Summary Box: Stocks fall as dollar jumps
DOLLAR STORE: The dollar rose 1.1 percent against an index of six heavily traded currencies after Moody’s warned that it may cut Spain’s debt rating. A stronger dollar hurts U.S. companies that do a lot of business overseas.
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Fed stands pat on interest rates and bond purchases
The Federal Reserve on Tuesday made no changes to its interest rate policy or its plans to purchase $600 billion of bonds to boost the econo …
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Suicide Won’t End Madoff Suits
Mark Madoff was feeling increasingly despondent about his worsening legal situation in the days before his death. But the trustee recovering assets for victims of his father’s Ponzi scheme says suits will go on.
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Formula Telecom sells US unit to Paetec for $13m
FTS acquired Viziqor in 2005 for $2 million.
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Climate pact gets preliminary nod despite Bolivia
Key session at climate talks approves deal; Bolivia isolated in objecting
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Banks told to cap cash deposit charges at Rs 5
The Reserve Bank of India (RBI) has told banks not to charge more than Rs 5 for any cash deposit made at a non-home branch (other than the one where the customer has the account). Some banks charge as much as Rs 110 for such cash deposits.
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Ndebele reveals extent of World Cup spending
Transport Miniser Sbu Ndebele says his department spent about R150 000 on promotional material during the World Cup. |||
The Department of Transport spent just short of R150 000 on promotional material, including hats, during the World Cup but the biggest spender was a transport agency, Airports Company South Africa (Acsa), which spent nearly R2 million on T-shirts for 2 500 of its staff members.
This emerged in reply this week by Transport Minister S’bu Ndebele to a parliamentary question by DA transport spokesman Stuart Farrow.
Transport entities spent nearly R20m on tickets and a total of R2.8m on promotional material – a combined total of more than R22m.
“Some of the department’s promotional materials were distributed to members of the staff during the World Cup countdown events and others were distributed as promotional gifts to external stakeholders during events,” the minister said.
Farrow said although relatively limited amounts were spent by the Passenger Rail Agency of SA (Prasa), the Road Traffic Management Corporation (RTMC) and the Road Accident Fund (RAF), one had to ask whether these entities – characterised by insolvency in the cases of the RTMC and the RAF and financial difficulties at Prasa – should have spent anything at all.
However, Farrow said it was questionable whether R2.1m should have been spent on Acsa staff, including R150 000 on vuvuzelas, R63 000 on tournament booklets and R1.9m on Bafana Bafana replica shirts when only R56 400 was spent on “stakeholder” relations – including R19 800 on vuvuzelas, R28 600 on scarves and beanies.
“One would have thought the stakeholders were more important.”
Altogether R195 was spent per head on 170 “stakeholders”, who were not named, while R856 was spent on each Acsa staff member.
Farrow said although Acsa was responsible for the completion of the airports around the country in time for the World Cup and its staff were in the front line at airports for incoming visitors, the spending seemed disproportionate.
In Ndebele’s reply, he said through this strategic priority, the company “is ensuring that every Acsa employee” lived the company values “of pride”, which meant passion, integrity diversity and excellence, “by continually informing, motivating and exciting its employees”. Altogether Acsa spent R2.2m on staff and stakeholders.
Ndebele, responding to a question earlier this year, said the Transport Department itself did not purchase any tickets for the World Cup. However, certain transport entities had collectively spent R19m on match tickets.
Prasa spent R10.8m, Acsa spent R4.6m – taking its total on World Cup promotion to R6.8m – the SA Maritime Safety Authority spent R2.2m and the Air Traffic and Navigation Services spent R1.4m.
While the RTMC spent only R727 in total and the RAF just R53 700, Prasa spent a more considerable R244 000, including R111 000 on vuvuzelas and fleece blankets and R40 000 on luggage tags and keyrings.
The minister said Prasa was a national supporter of the soccer tournament and had provided “integrated passenger transport services including commuter rail, long distance passenger rail and bus services to the Fifa family and the local organising committee”.
Flag brochures costing R19 000 were issued to the 15 000 employees, but the rest of the goods were provided to “stakeholders”, media and other dignitaries, Ndebele said.
The SA Maritime Safety Authority spent R220 000 on jerseys, vuvuzelas, flags and soccer balls.
The bulk of these were used to dress up its participants for the Morning Live broadcast on SABC2 on board the vessel Sarah Baartman.
The SA National Roads Agency – which administers toll roads – spent R109 000 on World Cup T-shirts for staff and board members.
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Fannie, Freddie Pressed on Mortgages
Fannie Mae and Freddie Mac are in talks with Obama administration officials to join programs aimed at reducing loan balances of mortgages where borrowers owe more than their homes are worth.
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Daily forex forecast – 07/12/2010
The Aussie opens marginally lower against the greenback today at 0.9890.
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Diagnostics co Check Cap cancels IPO
The company, which has developed a capsule for imaging the colon without preparation, missed its target valuation.
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