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Posts sent on: 2013-09-02

Sep022013

Finance And Pakistan Pose Twin Challenges For Zimbabwe









The Finance Department then observed that under Section 11(2) of the Punjab Office of the Ombudsman Act 1997, they could not comply with the directions as the matter lay outside of his purview. The department further observed that under Section 9(1) (a) of the law, the ombudsman could not investigate any issue that was being heard in a court of competent jurisdiction. The matter, it said, was before the Supreme Court of Pakistan after it granted leave to appeal for reconsideration in the light of the Punjab governments stance. The department said that the ombudsman was barred from inquiring into any matter pertaining to the terms and conditions of services. As the issue of pensions fell in that domain, it fell outside the ombudsmans jurisdiction. Such matters were exclusively dealt with by the Punjab Services Tribunal. According to the department, the ombudsman could only investigate and inquire into matters pertaining to maladministration by departments and government agencies. Any action on the issue of pensions should be taken up in court.








They had few problems cruising to a seven-wicket win the last time their Test side was in Zimbabwe, in September 2011 . Both sides have availability issues leading up to this match. The in-form Mohammad Hafeez had strained a hamstring in the third ODI and, though the injury is not serious, is a doubtful starter. Brendan Taylor's participation would depend on when his child is born - his partner went into labour on Monday. Form guide Pakistan LLLDD (last five matches, most recent first) Zimbabwe LWLLL Players to watch Tino Mawoyo is back in contention after recovering from http://www.firstfinancialuk.com a groin injury that kept him out for five months. In their last four Tests, Zimbabwe have tried several opening combinations, with Vusi Sibanda, Timycen Maruma, Hamilton Masakadza, Regis Chakabva and Mawoyo all trying out. Still, they've managed only one score above forty, and no half-century stand. In Harare, Mawoyo is very likely to feature as opener, given his relative success against Pakistan - in 2011 he scored a gritty, unbeaten 163 against them to become only the third Zimbabwe player to carry his bat.




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Sep022013

Dubai Focuses On Islamic Finance As Part Of Its Economic Diversification Strategy









The NCD issue has 11 investment options and effective yield of up to 12.55 per cent per annum with an option for early closure, Muthoot Finance said in a statement. The NCD issue aims at aggregating up to Rs 150 crore with an option to retain over-subscription of up to Rs 150 crore, it said. Muthoot Finance, is one of the largest gold financing company in India, with a market share of over 20 per cent as of March 31, 2012. The entity has 4,163 branches and employs about 24,945 people. Story first published on: September 02, 2013 22:55 (IST)








While Dubai has the advantage of already being a recognised centre for banking and business, with the technical infrastructure in place, challenges remain when it comes to developing the broader sukuk market, not only in the UAE but elsewhere in the region. In part this is a general issue related to bond markets, quite apart from the Islamic finance sector. To date, the number of debt instruments issued by the government www.firstfinancialuk.com and corporations has been fairly modest, which has meant that the associated services sector including market makers and primary dealers has yet to develop fully. Assuming that hurdle can be surmounted, the specialised concerns of the sharia market increasingly come to the fore, including a need for lawyers and bankers who specialise in Islamic finance. To some extent, the Dubai Centre for Islamic Banking and Finance should help in this regard, by training people that can staff these businesses and support the development of a more robust Islamic financial services sector in Dubai. More From OBG Report Summary The Report: Colombia 2013 This will be Oxford Business Group's first report on Colombia and is due to be published this year. Colombia has maintained significant growth in recent years, with the economy having expanded 7.




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Sep022013

Rockforte Finance Man Pleads Guilty To Fraud Charges









David has over 20 years financial services experience and extensive regional knowledge. He holds a degree in Banking and Finance from Loughborough University and is an Associate of the Chartered Institute of Bankers. David Hunt is also a special advisor to Actis, a UK private equity firm. David Hunt will assume his new role with immediate effect. Steve Williams, the former CEO, has left the company to pursue other interests. Steve Williams joined the company as CEO in 2008 to establish the leading independent commercial lender to SMEs in the UAE. Steve Williams said: "The team at Gulf Finance have been able to build on a strong and compelling brand capable of achieving significant value and reach in the UAE and Gulf Markets.








Photo / Brett Phibbs A former director of failed Gisborne finance firm Rockforte has pleaded guilty to nine fraud charges. Rockforte Finance was placed into receivership in May 2010, calling on the Crown Retail Deposit Guarantee Scheme to repay $3.2 million to 77 mum-and-dad investors. Receivers said in December last year that the Government was likely to recover less than 3c in the dollar and http://www.firstfinancialuk.com unsecured creditors - owed $234,070.67 - were likely to get nothing back. After a 13-month investigation the Serious Fraud Office laid 92 charges against three men involved with the company. One of the men, 52-year-old former banker Colin Mark Simpson has pleaded guilty to nine charges, including those for theft by a person in a special relationship, obtaining by deception, and false statement by promoter. Some of these charges have a maximum penalty of ten years in jail and Simpson will appear in the High Court at Gisborne for sentencing on 26 September. Two other Rockforte directors, Nigel Brent O'Leary and John Patrick Gardner, are due to go to trial later this month. The SFO alleges the men allegedly used a "significant portion" of investors' money to fund their own personal business interest in Gisborne Haulage and Michael Ward 1969, which operated the Jean Jones womenswear label throughout New Zealand.




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