India finance minister seeks relief for rupee

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August 24, 2013 by apicomely

It was a very good and positive meeting,” ICICI Bank’s chief executive Chanda Kochhar told reporters. India’s large current account deficit — the broadest measure of trade — must be funded with foreign capital, and the country is seen as one of the most vulnerable among emerging market nations whose currencies are under pressure globally. India’s rupee recovered from historic lows against the dollar Friday, marking its biggest single-day gain in nearly a year, but analysts warned the currency’s overall trend was still bearish. The rupee, one of Asia’s worst performing currencies, bounced back 2.09 percent — its biggest one-day gain since September 2012 — to end trade at 63.20 Friday, up from its record closing low of 64.55 the previous day.

The Role of Finance May Be Changing, But the Route to the Top Remains the Same

The conversion price was $0.0444 cents per share, a 38% premium to the recent share price of IceWEBs common stock. As a result of the conversion, based on 392,817,360 common shares of IceWEB, Inc. outstanding which includes the shares issued to Sand Hill Finance, LLC, Sand Hill Finance, LLC holds 9.4% of the issued and outstanding common shares of IceWEB, Inc. As part of the transaction, Sand Hill Finance is releasing its security interest in the assets of IceWEB, Inc.

The Finance Co. To Recover Sussex College Investment

Sources at TFC have confirmed that the management is focused on ensuring that Sunil Jayatissa and Sussex College pay up or transfer the beneficial ownership of that company to TFC. Senior Management at TFC state that the transaction to set up Sussex was flawed from the beginning and that Sunil Jayatissa as the Financial Director did so without adhering to proper procedure. The Sunday Leader was unable to verify this viewpoint. However in a matter relating to another school, Leeds, the ownership of that business was vested with TFC after the promoters were unable to maintain the repayment schedule.

Sand Hill Finance LLC Converts Remaining Balance of IceWEB, Inc. Convertible Debenture

But after 20 years of hearing that the role of finance is shifting towards helping develop strategy and increasing partnering with the business, one would have thought that the qualifications, career paths, and origins of these finance leaders would have begun to show some signs of change. Specifically I for one would have anticipated an increase in the proportion of them holding a qualification of the Chartered Institute of Management Accountants and a decrease in the proportion holding a qualification awarded by the Institute of Chartered Accountants of England and Wales. However, the available evidence suggests that if anything the reverse has happened, (see table). While 80% of FTSE Financial Directors continue to hold one or more accounting qualifications (and many of those that dont have an MBA or some other higher qualification typically relevant to their industry), it is evident that most still hold a qualification from one of the two bodies that are more orientated towards financial accounting rather than those that are more focused on management accounting. Despite the increasing focus on value creation, my guess is this is never going to change much even over the next twenty years because listed companies always need a head of finance who can tick all the traditional boxes of financing, M&A, compliance, reporting, taxation and investor relations.


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