NEW YORK (AP) -- Total U.S. money market mutual fund assets fell by $8.04 billion to $2.564 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds rose by $2.88 billion to $890.35 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category grew by $1.6 billion to $703.59 billion. Tax-exempt retail fund assets rose by $1.28 billion to $186.77 billion.
Meanwhile, assets of institutional money market funds fell $10.92 billion to $1.674 trillion. Among institutional funds, taxable money market fund assets fell $10.97 billion to $1.588 trillion; assets of tax-exempt funds rose $50 million to $86.41 billion.
The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds was the same as the previous week at 45 days.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation's 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was also unchanged from the previous week at 0.21 percent. The yield on one-year CDs fell to 0.32 percent from 0.33 percent. It fell to 0.51 percent from 0.52 percent on two-and-a-half-year CDs. It was flat at 1.12 percent on five-year CDs.
CSC finance director exits as fraud probe hits UK - Computer Weekly
The Cabinet Office has meanwhile extended negotiations with CSC over the NHS contract until 31 August, a year-after the coalition government said it had resolved its NHS IT problems.
Computer Weekly understands finance director Neil Malcolm left within the last month. CSC refused to discuss the nature of his departure.
A CSC spokeswoman said: "It is company policy not to comment on internal matters or matters relating to staff departures."
$25m of "Intentional irregularities" were found in the accounts of CSC's £3bn NHS IT contract after a year-long investigation by independent auditors, said CSC in a financial statement last week.
"Certain CSC finance employees based in the United Kingdom were aware prior to fiscal 2012 of the aforementioned errors, but those employees failed to appropriately correct the errors.
"Therefore, the Company has classified these errors as intentional. As a result, certain personnel have been suspended and additional disciplinary actions are being considered."
The errors had overstated CSC's income from the NHS contract by $24m after failing to account for costs.
Andy Thomson, vice president of international finance at CSC, refused to confirm whether Malcolm's departure was related to any fraudulent activity. He refused to answer any questions about the matter.
Investigators had found other accounting problems with the NHS contract, on which CSC wrote off $1.5bn last year after its continued failure to meet a 2007 deadline to deliver computer systems to health bodies over two-thirds of England. The investigation was ongoing. CSC did not expect further revelations would involve amounts large enough to dent its financials.
The US SEC probe, which is also ongoing, led to a string of revelations about intentional accounting errors in CSC's Nordics, Australia and Americas businesses. CSC Denmark CEO Carsten Lind resigned as details of the accounting problems broke last Autumn. Hundreds of redundancies have followed in the wake of a major Danish public sector IT failure and the loss of CSC's largest private sector customer in the region, the telecoms firm TDC, to Indian outsourcer Tata.
CSC is making approximately 1,100 redundancies in the UK, thought to be about 15 per cent of its local workforce, as it stands down teams that had been working on the NHS contract and absorbs the shock of financial results that recorded a $4.3bn world-wide loss last week.
The majority of the loss was attributed to the NHS write-off and a $2.7bn loss of goodwill over numerous acquisitions CSC had made in the last 10 years. $269m was attributed to a settlement CSC made with the US Army over its Logistics Modernisation Programme, one of 11 ERP projects that caused trouble for the US Department of Defence.
Neil Malcolm was unavailable for comment.
No comments:
Post a Comment