| Too few auditing giants for the government to punish?
The future of the accounting industry may depend on the answer to a single question: With only four major firms left in the business, are there too few to let any fail? Five years after the indictment and collapse of accounting giant Arthur Andersen, the government remains skittish about how much to punish audit firms for misdeeds. The firms and their Washington allies warn that the companies are vulnerable to big verdicts that could steer them out of business, leaving clients with few choices, driving up costs and throwing markets into disarray. Even as the industry profits from a spike in accounting fees after the scandals at Enron and WorldCom, it is launching a bid to win relief from high-stakes court judgments that insiders say could spiral one or all of the firms into bankruptcy.
Letter: City's farms need protection, encouragement
On Feb. 20 the ZBA met to consider an appeal brought by the family who own Arrowhead Farm, Old Ferry Road, requesting relief from onerous regulations and directives recently levied against the farm. These specific regulations would benefit only the owners of a neighboring property (currently for sale) and are idiosyncratic to the city: They would most likely fail a legal test at the level of the commonwealth.
Some of the issues, such as specifics of fence lines and the appropriateness of certain posted signs, seem fairly petty given what is actually at stake, which is no less than the sustainability of the farm's basic operations: livestock breeding, a large greenhouse business and fruit orchards.
A farm is a farm and not a suburb. The area has always been agricultural, though it lies within the city, but fairly isolated at the end of the old road leading to the ferry landing where Gen.
SPRING TRAINING: THE BUZZ
Pitching coach Ron Guidry was only half-kidding when he said the difference in Kei Igawa yesterday was that the Japanese pitcher wore sunglasses. "Maybe it was psychological," said Guidry, who had to check the rules to be certain such eyewear is permissible. "But the glare bothered him last time." Igawa walked three and allowed two hits in one inning March 5 in his debut. He didn't walk a batter in three innings yesterday.
Igawa pitched mostly in domes and in night games in Japan, but Guidry quickly told him, "No sunglasses at night here."
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Pak madrassas being misused for terror money laundering: US
Washington, Mar 04: Madrassas in Pakistan are being misused by terrorist organisations for money laundering and the anomaly is due to the Pakistan governments lack of control over these religious schools and charities, the US State Departments International Narcotics Control Report for 2007 has said.
The lack of control of madrassas, similar to the lack of control of Islamic charities, allows terrorist organizations to receive financial support under the guise of support of Islamic education, the report says. Another issue is the use of madrassas as training grounds for terrorists, it adds.
According to the report, money laundering and terrorist financing are often accomplished in Pakistan via the alternative remittance system called hundi or hawala, a system also widely used by Pakistanis for informal banking and legitimate remittance purposes.
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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