In its first formal meeting concluded late last night in Abuja, the board announced that AMCON will value non-performing loans (NPLs) backed by shares of listed companies at an implied premium of appr…
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Education secretary admits £2.5bn for poorest children will come from existing budget despite David Cameron claim
The education secretary, Michael Gove, has admitted that he has had to make cuts to his own budget in order to fund the coalition’s flagship £2.5bn policy of a “pupil premium” despite claims from the prime minister and others that the money would come from outside the education budget.
Gove also acknowledged for the first time that funding will be redistributed so that some schools face a cut in order to make the extra payment to schools taking additional pupils from the poorest homes.
The chancellor, George Osborne, promised last week that the education budget would rise each year for the next four years and announced the new £2.5bn pupil premium, a financial reward to schools for each child they take from the poorest homes. The idea is the key Liberal Democrat policy in the government’s coalition agreement and the spending review.
Gove told the BBC’s Politics Show: “At the moment we’re consulting on how the people premium, which is the additional money, the additional £2.5bn that we’ve made available for the poorest students, will be allocated, and it depends precisely on whether or not we allow the people premium to go to slightly more children, or we target it very narrowly on the very poorest. Depending on that, you can then make a calculation about which schools will find that they’re actually losing funding, and which schools will find that they’re gaining funding.”
He later insisted that though “quite a bit” of the £2.5bn will come from the welfare reforms announced last week: “Some of it comes from within the Department for Education budget, yes.” He insisted that the schools budget safeguarded and that the savings would come from elsewhere in the DfE’s £67.3bn, which also funds children’s services and support for families and older teenagers.
Gove was also challenged on the school building plans after it emerged that schools that were given the green light in the summer when 700 others were scrapped, have now been told they must make further cuts of up to 40%. He insisted that authorities falling within this category were aware that their budgets could still be revised.
Andy Burnham, the shadow education secretary, said: “If you look back since the coalition began every minister has said it’s additional funding for the pupil premium. Now Gove admits it’s not. This is a very serious charge which they now have to answer.”
Separately today the deputy prime minister, Nick Clegg, confirmed that the coalition will publish its plans for tuition fees within two weeks and that fees would definitely be capped.
Vince Cable, the business secretary, confirmed that there are likely to be penalties for graduates wanting to pay their loans back early in the plans. He told Sky: “There is an issue about people who go on to very high earning jobs and who therefore pay off relatively quickly and we do have to think about how we can find a way by which they make some sort of contribution towards low earning graduates. It’s a tricky technical problem but we’re working on it.” Schools Michael Gove Education policy Polly Curtis guardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds
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Ottawa, Ontario, Canada (AHN) – Ottawa will have to make a tough decision on a proposed large increase in employment insurance premiums by Jan. 1.
On one hand, workers, employers and the political opposition are moving against the planned premium hike. They have sent Canadian Prime Minister Stephen Harper, Finance Minister James Flaherty and other cabinet members emails and letters expressing their disagreement with the planned increase.
Reports said the EI premium would go up by 15 cents for employees and 21 cents for employers for every $100 earned.
Critics argue that it is not the right time to increase payroll tax, which makes it more costlier for companies to hire a worker. They add that the move would slow down job generation and eventually Canadian economic growth. They warn that if the federal government allows the EI rate increase, 170,000 jobs would be lost over the next three to four years resulting from hiring delays and reduction of work hours.
A new panel established by Ottawa is expected to push for the rate hike when the two-year freeze on EI premiums ends this year. The panel has until Nov. 14 to officially announce the new premiums, while the cabinet has until Nov. 30 to oppose the panel’s decision and provide a different rate.
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Car credit is any form of financial assistance or incentive offered to an individual who wants to purchase a car. When you apply for car credit, the financial institution that is giving you the car loan empowers you financially so that you would be able to purchase the car that you want or desire.
When it comes to applying and being granted car credit, certain things could go wrong. When things go wrong, your finances could become messed up and your life thrown in a state of shambles. Purchasing an expensive, premium car with car credit is one of the greatest mistakes that an individual could ever make. The funds that you get from car credit ought to be used in the purchase of a car that should be an asset rather than one that is a liability.
Obtaining car credit to purchase a premium, expensive car is foolish because the value on a premium car starts depreciating immediately when you drive it off of the dealer’s lot. So immediately upon purchasing a premium, expensive car you lose twenty percent of the money that you have invested in its purchase. This loss is bearable only if you are purchasing such a car with your savings and not car credit.
Apart from the depreciation of the car’s value, premium cars are also very difficult to maintain. When you obtain car credit to purchase them the cost of maintenance coupled with the interest rate from the car credit that you have taken can drain your finances considerably. When this happens, you have no other choice than to apply for another car loan to refinance the first car loan that you have taken. Refinancing your existing car credit loan does not offer any form of comfort or relief financially. So, when considering a premium, expensive automobile, make sure you know what all is involved.
Jeff Whitlong has been a part of the car credit industry for many years and writes and publishes articles to help consumers better understand car credit and more specifically, bad car credit. Jeff answers common questions consumers have about car credit in his articles and news posts. Article Source:http://www.articlesbase.com/loans-articles/the-risks-of-using-car-credit-to-purchase-a-luxury-automobile-1594576.html
