| A Crisis Survivor, Faces Another One
New Century Financial Corp.'s meltdown has been portrayed as the tale of a company that couldn't keep up with rapidly deteriorating conditions in the convulsing subprime mortgage market. But the man at the company's helm is known as a stickler for process and minutiae who sought investors' respect in the often-maligned subprime industry. According to current and former associates, Brad Morrice, New Century's embattled 50-year-old chief executive, is the opposite of so-called imperial CEOs who remain aloof from day-to-day business, allowing them to claim ignorance of possible mistakes and misdeeds. Associates describe Mr. Morrice as a down-in-the-trenches executive who has ... .
When Hidden Charges Are Legal
Vasily Konoplyov was just an observer at Moscow's Basmanny District Court on Friday, but his emotions ran high. With his arms crossed tightly around his chest, he let his anger escape in small huffs and whispers as Russky Standart bank made its case. .
Banking : the Budget 2007 effect
Bank credit grew by 30.2% as on January 5, 2007 as against 29.7% a year ago. Non-food credit grew by 31.2%, at the same rate as the previous year. Credit growth has been largely broad-based. About 34% of the incremental non-food credit was absorbed by industry, 12% by agriculture, 29% by personal loans and 25% by other loans. Growth in aggregate deposits accelerated to 21.1% as on January 5, 2007, from 16.2% in the previous year. Demand deposits grew by 19.2% vis-a-vis 28.7% a year ago. However, accretion to time deposits was significantly higher at 22.9% from 15.0% in the previous year. High growth in time deposits, apart from the acceleration in economic activity, can be attributed to higher deposit rates and tax benefits under Section 80C for deposits with a maturity of 5 years and above.
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