Word: localizes
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...Vote. Election Day is nigh. If you happen to be visiting one of the swing states - Virginia, New Mexico, Pennsylvania, Ohio, Colorado and Nevada - and find yourself with a bit of time on your hands, try volunteering to canvas or simply answer phones at your candidate's local headquarters. Click Barack Obama or John McCain for more info...
...with its Labour government until recently, has found a fresh foe: Iceland. The tiny country's benign image as a land of geysers and the midnight sun has been swiftly eclipsed by its new incarnation as the mustache-twirling villain of the credit crunch. Britons - from private individuals to local government, charities and public bodies - have deposited some $34 billion in Iceland's financial institutions, among them Landsbanki, which went into receivership this week, and Kaupthing, the country's biggest bank, which was nationalized on Thursday. After the British government used antiterror legislation to freeze Landsbanki assets (these laws were...
...there are no such blanket assurances for civic authorities and other institutions that lodged their money with Icelandic banks. The Local Government Association estimates that 108 local government councils have deposited $1.36 billion in Iceland. The councils' claims will be dealt with "case by case," said Hazel Blears, the Secretary of State for Communities and Local Government. She told the BBC that local councils had varying degrees of exposure and indicated that while some might require additional funding, others might just "need extra advice." "I'm not going to sit here today and say that in relation to individual councils...
That comes as something of a surprise to some local councils. There have been warnings since the beginning of the year that all was not well with Iceland's banks. As early as Jan. 30, credit-ratings agency Moody's Investors Service said it was placing on review for possible downgrade Landsbanki, Kaupthing and Glitnir, another Icelandic bank. It did indeed downgrade all three a month later. In July, Kitty Ussher, then Economic Secretary to the Treasury and now a minister in the Department for Work and Pensions, was quizzed by an influential House of Commons committee after newspapers reported...
Kent County Council, controlled by the opposition Conservatives, tops the list of local government bodies looking to retrieve investments in Iceland: $85 million of its total budget of $4.42 billion is stuck in Icelandic accounts. Nick Chard, the council's cabinet member for finance, says he and his colleagues chose its banks in line with government rules about spreading risk by placing deposits with a range of institutions. Those rules also stipulate that councils should try to obtain as high a return as possible and should always check the credit ratings of the institutions. "At the time of making...