Loans http://www.globalpost.com/taxonomy/term/37544/all en URGENT ¥¥¥ Standard Chartered says 2012 net profit flat at $4.79 bn http://www.globalpost.com/dispatch/news/afp/130305/urgent-standard-chartered-says-2012-net-profit-flat-at-479-bn <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Standard Chartered on Tuesday posted net profit of US$4.79 billion for 2012 after the British lender was hit with a multi-million-dollar fine over a US sanctions probe.</p> <p>The figure compared to a $4.75 billion net profit in 2011, the lender said in a filing to the Hong Kong stock exchange. Operating income rose eight percent to $19.07 billion.</p> <p>ly/dan</p> Loans USD AFP Tue, 05 Mar 2013 09:00:40 +0000 5773621 at http://www.globalpost.com UK consumer watchdog threatens to shut down payday lenders http://www.globalpost.com/dispatch/news/thomson-reuters/130306/uk-consumer-watchdog-threatens-shut-down-payday-lenders <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON, March 6 (Reuters) - Britain's consumer watchdog has given the country's biggest 50 payday lenders 12 weeks to change their business practices or risk losing their licences, after finding evidence of widespread irresponsible lending.</p> <p>The Office of Fair Trading also said it proposed to refer the payday lending market to the Competition Commission after finding "deep-rooted" problems within the industry.</p> <p>Payday lenders offer short-term loans, which are intended to be paid back when borrowers receive their wages.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130306/uk-consumer-watchdog-threatens-shut-down-payday-lenders" target="_blank">read more</a></p> Finance Financial economics Loans Thomson Reuters Wed, 06 Mar 2013 11:00:16 +0000 5774830 at http://www.globalpost.com UPDATE 3-UK consumer body threatens to shut down payday lenders http://www.globalpost.com/dispatch/news/thomson-reuters/130306/update-1-uk-consumer-body-threatens-shut-down-payday-lenders <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>* OFT also proposing Competition Commission investigation</p> <p>* Govt says to give new regulator 'teeth' to tackle issues</p> <p>* Payday lenders provide short-term loans to borrowers</p> <p>* Payday firms have been criticised for high interest rates</p> <p>* 1.2 million Britons used payday loans last year</p> <p>By Matt Scuffham</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130306/update-1-uk-consumer-body-threatens-shut-down-payday-lenders" target="_blank">read more</a></p> Business Finance Financial economics Human Interest Loans office of Fair Trading Technology Thomson Reuters Wed, 06 Mar 2013 11:31:11 +0000 5774842 at http://www.globalpost.com prosecution-KEB raid http://www.globalpost.com/dispatch/news/yonhap-news-agency/130319/prosecution-keb-raid <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Yonhap News Agency </div> </div> </div> <!--paging_filter--><p>SEOUL, March 19 (Yonhap) -- Prosecutors on Tuesday raided the headquarters of the Korea Exchange Bank (KEB) investigating allegations that the country's No. 5 bank unfairly raised interest rates.</p> <p>A team of some 10 prosecutors and police investigators seized digital files and documents at the bank's headquarters in central Seoul, sources at the prosecution said.</p> <p><a href="http://www.globalpost.com/dispatch/news/yonhap-news-agency/130319/prosecution-keb-raid" target="_blank">read more</a></p> Financial Supervisory Service Government of South Korea Loans Yonhap News Agency Tue, 19 Mar 2013 05:46:56 +0000 5787398 at http://www.globalpost.com Cyprus parliament starts debate on bank break-up, fund http://www.globalpost.com/dispatch/news/thomson-reuters/130322/cyprus-parliament-starts-debate-bank-break-fund <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>NICOSIA (Reuters) - Cyprus's parliament convened in an emergency session on Friday to discuss legislation breaking up the island's second-largest lender as the country teetered on the brink of financial meltdown.</p> <p>Lawmakers was expected to discuss creating a so-called "solidarity fund", even though international lenders have rejected it as an option for the country to raise cash.</p> <p>They were also due to discuss imposing capital controls, giving authorities power to restrict cash outflows amid worries of a bank run.</p> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130322/cyprus-parliament-starts-debate-bank-break-fund" target="_blank">read more</a></p> Loans Thomson Reuters Fri, 22 Mar 2013 21:01:02 +0000 5791477 at http://www.globalpost.com Government slams delinquent students http://www.globalpost.com/dispatch/news/asianet/130409/government-slams-delinquent-students <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Asianet </div> </div> </div> <!--paging_filter--><p></p><P> The St. Lucia government has expressed its disappointment with nationals who remain in the United States or migrate to other countries and fail to pay loans given to them even after completing their studies.</p><P>Prime Minister Dr. Kenny Anthony also read a letter from the Bank of St.</p> <p><a href="http://www.globalpost.com/dispatch/news/asianet/130409/government-slams-delinquent-students" target="_blank">read more</a></p> Loans Asianet Tue, 09 Apr 2013 13:09:26 +0000 Asianet 5807058 at http://www.globalpost.com Gov't body to halve overdue interest on scholarship loans in arrears http://www.globalpost.com/dispatch/news/kyodo-news-international/130504/govt-body-halve-overdue-interest-scholarship-loans-arr <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Kyodo News International </div> </div> </div> <!--paging_filter--><p> A government-affiliated body in charge of scholarship loan programs plans to halve the current 10 percent interest for late repayment of scholarship loans to help low-income earners struggling with an economic downturn, sources close to the matter said Saturday.</p> <p> Facing growing calls to lessen the burden on students with financial hardships, the Japan Student Services Organization is making arrangements to cut the interest rate to 5 percent during the next fiscal year starting in April 2014 at the earliest.</p> <p><a href="http://www.globalpost.com/dispatch/news/kyodo-news-international/130504/govt-body-halve-overdue-interest-scholarship-loans-arr" target="_blank">read more</a></p> Loans Social Issues Kyodo News International Sat, 04 May 2013 12:15:06 +0000 5830878 at http://www.globalpost.com UK government may sell $62 billion student loan book: report http://www.globalpost.com/dispatch/news/thomson-reuters/130508/uk-government-may-sell-62-billion-student-loan-book-report <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>LONDON (Reuters) - Britain's government is considering whether to sell its 40 billion pound ($62 billion) student loan book as part of a series of privatizations that includes selling off the Royal Mail Group &lt;GBPO.UL&gt;, the Sunday Times newspaper said.</p> <p>The government is testing the market with the sale of a 900 million pound tranche of loans, which was announced by Business Secretary Vince Cable on March 26. The newspaper said that the government was now looking at wholesale privatization.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130508/uk-government-may-sell-62-billion-student-loan-book-report" target="_blank">read more</a></p> Finance Loans Thomson Reuters Wed, 08 May 2013 22:02:11 +0000 5833798 at http://www.globalpost.com Debt burden drives Indian family to suicide http://www.globalpost.com/dispatch/news/afp/130603/debt-burden-drives-indian-family-suicide <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Four members of an Indian family mired in debt and under pressure from local money lenders to repay loans committed suicide in the western state of Gujarat, police said Monday.</p> <p>A married couple and three of their children consumed poison on Sunday at their home in Bavla town, 25 kilometres (15 miles) from Gujarat's main city and commercial hub Ahmedabad.</p> <p>"A woman and three children died immediately and the man was rushed to the hospital. He is still undergoing treatment," police officer A.Y. Bhaloch told AFP.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130603/debt-burden-drives-indian-family-suicide" target="_blank">read more</a></p> Bavla Credit Loans AFP Tue, 04 Jun 2013 00:32:26 +0000 5850961 at http://www.globalpost.com Brazil offers low-cost consumer loans for the poor http://www.globalpost.com/dispatch/news/agencia-efe/130612/brazil-offers-low-cost-consumer-loans-the-poor <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agencia EFE </div> </div> </div> <!--paging_filter--><p>Brasilia, Jun 12 (EFE).- Brazilian President Dilma Rousseff unveiled a plan Wednesday to provide 17 billion reais ($8.5 billion) worth of low-cost consumer loans to beneficiaries of a housing program, enabling them to purchase appliances and furniture.</p> <p>The program is aimed at "providing more dignity" to the poorest families, who will "have access to goods that all consumers want" via loans with payment terms unavailable on the market, she said.</p> <p>Rousseff used her speech to stress that the fight against inflation remains one of her administration's top economic priorities.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.efe.com" class="button wire efe"></a></p> <p><a href="http://www.globalpost.com/terms-use#efe"><span>Copyright EFE, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/agencia-efe/130612/brazil-offers-low-cost-consumer-loans-the-poor" target="_blank">read more</a></p> Dilma Rousseff Government Loans Social Issues Agencia EFE Wed, 12 Jun 2013 21:36:16 +0000 5856695 at http://www.globalpost.com Cash Store says Province of Ontario moving to take legal against it http://www.globalpost.com/dispatch/news/the-canadian-press/130612/cash-store-says-province-ontario-moving-take-legal-against-i <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>EDMONTON - The Cash Store Financial Services Inc. (TSX:CFS) says the Ontario government has as filed an application to start legal proceedings against the company.</p> <p>The legal action relates to the company's basic line of credit product offering introduced in February to replace its payday loans.</p> <p>The company has an application for judicial review seeking a declaration that certain provisions of the regulations made under the Ontario Payday Loans Act are void and unenforceable. It is scheduled to be heard Oct. 2.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130612/cash-store-says-province-ontario-moving-take-legal-against-i" target="_blank">read more</a></p> Business Debt Financial economics Labor Law Loans The Cash Store Financial Services Inc. The Canadian Press Thu, 13 Jun 2013 01:32:38 +0000 5856885 at http://www.globalpost.com Britain to probe high-interest loans industry http://www.globalpost.com/dispatch/news/afp/130627/britain-probe-high-interest-loans-industry <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>British regulators are to crack down on businesses which make immediate short-term loans at high interest rates, saying on Thursday that some of the methods used cripple people in difficulty.</p> <p>The Office of Fair Trading said it was referring so-called payday lending to the country's competition watchdog, citing "deep-rooted" problems.</p> <p>The OFT said the decision followed a review "prompted in part by concerns that some payday lenders are taking advantage of people in financial difficulty".</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130627/britain-probe-high-interest-loans-industry" target="_blank">read more</a></p> Finance Financial economics Loans AFP Thu, 27 Jun 2013 13:03:52 +0000 5869221 at http://www.globalpost.com Money lenders to scrap joint surety from July http://www.globalpost.com/dispatch/news/yonhap-news-agency/130627/money-lenders-scrap-joint-surety-july <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Yonhap News Agency </div> </div> </div> <!--paging_filter--><p>SEOUL, June 28 (Yonhap) -- Big money lenders are scrapping a joint liability system from next month, financial sources said Friday, to fall in line with the regulator's efforts to reform the outdated lending practice and prevent a chain of defaults.</p> <p>Five major money lenders, including A</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://english.yonhapnews.co.kr" class="button wire yonhap"></a></p> <p>Copyright Yonhap News Agency, 2013. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> Loans Yonhap News Agency Fri, 28 Jun 2013 02:32:43 +0000 5869983 at http://www.globalpost.com Moody's warns South Africa on 'unsecured' lenders http://www.globalpost.com/dispatch/news/afp/130708/moodys-warns-south-africa-unsecured-lenders <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Moody's rating agency on Monday warned South African banks and other lenders which issue loans without collateral face a bumpy time ahead as the economy wobbles and labour unrest continues.</p> <p>Moody's warned that unsecured lenders -- which are dominant in mining communities -- would be particularly badly hit over the next 12-18 months.</p> <p>"We expect higher delinquencies from employees in the gold and platinum mining sector, and the agricultural sector, which have been hardest hit by labour unrest and strikes," Moody's said in a statement.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130708/moodys-warns-south-africa-unsecured-lenders" target="_blank">read more</a></p> Business Financial economics Labor Law Loans Politics Unsecured debt AFP Mon, 08 Jul 2013 12:03:19 +0000 5878257 at http://www.globalpost.com Senate to consider Democratic plan extending student loan rates, previous attempt failed http://www.globalpost.com/dispatch/news/the-canadian-press/130708/senate-consider-democratic-plan-extending-student-loan-rates <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>WASHINGTON - The Senate is trying again on student loans.</p> <p>Senate Majority Leader Harry Reid on Monday scheduled a procedural vote for Wednesday on a bill restoring the interest rate on subsidized Stafford loans to 3.4 per cent for one year. Interest rates doubled to 6.8 per cent last week because Congress didn't avert a rate hike built into the law.</p> <p>House Republicans have passed a bill that would link rates to the financial markets and keep rates low in coming years. Rates would increase if the economy improves.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130708/senate-consider-democratic-plan-extending-student-loan-rates" target="_blank">read more</a></p> Debt Loans Stafford Loan The Canadian Press Tue, 09 Jul 2013 03:34:35 +0000 5878913 at http://www.globalpost.com