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The world’s biggest banks are urging the EU and US to back down on threats to clamp down on their industry which they insist will damage consumers and investors and hinder plans for an international approach through the G20.

In a letter to US treasury secretary Tim Geithner and EU markets commissioner Michel Barnier, the bankers warn of their concerns “that the US and EU are pursuing regulatory reforms in a manner that could conflict with G20 reform commitments, potentially resulting in a fragmented transatlantic capital market, to the detriment of consumers, investors and other market participants”.

The banks, represented by the Association for Financial Markets in Europe and the Securities Industry and Financial Markets Association, are particularly concerned about the US plans for the Volcker rule, intended to stop banks engaging in risky trading activities, and Europe’s planned curbs on hedge funds.

“The financial regulatory reforms currently being proposed and adopted by the US and EU will directly affect our firms’ ability to provide the products and services our customers demand,” the groups warned.

“Fragmented or conflicted regulation, even when the policy rationales are identical, will complicate the ability of market intermediaries, investors and those seeking to raise capital to conduct business efficiently,” they added.

The organisations are raising their concerns at a time when the industry is warning that plans to make banks hold more capital could actually make them lend less money.

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If you teen went off to college tomorrow, how soon would they call you asking for money? Would they be able to purchase their own groceries by the end of the month? Would they end up moving back into your basement when they cannot afford their apartment any longer? The idea of your teenager going into debt so early is definitely a frightening one, but it is a very real one as well. Does your teen have the money management skills necessary in order to survive out there?

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College can be a financially dangerous time for kids. It’s often the first time they are on their own, and the first time they may have to really handle money. Whether your son or daughter is still deciding where to attend college or whether he or she is already living in the dorms, when it comes to money, there is always more to learn.

Talk about money. Money is one of the few constants we have throughout our life, yet it is one of the least discussed subjects. And, the more that you talk about something, the less embarrassing or shameful it becomes and the more natural dealing with it becomes. Discuss issues like how you are going to pay for college or what you are going to do if you lose your job, as a family. L

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The proposed resources super profits tax would be neutral in terms of ratings for most debt issuers in the resources sector, Moody’s Investors Service says.

“It would only exert a low-to-medium negative financial impact, but such effect would be containable within existing ratings,” Moody’s vice-president Ian Lewis said in a special report on the implications of the proposed tax.

“On the other hand, for a few companies with low levels of commodity and geographic diversification, and which now pay lower tax via resource royalties, the incremental impact would be more meaningful.”

Mr Lewis said the offshore oil and gas sector would be relatively less affected by RSPT, when compared with other commodities producers because it was already covered by the Petroleum Resources Rent Tax.

He also said that under the proposed RSPT, some mature projects could be relatively better off than under the royalty tax system.

“Junior resources companies also stand to benefit the most from the exploration expense rebate and the government’s proposed scheme could effectively and partially underwrite losses incurred in failed projects,” Mr Lewis said.

The federal government proposes to introduce the tax from July 2012.

It has promised to consult with the resources sector before the legislation is finalised.

“At this stage, it is too early to assess the precise financial impact of RSPT, and key variables would be the price environment prevailing in 2012 and beyond,” Mr Lewis said. Full Post…

Jonathan Leane is today’s guest blogger here at Rich Credit Debt Loan. Jonathan writes for Debt Loans.

Why Diversify Your Income?

Most people are familiar with the idea of diversification—it is common knowledge to not “put all your eggs in one basket”. However, this advice is most commonly applied to investing to suggest that you should invest in a variety of assets to protect yourself from a decrease in one particular asset. While this certainly is true, diversification can be applied to more than investing.

Diversifying your income can be even more important than diversifying your portfolio if you have many working years left. Imagi

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