Money

NAPLES, Fla., May 3, 2012 (GLOBE NEWSWIRE) — UBS fraudulently misrepresented the safety of so-called Lehman principal protected notes that the firm sold to two elderly widows at a time when UBS knew of Lehman’s increasing financial desperation, according to separate claims filed today by the Vernon Healy investor advocacy law firm.The promised principal protection constituted a gross deception    .. more …

VTB extends maturity of loans to Mechel RBC, 16.04.2012, Moscow 16:47:15. Mechel has reached an agreement with lender VTB to extend from 2012 until 2015 unsecured loans worth RUB 13.6bn (approx. USD    .. more …

PRETORIA (Reuters) – Rapid growth in South Africa ‘s unsecured lending has not sparked a bubble and banks are managing exposure to the business prudently, the central bank said in its regular review of the financial system on Wednesday. Growth of unsecured loans – which don’t require collateral and are riskier and more lucrative for banks – has surged over the last year in Africa ‘s top economy,    .. more …

Logbookloan.org.uk now boasts an information portal featuring articles on credit and loans on its website. London, UK (PRWEB) April 10, 2012 Logbookloan.org.uk aims to encourage consumers to make informed decisions regarding logbook loans . Subjects range from secured loans , unsecured loans , credit scores , and other forms of fast cash loans. Written by a team of credit experts , one of the    .. more …

The Finance Ministry has thrown a wet blanket on public sector banks’ tendency to ‘accommodate’ public sector undertakings and large companies by giving them short-term, unsecured loans.The Ministry has asked these banks to desist from giving short-term (up to one year), unsecured loans outside the consortium arrangement.In the run up to the close of the financial year, public sector banks    .. more …

Delegates to China’s annual legislative meetings have called for legal oversight of shadow banks that make unsecured loans to business owners. Their recommendation, reported Monday in the South China Morning Post (paywall), comes as China’s economy begins to cool after a massive lending spree. Shadow banking operations range from informal neighbourhood lenders to loosely-regulated trusts, and have    .. more …

JEFFERSON CITY, Mo. (AP) – Missourians who take out payday loans could get more time to pay them off under legislation propose by a state senator. Payday loans are unsecured loans of $500 or less that must be paid off within 31 days. Sen. John Lamping, a St. Louis County Republican, told a Senate committee Monday that people should get at least 90 days to pay off those loans. The bill would also    .. more …

CONOR POPE, Consumer Affairs CorrespondentTHE COST of borrowing could rise significantly once the Personal Insolvency Bill becomes law as financial institutions price in the risk of more people being able to walk away from unsecured loans.While the introduction of the legislation, which Minister for Justice Alan Shatter described as the “most radical reform of insolvency law since the foundation    .. more …

(See {DAVOS ;} for more on the World Economic Forum.) Jan. 26 (Bloomberg) — FirstRand Ltd. Chief Executive Officer Sizwe Nxasana said South Africa’s second-largest bank is focusing on unsecured loans to consumers as cash-hoarding companies have limited borrowing needs. “South African loans are focused on unsecured lending,” Nxasana said in a Bloomberg Television interview at the World    .. more …

HOUSTON–(BUSINESS WIRE)– Today, Stellus Capital Management , LLC, (“Stellus”) an independent investment firm, announces its official launch and spin off from the D. E. Shaw group. As an independent firm, the Stellus team will continue its current strategies of providing secured and unsecured loans to middle market companies and private equity sponsors in a wide range of industries to support    .. more …