The Mail on Sunday triumphs at money awards as it is crowned Consumer Money Title of the Year

The Mail on Sunday was last week crowned Consumer Money Title of the Year at the Headlinemoney Awards.

The newspaper’s Personal Finance team picked up the gong at a glitzy ceremony on Tuesday night, held at the Grosvenor House Hotel on London’s Park Lane and hosted by actor and comedian Miles Jupp.

Judges agreed the money section, edited by Jeff Prestridge, ‘provides just about everything readers need to help get their financial affairs in order’ and praised work that ‘obviously puts readers at the heart of everything it covers’. 

District secures Valley Crossing financing

District 833 School Board members on Thursday authorized financing the purchase by selling certificates of participation, a state-approved financing method that allows the district to borrow without seeking voter approval and repay with its lease levy, which is assessed through property taxes.

The district secured a 2.31-percent interest rate. Jodie Zesbaugh of public finance firm Ehlers said they had hoped to get a rate under 3 percent, so that low bid by Bank of America was better than expected. The highest of six bids offered a 2.46 percent interest rate.

Web lending gets cold shoulder from investors

For the dozen or so financial tech companies valued at $1 billion or more in the private markets, the IPO window is currently closed, and theres certainly no reason to rush to the exits. Not with small-cap Internet companies getting hammered, interest rates on the rise and these new credit models facing their first real sustainability tests.

Its a lot for money managers to digest.

Public investors are confused at how to value fin-tech companies, said Anthony Hsieh, CEO of loanDepot, a southern California mortgage lender thats expanding into personal loans.

Hsieh has some credibility on the topic. LoanDepot filed to go public late last year and even went on its investor roadshow before withdrawing the offering in November on the heels of Squares troubled debut and LendingClubs plummeting stock.

Blaming Financing Problems, Mayor Announces No Deal for Troubled Civic Square Project

But then, in hopes of salvaging such a high-profile project, Murray reversed course and gave them an extension. When Triad handed the project off to another developer, Touchstone, Murray offered another extension. Todays announcement indicates that despite all the extra time, the deal Murray hoped for fell through.

In short, what all of this means is that even as the city has tried to build more affordable housing, a city-owned lot in the center of downtown has remained undeveloped. And now, that will remain the case into the foreseeable future.

The city and the developers are staying tightlipped about why they couldnt find financing for the project and whats next for the hole in the ground. In an email, a representative from Touchstone directed all questions to the mayors office. Triad did not immediately return a request for comment.

In a statement, Murray said the city will assess whether the project as designed is viable or whether adjustments are needed, but offered no other details. Fred Podesta, director of the citys Finance and Administrative Services Department, said in a statement, “As the city explores its options for moving forward, we will not be publicly discussing contract issues.

When I followed up with Finance and Administrative Services spokesperson Julie Moore, she said in an email, We need time to brief elected officials before beginning to explore the full range of options. It is too early for us to speculate what options may or may not be discussed.

CLSA: 15-19% Of China’s Bank Loans Are Bad

By Shuli Ren

Are Chinese banks cheap enough, now that they trade at only 0.8 times book and offer handsome dividends?

Not yet. According to CLSA, about 15-19% of bank loans are non-performing, well above the official statistic of 1.6%.

Part of the big discrepancy comes from how Chinese banks recognize non-performing loans. In the West, commercial banks call a loan non-performing if they are more than 90 days due. In China, a loan past 90-days due is non-performing only when the banks expect a loss. But when the borrowers are state-owned enterprises, technically they have Beijing&’s backing and presumably their loans will be paid in full some day, so it is difficult for bank loan managers to characterize them as &“non-performing&”, said CLSA strategist Francis Cheung.

CLSA derived its 15-19% non-performing loan ratio estimate based on Chinese companies&’ financial statements. For instance, a company&’s loans are classified as non-performing if its operating income is less than interest expenses (in technical terms, EBITDA/interest expense < 1), or if its net debt is larger than 5 years of operating income (a fairly standard treatment, according to Cheung).

While slowly moving, Chinese banks will have to recognize bad debt faster, as they will be moving to Basel III by 2018. After all, China&’s largest banks are also listed in Hong Kong.

And at the current valuation, Chinese banks have not priced in enough bad debt. CLSA estimates that banks on average only recognize 8.5% non-performing loan ratios assuming 12% return-on-equity going onward. In the last quarter, we saw Chinese banks&’ profit margins continued to fall. They are way short.

Year-to-date, China Construction Bank (939.Hong Kong) fell 10.5%, ICBC (1398.Hong Kong) dropped 14.9%, Bank of China (3988.Hong Kong) retreated 12.3%, Agricultural Bank of China (1288.Hong Kong) was down 15.3%. The iShares China Large-Cap ETF (FXI) fell 8.5%, the iShares MSCI China ETF (MCHI) dropped 8.5%, the Deutsche X-Trackers Harvest CSI 300 China A-Shares ETF (ASHR) was down 13.7%.

Help Us Name the Best Money Movie of All Time

We are in a golden age for money movies. One of the lingering effects of the financial crisis and the Great Recession has been huge interest on the part of Hollywood to explore just what the heck happened. There have been enlightening documentaries (Inside Job), fictionalized accounts of what might have gone down on the eve of economic disaster (Margin Call), and dramatized versions of the events and characters that, shockingly, were all too real (The Big Short, The Wolf of Wall Street).

It makes sense that Hollywood is hot on Wall Street stories right now. The recent flurry of finance movies is not unlike what happened after the Vietnam War: The best movies dealing with the subject, like Apocalypse Now and The Deer Hunter, were made a few years later, when events could be viewed with perspective and filmmakers had a prayer of making sense of the chaos that transpired.

Goldman, Jefferies Put LendingClub Deals on Hold

Two Wall Street investment banks handling bond sales for LendingClub Corp. have stopped buying the company’s loans after the ouster of CEO Renaud Laplanche, people familiar with the matter said.

The move by Goldman Sachs Group Inc. and Jefferies LLC could delay or jeopardize a number of securitization deals for LendingClub, by most measures the biggest and most successful in a wave of online lenders that have blossomed since the…

How money talks

I despise the amount of money we spend on all of our campaigns. What a waste of money. Put that money to better use, Ms. Keeler said. She acknowledged that the ads probably work with her, to some extent.

I have a reaction to an ad on TV, whether its patriotic and feel-good or gloom and doom, you cant help it, she said.

A Pew Research Center poll showed that nearly three-quarters of Americans say money and influence from outside interests is the biggest problem with elected officials in Washington. And there is strong public support across party lines to cap contribution limits from individuals, including billionaires and corporations.

The pivotal moment

LNG plants: US Exim Bank interested in financing

ISLAMABAD:US Exim Bank is interested in providing financing for three LNG-based power projects, Baloki, Bhikki and Haveli Bahadar Shah, said spokesman for the Ministry of Finance on Saturday.

The official said that vice-president of US Exim Bank, Annette Maresh, had intimated this in a letter addressed to Minister for Finance Muhammad Ishaq Dar. It may be recalled that Dar had started engaging the Exim Bank during his visit to the US in September 2015, according to a statement issued by the Ministry of Finance here.

Exim Bank of US has renewed interest in Pakistan

He met senior officials and gave a detailed account of the business and investment opportunities, urging the US Exim Bank to explore financing development projects in Pakistan. Consequently, the Bank has now expressed strong interest in three LNG-based power projects.

Published in The Express Tribune, May 15th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.