| Charity that offers fair profit
Evergreen Lodge epitomises tranquillity. Located on the western edge of Yosemite National Park, the ecolodge offers private cabins and a campsite to guests who want to hike, bike, raft, fly fish or go bear-spotting. There is even a weekly ping-pong tournament. But what makes Evergreen Lodge unique is not its natural beauty or on-site entertainment – it is that its profits go to support a youth development programme. Paid interns, all young people from inner cities, work at the lodge for five to six months. During that time they gain job skills and receive counselling and career advice. .
Blame Greenspan?
WITH INVESTORS HAVING lost the odd billion in recent weeks (but remember: share prices are still 14 percent higher than they were at this time last year), the hunt for a scapegoat is on. Washington pundits are not famous for their kindness to politicians, regulators and other out-of-power figures to whom they no longer crave access. So it should come as no surprise that Alan Greenspan has been nominated as the culprit, and that the process of chipping away at the pedestal on which he stands has begun. .
SBI Q1 profit jumps 78.5%
State Bank of India on Saturday reported a 78.5 per cent jump in net profit at Rs 1,425.81 crore for the first quarter ended June 2007 as compared to Rs 798.5 crore in same quarter last fiscal.
The bank has continued high net profit for second quarter in succession after net profit of Rs 1493.19 crore in Q4FY07 with a growth of 74.99 per cent over Q4FY06.
The operating profit for the recently concluded quarter stood at Rs 2,361.46 crore, a growth of 30.8 per cent as against Rs 1,805.6 crore in Q1FY07.
The bank's net interest income (NII) has gone up by 15 per cent at Rs 4,497.4 crore over Rs 3,910.6 crore in Q1FY07. While net interest margin (NIM) rises 3.3 per cent including CRR balances in the Q1FY08.
Decline in gross NPA
Gross NPA ratio declined from 3.64 per cent to 3.13 per cent in the recently concluded quarter.
Aussie rises above 85c on rate risk, stocks eyed
SYDNEY, Aug 13 (Reuters) - The Australian dollar rose above 85 U.S. cents on Monday after regional stock markets tentatively stabilised and the Reserve Bank of Australia raised its inflation forecast, suggesting interest rates here would increase again. .
Financial services target growing Hispanic population
WASHINGTON -- Low-skilled immigrants rarely have insurance, whether life, accident or unemployment, and sometimes when they have an emergency, friends and family members pass donation buckets in small churches or call Spanish-language radio stations conducting phone-a-thons to raise money to pay the bills. .
Federal Reserve finds banks tightening standards on subprime mortgages
WASHINGTON (AP) - A majority of the nation's banks have tightened lending standards on subprime mortgages, the Federal Reserve said Monday in a survey that provided further evidence of the spreading problems in mortgage lending. The Fed said it found that 56.3 percent of banks responding to a survey reported that they had tightened their lending standards for subprime mortgages, loans offered to borrowers with weak credit histories. The survey found that 40.5 percent of banks responding said they had tightened loan standards for so-called nontraditional mortgages. The Fed defines this category as adjustable-rate loans with multiple payment options, interest-only mortgages and products referred to as "Alt-A" loans that offer such features as limited verification of incomes.
Q&A: Here's what the Federal Reserve's fast move means
Here are some key answers about the Federal Reserve System's $38 billion intervention Friday on Wall Street: Q: What exactly did the Federal Reserve System do? A: Through complicated repurchase agreements, the Fed effectively pumped $38 billion into credit markets to defend the current interest-rate structure. Its benchmark federal funds rate, which influences consumer and business loans, is set by market forces and had risen to 6 percent Friday morning. That's well above the 5.25 percent target that the Fed's policy-making Open Markets Committee had set Tuesday. The Fed move brought the federal funds rate back to previous levels. .
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