• What's in a name? Banks count cost of loans in NMC collapse

    As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed. The loans were granted on the strength of Shetty's reputation as a billionaire and his businesses, in particular, NMC Health, the Middle East-focused hospital group he made his fortune from, according to court filings. Shetty, an Abu Dhabi-based Indian entrepreneur, was feted as the Gulf's ultimate immigrant success story and NMC Health, the United Arab Emirates' largest private hospital group, borrowed without having to provide collateral from dozens of banks either headquartered or with bases in the region.


  • AP: After lobbying, Catholic Church won $1.4B in virus aid

    The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups. The church’s haul may have reached -- or even exceeded -- $3.5 billion, making a global religious institution with more than a billion followers among the biggest winners in the U.S. government’s pandemic relief efforts, an Associated Press analysis of federal data released this week found. Houses of worship and faith-based organizations that promote religious beliefs aren’t usually eligible for money from the U.S. Small Business Administration.


  • AP: After lobbying, Catholic Church won $1.4B in virus aid

    The U.S. Roman Catholic Church used a special and unprecedented exemption from federal rules to amass at least $1.4 billion in taxpayer-backed coronavirus aid, with many millions going to dioceses that have paid huge settlements or sought bankruptcy protection because of clergy sexual abuse cover-ups. The church’s haul may have reached -- or even exceeded -- $3.5 billion, making a global religious institution with more than a billion followers among the biggest winners in the U.S. government’s pandemic relief efforts, an Associated Press analysis of federal data released this week found. Houses of worship and faith-based organizations that promote religious beliefs aren’t usually eligible for money from the U.S. Small Business Administration.


  • California set to become first state to file lawsuit against Trump administration's new international student visa policy

    California Attorney General Xavier Becerra announced the state's 86th lawsuit against the Trump administration during a virtual news conference.


  • What's in a name? Banks count cost of loans in NMC collapse

    As the crisis engulfing his business empire deepened, Bavaguthu Raghuram Shetty met with Bank of Baroda officials in mid-March to discuss the $250 million he and his firms owed. The loans were granted on the strength of Shetty's reputation as a billionaire and his businesses, in particular, NMC Health, the Middle East-focused hospital group he made his fortune from, according to court filings. Shetty, an Abu Dhabi-based Indian entrepreneur, was feted as the Gulf's ultimate immigrant success story and NMC Health, the United Arab Emirates' largest private hospital group, borrowed without having to provide collateral from dozens of banks either headquartered or with bases in the region.


  • China State Funds Start Selling in Warning Sign for Stock Rally

    (Bloomberg) -- China acted to cool the speculative frenzy in its $9.5 trillion stock market, snapping a euphoric eight-day surge that had fueled worries of a new equity bubble in the making.Signs of Beijing’s unease over the rally’s speed emerged late Thursday, when a pair of government-owned funds announced plans to trim holdings of stocks that soared this week. On Friday the state-run China Economic Times warned about the dangers of a “crazy” bull market, while Caixin reported that regulators had asked mutual fund companies to cap the size of new products.Traders said the moves amounted to a warning from Chinese officialdom that the country’s world-beating equity boom has gone too far, too fast. While cheerleading from state-run media helped ignite gains at the end of last month, authorities appear keen to engineer a steady bull market rather than a repeat of the bubble that ended in a $5 trillion crash five years ago.“The signal could not be clearer -- stocks have just become too hot for the regulators’ liking,” said Niu Chunbao, a fund manager at Shanghai Wanji Asset Management Co. “A slight dip or so may put their minds more at ease at this point.”The SSE 50 Index of Shanghai’s largest stocks fell as much as 2.4% Friday. The gauge had closed Thursday within 2 percentage points of its intraday peak in 2015.China’s National Council for Social Security Fund -- the country’s national pension fund -- said it intends to sell a stake of as much as 2% in People’s Insurance Company (Group) of China Ltd. The fund, which oversees about 2.2 trillion yuan ($314 billion) in assets, said the sale was part of its “regular divesting activities.”The National Integrated Circuit Industry Investment Fund Co. -- a far smaller state-backed semiconductor fund aimed at fostering China’s homegrown chipmakers -- announced plans to offload shares in three firms. Textile maker Wuxi Taiji Industry Co., Shenzhen Goodix Technology Co., and Beijing BDStar Navigation Co. fell at least 2.5%.The role of state-backed funds in China’s market landscape became apparent during the 2015 stock rout, when firms like China Securities Finance Corp. and Central Huijin Investment Ltd. worked to counter big equity losses.Chinese stocks had added about $1 trillion in value this week -- far outpacing gains in every other market worldwide. Signs of euphoria among the nation’s investing masses are popping up everywhere: turnover has soared, margin debt has risen at the fastest pace since 2015 and online trading platforms have struggled to keep up.The securities regulator had already taken some steps to limit speculative behavior, publishing a list of 258 illegal margin financing platforms on Wednesday. It also warned investors to stay away from the unauthorized platforms.Foreign investors turned net sellers of Chinese shares for the first time this month on Friday, dumping a net 3.9 billion yuan as of 2 p.m. local time. They had pumped a net 63 billion yuan across the border via exchange links in July.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.


  • U.S. Army chief of staff signs "strategic vision" pact with Thailand

    U.S. Army Chief of Staff General James McConville met with Thailand's prime minister and its army chief on Friday, in the first high-level visit by a foreign delegation to Thailand since the COVID-19 pandemic disrupted international travel. McConville met with Prime Minister Prayuth Chan-ocha and also Thai army chief Apirat Kongsompong and signed a Strategic Vision Statement, a U.S. Embassy statement said, as Washington looks to reassure allies about its commitment to the region. The United States has sought to counter China's influence in Southeast Asia, most recently by sending two aircraft carriers to the South China Sea while the Chinese military conducted drills near islands that are also claimed by Vietnam.


  • New Nordic Life Science Venture Fund, Eir Ventures, Launched to Leverage the Untapped Potential of Health Care Innovation

    Eir Ventures, a Nordic Life Science Venture Fund, today announced a first close of its new fund of EUR76 million. With a strong base in the Nordic region and a team of experienced life science investors, Eir Ventures will invest in innovative companies with products and technologies addressing significant unmet medical need and a potential to improve the life of patients. The fund is launched with support from a strong investor syndicate comprising Saminvest, the European Investment Fund (EIF), Vækstfonden, Novo Holdings, as well as additional private investors.


  • SuperCom Receives Expected Nasdaq Letter on Late Filing

    SuperCom (NASDAQ: SPCB), a global provider of secure solutions for the e-Government, Public Safety, HealthCare, and Finance sectors, received a letter from Nasdaq notifying that the Company is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) as the Company has not yet filed its Form 20-F for the year ended December 31, 2019 (the "Annual Report") with the U.S. Securities and Exchange Commission.


  • Do Institutions Own OFX Group Limited (ASX:OFX) Shares?

    Every investor in OFX Group Limited (ASX:OFX) should be aware of the most powerful shareholder groups. Large companies...


(ARA) - It's that time of year again - when holiday excesses leave everyone feeling overstuffed and overextended. We say we'll start fresh in the new year - we'll exercise more, we'll eat healthier, we'll get more sleep. But how about making a resolution that's just as beneficial, and may be a little easier to stick to - getting your finances in shape and being more fiscally fit?

Getting your finances in shape is especially vital for women - with longer life spans and a higher probability of taking time out from work to care for children or family, many women may have less time and resources to save for retirement. Studies show that the average working woman garners 60 percent of the retirement savings of the average male. There's no time like now to maximize the opportunities you have to create a financially secure future.

"Women have more options to take control of their financial destinies than ever before," says Linda Verba, TD Bank executive vice president of retail operations and service programs and chair of the bank's Women in Leadership committee. "Financial success comes from working toward measurable objectives, so the sooner you start on a path toward defining and attaining your financial goals, the better off you will be."

How can women work toward being financially secure and making smarter choices?

If you don't already have one, take a manageable amount of money - say, $1,000 - and start your emergency fund. Keep your emergency fund separate from your regular checking and savings accounts. Set up an automatic transfer from your regular checking account to occur on paydays - even $25 a paycheck will help your emergency fund grow.

Studies show that women see being debt-free and able to pay their bills on time as signs of financial success. Work toward being debt-free by writing down any debt you may have - such as credit cards, student loans and car payments - with the amounts owed, from least to greatest. Knocking out a couple of the lower balances first can give you a sense of achievement and provide the motivation to continue paying down debt.

Curb your impulses. There's hardly a woman alive who hasn't seen a pair of shoes she must have now, or been tired after a long day at work and gotten takeout food for dinner. Finance guru Dave Ramsey suggests finding a money mentor - someone a little older and wiser who can offer you advice, and who you can authorize to hold you accountable to your budget and check with before making large purchases.

Like the old saying goes, knowledge is power. According to a recent poll, women are often less aware of the financial tools that may be available to them than their male counterparts. Get on the path to understanding your options by starting with your bank. Many financial institutions, like TD Bank, have programs to provide financial education to their customers, and offer various seminars and workshops.

Make a New Year's resolution that will benefit you for years to come - 2012 can be the year you started toward a bright financial future.New year, new woman: Get fiscally fit with resolutions that stick
Category: Business