council’s finances return to spotlight

by admin on November 26th, 2014

filed under Finances

DEBATE on the financial future of Cessnock City Council looks set to resume this week, after the council reported an end-of-year operating profit of $3.8million.

The council’s newly published annual report for the 2013-14 financial year – which mayor Bob Pynsent said on Sunday that he had yet to see – shows a bottom line bolstered by state government grants and contributions of about $8.3million plus a revenue increase of 5per cent compared with 2013.

Those funds paper over what would have otherwise been a $4.5million overall operating deficit. The results will again place focus on the council’s ”financial sustainability initiative”,...

State-named panel to run Detroit finances for 13 years

by admin on November 26th, 2014

filed under Finances

DETROIT – A nine-member, state-named panel, with no unionists among its initial appointees, will run Detroits finances for the next 13 years, a court-approved bankruptcy exit plan says. That includes the power to accept or reject the citys union contracts, the plan adds.

The plan approved by Bankruptcy Judge Stephen Rhodes in early November will cut the citys debt by billions of dollars. City workforce retirees will see their pensions slashed, while other creditors will also take a cut.

The plan drew no immediate reaction from Detroits union leaders, but the lead attorney for the retirees committee, Carol Neville, said fees to bankruptcy specialists are $144 million and counting....

Archdiocese auditing Moore’s finances in wake of resignation of ex-athletic …

by admin on November 25th, 2014

filed under Finances

STATEN ISLAND, NY — A day after announcingthe resignation of former athletic director Richard Postiglione, school officials on Fridayremained tight-lippedabout the move, as did the Archdiocese of New York.

The archdiocese, as well as the schools board of directors, referred all requests for comment to principal Robert Manisero. Fran Davies, a spokeswoman for the archdiocese, said Manisero was not available Friday. Moore — along with Catholic schools throughout the archdiocese — was closed Friday as eighth-graders sat for the TACHS (Test for Admission to Catholic High School) exam.

Meanwhile sources close to the situation told the Advance Friday that the archdiocese...

Protecting the Finances of Military Families

by admin on November 25th, 2014

filed under Finances

Being a soldier is hard, no question. Managing a military familys finances is no picnic either. But just in time for Veterans Day, efforts are underway to expand financial protections for service members.

The Military Lending Act, which took effect in 2007, places some limits on small-dollar, short-term lending practices, but lenders have found many ways around the law. The Defense Department has proposed beefing up the act, known as the MLA, so that it applies to all forms of payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans, unsecured open-end lines of credit, and credit cards, the announcement said.

Related: 5 Ways Service...

TBank seeks more small loans as auto lending slip

by admin on November 24th, 2014

filed under Car Lending

Amid the slowdown in car sales, which has hit new-car lending, the bank acknowledges that it cannot pursue this segment as much as before, as a lot of these debts have been repaid. We should further develop lending by offering other products to small-business operators from our branches nationwide, said Somjate Moosirilert, president and chief executive officer.

Almost 60 per cent of TBanks hire-purchase customers are business operators, and a credit line of up to Bt10 million is affordable for this category. The banks branches can tap small enterprises with a speedy loan-approval process, he said.

He said businesses of all sizes would become more active under the governments...

City of Muskogee Foundation finances community-building projects

by admin on November 24th, 2014

filed under Finances

In 2007, the Muskogee Medical Center Authority public hospital trust of the City of Muskogee entered into a long-term lease agreement with Capella Health for Muskogee Regional Medical Center. The MMCA leadership felt it was important to protect the funds and maintain them for the benefit of Muskogee and its citizens. To this end, the City of Muskogee Foundation was created in 2008, and over a period of months, the majority of the funds was transferred to the foundation, with some funds retained by the MMCA to provide for outstanding and potential financial obligations resulting from the sale.

The City of Muskogee Foundation has the mission to make a real difference and since 2009 has distributed...

Now clarity on car lending fees – regulator

by admin on November 23rd, 2014

filed under Car Lending

The corporate regulator says a High Court judgement, on what is known as the Sportzone Motorcycles case, further clarifies what fees lenders are allowed to charge borrowers.

The judgement was a detailed, line-by-line ruling on which fees charged by Sportzone, and its financier, Motor Trade Finance, were reasonable and which were not.

Commerce Commission chairman Mark Berry said the ruling from Justice Toogood is the latest word on how credit fees may be calculated.

It follows an earlier ruling that some MTF fees had been unreasonable.

Dr Berry said the facts provide good case studies for lenders to consider.

Justice Toogood disallowed including the costs...

Family finances: year-end tax moves

by admin on November 23rd, 2014

filed under Finances

This is the time of year when many of us count our blessings, and if you own stocks and mutual funds, you may have a lot of blessings to count.

But eventually, most of us must share some of our good fortune with the IRS. As the year comes to a close, consider strategies to hang on to more of your bull-market bounty.

Bank Regulator Warns of Lax Standards on Auto Loans

by admin on November 23rd, 2014

filed under Car Lending

A major banking regulator is sounding the alarm about lax car lending standards that are leading to a new round of losses for banks.

There’s been a spike in the average size of car loans that banks and other lenders are writing off as a loss following months of unpaid bills by borrowers, an official of the Office of the Comptroller of the Currency, a unit of the Treasury Department, said in a speech at a collections-industry conference on Tuesday.

At banks, the average charge-off for a car loan was $7,618 in the fourth quarter of 2013, up 12% from a year ago, said Darrin Benhart, deputy comptroller for supervision risk management at the OCC, citing loan performance data...

G4S shares knocked by elaborate hoax regarding company’s finances

by admin on November 22nd, 2014

filed under Finances

G4S shares knocked by elaborate hoax regarding companys finances

Company confirms statement which contained links to fake website is
fraudulent