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Sunesis Announces Amendment to Loan Agreement

SOUTH SAN FRANCISCO, Calif., March 2, 2015 (GLOBE NEWSWIRE) — Sunesis Pharmaceuticals, Inc. (SNSS) today announced the signing of an amendment to its loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC, Silicon Valley Bank, and Horizon Technology Finance Corporation (collectively, “the Lenders”).

The amendment, effective February 27, 2015, creates an interest-only period from March 1, 2015 through February 1, 2016 on the remainder of Sunesis’ loan balance. Principal payments will resume March 1, 2016. In consideration for the amendment, Sunesis will issue the Lenders warrants to purchase an aggregate of 61,467 shares of Sunesis common stock at an exercise price of $2.22 per share. Additionally, the final payment will be deferred by 12 months to the fourth quarter of 2016, and will be increased from 3.75% to 4.65% of the total loan amount, a difference of $225,000. Sunesis entered into the $25 million Loan Agreement with the Lenders in October 2011.

“This amendment to our loan facility provides us with additional financial flexibility to execute our corporate strategy, including the potential submission in 2015 of U.S. and European filings for regulatory approval of vosaroxin in relapsed or refractory acute myeloid leukemia,” said Eric Bjerkholt, Executive Vice President of Corporate Development and Finance and Chief Financial Officer of Sunesis. “We believe that this loan amendment, together with our current cash position, provide us with the resources to fund operations through the first quarter of 2016.”

About Sunesis Pharmaceuticals

Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the potential treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, vosaroxin, in multiple indications to improve the lives of people with cancer.

For additional information on Sunesis, please visit http://www.sunesis.com.

SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.

This press release contains forward-looking statements, including statements related to Sunesis’ overall strategy, the preliminary analysis, assessment and conclusions of the results of the VALOR trial and Sunesis’ other clinical trials, the efficacy and commercial potential of vosaroxin, and the sufficiency of Sunesis’ cash resources and the use of the proceeds under the loan facility with Oxford Finance LLC, Horizon Technology Finance Corporation and Silicon Valley Bank. Words such as “believe,” “expect,” “potential,” “provide,” “through,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis’ current expectations. Forward-looking statements involve risks and uncertainties. Sunesis’ actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to Sunesis’ need for substantial additional funding to complete the development and commercialization of QINPREZO, risks related to Sunesis’ ability to raise the capital that it believes to be accessible and is required to fully finance the development and commercialization of QINPREZO, the risk that Sunesis’ development activities for QINPREZO could be otherwise halted or significantly delayed for various reasons, the risk that Sunesis’ clinical studies for QINPREZO may not demonstrate safety or efficacy or lead to regulatory approval, the risk that data to date and trends may not be predictive of future data or results, risks related to the conduct of Sunesis’ clinical trials, and the risk that Sunesis’ clinical studies for vosaroxin may not lead to regulatory approval. These and other risk factors are discussed under “Risk Factors” and elsewhere in Sunesis’ Annual Report on Form 10-K for the year ended December 31, 2013, and Sunesis’ other filings with the Securities and Exchange Commission, including Sunesis’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Sunesis’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

View photo.FinanceBusinessSunesis Pharmaceuticals Contact: Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
[…]

Lenders play it safe amid China property woes

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Lenders are expected to stay cautious towards China’s cash-strapped property sector as Shenzhen-based developer Kaisa’s debt woes continue to rattle the market. But they will continue to lend to larger mainland companies.

“Companies from China will remain a major source of business for loan markets this year,” said Sonia Li, head of syndicated loans for Asia at JP Morgan. “But you will see a flight to quality for Chinese borrowers, particularly in light of what is happening in the real estate sector. Lenders will be very cautious to the real estate sector,” she added.

China has become a bigger part of Asia’s loan markets. According to Thomson Reuters data, China was the largest driver for loan growth in the Asia-Pacific region last year, accounting for $141.3 billion in loan volume or about 27% of the total in the region. Infrastructure, project and real estate deals accounted for slightly more than two-thirds of that volume.

Given the increasing exposure banks have to Chinese property, a protracted downturn could have a knock-on effect on the banks. “A lot of mid-sized and big Chinese banks as well as foreign banks have exposure to the China property sector. A big downturn in China real estate market would affect everyone but the mainland banks have the most exposure to the property market,” said Christine Kuo, senior credit officer at Moody’s.

For now, however, the rating agency views Kaisa’s problems as being unique to the company and, at a briefing in Hong Kong on Tuesday, Simon Wong, Moody’s senior credit officer, told reporters that he didn’t think the Shenzhen’s developer’s problems would pose a systemic risk to the sector.

“If the Kaisa case is resolved satisfactorily, such as another developer coming in and potentially buying Kaisa’s assets at fair market value, I think that would also help to ease investors’ concerns,” Wong told reporters.

related

Kaisa given respite but is still in the doghouse Kaisa default triggers broader loan worries Agile woe compounds China’s property problems Cofco Land plans up to $500m placement Loan Week, February 13-18

For now though, investors and lenders are giving the sector a wide berth.

Kaisa had been subject to unexplained bans imposed by the Shenzhen government on the sale of its property projects in Shenzhen. Reports had been circulating that other developers including Fantasia and China Overseas Land & Investment have faced similar bans but the companies have since clarified that the blocked sales are due to administrative procedures by the authorities, and not violations by the companies.

Lenders could also turn wary towards small-cap companies. “China is an important market but we expect more large-cap and higher grade companies this year compared to last year given the concerns over the mid-cap sector,” said Amit Khattar, head of syndicated loans for Asia at Deutsche Bank.

Subordination risk

Kaisa’s problems expose the risks that offshore lenders face. It had initially defaulted on a $51 million loan with HSBC. While it subsequently got a waiver from the British lender, other creditors have frozen some of its onshore bank accounts, and if it came down to a default, onshore lenders would get first dibs on the assets.

Offshore lenders are often subordinated to mainland lenders as the loans are typically issued through offshore holding companies, using the so-called red chip structure.

China’s State Administration of Foreign Exchange (Safe) has made moves to take away some of that subordination risk and, in July last year, relaxed the rules to allow mainland companies to use onshore assets as collateral when raising funds offshore. However, there are restrictions, and Safe has made it clear that the proceeds have to be kept offshore.

“The change in Safe rules means that offshore lenders can get senior secured access to Chinese companies rather than just a red chip structure,” said Khattar. “It is a meaningful development but the number of companies using this has been limited by restrictions over the use of proceeds,” he added.

Lenders have been comfortable lending to offshore holding companies, provided they are perceived to be a strong credit. For example, smartphone company Xiaomi last year tested the market with a debut $1 billion loan, which attracted 29 lenders. Xiaomi is cash rich, with no onshore borrowings.

However, weaker companies are expected to come under more scrutiny now. “Lenders have become more comfortable with loans using offshore holding company structures,” said Deutsche Bank’s Khattar. “But they will be more wary about certain credits,” he added.

This year could be a more challenging one for mainland companies as Taiwanese lenders are keen to keep their exposure to mainland companies down, and could look to diversify to Indian or Southeast Asian companies. “Taiwanese banks were big investors for China loans in the past but they have pretty tight China limits at the moment,” said JP Morgan’s Li.

But amid ongoing market volatility, more companies could start tapping the loan markets as bond yields have risen. “Bond market volatility specially in the high yield market could see more high yield issuers trying to access the loan markets in 2015,” said Khattar.

¬ Haymarket Media Limited. All rights reserved.

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Flight to safety for lenders amid China property woes

Thumbnail

Lenders are expected to stay cautious towards China’s cash-strapped property sector as Shenzhen-based developer Kaisa’s debt woes continue to rattle the market. But they will continue to lend to larger mainland companies.

“Companies from China will remain a major source of business for loan markets this year,” said Sonia Li, head of syndicated loans for Asia at JP Morgan. “But you will see a flight to quality for Chinese borrowers, particularly in light of what is happening in the real estate sector. Lenders will be very cautious to the real estate sector,” she added.

China has become a bigger part of Asia’s loan markets. According to Thomson Reuters data, China was the largest driver for loan growth in the Asia-Pacific region last year, accounting for $141.3 billion in loan volume or about 27% of the total in the region. Infrastructure, project and real estate deals accounted for slightly more than two-thirds of that volume.

Given the increasing exposure banks have to Chinese property, a protracted downturn could have a knock-on effect on the banks. “A lot of mid-sized and big Chinese banks as well as foreign banks have exposure to the China property sector. A big downturn in China real estate market would affect everyone but the mainland banks have the most exposure to the property market,” said Christine Kuo, senior credit officer at Moody’s.

For now, however, the rating agency views Kaisa’s problems as being unique to the company and, at a briefing in Hong Kong on Tuesday, Simon Wong, Moody’s senior credit officer, told reporters that he didn’t think the Shenzhen’s developer’s problems would pose a systemic risk to the sector.

“If the Kaisa case is resolved satisfactorily, such as another developer coming in and potentially buying Kaisa’s assets at fair market value, I think that would also help to ease investors’ concerns,” Wong told reporters.

related

Kaisa given respite but is still in the doghouse Kaisa default triggers broader loan worries Agile woe compounds China’s property problems Cofco Land plans up to $500m placement Loan Week, February 6-12

For now though, investors and lenders are giving the sector a wide berth.

Kaisa had been subject to unexplained bans imposed by the Shenzhen government on the sale of its property projects in Shenzhen. Reports had been circulating that other developers including Fantasia and China Overseas Land & Investment have faced similar bans but the companies have since clarified that the blocked sales are due to administrative procedures by the authorities, and not violations by the companies.

Lenders could also turn wary towards small-cap companies. “China is an important market but we expect more large-cap and higher grade companies this year compared to last year given the concerns over the mid-cap sector,” said Amit Khattar, head of syndicated loans for Asia at Deutsche Bank.

Subordination risk

Kaisa’s problems expose the risks that offshore lenders face. It had initially defaulted on a $51 million loan with HSBC. While it subsequently got a waiver from the British lender, other creditors have frozen some of its onshore bank accounts, and if it came down to a default, onshore lenders would get first dibs on the assets.

Offshore lenders are often subordinated to mainland lenders as the loans are typically issued through offshore holding companies, using the so-called red chip structure.

China’s State Administration of Foreign Exchange (Safe) has made moves to take away some of that subordination risk and, in July last year, relaxed the rules to allow mainland companies to use onshore assets as collateral when raising funds offshore. However, there are restrictions, and Safe has made it clear that the proceeds have to be kept offshore.

“The change in Safe rules means that offshore lenders can get senior secured access to Chinese companies rather than just a red chip structure,” said Khattar. “It is a meaningful development but the number of companies using this has been limited by restrictions over the use of proceeds,” he added.

Lenders have been comfortable lending to offshore holding companies, provided they are perceived to be a strong credit. For example, smartphone company Xiaomi last year tested the market with a debut $1 billion loan, which attracted 29 lenders. Xiaomi is cash rich, with no onshore borrowings.

However, weaker companies are expected to come under more scrutiny now. “Lenders have become more comfortable with loans using offshore holding company structures,” said Deutsche Bank’s Khattar. “But they will be more wary about certain credits,” he added.

This year could be a more challenging one for mainland companies as Taiwanese lenders are keen to keep their exposure to mainland companies down, and could look to diversify to Indian or Southeast Asian companies. “Taiwanese banks were big investors for China loans in the past but they have pretty tight China limits at the moment,” said JP Morgan’s Li.

But amid ongoing market volatility, more companies could start tapping the loan markets as bond yields have risen. “Bond market volatility specially in the high yield market could see more high yield issuers trying to access the loan markets in 2015,” said Khattar.

¬ Haymarket Media Limited. All rights reserved.

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Kenmare agrees refinancing for Mozambique mine

1. CRH Construction View profile 2. Microsoft Technology View profile 3. Google Consumer Technology View profile View the full list in View profile

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[…]

Small Business Week Brings Special Loan Programs, Incentives from CDC Small Business Finance

SAN DIEGO–(BUSINESS WIRE)–

In celebration of National Small Business Week (May 12-16), entrepreneurs can take advantage of special SBA financing programs offered by CDC Small Business Finance to buy their own building, expand their company and create jobs.

SBA Green Loan – this financing program provides higher lending amounts for small business owners who want to buy or upgrade commercial/industrial buildings and make them more energy efficient. Buildings over $20 million can be financed using this unique program offered jointly by a bank and CDC Small Business Finance. Small business owners need only demonstrate a projected 10% reduction in energy costs by deploying one or more energy-saving improvements (e.g. insulation, lighting, heating/air conditioning).

VetLoan Advantage Loan – military veterans who own small businesses can save up to $3,000 with this program. Incentives apply to several types of loans:

SBA-504 loans are used to purchase commercial/industrial buildings. Vets can take advantage of a low-down payment (typically 10%), long-term fixed rates (now 5.07%). CDC will issue a cash rebate up to $3,000 for any funded loan to help veteran owners offset loan expenses. Community Advantage loans provide up to $250,000 for working capital, equipment, inventory, tenant improvements and business acquisition. CDC will waive the packaging fee for veterans, a savings of up to $2,500. SBA Microloans provide up to $50,000 for working capital, equipment, inventory, tenant improvements and business acquisition. CDC will waive the 2% loan fee for veterans, a savings of up to $1,000.

“The doors are now wide open to small business owners who want to grow and expand their businesses,” said Kurt Chilcott, president/CEO of CDC Small Business Finance.

The SBA-504 loan program offers additional advantages, including:

Cash preservation Tax savings No balloon payments

To qualify for an SBA 504 loan, businesses must be:

Owner-operated For profit Organized as a sole proprietorship, corporation, partnership or LLC Have a business net-worth below $15 million and a net-profit after taxes below $5 million within the last two operating years Community Advantage is an excellent loan choice for new and existing businesses that need between $20,000 and $250,000 in business capital. The loan can be used to start or expand a business. The SBA guarantees a portion of each loan. This allows CDC to make loans that may not be available through banks. To be eligible, applicants need to show their ability to repay the full loan amount and meet other guidelines.

Small business owners can find out if they qualify for a loan by using the company’s Prequalify Today tool. For more information call 800.611.5170, visit www.cdcloans.com or check CDC on Twitter @CDC_Loans and LinkedIn. To see short videos of small businesses that have benefitted from SBA loans, go to: SBA Success Stories.

CDC Small Business Finance, a non-profit, is the nation’s leader in providing SBA-504 loans to small businesses, including those that have traditionally struggled getting access to capital. Over 30 percent of CDC’s loans go to women-, minority- and veteran-owned small businesses.

In 36 years, CDC has helped more than 10,000 entrepreneurs buy their own facilities, expand their businesses and create nearly 130,000 new jobs.

Note: Media interested in interviewing small business owners who have received SBA-504 loans to purchase a building can contact Larry Nuffer, 619.243.8620, lnuffer@cdcloans.com.

Small BusinessesBusiness Contact:

CDC Small Business Finance

Larry Nuffer, 619-243-8620

lnuffer@cdcloans.com […]

Idaho payday loan interest rates highest in nation at 582% – The …

BOISE – Idaho has the highest payday loan interest rates in the nation at 582 percent, according to a new study by the Pew Charitable Trusts.
The news comes after a payday loan reform bill that contains no caps on interest rates passed the Idaho Legislature this year amid much controversy; opponents said the bill, backed by major payday lenders, didn’t go far enough to reform the business in Idaho.
“Why not require lenders to offer a loan that fits within a borrower’s ability to repay from the start?” asked Nick Bourke, project director for the Pew Trusts. “We …

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BOISE – Idaho has the highest payday loan interest rates in the nation at 582 percent, according to a new study by the Pew Charitable Trusts.

The news comes after a payday loan reform bill that contains no caps on interest rates passed the Idaho Legislature this year amid much controversy; opponents said the bill, backed by major payday lenders, didn’t go far enough to reform the business in Idaho.

“Why not require lenders to offer a loan that fits within a borrower’s ability to repay from the start?” asked Nick Bourke, project director for the Pew Trusts. “We know through lots of research that … the vast majority of payday loan borrowers renew or repeat the loans for almost half the year. … We know that’s the problem.”

Washington’s average percentage rate is 192 percent, Bourke said, because of additional restrictions that state places on payday lending businesses. Idaho is one of just seven states with no limits on interest charges or fees.

The typical payday loan nationwide is a two-week loan for $375, with a $55 up-front fee, Pew found. The full principle plus the fee is due at the end of the two weeks, with no other charges.

But if the borrower can’t pay that full lump sum, which typically takes up more than a third of the borrower’s next paycheck, Bourke said, the borrower renews for another $55 fee, getting onto a never-ending cycle. “They go back and they borrow the money again in order to make ends meet,” he said.

In the end, Bourke said, “A typical payday borrower in this country pays $520 (in fees) by the time they get out of payday loan debt. That’s a lot more than the price tag that they see going in.”

Pew notes that 15 states cap annual percentage interest rates for payday loans at 36 percent. But none of those have any payday lenders.

“There is a common myth with our industry,” Trent Matson, director of government affairs for MoneyTree, told Idaho lawmakers in March. “The myth is that the industry likes to give more and more and more loans and impose more and more and more fees, and somehow we make more and more and more money. Well, this is an unsecured loan product. It is not a sustainable business model to issue loans that go unpaid. That’s just nonsensical.”

MoneyTree and other big payday loan firms backed this year’s Idaho legislation, SB 1314. It squeaked through the Idaho House by just one vote, passed the Senate 21-13, and Gov. Butch Otter signed it into law on March 26.

The new law, which takes effect July 1, limits borrowers taking out payday loans to an amount not to exceed 25 percent of their gross income, with the borrower to provide the proof of that; and requires lenders to offer borrowers who can’t repay their loans on time a once-a-year option for an extended payment plan without additional fees.

“These are progressive measures,” Matson said. “They provide safety nets and protections for consumers.”

Opponents of the bill ranged from consumer activist groups to the mayors of Caldwell and Wilder to the Society of St. Vincent DePaul, who said payday lending victimizes poor people, overcharges them and locks them into a cycle of debt.

Bourke said Colorado enacted reform legislation that required all such loans to run for a minimum of six months and offer affordable installment payments.

But Matson said that’s not a payday loan product. He said Idaho’s bill “maintains a viable, regulated industry.”

Ironically, many of the Idaho lawmakers who voted against SB 1314 said they thought the bill went too far to restrict the business. Sen. Todd Lakey, R-Nampa, said, “I don’t think it’s government’s role to protect people from themselves.”

[…]

The Hidden Truth About Payday Loans | Payday Loans Reviews

When you’re feeling strapped for cash, simply affording everyday things can be a real struggle. And with the cost of everyday living set to get higher, staying afloat is becoming an impossible task for many.

When your bank balance is preceded by a minus sign, and your next paycheque seems years away, how can you feed your family? Is the answer to scrimp, save, and live on a shoestring? Homeowners everywhere are left feeling like there is nowhere else to turn.

The truth is we shouldn’t have to feel backed into a corner. There are plenty of ways you can boost your bank balance in the short term. One of the most popular – if not controversial – ways is with a payday loan.

Are Payday Loans the Answer?

This type of loan lets you borrow small amounts of money over 30 days. You just pay the lender back on your next payday. They have however, been met with some pretty harsh words by the media. So are they the answer, or will they make a tough situation even worse?

Here is the hidden truth about payday loans. Three things the press never told you:

1. APR isn’t Scary

The first thing you’ll notice about these cash advances is the seemingly high APR (annual percentage rate). Figures like 2,000% might look scary, but there is a reason they’re like this. You’re only borrowing the money for a maximum of 31 days. The APR applied to your loan is relative to this time period.

Mortgages taken out over 20 years for example, spread your repayments over a longer period. With a short term loan, the APR is larger to counter this. Pay your broker back early, and your interest rates are lower. Different lenders also offer different rates, so be sure to shop around.

2. Credit Boosting

Everyone knows that failing to meet loan repayments, direct debits bouncing, and a huge over draft can leave our credit ratings a little poor. While missing the repayments on this kind of loan can damage your credit rating, they can have the reverse effect.

If you pay the lender back before your final date, you may be giving your credit rating a little boost. You shouldn’t rely on this as a way to increase it though. There is no guarantee you’ll improve your rating, so you should see payday loans as a quick fix.

3. Relative Risk

You’ll have read the horror stories about cash advances. People being met with huge repayments they can’t meet. Homeowners being forced to take out another loan just to cover the cost. The truth is no loan is risk free.

As long as you meet the repayments, and only borrow what you know you can pay back, you should have little trouble. Borrowing money from any lender carries risks; you just need to know them, and be sensible with your loans.

Payday cash advances get a rough ride in the press. It is understandable why people have concerns, but they need to be looked at objectively. If you need instant cash for an emergency, they’re the ideal solution. Only of course, if you know you can pay them back.

[…]

Borrowers could save more than $90,000 interest



Borrowers could save more than $90,000 interest

Wednesday, 2 April 2014, 3:45 pm
Press Release: Canstar

02 April 2014

Borrowers could potentially save more than $90,000 interest costs on average home loan
CANSTAR releases annual home loan star ratings report today, assessing 95 home loans from 10 lenders.

After a three-year breather, the cash rate is finally on the rise again, with the Reserve Bank of New Zealand (RBNZ) announcing a 0.25% increase to 2.75% in March. Combined with last year’s high-LVR volume capping, loan conditions are becoming more challenging for would-be and recent buyers. Nevertheless there are healthy savings for borrowers who are prepared to negotiate, with analysis of 95 home loans by financial research and ratings organisation, CANSTAR, finding a difference of 59 basis points on current floating home loan rates.

On a $300,000 home loan over 30 years, a 59 basis point difference equates to potential interest cost savings of $93,000 over the life of the loan, as well as potentially cutting the term of the loan by more than four years.

“I think it can be a shock for home buyers when they realise the total cost of their mortgage over the long term,” said Derek Bonnar, CANSTAR General Manager – New Zealand. “Even in our current low-interest environment, the difference between the highest and lowest floating mortgage rate equates to $113 per month on a $300,000 loan and potentially much greater savings if borrowers negotiate the lower rate but keep their repayments at the same level.”

Loan sizeInterest rateMonthly repaymentTotal repayment over life of loan (30 years)$300,0006.19%$1,835$660,766$300,0005.60%$1,722$620,005Saving $113 per month$40,761If borrowers negotiate low rate but keep repayments at higher level…$300,0005.60%$1,835$567,333,Saving $93,433
Source: CANSTAR. Based on $300,00 loan with 80% LVR over 30 years. Rates on CANSTAR database.

“The interest rate on your home loan remains one of the biggest factors affecting the cost of the loan over its lifespan,” said Mr Bonnar. “For households, keeping their repayments slightly higher when negotiating a low rate could potentially mean a fantastic overseas holiday, or retiring a year earlier. It is well worth the effort.”

CANSTAR makes home loan comparison easy. The Home Loan Star Ratings, released today, compares 95 home loans from 10 lenders across five categories of floating, fixed rate and line of credit loans for both residential and investment purposes. The star rating report is a useful way for mortgage holders to assess how their current lender compares, as well as to narrow down products worth investigating further.

“Across the five loan categories assessed, several mortgage providers stood out as offering 5-star value,” says Mr Bonnar. “These included Kiwibank, achieving a 5-star rating in four of the loan categories, followed closely by Westpac, with a 5-star rating in three categories. SBS Bank achieved 5-star ratings in both the Residential Fixed and Investment Fixed categories and ANZ were 5-star rated in the Line of Credit category.”

“The best value mortgage for each home owner is going to depend on their individual situation, but with potentially many thousands of dollars to save, taking the time to shop around is a great return on investment.”

Home_Loans__Report_NZ_2014.pdf

© Scoop Media

[…]

Post Falls Police looking for payday loan robber – Tue, 11 Mar 2014 PST

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Post Falls police are looking for a man they say robbed a payday loan provider off East Mullan Avenue early Monday.

The robber, described as a white man in his 40s or 50s, weighing a little more than 200 pounds and standing about 6 feet tall, approached a clerk of the Cash n’ Go business located at 740 N. Cecil Road at 10:50 a.m. The man claimed to have a gun and demanded cash, according to a news release.

While the clerk was complying with the demand, the man showed a knife and cut telephone cords. Surveillance video …

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Post Falls Police Department photo

Post Falls Police say this man threatened a payday loan clerk with a gun and fled the business with an undisclosed amount of cash around 11 a.m. Monday, March 10, 2014.
(Full-size photo)

Post Falls police are looking for a man they say robbed a payday loan provider off East Mullan Avenue early Monday.

The robber, described as a white man in his 40s or 50s, weighing a little more than 200 pounds and standing about 6 feet tall, approached a clerk of the Cash n’ Go business located at 740 N. Cecil Road at 10:50 a.m. The man claimed to have a gun and demanded cash, according to a news release.

While the clerk was complying with the demand, the man showed a knife and cut telephone cords. Surveillance video captured the robber, who was clad in a dark blue hooded sweatshirt and gray gloves during the incident.

The man fled on foot with an undisclosed amount of cash. A search of the area yielded no arrests.

Police ask anyone with information about the robbery to contact Post Falls Police at (208) 773-3517.

[…]

ANZ Bank posts 13 percent gain in first-quarter cash profit



ANZ Bank posts 13 percent gain in first-quarter cash profit

Tuesday, 11 February 2014, 11:56 am
Article: BusinessDesk

ANZ Bank posts 13 percent gain in first-quarter cash profit on reduced impairments, higher lending

Feb. 11 (BusinessDesk) – Australia & New Zealand Banking Group posted a 13 percent gain in first-quarter cash profit after recording a lower charge for impaired loans and boosting lending.

Unaudited cash profit was A$1.73 billion in the three months ended Dec. 31, from A$1.53 billion a year earlier, the Melbourne-based lender said in a statement. Cash profit excludes one-time items. Statutory profit increased to A$1.64 billion from A$1.36 billion.

Shares of ANZ have climbed 140 percent on the ASX in the past five years, a period when it has posted record profits. Today, chief executive Mike Smith said revenue growth in 2014 would be 4 percent to 5 percent, outpacing an expected 2 percent rise in expenses. The forecast assumes no change in foreign exchange rates.

In the latest quarter, customer deposits rose 4 percent and loans and advances gained 3 percent, versus the end of the 2013 year. Group net interest margin fell, it said, without giving details. “While ANZ has seen some easing in deposit pricing, this was offset by the ongoing impacts of the lower interest rate environment and some asset pricing pressure which was broadly based,” the lender said.

The first-quarter provision charge was A$191 million, down from A$311 million in the same quarter a year earlier.

The lender’s ANZ New Zealand unit is this nation’s biggest bank. The New Zealand division “continued to grow our home loan book strongly through both business banking and retail channels, with strong performance in the under 80 percent loan to value ratio segment,” it said. The bank didn’t release a separate statement for the New Zealand business.

(BusinessDesk)

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