| Credit cards blow-out claim
THE number of taxpayer-funded credit cards issued to public servants has increased by more than 2380 in the past five years. Primary Industries and Resources SA has the most cards, at 937 - an increase of 484 since 2002 when the state Labor Government came to power. The total number of cards issued to government departments increased from 4594 in 2002, to 5196 in 2003, 5341 in 2004, 5798 in 2005, 6199 in 2006 and to 6979 by March. The figures are contained in extracts from ANZ Commercial Cards Quarterly Program Reviews, obtained by The Advertiser under Freedom of Information laws. There is no publicly available data on the total amount of money spent on the cards or a department-by-department breakdown. The Government has no idea how many credit cards issued to a State Government department were lost or stolen in the past five years.
Stocks slump in late trade
Stocks slumped Monday afternoon as Goldman Sachs' dour outlook on the financial sector and a weak report on home builder confidence sparked a broad market selloff. The Dow Jones industrial average (Charts) dropped more than 200 points, with less than half an hour left in the session. The S&P 500 (Charts) index lost 1.5 percent. The Nasdaq composite (Charts) declined 1.4 percent. Small cap stocks were hit harder with the Russell 2000 (Charts) falling 2.1 percent. Goldman Sachs downgraded Citigroup (Charts, Fortune 500) to "sell" from "neutral" Monday and said the bank will likely have to take $15 billion in writedowns over the next two quarters due to bets on risky debt. Citigroup shares fell 5.2 percent. Goldman also cut its price target on Merrill Lynch (Charts, Fortune 500), Morgan Stanley (Charts, Fortune 500) and others in the sector.
Banks bitten as £5bn wiped off shares
THE gossip is as fine as the vintage wine at the New York headquarters of Citigroup, and it flows just as freely. At 399 Park Avenue in Manhattan, the management team of one of the world's largest banks enjoys access to nine private dining rooms and a menu prepared by a team of top chefs. Yesterday's dish of the day was humble pie. The resignation of Charles Prince, the chief executive, amid losses of as much as $18 billion (£9 billion), as a result of high-risk mortgages, triggered further losses of £5 billion in the shares of Britain's banks, leaving the public to question whatever had happened to the days when bank managers were cautious men who lunched at their desks on sandwiches from brown paper bags and carefully scrutinised, over half-moon spectacles, home-loan applicants.
Mail Bag
WANTED: WORLD SERIES So now Alex Rodriguez has another trophy for the case. If it wasn't "all about A-Rod, maybe we Yankees aficionados could expect the only prize: Ice for the finger. But, of course, that's asking him to be a team player and that's not likely to happen. I hope Hank Steinbrenner and bro' include a lot of fine print in the new contract agreement, because they'll be needing it down the line. A-Rod will never last 10 years in the Bronx, at least not without proper psychiatric assistance. CHUCK ARCAND (Sheesh! He'll win over the fans before long and the Yanks will become the A-Rod Squad) ABOLISH SENATOR TALK .
|
