USK, Ms Coley was nominated for the prestigious industry award

A “TRAILBLAZING” Gwent-born businesswoman earned national recognition for her achievements at glitzy London ceremony.

Gaynor Coley, 50, managing director and deputy CEO of the Eden Project, scooped first prize in the tourism and leisure section of the First Women’s Awards last week at a gala dinner.
Born in Usk, Ms Coley was nominated for the prestigious industry award for her efforts in championing innovative policies at the popular attraction.
Ms Coley was head girl at Croesyceiliog School, before heading to University College London to study economics and then working as an accountant in the city.
She moved to Devon in 1997 to work as corporate finance director at the University of Plymouth and during that time she was approached to help with the Eden Project.
As finance director, her job was to make it financially and commercially secure.
In 2001, Ms Coley’s finance team was recognised as the Accountancy Age team of the year and later that year she became managing director.
Ms Coley, who now lives in Wadebridge, Cornwall, was nominated for the First Women’s Award by a former trustee, who told her she was “the best kept secret in the project.”
Convinced she had “flunked” her awards interview, Ms Coley said she was shocked when she realised she had won.


For further details visit as : www.southwalesargus.co.uk/news/4448857.Usk_businesswoman_scoops_top_award/

The FSA's site,information and tools consumers learn about financial products

An information site run by the personal finance industry regulator, the Financial Services Authority (FSA), is promoting a sub-prime loan comparison site that quotes interest rates of more than 1,300% APR.

The FSA's site, Moneymadeclear, was set up to provide easy-to-understand and independent information and tools to help consumers learn about financial products.
While the site offers purpose-built tools to help people compare mortgages and savings accounts, the only link for comparison sites on its cards and loans page is to LendersCompared.org.uk, which is paid for by the largest home credit companies in the UK.
Home credit firms usually lend small amounts of up to £1,000 which are repaid within a few months, with payments collected from the borrower's doorstep. Loans are typically targeted at borrowers with low incomes and poor credit records who would represent too high a risk for mainstream lenders. As a result interest rates are high.
The cheapest rate Guardian Money could find quoted on the LendersCompared site was in excess of 120% APR, while the most expensive – a £100 home collected loan from CLC Finance repaid in 15 instalments of £10 a week – has an APR of 1,303.2% APR.
Home lenders argue they are justified in charging high rates of interest to compensate for the extra risk of borrowers defaulting on payments, and some borrowers may have no choice but to borrow from them. But those who can shop around can find much better rates elsewhere.
We compared the cost of a £1,000 loan on LendersCompared and on moneysupermarket.com (stating we were tenants in a furnished property living in Balham). The cheapest loan that LendersCompared could produce was from Chase Finance, which cost £1,500 to repay over one year, or 122% APR. In contrast moneysupermarket.com's cheapest quote was from Sainsbury's Bank, which cost £1,077 to repay, or 14.9% APR.
Richard Murphy, adviser to the Tax Justice Network and the TUC on taxation and economic issues, said he was appalled the FSA had included a link for a home credit loan comparison site on its own website: "They should be directing people towards other sources of loans, such as credit unions, which are much cheaper."



For further details visit as : www.guardian.co.uk/money/2009/jun/19/fsa-website-sub-prime-loan

Finance minister Pranab mukherjee confers with cabinet collagues on budget

New Delhi, June 19 - ANI: Union Food Processing Minister Subodh Kant Sahay and Minister for Information and Broadcasting Ambika Soni met Finance Minister Pranab Mukherjee ahead of the general budget, which is to be presented on July 6.

As part of the pre-budget exercise, Mukherjee held parleys with various stakeholders, state finance ministers, industrialist groups, leading economists, trade unionists and top officials of various financial institutions.
"We have requested that this sector is a perishable sector, rural activities based sector, so tax holiday is required for the sector for 8 to 10 years, so that private investments come in," said Sahay.
"I requested the Finance Minister to provide parity and rationalisation in the service tax paid by broadcasters on revenues accrued by them from advertisements. There should be a parity in print and broadcasting media," Ambika Soni said.
The Union Cabinet on Monday decided to hold the Budget session from July 2 to 7 while the General Budget will be presented on July 6.
It was also decided that the Economy Survey would be presented on July 2.
Prime Minister Dr. Manmohan Singh presented an interim budget for the 2009/10 (April/March) in February ahead of the general elections in April and May.
In its five budgets since 2004, the Congress party-led coalition has raised spending on health, education and rural employment. - ANI


Source : www.littleabout.com/news/19083,pranab-mukherjee-confers-cabinet-colleagues-budget.html

FIA financial arms race

Ferrari, McLaren, Brawn GP, Renault, Toyota, BMW Sauber, Red Bull Racing and Toro Rosso have all declined to enter F1 for 2010.

The rebels, which form the Formula One Teams' Association (FOTA), failed to reach a compromise with FIA president Max Mosley over plans for a £40m budget cap and pointed accusing fingers at him and F1 supremo Bernie Ecclestone
The sport's governing body has now hit back, saying: "We are disappointed but not surprised by FOTA's inability to reach a compromise in the best interests of the sport.
"It is clear that elements within FOTA have sought this outcome throughout the prolonged period of negotiation and have not engaged in the discussions in good faith.
"The FIA cannot permit a financial arms race in the championship nor can the FIA allow FOTA to dictate the rules of Formula One."
Motor sport's governing body had issued a deadline of Friday for teams to enter next year's championship unconditionally.
The 2010 competition now consists of Williams and Force India, along with the three new outfits - USF1, Campos and Manor.


Source : www.reuters.com/article/rbssHomebuilding/idUSLJ16370720090619

Corporate finance-related stories involving

LONDON, June 1 (Reuters) - The following corporate finance-related stories involving U.S. and European companies were reported by media on Sunday and Monday:

** Private equity firm The Carlyle Group [CYL.UL] and some investors are in talks to buy the failed Silverton Bank of Atlanta, the Wall Street Journal reported. [ID:nBNG476399]
** Private equity group CVC Partners [CVC.UL] has offered to pay just under 2 billion pounds ($3.2 billion) for a 30 percent stake in UK state-owned postal group Royal Mail, the Sunday Telegraph reported. [ID:nLV387761]
** Chancellor Alistair Darling is to fast-track the recruitment of a top financial executive to run the government's toxic-loan insurance scheme, the Guardian reported.
The appointee will be responsible for ensuring that the banks involved do not behave recklessly, while controlling a new body to oversee it.
** The UK Financial Services Authority, the Bank of England and the Treasury identified Northern Rock NRK.L as the weakest element of the UK banking sector in 2004, when they carried out risk simulation planning, contradicting assertions that the collapse of the bank could not have been foreseen, the Financial Times reported.
** Commercial property developer Modus Ventures has been put into administration by its lenders, the Financial Times reported.
** BSkyB (BSY.L) would need a rights issue of 500 million pounds to kick start a recovery at ITV (ITV.L), the Daily Telegraph reported.
** LCH.Clearnet will go into talks with the 13-strong bidding consortium on Monday, but Chairman Chris Tupker and the board believe the consortium's bid to be too low, the Times reported.


For further details visit as : www.reuters.com/article/marketsNews/idUSL142079820090601

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