New Afghan president opens probe into Kabul Bank scam

by admin on October 26th, 2014

filed under Personal Funding

Afghanistan#x2019;s new president has reopened an investigation into the 2010 theft of US$1 billion from Kabul Bank, a lender that had assets including luxury villas on Dubai#x2019;s Palm Jumeirah.

The president, Ashraf Ghani Ahmadzai, ordered the attorney general to start the prosecution of shareholders and others involved in the case within 15 days, the presidential palace in Kabul said.

#x201c;This is a fair measure in the fight against corruption, and we will try to meet the deadlines,#x201d; the Afghan central bank governor, Noorullah Delawari, told Bloomberg News. #x201c;Such serious measures can help recover the rest of the loans.#x201d;

Afghanistan#x2019;s...

Why Buffett is always betting big on bank stocks

by admin on October 25th, 2014

filed under Car Lending

For a little perspective, the combined market value of Buffetts bank stock holdings roughly equals the market cap of Deutsche Bank (XETRA:DBK-DE) or PNC Financial (PNC) and would rank eighth overall in terms of US banks by size. That $50 billion banking company stocked away within Buffetts empire is also a sizable piece of Berkshire Hathaways approximately $350 billion valuation.

I dont think its remarked enough what a huge position that has become, said David Rolfe, chief investment officer of investment firm Wedgewood Partners, a Berkshire shareholder. He likely has the biggest stake in bank stocks of any US investor other than a large mutual fund company.

Investors can learn...

Toronto bakery Le Dolci’s growth is less about strategy than it is about passion

by admin on October 25th, 2014

filed under Personal Funding

Lisa Sanguedolce has sweets in her name, has always loved cupcakes and knew she’d only be happy running her own business. But it was when a jet-setting life as a public relations professional for a private airline began to take a toll that she traded in her suits for an apron. From a tiny flat in London, England, in 2008, Ms. Sanguedolce would make biscotti and cannoli one tray at a time and deliver them across the city. Now,┬áLe Dolci’s six full-time kitchen and administrative staff and co-op students work from a downtown storefront in Toronto. A bustling kitchen in the back churns out custom cakes, including the world’s most expensive cupcake at $900, which made international...

Business & Career Institute to bring small business workshops back to Oak Forest

by admin on October 24th, 2014

filed under Personal Funding

SOUTH HOLLAND | South Suburban College’s Business amp; Career Institute and SCORE have once again partnered to bring free business workshops geared for small business developers and owners. Two new workshops will be offered this fall at the college’s Oak Forest Center.

Attendees may choose to attend one or both of the workshops at no charge to help their business grow and take advantage of the networking opportunities. Registration and networking at the SCORE workshops begins at 8:45 am, with instruction and discussion to follow from 9 to 10:30 am The upcoming workshop schedule is as follows:

Starting a Family Business?

8:45 to 10:30 am Oct. 8

Family...

Doing good while doing business

by admin on October 24th, 2014

filed under Personal Funding

Social enterprise is a fast-growing sector around the world. More and more people want to do business while doing good, but setting up a social enterprise can be a daunting and challenging experience. Being a #x201c;social#x201d; entrepreneur adds more complexity to the job of launching and running a business, because it means having to fulfil both social and financial objectives. To successfully use business as a powerful force for change, here are some best practices to consider:

1. Choose a social cause that you are passionate about. Make sure the issue you want to solve means something to you, because having your beliefs shaken or your credibility questioned is not what you are looking...

What are the Key USES of Cash?

by admin on October 23rd, 2014

filed under Business Loans

Unexpected expenses and emergencies – Youll need sufficient cash for situations such as a job loss, a home repair or an unplanned medical expense. During your working years, you should keep three to six months worth of living expenses in a cash account specifically designed to meet unexpected expenses. Once youre retired, you may be able to get by on a smaller emergency fund – up to three months worth of living expenses, although you will need more for everyday spending.

Specific short-term savings goal – Are you anticipating a big expense -a wedding, a big vacation, a down payment on a new home, etc. – sometime within the next few years? If so, youll want to set aside...

Regulators Cast Loose Net For Biased Auto Lenders

by admin on October 22nd, 2014

filed under Car Lending

The administration claims that lenders and participating dealers tack on extra interest-rate charges on loans made to some blacks and Latinos because of their skin color. The industry insists that credit and other legitimate business factors explain differences in rates.

The extension of our oversight would allow us to protect consumers better against the silent pickpocket of discrimination, said CFPB chief Richard Cordray, who has claimed that racism is fairly widespread in the $900 billion car lending market.

But that charge appears to be based largely on assumptions.

The CFPB also last week revealed in a white paper that its statistical analysis for determining...

Dave Ramsey’s first column looks at timeshares, debt consolidation

by admin on October 22nd, 2014

filed under Debt Consolidation

Dear Dave: Some friends recently offered me a timeshare. It’s an older place on the beach, and they’ve had it for about 20 years. I’d have to pay a transfer fee of $100, plus a yearly association fee of $500. I know you’re not a big fan of timeshares, but does this deal sound OK? – Jill

Dear Jill: In essence, you’re looking at $500 a week. I know the $500 is technically an annual association fee, but you’re basically paying $500 for your week at the timeshare. And in the future, say five years from now, the association fee could increase. You might be paying $1,000 a year at that point — again, for your week.

In actuality, the numbers...

Class Sues Banco Santander Over IPO

by admin on October 22nd, 2014

filed under Car Lending

DALLAS (CN) – A US subsidiary of Spanish banking giant Banco Santander failed to disclose in its initial public offering improper practices in its subprime car lending business that caused a drop in its stock price, shareholders claim in a class action.
Lead plaintiff Karan Kumar sued Santander Consumer USA Holdings, its officers and directors and several investment banks that participated in the companys January IPO, including Citigroup Global Markets, JP Morgan Securities, Goldman Sachs and Morgan Stanley, on Monday in Dallas County Court.
Kumar claims the offering documents were materially deficient.
The true facts, which were known by the defendants but were not disclosed...

Which is the best way to freeze debt?

by admin on October 22nd, 2014

filed under Debt Consolidation

There is a common misconception that debt needs to be eliminated with credit counseling or a debt consolidation program. That’s not true.

While credit counseling or a debt consolidation program may eventually be the route you choose to help eliminate your debt, there are other debt reduction methods you should try first. They are free, easy and proven to work.

Two of the more commonly talked about debt reduction methods are the debt snowball and the debt avalanche. In the debt snowball method, people focus on paying debts off one at a time, in the order of smallest balance first, with higher amounts of money being applied to each account in turn. In the avalanche method,...