Finance news. My opinion.

September 16, 2014

Yellen Rate Raises Seen as Gradual in Survey as Inflation Muted - Bloomberg

Filed under: lenders, marketing — Tags: , , , — Professor @ 8:31 am

Even after five years of steady economic growth, Federal Reserve Chair Janet Yellen is likely to raise interest rates only gradually between 2015 and 2017 as inflation remains muted, according to a Bloomberg survey of economists.

Fifty-six percent of 61 economists said the median of policy makers

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September 11, 2014

MasterCard loses EU court battle over fees

Filed under: business, house — Tags: , , , — Professor @ 11:43 am

BRUSSELS (AP) — The European Union’s highest court has thrown out an appeal by MasterCard against a decision by the bloc’s antitrust authority to scrap some of its fees charged to merchants.

The ruling by the 28-nation bloc’s Court of Justice on Thursday closes MasterCard’s seven-year-old battle against a decision made by the EU’s competition watchdog.

The judges in Luxembourg confirmed a 2012 ruling against by a lower EU court, saying the relevant fees cannot be seen as “objectively necessary” since the card system remains “capable of functioning without those fees.”

The so-called multilateral interchange fees on every card transaction were retained by the card-issuing bank and charged to merchants.

MasterCard is based in Purchase, New York.

Source

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September 8, 2014

China

Filed under: management, news — Tags: , , , — Professor @ 5:59 am

China

September 4, 2014

US worker productivity rises at 2.3 percent rate in second quarter while labor costs edge down

Filed under: Uncategorized, money — Tags: , , , — Professor @ 11:51 pm

WASHINGTON (AP) — US worker productivity rises at 2.3 percent rate in second quarter while labor costs edge down.

Source

August 29, 2014

Contracts to buy U.S. homes rise in hopeful sign

Filed under: Uncategorized, news — Tags: , , , — Professor @ 12:27 pm

WASHINGTON • More Americans signed contracts to buy homes in July, a sign that buying has improved as mortgage rates have slipped, the number of listings has risen and the rate of price increases has slowed.

The National Association of Realtors says its seasonally adjusted pending home sales index rose 3.3 percent to 105.9 last month. Still, the index remains 2.1 percent below its level a year ago.

The pressures that caused home sales to stall last year have started to ease. The average 30-year fixed mortgage rate has dropped to 4 short term personal loans.1 percent, a 52-week low. Prices are no longer rising at double-digit annual rates, thereby helping to improve affordability.

Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.

Source

August 19, 2014

Lax safety measures to blame for Lac-M

Filed under: business, economics — Tags: , , , — Professor @ 6:31 pm

MONTREAL — There were 18 separate factors that led to the death of 47 people in last summer’s Lac-M

August 11, 2014

Mayors’ report tracks growing wage gap, but sees St. Louis as ‘balanced’

Filed under: finance, mortgage — Tags: , , , — Professor @ 3:43 pm

The income gap between the rich Americans and middle and low-income households continues to widen, according to a new report by the U.S. Conference of Mayors, released this morning.

From 1975 to 2012, the highest-earning 20 percent of households saw their share of income rise from 43.6 percent to 51 percent, the report finds. Most of this gains was seen among those in the highest 5 percent of income.

In 2012, low-income households saw their share drop to 3.2 percent while the high earners saw their share jump to 51 percent. 

The findings, which echo those by other groups, point to a need for public policy action, the report says.

The report looks at the distribution of income in metropolitan areas. St. Louis emerged as one of the most-balanced of large metros — with a nearly equal number of households earning less than $35,000 a year as households earning more than $75,000.

Median income in the St. Louis area was about $53,000 a year in 2013 — 96th in the nation. It’s projected to grow to $60,000 in 2017, an annual rate of 3.1 percent.

Other large metros with “a very equal distribution,” according to the report: Phoenix, Riverside, Milwaukee, Cincinnati, Indianapolis, Charlotte and Providence.

The Washington, D.C. area had the highest percentage of households earnings more than $75,000 (57.5 percent) and the lowest percentage of those making less than $35,000 (17 percent).

At the other end of the spectrum, Brownsville-Harlingen, Texas had the highest percentage of low-income households (55.1 percent) and the second-lowest percentage of those making more than $75,000 (16.5 percent)

Source

August 8, 2014

Draghi Takes Aim at Italy as Recession Scars Euro Area - Bloomberg

Filed under: debt, management — Tags: , , , — Professor @ 10:07 am

Mario Draghi says Italy can only blame itself for its third recession since 2007.

The day after data showed the euro-area

August 5, 2014

Bobby Tufts, 5-year-old mayor, loses re-election in Minnesota

Filed under: money, term — Tags: , , , — Professor @ 4:07 am

DORSET, MINN.—A 5-year-old boy’s run as mayor is over in a tiny tourist town in northern Minnesota.

Robert “Bobby” Tufts lost his bid for a third consecutive term as mayor of Dorset on Sunday. Sixteen-year-old Eric Mueller of Mendota Heights, Minn., won when his name was drawn from the ballot box during the annual Taste of Dorset festival.

Every year the town draws a name during its Taste of Dorset Festival, and the winner gets to be mayor. Anyone can vote as many times as they like — for $1 a vote — at any of the ballot boxes in stores around town.

Bobby was running for a second term, and as mayor he got to draw the winning name on Monday, so there was a good chance he could draw his own name payday loan lenders.

Instead, Eric Mueller’s name was drawn. Eric was prompted to run after eating five fried ice creams at one sitting. He’ll be a high school junior this fall.

Bobby was only 3 when he was first elected mayor in 2013. Dorset, about 150 miles northwest of Minneapolis, has no formal city government and a population ranging from nine to 28.

Source

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