Business and Finance news

Citigroup CEO Vikram Pandit thanked U.S. taxpayers for delivering billions of dollars of aid during of the depths of the credit crisis, but offered few details on why the government needed to step in more than once to rescue the embattled firm.

Testifying before a congressional watchdog group Thursday, Pandit tried to explain away the government’s decision to give the New York City-based bank a second aid package of $20 billion in November 2008, blaming short sellers as well as general malaise in financial markets.

Members of the Congressional Oversight Panel, who called the hearing to gather details on the current state of the government’s investment in the firm, were hardly satisfied.

"I’m sorry Mr. Pandit, but everyone was in dysfunctional markets at that point," said Elizabeth Warren, the oversight panel’s chairwoman.

Pandit told the panel he could not recall whether he spoke with anyone at the Treasury Department during the third week of November 2008, a fateful period for the company in which its stock had lost close to two-thirds of its value.

Unlike rival Bank of America (BAC, Fortune 500), which endured significant scrutiny for accepting more than one taxpayer bailout following its decision to purchase Merrill Lynch, the government’s rescue of Citigroup has not garnered much attention from lawmakers in the wake of the crisis.

Public scrutiny of Citi has subsided somewhat since the company moved to repay the combined $45 billion it received under the Troubled Asset Relief Program, or TARP, in December.

U.S. taxpayers however still own a 27% stake in the company, which is overseen by the Treasury Department.

Treasury Assistant Secretary Herb Allison, who also appeared at Thursday’s hearing, indicated to members of the panel that he expects the government will make money on its investment.

"If Treasury were able to sell all its Citigroup common shares at the current market price, taxpayers would realize a positive return," Allison said in his statement.

Citigroup (C, Fortune 500) shares rose more than 1.5% in afternoon trade Thursday after closing at $3.40 per share in the previous session.

Allison would not offer details on the timing or method by which Treasury would sell the remaining shares, but reiterated that it planned to dispose of its stake in Citigroup "as soon as possible."

With billions of dollars still tied up in the company though, it came as no surprise that Pandit endured such pointed questions from the panel.

The Citi chief fielded inquiries on everything from what the company was doing to fix the firm to his stance on the Obama administration’s proposal to curtail so-called proprietary trading.

"I do think banks should be banks," Pandit said, noting that his firm had sold off a lot of its trading-oriented businesses as part of its ongoing restructuring program.

The recovery for Citigroup, however, has hardly been smooth. Even as the company shed some $168 billion in assets housed within its Citi Holdings division, the company lost $7.6 billion in the fourth quarter.

Pandit warned of further consumer-related loan losses, but stressed Thursday that the overall bank was well positioned to return to profitability this year.

"Today, Citi is operating on a very strong foundation and is positioned to contribute to the economic recovery and generate sustained profitability for the benefit of all our stakeholders," he said. 

Source

Get free life insurance quotes for All Types of Life Insurance. Find rates for term, whole, veriable, universal life insurance.

The European Central Bank said its offerings of three-month cash will return to variable interest rates on April 28. President Jean-Claude Trichet made the announcement at a press conference in Frankfurt.

“Amounts will be set with the aim of ensuring smooth conditions in money markets” and avoiding “significant spreads” between the ECB’s benchmark rate and the rate at which money is alloted, Trichet said freecreditscore. The benchmark rate serves as the minimum bid rate.

Source

Quote and apply online or speak with an agent in your area. Compare health insurance plans for individuals and families.

European Union Monetary Affairs Commissioner Olli Rehn will likely push Greece to do more to cut its budget deficit today as governments craft a possible rescue package for the cash-strapped nation.

Rehn will meet with Prime Minister George Papandreou as German lawmakers say euro-area officials are devising a plan to grant Greece about 25 billion euros ($34 billion) in aid should it need help financing its debt, possibly by using state-owned lenders such as the KfW Group to buy its bonds.

German Chancellor Angela Merkel and Luxembourg Prime Minister Jean-Claude Juncker signaled yesterday that Rehn will warn Greece it must do more to narrow the EU’s largest budget gap and can’t rely on taxpayers elsewhere to help until it acts. Adding to the political pressure, the fiscal strategy of Papandreou’s government may soon be tested by investors as it readies a sale of as much as 5 billion euros of 10-year notes.

“If the Greek government cannot raise the necessary funds in the commercial market, which continues to look unlikely, then bilateral loans will be forthcoming,” said Erik Nielsen, chief European economist at Goldman Sachs Group Inc. in London.

Rehn arrives after European officials pored over the government’s books to verify it’s doing enough to knock 4 percentage points off its budget deficit from last year’s 12.7 percent of gross domestic product. The country has until March 16 to satisfy fellow EU governments that its deficit reduction plan is on track and faces being pressed to increase consumer taxes and lower capital spending if it can’t show sufficient progress.

‘Additional Actions’

Juncker, who speaks for euro-area finance ministers, yesterday indicated more will be demanded. Greece needs to “take additional actions” to pare its shortfall and “must understand that the taxpayer in Germany, Belgium or Luxembourg isn’t prepared to correct the mistakes of Greek fiscal policy,” he told Eleftherotypia newspaper.

In an interview with ARD Television, Merkel denied money has been set aside to bail out Greece and said the country has to “do its homework.” Speaking after the euro recorded its third straight monthly loss against the dollar, its longest losing streak since November 2008, Merkel said the single currency is “certainly facing the most difficult phase.”

Billionaire investor George Soros said on CNN yesterday that the euro “may not survive” the Greek turmoil.

Bonds

Investors last week continued to question Greece’s chances of cutting its budget deficit. Greek two-year yields rose by as much as 75 basis points on Feb. 25, the most since Jan. 20. The spread between 10-year German bunds and Greek securities of a similar maturity widened 12 basis points in the week to 330 basis points quick payday loan.

Still, the cost of insuring against default on Greek government debt fell for the first day in more than a week on Feb. 26 on speculation the nation will pledge tougher steps. Credit-default swaps on Greece dropped 35.6 basis points to 364.02, according to CMA Datavision. The contracts are down from Feb. 4’s record 428.25 basis points.

Papandreou told the Greek parliament on Feb. 26 that the nation will “meet the challenge with whatever cost and pain we will need to go through.” Government spokesman George Petalotis said in an interview the same day that more measures will be concerned if the EU deems it necessary.

Greece needs to raise 53 billion euros this year and redeem more than 20 billion euros of bonds by the end of May, according to data compiled by Bloomberg. It vows to reduce its budget gap below the EU limit of 3 percent of GDP in 2012. The European Commission forecasts a debt equivalent to 124.9 percent of GDP this year.

KfW

KfW’s purchase of Greek bonds, backed by German government guarantees, would be an emergency measure as it would risk inviting investors to speculate against other euro region countries, the German lawmakers said on condition of anonymity because the information is confidential. France’s state-owned Caisse des Depots may also be involved, Greece’s Ta Nea newspaper reported Feb. 27. The Wall Street Journal said the plan may total 30 billion euros.

“Greece won’t be allowed to sink on the condition it respects its commitments to stabilize its budget,” French Finance Minister Christine Lagarde told Europe 1 radio yesterday. “We have a certain number of proposals in the euro zone, involving either private partners or public partners or both.”

Strikes

EU leaders ordered Greece on Feb. 11 to slash its budget deficit, while promising “determined” yet unspecified action to help if needed. Papandreou will on March 5 meet with Merkel, who yesterday suggested she is worried “emotions” may be spinning out of control.

Complicating the country’s efforts last week were another round of strikes and warnings from Standard & Poor’s and Moody’s Investors Service that they may soon cut Greece’s debt rating if the government flounders in reducing its deficit.

The government intends to sell 10-year notes by early March, according to a Jan. 26 statement from the Public Debt Management Agency. Fund managers who may take part in the issue say Greece must offer the biggest premium over benchmark German debt since 1998, paying a coupon of about 7 percent.

Source

Payday loans online from $100 to 1000 loan payday with no faxing. Get cash advance loans now. Click here for immediate funding.

Coca-Cola Co. may buy the North American operations of its biggest bottler, a deal that echoes a move by rival PepsiCo in response to falling soft-drinks sales, The Wall Street Journal reported Wednesday.

If the partial acquisition of Coca-Cola Enterprises Inc. goes through, the rest of the bottler would remain independent and buy Coke bottling operations in Scandinavia and Germany, the newspaper reported cash advance to savings account.

Source

We provide no fax payday loans up to $1500, In 1-6 hours money direct in to yours bank account.

Sun Hung Kai Properties Ltd. shares jumped after the developer sold 900 homes in Hong Kong for HK$4.2 billion ($540 million) over the weekend, fueling speculation the city’s housing market is overheating.

Shares of the world’s biggest developer by market value added 1.7 percent to HK$101.80 at 10:41 a.m. Hong Kong time after gaining as much as 2.5 percent.

The apartments at the Yoho Midtown apartment complex in Yuen Long sold for an average HK$5,400 per square foot, Amy Teo, Sun Hung Kai project director, said in an interview. That compares with an average HK$3,000 per square foot for new homes in the area a year ago, according to Wong Leung-sing, an associate director at Centaline Property Agency Ltd.

Hong Kong’s home prices surged 29 percent in 2009 as low interest rates and an increase in buying by mainland Chinese stoked demand. Norman Chan, chief executive of the Hong Kong Monetary Authority, told lawmakers Feb. 1 that the city faces a “huge” potential risk of bubbles forming in its asset markets given high liquidity.

“All the ingredients are in place for a property bubble in Hong Kong, including low interest rates and limited supply, but I don’t think we are in one yet,” said Buggle Lau, chief property analyst at Midland Holdings Ltd. “If more speculators enter the market then it could push prices up too high.”

The city had the world’s fastest-growing major housing market last year, according to a survey compiled by real-estate agents Knight Frank LLP.

Crowds Attracted

Some 120,000 prospective buyers have flocked to the show homes since Feb. 19, Teo said, speaking at the display properties set up in a shopping center near the apartment complex in the city’s northern New Territories. Sun Hung Kai increased the number of apartments on sale to 900 from 700 because of demand, she said. The building complex has a total of 1,890 homes, according to Teo.

“I’m excited to buy, but I think it’s a little overpriced,” said Nelson Ma, 36, a worker at an export company who had just put down a deposit on a HK$3.4 million, 650 square foot, two-bedroom apartment. “I think there is a bit of a bubble but I’m not too worried as I will be living in the apartment rather than buying it as an investment.”

Sun Hung Kai estimates about 80 percent of the purchasers intend to live in the apartments, with the remainder acquiring the properties as an investment, company spokeswoman Vivian Kwok said.

About 40 units were immediately advertised for resale at asking prices of as much as 20 percent more than the original costs of purchase, the South China Morning Post newspaper reported, citing property agents.

“The property market in Hong Kong is still hot, especially for new properties,” said Ng Sinwa, an estate agent at Midland Realty, who joined the crowds queuing to view the show homes. “People are still keen to buy.”

‘Go Pop’

Not all prospective buyers were sold on the properties available. “It’s so expensive,” Ivy Sze said, looking at the show homes on display. “It’s a bubble. We just don’t know whether prices will go up more, or just go ‘pop.’ We want somewhere to live so we just have to keep looking.”

The number of private homes completed in Hong Kong last year fell 18 percent to 7,200 units, the lowest since 1997, the government said in a report Jan. 22.

The city’s government is holding its first land auction of the year today in the Tseung Kwan O area to try to ease the shortage of supply, with price estimates for the site ranging from HK$2.6 billion to HK$3.4 billion.

The city’s home sales more than doubled in value in January from a year earlier to HK$36.2 billion, according to figures released by the government’s land registry. Sales gained 4.1 percent last month from December, the agency said.

The authority, Hong Kong’s de facto central bank, raised deposit levels for luxury apartments in October to try to cool lending. The government also plans to raise stamp duty, or transaction tax, on homes selling for more than HK$20 million to 4.5 percent from 3.75 percent in a bid to rein in the property market, the Chinese-language Sing Tao Daily said Feb. 11.

‘Still Affordable’

“Government intervention could lead to higher interest rates, but I can’t see mortgages rates much above 2.5 percent this year, which is unlikely to deter some buyers,” said Midland Holdings’ Lau.

Some buyers’ confidence that property values will rise is underpinned by the city’s economic recovery, Centaline’s Wong said.

“There’s talk of maybe 2 percent growth in GDP this year and there’s a feeling that the economy is improving,” he said. “People seem able to spend more than ever before on property.”

Prices may rise as much as 15 percent in the first quarter, Wong said. Hong Kong’s Chamber of Commerce forecasts the city’s economy may grow between 3 percent and 4 percent this year.

Higher interest rates and more speculators moving into the market are among the risks that may lead to a decline in prices, or drive them to unrealistically high levels, according to Lau at Midland Holdings.

“This could lead to a bubble in the property market,” he said. “But if a bubble means people are now paying prices for property they can’t afford, then we’re not in one,” he said. ‘Property is still affordable. People still seem confident in the market.”

Source

Cash advance loans and online payday loans available today. Apply now and receive up to $1500 no teletrack cash advance in as little as 1 hour, direct lenders.

The federal government has offered Hawaii $16.6 million in stimulus relief to help cover the costs of prescription drugs for residents eligible for both Medicare and Medicaid.

The U.S. Department of Health and Human Services announced Thursday that the temporary boost is part of the American Recovery and Reinvestment Act of 2009. It comes in the form of an increase in the federal medical assistance percentage payments or, FMAP, given to Hawaii and other states.

The money essentially lowers the total amount that states must pay the federal government in so-called clawback payments meant to help cover the costs of their Medicaid programs — specifically the Part D prescription drug program for low-income seniors.

Because Medicaid is funded by states and the federal government, which adds matching dollars, the money reduces the state’s share of the cost burden.

“We believe today’s action will help states as they struggle to maintain Medicaid and other budget priorities in these difficult economic times,” said U.S. Health and Human Services Secretary Kathleen Sebelius in a prepared statement. “This relief will help states continue to provide critical health-care services to the nearly 60 million beneficiaries who depend upon it.”

The federal government said it will apply the increased FMAP to the clawback payments, which states are required to pay monthly to the federal government under the Medicare Prescription Drug Improvement and Modernization Act of 2003.

Hawaii would have owed the federal government $60,409,856 in clawback payments, federal officials said.

But under the new formula announced Thursday, that amount will be reduced to $43,814,638 for the period beginning Oct. 31, 2008, and ending Dec. 31, 2010.

Source

fast cash loan is fast becoming a viable financial option for consumers who need a few extra dollars.

Fitch Ratings has assigned its AAA rating to Mecklenburg County’s $116 million in general obligation refunding bonds, series 2010.

The debt is slated for sale on Feb. 23.

The outlook is stable.

Fitch cites the county’s broad, diverse economic base, solid reserve levels and debt policies business card.

Source

Save up to $500 on your auto insurance! Compare car insurance rates, or get an insurance quote online.

The Missouri Supreme Court has thrown out $125,000 in damages awarded to a former employee of Pepose Vision Institute of Chesterfield because a juror made anti-Semitic comments.

The high court’s decision requires a trial judge to examine allegations of prejudicial remarks made by one or more jury members and, upon finding said allegations to be true, grant a defendant’s motion for a new trial.

“This court finds that if a juror makes statements evincing ethnic or religious bias or prejudice during jury deliberations, the parties are deprived of their right to a fair and impartial jury and equal protection of the law,” this week’s ruling said.

The landmark ruling makes the state of Missouri one of a handful of states whose courts have addressed the issue of juror bias. There are no state or federal laws that prohibit the expression of prejudicial remarks during jury deliberations.

In 2007, a St. Louis County jury awarded $95,000 in punitive damages and $30,000 in actual damages to Michelle Fleshner, who claimed she was fired in 2003 from Pepose Vision, which was started by Dr. Jay Pepose, because she had helped the U paydayloans.S. Department of Labor investigation of the company’s payment of overtime.

At the end of deliberations, a juror approached defense counsel to report repeated anti-Semitic comments during deliberations, saying another juror described Pepose’s wife as a “Jewish witch” and a “penny-pinching Jew.”

With the state Supreme Court’s ruling, the trial judge must now evaluate these allegations of bias and make a determination about their truthfulness. Should the judge find them to be true, a new trial must be ordered.

“This ruling is a great victory for all of the people of Missouri. It says that our justice system will not tolerate bigotry,” Jay Pepose said. “It was a painful, costly process for us, but we knew we could not walk away and leave it to others to fight for social justice.”

Armstrong Teasdale represented Pepose Vision. An amicus brief was also submitted by Bryan Cave on behalf of the Anti-Defamation League of St. Louis.

Source

For no fax payday loans and payday advance loans, apply today and maximize your payday cash!

Just a few years ago you could count on getting the bulk of your money back for almost any home-improvement project you took on. Today merely replacing a toilet seat can feel like throwing caution, and cash, to the wind. According to a study from Remodeling magazine, the average return on value for an upgrade declined from 87% in 2005 to 64% in 2009. But these six new rules will help you maximize your return on your remodeling investment.

Rule No. 1: Repairs get the biggest returns

The smartest money now goes into "undeferring" needed maintenance. That’s because while buyers might appreciate enhancements like Jacuzzis and Sub-Zeros, they won’t tolerate a house with a leaky roof or antiquated plumbing. "If a property is known to have issues, today’s buyers won’t even look at it," says Austin real estate appraiser Jim Amorin.

And trying to keep problems a secret can cost you big-time. If buyers discover them during inspection, it’s now common practice to ask sellers not only to pick up the tab for the repair but also to pay a penalty to compensate the buyer for the inconvenience of having work done.

So the $20,000 you saved by putting off a roof repair, say, could turn into a $30,000 credit to the buyers at closing, says Amorin.

Rule No. 2: Remodeling beats adding on

McMansions have gone the way of the SUV — and large additions don’t pay off either. "There’s been a fundamental shift toward quality over quantity," says Warwick, R.I., real estate agent Ron Phipps.

Having a big, formal living room plus an everyday family room is less desirable than having one multi-use common space. So rather than adding on, you’re better off repurposing existing square footage by reconfiguring the floor plan or capturing unused basement or attic space.

Want an eat-in kitchen? Knock down the wall between the kitchen and dining room ($2,000 to $8,000, depending on whether it’s load-bearing or contains plumbing). That will instantly create a large eat-in kitchen and give the whole house a more open feel — without a huge investment to make up at resale.

Rule No. 3: Eco-friendly upgrades can save cash

Some green improvements pay you back long before you sell your house. Install energy-efficient features, such as EnergyStar appliances and extra wall insulation, and you’ll see lower energy bills every month.

Add in the federal tax credit of up to $1,500 that lasts through 2010, plus many local rebates and tax incentives (see dsireusa.org), and the work may pay for itself in just five years. Green features are also increasingly a selling point, says Phipps. "Most people in the market right now are first-time homebuyers in their thirties, and they’ve been raised to care about carbon footprints and being ecofriendly," he says.

The best way to go green is with a while-you’re-at-it job: When it’s time to replace your furnace, for example, upgrading to super-efficiency might add only $500 (after tax credits), compared with standard new equipment, but it will save you — and your buyers someday — $150 or more in annual heating costs.

Rule No. 4: Tech infrastructure trumps cool gadgets

Home electronics seem like a deal, since prices have fallen about 50% over the past three years and continue to drop, according to Stephen Baker, president of industry analysis at NPD Group, a market research firm.

Still, that doesn’t change the fundamental problem with expensive built-in technology: Put in a $10,000-plus dedicated home theater today, and something better will come along tomorrow and make your system look as if it’s from the Mesozoic Era. With buyers seeking any excuse to low-ball their offers, they’re not going to reward you for an out-of-date system.

Tech infrastructure is different, however. Anytime you’re opening up walls for a construction project, have cabling and Ethernet ports installed. At about $80 a room, it’s a low-cost way to provide the capability for whatever technologies come along.

Rule No. 5: Let the Joneses be your guide

During the boom, you could be the first on your block to have a luxury kitchen, spa bathroom, or in-ground pool and count on others following suit. And even if the neighbors never took your lead, there was plenty of equity growth to cover your costs.

Nowadays that fudge factor is gone. "You really have to keep your house’s amenities in line with the neighborhood now," says Kermit Baker, director of the remodeling futures program at Harvard University’s Joint Center for Housing Studies.

If other houses on the block have real marble countertops, by all means add one to your house, but if everyone still has faux blue-marble Formica from the ’70s, you’re not getting your money back.

Also, keep your projects design-neutral so they’ll appeal to the greatest number of people. Choose neutral colors and traditional electrical and plumbing fixtures unless your house has a modern architectural style.

Rule No. 6: The new payback time is five years

As with any volatile investment, the longer your time frame, the lower the risk. Don’t take on a big project if you’re likely to move in less than three to five years. There’s just too much chance that any money you put in — aside from necessary repairs or superficial cosmetic work — could be lost while the housing market continues to meander.

But if you plan to stay awhile, don’t delay starting a project. Home improvements are a bargain right now, with contractors bidding 10%, 20%, even 40% lower for the same work than just a year or two ago, says Bernie Markstein, senior economist for the National Association of Home Builders.

Grab them while they’re hungry for work and make it clear that you’ll be getting multiple bids so they’ll be motivated to undercut one another’s prices. You’ll fulfill the first rule of investing: Buy low. Then hope that when you’re ready to move, you can sell high.  

Source

Pakistan’s central bank aims to resume cutting interest rates when inflation eases, Governor Salim Raza said.

Inflation will slow as the effects of higher energy costs wear off, Raza said in an interview in Singapore today, without saying when. Consumer prices may rise between 11 percent and 11.5 percent in the six months through June, a percentage point more than the previous half-year, he said.

Pakistan’s goal stands in contrast to other countries across Asia, where policy makers are preparing to boost borrowing costs as inflation accelerates amid a global recovery. Lower interest rates may benefit companies including MCB Bank Ltd. and support an economy hurt by the government’s war against Taliban guerillas in the country’s northwest.

“Interest rates, barring liquidity constraints, should follow the trend of inflation” in coming down, Raza said after meeting with investors. “If we are comfortable inflation has stabilized at single-digit levels, then certainly we do want to ease the pressure on our businesses and industries and we’d like to bring interest rates down.”

The State Bank of Pakistan kept its benchmark interest rate unchanged at 12.5 percent on Jan. 30 after reducing it by 2.5 percentage points last year, as inflation accelerated and the government raised power tariffs and gas prices to contain its budget deficit.

Liquidity in Pakistan’s banking system, strained by government borrowing to finance its widening deficit, may improve as foreign aid and other funds flow in, Raza said.

Bond Sale

Pakistan may sell as much as $1 billion of bonds in the coming months, Finance Minister Shaukat Tarin said in an interview in Singapore yesterday.

“Pakistan as an emerging market, with its attractive yield differentials, would be a well-priced bond,” Raza said today. “We think the present yield discounts a lot of the improvement; it’s still backward looking. If you move forward, the prospects would justify better pricing than that.”

Credit-default swaps protecting the debt of Pakistan rose 27.5 basis points to 950 basis points as of 9:48 a.m. in Singapore, according to prices from Royal Bank of Scotland Group Plc. The cost of protecting the country’s debt has fallen from 3,084.3 basis points on Jan. 1, 2009, to 870.5 yesterday, according to prices from CMA DataVision in New York.

The International Monetary Fund on Aug. 8 agreed to increase a loan to Pakistan by $3.2 billion, after the nation was forced to turn to the Washington-based lender for a $7.6 billion bailout in November 2008. Pakistan is expecting $2.2 billion of aid and loans from the U.S. and Japan before June 30, Tarin said last week.

Friends of Pakistan

The Friends of Democratic Pakistan, an aid group that includes the U.S., U.K., Japan and Saudi Arabia, may provide $1.4 billion to $1.8 billion to the South Asian nation in the current fiscal year ending June 30, Tarin said yesterday.

Pakistan’s growth in the 12 months ended June 30, 2009, cooled to 2 percent, the slowest pace in eight years. The government expects the $168 billion economy to expand 3.4 percent this fiscal year, Tarin said.

The economy may expand at a faster pace in the coming years as lower interest rates spur demand, Raza said. Manufacturing is improving and there is “huge agricultural potential,” he said, adding that a growth rate of 5 percent to 6 percent “in the short term is very viable.”

The central bank will let the market decide the level of the rupee and will intervene only to smoothen volatility, Raza said, adding that he sees no reason for the currency to weaken from current levels.

Source