| Housing Market vs. Instant Loans
Get cash now, pay in advance, turn your check into cash. You've seen them all before, or maybe even gotten a loan. Lately, with the housing market declining, places like these are getting a bad name. "They're after the credit card companies, they're after the banks they're after anyone in the financial industry. We tend to be an easier target than the banks because we're not as big as the banks and haven't been around as long," says Jabo Covert Vice President of Government Affairs for Check Into Cash. Instant loans are a growing business. In fact, one of the largest in the industry, Check Into Cash, started right here in Tennessee. But credit counselor Dan Stevens says the main problem with instant loan companies is the high interest rate. "Under their normal income they can't afford their house payment.
Battered sectoral indices bounce back
The short covering and the money flow shifting from commodity to equity market was responsible for across the board huge rally in the equity market on Tuesday. A majority of the sectoral indices including Bombay Stock Exchange (BSE) realty, bankex, consumer durable, IT and power, which were battered heavily in the recent carnage at the bourses shined on Tuesday and outperformed the benchmark Sensex. The realty stocks index BSE Realty has led the sectoral pack which went up by 9.48% or 645 points (pts) at 7,451 pts. The Bankex gained the second highest as it went up by 8.1% or 626 pts at 8,371 pts. Jignesh Desai, head, institutional sales, SBI Securities said that two factors were mainly responsible for the rally in the across the board buying. One, the investors opted for short covering ahead of the expiry of the March derivative contracts on Thursday .
Troops shell Somali market, killing 11: witnesses
At least 11 people were killed in Mogadishu on Saturday when troops at the Villa Somalia presidential palace returned fire against Islamist insurgents who attacked it with mortar bombs, witnesses said. President Abdullahi Yusuf was meeting Ethiopian Foreign Minister Seyoum Mesfin there at the time, an aide told Reuters, but no one in the hilltop compound was hurt. Residents said Ethiopian soldiers guarding Yusuf then launched shells at Bakara Market in the city below, killing a number of people and wounding dozens more. "Seven people including a woman died in the money changers' area when more than eight mortar bombs struck several parts of Bakara," shopkeeper Muse Ahmed told Reuters. "Four people were killed inside the market's food section," said another local trader, Yonis Abshir.
|
