas to give a more inclusive thrust to the development process. The impact is visible in the new dynamism of our rural economy. It has helped India navigate itself rapidly out of the quagmire of global economic slowdown. Yet, there is much that still needs to be done, especially in rural India. We have to reconcile legitimate environmental concerns with necessary developmental needs. Above all, there is the 'challenge of growing aspiration' of a young India. 6. To address these concerns, I do not foresee resources being a major constraint, at least not in the medium-term. However, the implementation gaps, leakages from public programmes and the quality of our outcomes are a serious challenge. 7. Certain events in the past few months may have created an impression of drift in governance and a gap in public accountability. Even as the Government is engaged in addressing specific concerns emanating from some of these events in the larger public interest and in upholding the rule of law, such an impression is misplaced. We have to seize in these developments, the opportunity to improve our regulatory standards and administrative practices. Corruption is a problem that we have to fight collectively. 8. In a complex and rapidly evolving economy, the Government can not profess to be the sole repository of all knowledge. Indeed, in a democratic polity, it stands to benefit from inputs from colleagues on both sides of the House. They must lend their voice and expertise to influence public policy in the wider national interest. In some areas, good results depend on coordinated efforts of the Centre and the State Governments and in some others, on favourable external developments. 9. I see the Budget for 2011-12 as a transition towards a more transparent and result oriented economic management system in India. We are taking major steps in simplifying and placing the administrative procedures concerning taxation, trade and tariffs and social transfers on electronic interface, free of discretion and bureaucratic delays. This will set the tone for a newer, vibrant and more efficient economy. 10. At times the biggest reforms are not the ones that make headline, but the ones concerned with the details of governance, which affect the everyday life of aam aadmi. In preparing this year's Budget, I have been deeply conscious of this fact. I am grateful for the able guidance of the Hon’ble Prime Minister and the strong support lent by UPA Chairperson Smt. Sonia Gandhi in my endeavour. I would now begin with a brief overview of the economy.

Roadshow: Conventional Finance or Islamic Finance.

2010-11-23T03:26:00.000-08:00

I came across a leaflet today and thought you might be interested inshallah.
Representatives of Britain’s leading Islamic financial service providers such as Al-Buraq, Islamic Bank of Britain, Salaam Halal Insurance and others are organizing the first Islamic Finance roadshow of its kind in Birmingham, UK.
Golden coins
Professionals in the fields of insurance, Islamic banking, wills, housing finance and savings will be explaining the difference between conventional finance and Shariah compliant alternatives in the marketplace.
Roadshow date: Friday 2oth March 2009
Time: 12pm – 3pm
Place: Day Center, Birmingham Central Mosque. How to get there.
Other Info: Free Entry & Refreshments, For more info call 020 7484 8664
Enjoy!

Banking on the Move - Nine Reasons to Bank Online

2010-11-23T03:24:00.000-08:00

If you ever needed a reason to bank online, today’s gas prices just might be it.
Why spend almost $3 per gallon when you can check your balance, transfer funds, or even deposit checks from home anytime you want?1. Save Time and Money
If you mail 10 checks a month, you’re paying $4.10 in postage alone – until the price of stamps goes up again. Save the cash and pay your bills online. Just make sure your bank doesn’t charge you for it. There’s no reason to pay when USAA Web BillPay is free.2. Pay at Your Convenience
Forget to pay your mortgage before leaving on a trip? No problem. Send the payment anywhere you can use a computer.3. Track Your Money
Pay a bill online, and you’ll know exactly when the money will be taken out of your account. You can also view and store your statements electronically.4. Transfer Funds from Your Computer
Instead of waiting in a teller or ATM line, you can log on and move money from one account to another.5. Cut Down on Clutter
You can stop paper statements. Not only will you reduce your mail volume, but you’ll protect yourself from someone stealing it out of your mailbox — a go-to destination for identity thieves.6. Get It Right
When you pay bills online, you can see exactly when a payment will post to your account. With checks, it's a guessing game.7. Get Organized
Some financial institutions, including USAA, let you download account information into personal finance software such as Quicken® or Microsoft® Money.8. You Can Call for Help
If you ever need to speak to a person, you can always call. Some financial institutions are better than others at customer service. In BusinessWeek's March 5, 2007 cover story, "Customer Service Champs," USAA was ranked No. 1 as the best customer service provider.9. Find Other Savings
Moving your money is the easy part. Choosing the right bank is a bit harder. Make sure you do some comparison shopping before settling on one.

SOURCE:https://www.usaa.com/inet/ent_utils/McStaticPages?key=2007_10_9_Reasons_Online_Banking

Leave Your Ideas & We Do The Rest

2010-11-23T03:22:00.000-08:00

Zigmasolutionse presents the true picture of God’s Own Country. Blessed by all natural diversities Kerala is one of the well-loved tourist destinations of the world. This site is your guide in your virtual journey through the state. You have a ready reckoner for Kerala tours itineraries and Kerala packages. This site gives you an overview of the state from the point of location, history, climate, language, people and cuisine.
Your Dream1.Financial advice

Financial advice refer to services provided by the finance industry. The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.The sectors, including banking and insurance, and mutual funds are all beginning to reap the benefits of a good closure for 2008-09. The Indian economy is estimated to have grown by 6.7 per cent in 2008-09.
2.Loan syndicate

A loan offered by a group of lenders (called a syndicate) who work together to provide funds for a single borrower. The borrower could be a corporation, a large project, or a sovereignty (such as a government). The loan may involve fixed amounts, a credit line, or a combination of the two.Typically there is a lead bank or underwriter of the loan, known as the "arranger", "agent", or "lead lender". This lender may be putting up a proportionally bigger share of the loan, or perform duties like dispersing cash flows amongst the other syndicate members and administrative tasks. Also known as a "syndicated bank facility".
3.Leagal help desk

The Legal Help Desk provides assistance in locating online information resources, project information and publications produced.Legal Help Desk staff respond directly to members of our communit(ies) who are seeking legal information and assistance with discrimination related to sexual orientation, gender identity and expression, and HIV status. To the extent that our resources and priorities allow, Lambda Legal takes on legal representation of callers whose situations present impact litigation issues; for many others, Lambda Legal provides leads to other organizations and practical information that might help them address their problems.
4.Project management consultancy
Project Management is the acquired knowledge and skills applied using a formal set of tools and techniques to initiate, plan, execute, monitor, control and close projects in time. In practice, project management consultants in India follow a phased approach for project execution. Each project has a standard defined project life cycle. Teamwork and quality assurance are the inherent characteristics of successful project management consultants in India. Under Project Management, Feedback Ventures provides design management, construction management, and construction supervision.
5.Property deal medication

From satellite-mapping to making digital copies of land deeds, the Kerala Government is pressing into service every technology at its disposal to make land transactions transparent and properly accounted for.The goal of achieving this transparency and accountability appear ever so elusive as controversies explode in the face of these efforts. A senior government official says the Registration Department has learnt from each of these controversies as it tr ies to bring about the much-needed changes.Recent reports indicate that the government has decided to make production of possession certificate compulsory at the time of registration of property, a practice not prevalent now.
6.Planners & builders

Provide a better life by having innovative yet cost effective housing solutions in eco-friendly peaceful surroundings with all the advantages of urban living without the cacophony of blaring horns and ever increasing atmospheric pollution.We fulfill our customers expectations on the quality of both, materials and construction.We are currently having independent housing projects in Kochi, Thiruvananthapuram in Kerala state. Those who find it hard to find a plot in Kochi, Thiruvananthapuram in Kerala, for their dream home can approch us. We provide full assistance in getting a plot for a reasonable rate in the above said places.
7.Tourism product marketing

Kerala has a product that can stand on its own – natural beauty that is not just awesome but very different from the rest of India. In addition, it has a social experience quite unlike most other states in India. All it needed to get ignited as a great tourism destination was a brilliant ad campaign that evocatively captures the product – natural beauty. Kerala tourism did just that.The case provides a detailed description of how Kerala, a small state situated in south India built a global reputation as a ‘brand'over the years, as a tourist destination.The state's humble beginnings and its gradual attainment of the position of the world's top 10 paradises is explored in this case.
8.Human resource providers

HR consulting firms can help you navigate the evolving business landscape so that you can maximize your human resource efforts. Human resources consultants can serve as third-party sounding boards when you want to incorporate new plans. You can take advantage of the expertise developed by HR consulting companies in a number of ways. Human resources consulting firms can expose you to new business practices that can prove to be more profitable for your company.A human resources consulting service can provide information about benefits opportunities in areas that you may not have considered as well as help you reduce costs.
9.Tours booking

Tour the beautiful hill resorts, serene beaches, enthralling backwaters and exciting wildlife of Kerala with Fascinating Kerala Tours, South India. Fascinating Kerala Tours offers online booking and reservation for Tours to Kerala, South India. Enjoy a fun filled and relaxing holiday while on Tours of Kerala with Fascinating Kerala Tours, South India. Fascinating Kerala Tours, an experienced and trusted tour operator is happy to arrange your Tour to Kerala, South India.Encompassing major tourist destinations, Kerala tour itineraries are customized to your requirements and interests. Make online Kerala tour booking at Kerala Travel Agent to explore the Land of Coconuts. Live the experiences of traveling in the beautiful Indian state of Kerala blessed with nature's bounteous beauty.
10.Tour packages & Accomodation

We offer fascinating Kerala Tour Packages. Plan Tour Packages to Kerala to enjoy Munnar Holiday, Kumarakom Backwater, Backwater Tours of Kerala, Peryar Wildlife Tour in Kerala, and Kerala Beach Tour especially the world famous Kovalam Beach, Varkala Beach, Get rejuvenated with Ayurveda in Kerala with Kerala Tour Package will be a memorable one with a combinations of comfortable personalized transportation, accommodation, enjoyable sightseeing and friendly and professional staffs. Join Kerala Package Tour with us and cherish the outstanding magic of God’s own Country - Kerala.There are several Kerala tour packages available catering to different tastes and needs. Package tours to Kerala enable you to customize your experience of Kerala.
SOURCE:http://www.zigmasolutionse.com/experts.php

La Poste Group results first half 2010

2010-11-23T03:21:00.000-08:00

LA POSTE GROUP HAS IMPROVED ITS PERFORMANCE COMPARED TO THE 1ST HALF OF 2009 AND HAS REVISED ITS BUSINESS PROSPECTS AND RESULTS UPWARDS.REVENUE INCREASED BY 2.7%.OPERATING COSTS UNDER CONTROL.OPERATING PROFIT INCREASED TO 678 MILLION ANDTHE OPERATING MARGIN TO 6.4%.
Meeting today under the chairmanship of Jean-Paul Bailly, the Board of Directors of La Poste has closed the Group’s consolidated financial statements for the first half of 2010.
KEY FIGURES
€ million
30 June 2009
30 June 2010
Change as reported
Change like-for-like *
Revenue
10,274
10,590
+3.1%
+2.7%
EBITDA
901
1,160
+29%
+26%
Operating Profit
453
678
+50%
+55%
Profit for the year attributable to equity holders of the parent
388
478
+23%
Operating margin
4.4%
6.4%
+ 2 points
* At constant scope and exchange rates; excluding changes in the Home Ownership Savings provision; excluding capital gain on the sale of Visa Inc. securitiesTHE GROUP’S BUSINESS
The consolidated revenue of the La Poste group reached €10,590 million, up by 3.1% compared to the first half of 2009 (+ €316 million) and by +2.7% on a like-for-like basis. The drop in mail volumes remains significant (-3.7%), but less than expected, while the Parcels/Express business had a very rapid recovery and La Banque Postale continued its development.
* Mail and its subsidiaries had revenue of €5,943 million, down by 0.9% at constant scope and exchange rates.
The structural drop in mail traffic continued, but at a less sustained rate than at the beginning of 2009. In the first half of 2010, volumes were down by 3.7% compared to the first half of 2009. Over 12 months, the drop in the number of items reached -4.4%, against -4.7% at the end of December 2009.
The drop in volumes thus impacted revenue by - €175 million, partially compensated by the residual impact of price increases occurring in 2009 (+ €35 million), by calendar effects (+ €55 million) and by the development of services to customers and other activities carried out within the Sofipost holding company (+ €32 million).
* Parcels/Express had revenue of €2,330 million, up by 6.2% at constant scope and exchange rates.
All of the subsidiaries of Geopost in France (Chronopost and Exapaq) and in Europe (DPD, SEUR, etc.,) had significant increases in business, driven by the growth in trade and a growing market share. The increase in volumes reached 10%, but intense competition also brought pressure on prices. GeoPost’s revenue thus stood at €1,633 million, up by 7.4% at constant scope and exchange rates.
The volumes handled by ColiPoste in the first half of 2010 increased by 2.4%, resulting in a 3.4% increase in its revenue compared to the first half of 2009, to reach €697 million. Revenue coming from e-commerce again had double-digit growth this year (+12%).
* La Banque Postale is continuing its development: Net Banking Income increased by 7.6% on a comparable basis, reaching €2,640 million.
This increase is in comparison to a first half of 2009 marked by the immediate aftermath of the financial crisis. The interest margin and related income increased by €77 million compared to 30 June 2009, representing 6.4%. Remuneration on centralised assets (Livret A and centralised LEP and LDD accounts) dropped by €16 million compared to 2009, mainly due to the drop in average customer funds. On the other hand, commissions (insurance, UCITS, securities and customer) increased by €117 million, mainly coming from life insurance and services to customers.
Savings assets and sight deposits reached €280 billion at the end of June 2010, up by 4.5 billion compared to 30 June 2009.
The first half of 2010 also saw outstanding loans increase. Production of property loans was up by 16% compared to last year, while the consumer-credit business is recovering.
* The contribution of the network of post offices to the Group’s commercial activity remains essential.
Over the half-year, the network of post offices made sales generating more than 28% of ColiPoste’s revenue, more than 18% of Mail’s revenue and 12.5% of Chronopost’s revenue. La Poste Retail Brand made €1,277 million of sales for Mail, Parcels/Express and third-party products, practically stable on 30 June 2010 compared to 2009. However, the property loan business in post offices is continuing to grow, with more than €4.2 billion of production over the first six months.CHANGES TO COSTS
The Group’s operating expenses stood at €9.9 billion at the end of June 2010. At constant scope and exchange rates, they were up by 0.4%, for business that increased by 2.7%. Personnel costs are stable (+0.5% for La Poste, excluding changes in provisions and the impact of the pensions reform of 2005). Purchases and other external costs grew in the subsidiaries because of the increase in activity, while they dropped by 4.8% at La Poste.CHANGES IN PROFITABILITY
The Group’s operating profit stood at €678 million, representing an increase of 55%, on a comparable basis, compared to 30 June 2009. All activities contributing to operating profit saw an improvement compared to 30 June 2009. The operating profit margin stood at 6.4% of revenue, up by 2 points compared to the first half of 2009, returning to the level of June 2008.
The consolidated operating profit for Mail stood at €240 million. The programme to vary operational expenditure lead to a 1.4% drop in costs on a like-for-like basis, thus improving the operating profit margin, which reached 4% during the first half-year.
The consolidated operating profit of Parcels/Express stood at €171 million during the first half of 2010, up by 5% at constant scope and exchange rates. The operating profit margin stood at 7.3% during the first half of 2010.
La Banque Postale contributed €426 million to the Group’s operating profit.
After including financial earnings and the contribution of CNP Assurances, which reached €101 million, the Group’s consolidated net profit stood at €478 million, up by 23.2% compared to the first half of 2009.THE FINANCIAL STRUCTURE
On 30 June 2010, the Group had made €337 million of internal investments and devoted €35 million to external growth, divided between the “industrial and commercial” businesses (€296 million) and La Banque Postale (€76 million). The principal part of investments is programmed for the second half-year.
These investments, together with the interest and dividends, were self-financed by an EBITDA of €1,160 million. Net debt had been reduced on 30 June 2010 compared to 31 December 2009.2010 PROSPECTS REVISED UPWARDS:
The Group set a target of stabilising its business in 2010 and aiming for profitability close to that of 2009. Based on the results of 30 June, the Group now contemplates an increase in its consolidated revenue of 1 to 2%, and an operating profit, excluding non-recurring items, similar to that of 2008.
The results of the first half of 2010 therefore confirm the business plan associated with the “Ambition 2015” strategic plan.
PRESS CONTACTS AT LA POSTE GROUP
Written mediaVirginie GueidierTel: +33 (0)1 55 44 22 41Fax: +33 (0)1 55 44 22 62virginie.gueidier@laposte.fr
Audiovisual mediaJacques GourierTel: +33 (0)1 55 44 22 43Fax: +33 (0)1 55 44 22 62jacques.gourier@laposte.fr

SOURCE:http://www.laposte.com/Everything-about-La-Poste/Press-releases/Latest-articles/2010-press-releases/La-Poste-Group-results-first-half-2010?id_origine=0&popup=/layout/set/popup/Everything-about-La-Poste/Press-releases/Latest-articles/2010-press-releases/La-Poste-Group-results-first-half-2010

Executive Network International consultants

2010-11-23T03:16:00.000-08:00

Executive Network International consultants are full-pledged experts in their own fields of specialty. With years of invaluable experience and extensive network of contacts, our consultants know the inside-out of the industry they operate at their finger tips, and are kept their toes with the latest industry developments.
We fully comprehend by our client's businesess and customise our solutions to every search. Coupled with our extensive broad-based network of contacts and relations; that contributes to our proven success and being known for our search services such as unparalleled speed and refined accuracy.

SOURCE:http://www.execnetwork-intl.com/expertise.htm

US – Insurance Sector Punched Down by Credit Crunch

2009-01-02T21:35:00.000-08:00

The sector of the insurances of the USA is badly affected by total economic fusion, because a majority of the insurance companies invested enormously in the institutions financial.

The sector of the insurances of the USA crumbles to the bottom while the losses of investment and catastrophe suck to the top the benefit of the national insurers. The three principal insurance companies recorded unfavourable results for Q3 the 2008, brought back cnnmoney.

Hartford lost $2.6 billion ($8.74 per share) during Q3 2008 compared to the profit $851 million ($2.68 per share) during the same previous year period. MetLife recorded the higher operating costs in Q3 2008 as him paid $1.2 billion more in the advantages and the complaints. Thus, its benefit slipped in bottom of 39% during the same period. The service companies financial of financier of prudence recorded a loss of $108 million (23 hundreds per share), rigorously more humbly than $860 million ($1.88 per share) recorded in 2007.

Primary reason of the loss in the sector of insurance of the USA east that the majority of the players of insurance have the exposure to the instruments of investment of maturity of difficulty such as the obligations of company. The majority of these instruments of investment evaluate very less during the crisis of credit. Consequently, the insurance companies loosen their capital.

Moreover, the insurance companies invest the money of the best quality of the consumers in large booklets to refund the complaints of life insurance. Traditionally, these companies used to maintain part of their funds in the obligations of company as they provide returns toa rate higher than the government bonds. Consequently, they will feel heat while the cracking of credit tightens and the value of these quickly released investments of safety.

This caused the rumours which if these insurer and insurance companies other will seek the assistance of the government to cross this deep channel of the crisis. Consequently, the rumours about the probable going beyond of the sector by fusions also gain ground.

According to an analyst of research to RNCOS, the sector of insurance of the USA would not become worse than that guided by the companies. In fact, the principal alarming question in this moment of time is that how the sector of the insurances would cross the obstacle which raised its head in the form of total financial crisis.

Bahrain Banking Industry Strengthened with Growth in Consolidated Assets

2009-01-02T21:34:00.000-08:00

You in economic activities raise, increasing the request for investment-dependent and the financial products carried out growth 6.7% of the consolidated capital of the banking environment of Bahrain in Q2 of 2008.

The central bank of Bahrain indicated that all the consolidated capital of the banking environment of Bahrain raised 6.7% in the second quarters of 2008 during the same period in 2007, as paid by news of GULF Daily.

The consolidated capital of the banking system rose of $252.5 billion in first quarter of 2008 to $269.5 billion in the second quarters 2008, an addition of $17 billion. Moreover, the capital of banking system jumped 26.6% in 12 months last, where the wholesale banks contributed 77.4% and the others 22.6% were provided by the banks to the detail.

The strong growth of the consolidated capital was allotted to the increased economic activities of the sector. The relocalization of several international banks of high profile in the country confirms the continuous support with the banking environment. The collaboration of these banks with the regional private banking also helped the banking environment to increase by opening more prospects for businesses.

Moreover, the tested strong request for banking environment of the management of richness and dependent investment-have of the products due to the richness of rise and the base of enlarging of the population of average revenue. Independently of this, the economic growth with reinforcing sectors of bank transactions and finances support the banking environment which helped the country by maintaining its statute of the principal money market in the area.

The banking environment of Bahrain will continue to be prosperous as one expects that economic conjunctures in the near future remain favorable. The council of economic development (EDB), which provides the support for the establishment of the new businesses to Bahrain, will continue to pursue his policy to encourage the banks of to support the banking environment of the country overseas.

According to an analyst of research to RNCOS, the �strong growth in the banking environment of Bahrain its economic development will reinforce as the bank transactions contribute significantly to the GDP. It will also help by creating more job offers in the bank transactions and the financial sector. The investors look at it because an advantageous company as industry is likely to develop in the near future.�

2009-01-02T21:32:00.000-08:00

The Indian Government decided to raise the hat of the FDI in the sector of insurance from 26% to 49% to help it recovers loosens unit-dependent products and makes it more competing.

Lastly, the Indian Government decided to raise the limit of the FDI (direct foreign investment) of 26% with the insurance companies to 49%, as brought back by timesofindia.

The approval of government to raise the limit of the FDI in the sector of life insurance will raise all the FDI by 2.5 times of Rs 2.500 Crore at the current level. The paid-up capital of the life and the players without life (state and deprived) are assembled to almost Rs 8.500 Crore in which around Rs 2.000 Crore is contributed by the foreign associates, said the Pvt consultation of insurance of Watson Wyatt. Ltd.

The increase in the limit of the FDI for the sector of Indian insurance is essential because she had claimed more funds and of capital to support the growth. The insurance companies hopelessly needed capital because they had tested losses on the unit-dependent products. Moreover, being an expensive industry, the sector of the insurances has need for investment enormous.

Moreover, the experts as regards industry are trustful that the contribution of the FDI will increase with the being raised hat as several foreign players showed great interest in the sector of Indian insurance. The government made this decision with an objective to raise the investment in the private sector. Moreover, one expects that the rise in the limit of investment amplifies the contribution of the FDI in the country at one time when the financial market tries to ensure permanence.

Moreover, the rise suggested of the FDI not only will help or support the sector of Indian insurance to increase length and width of the country, but also raise the foreign share in the Indian economy.

According to an analyst of research to RNCOS, the �players of insurance await the invoice curiously because it will help the sector of insurance to open out. Moreover, the increased FDI will also support the Indian sector of the insurances further to increase, improve technology, to improve the current booklet of product, for launching new distributive channels and to present total practices.�

India – Market Share of PSBs Eroding 1% Annually

2009-01-02T21:23:00.000-08:00

Indian PSBs annually lose their market share by almost a percent at the private banking due to the lack of advanced indifference of infrastructure and customer.

According to a report/ratio by depressed, an agency of reputation of solvency, the Indian banks of public sector (PSBs) were losing market share of almost a percent at the private banking for the end 15 years (1993-2007), as brought back by Standard Business.

The report/ratio indicated that the total size of the capital of PSBs fell from 75.6% in 2003 to 70.5% of 2007, whereas all the capital of the private banking increased by 17.5% to 21.5% during the same period.

The fall in the market share of PSBs is mainly due to intense competition on the market of the last decade (1997-2007). During the period, PSBs were severely struck as they do not follow private from banks while these banks offer better, advantageous and competing one and foreigner that PSBs.

Moreover, although the private banking and foreign fights with the problem of the low penetration (limited branches), they give strong competition to PSBs by providing high quality services and products distinct such as instruments from cover to the sophisticated customers. Flexible nature and the advanced infrastructure are more the large capital of the private banking giving them an competitive advantage against PSBs.

Without counting that the latter, the banking environment of Indian is immunized against the current total shortage of credit and liquidities on the financial markets because the Indian banks do not take much risk. Consequently, the industry of banking service to the private individuals gained with more benefit than their PSBs counterparts. Few large banks having branches on the international market are due moderately affected to the adjustment in their price of the credits and took the minimum note.

However, the Indian profitability of exposure of lower PSBs marginally the private banking, with the foreign banks emerging like the most advantageous banks in the country. Moreover, the income of PSBs could narrow further with the competition and the desintermediation of heating for appropriations of quality.

According to an analyst of research to RNCOS, �Indian PSBs should concentrate on the income fee-based to improve quality of the income and to gain more benefit. Consequently, PSBs should pay the attention towards the improvement of technology and the equipment to provide high quality services to the modern customers in order to compete with the private banking and to develop.�

gravee.com

2008-03-20T05:49:00.000-07:00

Medical loans are often the only hope for getting needed medical treatment for those who either don’t have health insurance or do not have the funds available to pay their deductible. People with chronic illnesses often need medical loans to be able to continue treatment once their coverage is depleted.

Many people seek medical loans for elective medical procedures as well. As a rule, health insurance will not pay for any type of treatment considered to be medically unnecessary. For example, procedures such as liposuction, gastric bypass, dental cosmetic surgery, cosmetic surgery, breast enhancement, breast reduction, and other similar procedures are typically not covered by health insurance.

These types of medical procedures that are in most cases required for mental satisfaction rather than physical well-being. While no doctor would recommend these procedures as a must-have for a healthy life in most cases, most are of the opinion that such procedures can improve the morale of the person to a great extent. Hence, from a psychological point of view, such procedures do improve the quality of life of the patient.

Many special clinics have been set up with the specific purpose of providing elective medical procedures services to people who want or need them. These clinics, knowing full well that such procedures are not likely to be covered by patients’ health insurance, often provide resources for medical loans to their patients. This enables patients to find a way to afford the services they desire without having to research funding options on their own.

Are Medical Loans The Answer to Affordable Medical Treatment?

2008-03-17T12:22:00.000-07:00

What happens when you need medical treatment that is not covered under health insurance? Many times, people do not have adequate medial insurance coverage to take care of medically necessary procedures. Often medical treatment is needed immediately to have any chance of success, so it really isn’t viable to try to save up the money for treatment. When you can’t afford medical treatment that you need, and there isn’t an acceptable alternative treatment, getting a medical loan might be your best option.

There are a number of lenders who are willing to make loans for both medically necessary and elective medical procedures. Medical loans are funds that are advanced to a person for the specific purpose of being used for medical treatment. They are typically unsecured loans that are basted on creditworthiness. The interest rate usually reflects the going rate in the market. Additionally, many medical loans have a built-in grace period, allowing patient recovery time before repayment is required to begin.

Medical loans are often the only hope for getting needed medical treatment for those who either don’t have health insurance or do not have the funds available to pay their deductible. People with chronic illnesses often need medical loans to be able to continue treatment once their coverage is depleted.

Many people seek medical loans for elective medical procedures as well. As a rule, health insurance will not pay for any type of treatment considered to be medically unnecessary. For example, procedures such as liposuction, gastric bypass, dental cosmetic surgery, cosmetic surgery, breast enhancement, breast reduction, and other similar procedures are typically not covered by health insurance.

These types of medical procedures that are in most cases required for mental satisfaction rather than physical well-being. While no doctor would recommend these procedures as a must-have for a healthy life in most cases, most are of the opinion that such procedures can improve the morale of the person to a great extent. Hence, from a psychological point of view, such procedures do improve the quality of life of the patient.

Many special clinics have been set up with the specific purpose of providing elective medical procedures services to people who want or need them. These clinics, knowing full well that such procedures are not likely to be covered by patients’ health insurance, often provide resources for medical loans to their patients. This enables patients to find a way to afford the services they desire without having to research funding options on their own.

Property Taxes, Hazard Insurance, HOA Fees, and Foreclosure

2008-03-17T12:21:00.000-07:00

When homes go into foreclosure, the owners are often far more worried about the mortgage payment than anything else. There are numerous costs involved with owning a house, though, and all of these need to be paid before and during the foreclosure. If they are not paid, and the homeowners are able to stop foreclosure before losing the home, they can quickly find themselves back in the same situation, in danger of being sued again for delinquent property taxes, homeowners association fees, or find themselves owning an uninsured home. Even worse, the lender may impose an escrow account or forced insurance on the property. Thus, it is important for foreclosure victims to keep on top of as many of the payments relating to the house as they can.

The county and city property taxes work slightly differently from the other charges mentioned above, due to their higher priority in the foreclosure proceedings, but they, along with any other liens on the property, will be wiped off after the sheriff sale of the house. When the sheriff sale is conducted, the house will be sold for whatever the highest bid amount is. These proceeds will be used to pay off everything that is affecting the house. First to be paid is any delinquent or currently due property taxes. The county gets paid first if the homeowners do not postpone the sheriff sale or work out a solution to prevent foreclosure.

If the foreclosure victims can not save their house, there may be a possibility of delinquent taxes being added as a lien on the property before the foreclosure. The lender will try to prevent this, as they will want as much of their money as possible without a tax lien, which will include the costs for obtaining the lien, as well as the taxes themselves. However, this possibility depends on how the property tax is being paid, whether through escrow with the mortgage company, or if the homeowners are paying it on their own.

If property taxes are paid through the escrow account, then the lender will pay the property taxes as they come due. Of course, the amounts paid for taxes will be added to the total payoff needed to sell the house or refinance to stop foreclosure, but the taxes will be paid to the county on time. The bank will not let the house go into a property tax foreclosure while they are pursuing their own foreclosure, and this gives them the opportunity to add more interest and charges to the total payoff, as they can stack up more junk fees on a negative escrow balance.

If the homeowners are paying the taxes on their own, though, and they get behind, then the proceeds from the sheriff sale will be used to pay off the property taxes. When the sheriff sale is conducted, the sale price will be used to pay the taxes first, then the mortgage, then any second mortgage and other liens. But the property taxes will be paid, in order to prevent the county from taking possession of the house. The possibility of the county obtaining a lien on the house may be small, but it is usually enough for the bank to impose an escrow account on the homeowners. They simply pay the delinquent taxes and add that amount to the total payoff, along with related charges and interest, which drives up the amount needed to reinstate the loan or avoid foreclosure completely. The homeowners may not even know they are now paying extra every month to keep up a new escrow balance, until they have saved the home and are now making regular payments again -- it is just that the payments may be much higher than they originally were due to the imposed escrow payment.

After the property taxes are paid off through the sheriff sale, the first mortgage will be paid off with as much of the proceeds as are left. If there is not enough to pay the first mortgage completely, then the Homeowners Association (HOA) and other lienholders will simply get nothing.

Now, the HOA could try to sue the homeowners after the foreclosure for the amount of fees that were owed up to the date that they were no longer the owner of the house. It may not be worth the time or effort for them to try to sue and obtain a judgment, though, especially as it is commonly known that most foreclosure victims do not have the extra resources to pay a deficiency judgment and little motivation to work out a payment plan or other arrangements. It is more likely the HOA will simply give up on collecting the fees, as they will not be able to cover the costs of the lawsuit.

Hazard insurance, the last of the costs most commonly associated with the mortgage payment, is usually paid with the mortgage in the escrow or monthly payment. If that is not being paid, or the owners are responsible for paying the insurance on their own, there will be no lien placed on the property for it; the house simply does not have hazard insurance. If anything happens to the house while the insurance is not paid, the insurance will not cover it, obviously. This is another charge that the bank can impose on the property, if they know that the foreclosure victims are not taking care of it. Mortgage companies certainly do not want to loan money on a house that, if it is destroyed, will be a complete loss to them; insurance is most often mandatory for obtaining a loan in the first place.

Clinching The Best Deal - Low Interest Car Loans

2008-03-17T12:20:00.002-07:00

Planning to apply for car loans? What will be the monthly payments? What about the down payment? What would be the operative interest rates? Interest rates can either save or cost you thousands of dollars. Hence these FAQs have to be answered before going ahead with the car loans.

Online Calculations

There are online car loans calculator available to determine the loan amount, term of repayment and the interest rates. The prospective buyer should compare different principal amounts, interest rates, and numbers of years to find an affordable monthly payment. This would be helpful in choosing the desired car type at a suitable rate.

FICO Score And Car Loans

If a car loan is planned, the buyer should avoid any other loan for the next 6 months to one year, as the FICO would go down. Every time a loan is applied, and each time a loan request is made, the FICO score suffers. Higher FICO scores lead to lower interest rates.

Credit Report From Credit Bureaus

FICO scores can be obtained from the credit bureaus (Equifax, Experian and TransUnion). Lenders fix the interest rate based on these credit reports. The information in the report should be accurate. Any incorrect information in the report should be informed to the bureaus immediately.

Negative Credit Information And Bankruptcy

The surety of repaying the amount by the buyer would certainly lead to better interest rates. Yet, negative information and previous instances of bankruptcy car loan will lead to disproval of car loans, or might end up in a higher interest rate. Still, don't worry for there are also dealerships that help irrespective of bad credit by providing no credit auto loan.

Insurance Coverage

Whenever the car is damaged, insurance can get the money back, provided the lender has given a full insurance coverage. This helps you to save money as you do not have to spend money on repairing a car which is of no use. The insurance details can be obtained from the car insurance company with the details of the car such as year, make, and model of the car.

Hidden Charges

The automobile loan should be manageable along with other debt repayments. The car would involve not only the interest and car price but also overhead charges, which will be a surprise to the customer if he is not prepared. Hence it is always advisable to keep some money in stored in the kitty while buying a car. Affordability to repay should be the deciding factor before going in for car loans.

Low Income Families Look To Loans To Replace Stolen And Damaged Goods

2008-03-17T12:20:00.001-07:00

Not having insurance could leave those consumers on low incomes at greater financial risk, it has been suggested.

The news comes as research carried out by the Association of British Insurers (ABI) reveals that just over a third of people (35 per cent) living in low-income homes - those households which earn less than 10,000 pounds per year - do not have any form of insurance. And with the firm suggesting that such consumers are more at risk from crime, flooding and fire than their higher-earning peers, not taking out cover may see them struggle more to meet demands on their finances such as utility bills and personal loan repayments.

In addition, the ABI revealed that 44 per cent of the poorest households have purchased home contents insurance, in comparison to the 82 per cent of Britons on median incomes (earning between 15,000 pounds and 30,000 pounds) who have the product. Overall, a third of people on low incomes have motor cover, while only a quarter have taken out life insurance.

Research from the association also showed that those consumers with an annual income of less than 5,000 pounds are 71 per cent more likely to have their homes burgled at least once, in comparison to households earning at least 30,000 pounds. Meanwhile, arson rates are some 30 times higher among people living in the most deprived communities. It was also suggested that consumers making the least amount of money per year are more susceptible to flooding.

Speaking at a seminar on financial inclusion and insurance, Stephen Haddrill, director general of the ABI, said: “Insurance provides valuable protection to people on all income levels. The poor are least able to deal with financial loss and depend most on insurance. We need to address the issue of low take-up in low-income groups. A lack of spare cash is the biggest factor holding back the purchase of insurance by lower income households.”

The association also asserted that when those on low incomes and who are without insurance have items either damaged or stolen, they have to meet the costs of replacing such goods themselves, which in turn may put pressure on their day-to-day money management. Consequently, a third of such consumers are shown to borrow, whether this be through a secured loan, credit card or other means, in a bid to meet such costs and in turn are “increasing their indebtedness”.