| Bank's sell-off new blow for Centro
CENTRO shares took another hit yesterday as it emerged banking giant UBS had sold off more of its holding in the stricken shopping centre operator. The market punished Centro for a late announcement after close of trade on Friday afternoon that it could not hedge its interest rate bets, with the company's stock price plunging more than 15 per cent on open. Its share price recovered later in the day, but company scrip still closed down 8.5, or 6.61 per cent, at $1.20. UBS Global Asset Management sold about $8.6 million in Centro scrip on Thursday last week, taking its holding from 6.32 per cent to 5.26 per cent, the finance giant told the stock exchange yesterday. The latest sell-down follows an earlier sale of 2.31 per cent, revealed on Friday.
Bloody Tuesday? Global Markets See Worst Day since 9/11.. US to Follow ...
Fear has been breeding in America and it could explode tomorrow. Experts are talking about the need to convert stock holdings to commodoties-- particularly gold. They're talking about taking money out of money market accounts. Don't be surprised to see lines at your bank tomorrow. I hope I'm over-reacting. Meanwhile, the democratic candidates are talking about simple tax cuts. It's not like I expect them to voice simple solutions. But they should be saying that the economy is in very big trouble. Within the first five minutes of the debate, Clinton, Edwards and Obama should have all brought up the international market crash that happened today. They didn't. If they're going to win the elections, come November, they must grapple with this monster head on. They must put the light on it and tie it to the Iraq war and the hundreds of billions of dollars that have been siphoned out of the US economy.
What the turmoil will mean for mortgages
The Bank is also concerned about rising inflation, which limits its ability to cut rates. The markets are pricing in Bank rate at 4.25% this time next year, but many economists think this is unlikely - unless a recession takes hold here too. .
Governor's jail plan costly
Adding the amount of time the inmates would have been in DOC to the jail's bottom line would add about 33,332 bed days to the county jail.That translates to roughly $2 million more in costs, Pribil said.Finance Director Michael Townsend said that although the cost of more bed days, technically, is included in the jail district's operating budget, the greater impact will be in subsequent years.In September 2006, county voters passed an increase to the jail district's sales tax in order to bring the jail district out of a deficit and prevent the jail district's budget shortfall from affecting the county general fund.That sales-tax increase has led to a budget surplus, Townsend said. But the governor's proposal jeopardizes the promise made to voters that the county would be fiscally responsible with the jail district by creating programs attempting to reduce inmate recidivism and manage the growth of the local inmate population to ensure bed rental revenue.With the governor's proposal, an immediate problem would arise, Pribil said."We'd be at capacity," Pribil said, adding that the average daily population at the jail would go from 493 inmates to 584 inmates.
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