Maharashtra finance department launches austerity drive
outstanding which includes the shares issued to Sand Hill Finance, LLC, Sand Hill Finance, LLC holds 9.4% of the issued and outstanding common shares of IceWEB, Inc. As part of the transaction, Sand Hill Finance is releasing its security interest in the assets of IceWEB, Inc. and terminating the financing agreement with the Company. Converting the Sand Hill Finance note to equity is a major achievement for IceWEB, and has significantly strengthened our balance sheet and improved our cash flow position. Sand Hill Finance has been a great partner to us over the years, and their conversion of the debt at an above-market price is a reflection of their confidence in the direction of the Company, said Mark Lucky, Chief Financial Officer of IceWEB, Inc.
According to Zacks Director of Research Sheraz Mian in his weekly Earnings Outlook article, total earnings for the Finance sector in Q2 are up an impressive +30% year-over-year. But excluding Finance, total earnings for the rest of the S&P 500 companies would be down -2.8%. So why were earnings in the Finance sector so hot? These two charts will tell you pretty much everything you need to know: (Improving credit quality is a good thing, but as a bank, I’d rather have strong loan growth and net interest margin expansion boosting my bottom line than simply taking a lower provision for loan losses…
Finance is the Biggest Sector Once Again – Real Time Insight
“Therefore, deputy chief minister Ajit Pawar (who also holds the finance portfolio) has instructed that only proposals of paramount importance should be sent for consideration. All proposals should be scrutinized carefully and presented to the finance minister only in exceptional cases,” it added. Maharashtra’s debt burden on March 31, 2013 was Rs 2.46 lakh crore. It is estimated to balloon to Rs 2.7 lakh crore by March 31, 2014. The letter urged all departments to wake up to financial realities and recognize that the state has limited resources.