Westpac sells vendor finance business to focus on core banking

(Reuters) – Australia’s Westpac Banking Corp on Friday agreed to sell its vendor finance business to a U.S. private equity firm, as part of its strategy to focus on core banking operations and trim its portfolio of underperforming businesses.

The unit, which supports third parties to fund small-scale equipment finance loans, would be sold to Angle Finance, a portfolio company of Cerberus Capital Management, Westpac said.

Westpac did not specify the deal value, but said it expects a small accounting loss on the sale and negligible impact on the bank’s balance sheet and capital ratios.

The deal will result in the transfer of about A$500 million ($359.80 million) worth of Westpac’s customer loans, and is expected to be completed by the end of April 2021.

In May, the Australian bank kicked off a review of its underperforming divisions including wealth platforms, superannuation and retirement products, insurance and auto finance businesses.

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India faces protracted slowdown as virus clouds rural revival

By Swati Bhat and Manoj Kumar

MUMBAI/NEW DELHI (Reuters) – India is staring at a protracted slowdown as coronavirus cases reach its countryside, with signs of recovery in the rural economy hailed by Prime Minister Narendra Modi “at best a mitigating factor”, government officials and analysts said.

The world’s No.5 economy reports first-quarter GDP data on Aug. 31 and, according to a Reuters poll, it is likely to have contracted 20% over April-June. It is forecast to shrink 5.1% in the year to March 2021, the weakest since 1979.

Nearly half of India’s 1.38 billion population rely on agriculture to survive, with the sector accounting for 15% of its economic output.

Modi has been citing higher fertiliser demand and sowing of monsoon crops, both key signs of rural activity, to show there are “green shoots” in the economy.

But four government officials said the uptick in activity may not be

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8 Best Jobs in Finance

Make money managing money.

If an afternoon spent retooling your budget sounds like a good time, you may be the perfect candidate for a job in finance. Occupations in this industry generally involve managing money, analyzing financial information or completing similar tasks.

Factors such as income, unemployment, work-life balance and future job prospects were used to find the best jobs in finance. The following represent the top finance jobs according to U.S. News & World Report’s Best Jobs rankings. Income and unemployment data comes from the federal Bureau of Labor Statistics.

Financial Manager

Median salary: $127,990

Unemployment rate: 1.4%

Financial managers make sure a business or organization’s finances are on solid ground. They may work closely with executives or department heads to analyze financial data, prepare reports and make recommendations. Some specialize in a specific area of finance such as risk, insurance or credit.

A bachelor’s degree in

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Edited Transcript of 9434.T earnings conference call or presentation 11-May-20 10:59am GMT

Aug 15, 2020 (Thomson StreetEvents) — Edited Transcript of SoftBank Corp earnings conference call or presentation Monday, May 11, 2020 at 10:59:00am GMT

SoftBank Corp. – CFO, Executive VP & Director

SoftBank Corp. – VP of Finance Unit, Head of Finance & Head of Accounting Division

Daiwa Securities Co. Ltd., Research Division – Research Analyst

Ladies and gentlemen, thank you very much for waiting. We would like to begin SoftBank’s investor briefing on earnings results for the fiscal year ended March 31, 2020. We would like to introduce to you our speakers today, from SoftBank Corporation, Board Director, Executive Vice President and CFO, Fujihara; Vice President, Head of Finance and Accounting division, Naito.

Takashi Naito, SoftBank Corp. – VP of Finance Unit, Head of Finance & Head of Accounting Division [2]

My name is Naito.

Vice President, Head of Strategic Finance Division of the Finance unit, Hirono.

My name is … Read More

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