| Auditor applauds city's financial staff
In the business world of hiring and firing, hearing the word "unqualified" is usually not good. In the world of audits and number-crunching, the word translates into "a clean bill of health." At Monday night's regular meeting, that was the word the Statesville City Council heard from accountant Robert Taylor, who conducted an audit of the city's books for the fiscal year that ended on June 30. Taylor applauded the city's financial staff and then hit on the highlights of the 120-page report. He said a top area the city should take pride in was its General Fund Balance, which, Taylor explained, was equivalent to a person's savings account. He said Statesville had about 8½ months of money in reserve. "Said another way, your unappropriated fund balance was 72 percent of actual current year expenditures," Taylor said and added that the average for "like-population municipalities" was only 41 percent.
The South Sea Bubble & the Northern Rock Bust
"...Out went the silver sixpences, counted slowly as the angry savers queued up...only to come in again through the back door, fooling the crowd and stalling the crisis..." DEALING WITH A BANKING CRISIS used to be such a simple affair for the Bank of England � not least when the crisis rolled up at its own front door! Back in Sept. 1720, just as the South Sea Company was hurtling from bubble to bust � and hurtling into the history books as a result � the Bank of England faced a "run" from anxious depositors. Still a private enterprise, it managed to stem that drain on its assets, calm the panic, and survive to become the monopoly issuer of Pounds Sterling some 120 years later. Now the Bank's charged with ensuring the stability of both consumer prices and the financial system � six decades after it was nationalized � could the same trick used in 1720 prevent a run on its currency today? Nine years before the South Sea Bubble burst, in 1711, the government in London had hit upon a fantastic wheeze for reducing its huge debt burden, built up during the decade-long War of the Spanish Succession.
South Africa: Tools to Bust Cabals Are Sharp Enough
DO THE competition authorities need more tools in their tool box, or is it simply a matter of sharpening the ones they already have? Developments in bread and in banking in the past week have highlighted the way the Competition Commission is increasingly sharpening its tools in an effort to curb abuses and bring about more of a culture of competition. .
Maybank Eyes 30 Pct Trade Finance Market Share
KUALA LUMPUR, No v 21 (Bernama) -- Malayan Banking Bhd (Maybank) expects to grow its trade finance market share to 30 percent in the current financial year ending June 2008 with the launch of its online trade finance services, Maybank2e.net. "Currently, Maybank has about 28 percent of the overall trade finance market share," said its senior executive vice president/head of business banking, Rozidin Masari. Rozidin said this after signing an agreement with HCL (M) Sdn Bhd here Wednesday. HCL, as systems integrator, will implement the online front-end trade finance solution for Maybank. He said trade finance business contributed about 17 percent of Maybank's overall income in 2006 and was expected to grow to 20 percent in the first year of Maybank2e.net roll-out. "Maybank2e.net, which is scheduled to roll out in April 2008, also caters to both conventional and Islamic trade finance needs of its customers in Malaysia and internationally," he said.
Barclays Wealth unit adding 800 jobs worldwide
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