Vikram Akula, founder and CEO of SKS Microfinance, launched the company in 1998 to offer small loans to very poor borrowers. Some 10 years later, SKS has become India’s fastest growing microfinance institution (MFI), with more than two million borrowers. In the next two years, Akula would like SKS Microfinance, whose backers include venture capitalists such as Sequoia Capital, to grow to eight million borrowers — which would make it the world’s largest microfinance lender, surpassing Bangladesh’s Grameen Bank. In an interview with India Knowledge@Wharton at the recent Wharton India Economic Forum, Akula spoke about emerging trends in microfinance.
Tags: poor borrowers, Wharton, sks microfinance, microfinance institution, SKSIMF leads global push for euro zone to boost firewall (Reuters)
Reuters – International Monetary Fund chief Christine Lagarde led a global push on Saturday for the euro zone to boost its financial firewall, saying “if it is big enough it will not get used.”
Ex-Boston Mayor White, led in turbulent ’70s, dies (AP)
AP – Kevin H. White, a four-term mayor who led Boston through years of racial violence and economic stagnation and was credited with putting the city on a path to prosperity, has died. He was 82.
American economy not healthy yet, but it’s healing (AP)
AP – The American economy may not be truly healthy yet, but it’s healing.
Exiting watchdog sees flaws in SEC’s rulewriting (Reuters)
Reuters – In his final act before departing the Securities and Exchange Commission on Friday, the agency’s inspector general, David Kotz, criticized how the agency analyzes the economic impact of some of its Dodd-Frank rules.
Tags: Exchange Commission, economic impact, final act, David KotzHotel industry looks for deal pace to pick up (Reuters)
Reuters – Hotel companies and real estate firms are optimistic that deal transactions will pick up this year despite concerns about Europe’s economy and challenges in obtaining debt financing.
Tags: real estate firms, Hotel companies, Hotel industryFitch warns Washington state over budget gap (Reuters)
Reuters – On the heels of a warning on Friday by Fitch Ratings that it could lower its rating on Washington state’s general obligation bonds, a top lawmaker said talks on balancing the state budget would gain momentum after a key forecast next month.
Tags: fitch ratings, washington state, state budgetSome G20 countries soften stance on Europe: sources (Reuters)
Reuters – Some of the world’s biggest economies want to move quickly on a cash injection for the International Monetary Fund to help rescue the euro zone, but hardliners may still scupper an early deal to boost the fund’s war chest, G20 sources said on Friday.
Tags: cash injection, the International Monetary FundHouseboat industry eyes new venture for comeback (AP)
AP – Kentucky’s houseboat manufacturers once thrived by churning out luxurious floating residences, but the industry was nearly capsized by the economic downturn. Now it’s dabbling in a new venture as it looks for a different course — the construction of moderately priced, energy efficient landlocked homes.
Tags: houseboat manufacturers, economic downturnVanishing inflation bolsters case for Fed easing (Reuters)
Reuters – It has only been a few days since the Federal Reserve adopted a formal goal for inflation, and already policymakers are missing their target.
Tags: the Federal ReserveQuarterly GDP changes in past 4 years, at a glance (AP)
AP – Quarterly GDP changes in past 4 years, at a glance
How Fastenal Is Vending a Success Story (The Motley Fool)
The Motley Fool – Industrial and construction materials supplier Fastenal (Nasdaq: FAST – News) has significantly upped its market presence lately with the expansion of its industrial vending machines — dubbed a “one-stop shop” to replenish supplies.
Tags: market presence, The Motley Fool, vending machines, construction materials