City of Miami hires county finance staff to stabilize troubling budget issues
“It is very unfortunate and regrettable that my comment regarding the Nazi regime was misinterpreted,” Aso told reporters. “I would like to retract the remark.” Aso, who is also deputy prime minister, made the comments about Nazi Germany during a speech Monday in Tokyo organized by an ultra-conservative group. Critics of the ruling Liberal Democrats are uneasy over the party’s proposals for revising the U.S.-inspired postwar constitution, in part to allow a higher profile for Japan’s military. Japan and Nazi Germany were allies in World War II, when Japan occupied much of Asia and Germany much of Europe, where the racial supremacist Nazis oversaw the killings of an estimated 6 million Jews before the war ended in 1945 with their defeat. Japan’s history of military aggression, which included colonizing the Korean Peninsula before the war, is the reason its current constitution limits the role of the military.
The fiscal deficit for April-June quarter was 48.4% of the budgeted amount compared with 37.1% in the same period last year, the ET reported Thursday. Chidambaram had unveiled a new fiscal consolidation road map soon after taking over as finance minister last year and managed to contain fiscal deficit at 4.9% of GDP by effecting aggressive expenditure cuts, joining countries around the world trying to streamline government. Investors have turned away from India this year, though. The Wisdom Tree India (EPI) exchange traded fund, one of the favorite ways into that market for the retail investor and day trader, is off 19.5% year to date, while the MSCI Emerging Markets Index is down 12.03%.
India’s Finance Minister Vows Not To Overspend
The roots of Miamis most recent financial crisis were planted long before the current administration took office in November 2009. As property taxes poured in from 2005 through 2007, the citys reserves were dwindling, mostly to pay off mounting pension costs. FUND DWINDLED A bulging $141 million reserve fund in 2003 had dwindled to $10 million seven years later. A series of Miami Herald articles in 2008 explaining how financial leaders were transferring money from construction accounts to operating accounts to balance the general-fund budget caught the attention of the SEC, which launched its investigation.
Finance disciplinary body delays first cases
The committee, which has the power to fine financial advisers or recommend they be deregistered, was set up in 2010 to deal with complaints about advisers allegedly breaching their code of professional conduct. This code sets out minimum standards of ethical behaviour, client care, competence and continuing professional training with which Authorised Financial Advisers (AFAs) must comply. AFAs are licensed by the Financial Markets Authority, which refers cases about advisers allegedly in breach of the code to the FADC. Although the FADC was established more than two years ago, the FMA has referred only four advisers so far.