AfDB sets aside grant for Zim

The AfDB has accepted Government’s request to play a leading role in the debt resolution strategy. AfDB head of mission Mr Tapsoda said the bank is committed to assisting Zimbabwe with its debt strategy and re-engagement with the international community.

“We want to reassure Zimbabwe of the commitment of the AfDB to continue assisting the country in clearing its arrears. The level of resources that will be put in this co-operation will be decided when we return to Abidjan.

But at this point in time we have just reassured the minister that we have the resources available to do so,” said Mr Tapsoda.

As part of the strategy, Government is dispatching a team to key European capitals to present its plan on dealing with debt arrears to the Paris Club creditors as the International Monetary Fund commends the Government’s commitment to re-engagement with international financiers.

The team, which is led by Reserve Bank of Zimbabwe Governor Dr John Mangudya, will visit Paris in France, Brussels in Belgium and Berlin in Germany before the end of this month.

The team is expected to lobby for buy-in on debt arrears ahead of the Bretton Woods institutions’ annual meetings scheduled for Lima next month.

As at the end of June, Zimbabwe’s public and publicly guaranteed debt stood at $8,4 billion.

This comprises external debt of $6,7 billion, representing about 47 percent of GDP, and domestic debt of $1,7 billion.

Zimbabwe owes bilateral creditors $3,5 billion including arrears, Paris Club $2,8 billion, non-Paris Club $709 million, multilateral creditors $2,57 billion while the RBZ owes external creditors $587 million. The debt situation has affected Zimbabwe’s chances to access new capital for infrastructural development.


Thieves distract Clay Cross shoppers and steal bank cards

Thieves have distracted shoppers in a supermarket car park and stolen their bank cards.

At about 11.45am on Wednesday, September 23, a 57-year-old woman was putting shopping bags in her car at Tesco in Bridge Street, Clay Cross, when she was approached by a woman asking for directions.

She spoke to the women for a few minutes and then drove home.


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Mangudya to Cajole Creditors in Europe

ZIMBABWE is dispatching a team to key European capitals to present its strategy on dealing with debt arrears to the Paris Club creditors. The team, which is led by Reserve Bank of Zimbabwe Governor Dr John Mangudya, will visit Paris (France), Brussels (Belgium) and Berlin (Germany) before the end of this month.

Head of the IMF mission in the country for the second review of the Staff Monitored Programme Mr Domenico Fanizza said Zimbabwe has intensified efforts towards re-engagement with the international financial community.

They have developed a proposal for a strategy for resolving Zimbabwes external arrears to the international financial institutions for which they intend to seek support from creditors at a dedicated stakeholders meeting (to be held on the sidelines of this years Annual Meetings of the IMF and the World Bank in Lima, Peru). Their resolve in this area is commendable, said Mr Fanizza.

He was addressing a joint press briefing following the conclusion of the second review of the SMP with the Minister of Finance and Economic Development Patrick Chinamasa.


Seagull swoops on grandmother in carpark and steals her shopping bag and BROLLY

A bullying seagull tormented a grandmother in a busy carpark by swooping down and swiping her purse and BROLLY in its beak.

Margaret Hull was left stunned by the brazen bird after it flew off with her bag of heavy shopping and her umbrella tucked between its beak.

The thieving feathered fiend then flew off into the sunset – leaving the 77-year-old, who had recently attended her granddaughters birthday, rubbing her eyes in disbelief.

  • Read more: Soaring seagull joins Red Arrows in most spectacular photobomb ever

Margaret, from Rutherglen, near Glasgow, told the Daily Record : “I was up there for Chloe’s fourth birthday and was sitting on a bench watching her play when this seagull started circling above me.

“Then, out of the blue, it came down and took my poly bag and went away with it in its beak. I couldn’t believe it – the bag was quite heavy.

“I stood up to try to grab my bag back but couldn’t move fast enough because of my arthritis. It flew away over the park. My purse had all my bank cards in it.”

Have your say in our comments section below


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Tips on dealing with debt

It can be hard to stay out of debt, especially if you live in Saskatchewan.

People in this province have the second highest amount of consumer debt in Canada.

As part of its series Riding the EconomicWave, Saskatoon Morning host Leisha Grebinski talked to well-known financial writer Gail Vaz-Oxlade on how to stay debt free.

One of the best places to start is to find out exactly how much debt youre in.

I will add up peoples debt for them, and they will toss their cookies, she said. Im talking about your overdraft protection, Im talking about your overdraft balances, Im talking about your line of credit, your student loans, you have to add it all up.


Man arrested in Maywood after allegedly trying to open bank account with …

Jonathan Fernandez Llanos is charged with exhibiting and displaying fraudulent government documents and possession of fraudulent documents, Chief David Pegg said in a statement.

Employees at the TD Bank branch on Maywood Avenue called police around 2 pm because they believed Llanos had fake identification, Pegg said. Police arrested him at the bank and searched his car, where officers found “numerous fraudulent documents,” including Social Security cards, TD Bank cards and US Treasury checks, Pegg said.

Llanos was taken to the Bergen County Jail on $17,500 bail.

Email: dazio@northjersey.com


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Margate burglar jailed after stealing bank cards and using them on online …

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A burglar who broke into two homes in Margate and fraudulently used stolen bank cards has just started a two year jail sentence.

Sylwester Pasierbiewicz was arrested after he broke into a house in Osbourne Terrace, Margate, stealing at TV, Playstation, iPhone, iPad and bank card.

The 28 year old also burgled a home in Albion Road,Cliftonville and swiped a wallet and bank card.

Pasierbiewicz, who was homeless, used stolen bank cards to get £90 from a cash machine in Margate, to apply for a loan, on online gambling sites and to buy fuel at petrol stations in Broadstairs and Ramsgate.

In total his fraud totalled more than £680.

He was charged with the burglaries, which took place in 2014, seven counts of fraud by false representation.

He admitted the charges and was sentenced at Canterbury Crown Court on Friday, September 18 to two years in jail for the burglaries and six months for the fraud offences to be run concurrently.


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Reliance Home Finance Ltd announces Private Placement of Rs. 10 crores

Reliance Home Finance Ltd is in the process to issue Rated, Listed, Secured, Redeemable, Principal Protected Non Convertible Market Linked Debentures on private placement basis with an issue size of Rs. 5,00,00,000 (Rupees Five Crores Only) with an option to retain over subscription aggregating to Rs. 10,00,00,000 (Rupees Ten Crores Only).

The Company further intend to list the same on BSE.

Shares of RELIANCE CAPITAL LTD. was last trading in BSE at Rs.338.25 as compared to the previous close of Rs. 342.25. The total number of shares traded during the day was 555618 in over 9347 trades.

The stock hit an intraday high of Rs. 347.7 and intraday low of 335.3. The net turnover during the day was Rs. 189731074.


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100 YEARS AGO: Sioux City banks nix making loans to England, France to finance …

125 years ago

CIRCUS IN TOWN: The Barnum and Bailey show was in the city and the tent was altogether too small for the crowds who wanted to get inside. The parade gave the crowd an appetite for the exhibition, including cages of wild animals holding lions, tigers, wolves, hyenas, bears and leopards. There were camels, monkeys and clowns out in full force. The sideshow included the snake charmer, tattooed woman and a giant.

CAUGHT IN CRIME: Five horse thieves were locked up in the county jail. There deputy sheriffs were taking them from the Black Hills to the Sioux Falls penitentiary. They were all desperate characters. … Ed Hansen was fined $3 by Judge Nielan for fast driving on the streets.

CORN CONCERTS: On the second day of the Corn Palace festivities, there occurred the grand entry of King Corn. Never was an eastern monarch greeted with more royal welcome than what Sioux City and her thousands of visitors extended to their sovereign. Two grand concerts were given by the Elgin Watch Factory Military band.

100 years ago

BRIDGE WANTED: Twenty delegates from eight Nebraska towns, as well as a representative from the Sioux City Commercial club, met to formulate plans for the campaign that will make the case for construction of a free bridge across the Missouri River. The other representative came from Dakota City, Emerson, Homer, Hubbard, Jackson, Pigeon, South Sioux City and Summit.

COMMUNITY NEWS: Members of the Sioux City Bird Study club made a visit to the robin roost at Bass field at Morning Side college. They found only a few robins at the roost this fall. …Mrs. Cilo Chesterman will give an afternoon reception for Mrs. John Kent, of Faribault, Minn., who is visiting Mrs. CR Marks. The social will be concluded by the serving of tea by the hostess. …The Sioux City Charity bureau issued an appeal for warm clothing for poor children who are not equipped sufficiently to attend school.

NO WAR LOANS: John Large, senior vice president of the First National Bank here, declared that his bank will have nothing to do with buying bonds to aid in financing the Anglo-French war. First National deals with farmers, merchants and country banks, he said. It never has participated in foreign loans and does not intend to dabble in this line of business at this time. Other Sioux City bankers agreed.

50 years ago

SACRED HOLIDAY: From sundown Tuesday until sundown Wednesday, reform, conservative and orthodox Jews throughout the world will observe Yom Kipper, the day of atonement. It is the most sacred and solemn of the Jewish holidays. Services at Sioux Citys Shaare Zion Synagogue and United Orthodox Synagogue will begin at 3:45 pm Tuesday. Services at Mount Sinai Temple will be at 8 pm

HALF A CENTURY: The Sioux City Symphony Orchestra and Sioux City Concert Course will celebrate their 50th anniversaries this season. The symphony will begin its celebration with a membership luncheon and fashion show at the Normandy. Womens committee president is Mrs. Tom Lasensky. The Concert Course will hold a kickoff coffee for the womens ticket committee to be held at the home of Mrs. Lawrence Levenson.

IN THE NEWS: Mr. and Mrs. Art Sanford were the guests of honor at an open house at the Mary J. Treglia Community House, 900 Jennings St., to celebrate the new addition and playground. The Sanfords $25,000 made the projects possible. …Trophy Mushro, Sioux Citys Miss Iowa, clipped the ribbon signaling the opening of the new Woolco Department Store at the Sunset Plaza Shopping Center.


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How Family Loans and Trusts Can Create Big Wins

With interest rates at historic lows–for the time being–wealthy families are turbocharging their estate-planning strategies by pairing intrafamily loans with trusts.

In late 2009, a businessman sold his $30 million family limited partnership to a trust he created, all on the advice of Mosaic Advisors in Houston. Because tax rules permit illiquid shares in a family partnership to be transferred to a trust at a discount that’s often around a third, it was a tax-efficient way of transferring ownership in the business to his kids. No gift tax is owed because the transaction is considered a sale. The businessman got a note from the trust in return for the sale, and the note’s interest payments of a few million dollars gave him cash for living expenses.

It gets better. The note has a fixed value, regardless of how much the underlying asset grows, which froze the businessman’s net worth in the eyes of the taxman. The asset doesn’t have to appreciate much to make the low-cost loan worthwhile. His business is now worth $250 million, and has been growing tax-free inside the trust for his kids’ benefit. “This sale was a huge win,” says Brandon Henry, Mosaic’s director of estate planning. “We’ll end up saving on the order of $40 million to $60 million in estate taxes today, and over $100 million if he lives to his actuarial age.”

As long as interest rates stay low, many families with taxable estates can similarly benefit from cleverly structured trusts and intrafamily loans. But beware: Intrafamily loans have their own rates and rules. Set them up wrong or lose the paper trail, and you could end up undermining the play.

In August, the rates on intrafamily loans–set by the Treasury Department and called the applicable federal rate, or AFR–were just 0.48% for short-term loans (up to three years), 1.82% for mid-term loans (three to nine years), and 2.82% for long-term loans (more than nine years). That’s a terrific deal. Parents can lend their kids cash for everything from buying a house to starting a business at rates far lower than a comparable commercial loan.

They’re also great as part of a broader wealth-transfer strategy. Let’s assume an aging millionaire funds a trust for his children’s benefit. He seeds the trust with a $100,000 gift, and then loans it $900,000 at the allowable 1.82% interest rate for five years, which, we’ll assume, the trust invests wisely. The trust makes regular payments on the loan, and then repays Daddy Warbucks his principal in full at the term’s end. Any investment gains over that extremely low interest rate stays tax-free in the trust for the next generation. “It’s all legal, and all great planning for the client,” says Mela Garber, chair of the trust and estates group at accounting firm Anchin, Block amp; Anchin.

There are added benefits for using the oddly named intentionally defective grantor trust, which is considered an irrevocable complex trust for estate-tax purposes (the assets transferred to it are out of the individual’s estate) but a grantor trust for income-tax purposes. By paying the income taxes on the trust’s income, the patriarch leaves more for the next generation.

Anchin’s Garber points to a New York family that lent money to an intentionally defective grantor trust at the short-term rate below 1%. The trust–which benefits the family’s four children–then bought part of the family’s real estate business, while making small payments on the loan. As real estate soared, the business returned 15%, giving the trust substantial funds, at least for three years, to reinvest above its low cost of funds. “The parents,” Garber says, “pay all the income taxes on the rental income, so the children end up with a 15% return, tax-free.”

THE BIG CATCH is making sure that the loans are, well, loans. If they’re gifts in the eyes of the IRS, you could owe gift tax at 40%. (The annual gift-tax exclusion is currently $14,000; the lifetime gift-tax exemption is $5.43 million.) To ensure it’s a loan, you’ll need documents detailing the terms and interest rate, and payments must be made on time. Terms are ironclad; payments still have to be paid, even if a trust’s investments sour. “The fuzzy line is when you are so casual about it that it starts looking like a gift,” says Doug Rothermich, a managing director of wealth planning strategies at TIAA-CREF.

A new Mosaic Advisors client, a business owner with a net worth of $100 million, set up a trust for his children’s benefit in 2010, and made a loan to it, while cutting his real estate deals inside the trust.

A closer look, however, revealed that the man hadn’t properly documented the loan or paid interest on it; thus it could be considered a gift for tax purposes. To fix the problem before it blew up, his advisors documented the loan arrangements and the accrued interest, then prepared tax filings of more than 500 pages. “Lending to the children’s trust was the best thing he could have done,” Mosaic’s Henry says, “but it was complex.”

So when you’re planning your wealth transfer, think about pairing a loan and a trust–but do it right from day one.


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