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MPs want Brexit fund for UK farmers

MPs want Brexit fund for UK farmers

Business
MPs scrutinising the government's plans for the agriculture industry after Brexit want funding for farmers when EU subsidies end, they said in a report.Without an EU-UK trade deal, farm exports face tariffs from March 2019.UK shoppers would also likely see price rises from EU imports such as Danish pork and French cheese, the MPs found.However the Department for Environment, Food and Rural Affairs (Defra) said it could both "secure ambitious free trade deals while supporting farmers".The environment secretary Michael Gove told farmers in January the government would guarantee subsidies at the current EU level only until the 2022 election.The Environment, Food and Rural Affairs Committee assessed the impact of World Trade Organization (WTO) levels of tariffs and regulations being applied to...
Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Transfer unclaimed deposits to welfare fund by March 1: Irda to insurers

Finance
Insurance regulator Irda has asked all insurers to transfer the deposits of policyholders that have been laying unclaimed for over 10 years to the welfare fund by March 1. "All insurers having unclaimed amounts of policyholders for a period of more than 10 years as on September 30, 2017 shall transfer the same to Senior Citizens' Welfare Fund (SCWF) on or before March 1, 2018," the Insurance Regulatory and Development Authority of India has said in a circular. The directive comes under the Department of Economic Affairs accounting procedure for transfer of funds to SCWF. Life, non-life and health insurance service providers will have to comply to the SCWF Rules, 2016 every year. "The insurers shall make transfers to the consolidated fund of India on or before the 1st March, eac...
An emergency fund could save your financial resolutions

An emergency fund could save your financial resolutions

Finance
A decent rainy-day fund could be vital to keeping your New Year's goals.Among the nearly 7 in 10 adults who plan to make a financial New Year's resolution, 40 percent have a goal of setting and following a budget, according to a forthcoming report from the National Endowment for Financial Education. Getting out of debt is a resolution for 39 percent, while 32 percent want to establish savings and 31 percent hope to boost their retirement savings.The organization polled 2,165 U.S. adults in mid-December.But there are plenty of roadblocks to meeting those goals: Sixty-three percent of those surveyed said they experienced a "financial setback" in 2017. Common financial shocks included transportation (23 percent), housing repairs or maintenance (20 percent) and an inability to keep up with deb...
Bain Capital takes $450 million bridge loan to fund Axis deal

Bain Capital takes $450 million bridge loan to fund Axis deal

Finance
MUMBAI: Bain Capital has taken a $ 450 million bridge loan from JPMorgan Chase to finance its multi-billion bet on third-largest lender, Axis Bank, as the Boston, Massachusetts-headquartered alternative asset manager moves towards the last leg of concluding the largest private equity deal here. Bain Capital, which will be making the investments out of its $ 8-billion Bain Capital Fund XII and its $ 3 billion third Asia fund, has secured the debt facility with limited partner commitments as collateral, multiple sources close to the process told ET. The debt facility will be for up to 18 months and are also additionally secured with Axis Bank shares with guarantees from the US private equity giant, sources said. When contacted, both Bain and JP Morgan declined to comment. Last mont...
Government may directly fund Rs 1.35-lakh crore bank recapitalisation

Government may directly fund Rs 1.35-lakh crore bank recapitalisation

Finance
NEW DELHI: North Block is likely to directly issue Rs 1.35 lakh crore of bank recapitalisation bonds, taking the entire liability of repayment and interest in the central budget, as it seeks to extricate state-run lenders from a mounting pile of bad debt and make funds available to more productive sectors of the economy. The government is expected to seek approval on the funding mechanism from Parliament in the upcoming winter session, a senior finance ministry official said. Earlier, the government had indicated that some other agency may also issue the bonds and the idea of capital support being routed through a bank holding company had been discussed as well. Parliament’s approvals will be sought through supplementary demands for grants, the official cited above said. The winter se