Mirada receives cash boost as loan stock holders convert

Mirada receives cash boost as loan stock holders convert - Proactive Investors Australia Jul 12th 2013, 07:02 Mirada Plc www.mirada.tv/ Full Mirada Plc profile here Mirada forms the largest independent interactive audio/visual supplier in Europe. mirada has assembled a highly experienced management team, together with a staff of more than 100 employees which possess a unique blend of skills and experience in the areas of digital TV, internet and mobile phone services and technology. Mirada receives cash boost as loan stock holders convert Friday, July 12, 2013 by John Harrington Mirada () is to pocket £315,000 as a result of the conversion of loan stock into 3.15mln ordinary shares at 10p a share. Among those participating in the loan stock conversion is Baring Iberia II Inversion en Capital. Baring will receive 582,790 converted shares, raising its holding to 10.7mln ordinary shares, equivalent to 19.4% of the company. Mirada's chairman, Javier Casanueva, is a partner of Baring. Mirada, which creates and manages services for digital TV platforms and broadcasters that enable consumers to interact with and purchase digital content on televisions and mobile communication devices, said that following the conversion of shares, the outstanding amount of the 10% secured convertible loan stock will reduce to £660,000. Andrew McCrea's Research Reports Sign up to Andrew McCrea's Research Reports and Receive Latest Research & Flash Trades Receive Proactive Investors Newsletter, Investor Forum Invites Receive Proactive Investors Newsletter, Event Invites, Special Stock Notifications

Minnesota sues online, fast-cash lender - MinnPost.com Jul 11th 2013, 21:33 This article is one in a series of occasional articles funded by a grant from the Northwest Area Foundation. Minnesota has joined nine other states in cracking down on an online, fast-cash loan company that claimed to operate under Native American tribal law thereby circumventing state limits on lenders. CashCall, Inc. of California used Western Sky Financial LLC – which claims to operate under tribal law of the Cheyenne River Sioux in South Dakota – as a front and illegally charged Minnesota borrowers annualized rates of up to 342 percent, according to a lawsuit filed today by Minnesota Attorney General Lori Swanson and Commerce Commissioner Mike Rothman. The borrowers were falsely told that the loans were governed by tribal law, according to a complaint filed in Hennepin County District Court. MinnPost reported in June that lenders claiming to operate under tribal law were advertising in Minnesota and generating complaints to authorities. Borrowers who bit on these ads were finding themselves in murky legal waters and disputes over the reach of tribal sovereignty. Nationwide, some non-Indian players were using tribal sovereign immunity as a front – so-called "rent-a-tribe" schemes – in order to dodge state limits on loan amounts, interest rates and collection tactics, federal authorities allege. 'A façade' In the Minnesota lawsuit, authorities allege that loans were held out to consumers as being made by Western Sky Financial, LLC. In reality, they allege, CashCall or its subsidiaries were funding the loans – immediately purchasing them before the borrower had made a single payment. And CashCall collected the interest and payments. Western Sky and its affiliates have not responded to MinnPost's repeated requests for comment. On its website, Western Sky has emphasized that it "is a Native American business operating within the exterior boundaries of the Cheyenne River Sioux Reservation, a sovereign nation located within the United States of America." Further, it has said: "All loans will be subject solely to the exclusive laws and jurisdiction of the Cheyenne River Sioux Tribe, Cheyenne River Indian Reservation. All borrowers must consent to be bound to the jurisdiction of the Cheyenne River Sioux Tribal Court, and further agree that no other state or federal law or regulation shall apply to this Loan Agreement, its enforcement or interpretation." Minnesota authorities reject that claim of sovereign immunity. A screen shot of the Western Sky Financial website. "CashCall uses Western Sky as a facade to fraudulently give the loans the appearance to consumers that they are subject to tribal law, not state law, and therefore not subject to state interest rate caps and other consumer protections," said a statement issued by Swanson's office. "Western Sky and CashCall falsely claim that the loans are not subject to state lending laws (including state interest rate caps) because Western Sky's owner, Martin Webb, is a member of the South Dakota Cheyenne River Tribe," the statement said. According to the complaint, Western Sky ads offering easy money have lured Minnesotans to borrow between $850 and $10,000 with annualized percentage rates of between 89 and 342 percent. Consumers also have paid origination fees of up to $500 at the front end of the loan, which are financed and subject to the same interest rates.  "In other words, a Minnesota resident who wants to receive $1,000 must finance $1,500 -- with $500 immediately going for fees -- and then must repay the full $1,500 at an interest rate of 149 percent," said the statement announcing the lawsuit. In contrast, it said, a properly licensed lender making a similar loan would only be allowed to charge a $25 fee, with a 21.75% APR.  "This outfit has a history of hiding behind front companies to circumvent the legal protections -- including limits on interest rates -- available to borrowers under state law," Swanson said.  "The Internet is flooded with unlicensed lenders, and people need to be on guard."   CashCall also has advertised under its own name in Minnesota. And it has been caught in the past trying to dodge lending laws by using so-called "rent-a-bank" schemes, the lawsuit alleges. Other states and federal regulators  The Federal Trade Commission and at least nine states -- including Colorado, Illinois, New Hampshire, Massachusetts, Oregon, Georgia, Missouri, Maryland and Washington -- have taken action against CashCall and/or Western Sky for unlawfully making loans without proper state licensure and in violation of state usury laws. In April, Oregon's Department of Consumer and Business Services issued a cease-and-desist order against Western Sky and fined the company $17,500 "for making loans in Oregon without a proper license and for charging interest rates in violation of Oregon law." The department's statement said that Western Sky had "promoted its loans through an aggressive TV and radio advertising campaign in many states, including Oregon," and had charged annualized interest rates ranging between 89 percent and 342 percent. Colorado's Attorney General sued Western Sky and its owner, Martin A. Webb, in state District Court in 2011 alleging that the unlicensed lender had illegally granted some 200 loans in Colorado.   A Colorado District Court judge was not persuaded by Western Sky's argument that Indian-owned businesses operating on a reservation are not subject to state rules. In a summary judgment finalized this May, he sided with the state, noting that borrowers applied for their loans and received them in Colorado, not the South Dakota reservation. And they repaid the loans and the finance charges from Colorado, typically by Western Sky withdrawing funds electronically from their local bank accounts.   The Colorado court also didn't buy Western Sky's requirement that the borrowers submit to the jurisdiction of the Cheyenne River Sioux Tribal Court. Meanwhile, the Federal Trade Commission has charged in U.S. District Court in South Dakota that Western Sky and affiliated loan companies "sought to unfairly and deceptively manipulate the legal system and force debt-burdened consumers throughout the country to travel to South Dakota and appear before a tribal court that did not have jurisdiction over their cases." The FTC said that Webb also does business under several different names, including Payday Financial LLC, Lakota Cash and Great Sky Finance. The FTC alleges that Western Sky and its affiliates have attempted to settle claims in tribal court and even obtained court orders to garnish their wages. "The tribal court does not have jurisdiction over claims against people who do not belong to the Cheyenne River Sioux Tribe and who do not reside on the reservation or elsewhere in South Dakota," the FTC said in summarizing its case. F rating The Better Business Bureau gives Western Sky an F rating. In 2010, the Better Business Bureau warned cash-strapped families to beware of online lenders claiming they were not beholden to state or federal laws. After receiving hundreds of complaints, the BBB said that lenders, when confronted, typically claimed legal immunity --  "often claiming that they are based in another country or on Native American reservations and are sovereign nations." The BBB also said that the West Virginia Attorney General had "evidence to prove the lenders who claimed tribal sovereignty were not actually part of the tribe but were merely 'renting' it for the purposes of claiming shelter from state and federal laws." Seeking restitution Some tribal lending businesses are legitimate, as are the tribes' sovereign rights to operate them on their own terms. And some tribes around the country see the online loan business as the new casino, a fresh chance for those operating on remote reservations to profit. In the case of CashCall and Western Sky, though, Minnesota authorities say they draw the line. "Minnesota is not open for illegal and sham lending businesses that prey on our consumers," said Commerce Commissioner Rothman, whose Department licenses and regulates lenders making loans in Minnesota. "The Commerce Department is committed to stopping lending schemes that rip off Minnesota consumers with exorbitant interest rates." Their lawsuit seeks to stop the lending operation as well as to get restitution for Minnesota consumers.   The same Minnesota authorities have successfully cracked down on other online lenders who were operating illegally in Minnesota and charging rates far in excess of caps set in state law.   On May 31, Ramsey County District Judge Margaret Marrinan ordered Delaware-based Integrity Advance LLC to pay $7 million in damages to the state as well as $705,308 in restitution to Minnesota borrowers. The company also was barred from collecting interest and fees on loans granted to Minnesotans unless it becomes properly licensed in the state. The case was the eighth recent court victory Swanson's office has scored against online lenders.

China continues to pour cash into Africa with $1.1 billion loan to ... - Denver Post Jul 11th 2013, 19:55 Chinese Premier Li Keqiang shakes hands with Nigerian President Goodluck Jonathan before their meeting at the Great Hall of the People on July 11, 2013 in Beijing, China. (Alexander F. Yuan/Pool/Getty Images) JOHANNESBURG, South Africa — China has offered $1.1 billion in low-interest loans to Nigeria for badly needed infrastructure development, part of Beijing's continuing efforts to bolster relations with resource-rich African nations. Nigeria is the most populous African country, and its biggest oil producer, but struggles with crumbling, outdated infrastructure especially in its overcrowded big cities. Nigerian President Goodluck Jonathan, who is leading a business delegation on a four-day trip to China, signed the loan agreements during a meeting with counterpart Xi Jinping in the Chinese capital. The loans will help with building roads, hydroelectric plants, airport terminals in four cities and a light-rail line Chinese Premier Li Keqiang talks during his meeting with Nigerian President Goodluck Jonathan at the Great Hall of the People on July 11, 2013 in Beijing, China. (Alexander F. Yuan/Pool/Getty Images) for the country's capital, Abuja. According to The Associated Press, Chinese companies are already building roads across Nigeria in contracts worth $1.7 billion. One Chinese expert said that a reduction in US demand for Nigerian oil is pushing the West African country to strengthen ties with other major oil importers, such as China. "Nigeria is the first African country to include RMB [China's currency] in the foreign exchange reserves, which shows its recognition of the value of China's economy," He Wenping, director of African studies at the Chinese Academy of Social Sciences, told the English-language China Daily. During his visit to China, Jonathan will meet with other top leaders including Premier Li Keqiang, and will also hold meetings with heads of major Chinese conglomerates such as state-owned oil and gas giant Sinopec, and technology firms Huawei and ZTE. A commentary published by China's state-run Xinhua News Agency praised Nigeria for offering "valuable business opportunities for China." "As a resource-rich country with some 70 percent of its population under the age of 30, Nigeria has an enviable growth potential. China can fund Nigeria's development with low-interest loans, technical assistance and favorable trade policies," the commentary said. The Punch, a Nigerian daily, reported that Jonathan told a breakfast meeting of African ambassadors to China that Africa must strengthen its democratic institutions. "President Jonathan reaffirmed his conviction that African countries needed to strengthen their institutions of democratic governance to guarantee political stability and sustained development," an adviser to Jonathan said in a statement. "He said democratic governance ought to be nurtured and encouraged until it takes firmer root across the continent."

CashLoansCorner Confirms That Instant Cash Payday Loans Are ... - SBWire (press release) Jul 11th 2013, 17:10 Deerfield Beach, FL -- (SBWIRE) -- 07/11/2013 -- Finding a reliable source to obtain instant cash help can be extremely difficult for many individuals. The reason it is difficult is because of the lack of knowledge about the payday loans. Many people are still not aware of the fact that instant cash payday loans are now possible with the help of private lenders. However finding the most reliable and guaranteed payday loan lender is extremely important in order to obtain quick cash loans. CashLoansCorner explains about the procedure of applying for payday loans. The site even confirms that the best way to obtain instant cash loans is with the help of personal loans provided by private lenders. CashLoansCorner has a wide network of the most reliable and guaranteed payday loan lenders available in the business. The site even assures that instant cash payday loans are now possible with the help of the guaranteed payday loan lenders that are recommended by the site. The official spokesperson of the website said, "We at CashLoansCorner guide people about the benefits of applying for payday loans in order to avail instant cash loan for an emergency. The loan application procedure is pretty simple and less complicated to that of the banks. The lenders recommended by us on the site offer people with instant loans on the spot without even checking their credit history. On CashLoansCorner we confirm that instant cash payday loans are now possible with the help of private lenders suggested by us on our website. We have a wide network of the most reputed and reliable list of private lenders available in the business concluded the spokesperson." Instant cash loans are the most convenient way to deal with an immediate cash need. The application procedure is simple and the loan applicant can receive the amount within 24 hours. How to know if instant cash payday loans are now possible? Where to look for reliable private lenders? Read further about it on the website CashLoansCorner. About CashLoansCorner CashLoansCorner.com is a website that helps people in financial crisis gets the payday loan through the wide network of nationwide approved lenders. The website is run by loan experts and it allows loan seekers to meet the most appropriate lenders in their area. For more information about CashLoansCorner contact Mary Smith at 1-888-774-4956 or support@cashloanscorner.com , CashLoansCorner; 3422 SW 15 Street, Suite #5217, Deerfield Beach, FL 33442

Alison Phillips column Kerry Katona should never have accepted ... - Mirror.co.uk Jul 10th 2013, 00:07 10 Jul 2013 00:00 I've got little sympathy with Kerry – she should have just paid her tax bill in the first place like the rest of us Bankrupt: Kerry Katona SPLASH Kerry Katona was clearly a terrible ambassador for the payday loan company that paid her to advertise their morally dodgy deals. When she first landed the job with Cash Lady I pointed out it was hard to see how a bankrupt who admits having no idea about money could have any credibility in this area at all. But it turns out now Kerry has been the perfect front woman to advertise the reality of these money grabbing firms. When she was declared bankrupt for the second time last week she was dumped by Cash Lady within hours. "What kind of message does that send out to their customers?" Kerry rages. Er, the true one, Kerry – the message that payday loan companies are utterly ruthless and merrily trade on the misfortune of others. I've got little sympathy with Kerry – she should have just paid her tax bill in the first place like the rest of us. And she should never have accepted money to promote this vile industry. But at least her ­misfortune has advertised the reality of payday loan companies. View gallery Rex Kerry Katona in pictures View gallery   Posh and wrecks What I don't get about fashion designers is how, despite spending their lives thinking about clothes, they generally look a total state. At Wimbledon, Kim Sears looked ­stunning in her mint green Victoria Beckham frock. While Victoria Beckham looked like she'd forgotten to get out of her nightie. And Stella McCartney designs fabulous dresses but generally goes out looking as though she's in one of her dad's suits that has shrunk in the wash. As for Vivienne Westwood? Well, I think my case is proved. Sheryl peril So, it's back to the beginning with Gazza. This time he hasn't so much fallen off the wagon as flung himself off at high speed. After returning to boozing he was arrested for assaulting a train guard and his ex-wife Sheryl. Friends say his heart is broken because he just wants to be with Sheryl and his addiction to her is as great as to booze. Maybe Sheryl is similarly drawn to Gazza, or maybe she just enjoys the drama and limelight that he brings. Either way, I'd hope she wouldn't flaunt booze in the face of the father of her children knowing it could kill him. Perhaps she should take the same approach to flaunting herself in front of him, too. View gallery Getty Paul Gascoigne: The highs and lows of a rollercoaster career View gallery

Why It's So Hard to Get Small Mortgage Loans of Less Than $50k - Go Banking Rates Jul 7th 2013, 08:38 Finding a lender to provide a mortgage loan for less than $50,000: It's a challenge faced by a surprising number of people, and one that's often tough to solve. Sandy Smith of Yes, I Am Cheap brought this issue to our attention when she presented us with a challenge via Twitter: @gobankingrates @mybanktracker I challenge you both to show banks & rates offering mortgage loans of $50K and less! Under served market! Under-served, indeed. After some research on a few lenders and a call to a Coldwell Banker's mortgage representative (who promised an agent would follow up with me within 24 hours, but never did), I was left without any clear answers, but more determined than ever to find them. Who Needs Such Small Home Loans Anyway? This was my first thought. Spending most of my life within the expansive, densely-populated and inflated housing market that is Los Angeles County — namely, the South Bay's "Beach Cities" — I often forget that half-million dollar homes are not the norm throughout most of the country. According to Trulia.com, the median sales price for a single-family home in Los Angeles, California today is $430,000. A few hours away in the more isolated community of Barstow, however, the median sales price is just $69,000. Homeowners living in small towns or depressed local economies, where property values are quite low, don't need to borrow hundreds of thousands of dollars to buy property — they only need as much as someone looking to buy a higher-end new car. Then there are those homeowners who may have secured their loans 15 or 25 years ago, have paid down most of the principal balance on their mortgages, yet want to take advantage of today's amazing mortgage rates by refinancing. Unfortunately, whether you want to borrow or refinance a mortgage of just $50,000 or less, few lenders are willing to approve it. Why Lenders Don't Like Providing Small Mortgage Loans So why is it so difficult to find a lender offering small mortgage loans under $50,000 in the first place? Generally, it's just not worth it to the bank (or the borrower, in most cases). That's because whether your mortgage is for $50k or $500k, loan origination and servicing costs are about the same. A loan of several hundred thousand dollars over couple of decades provides the lender a nice profit from interest, while a much smaller loan requiring the same amount of money and effort to fund it yields significantly less. Often, it's not cost-effective for a bank to provide such a small home loan. If lenders lose money providing extremely small home loans, they are certainly not going to go out of their way to advertise their availability, much less the higher rates associated with these loans. That does not mean, however, that there are no lenders out there who will provide one. How to Get a Small Home Loan and Alternatives for When You Can't Just because these small home loans are uncommon doesn't necessarily mean they don't exist. If you need financing for a home that doesn't cost very much, you might be able to get it if you're willing to put in the work. Reach out to Local Banks and Credit Unions Don't expect to walk into a BofA or Chase mortgage office and be approved for a $50k mortgage. To find small home loans, you have to go to small institutions. Your first stop should be your local bank; an existing relationship with a community bank or membership with a credit union is a great in to negotiating a small home loan. Financial institutions are much more willing to work with customers who have proven their loyalty and responsibility with money. If you don't bank with a community institution, however, or you do, but are rejected for a loan, you should continue to meet with representatives from local banks and CUs near you and have them review your financial situation (just don't let them all run your credit!) to find out if a small mortgage loan is a possibility. Keep in mind, it could take some time before finding a lender who is willing to work with you. What to Do When No One Will Give You a Small Mortgage Loan If you've tried contacting local lenders without any luck, it's time to find alternative ways of funding your home purchase. Personal loans Rather than obtaining a mortgage loan, you can instead finance your home purchase using a personal loan. There are many types of personal loans, ranging from secured loans from major banks, to dangerous, extremely high-interest payday loans. Obviously, if you decide on a personal loan, it's important that the terms are manageable and the interest rate is affordable. Peer-to-peer lending Another option is to borrow the money from an individual willing to lend it out-of-pocket in return for interest from you. There are a couple of peer-to-peer lending sites that facilitate these transactions and tend to have positive user reviews: Prosper.com and LendingClub.com. P2P lending sites like these are helpful because users (both investors and borrowers) are pre-screened, while the interest rates charged tend to be more competitive than personal loan rates at traditional financial institutions. Both of these sites serve as the middlemen, matching investors with borrowers who meet qualifications, including a credit check. Like any other loan, the rate charged for a personal loan will depend on things like your credit score, amount borrowed and loan term. It's important to note that the maximum loan amount allowed by Prosper is $25,000, while Lending Club funds loans up to $35,000. Why You Should Think Twice About Small Home Loans Note that if you do manage to finance a home with a mortgage loan of less than $50k, the interest rate will most likely be higher to compensate for the money the lender is losing on the deal. Additionally, while closing costs of, say, $5,000 would be considered perfectly reasonable on a standard mortgage, that represents 10 percent of a $50,000 loan — not so reasonable any more. So in answer to Sandy's challenge, the banks and rates available for mortgages under $50k vary by applicant, and you won't find them advertised. Some lenders outright do not provide these small mortgage loans, while those who will do so on a case-by-case basis. I would advise anyone seeking a mortgage this small to stop for a moment and really think about whether it's worth it — it may turn out that securing a mortgage loan for that little doesn't make sense financially. If you need a loan for less than $50k, consider finding an alternate source of funding, maybe even borrowing from a family member or friend, or simply waiting on your purchase so you can save up the money you'd be spending on mortgage payments and pay cash instead.