Monthly Archives: July 2013

Siemens appoints finance chief Kaeser as CEO

Siemens’ profit margin fell to 6.5 percent from 9.2 percent a year earlier, while revenues slipped 2 percent to 19.25 billion euros. But the company reported a 19 percent rise in new orders to 21.14 billion euros, thanks largely to a major British train contract. Siemens shares were 0.8 percent lower at 80.01 euros in Frankfurt trading after the announcements. Loescher, a company outsider hired in 2007 from drug company Merck & Co., Inc., helped Siemens move past a major corruption scandal. Siemens agreed to pay more than $1 billion in fines in Germany and the United States, for, among other charges, allegedly giving customers payments to secure business, especially internationally.

Serbia avoids early election with deal to oust finance minister

“The exit of the URS moves the coalition’s axis to the left, and reduces the chances of much needed reform,” Timothy Ash, Standard Bank analyst, wrote in a note on Wednesday. In early afternoon, the dinar currency traded at 113.95 to the euro, having earlier slipped to 114.28, prompting central bank intervention, traders said. A central bank spokeswoman confirmed the intervention, and said the amount of euros sold would be announced later in the day. Data published on Wednesday showed a slowdown in the economy, which grew just 0.7 percent year-on-year in the second quarter compared with 2.1 percent in the first, according to a preliminary estimate. Dinkic has served as central bank governor, finance minister and economy minister under several administrations since the ouster of Serbian strongman Slobodan Milosevic in 2000, when the country began emerging from a decade of war and economic turmoil.

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Why Every Finance Professional Needs a Degree in Big Data

Cache Announces New Credit Facility with Wells Fargo Capital Finance

Until recently, there wasnt a need for Big Data specialists, because there simply wasnt the ability to organize data in a way that enabled effective decision making. 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.

Certain matters discussed within this press release may constitute forward-looking statements within the meaning of the federal securities laws. Although Cache, Inc. believes the statements are based on reasonable assumptions, there can be no assurance that these expectations will be attained. Actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation, our ability to successfully implement our business strategy and to integrate new members of management, industry trends, merchandise and fashion trends, competition, seasonality, changes in general economic conditions and consumer spending patterns, as well as other risks outlined from time to time in the filings of Cache, Inc. with the Securities and Exchange Commission.

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.

Why Every Finance Professional Needs a Degree in Big Data

I needed to make sure that certain things were provided for them a roof over their head and food in their bellies, for starters. RECOMMENDED: Can you manage your money? A personal finance quiz. That experience, in many ways, parallels whats happening in Detroit. Much like Detroit,we all have basic maintenace were responsible for.Detroit has facility maintenance, while we have rent and insurance and so on. Much like Detroit,we have people relying on our hard work.Detroit has pensions and salaries for thousands of employees, while we have the safety and well-being of ourselves and those in our immediate family.

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. University graduate programs in operations research with heavy statistical analytics courses are an ideal source for the needed expertise. But they are far too small to fill the growing gap.

Oh for the simplest solution in finance

The above describes almost all of the financial market needs of most companies. So why is it so difficult to get a simple solution? In a commoditized world, competition amongst banks appears to have driven them towards the most complex solution first, rather than the simplest. It seems this differentiates them. Concerned about volatility in commodity prices, or a rise in interest rates?

Borst will retire as Toyota finance chief

His replacement will be Mike Groff, 58, the seventh employee hired by Toyota Motor Credit Corp. when the captive finance company was formed in 1983. Groff has been head of Toyota Financial Services’ sales and marketing for the past five years. Borst presided over massive growth in Toyota’s finance arm from about $21 billion in assets in 1997 to $91 billion today, with its operating income jumping sixfold in that period, to $1.8 billion. Toyota’s share of its dealers’ finance business has soared from 37 percent in 1997 to 64 percent today.

GE Capital Retail Finance Celebrates 80 Years of Consumer Financing

GE Capital is one of the worlds largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit http://www.gecapital.com or follow company news via Twitter @GECapital . GE (NYSE: GE ) works on things that matter.

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

The framers on campaign finance law — via Tumblr

Credit: Reuters/Marko Djurica BELGRADE | Sun Jul 28, 2013 11:36am EDT BELGRADE (Reuters) – Serbian Finance Minister Mladjan Dinkic agreed on Sunday to cede his economy portfolio, averting possible snap elections that could have dented the country’s ambitions to join the European Union. 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.

The answer could prove important to the courts ultimate ruling in the latest post-Citizens United challenge to campaign finance laws. The Supreme Court, in its controversial Citizens United decision, ruled that corporations have the right to spend without limit on ads and other political activity to support a particular candidate or party. The result was $ 1.5 billion in outside spending during the 2012 presidential election. But the court could take this one step further in a new case, casting aside a key limit on direct contributions to candidates and allowing individual high-dollar donors to play an extraordinarily outsized role in elections by giving multimillion-dollar contributions directly to campaigns. This would mark the first time the Supreme Court declared a federal contribution limit unconstitutional, and make it even harder for most Americans to be heard by their elected officials.

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

D.C.’s campaign finance laws need reforming

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. The other five players are HDFC Pension Management Company Ltd, ICICI Prudential Pension Funds Management Company Ltd, Kotak Mahindra Pension Fund Ltd, Reliance Capital Pension Fund Ltd and DSP BlackRock Pension Fund Managers Pvt Ltd.

Finance Minister P Chidambaram. (IE Photo)

The budget deficit is expected to top at least 6 percent of gross domestic product this year, down from 7.3 percent in 2012. The current-account deficit will reach 8.7 percent of GDP according to IMF forecasts. Monetary policy makers are balancing the need to shore up Serbia s $37 billion economy against fighting inflation and shielding the dinar from market turmoil. The inflation rate fell to 9.9 percent in May, dipping below 10 percent for the first time in nine months.

Serb Leaders to Discuss If Finance Chief Stays in Cabinet

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. Browns brother, who was not authorized to write checks from the campaign fund.

NSW premier says finance minister is safe

D.C.’s campaign finance laws need reforming

Asked if Mr Pearce’s job was safe, he replied: “Yes”. “Being a member of parliament or being a minister is a seven-day-a-week activity and weekends can be very busy,” the premier said. “I’ve had events in regional areas that have finished late at night and sometimes it is more convenient, particularly depending on where you’re starting the next day, to stay in regional areas.” Mr Pearce has recently returned to work following a month’s stress leave in June after he was found to have misused travel entitlements. He was also escorted from parliament for being drunk in late May. Opposition Leader John Robertson says Mr Pearce has the premier’s protection because of his close relationship with Liberal powerbroker Michael Photios.

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

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. Incredibly, its likely that any violations will go largely unpunished because of an enforcement system that lacks teeth or real penalties.

The fate of the Federal Republic of Nigeria might depend on it. A sharp and sudden downturn in crude oil revenues next year will induce deep budget cuts, increase unemployment and provoke mass anger given nothing positive in the polity to reduce the impact. Governors now parading jets might find their people are no longer amused. Perhaps because she knew that she was addressing a nation of almost deaf people, including their political leaders, the Minister added that the Federal government may not be able to implement the budget.

Fire alarm from finance minister

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. Dacic’s Socialists and the nationalist Progressive Party (SNS), the two biggest parties in the alliance, had already agreed to reshuffle their ministers. Dinkic’s United Regions of Serbia party (URS) is polling just 5 percent among voters. Weeks of fraught negotiations over the reshuffle had raised the risk of a snap election that would almost certainly have delayed the start of EU membership talks scheduled for January.