Word: marketeers
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Dates: during 2000-2009
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...lately the situation has gone from bad to, well, perverse. "One of the frustrating paradoxes of the recession is falling real estate markets and rising property taxes," says Kurt Wenner, research director at Florida Tax Watch in Tallahassee. A 2008 state reform, as well as another scheduled to go into effect next year, has reduced some of Florida's property-tax burden by making the cap more generous and accessible to more residents. But because of arcane provisions in the homestead law, government appraisers can tell a homeowner that although his house's current market value may be as depressed...
...Read "It's the Housing Market, Stupid...
...been with Standard Chartered. Though headquartered in London, most of StanChart's operations are centered in the emerging markets of Asia, the Middle East and Africa - and as a result, it has not only weathered the crisis but continued to prosper. Last year, during the height of the economic storm, the bank's pretax profits surged 19%, while assets increased 32% to $435 billion. This was no fluke: StanChart in early May said it achieved record profits in the first quarter of 2009, and its London-listed shares have doubled since March. Such a stellar performance during the worst recession...
...tier one" capital ratio to 10.1%. (An 8% ratio is considered healthy.) Jaspal Singh Bindra, StanChart's Hong Kong - based CEO for Asia, says that previous downturns like the 1997 Asian crisis made management especially wary of financial-system turmoil. "We learned that when there is a market problem, it spreads from a problem to a crisis very quickly," Bindra says...
...Confidence in its financial position has allowed StanChart to take advantage of crisis-created opportunities. As competitors retrench to repair tattered balance sheets, the bank is expanding its market share in key areas such as trade finance. It has boosted lending to small enterprises in Asia at no risk by participating in loan-guarantee programs implemented by governments to free up credit markets. Sands has also continued making strategic acquisitions, including the purchases of Cazenove Asia, a regional stock brokerage, and a 75% stake in another broker in India. Just as important, Sands has been beefing up the management ranks...