July 9, 2013 by apicomely
EU finance ministers in a holiday mood
The recipients have been chosen after a rigorous selection process by the internal team as well as key inputs from an external agency. IFM Financial Awards honours the achievers in the finance industry who have excelled in their areas of expertise and made contributions through activities of note. Apart from financial performances the award also gives cognizance on the contributions made in corporate social responsibility activities that include charitable activities, better corporate governance and other efforts that impact the community. The winners will be honoured in the vibrant and mesmerizing city of Dubai, in December, later this year. From a producer of raw materials, Malaysia has evolved into a multi sector economy and transformed into a service driven and knowledge based economy.
Egypt Nour Party says would accept ex-finance min as interim PM
It was sparked by last week’s resignation of Finance Minister Vitor Gaspar, who said he felt that the population was no longer behind the austerity measures. The move immediately prompted an increase in interest rates on Portuguese government bonds. But since then the governing coalition under Prime Minister Pedro Passos Coelho has recovered. Only Draghi was a drag Schauble played down this danger too.
Progress on Housing Finance Reform
Still, any government guarantee gives rise to moral hazard, since investors will naturally seek to obtain government backing on risky mortgages that provide a high private upside if the loan works out, and a loss for taxpayers if it does not. The Corker-Warner legislation creates an empowered regulator with a mandate to ensure that underwriting standards remain high. This is helpful, but not enough by itself after all, regulators failed to prevent the previous bout of poor lending behavior. An important insight, however, is that requiring substantial private capital to take losses ahead of the government guarantee helps to mitigate the moral hazard. This is because the investors with their funds at stake have a powerful incentive to enforce prudent underwriting. The presence of first-loss private capital thus brings market discipline to bear by aligning private interests with those of the government.
Credit: Reuters/Amel Pain/Pool CAIRO | Tue Jul 9, 2013 4:50am EDT CAIRO (Reuters) – Egypt’s Nour Party, the country’s second-biggest Islamist group after the Muslim Brotherhood, said on Tuesday it would accept the choice of former finance minister Samir Radwan as interim prime minister. Nour Party spokesman Nader Bakkar said the party would accept Radwan because he met the party’s criteria that he be a “technocrat” economist and have previous experience in government administration. Senior political sources said on Monday that Radwan had emerged as the favorite for the post. The military-backed transitional administration is keen to win Nour’s support for a new government to show it is acceptable to Islamists after the army toppled the Brotherhood’s Mohamed Mursi last week. “We asked for a technocrat economist …