This Hidden ‘Royal’ Jewel, Taken from India, Will Sell for Millions of Dollars

first_imgA very fancy, expensive diamond is about to be openly sold for the first time in its 300-year history.According to Mining.com, the 6.16-carat, “dark grey-blue” Farnese Blue diamond, which comes from India, was extracted early in the bloody, brutal British colonization of the subcontinent in the 18th century. It comes from the Golconda mines — which is the source of many famous Indian diamonds that ended up in the hands of rich Europeans, including the Hope Diamond.Read it at Live Science Related Itemslast_img read more

Executive branch asks public banks for a full report on salary incentives

first_imgRelated posts:Salary incentives and bonuses at public banks hurt credit options for small businesses, says comptroller general Lawmakers probe Banco de Costa Rica appointments, salary bonuses Doing Business: How countries game the World Bank’s rankings Costa Rica’s food industry joins growing chorus of private-sector complaints Vice President and Finance Minister Helio Fallas announced on Tuesday that the government will conduct an evaluation of all salary incentives and policies at public banks, following aninvestigation by the Comptroller’s General Office (CGR) last month. The investigation found that salary incentives and bonuses are hurting credit options for people and for small businesses.According to the CGR report, between 2006 and 2012 Banco Nacional, Bank of Costa Rica and Banco Popular spent 23 percent of their profits to pay performance-based bonuses for most of their employees.At a press conference in Casa Presidencial, Fallas said they agreed to the decision “in order to improve the banks’ competitiveness,” and then proceeded to read a press release signed only by “Presidency of Costa Rica.” The document states that the executive branch ordered public banks to submit within one month a full report detailing all criteria and parameters to determine the amounts paid in incentives and bonuses to their employees.The executive’s agreement also orders the creation of a new commission that will include representatives of Casa Presidencial, the Finance Ministry and the Central Bank. The group will evaluate, within two months, all public bank incentive systems and their impact on performance. “The commission’s report will provide input for decision-making on this issue,” Fallas explained.Casa Presidencial’s directive also calls on the banks’ boards of directors to adopt recommendations issued by the Comptroller’s report and to submit, also within one month, a report on actions performed for their implementation.Comptroller General Marta Acosta last week sent the report to board members at the three banks and ordered them to establish mechanisms to calculate employee benefits “according to the financial situation of each bank and the socioeconomic situation of Costa Rica.”Fallas added that board members of Bancrédito were also notified of the measures, even though that bank was not included in the Comptroller’s report.“We believe in the importance of a dynamic and competitive public banking system as long as it operates within a framework of transparency and accountability, which strengthens its crucial role in the development of Costa Rica,” President Luis Guillermo Solís commented at the press conference. Facebook Commentslast_img read more