Student Finance Guide Launched

In time for the start of the new academic year comes a new book from the Complete University Guide experts on how students can manage their money. Published in association with UCAS, The Complete University Guide to Student Finance explains the intricacies of the student funding system, including loans, bursaries, grants and tuition fees – and gives useful advice on how students can draw up their own budgets.

Covering accommodation, food, travel and study costs, it describes how students can fund their time at university – and, most important of all, it contains a complete list of bursaries and scholarships in higher education. This is a book that will be of especial help to those in the final year of school who are preparing to apply to university. That’s because of its list of bursaries that enables students to compare one university with another. But it will also be valuable for freshers starting out on a three- or four-year degree.

Read more here.

financialnewsroundup.blogspot.com

Gold bounces back to around $1,010

Spot gold rallied to trade around $1,010 on Thursday as the precious metal continued to look to the dollar for direction, though a sense of caution prevailed due to the threat of heavy liquidation of futures positions.

Spot gold -- which fell in the previous session after the dollar turned higher -- is currently down about 1 percent from the 18-month high of $1,023.85 hit last Thursday.

"The trend of a strong euro and weak dollar is what's keeping the price of gold above $1,000," said Shuji Sugata, a manager at the Mitsubishi Corp Futures & Securities research team.

Read more here.

financialnewsroundup.blogspot.com

Peru miner signs deal to control Chile gold site

Peru gold miner Minera IRL Ltd said on Wednesday it has signed a deal to acquire control of the La Falda porphyry in the Maricunga gold belt of northern Chile, where it plans to begin drilling by the close of 2009.
The London- and Lima-listed company owns the small Corihuarmi mine in southern Peru, which produced some 52,000 ounces of gold in 2008.

Minera IRL (MIRL.L) (IRL.LM) said it inked the deal to operate the La Falda project with Catalina Resources.

Read more here.

financialnewsroundup.blogspot.com

Independent closes in on €200 million debt deal

Embattled newspaper publisher Independent News & Media (IN&M) this afternoon confirmed that it was close to unveiling a financial rescue that would allow the owner of The Independent to pay off an overdue €200 milion bond.

The bailout means that Sir Anthony O'Reilly, the company's controlling shareholder, will see his 28.5 per cent stake diluted by half because bondholders will receive a stake understood to be about 45 per cent of the reconstructed company.

Read more here.

financialnewsroundup.blogspot.com

Fisker Gets $529 Millon Loan

US hybrid car startup Fisker Automotive has been awarded a 529 million USD loan from the US Department of Energy. The loan is conditional, and will be used by Fisker to develop the two lines of plug-in hybrids currently on the company's drawing board.

Initially, the much-publicised Karma project will receive 169.3 million USD of the loan to help with final pre-manufacture development ahead of the luxury car's scheduled launch next summer. This part of the loan is also earmarked for developing the tools and equipment needed for future production and models.

Read more here.

financialnewsroundup.blogspot.com

World Bank approves USD 4.3 billion loan to India

The World Bank will provide USD 4.3-billion loan for 4 Indian projects, including USD 2 billion for recapitalisation of state-owned banks.

The assistance would "bolster infrastructure investments, enable public sector banks to expand credit and strengthen power transmission networks to meet the growing demand," said a World Bank release.

Read more here.

financialnewsroundup.blogspot.com

Home buyers defy seasonal dip in housing market as new home loans jump 81pc

Home buyers defied the seasonal dip in the housing market as figures suggested the number of mortgages approved for those buying a new home jumped by more than 80 per cent.

A total of 38,000 loans for house purchase were approved in August, up 81 per cent compared with a year ago, according to the British Bankers’ Association.

The sharp rise comes on the back of significantly low levels of lending last year during the banking crisis.

Read more here.

financialnewsroundup.blogspot.com

Finance staff at Capita strike in pay row

Unite the union members at finance company Capita will strike for two days (23rd and 24th September) in a dispute over a “derisory pay offer”.

Staff in Capita, Glasgow are angry that despite continued profit increases the company is refusing to give staff a fair pay rise. The two days of industrial action in Glasgow will have a damaging impact on the contracts that the finance company run out of this Scottish office.

Unite members will be joined on their picket line by local MPs and MSPs. Unite has written to Capita’s clients to make them aware of the breakdown in negotiations between the union and Capita.

Read more here.

financialnewsroundup.blogspot.com

UK 'blocking tough finance rules'

German Finance Minister Peer Steinbrueck has accused the UK of blocking tougher financial rules ahead of the G20 summit.

"There clearly is a lobby in London that wants to defend its competitive advantage tooth and claw," Mr Steinbrueck told Stern magazine.

Germany and France have led calls for more restrictions on banks, which have been resisted by the US and UK.

Read more here.

financialnewsroundup.blogspot.com

Bad Credit Debt Consolidation Loan for managing debt

Due to the fall in world economy, many credit card holders have fallen into the vicious trap of debts. M ore the number of credit cards, the more debts you have. So it becomes difficult to keep track of different interest rates of different credit cards. Also, it is a headache to manage your debts. In such a situation, a credit card debt consolidation company comes as a great help.

The company provides solution to all your problems. If you think you need help with your debts, you are at the right place. A free debt consolidation company enables you to pay off all your previous credit card debts by taking one consolidated loan. The risk is reduced and also the rate of interest paid by the customer is reduced. One can also secure a fixed interest. With the help of a credit card debt management company, you can get free debt consolidation with easy and hassle free proceedings. There are many advantages of availing credit card debt consolidation loans .

Read more here.

financialnewsroundup.blogspot.com

Small Business Lending Totalled £796 Million

Since collecting monthly data last October, the BBA has been unpicking the net monthly changes to assess levels of new lending to small businesses.

New term lending to small businesses totalled £796 million in July. However, businesses are using their cashflow or deposits to repay loans or overdrafts and in some cases, maturing loans are not being rolled over, or elements are being written off, giving rise to a net repayment of lending in July.

Read more here.

financialnewsroundup.blogspot.com

Obama Pushes New Message While Opposition Continues

In his Sunday talk show offensive (related story: Obama Blankets Airwaves To Push For Health Reform) President Barack Obama called for civility, advertised his willingness to consider malpractice reform, said a proposed tax on health benefits would not have a large impact on working people and reiterated that illegal immigrants would not receive government coverage under the plans, the Washington Post reports. "We all have an obligation to try to conduct this conversation in a civil way," he said (Connolly and Shear, 9/21).

Read more here.

financialnewsroundup.blogspot.com

China's largest oil producer vows to maintain prominence for 50 more years

Daqing Oilfield, China's largest oil producer, wants to retain its prominence in the country's petroleum industry for another 50 years.

Wang Yongchun, general manager of Daqing Oilfield Co. Ltd, said Tuesday the oilfield would remain an important energy base and continue to contribute a large proportion of China's energy supplies up to 2060.

Wang said factors such as adequate underground fossil resources, scientific progress and well-trained personnel would help achieve this end.

Read more here.

financialnewsroundup.blogspot.com

Rocket Stocks for the Week

Stocks hit new highs for 2009 on Friday after ending higher in nine of the last 11 trading sessions. That streak could find another stumbling point today, as the market opens slightly in the red.
But the rest of the week could hold a markedly different message for investors. On Tuesday, the Federal Open Market Committee begins its meeting on interest rate policy, and though most analysts don't expect any groundbreaking announcements to stem from the meeting, a good message from the Fed could signal investors to turn bullish once again.

Read more here.

financialnewsroundup.blogspot.com

Students Should Take Responsibility For Student Loans Debt

The Lib Dems are busy agonising over student tuition fees. Party leader Nick Clegg's efforts to accept reality by ditching the pledge to scrap tuition fees have met with a rebuff from his sandal wearing Party activists congregating in Bournemouth.
We all know that drastic cuts in public spending will be needed whoever wins the election.

Nick Clegg called for 'savage' cuts in public spending in the draft of a speech - but then didn't use the word when delivering the speech.
A very Lib Dem compromise. But the country certainly can't afford a spending spree at the moment.

Read more here.

financialnewsroundup.blogspot.com

Chamber Honors Small Businesses

Companies ranging from event planning to debt solutions were nominated for the Chamber of Commerce Small Business of the Year Awards. While they seem different, their keys to success are similar.

In a small office the work is ever present. Employees at Debt Busters work on behalf of clients to help them pay off overwhelming bills.

"We are in an unique niche. We represent businesses that are having difficulty and consumers," said Debt Busters President David Fishman.

Fishman says it's everyone's commitment to helping the customer that sets Debt Busters apart. He says it's an honor that his company was picked as a finalist for Small Business of the Year. "That kind if recognition among your neighbors really means a lot to the people here," he said.

Read more here.

financialnewsroundup.blogspot.com

Europe, US, China must take IMF medicine

Persuading Europe, the United States and China to accept International Monetary Fund advice on economic polices may be difficult, European Central Bank President Jean-Claude Trichet said on Monday.

The United States wants a discussion of a broad framework to solve the world's economic imbalances at a summit of G20 leaders in Pittsburgh on Thursday and Friday.

The IMF would be charged with sketching out a plan and then checking whether each country was making progress.

Read more here.

financialnewsroundup.blogspot.com

Austria's economy is expected to resume growth in 2010, and authorities should make plans now to reduce debt once recovery is under way, the International Monetary Fund said on Monday.

In a statement following its regular consultation with Austria, the IMF said debt should be "brought back on a downward path to accommodate the costs of population aging and avoid crowding out the private sector."

Read more here.

financialnewsroundup.blogspot.com

Take Up Fixed Rate Bonds

Savers are being encouraged by the banks and building societies to lock their money away for a fixed period, rather than placing it in an easy access account, according to Moneyfacts.co.uk.

Over the last six months the average rate offered on fixed rate bonds has increased from 2.87pc to 3.53pc, with the highest bond rate on offer now more than 2.00pc above that available on an easy access account.

Read more here.

financialnewsroundup.blogspot.com

Tax Review Called For By Finance Directors

As party conference season starts the business community gets behind calls for corporation tax to be reduced.

The political debate is currently firmly focused on cutting the UK budget deficit with all parties talking of cutting government expenditure.

The debate is yet to fully focus on on increasing taxes - but business representatives have indicated that they are firmly against any rises in corporation tax.

A study by financial advisers Grant Thornton shows that 84% of Finance Directors surveyed fear the rate of corporation tax will either stay the same or increase after the next general election despite calls for a cut, potentially leaving UK PLC hamstrung.

Read more here.

financialnewsroundup.blogspot.com

Booker Leaves Northern Foods

Northern Foods today parted company with Andrew Booker, its finance director, after only ten months with the group.

The company, which is responsible for Goodfella's pizzas and Fox's biscuits, said: "Andrew will be standing down by mutual agreement."

He will stay on for a further three months until December 31 and will be succeeded by Simon Herrick, the finance director of Kesa Electricals.

Mr Booker was previously European finance director with Gallaher, the cigarette maker that was taken over by Japan Tobacco in a deal worth $19 billion in 2006.

Read more here.

financialnewsroundup.blogspot.com

Can Amazon Be Wal-Mart of the Web?

THE hum of 102 rooftop air conditioners and a chorus of beeping electric carts provide the acoustic backdrop in Amazon.com’s 605,000-square-foot distribution facility on this city’s west side. But the center’s employees can almost always hear Terry Jones.

On a recent summer afternoon, Mr. Jones, an “inbound support associate” making $12 an hour, steered a hand-pushed cart through the packed aisles and shouted his location to everyone in earshot: “Cart coming through. Yup! Watch yourself, please!” Mr. Jones explained that he was just making his time at Amazon “joyful and fun” while complying with the company’s rigorous safety rules.

Read more here.

financialnewsroundup.blogspot.com

RBS 'considering' cash call option

Part-nationalised Royal Bank of Scotland is weighing up a new fundraising to prevent the taxpayer's stake in the ailing bank from rising further, it has been reported.

Chief executive Stephen Hester has begun informal talks with investors over a possible cash call, the Sunday Times said.

Mr Hester is said to be considering the move to pay the £19.5 billion fees due to the Government to take part in a taxpayer-backed insurance scheme for more than £300 billion in toxic assets.

Read more here.

financialnewsroundup.blogspot.com

NBF backs resource stocks in energy-sector upgrade

If you picked up bank stocks when the stock market was at its lowest in March when financials were out of favour, then they’re definitely worth holding on to for their once-in-a-lifetime dividend yields that topped out with Bank of Montreal paying 11.64 per cent per annum. Bet you wish you could turn the clock back on that one!

Since then, share prices of Canada’s banks have soared an average of 105 per cent and while the stocks remain attractive, the average yield of the Big Six has fallen to 4.4 per cent from 9.1 per cent. BMO is still delivering the most at 5.4 per cent. Even so, investment advisers are less positive on bank stocks and financials than they were a couple of months ago.

Read more here.

financialnewsroundup.blogspot.com

State's a Wreck -- Can It Be Fixed?

Three inarguable facts dominate California's system of financing state government:
• It's a mess.
• It's currently a mess in large part due to the deepest and most pervasive global recession since the Great Depression of the 1930s.
• It's been a mess for much of the past three decades because the combination of an out-of date tax system, reckless spending and fickle voters has made state government extremely vulnerable to the ebbs and flows of the economy.

While there's not much the state's elected leaders can do about the worldwide economic woes, they have tried for decades -- mostly unsuccessfully -- to wrestle with the triple threat of taxes, spending and ballot-box budgeting.

Read more here.

financialnewsroundup.blogspot.com

Automakers bank on ‘careful’ habits

Big cars and trucks are out. Smaller ones that offer more for your dollar are in. And many drivers will hang onto the new cars they buy longer.

We’ve seen some of this before – in the 1970s. But there’s reason to believe that this time, American car-buying habits have changed forever.

Scarred by the worst financial crisis since the 1930s and still leery of high gas prices, people are walking into showrooms intent on spending less. The trend is strongest among baby boomers, who are 44 to 63 years old and make up a quarter of the population, dealers and industry analysts say.

Read more here.

financialnewsroundup.blogspot.com

PDIC eyes premium from sale of UCPB

WITH government-sequestered United Coconut Planters Bank (UCPB) returning to profitability in the first half of 2009, the Philippine Deposit Insurance Corp. (PDIC) will try to sell its equity interest in the bank at a premium should the Supreme Court rule with finality on the bank ownership in favor of the government.

“Ideally we should be looking at cost recovery. But with the bank now making profits, of course we can get some premium,” PDIC president Jose Nograles told reporters.

In 2003 PDIC extended a P20-billion financial assistance to help rehabilitate UCPB, which suffered from heavy deposit withdrawals when the Supreme Court ruled that the coconut-levy funds used to put up the bank were public money.

Eight billion pesos of the loan from PDIC had been settled already while the balance of P12 billion had been converted into equity in the bank.

Read more here.

financialnewsroundup.blogspot.com