Online Banking Report Publishes "2009 Planning Guide for Online and Mobile Banking

Online Banking Report has published its 14th annual planning issue entitled 2009 Planning Guide for Online and Mobile Banking: Doing More with Less. The focus this year is helping financial institutions navigate through the strangest business planning cycle in six decades. While much of the road to recovery is outside the control of financial institutions, this report focuses on the many opportunities for smart and nimble players to gain ground.

The 2009 Planning Guide highlights how technology and online techniques magnify the impact of shrinking budgets while supporting marketing efforts to increase brand confidence. The report includes more than 1,000 ideas, tactics and tips for increasing market share, customer engagement, and revenues from consumers and small- and micro-businesses.

Also included is a summary of 20 projects that provide the best bang for your buck next year and beyond and a 12-page section on pricing online services and transactions.

This exclusive research is available only from Online Banking Report and is a must-read for any financial institution. It can be downloaded immediately after purchase at www.onlinebankingreport.com.

SAfrican finance minister available for new govt

South Africa's Finance Minister Trevor Manuel, who resigned Tuesday along with 10 other cabinet members, is available to serve in the new administration, his spokesman told AFP.

"Manuel has always made it clear that he is available to assist in whatever capacity the new administration requires him to," said Thoraya Pandy.

"As an Mbeki appointee he is duty bound to step down out of respect for him." Pandy added.

Manuel has handled the finance portfolio since the birth of the country's democratic government in 1994 and is widely respected for applying the micro-economic policies responsible credited for South Africa's growth.

Before the announcement, the rand was trading at 7.98 to the US dollar. After the revelation that Manuel was going, it slipped to 8.16, according to SA Stock Exchange data.

"Manuel's resignation came as a shock to the markets. It is not just his resignation, but the whole lot of others who went with him," said Kevin Lings, an economist with Stanlib Asset Management.

"The fact that he has made himself available does not guarantee that he will be re-appointed.

Paulson Shorts 4 of 5 Largest U.K. Finance Companies

Paulson & Co., whose main hedge fund made a sixfold return last year betting on a collapse in U.S. subprime mortgages, said it's wagering four of the U.K.'s five largest financial-services stocks will decline.

Paulson has short positions of 0.95 percent in HBOS Plc, the U.K. largest mortgage lender, and 1.76 percent in HBOS acquirer Lloyds TSB Group Plc, the New York-based hedge fund said today in separate statements. Paulson also said it's short 1.18 percent of Barclays Plc, which is buying a portion of bankrupt Lehman Brothers Holdings Inc., and 0.87 percent of Royal Bank of Scotland Group Plc.

The disclosures were required under rules pushed through by the U.K.'s Financial Services Authority last week. John Paulson, founder of the $35 billion hedge fund, in June said banks will need to write down about $1.3 trillion from the subprime crisis after more than $522 billion in losses and writedowns so far.

``Paulson & Co. empathizes with financial firms as to the difficult positions in which many find themselves,'' Paulson & Co. said in a statement distributed by PRNewswire. ``We support the FSA's desire to establish fair trading practices and to eliminate fraud and market manipulation. We will continue to comply with the FSA's requirements.''

The FSA's emergency measures were introduced after politicians and some investors blamed short sellers for a plunge in HBOS's market value last week before it agreed to a takeover by Lloyds TSB. Under the rules, no new short positions can be taken in U.K.-listed financial services companies. While existing short positions don't have to be closed, they can't be increased.

Not HSBC

``Our short positions are taken on a passive basis the success of which will be determined by the merits of the particular company,'' the statement said.

HSBC Holdings Plc, the U.K.'s largest financial services company, is the only one of the five biggest that Paulson didn't disclose it was shorting.

Short selling is when investors sell shares they have borrowed on the hope the price will fall. If it does, they buy back the shares at a lower price, return them to their owners, and pocket the difference.

Amid financial sector turmoil, combined HP-EDS solutions

As we witness unprecedented turmoil throughout the world’s financial trading centers, the question in IT circles is: How will this impact the providers of systems, software and services? Not all vendors will fare the same, and those that possess the solutions — and have the track record and experienced personnel in place — will be more likely to become part of the new high finance landscape, and the new public-private solutions.

The timing of Wall Street facing some of its darker days comes as HP and the newly acquired EDS unit are combining forces in unique ways. Between them, EDS and HP have been servicing the financial and government sectors for decades. Combined, HP and EDS are uniquely positioned to assist potentially massive transitions and unprecedented public-private interactions.

To learn more about how HP and EDS will newly align, especially amid financial sector turmoil, BriefingsDirect interviewed Maria Allen, vice president of Global Financial Services Industry solutions at EDS. The discussion took place Sept. 22, 2008 at the Oracle OpenWorld conference.

The Allen interview, moderated by your’s truly from San Francisco, comes as part of a series of discussions with IT executives I’ll be doing this week from the conference. See the full list of podcasts and interviews.

Brett Paulson Joins Emerging Financial Technology Company

The former Chief Information Officer of The Clearing Corporation (previously The Board of Trade Clearing Corporation) in Chicago, Brett F. Paulson, has joined Avadhi Finance and Technology, Inc., an emerging leader in multi-asset trading platforms.

Avadhi founder, Paresh Malde, announced Monday, September 22, 2008, that Paulson was appointed CEO and a member of the Board of Directors. Malde remains company President, Board Chairman and will assume the role of Chief Operating Officer.

Paulson, a 30-year veteran in financial and technology service industries, led The Clearing Corporation to a historic restructuring of the capital and shareholder base. As President and Chief Operating Officer, Paulson helped orchestrate the convening of some of the world's largest members of the investment banking community in order to create innovative solutions aimed at the OTC clearing space as well as the exchange-traded derivatives marketplaces. Previously, Paulson held senior management roles at CS First Boston, IBM, Bank of America, Harris Bank and International Harvester. He holds an M.B.A. in Finance from DePaul University.

"Brett's industry leadership brings to Avadhi a significant moment in our rapid growth and expansion," said Malde of the privately held company, based in Okemos, Michigan. "His involvement and vision for the company is going to solidify Avadhi's position in the industry as a leading provider of trading solutions."

Avadhi Finance and Technology's trading platforms are found at some of the world's top brokerage firms.

Paulson said, "Avadhi has top-shelf products, a finely honed R&D, energetic personnel and an ambitious business agenda that I can enthusiastically embrace, adding my expertise, and ideally, accelerating its success. I am delighted to be joining such an innovative and talented performer in our industry."

ABOUT AVADHI FINANCE AND TECHNOLOGY

Avadhi Finance and Technology is emerging as a leading provider of technology products and services to the global financial services industry. Its flagship product is a comprehensive multi-asset trading platform with innovative features that addresses the needs of the sophisticated investors in the era of the fully electronic marketplace.

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What bank or financial institution is right for you

For most families, choosing a banking institution can be a very involved process even in the best of economic times. But mix in the challenges of military life, tough economic conditions, and a lack of consumer trust in many different industries, and doing so can become a daunting challenge.

To help make the process easier, Pioneer Services has developed a free article for military families on how to comprehensively, effectively, and quickly choose a bank or credit union. Covering what fees to look for, convenience and service, the article also provides links to regulatory and ratings agencies for easy reference.

“Military families move around a lot, and even those who have used the same bank for years should make sure they get the best deal,” said Joe Freeman, Chief Operations Officer of Pioneer Services, the Military Banking Division of MidCountry Bank. “Add in that the banking industry is facing some tough challenges, and then trust also becomes a factor. We decided to provide our service members some easy-to-use information on what to look for when picking a financial institution, as well as give them resources so they can fully trust whichever one they choose.”

The free article, and more than 30 others on a variety of personal finance topics, can be read at PioneerServices.com. Publishers interested in re-printing this article—or any others—free of charge can contact media@pioneerservices.com.

Pioneer Services, the military banking division of MidCountry Bank, provides responsible financial services and education to members of the Armed Forces that enhance their quality of life and financial independence. For more than 20 years, Pioneer Services has been a leader in military lending. They offer the protection and security of a personal loan with the speed and flexibility service members need. Through a network of offices and on the Internet, Pioneer Services offers loans, financial education programs, and supports military families and communities through a variety of partnerships, programs, and sponsorships.

World finance firestorm outpaces firefighters

With the flames of the financial crisis outrunning renewed central bank intervention and the nationalisation of United States insurance titan AIG, US media reports, meanwhile, said Morgan Stanley was looking for help.

The latest US drama was unfolding against a background of plummeting global stocks and yields, or interest rates, on US Treasury bonds as investors rushed for the safety of government debt instruments.

The Bank of Japan made the latest of a series of interventions to support the Japanese banking system, pouring in the equivalent of $23,9-billion, and the Russian stock market was closed even before trading opened, marking the third closure in three days.

The reports in New York said Morgan Stanley, one of the last two independent US-based investment banks, was negotiating a merger with another firm.

In London, the Halifax Bank of Scotland (HBOS) became the latest victim of the firestorm when British bank Lloyds TSB said it was acquiring this leading British mortgager in an all-share deal worth £12,2-billion.

The bail-out came after HBOS stocks had plummeted in wild trading on Wednesday.

The New York Times reported that Morgan Stanley was in talks to merge with Wachovia Corporation. Separately, CNBC business network said that the bank was in talks to be bought by the Chinese bank CITIC.

AIG, Lehman Collapses May Spur Financial Fire Sales

Lehman Brothers Holdings Inc.'s collapse and Merrill Lynch & Co.'s takeover by Bank of America Corp. are the first examples of what bankers say will be a spate of takeovers, as forced sellers seek an exit.

``There will be more bank consolidation and asset sales as people are forced to take tough decisions,'' said Philip Keevil, a senior partner in London at Compass Advisers LLP and former Salomon Smith Barney Inc. banker. ``It will be the weak offering themselves to the strong.''

Barclays Plc agreed today to buy Lehman's U.S. investment banking unit for $1.75 billion, three days after abandoning plans to acquire the entire securities firm. American International Group Inc., which received an $85 billion bailout from the U.S. government yesterday, is most likely to repay the loan by liquidating or selling assets, central bank officials told reporters on the condition of anonymity.

``We are now entering the next phase of the crisis, one that may require forced consolidation,'' UBS AG analyst Philip Finch said in a note to clients this week. The broker-dealer model used by investment banks is broken, and history suggests more banks will fail or be forced to merge following Lehman's collapse, he added.

Banks and insurers worldwide have booked more than $510 billion in losses and writedowns since the global credit crisis began about 13 months ago, wiping about $11 trillion from the value of global stocks along the way. That has prompted banks to seek cash injections and sell assets to shore up capital. Bank of America's $40 billion takeover of Merrill is the biggest element of $71 billion in acquisitions announced this month alone, almost twice the amount in the same period a year ago, data compiled by Bloomberg show.

HBOS Sale Talks

Lloyds TSB Group Plc, the bank that considered buying Northern Rock Plc before it collapsed, is in discussions to buy HBOS Plc after the mortgage lender lost three quarters of its stock market value this year.

The banks are in ``advanced talks,'' Edinburgh-based HBOS said in a statement today, without disclosing any details. A combination with Lloyds, based in London, would create a lender with a 28 percent share of the U.K. mortgage market, according to the Council of Mortgage Lenders.

``All these banks are going to have to clean up their balance sheets,'' said Bernard Gault, a London-based partner of Perella Weinberg Partners LLP. ``People are going to have to decide what to do next.''

Buyers may seek all or parts of Washington Mutual Inc., whose credit rating was cut to junk on Sept. 15, analysts and investors say. In the U.K., HBOS and Royal Bank of Scotland Plc were both earlier this year seeking to sell divisions.

Capital Raising

Seattle-based Washington Mutual has dropped 83 percent so far this year, leaving the lender with a market value of about $4 billion. Facing up to $19 billion in bad loans over the next 2 1/2 years, the bank may be forced to sell all or part of itself to raise capital, according to analysts including Bert Ely, president of consulting firm Ely & Co. in Alexandria, Virginia. The banks may also have to sell parts of a nationwide 2,300-branch network to raise capital.

Edinburgh-based HBOS has also been exploring a sale of its Australian units that may raise as much $5.7 billion, three people familiar with the plan have said.

``There will be those looking to take advantage of the crisis,'' said Charles Arsouze, a lawyer specializing in M&A, capital markets and securities law proceedings at Paris-based Fontaine Mitrani & Associates.

Edgy Buyers

Buyers are still skittish. In Europe, Royal Bank of Scotland has been struggling to sell its insurance units to bolster capital after reserves were depleted by writedowns and the purchase of part of ABN Amro Holding NV last year. Commonwealth Bank of Australia scrapped talks last month to buy ABN Amro's investment banking and corporate finance units in Australia and New Zealand, citing financial market turmoil.

UBS's Finch said banks that stand to benefit most from potential consolidation are Credit Suisse Group, JPMorgan Chase & Co. and HSBC Holdings Plc.

``The companies that are doing deals today are saying things have been way too expensive until now,'' said Gault of Perella Weinberg Partners. ``And it's time to do something.

Finance company rating agency closes

The demise of many finance companies in the past two years has led to the demise of a company that rates them.

Axis Ratings, a New Zealand owned credit rating agency that focused on the non-bank sector, is shutting up shop in part because business has dried up and also because it has to get accreditation itself.

To continue in this business we need confidence that, when the current upheaval in the market settles, there will be sufficient companies still funding out of the retail market to make a viable business out of credit ratings," managing director Ron Keene said.

The company was closing even though upcoming changes in Reserve Bank Amendment Act No 3 will require finance companies to be rated to gain Reserve Bank approval as registered deposit takers.

Axis Ratings itself requires accreditation as an approved rating agency to continue to rate finance companies and has been pondering how to get this.

"We saw the reality of strong support from an international rating company as essential to meet the Reserve Bank's requirements.

"In the event, Rapid Ratings International Inc, of whom we are a technology licensee, was not able to direct its attention to the New Zealand market at this time to give us the support required to satisfy the Reserve Bank's accreditation requirements," Mr Keene said.

Axis Ratings will continue to support and monitor ratings it has in the market until their expiry, but will not be undertaking any further rating assignments.

Gloom descends on US finance executives

America’s economy sunk to a four-year low amid mounting concern over high oil prices, waning consumer demand and inflation, according to a study. The findings, which are to be released on Friday, follow a spate of US economic data and corporate earnings reports in recent weeks that fuelled fears of a recession and damped hopes of an easing of the financial crisis.
Chief financial officers has also faded this year, and in the second quarter touched its lowest point since June 2004, a survey by Financial Executives International and Baruch College’s Zicklin School of Business showed.
Least half of those surveyed believed that the price of crude oil would climb to at least $160 a barrel in six months, or about a third higher than where it traded Thursday.
Economists hold a bleaker outlook for the second half of this year than was the case even three months ago.”
However, the study also showed that more than two-thirds of the 200 CFOs surveyed remained optimistic about their own companies’ prospects. Some even planned to increase technology and capital spending in the next year.
The steadiness in CFOs’ outlook toward their own companies may reveal that they are adapting to the turmoil and taking appropriate actions within their organisations,” said John Elliott, dean of the Zicklin School of Business at Baruch College.

Strategic Finance freezes funds

rugby union chairman Jock Hobbs is a director - are negotiating with the company's struggling Australian owner, Allco HIT, to buy the business.
The bid is being supported by an offshoot of Halifax Bank of Scotland.

The consortium claimed the buyout would secure Strategic's long-term future and reduce its reliance on retail investors to fund its lending on property developments.

It had been expected the sale would be concluded about the middle of next month. But Strategic told the Stock Exchange yesterday there had been "a further material decline in the property finance market and reinvestment rates" by investors.

Earlier this year Strategic had about 20,000 investors.

Negotiations with Allco HIT were continuing, but the proposed capital structure for the company as part of the ownership change would have to be considered by investors, the company said.

Suspending repayments would protect the position of investors while the purchase negotiations were completed, it said.

Credit rating agency Axis revealed yesterday that Strategic had asked for its rating to be withdrawn earlier this week.

Bank of the Carolinas Corporation Reports Second Quarter Financial Results

Aug 01, 2008 /PRNewswire-FirstCall via COMTEX/ ----Bank of the Carolinas Corporation (Nasdaq: BCAR), today reported financial results for the three and six months ended June 30, 2008.

For the three-month period ended June 30, 2008, the Corporation incurred a net loss of $259,000, as compared to net income of $592,000 in the second quarter of 2007. Diluted income (loss) per share was ($.07) for the second quarter of 2008 compared to income of $.15 for the comparable quarter of 2007. For the six-month period ended June 30, 2008, the Bank reported a net loss of $264,000 compared to net income of $1,372,000 for the same six-month period of 2007. Diluted income (loss) per share amounted to ($.07) for the six-month period ended June 30, 2008 compared to income of $.35 per diluted share for the same period of 2007.

In discussing the Company's results, Robert Marziano, President and CEO, stated, "We are very disappointed with our results, not only for the second quarter, but year-to-date in 2008. This is a trying economic environment, and our results reflect that. Along with many of our peers, Bank of the Carolinas has experienced increased levels of non-performing assets over the last year. However, based on our best determination of current market values, our bank has written down these assets to realizable amounts, reserved for potential losses and we remain well-capitalized. While excessive land development and construction credits have proven troublesome to the industry, these loans at Bank of the Carolinas remain relatively stable at a modest 14.6% of our portfolio."

Addressing liquidity and expense control, Marziano continued, "As evidenced by a $19.7 million increase in our savings balances at June 30, 2008 compared to June 30, 2007, a key focal point for our bank is to increase core funding so that we are less dependent on volatile liabilities and, therefore, less sensitive to interest rate swings. Additionally, we have reduced and will continue to reduce costs where doing so does not adversely impact our ability to serve our loyal customers. We regard our customers as our greatest asset."

The Company's non-performing assets were $14.4 million at June 30, 2008, or 3.6% of outstanding loans. While the reported amount is at a historically high level, it is inflated by the inclusion of one credit relationship of approximately $4.9 million for which 75% of any loss incurred by the Bank is guaranteed by the US Department of Agriculture. Presently the Bank expects no significant loss with regard to that particular credit. Excluding this credit, non-performing assets would amount to $9.5 million, or 2.3% of outstanding loans.

Principal factors leading to the decrease in net income for the three and six-month periods ended in 2008, relative to 2007, were a decline in the Company's net interest income, an increase in the provision for loan losses and increased non-interest expense. For the six-month period ended in 2008, the net interest margin declined to 2.75% from 3.35% in 2007. For the six- month period ended June 30, 2008, approximately $197,000 or 15.0% of the decline in our net interest margin was attributable to the loss of income associated with non-accrual loans. The increase in the provision for loan losses of $621,000 for the six-months ended June 30, 2008 relative to 2007 was related to additions to specific reserves for impaired loans the Company identified. While non-interest expense overall was stable from the first to second quarters of 2008, for the comparable six-month periods, 2008 non- interest expense increased approximately $1.1 million over 2007 levels. Salaries and benefits increased $761,000, occupancy expense increased $141,000 and other non-interest expense increased $204,000 for the current year period. The increased salary and benefit and occupancy expense levels are comprised of normal salary adjustments plus increased staffing and occupancy costs associated with two banking offices opened in mid-2007. The Company experienced growth in non-interest income of 9.7% and 7.7%, respectively, for the three and six month periods in 2008 versus 2007.

Total assets at June 30, 2008 amounted to $511.9 million, an increase of 12.1% when compared to the June 30, 2007 amount of $456.9 million. Net loans increased 14.1% over the prior year to $402.2 million, while deposits grew to $414.3 million, a 7.1% increase. The allowance for loan losses was 1.12% of total loans as of June 30, 2008, and the ratio of annualized net charge-offs to average loans was 0.40%.

Bank of the Carolinas Corporation is the holding company for Bank of the Carolinas, a state chartered bank headquartered in Mocksville, NC with offices in Advance, Asheboro, Cleveland, Concord, Harrisburg, King, Landis, Lexington and Winston-Salem. Common stock of the Company is traded on the NASDAQ Capital Market under the symbol BCAR.

This press release contains forward-looking statements as defined by federal securities laws. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from current projections. Bank of the Carolinas Corporation undertakes no obligation to revise these statements following the date of this press release.

SC likely to have finance victims

Hanover Finance is the latest -- and biggest -- finance company to admit it has problems and announce it has frozen investors' money and started work on a restructuring plan.

The news from Hanover takes the toll of collapsed or troubled finance companies to 26 in the past two years with 23 of those in just the past 12 months.

However, South Canterbury Finance was yesterday rated highly for survivability.

The company is one of only three New Zealand finance companies with the "five survivability factors" according to managing editor for interest. co.nz Bernard Hickey.

The five factors he sees as the company's strength are their diversified lending, diversified funding, a strong backer, strong New Zealand bank funding line and an investment grade credit rate of BBB- or better. South Canterbury Finance has a BBB-rating while the other two companies Mr Hickey said have all five "survivability factors"

The only other companies Mr Hickey sees in the same category are UDC with an AA rating and Marac with its BBB- rating.

His chart of the 20 largest existing and failed New Zealand finance companies shows only the top three had survivability factors and a high enough investment grade credit rating, while Hanover Finance managed only one of the five factors, with its credit rating of BB+.

Maurice Matthews, of Matthews Financial Services, said clients were not wanting to invest in the finance company sector.

"People are running scared, and they're tending not to reinvest."

Mr Matthews said finance companies had always offered a margin over and above the banks, which took into account the relative risks, but said people had to make a judgment on whether they were being adequately compensated for the risk they were taking on.

"I'm sure there will be some Hanover money around South Canterbury, but obviously the bulk of South Canterbury money is with the local firm."

Mr Matthews said the volatile market meant that the ultimate aim for investors had changed slightly.

"The return of your capital is paramount now, not the return on your capital."

Stephen McFarlane of One to One Financial Management, said most prudent financial advisers had been unwilling to use finance companies for several months, if not a year or more.

"And there's not a return big enough in the world to put my own money in a finance company today."

The collapse of the various finance companies lent weight to the principle of diversification. Mr McFarlane said some of the people who had invested in finance companies had done so without seeking advice.

"I've come across people in the community who have done it themselves -- one person had $100,000 invested across five different finance companies -- they've all collapsed."

However, Mr McFarlane said it was important to realise that in many of the finance company collapses, the companies were working towards a return to investors, so they should get most, if not all, of their money back.

"Yes, it's bad news, but it's not the worst possible news."

Peter Hayes, from Peter Hayes and Associates, said people were not reinvesting in finance companies.

"Two years ago, even one year ago, things were a little bit busier in that area."

Now he said he would be telling people if they couldn't sleep at night, to leave their money in the bank.

Finance companies still offering Hanover-style returns

Finance companies are still offering high interest rates, despite a string of failures in the sector leaving $3.3 billion owed to investors.

Last week, the Weekend Herald's table of finance companies showed Hanover Finance was offering investors a year deposit rate of 10.05 per cent and a three-year deposit rate of 10.80 per cent.

Hanover then became the 25th finance company to crash when it froze repayments on $544 million of investors' funds on Wednesday.

The latest figures released by interest.co.nz show a further 10 finance companies are offering term deposit rates of 10 to 13 per cent.

Sharebroker Chris Lee, managing director of Projects Resources, said there were some high-risk companies still lending and "it just doesn't make sense to put your money there".

But he said it was difficult to pull all finance companies under one umbrella.

"The sad thing is the public may end up dragging money out of perfectly good companies for no reason at all other than emotion."

Failed finance companies had either performed "rotten" business, or had fallen under the model of lending long-term and borrowing short-term, he said.

Bernard Hickey of website interest.co.nz said risky finance companies were not offering high enough returns to justify the investment.

This came down to a "chicken and egg" situation: risky finance companies were reluctant to offer high interest rates because investors would think it must be too risky and would put their money elsewhere, Mr Hickey said.

Mr Lee agreed and said an investor putting money into a low-rated company offering 12 per cent interest took a significant risk.

"If you can get 8 per cent from the banks and 10 from a good finance company with a proper credit rating, then a company with not as high a rating should be rewarding investors with a much higher rate."

Only four New Zealand finance companies sport a credit rating: UDC Finance, Marac Finance, South Canterbury Finance and Equitable Mortgages.

A credit rating is a formal assessment by an independent credit rating firm where analysts investigate the company, assess the strength of its balance sheet and give it a rating.

The Government intends introducing legislation that will make credit rating necessary for finance companies. Until then, investors will have to do their own research.

The only problem, according to Mr Lee, is that financial literacy is generally low in New Zealand - many investors do not understand credit ratings or the jargon in investment statements, are guided by television advertising and attracted by media personalities.

He said the market was the worst he had seen it in his 30-year career and his greatest advice to investors was never to put more than 10 per cent of their money into a company.

Market Chatter -- Corporate finance press digest

LONDON, July 25 (Reuters) - The following corporate finance-related stories involving U.S. and European companies were reported by media on Friday.

U.S. investment bank JP Morgan (JPM.N: Quote, Profile, Research) and National Australia Bank (NAB.AX: Quote, Profile, Research) have held talks about forming a consortium to break up British bank HBOS (HBOS.L: Quote, Profile, Research), the UK's Telegraph newspaper reported.

Two private equity firms are considering investments in BankUnited Financial Corp (BKUNA.O: Quote, Profile, Research), weighed down by a huge portfolio of adjustable-rate mortgages, the Wall Street Journal said on Friday, citing people familiar with the situation.

For Deals of the Day, click on [nSP344109] (Reporting by Douwe Miedema; Editing by Louise Ireland, Paul Bolding)

Property Finance Deals

CapitalSource Healthcare REIT in Chevy Chase, MD, intends to file a registration statement with the Securities and Exchange Commission within the next 30 days for the initial public offering of CapitalSource Healthcare REIT's common shares. The initial public offering of common shares in CapitalSource Healthcare REIT is expected to raise at least $300 million for CapitalSource. The REIT will invest in income producing health care-related facilities, principally long-term skilled nursing facilities, through triple-net lease structures.

Digital Realty Trust Inc. in San Francisco plans to sell 5 million shares of its common stock in an underwritten public offering. Digital Realty intends to utilize the net proceeds from the offering to temporarily repay all or a portion of its borrowings under its revolving credit facility, to acquire additional properties, to fund development and redevelopment opportunities and for general corporate purposes. Separately, Digital Piscataway LLC, an indirect subsidiary entered into an $80 million secured mortgage financing with respect to 3 Corporate Place in Piscataway, NNJ. The loan bears interest at 6.72% per year, matures on Aug. 1, 2011, and is subject to two one-year extensions.

Deka Bank provided a $90 million acquisition loan and Fillmore Capital Partners a $50 million mezzanine loan for the recently opened Renaissance Boston Waterfront Hotel in Boston's vibrant Seaport District. HFF senior managing directors Riaz Cassum and Michael Tepedino (HFF New York), along with director Greg LaBine, arranged the financing for Loeb Partners Realty. Loeb Realty Partners is a privately held real estate company with a current portfolio of more than 15 million square feet of income producing real estate.

Freddie Mac provided senior mortgage acquisition financing of $46 million for The Park at Kingsview Apartments, a 326-unit multifamily complex in Germantown, MD. Financing was based on a 7-year term. The financing amounted to 70% of the cost for the borrower, which consists of a local partner and an offshore investor. Freddie Mac went from application to close in 18 days a deal fell through with another lender. Christopher Feeley, senior vice president and managing director, Gary McGlynn, senior vice president and managing director, and Frank Relihan, vice president of NorthMarq Capital Inc.'s (NorthMarq) Washington, DC Regional office arranged the financing.

Aviva Capital Management provided $21.61 million of financing at a permanent fixed rate of 5.35% for Powerline Business Park. The loan term is five years with a 30-year amortization, and a loan-to-value of 50%. The industrial park has two locations, totaling 395,720 square feet, at 4100 N. Powerline Road in Pompano Beach, FL, and 6601 Lyons Road in Coconut Creek, FL. Marshall Smith, executive vice president for Thomas D. Wood and Company, arranged the financing.

Grosvenor Investment Management US Inc., on behalf of a pension fund it advises, provided first mortgage financing of $7.5 million for 610 Business Park in Brooklyn Park, MN. Financing for the 78,190-square-foot single-tenant industrial property was based on a 10-year term with a 30-year amortization schedule and was arranged for through NorthMarq Capital Inc.'s (NorthMarq) Minneapolis Regional office. Patrick Minea, senior vice president and managing director arranged the deal.

Minnesota Life Insurance Co. provided $6 million in financing for Regent Properties at a permanent fixed rate of 6%. The loan term is 10 years with a 30-year amortization, and a loan-to-value of 59%. The 348,773-square-foot industrial building was built in 1997 and has two locations, 15371 Roosevelt Blvd. in Clearwater, FL, and 11211 69th St. in North, Largo, FL. Marshall Smith, executive vice president for Thomas D. Wood and Company, arranged the financing.

Fifth Third Bank loaned Odyssey Marine Exploration Inc. $2.6 million at a variable interest rate equal to the prime rate plus 0.75% per annum. The loan matures on July 11, 2013, and requires Odyssey to make monthly principal payments in the amount of $10,750 plus accrued interest. The loan is secured by a first mortgage on Odyssey's principal executive offices at 5215 W. Laurel St. in Tampa, FL.

Property Finance (July 20-26): Dealing with 2008 Maturities

Macerich Clears Out Most 2008 Maturities
The Macerich Co. in Santa Monica, CA, closed five major loan financings and a commitment on a sixth financing. The total loan amount on all six transactions is $1.045 billion and the five transactions that recently closed totaled $895 million and generated excess proceeds above the prior loans of approximately $576 million, which were used to pay down the company's maturing line of credit.
Macerich closed on a $100 million financing of The Mall of Victor Valley, a regional mall in Victorville, CA, at an initial rate of 4.32%. Some of the loan proceeds paid off the former loan of approximately $51 million with an interest rate of 5.25%. This floating rate loan has an initial term of three years extendable to five years.
Westside Pavilion, a 740,000-square-foot regional mall in Los Angeles was refinanced with a new $175 million five-year loan with an initial interest rate of 4.45%. Some of the loan proceeds paid off the former loan of $91.6 million with an interest rate of 6.74%.
The company closed on a $150 million loan on the recently opened SanTan Village regional shopping center. The loan has an initial three-year term, extendable to five years. The initial funding was approximately $117 million at an initial interest rate of 4.73%. Approximately $33 million of additional proceeds will be distributed as the remaining construction costs are incurred. Prior to this loan the asset was not encumbered by a mortgage.

A $170 million, 6.76% seven-year fixed-rate loan was placed on Fresno Fashion Fair, a super regional mall in Fresno, CA. A portion of the proceeds was used to pay off the previous loan of $63.1 million bearing interest at 6.52%.
The company placed a $300 million combination construction-permanent loan on The Oaks, a super regional mall in Thousand Oaks, CA. The initial funding was $220 million at an interest rate of 4.29%. Approximately $50 million of additional proceeds will be distributed upon completion of the construction and another $30 million upon stabilization. This floating rate loan has an initial term of three years.
Lastly, the company entered into a commitment for a $150 million, seven-year, 6.11% fixed interest rate loan on Broadway Plaza in Walnut Creek, CA. The loan is expected to close in September and part of the proceeds will be used to pay off the current loan of $59 million (with a 6.68% interest rate). Upon completion of this financing the company will have less than $100 million of remaining maturities for 2008 and expected available capacity under its line of credit of more than $625 million.

Nat Rubin Joins Peak Finance Company as Commercial Loan Officer

Woodland Hills, CA (PRWEB) July 25, 2008 -- Peak Finance Company (http://www.peakfinanceco.com) announced the hiring of its new Commercial Loan Officer, Nat Rubin.

His primary focus will be on promoting lending products that have a unique advantage in the marketplace, as well as delivering the best options for Peak's clientele. "Peak is pleased to have Nat join our team of professionals and we look forward to growth in our commercial loan sector with his experience and guidance," says CEO Eli Tene. "We feel that with our extensive product offerings, business will continue to grow despite the current credit crunch, and Nat will become a pivotal part of that growth. Peak has been able to adapt and excel in turbulent conditions by adopting a flexible and forward looking strategy."

Rubin comes to Peak Finance from Meridian Capital Group, where he served as one of the firm's leading Commercial Finance Officers. With expertise in loan underwriting, negotiations, legal administration, and a vast network of premium clients across the globe, Rubin will be an invaluable member of the Peak team of professionals. Prior to Meridian Capital Group, Nat worked as a legal administrator for American Stock Transfer and Trust Co. of New York.

Creating more options for clients as well as improving the end user's experience is evident in the plans Rubin is developing. With his extensive experience, Rubin was drawn to Peak's integrity, diversity of services, and its creativity in making deals work. "Peak was appealing because they are a unique group of affiliate companies that presented tremendous continual growth despite what the economy and specifically the real estate market is experiencing today." says Rubin. "Peak's long-term investor relationships and private money resources allow the company to offer one of the widest arrays of products in the industry, giving us unparalleled advantage."

Peak Finance Company is a commercial mortgage company that provides mortgage banking services and an array of competitively priced mortgage programs. Not only is Peak Finance a mortgage broker, but it is a direct lender that customizes beneficial programs depending on each clients' individual needs.

ArthaMoney to open finance services centres

Leading financial service provider ArthaMoney today announced that it would open new centres across Chennai, Andhra Pradesh, Karnataka, Delhi and Mumbai to provide services in the areas of investments, real estate, insurance and loans. The company would establish six centres across Chennai city, company Managing Director and CEO Suresh Rangarajan told reporters here.
Each centre will cost us Rs 20 lakh, which will offer the financial need for customers in the area of investments like equity, mutual funds, real estate, to life and general insurance, loans and cards to services like tax filing, bill payments and foreign exchange", he added. Rangarajan said that the company has set itself a target of acquiring one lakh customers at the end of this fiscal.

He said the company also plans to open five branches each in Andhra Pradesh, Karnataka, Delhi and Mumbai by next year.

Pound hurt by worsening public finances

The pound was dented Friday by a steep deterioration in UK public finances.

The office for National Statistics revealed that public sector net borrowing, the government's preferred measure of the public finances, stood at 9.2 billion pounds, way ahead of last year's equivalent 6.3 billion and analysts' expectations for a 7.5 billion pound shortfall.

The deficit in June is the highest for the month, traditionally a deficit month, since records began in 1993.

Chancellor of the Exchequer Alistair Darling is now looking increasingly unlikely to meet his fiscal targets for the year with the news that the UK recorded its biggest monthly deficit for June and debt levels are near to breaching the government's self-imposed ceiling.

Additionally, a newspaper report that the Treasury may revise its self-imposed borrowing limits also dented the pound.

This could effectively give it more leeway to increase borrowing as a way of mitigating the effects of anticipated economic slowdown.

Elsewhere, the dollar remained relatively firm against the euro after Citigroup reported a smaller-than-expected second-quarter loss.

Get a Secure Citizens Auto Finance

The Citizens Auto Finance, is one of the United States leading financial instituions. Today Citizens Auto Finance car loans come in a multitude of different sorts and so makes it much easier for customers to buy a vehicle. The Citizens Auto Finance can be used to purchase yourself either a new or used vehicle for refinancing or for even a lease buyout. Also the process that they go about using for applying for one of their car loans is an extremely easy and simple to do one and if you want you can even apply for vehicle loan online.

In order to apply for a car loan with the National Auto Finance the potential buyer needs to be able to provide certian personal information. This can either be in provided in the form of online or directly at one of their branches across the United States. However, during this articles we're going to look more closely at how the online application works.

Apply for Instant Auto Loans Online

Unsecured auto loans online do not require any sort of collateral, which makes the loan a risk free option for the borrower. The lender however, may end up asking for proof of your annual income and your overall financial position to be certain that payment capacity for the borrower is up to their standards. The loan is then offered at a higher rate of interest with smaller amounts of time for the payment duration. So the unsecured loan is clearly best suited for buying a low priced automobile.
In the case of having bad credit, you can still get yourself an immediate car loan online without having too many worries. Just be sure to show the lender that you seriously intend on paying back the loan in a timely manner. Show him your monthly payment capacity in the form of your annual income or your financial profile and be ready for a sound payment plan.

Get a Guaranteed Car Loans Online

Guaranteed auto loan applications alleviate the stress and hassle. Now potential buyers are able to choose to submit one application through an online car loan broker. This broker will then match the applicants with the best possible lending solutions. Then, the lenders will provide a quote the shows the loan term, the interest rate, and other details pertaining to said loan. After reviewing the quotes, the potential buyer can then select the best possible offer.

National Auto Loan

Getting a good car loan rate from a national auto finance lender is not at all luck, but rather a skill that you should learn. There are good car loan rates available to you if you know the tricks of the trade and how to negotiate the best possible deal for yourself. Remember, you shouldn't be afraid or nervous when trying to negotiate for a loan from a national auto loan lender because you're going to be saving yourself money in the process. That should give the courage and motivation that you need to get the best possible car loan rate available. Follow these easy suggestions in order to guide yourself in buying a new vehicle and negotiating your car loan rate of interest.

General Financial Advice

Before entering our site here are some finance tips which you may find useful in helping you achieve your financial goals.

Pay yourself first. Invest at least 10% of your income in consumer debt repayment or in some type of investment account. To make real financial progress you must reduce your liabilities and increase you assets.

Establish specific written financial goals. Set short term, medium term and long term objectives for yourself and your family. Review and update your goals regularly, no less than annually.

Make a realistic spending plan and use it. You must plan how your income will be used or someone else will! Track your expenditures using receipts, a notebook, or whatever is convenient for you.

Learn about the different types of insurance available. Buy only what you need to cover a specific risk. Increase deductibles to the highest amount you can afford.

Stay current with your finances by reading regularly, taking courses and working with your own personal financial coach. If you've heard all of this before but haven't acted on it, now is the time to move forward! Remember knowledge without action is ultimately the same as not knowing.

Citizens Auto Finance

Even though Citizen Auto Finance does not charge you an application fee for their car loans they do however charge you one hundred dollars for the preparation of the car loan documents. Also a potential buyer now will have the option with Citizen Auto finance car loans to refinance their existing loan. What ends up being important though is that you are able to check and make sure that the car that you wish to purchase can be covered by Citizens Auto Finance car loans as they do not always provide loans in certain cases or for particular makes of vehicles.

Bad Credit Auto Financing - Used Car Loans Refinancing

Low Rate Auto Finance for People with Bad Credit

Auto Finance, Car Loans, bad credit auto financing, new car finance, used car finance, auto refinancing and motorcycle financing loan at lowest interest rate. Get your auto financing loan in minutes by filling up free car finance application form at Car Loan Company. Most of applicants here are approved.

Used Car Finance

With the immense popularity of the World Wide Web in recent years, many people have found that they are able to obtain new and used automobile financing for far better auto loan rates than they were previously able to get a traditional car dealerships and through traditional automobile lending. Whereas when a person shops for a car, truck, SUV, or van loan in their local market they are only going to lenders that have to compete with the local market.

Auto Refinancing

There are several reasons that someone may refinance their automobile loan. The first reason is that they may have had first credit when they got the automobile loan. In the years since they got their automobile loan, they have worked hard and have been diligent enough to bring their credit rating to a more positive standing.

Compare Car Loan Rates

People often apply for a loan without properly considering what difference the rate of interest makes, they will often take the first loan offered to them, without a thought as to, if they could have saved money by shopping around, it is essential to compare car loan rates.

There are basically two parts of a car loan. The first part is the length of time that the loan is over, usually from one to five years, and secondly, the interest rate, even in a very small difference in the rate of interest over dozens of payments, can make a big increase in the amount you have paid for the car, in total.

Before you apply for a loan, you need to be very clear in your own mind, exactly how much you can afford to pay each month. This amount should be reasonable, and should not stretch your monthly budget. With this in mind you should also pay the maximum you can each month, over the shortest period.

It is also essential that you compare car finance rates, therefore, you need to get more than one quote, if possible obtain several quotes, a competent loan officer should have no problem obtaining a handful of comparisons, for you to take a look through.

If possible, payoff the loan in the shortest available time, which is usually 12 monthly payments. This will save a very large amount of money, compared to five years or 60 monthly payments. This is because every month the loan is not repaid, there is additional interest.

Most people cannot afford to pay off a loan within a year, but you should strive to make the payments in the shortest possible time, two or three years would be ideal. Once you get up to four or five year, payment plans, the total interest you are paying can be large amount of the total cost of the vehicle.

Car finance

There happens to be a lot of different things that people do no understand when it comes to getting yourself a new vehicle whether it is through leasing it or buying it, it still requires some information to know how it really does work. The thing that you should keep in mind the most is that a car dealership does not typically finance a car or a loan but in turn they will most definitely have some sort of impact on how much you will end up paying on your car financing.

One good thing to keep in mind is that a car dealership will always sell you a vehicle for cash in hand. These people are third party businesses that have purchased a franchise from one or multiple different car makers in order to sell the vehicles. They do not work for these car makers and always work for themselves. It is important to realize that the dealers buy these cars themselves usually through the use of a very large loan through a bank or another type of financial institution and as a result they are also charged rates of interest on these car loans. They then need to sell the cars off in order to pay off their initial loans as well as all of the other associated costs that come with running a car dealership.
Dealers will always get cash for a vehicle that they sell to someone, it could either come from the consumer himself, or some other financial institution that has loaned out the finances to a consumer in order to purchase the vehicle of their choice through an auto loan. People are usually under the misconception that they will be able to get a discount or a better deal if they pay for a vehicle in cash but this is not the case because they in fact will make more from raised interest rates and commissions if you go about financing the vehicle itself.
When a car dealership sells a vehicle to a consumer he will usually push onto them the typical bank or financial institution that they have working with them in order to get their financing settled. A lot of these dealerships will use some of the more well known and major financial institutions that have special deals with the car makers if you do not already have one and you would be paying an additional premium for that luxury. As a consumer however, you have the ability to bring on your own auto financing company if you would like to. The point of stating this is to make it perfectly clear to you that a car dealership does not finance a loan to a consumer at all. They will not process the loans or even take payments on the loans themselves, all they will do is take the application papers that you fill out and will try to arrange some sort of financing with companies that they usually work with for a small fee.

Calls for action to be taken against Hanover Finance’s directors

There are calls for legal action to be taken against the directors of Hanover Finance, two of New Zealand’s richest men.

The Commerce Commission is now investigating whether the company misled investors with its advertising and promotional material.24 hours ago the finance company froze repayments to its more than 16,000 investors.

The Advertising Standards Authority called their ad "grossly misleading" for saying they were ‘able to withstand any conditions.’Hanover Finance has not been able to withstand the current economic conditions and many were caught by surprise when it froze repayments yesterday, including the voice and face of the company.

Former TVNZ newsreader Richard Long says he hopes it was not just him who influenced people to invest their money in the company.

“I would have hoped that nobody invested in anything because i recommended them my background is in news I was juts there to draw attention to the product,” says Long.

A "product" that one investor, who doesn't want his surname known, put his family's life savings in.“We only have one part time wage coming in, and the interest from Hanover is part of our annual salary,” he says.Many believe Hanover was too focused on loans to property developers.

90 percent of loans were made to just 17 companies - many associated with Hanover owners, Eric Watson and Mark Hotchin.“So you only need one small development to fall over with one developer and you start a domino effect,” says Bruce Sheppard from the Shareholders Association.

Now, if the owners aren't prepared to inject their own cash into the company, the next best thing for bond holders is receivership.

The pair has paid themselves tens of millions in dividends over the years. The spokeswoman for "exposing unacceptable financial advice" says they need to be held accountable.“I think at this point in time their needs to be an investigation from the state, not from the investors the investors don't have the resources to investigate this,” says Suzanne

Nobody from the company was prepared to speak on camera saying they are focused on coming up with a restructure plan. Long says he went in with "his eyes open and has confidence in the company and management they are doing the prudent thing.”

General Electric reorganizes into 4 major units

General Electric Co., which owns businesses ranging from light bulbs to NBC television, on Friday said it will restructure into four businesses from six, a move that Chief Executive Officer Jeff Immelt says will focus the company on growth.

Immelt has been under pressure to shake up GE since it shocked investors with disappointing first-quarter earnings. GE's share price has since dropped nearly 22 percent.

Friday's move follows GE's recent plan to consider spinning off its iconic lighting and appliance businesses, a brand familiar to Americans for generations.

The new structure includes GE Technology Infrastructure, led by Vice Chairman John Rice, which includes Healthcare, Aviation, Transportation and Enterprise Solutions.

GE Energy Infrastructure, headed up by John Krenicki, includes Energy, Oil & Gas and Water.

GE Capital, led by Vice Chairman Mike Neal, brings together all the financial service businesses, including Commercial Finance, GE Money, industry verticals and Corporate Treasury.

NBC Universal, headed by Jeff Zucker, will remain unchanged.

In the reorganization, GE's Commercial Finance, GE Money, GE Industrial and GE Healthcare were folded into new, expanded business segments.

Analyst Nicholas Heymann of Sterne Agee in New York said in an e-mail that GE made the right move, and that the new structure suggested GE would be focusing increasingly on infrastructure and, to a lesser extent, on commericial finance.

The expected sale of GE Money at a favorable price "should further underscore GE's narrowing focus of its businesses," Heymann said. Immelt has said GE will consider selling portions of GE Money, which provides banking and credit services.

GE, which is based in Fairfield, has been getting rid of other units that have failed to drive profitability. It announced in May it would sell or spin off its appliance business, but this month said it would spin off the entire unit that includes household appliances such as dishwashers and clothes dryers and lighting, motors and electrical distribution.

Last year, GE shed its underperforming plastics business by selling it to a Saudi Arabian company for $11.6 billion.

Analyst Matt Collins of Edward Jones in St. Louis said investors will benefit from the reorganization if it helps GE officials focus on key markets and provides more transparency.

In particular, he said organizing GE's array of financial services into one unit makes it a "little easier to figure out where the financial earnings are coming from," he said. "That's overdue."

The reorganization is GE's second announcement in a week. On Tuesday, GE said it had formed a joint venture with an Abu Dhabi government investment company that will pump $4 billion of outside capital into its weakened commercial finance business. The deal with Mubadala Development Co. also will launch or broaden several other ventures with the Persian Gulf investment vehicle, which expects to become one of the top 10 institutional investors in GE.

Immelt also announced that GE's board has named Krenicki, 46, a 24-year GE veteran, as a vice chairman of GE.

Army finance officer cleared of stealing £100,000 from the SAS

An Army finance sergeant was cleared today of stealing £100,000 from the SAS.

Staff Sergeant Mark McKay, 35, of the Adjutant General’s Corps (AGC), was found not guilty of stealing $200,000 from a cash office at the Hereford base of 22 Special Air Service (SAS), to whom he was attached when the elite unit deployed to the Gulf in February 2003 for the second Iraq war.

At a week-long court martial at Bulford military court in Wiltshire, Sgt McKay claimed he made the sum legitimately by running his own privately-funded tuck shop, selling alcohol, toiletries and even Viagra to the 5,000 American servicepeople, 70 Australian soldiers and 200 UK troops at his base in the Gulf.

Breaking down as he gave evidence, he said he felt “ashamed” at having made so much money out of his colleagues.

A board of five Army officers - the military equivalent of a jury - took an hour and 20 minutes to find the father-of-two not guilty.

Although the prosecution alleged that Sgt McKay stole Ministry of Defence cash from an SAS cash office, they were not able to prove it actually belonged to the MoD or that anyone had noticed it was missing from regimental accounts.

Sgt McKay’s alleged dishonesty came to light in April 2006 when military police, acting on a tip-off, searched his home in Ballykelly, Northern Ireland, where he was posted in July 2004 after leaving the SAS.

They found $200,000 in plastic bags hidden in a terracotta plant pot outside McKay’s front door, the court martial heard.

Sgt McKay maintained in court that the sum was just part of the $371,000 he had made from his Gulf-based shop, which he ran in addition to his official role as a finance clerk.

He claimed that during his 12-week deployment with the SAS, from February to May 2003, he bought, among other things, cases of beer for $20 and sold them on for up to $100.

Sgt McKay initially told military police the $200,000 was surplus from the SAS’s Gulf War account, which he closed in 2003 to his bosses’ satisfaction. But at his trial he admitted that this was not true, and that in fact the cash was profit from his personal war zone shop.

Fiji Finance Minister denies being sacked

Fiji's interim Finance minister, Mahendra Chaudhry had blamed reports he is to be sacked on his enemies overseas and in Fiji. Yesterday in Fiji there was speculation Mr Chaudhry was being forced out of his interim portfolio. Those reports were quickly denied by interim Prime Minister Commodore Frank Bainimarama. Today, Mr Chaudhry told radio audiences in Fiji, that he and the Commodore have a great relationship. But as Pacific Correspondent Campbell Cooney reports this hasn't ended speculation a deal has been done allowing Mr Chaudhry to resign at the end of August.

Presenter: Campbell Cooney
Speaker: Fiji's interim Finance Minister Mahendra Chaudhry on Legend FM in Suva

COONEY: Yesterday Fiji's interim prime minister, Commodore Frank Bainimarama, was on Legend FM telling the island nation his Finance Minister, Mahendra Chaudhry wasn't being sacked.

Today, Mr Chaudhry did the same, telling listeners just how close he and the commodore are.

CHAUDHRY: Well our relations are excellent. We are candid with each other and we have respect for each other.

COONEY: Yesterday, Fiji's media went into a frenzy over speculation the nation's powerful military council had told Commodore Bainimarama they wanted Mr Chaudhry sacked from his interim portfolio. The reason as reported was that it was unhappy with Mr Chaudhry's decisions to increase taxation on both the bottled water industry and on bus operators, decisions which led to strikes and walk offs, generating ill will amongst the public towards the interim government.

Both issues were only resolved when the taxes were removed during negotiations conducted with interim attorney-general, Aiyaz Sayed-Khaiyum, meetings which Mr Chaudhry was excluded from.

His absence from the latest negotiations with the water industry, combined with the day of meetings involving the commodore, the military council and other key ministers generated the dismissal talk, quickly followed by the denials.

Mr Chaudhry's blamed that talk on his critics overseas and his political enemies at home.

CHAUDHRY: You know our detractors will always try and portray a different picture, because these are the ones who have been making this country right for many years, without contributing to it.

COONEY: As the only Indo-Fijian prime minister removed from office in a coup himself, Mahendra Chaudhry is one of the most prominent people in his community. That support apparently extends overseas.

After reports speculating about his future in the interim government began appearing, Radio Australia was contacted by a member of the ex-patriot Indo-Fijian community in Sydney, Australia, wanting to voice that community's support for Mr Chaudhry, who the caller described as the only person with the skills to rebuild Fiji's economy.

But the denials about his sacking have not ended the speculation. A deal has been done which will allow him to resign at the end of August.

Examine The MFBI UK Retail Car Finance Market

This report on the retail car finance market, published in August 2004, is a comprehensive analysis of current trends in the retail market for car finance supplied by car dealers and by direct lenders between 1999-2004, with forecasts to 2009.

The report concentrates on the retail finance market and therefore excludes the wholesale finance market and the financing of company and business fleets. The report analyses all aspects of the retail car finance market including market size and trends and the structure of car finance supply in Britain. In addition to analysing the main elements of the market, the report also provides a comprehensive analysis of the factors that influence market demand. These include developments in the UK economy, demographic and car ownership trends, consumer credit and finance trends, new and used car sales and legislation.

Executive Summary

Market Background 1999-2004

The UK economy; demographic trends and car ownership; UK demand for cars; size and structure of the car parc, scrappage rates and car parc size.

The Retail Car Finance Market 1999-2004

Market size and trends by value and volume; new and used car finance; POS and direct (loans) car finance; POS product segmentation - new and used cars; market trends - voluntary terminations, sub-prime finance; product trends - HP, PCPs, POS loans, personal leasing, personal loans, mortgage lending.

Factors Influencing the Market

Vehicle taxation; Block Exemption Regulation; car replacement cycles; outright purchase and pay-for-use; used car residual values; interest rates and finance; rising demand for credit; rising house prices; County Court judgements; finance legislation; Basel capital accord; EU money laundering directive; FSA regulations.

The Finance Supply Structure 1999-2004

Vehicle manufacturer captive finance companies - Ford Credit, GMAC, Volkswagen Financial Services; Independent finance companies - Black Horse, Capital Bank, GE Capital, Cattles, Paragon Car Finance, Singer & Friedlander, Close Motor Finance, Carlyle Finance; Direct lenders - high street banks, building societies, Internet banks, other direct lenders.

Car Finance Distribution

Number of distribution outlets 1999 and 2004 - bank branches, car dealers, financial advisers, building societies, credit and finance companies, finance brokers; franchised car dealers, largest dealer groups 2004; independent car dealers, largest independent car dealers 2003; channel usage for car loans; Internet distribution.

The Finance Consumer

Trends in car finance; main methods of financing car purchase - savings, car dealer finance, personal loans, employer cash allowance, credit card cheques, house mortgage; source of finance by main car driven; demographic analysis of main finance methods; finance methods used by vehicle make and length of ownership; demographics of personal loan users; vehicle purchase price and finance used.

The Future and Conclusions 2004-2009

The UK economy, interest rates, house prices, external shocks, consumer disposable incomes, slowdown in consumer spending; The car finance market, forecasts by volume and value 2004-2009, market and product trends, market and product opportunities; The supply structure, independent finance companies, direct lenders; Distribution, distribution and block exemption; The motor finance consumer

Gulf Finance House announces plans to create regional steel giant

Gulf Finance House, the leading Islamic investment bank with a track record for innovation today announces plans to create HadeedMENA, a new steel producing company. Conceived by Gulf Finance House, HadeedMENA aims to plug the shortfall in domestic steel production in Middle East and North Africa. In a deal with an estimated end value of US$5 billion, GFH is partnering with strategic partners Emirates International Investment Company, Khaleej Development Company (KDC), Q-Invest, and First Energy Bank, and leading technical partners and market advisors MN Dastur and Gulf Organization for Industrial Consulting; all of whom have a strong reputation regionally and internationally. The project will deliver a capacity of 8 million tonnes of steel per annum in the next four years, and target to reach 12 million tonnes in the future, serving 15% of total regional needs and become one of the key steel producers in the MENA region.
It is estimated that the Middle East alone accounts for more than USD$ 2 trillion of investments in the construction and real estate sector as a result of the surplus created through high oil prices. Meanwhile, the MENA region consumes approximately 35.4 million tonnes (2006) of steel end products, although the region produces only around 24 Million Tonnes.
HadeedMENA will operate in a number of locations across Asia and Africa, serving both upstream and downstream requirements in the marketplace. Upstream production will be located in countries rich in iron ore and coal, while downstream activity will focus on countries with exceptionally high demand across the GCC and MENA region.

Gulf Finance House Chairman Esam Janahi commented: “We intend to differentiate ourselves by taking a ‘top to bottom’ approach to the value chain. It will focus both on upstream productions for steel billets as well as the downstream manufacturing for steel re-bars and structures. The company is currently in the final negotiation stages for a number of partnerships and acquisitions that we will be able to announce in the near future ”

“GCC economies realize that establishing new manufacturing and service capacity will allow them to be far more responsive to their long-term domestic needs. The creation of HadeedMENA is a perfect example of this approach. Instead of being dependent on steel imports, we will now be able to produce this essential product within our own borders.” Said Dr. Ahmed Mutawa from GOIC.

“We are pleased to join Gulf Finance House in this partnership as it forms one of the main industrial development initiatives in the region. We believe our plans for this company will give us the competitive advantages required to become a serious regional player’, said Ahmed Al Qattan, Vice Chairman and Managing Director of Khaleej Development Company (KDC).

Commenting on the technical plans of the company, Supriya Das Gupta, the Chairman of MN Dastur said, “The plants will adopt the latest technology and manufacturing techniques by partnering with leaders in steel manufacturing; employing the most up-to-date technology and processes.”

“Beyond the immediate economic benefits, this kind of initiative has a wide-ranging impact on employment levels and standards of life. Steel production generates a strong pipeline of follow on jobs in engineering, manufacturing, design and support sectors – all of which provide jobs and improved standards of living” said Professor Abdulatif Al Meer, Managing Director of Q-Invest in Qatar.

$400K state grant to finance 10 affordable "green" homes in Schenectady

The New York State Affordable Housing Corporation approved a $400,000 grant to Better Neighborhoods, Inc. of Schenectady, N.Y., to help finance construction of 10 affordable "green" homes in the Vale and Hamilton Hill neighborhoods.

The 10 homes will be Leadership in Environmental Energy and Design (LEED) certified, making each 30 percent more energy efficient than the average home.

The efficiency could be even higher if the homes include solar panels, said Edward August, executive director of BNI.

"We're going for an average of $160 in energy bills each month for each family," August said.

He expects the homes will sell for around $80,000 each. They will be available for purchase to income-eligible households. A family of four must earn less than $63,280 to qualify.

Applicants must be participants of BNI's home buyers education program, which includes three, two-hour classes. BNI is currently accepting applicants, but will not sign any sales contracts until construction is complete on the homes.

Construction is scheduled to start in spring 2009, and take up to two years to finish.

The proposed developer for the project is J. Luk Construction Company, Inc.

The total cost of the project is $2.6 million. Of that, $900,000 will come from the city of Schenectady and $500,000 from the New York State Housing Trust Fund. The Community Preservation Corp. will provide construction financing.

BNI has built three other green houses since its green affordable housing program started. Its most recent green home has the highest level of LEED certification: platinum.

August does not yet know which level of LEED certification the 10 new houses will have