TORONTO - Stock markets moved mainly lower Friday afternoon with financials under the gun in the wake of fresh writeoffs of securities backed by mortgage debt while investors were reminded not to expect another interest rate cut when the U.S. Federal Reserve meets next month.

The financial sector moved down 0.5 per cent and Bank of Montreal (TSX:BMO) shares 34 cents lower at $56.78 as it said it is booking $320 million in writedowns arising from disorder in world credit markets, joining the list of big banks hurt by the collapse of the U.S. subprime mortgage market. That works out to $210 million after tax.

Commentary: Truth to Power: What Truth? What Power?

It is human nature to form our opinions out of small bits of available information, a large dose of personal experience, with random bits of stuff we've heard from other sources thrown in; that's how we figure out the world. Unfortunately, all too often we form our opinions based on too little information combined with too much “stuff we've heard"—and that's how we wind up with bigotry and prejudice. For instance, when you drive by Metro Lighting in West Berkeley and see picketers holding signs that say “Union Busters" and the like, you might assume that the owners have been unfair in some way to their employees. Because labor unions are good, right? And only business owners who have mistreated their employees would wind up with picketers, no? However, this is a situation where too few facts are mixed up with too much “stuff"; no employees have been wronged, no union has been busted.

Liberia: IMF Pledges $842 Million Deal for Debt Relief

Member states of the International Monetary Fund (IMF) have made pledges totaling more than US$842m, to provide debt relief for Liberia.

Waupun Common Council approves budget with modest tax reduction

With rising school and state taxes on the horizon, Waupun citizens got a little good news Tuesday night as the Common Council approved the 2008 city budget that calls for a decrease in city taxes.

The $6.6 million budget with an accompanying $2.3 million tax levy represents a decrease 1.6 percent in the city operations budget. Over the last month, department heads whittled over $200,000 from the budget in order to meet state imposed levy limits.

�The largest reduction in the budget stems from the changeover in insurance coverage to the state insurance pool that will save us $250,000 next year. However, that�s only a one-time savings. This won�t be here next year,� Rogers said.

According to the 2008 city budget, city taxpayers residing in Fond du Lac County will see a decrease of $.20 in the tax rate of $6.13 per $1,000 of assessed valuation while citizens on the Dodge County side of the city will pay $6.38 per $1,000 of assessed valuation, a $.04 decrease over last year�s tax rate.