“Interest-free loans raise ire in Colwood (Business Examiner)” plus 3 more |
- Interest-free loans raise ire in Colwood (Business Examiner)
- Letters: Streamline process of modifying loans (USA Today)
- TD Bank Financial Group posts flat profit for 4Q (AP via Yahoo! News)
- Library stops interstate loans due to budget cuts (The Bristol Press)
Interest-free loans raise ire in Colwood (Business Examiner) Posted: 03 Dec 2009 04:00 PM PST Despite some vocal opposition, Colwood didn't put the brakes on interest-free loans for electric bikes and computers to city staff. Council approved an overhaul of the City's policy manual last week — the first "whole-sale review of policies" since incorporation," said Coun. Gordie Logan. The manual covers aspects of City business such as how correspondence is handled to public art and community amenity contributions. Controversy swelled over the inclusion of interest-free loans for staff to purchase personal computers and electric bikes. The computer loan was adopted in the 1990s, while the bike loan was introduced this year. Staff are required to repay the loan within 36 months and efforts must be made to buy products locally. Councillors Ernie Robertson and Brian Tucknott, as well as Mayor David Saunders opposed the bike loan policy. Supporting these loans at this time is a "slap in the face to those staff that were recently laid off," Tucknott said. "I think it's amoral. We need to keep our hands out of pensioners pockets and people who are unemployed." Saunders said he supported staff's vision, but it is not the right time to introduce new loans for staff. He stated a preference for the loans to collect interest. It is important the City look at creative ways to help staff lower municipal greenhouse gas emissions, he said. Under provincial government direction, the City needs to be carbon neutral by 2012 and reducing vehicle use plays a role in that, he said. Robertson was more passionate in his response, stating the bike loan is nothing more than an example of some politicians taking the city "in a kookie direction," Roberston said. While he is not opposed to green initiatives, fiscal responsibility to the taxpayer must come first, he said. Residents raised concerns over the city lending money to staff when taxpayers are facing increasing tax hikes. "I see it as an absolute disgrace," said Rob Crawford. "It is surely clearly the thin edge of the wedge. It this starts here, heaven knows where it is going to end." Members of the public and council referenced a potential 25 per cent tax increase for 2010, however, there has been no formal discussion on the tax rate. A committee of the whole meeting is scheduled for Dec. 14 to start budget talks. The initial number will include core services and supplemental items, said city administrator Chris Pease, which will be whittled down by council. "All we know is that it's a double digit number," Pease said. For those councillors endorsing the loans, the benefit of supporting staff outweighed the small costs associated with the loans. "I don't see that as nonessential to the City," said Coun. Shaun Wyseicki. "We want to continue to be an employer of choice in the region." reporter@goldstreamgazette.com v2This content has passed through fivefilters.org. |
Letters: Streamline process of modifying loans (USA Today) Posted: 02 Dec 2009 09:08 PM PST This content has passed through fivefilters.org. This posting includes an audio/video/photo media file: Download Now |
TD Bank Financial Group posts flat profit for 4Q (AP via Yahoo! News) Posted: 03 Dec 2009 10:47 AM PST NEW YORK – TD Bank Financial Group, a Toronto-based company that operates in the U.S. and Canada, on Thursday posted flat fiscal fourth-quarter profit, as gains in its wholesale banking unit and its Canadian operations offset declines in its U.S. retail bank and a hike in the money it set aside to cover bad loans. For the quarter ended Oct. 31, the bank earned $1.01 billion Canadian dollars ($941.8 million) or $1.12 Canadian cents per share ($1.04) down from $1.01 billion Canadian or $1.22 Canadian per share last year. Adjusted for investment losses, restructuring and integration charges related to the acquisition of Commerce Bank, and other items, the bank earned $1.3 billion Canadian ($1.22 billion) or $1.46 Canadian cents per share ($1.36). Analysts polled by Thomson Reuters expected the company to post profit of $1.30 per share for the quarter. Analysts typically exclude one-time gains and losses from their estimates. Net interest income, or money earned from deposits, rose 15 percent to $2.83 billion Canadian ($2.63 billion) from $2.45 billion Canadian last year. Non-interest income, or money earned from fees and charges, jumped 59 percent, to $1.89 billion Canadian ($1.77 billion), from $1.19 billion Canadian in the 2008 fourth quarter. TD Bank increased its provision for credit losses, or money set aside to cover souring loans, by 81 percent to $521 million Canadian ($485.8 million) from $288 million Canadian in the year-ago quarter. Profit in the U.S. personal and commercial banking unit slid 24 percent, excluding restructuring and integration charges, due to higher loan losses, the company said. The integration of Commerce and TD Banknorth was completed in the period. Profit slipped 8 percent in its wealth management unit, which includes the parent company's equity share in online broker TD Ameritrade. Offsetting those declines, earnings in its Canadian personal and commercial banking unit rose 4 percent. And its wholesale banking unit reversed a substantial year-ago loss to post record net income of $372 million Canadian ($346.9 million.) The unit derives its profit from capital markets, corporate lending and investing activities. For the year, TD Bank reported profit of $3.12 billion Canadian ($2.91 billion) or $3.47 Canadian cents per share ($3.24), down from $3.83 billion Canadian, or $4.88 Canadian cents per share, last year. Adjusted profit for 2009 came to $4.72 billion Canadian ($4.4 billion), or $5.35 Canadian cents per share ($4.99.) In afternoon trading, TD Bank shares fell $1.27 to $63.19. This content has passed through fivefilters.org. |
Library stops interstate loans due to budget cuts (The Bristol Press) Posted: 03 Dec 2009 01:36 PM PST BRISTOL — As a way to cut costs and cope with a tight budget, the Bristol Public Library no longer offers patrons the chance to borrow books from out of state. "We were doing a fairly large volume," Petosa said. This content has passed through fivefilters.org. |
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