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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>> - (
) (AFX UK Focus) 2007-10-16 15:24 GMT: Rosneft Q2 net soars to 7.655 bln usd from 1.077 bln on Yukos auctions UPDATE
(updates to add details on payments from Yukos bankruptcy proceedings)MOSCOW (Thomson Financial) - OJSC Rosneft said its second-quarter net income soared more than seven-fold to 7.655 bln usd, up from 1.077 bln thanks to payments from Yukos bankruptcy auctions, the consolidation of its Tomskneft acquisition and organic growth.
Rosneft booked 7.920 bln usd in one-time gains from the Yukos proceedings.
Sales rose to 10.785 bln usd from 8.602 bln.
Russia's largest crude producer also issued a separate adjusted net figure that included one-off effects related to Yuganskneftegaz's tax debt as well as other penalties accrued by some of the numerous assets of bankrupt Yukos it has acquired. The figure also excluded the one-off payments.
By this measure, second-quarter adjusted net rose to 1.657 bln usd from 1.108 bln. More>>
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) Nightmarish Prognosis for School Consolidation Delivered by Bristol School Committee
The Bristol School Committee appeared before the selectmen to offer an update on the status of the school consolidation plan on Sept. 26.
�I�m trying to remain neutral,� said Bristol School Committee Chairman Andrea Beaver to the Bristol Board of Selectmen, �but our duty as a school board is to ask if this looks good for the town of Bristol?�
�We�ve had one organizational meeting with the Regional Planning Committee [RPC],� said Beaver and then she relayed that the board of 22-plus members from Union 74 and 49 towns and Jefferson took more than 45 minutes to elect a community member, Newcastle former selectman Jim Brinkler, with the understanding that Brinkler represents all citizens of the regional school unit (RSU).
Parker Renelt was elected as chairman, with Jack Clockedile as DOE facilitator, and Bristol board chairman Chad Hanna also serves on the committee. More>> - (
) Revenue-surplus Orissa aims at higher capital outlay, social spending
After completing three years in office, Orissa finance minister Prafulla Ghadei is a satisfied man. For, in the last three years, the position of state finances has improved considerably. From a regime that ran its day-to-day affairs with ways and means advances and overdrafts, the state has reached a stage where it is now able to manage its own finances without this help. A revenue-deficit state for over 20 years, Orissa has become revenue surplus. Ghadei, a veteran politician, spoke to FE on the strategy that helped the government consolidate its fiscal position and the road ahead.Ghadei said as part of the strategy, steps were taken for fiscal consolidation through several correction measures. The Medium Term Fiscal Plan and the Fiscal Responsibility and Budget Management Act were the guiding force. More>>