U.S. Postal Service deposits totaling $65 billion a year are vulnerable to theft, robbery and mishandling because of inadequate security and failure to follow procedures, according to a report to Congress Tuesday.
About $6.3 million was at least temporarily lost in the 2001 fiscal year, although much of it was recovered, the General Accounting Office said in its report on an investigation of postal security requested by Rep. J.D. Hayworth, R-Ariz.
Read MoreU.S. postal workers are being given potassium iodide pills to protect against thyroid cancer in the event of a radiological emergency.
“Employees are out there in all of these communities nationwide and we wanted to err on the side of caution,” Postal Service spokeswoman Sue Brennan said.
The USPS said Monday it was buying nearly 1.6 million pills from Tampa-based Anbex, Inc. for distribution to workers who want to have the tablets if a radiological emergency occurs.
Read MorePostcomm’s liberalisation plans are expected to face fierce criticism from all parties appearing today at a trade and industry select committee hearing on Royal Mail.
Allan Leighton, the company’s chairman, will condemn the regulator’s “misguided interventionism” and can expect support from unions concerned by the rate of liberalisation. Mr Leighton was stepping up opposition to Postcomm’s price control proposals as the consultation period drew to an end yesterday, saying they undermined the universal service and the operator’s recovery plans. “Now’s the crucial time, nine months into our three-year renewal plan. Without any certainty about the regulator’s stance, everyone is asking this company too much.”
Read MoreDeutsche Post has conducted due diligence of ING Group’s German banking unit as speculation grows that the Dutch financial services company is seeking to sell the business.
Postbank, the German postal company’s own financial unit, examined the BHF business several weeks ago, according to people close to the company. However, it was said to be “surprised” at BHF’s rising exposure to bad corporate loans.
Read MoreThe chairman of Royal Mail has launched a fresh attack on the industry’s regulator, claiming that it’s threatening the future of the postal service.
Allan Leighton says the business is running out of time to put in place a recovery plan, blaming constraints from Postcomm.
Mr Leighton says it’s now nine months since the Royal Mail submitted plans to raise stamp prices by 1p as part of its plan to tackle losses which are still running at more than £1 million a day.
The government is to provide up to 450 mln stg in financial support to rural post offices, said David Mills, chief executive of Post Office Ltd.
He said the spending, which would involve 150 mln stg annually over the next three years, will be used to keep the entire 8,500 rural branches operating.
“Without this money Post Office Ltd would not have been able to continue operating rural branches, and as a result up to 80 per cent may have closed,” he said.
Read MoreWales’ vital network of small post offices is to receive a massive cash boost.
The Government will announce today that the threatened focal points for thousands of small communities are to receive pounds 48million over the next three years.
The Government has caved in to criticism over post office closures. The pounds 48million is Wales’s slice of a pounds 450million fund for Britain’s small post offices.
Read MoreThe Communication Managers Association section of Amicus, the union representing 14000 postal managers and professionals, today says in a submission that the price control proposals of postal services regulator Postcomm would threaten 10,000 jobs and strangle the company during its 3 year recovery period.
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