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Tag: Financial

Coronavirus: Ferries need financial help to survive pandemic, says trade association

Coronavirus: Ferries need financial help to survive pandemic, says trade association

Business
The trade association that represents ferry companies transporting goods in and out of the UK has called on the government to provide financial support quickly to keep services running.The UK Chamber of Shipping said a steep drop in passenger numbers due to the coronavirus pandemic meant it was fast becoming cheaper to stop using ships. Services are just days away from being severely reduced, the group said.The Department for Transport said it will continue to engage with companies.The majority of the UK's trade in goods is transported by sea, and up to 50% of the nation's food is imported.The UK Chamber of Shipping warned if businesses severely cut back services, then supplies of food, medical equipment and other imported goods would be put at risk. The ...
Op-Ed: Financial advisors help clients navigate through uncertainty

Op-Ed: Financial advisors help clients navigate through uncertainty

Finance
JohnnyGreig | E+ | Getty ImagesWe are in a challenging time, facing rapidly evolving information about the coronavirus and the effects on how we work and live. Markets continue to function and are reflecting this constant change, which means greater volatility. Those circumstances don't make it easy for investors to stay in their seats.When markets are good, there's naturally a lot of energy around putting more money in. When markets are bad, the energy is often about taking money out.We've been through tough times before. Just about everyone remembers the 2008-2009 global financial crisis, even if they weren't old enough to be in the workforce at the time. That period also saw the spread of the H1N1 virus. More experienced investors may consider the tech boom and bust of the late 1990s an...
China aims to be a stabilizing force as global financial markets gyrate

China aims to be a stabilizing force as global financial markets gyrate

Finance
A staff worker wearing a protective mask and protective suit checks a visitor's body temperature with a temperature gun by a monitor showing the current stock information at the Shanghai Stock Exchange Building on March 20, 2020 in Shanghai, China. Health authorities of China said the country has passed the peak of the COVID-19 epidemic on March 12.Yifan DingBEIJING — In face of the new coronavirus' shock to global financial markets, China aims to be a stabilizing force — beginning with its own markets.Amid calls from global leaders for more international cooperation, it's still unclear to what extent it's possible at this point. And when it comes to China, there are pressing domestic issues that authorities need to consider, such as high debt levels, need for foreign capit
Parthasarathi Mukherjee, a former banker with Lakshmi Vilas Bank, buys 5 percent of Uttrayan Financial Services

Parthasarathi Mukherjee, a former banker with Lakshmi Vilas Bank, buys 5 percent of Uttrayan Financial Services

Finance
KOLKATA: Parthasarathi Mukherjee, a former banker with Lakshmi Vilas Bank (LVB) and Axis Bank, along with former colleagues has bought 5 percent of micro lending firm Uttrayan Financial Services as rural India and small businesses become the new frontiers for lenders. Mukherjee in his personal capacity has bought 2.8 percent in the Kolkata-based firm, and his four former LVB/Axis Bank colleagues would buy 2.48 percent in the lender for an undisclosed amount. “The fresh investment will help Uttrayan to achieve the next level of efficiency and higher growth. Technology updation and risk management are areas where more emphasis may be needed,” Mukherjee told ET, confirming the development. Micro lenders are the vehicles for expanding financial services as the hinterland still remains underser
Coronavirus scams, feeding off investor fears, mimic fraud from the 2008 financial crisis

Coronavirus scams, feeding off investor fears, mimic fraud from the 2008 financial crisis

Finance
PeopleImagesCoronavirus scams are emerging, and many look remarkably similar to frauds from the 2008 financial crisis.Government agencies like the Federal Trade Commission and Federal Deposit Insurance Corp. issued warnings this week for Americans to be vigilant as con artists attempt to steal from consumers spooked by an onslaught of bad news related to COVID-19."In any crisis, you see scams pop up that are tied to the headlines," said Barbara Roper, director of investor protection at the Consumer Federation of America.In many ways, the current crisis and its 2008 predecessor are quite different — this one caused by a pandemic that has infected more than 250,000 worldwide and the other by broad and systemic failures in the financial system.During the Great Recession, investment fraud