Microsoft Dynamics AX ensures Russian Post remains a pillar of strength

Apr 17th, 2014 Posted in Cash Management | No Comments »

This article was first published in the Spring 2014 issue of Touch

With its foundations laid in the 18th century during the reforms of Peter the Great, Russian Post has evolved into one of the most complex enterprises in Russia today. Processing more than 1.7 billion letters, 54 million parcels and approximately 80 million money transfers a year, the public sector organisation employs in excess of 390,000 people, has over 42,000 post offices and houses an extensive management infrastructure which is split across 86 branches and headquartered in Moscow.

Striving to become a more modern and effective business, the organisation has begun a comprehensive restructuring programme...

Princeton parents win jackpot with low-interest education loans

Apr 16th, 2014 Posted in Education Loans | No Comments »

While wealthy colleges like Princeton are generous in need- based financial aid, families are still responsible for the portion of costs not covered by grants and scholarships. Princetons loans at 4.3 percent for fixed and 1.2 percent for variable aim to help parents better afford their childrens education, said Robin Moscato, director of undergraduate financial aid.

Princetons endowment was valued at $18.2 billion as of June 2013, making it the fifth-richest school in the United States, according to the National Association of College and University Business Officers. The university is able to provide families with a lower-cost alternative and to help them stretch out payments, Moscato...

Emanuel tightens cash controls after $741000 embezzlement

Apr 16th, 2014 Posted in Cash Management | Comments Off

Mayor Rahm Emanuel’s administration is tightening the reins on cash handling to eliminate an embarrassing lack of oversight that allegedly allowed a low-level clerk in the Chicago Department of Transportation to embezzle nearly $750,000 in permit fees over a six-year period.

In a memo to department heads, City Comptroller Dan Widawsky argued that “recent events have highlighted the risks associated with cash management” and the importance of “robust controls to manage” those risks.

“We are the custodians of our city’s resources and you and your finance staff are critical to ensuring that such resources are safeguarded,” Widawsky...

Stay the course, weather the storm

Apr 15th, 2014 Posted in Cash Management | Comments Off

When asked which career path she would most likely have pursued if she were not a banker, Lisa Robins replies: I would have likely been in the field of arts, perhaps even an artist.

Still, she is quick to point out her role as the Asia-Pacific head of global transaction banking at Deutsche Bank provides her with a large canvas.

Well into her third year at the helm of cash management, trade finance and securities services franchises, Robins considers 2013 as her toughest year yet.

Last year brought many headwinds for the transaction banking industry, but we stayed the course and came together as a team to weather the storm, she says. In fact, we came out stronger...

Chidambaram Flags Education Loan in Letter to Attract Youth Votes for Son

Apr 15th, 2014 Posted in Education Loans | Comments Off

Union Finance Minister P Chidambaram may not be contesting the Lok Sabha elections, but that has not stopped him from making ‘personal’ appeals to youth to vote for his son Karthi Chidambaram, who is fighting a lone battle against the Dravidian parties in Sivaganga Parliamentary constituency.

In individual letters to beneficiaries of the UPA’s educational loan scheme for students in the constituency, he has appealed to them to cast their votes for his son, reminding them that it was he (Chidambaram) who was instrumental in bringing the scheme.

In the letter dated March 16, 2014, Chidambaram claimed that the first thing that struck him after taking charge as finance...

ABG Shipyard’s Rs 11000-crore corporate debt restructuring proposal cleared by …

Apr 14th, 2014 Posted in Debt Restructuring | Comments Off

Mumbai:

ABG Shipyard, the largest private sector ship builder in India, has got a fresh lease of life with a 22-lender consortium clearing a Rs 11,000-crore corporate debt restructuring (CDR) proposal, which includes a fresh working capital loan of Rs 1,800 crore.

This is the second largest CDR package in the history of Indias banking sector.

The largest CDR package was cleared in July, 2013 for the engineering and construction major Gammon India when its Rs 13,500-crore loan was rescheduled for a 10-year tenor at a lower interest rate.

With the ABG Shipyard deal, the total loan recast in FY 14 has sniffed at a whopping Rs 1 lakh crore, taking the overall CDR book...

Corporate debt restructuring cell may restructure nearly Rs 1 lakh crore worth …

Apr 13th, 2014 Posted in Debt Restructuring | Comments Off

The corporate debt restructuring (CDR) cell may end up restructuring nearly Rs 1 lakh crore worth of loans in FY14 alone, according to a senior banker. In March alone, the cell has approved debt recast for 18 cases, adding up to Rs 30,000 crore worth of debt, said RK Bansal, chairman of the cell.

So far, over Rs 98,000 crore worth of loans have been approved by the cell in FY14 and more are waiting to be added before the financial year ends, another senior banker said.

As on March 31, the outstanding amount of loans restructured by the CDR cell since its inception would have crossed Rs 3 lakh crore. Banks have had a rough time these past two years with hundreds of companies...

Bottomline upgrades mobile app

Apr 13th, 2014 Posted in Cash Management | Comments Off

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IDB debt-restructuring saga nears end: Deal to close next week

Apr 12th, 2014 Posted in Debt Restructuring | Comments Off

The Communications Ministry has given approval for the transfer of control of cellular operator Cellcom to Moti Ben-Moshe and Eduardo Elsztain, which was the final barrier preventing the completion of their debt restructuring agreement for IDB.

Spring is In The Air, Time to Declutter Your Credit!

Apr 11th, 2014 Posted in Credit Card Comparison | Comments Off