| The how and Y of getting it together
The financial concerns of generation Y, people born between 1976 and 1991, can be summed up with one word: debt. Unlike other generations, Generation Y members are exposed to both credit and debt from an early age but are often not equipped to manage either. Bernard Salt, demographer with chartered accounting firm KPMG, says this group has three main types of debt to contend with. "They have HECS (Higher Education Contribution Scheme) debt, which can be $30,000, $40,000 or $50,000 or more burdened on them by the time they're 25 or so," he says. "They frequently have credit cards ... and a monthly mobile phone account that must be paid for and managed." The latest AMP.NATSEM (National Centre for Social and Economic Modelling) Income and Wealth Report that studies the spending and savings habits of generation Y found mortgages also figured heavily in the debt equation.
Tougher UK credit card restrictions imposed
Credit card providers are restricting the borrowing powers of some existing customers in an attempt to curb their exposure to rising bad debts. Credit reference agencies have seen a marked increase in the number of card users who have seen their access to credit scaled back in recent weeks. .
Union National Bank reports Dh833.3m nine-month profit
ABU DHABI � Union National Bank (UNB) achieved a net profit of Dh833.3 million for the first nine months up to September 2007 as compared to Dh833.6 million for the corresponding period of 2006. The results are strong, given that income from capital market related activities was included in 2006, which has not been the case so far in 2007. On a core business comparative basis, the bank's net profits have risen by 45 per cent over this period. The net profit for the three months period ended September 30, 2007 was Dh295.2 million, compared to Dh206.3 million for the same period in 2006, representing an increase of 43.1 per cent quarter-on-quarter reflecting solid growth in business and income from the core banking activities. The net loans and advances have grown by 36.4 per cent to reach Dh35.0 billion as of September 30, 2007 (September 30, 2006: Dh25.7 billion) on the back of sustained deal generation.
2008 SULLIVAN COUNTY TENTATIVE BUDGET MESSAGE
TO THE HONORABLE MEMBERS OF THE SULLIVAN COUNTY LEGISLATURE: The 2008 tentative budget is respectfully submitted for your review. I have found it a privilege to manage our County workforce that is comprised of dedicated hard-working individuals that provide services to our citizenry each day. To these dedicated workers, I say �Thank You� for all that you do on a daily basis for the County, our businesses, and our citizens. I want to acknowledge the effort put forth by the budget team of Commissioner Josh Potosek and his staff, along with the dedicated commissioners and department heads of the county.
During 2008, the fiscal management functions will convert to the New World software that will provide enhanced tracking of revenues and expenditures, as well as, provide the ability to enforce rules on encumbrances and reduction of spending.
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