first_imgFacebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 08 Apr 2015 – More could have been done to save British Atlantic Financial Services Ltd, and Member for Wheeland, Delroy Williams charged in the House of Assembly that the PNP Administration is not a caring government as it refused to save BAFSL despite having a fat surplus. “Only to have this Government, Mr. Speaker, stand on the side and watch the company fail. If this was a caring government they would have given that insurance company a bail out, or loan or some sort of bail out.”Thousands of policy holders were expecting Government to help after the Premier’s promise to do so. Magnetic Media had learned that there was never that meeting by Hon Rufus Ewing with the Opposition to flesh out what could be done to save the decades’ old company. Hon Williams called it a shame. “Mr. Speaker some people can’t even get new insurance due to their age and failing, this government sat on the side and did nothing. Government talks about surplus, what is the use of having surplus when you are not helping your people.”The comments came during Budget Communication in the last sitting of the House of Assembly. Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:bafsl, British Atlantic Financial Services, delroy williams, pnp Opposition Leader responds to Throne Speech  11 days later; says PDM Govt plan puts TCI in ‘deep doo doo’ TCI Country Leaders condemn vicious memes Recommended for you Olive branch extended by Opposition Leader, says it is time for Turks and Caicos leaders to unitelast_img read more

first_imgThe Union Budget 2016 for financial year 2016-17 to be presented next February could have an unpleasant surprise for the Indian middle-class.Interest rates on retail deposits could be announced, affecting millions of Indians in the middle income group and who form a significant vote base for the Narendra Modi government.The logic is simple: If lending rates have to come down, deposit interest rates have to be reduced first, for which the government would have to lower interest rates on a range of fixed-income products offered through post offices. The cascading effect would be a risk the government would be forced to take hoping the trade-off does not harm the BJP politically.The Reserve Bank of India (RBI), since January this year, has reduced the repo rate by a cumulative 125 basis points (bps), but only half of it, about 60 bps, has been passed on by banks to borrowers, according to RBI Governor Raghuram Rajan.A worried RBI has said it will come out with new guidelines for calculating the base rate this week.”The median base lending rate has declined only by 60 bps since then. There is a particular way to calculate the base rate now. And our worry is it should not come in the way of banks to pass through lower lending rates to customers. That is why we took a relook at the base rate and are coming to the marginal cost pricing which we will be announced later this week,” Rajan told reporters after the fifth bi-monthly monetary policy review on 1 December.A look at interest rates on term deposits offered by Indian post offices would give some insight on the nature of the risk involved.The total term deposits held by Indians with post offices stood at Rs 2,42,795 crore as of 31 March, 2014, in 3.62 crore accounts. The interest rate on term deposits, including the monthly income scheme, has remained unchanged at a high 8.4% from 1 April, 2014, for a tenure ranging from one year to up to three years, and 8.5% for more than three years and up to five years.On the other hand, public-sector banks offer anywhere between 7% and 7.75% interest for a one-year term deposit.”Any cuts in lending rates will require deposit rates to be adjusted down. This in turn needs the government to lower returns on post office deposits and other small savings schemes, which compete with banks’ deposits. We expect some developments on this front on or before the February 2016 budget,” said Radhika Rao, economist, group research, DBS Bank.The earliest the Modi government can make an intervention would be in the forthcoming Budget to be announced in February next year.Keen to ensure that any move by the government does not impact the middle class, Union Finance Minister Arun Jaitley said on Friday his government would have to “move cautiously” on reducing interest rates on retail deposits, since it has the potential to “hurt vulnerable sections like retired employees”.last_img read more

first_img <a href=’;cb={random}’ target=’_blank’><img src=’;cb={random}&amp;n=ab2c8853&amp;ct0={clickurl_enc}’ border=’0′ alt=” /></a> Partit Nazzjonalista leader Adrian Delia said that Partit Laburista is supporting a Spitzenkandidat who is in favour of tax harmonisation, referring to European Commissioner Frans Timmermans. Referring to the first leader debate held on Thursday, Delia claimed that Partit Laburista leader Joseph Muscat found it difficult to be have his party labeled as ‘Socialist’ and that his party forms part of the Progressive Alliance of Socialists and Democrats (S&D) at a European level.Addressing a political activity at the Party club in Għargħur, Delia explained that Timmermans supported tax harmonisation, a process which adjusts tax systems of different jurisdictions in the pursuit of a common policy objective, and had even placed it on his manifesto saying that this means that Partit Laburista supports tax harmonisation as a party at a European level, which would see a common policy that would affect Malta’s tax regime.Delia explained that if tax harmonisation was to become law, Malta would lose its sovereignty over regulating its own tax regime, saying that the Partit Nazzjonalista had worked tirelessly on building the sector and the country’s reputation. The sector, Delia explained creates thousands of job opportunities in the financial services sector and the jobs created are quality jobs. According to the PN leader Timmermans wants to remove Malta’s competitive advantage.READ: Watch: ‘PN always believed in the capabilities of the Maltese’ – Delia‘Creating a wider divide’Referring to Muscat’s comments during the leader debate on Thursday, during which the PL leader said that he does not want to see Maltese workers doing certain unskilled jobs such as picking up rubbish, Delia claimed that Muscat ‘clearly stated’ that he wants ‘to import slaves from abroad’. He continued by saying that such an approach would create different classes of people which are treated differently. Delia told those gathered, that Muscat treats Maltese and Gozitans differently as well as distinguishes between men and women.READ: Why shouldn’t Maltese workers pick up rubbish?Delia further said that the PL leader was mocking unskilled workers whilst thanking various categories of workers.READ: First political debate between Muscat and DeliaREAD: On faith, religion, surplus and deficits – Adrian Delia‘We want a young-spirited party’ Referring to a 16-year-old candidate who will be contesting with PN in the upcoming local council election, Delia thanked him for putting himself at the service of his locality and country while he said that the PN does not want youths to only be part of the party, but wants the party to be oriented towards the youths. Delia reiterated that the Party believes in the talents and capabilities of youths. Delia admitted that the youths active within the party are helping the party to change its ways.‘Muscat does not want to accept that this election is not about him’Referring to Workers’ Day mass meeting organised by Partit Laburista for which the stage was set up on the stairs of the Office of the Prime Minister, Delia said that Muscat ‘used Castille as his backroom’. He claimed that the PL leader does not want to accept that the upcoming elections were not about him. Delia referred to claims made by Muscat when he said that EP elections and Local Council elections were not his favourite elections, reminding that Muscat had campaigned against Malta’s accession to the EU. Delia reminded that the upcoming election was about have a stronger voice within the EU.Video – Facebook / Adrian DeliaWhatsApp SharePrintlast_img read more