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) Boss defends home loan 'formula'
Rudco CEO Rudi Visagie believes his "simple" business formula is a winner for consumers and has big banks and financial services brokers running scared. The National Credit Act regulates maximum interest rates and initiation fees, but no minimums, Visagie said in defence of his six percent interest rate on home loans. Visagie said Rudco was complying with the act by offering a maximum initiation fee of R150, plus 10 percent of the agreement in excess of R1 000, but limited to R1 140 (including VAT). A further proviso of the act is that the initiation fee may not exceed 15 percent of the principal debt. Rudco's "management fee" of R750 had been converted to an interest rate of 17 percent, said Visagie. Before June 1, when the act came into force, this was how Rudco calculated a R100 000 "debt consolidation" - what the act refers to as a personal loan: Capital outlay of R100 000 (this was used to repay people's debts, Visagie stressed, and no money was paid directly to clients); 20-year (240 month) repayment period; R750 management fee. More>> - (
) Letters to the Editor for Oct. 17
I tried to dispel the rumors I had heard about Avra Valley Fire District as just that, rumors, until I started following the recent stories concerning the Haz-Mat incident in March. Now I find myself left with grave concerns as well as many unanswered questions.Chief Gerber’s lack of leadership and communication has resulted in harm to his own firefighters and could have ultimately caused many more injuries or even deaths. I believe it is time for a thorough investigation into the goings-on at Station 191. An explanation is due as to why these things are allowed to go on and someone must be held accountable.I do not blame the rank and file here. But as firefighters, I am surprised that no one put a foot down over all of these (safety) violations. Does it take a firefighter losing his life due to a lack of equipment and proper training because monies designated for these things were misappropriated? Is there that much intimidation within this fire department that these people whose families and community depend on them were afraid to report or question these things?Who is overseeing the Safety Department in this fire station? These men and women deal with Haz-mat situations almost daily; so who is training them in proper safety measures? Without that training and equipment people die. More>> - (
) Inspicio says gets bid approaches
Business Finance and city news online from Interactive Investor (www.iii.co.uk). Plus financial and currency market news and information 24/7. Stock prices, share prices, currency markets news and business finance headlines. Also news from AFX and Reuters. UK online business, currency, markets and financial news . More>> - (
) AMR Corporation Reports a Third Quarter Profit of $175 Million
FORT WORTH, Texas, Oct. 17 /PRNewswire-FirstCall/ -- AMR Corporation, the parent company of American Airlines, (Nachrichten) Inc., today reported a net profit of $175 million for the third quarter of 2007, or $0.61 per diluted share.As disclosed in AMR's Sept. 21 investor update, the results for the third quarter of 2007 include the impact of a $40 million charge, or $0.13 per diluted share, to reflect an adjustment for additional salary and benefit expense accruals related to years 2003 through 2006 and the first six months of 2007.
The current quarter results compare to a net profit of $15 million for the third quarter of 2006, or $0.06 per diluted share. The year-ago results included a $99 million non-cash charge in Other Income (Expense) to reduce the book value of certain outstanding fuel hedge contracts. More>>