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Small London-area businesses stand to benefit from a pledge by the Bank of Montreal to boost business borrowing by $10 billion over the next three years.

That represents a 30% jump over the current $38 billion portfolio for commercial lending.

Hydra Dyne Technology, an Ingersoll hydraulic parts manufacturer, is one of BMOs area clients taking advantage of the favorable lending climate to fund an expansion while their market is hot.

The firm has started construction of an 18,000-sq.-ft. addition that will double the plants size.

Hydra Dynes main customers are in the construction, forestry, mining and agricultural sectors.

In our market we have been booming since 2010. The Chinese market is really opening up. Theres a lot of digging going on there and they need equipment, said Hydra Dyne Technology president Stephen Bohner.

The 20-year-old company has 68 employees and plans to add more when the expansion is completed. Companies now have a good chance to grow while capital is available, Bohner said.

Funding is reasonably easy to get at a good rate as long as you have a good balance sheet. We have to be globally competitive. . . If you dont grow, you die, said Bohner.

James Gardiner, BMOs area manager for commercial banking, said the bank didnt cut back on lending in the London area during the economic downturn and city businesses will benefit from the $10-billion boost in the banks commercial portfolio.

We will get our fair share of that and put it out in the streets of London . . For companies with strong balance sheets, this is the time to invest, he said.

Gardiner said local BMO managers will also get more power to approve loans.

Weve always had a decentralized credit structure . . . but theres been increased discretion put into the local market to make sure our offers are competitive, he said.

Londons high unemployment and the lockout at the Electro-Motive Diesel plant have grabbed headlines recently, but Gardiner said clients such as Hydra Dyne are quietly expanding and adding jobs.

Economists have noted that businesses have been wary about borrowing money and expanding since the recession in 2008.

Douglas Porter, BMOs deputy chief economist, said more business investment is needed to improve productivity and boost the economy.

While small- and medium-sized enterprises have shown some understandable caution in recent months, relatively strong finances and supportive financial conditions should spur capital spending further in the coming year, said Porter.

E-mail hank.daniszewski@sunmedia.ca, or follow HankatLFPress on Twitter.

SOHAIL SARFRAZ

ISLAMABAD: The Federal Board of Revenue (FBR) would only allow purchase of vehicles, loans from banks, participation in the bidding process, supplies to government departments/ consultants, procurement in government departments and other activities to those National Tax Number (NTN) holders who show some tax activity duly recorded by the FBR.

Sources told Business Recorder here on Friday that the FBR has finalised the plan to check misuse of NTNs and improve compliance of NTN holders, who are neither showing any tax activity nor filing their income tax returns. The repeated use of NTN without showing tax activity would be effectively checked under the new plan. As per Income Tax Ordinance 2001, every NTN holder is required to file the income tax return. It has been observed by the FBR almost 50 percent of the NTN holders do not file their returns even after obtaining the NTNs. These persons have obtained the NTNs during the last many years, but are showing no business activity or compliance by filing of returns. In this way, a number of people use their NTNs in various activities such as purchase of car, participation in the bidding process against various tenders floated by government departments and registered companies, suppliers to government departments and consultants, processing of business visas (where required), obtaining loans from banks and etc. Because these categories of people are able to simply write down their NTNs and provide the copy of NTNs which fulfill the basic requirement of the NTN holder which is mostly required in the bidding process and supplies of various goods. The NTN holders not engaged in any kind of tax activity are to be declared as Dormant Taxpayers.

Subsequently, the persons who would consistently show compliance will be considered as active or compliant taxpayers. The persons who would be non-active or dormant would be considered as unregistered with the tax department. The non-compliant persons would be treated as non-registered persons as per FBRs database, sources explained.

In order to improve the compliance level of NTN holders, FBR has decided to classify the NTN Master Index into four broader categories–Active Taxpayers, Non-Active Taxpayers, Live Taxpayers and Dormant Taxpayers.

After introduction of the amendments in the tax laws, sources said,  the FBR will enter the category of best tax administrations where NTN holders and compliant taxpayers are recognised in the society as respectable personalities because only active taxpayers will be able to import, export, provider services and carry out other activities. The voluntary compliance is expected to be improved under the new plan.

Details show that the FBR has decided to define Active Taxpayers, Non-Active Taxpayers, Live Taxpayers and Dormant Companies to clearly differentiate between the compliant and non-compliant taxpayers for obtaining legal backing to identify non-filers or National Tax Number (NTN) holders, who have closed their businesses etc.

Under the NTN Master Index, the Live Taxpayers would cover such persons who have shown some kind of tax activity and recorded in the books of BFR. Within the database of Live Taxpayers, the FBR would classify the Active Taxpayers or Non-Active Taxpayers, depending on the activity of the person. Based on the data of the Live Taxpayers, the classification of Active Taxpayers or Non-Active Taxpayers would be done by the FBR. As FBR would only monitor the Live Taxpayers, the FBR can effectively do enforcement through limited Human Recourses for monitoring of the live taxpayers.

Sources stated that the FBR has decided to amend the Income Tax Rules 2002 to clearly define Active Taxpayers, Non-Active Taxpayers, Live Taxpayers and Dormant Companies. There are a large number of persons, who have obtained the National Tax Numbers (NTNs) for local purchase of new vehicles or properties. In other cases, people have obtained the NTNs but they have closed their businesses or are not available on the declared addresses. There is a need for clear definition of Dormant Companies so that data of such closed companies should be deleted from the NTN Master Index. Within the FBRs database, the Board has to specify the category of Live Taxpayers for constant upgrading of the database. The definitions of the said categories of persons would also be instrumental in the cleansing of the NTN Master Index.

However, the criterion for treating any unit as Dormant Company would be mentioned in the amended Income Tax Rules. Similarly, the FBR will explain that how a company would be considered as Live Taxpayer under the NTN Master Index. The persistent filers of returns or non-filers would be distinguished for placing them under the specified category of the NTN Master Index. For example, if a person is persistent non-filer of return, he could be declared as Non-Active Taxpayers.

The amended Income Tax Rules would also explain that how the Non-Active Taxpayers could be converted into Active Taxpayers or Live Taxpayers. The difference between the Active Taxpayers or Live Taxpayers would also be explained in the amended Income Tax Rules, sources maintained.

According to sources, the purpose of the amendments in Income Tax Rules is to specify that which type of companies would be considered as Active Taxpayers or Non-Active Taxpayers.

There is still time to apply for US Small Business Administration working capital loans for small businesses in the North Escambia area that were impacted by severe storms, tornadoes, high winds and flooding that occurred from April 15 to May 31, 2011.

Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the Jan. 30 deadline, said Frank Skaggs, director of SBA Field Operations Center East.

Economic Injury Disaster Loans (EIDLs) up to $2 million are available at 4 percent for small businesses and 3 percent for private nonprofit organizations of all sizes, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, disaster victims need to apply by the deadline.

Among the qualified counties for the loans are Santa Rosa and Escambia counties in Florida, and Escambia County, Alabama.

To obtain disaster loan information and application forms, call the SBAs Customer Service Center at 800-659-2955 (800-877-8339 for deaf and hard-of hearing) or send an email to disastercustomerservice@sba.gov. Loan application forms can also be downloaded from www.sba.gov .

Those affected by the disaster may also apply for disaster loans electronically from the SBAs website at https://disasterloan.sba.gov/ela/ .

The deadline for economic injury applications is January 30, 2012.

LONDON, January 27, 2012 /PRNewswire via COMTEX/ –
New service shows customers how much they will save by switching cards -

comparethemarket.com, one of the UK’s leading price comparison sites, today announced a major drive to attract more credit card and loans customers.

Already one of the market leaders in car, home, pet and van insurance comparison, comparethemarket.com plans to build market share in the money sector with a new comparison service that offers customers a simple way of comparing credit cards and loans to find the best product for their own personal requirements.

The new credit card comparison service is unique in the market, showing customers exactly how much they could save on interest payments by switching credit cards. Simple and intuitive tools enable credit card customers to enter their own details such as current APR and balance transfer amount to get personalised results. Similarly, comparethemarket.com’s new price comparison service for loans allows customers to view the repayment figure based on their individual requirements.

comparethemarket.com is backing its new credit cards and loans comparison service with a major advertising campaign across TV, online and outdoor media – the first time the brand’s award winning meerkat campaign will focus on non-insurance products.

The company is also extending its hugely successful Simples Rewards scheme to credit card and loan customers. From 12th January all customers who successfully apply for credit cards or loans through comparethemarket.com will be eligible to receive an exclusive Meerkovo toy*. To date over half a million customers have claimed a meerkat toy since the scheme was launched in July 2011 across a range of insurance products.

Paul Galligan, Managing Director of comparethemarket.com, said: “With the huge range of credit cards and loans available it can be hard for customers to find the right product for their own personal needs. We wanted to show customers exactly what they could save on credit card interest and exactly what they would have to pay back on a loan. Products are displayed in order of the saving or repayment figure so customers can clearly see upfront the information they need. This makes it easier for them to make the best choices.”

The new advertising campaign, launched on 15th January, features comparethemeerkat.com founder, Aleksandr Orlov considering drastic action in response to comparethemarket.com’s new credit card and loans comparison service and the new threats this brings to his own meerkat comparison site.

The new comparison service will initially be available to customers seeking credit cards and loans, but will be rolled out to other money products in 2012.

For further details visit

http://www.comparethemarket.com

*Maximum of two credit card claims in a 6 month period. Terms and conditions apply.

About comparethemarket.com

comparethemarket.com was launched in 2006 and has grown rapidly over the past six years to become one of the UK’s leading price comparison websites.

comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as, credit cards and loans.

comparethemarket.com actively selects its brand partners, working with the best and most trusted organisations to ensure quality service to consumers.

comparethemarket.com is a trading name of BISL Limited. BISL Limited is authorised and regulated by the Financial Services Authority.

Registered Address: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Registered in England number 3231094.

About comparethemarket.com’s new credit card and loan comparison service

comparethemarket.com is introducing a new way for its customers to compare credit cards and loans from December 2011. The aim is to provide customers with an intuitive and simple way to compare credit cards and loans, making it easier to find and select the best product for them. The new comparison service is currently available on credit cards and loans but will be rolled out to other financial products over the coming months. The new credit cards and loans comparison service is based on three key principles:

Clear comparison based on cost – All variables are taken into account to give customers one overall savings figures for credit cards or a lowest repayment value for loans. We think this approach is unique for credit cards among price comparison sites in showing customers an overall saving/loan repayment figure based on the information they input.

Personalised comparison – Simple and intuitive ways for customers to input and vary their specific requirements in order to find the best product for them.

Best product first – Products are displayed in order of the saving/repayment figure, which always appears at the top of the page, without exception. There are no deals with suppliers where a particular product is promoted to the top in place of better products from other brands.

SOURCE comparethemarket.com

Copyright (C) 2012 PR Newswire. All rights reserved

European Union officials are preparing to concede that eurozone taxpayers may need to make bigger sacrifices on their loans to Athens or risk a string of sovereign collapses across the continent.

Under pressure from the International Monetary Fund and some EU leaders, Brussels said it may need to go further than the EUR30bn (£25bn) write-off that was put in place last year as part of a package of measure to save Greece from going bust – a substantial part of which came in the form of writedowns on loans from the European Central Bank (ECB).

The concession came as private sector creditors renewed talks in Athens over the EUR100bn due to be written off by banks and other lenders.

The head of the International Monetary Fund, Christine Lagarde, urged all parties to make concessions to bring an end to weeks of wrangling that has caused turmoil on international markets. Lagarde said the public sector must consider a bigger write-off following an assessment by the IMF that Greece was in a worse situation than previously thought. Its economy has been hit hard by the severe austerity measures adopted last year.

The Greek government has failed to meet several targets set by Brussels and the IMF, which arranged a EUR110bn bailout last year. Greece is seeking a second bailout, expected to be worth EUR130bn, before major loan repayments due in March.

Until this week the major banks with outstanding loans to Greece were under pressure to extend losses from 50% to nearer 70% before Brussels would consider a second bailout.

Creditors are preparing to swap their existing loans to Athens for new ones with lengthened repayment terms. The Greek government and the Institute of International Finance (IIF), which is representing 30 of Greeces major creditors, were understood to be close to a deal last week, but were unable agree an interest rate for the new packages of loans.

The two lead representatives of the banks, Charles Dallara and Jean Lemierre, met in Paris on Wednesday for talks with member banks and EU officials before flying to Athens on Thursday.

A team of eight lawyers, credit analysts and bankers from the IIF attended meetings during the day ahead of an evening meeting with Greek prime minister Lucas Papademos.

An IIF spokesman denied Dallara had returned to the negotiating table following pressure from EU leaders. Several of the banks represented by the IIF are supported by taxpayers, including Royal Bank of Scotland and Germanys Commerzbank. I dont think anyone has been leaning on anyone in this process. There has been continual telephone conversations between the parties concerned, he said.

The ECB, which holds tens of billions in Greek debt, is reluctant to write down its holdings without greater sacrifices from private lenders.

Lagarde put pressure on Brussels and the ECB, saying it and other public creditors may need to accept losses if those taken by the private sector are not enough to bring Greeces debt burden down to a sustainable level.

In response to Lagarde, the EUs top economic official said more public money would be needed to make up a shortfall in a second bailout after a debt-swap deal is clinched. We are preparing a package which will pave the way for a sustainable solution for Greece, and in that package, yes, on the basis of the revised debt sustainability analysis, there is likely to be some increased need of official sector funding, but not anything dramatic, said monetary affairs commissioner Olli Rehn.

Man on a mission

Charles Dallara spent two years in Greece with the US Navy in the early 1970s. Four decades later, he is a regular visitor again, representing the banks that have lent EUR206bn (£172bn)to an Athens government that is now near bankruptcy.

The 62-year old American, who still sails, swims and plays baseball, was once a managing director of US investment bank JPMorgan. He also held positions in the Bush and Reagan administrations and is a veteran of the sovereign debt crises of the 1980s and 90s. He helped devise the new bonds for Latin American countries that defaulted in the 1980s during his years with the US Treasury, but has acknowledged that he is finding Greeces debt crisis much harder to crack.

Eurozone finance ministers now want creditors to lower their demands. They announced that position just two days after Dallara, managing director of the Institute of International Finance since 1993, said his best offer was on the table.

Dallara, who is married with three children, has had his commitment to the task questioned since he left the Athens talks on Saturday to go to Paris for longstanding family commitments.

The New York Yankees fan and senior league baseball player has ratcheted up the pressure on the Greek government but, despite his impressive contacts book, it is unclear just how much clout Dallara wields in talks representing such a complex group of more than 450 banks, insurance companies, hedge funds and other investors.

Critics say the very diversity of that group may undermine his position and that there are other more important figures in the background.

International banks cut their loans
to fellow lenders and governments in Italy, France and Spain in
the third quarter, hoarding German, Japanese and US bonds
instead, data from the Bank for International Settlements show.

Cross-border claims on the Italian state, mainly bonds and
loans, declined by 23 percent, or $67.7 billion, in the quarter
ended Sept. 30 at banks in the 24 countries for which the Basel,
Switzerland-based BIS reports those data. The same measure
dropped 21 percent for France and 10 percent for Spain. It also
fell for emerging economies including Brazil, Mexico and Poland,
while $65.3 billion went into German government debt and $77.2
billion into US Treasuries, the BIS said in a statement.

“Contrasting with the reduction in claims on the public
sector in emerging countries, the exposure of international
banks to the developed countries’ public sector increased by 4.3
percent in the third quarter,” the BIS said. “This increase
was driven by claims on the public sectors of the United States,
Germany and Japan.”

The data cover the quarter in which investors started to
dump all but the safest of assets to cushion against losses amid
signs of a worsening of the euro-area debt crisis. The European
Central Bank restarted its bond purchases in August to prop up
government securities in the region, allowing holders of those
bonds to exit their assets. Emerging-market assets slid as
commodity prices tumbled on concerns Europe’s woes may hurt the
global economy.

Bunds Rose

The euro declined by 7.7 percent in the quarter against the
dollar, the currency in which the BIS keeps the data. German
government bonds returned 7.9 percent in the same period,
according to indexes compiled by the European Federation of
Financial Analysts Societies and Bloomberg.

Treasuries gained 6.5 percent and Japanese bonds rose 1
percent, the indexes showed. French debt gained 6.2 percent,
with Italian bonds losing 4.2 percent and Spanish securities
increasing 2.5 percent.

The Polish zloty and Brazilian real slid 17 percent against
the dollar in the period, the most out of 25 emerging-market
currencies tracked by Bloomberg. The Mexican peso fell 16
percent and the ruble 13 percent. Government bonds of all three
countries dropped in the quarter, and benchmark stock indexes in
each country declined at least 8 percent.

French Retreat

French banks shed the most Italian government debt,
reducing their claims by 23 percent, the BIS said. They also
retreated from other European assets including German bunds and
German and Italian bank debt, which they cut by 28 percent.
Instead, they shoveled $41.3 billion into Treasuries, increasing
their US government claims by 39 percent.

US and UK banks were shifting assets at the fastest
pace. US lenders’ claims on French banks dropped by $29.1
billion, or about a quarter, while UK banks cut their lending
to Italian banks in half. Both piled into bunds, with British
banks increasing the German government claims by almost two-
thirds, or $40.3 billion, and US lenders raising them by 72
percent, or $42.6 billion.

German banks proved to be the most stable investors among
the BIS sample in the quarter. They reduced their lending to
French, Italian and Spanish borrowers by less than the average,
and increased the US government claims by $2.8 billion.

The BIS data record the cross-border business of banks in
the countries reporting to it. Data for banks’ consolidated
cross-border claims — which include bonds, loans, funds
deposited at banks — are reported by 30 countries, 24 of which
break down borrowers by nationality and by public, bank and non-
bank private sector. Those countries include most developed and
some emerging economies.

China Excluded

The data cover only part of the market. China, the world’s
biggest holder of Treasuries, doesn’t report its banks’ holdings
to the BIS. Claims by institutions other than banks, such as
mutual funds, insurers or central banks, are also not reflected.
The records are reported in US dollars at the rate of the
period’s end and not adjusted for currency movements.

Declining exchange rates versus the dollar contributed to
the drop in claims on emerging markets in the quarter, the BIS
said. Lending to Brazil’s government dropped 17 percent in
dollar terms, to claims on the Mexican state by 18 percent and
on Poland by 17 percent, it said. All those countries have debt
denominated in other than their local currencies.

To contact the reporter on this story:
Boris Groendahl in Vienna at
bgroendahl@bloomberg.net

To contact the editor responsible for this story:
Frank Connelly at
fconnelly@bloomberg.net

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Forget part time work, job fairs and temp agencies: To find a secure, long-term job, most pundits agree, the best route runs through the classroom. So with unemployment still high and underemployment even higher, its hardly surprising that droves of middle-aged Americans are rushing back to school — and borrowing more money than ever. In fact, while every age group are borrowing more money in student loans, the fastest-growing demographic isnt in its 20s; its in its 40s.

In 2011, educational borrowing — and the furor over student loans — reached a boiling point. Right now, the average college grad leaves leaves school carrying more than $25,000 in debt, and overall student loan debt is on track to exceed $1 trillion this year.

These fresh-faced grads are being joined by an ever-growing cadre of returning students. According to credit score tracking site CreditKarma, the number of 35- to 49-year-olds who are borrowing money for college increased by 47% in the last three years. The amount theyre borrowing is also going up: During the same period, the average loan debt of people in this group went up from $9,000 to $12,000.

On the one hand, $9,000 is a far cry from the $14,000 debt that the average college grad in her late 20s is carrying. On the other hand, middle-aged students have less time to reap the returns on their educational investments.

President Barack Obama will outline a plan today that focuses on affordability of higher education.

The White House announced this morning that Obama is proposing a financial aid overhaul that would tie programs such as work-study and supplemental grants for low-income students to universities and colleges success in improving affordability and value for their students.

Under the plan, Perkins loans (low-interest loans to needy students) would grow from $1 billion to $8 billion, and a new $1 billion program would be created to reward states that take action to keep college costs down.

The presidents plan also wants to require colleges and universities to offer a so-called shopping sheet that makes it easier to compare financial aid packages.

In his State of the Union speech on Tuesday night, Obama had a message for institutions of higher learning:

Let me put colleges and universities on notice, said Obama. If you cant stop tuition from going up, the funding you get from taxpayers will go down.

(AP) CONCORD, NH — Gov. John Lynch on Friday vetoed a bill that would allow New Hampshire consumers to obtain short-term, installment loans.

The bill also eliminates a 36 percent interest cap on the loans in effect since 2009.

Lynch said Friday the loans force families unable to repay them to seek welfare.

These new installment loans are essentially payday loans that would create an escalating spiral of debt for New Hampshire families that would undermine their financial security, as well as the financial well-being of our communities and our economy, Lynch said.

He said a lender could charge an interest of $15.50 per $100 installment that could result in interest rates effectively being in excess of 400 percent over the life of the loan. Lenders could charge consumers $1,100 to repay a $500 loan over six months, he said.

Republican House Speaker William OBrien criticized Lynch for closing off a free market choice for consumers.

The governor once again incorrectly assumes New Hampshire citizens arent mature enough to make their own financial decisions, he said.

Jamie Fulmer, vice president of public affairs for Advance America, which writes payday loans around the country. urged lawmakers to override the veto. He said the states cap on interest rates cost New Hampshire jobs when the industry closed offices in the state. He said the interest cap forced consumers to seek loans from expensive, unregulated and predatory sources.

New Hampshire consumers deserve better. They should be free to make their own decisions, he said.

Earlier this month, lawmakers overrode Lynchs veto on a similar bill and allowed title loan lenders to charge 25 percent per month in interest. Vehicles are used as collateral in those loans.

Scientific American

• NH governor vetoes bill allowing short-term loans