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December 7, 2011

Holiday fad gives new meaning to ‘ugly’ sweaters

Filed under: news, term — Tags: , , , — DoctorBusiness @ 3:32 pm

When it comes to Christmas sweaters, even thrift stores lower their standards.

As she climbed through a stack of boxes in the back of the Goodwill store in south St. Louis County, a district manager explained that sweaters that are too faded, or have too many lint pills on them, are usually recycled.

“This sweater would normally never make it (to the sales floor) in a million years,” said Latrice Clayborne, as she pulled out a lint-infested brown cardigan with a snowman, a sprig of holly and white snowflakes on it.

But when it comes to “ugly Christmas sweaters,” Goodwill, like many resale shops around town, has started to make exceptions. They know that no matter the condition, these items of questionable fashion won’t last long once they put them out on the racks.

Yes, the holidays are approaching, which means that “ugly Christmas sweater” season is also in full swing no faxing payday loan. The sweaters, popular in the 1980s, have found a second life in recent years as part of an ironic fashion trend that pokes fun at the aesthetics of the garments.

“People are calling, desperate to see if we have any,” said Faith Sandler, executive director of the nonprofit that runs the ScholarShop. “They are going to events where they are trying to outdo one another with how ugly the sweaters are. The more stuff hanging from them, the better!”

She noticed an uptick in traffic to the stores’ holiday sweaters rack last year. But this year, they seem to be even hotter commodities, she said, so much so that they can hardly keep them in stock.

“I’m just so glad they’re cool, because for a while I was embarrassed by the rack,” she added.

Josh Goldman, 26, of Chesterfield, went to several stores over the weekend in search for an over-the-top sweater that would elicit chuckles

November 29, 2011

Eurozone ministers meet to build euro rescue plan

Filed under: Finance, Homes — Tags: , , , — DoctorBusiness @ 12:44 pm

The 17 finance ministers of the countries that use the euro converged on EU headquarters Tuesday in a desperate bid to save their currency _ and to protect Europe, the United States, Asia and the rest of the global economy from a debt-induced financial tsunami.

The ministers were discussing ideas that would have been taboo only recently, before things got as bad as they are: countries ceding fiscal sovereignty to a central authority; some kind of elite group of euro nations that would guarantee one another’s loans _ but require strong fiscal discipline from anyone wanting membership.

German Chancellor Angela Merkel reiterated her support for changes to Europe’s current treaties in order to create a fiscal union, that will include binding and enforceable commitments by all euro countries.

“Our priority is to have the whole of the eurozone to be placed on a stronger treaty basis,” Merkel said Tuesday in Berlin. “This is what we have devoted all of our efforts to; this is what I’m concentrating on in all of the talks with my counterparts.”

Merkel acknowledged that changing the treaties _ usually a lengthy procedure _ won’t be easy because not all of the European Unions 27 member states “are enthusiastic about it.” But she dismissed reports that the eurozone, or some nations within the bloc, might go ahead with a swifter treaty between governments.

Changes to existing eurozone rules are being touted as one way the eurozone can get out of its debt crisis, which has already forced bailouts of Greece, Ireland and Portugal, and is threatening to engulf bigger economies such as Italy, the eurozone’s third-largest. If Italy were to default on its debts of around euro1.9 trillion ($2.5 trillion), the fallout could spell ruin for the euro project itself and send shockwaves throughout the global economy.

Even countries outside the eurozone were ratcheting up pressure on the ministers to find a solution. President Barack Obama, meeting with top EU officials on Monday, said a European failure to resolve its debt crisis would complicate his own efforts to create jobs in the U.S. And even Poland, historically wary of German dominance beyond its borders, appealed for help.

“I will probably be the first Polish foreign minister in history to say so, but here it is,” Radek Sikorski said in Berlin. “I fear German power less than I am beginning to fear German inactivity. You have become Europe’s indispensable nation.”

Illustating the urgency is the fact that Eurozone goverments have euro638 billion in past debts coming due in 2012, of which 40 percent needs to be refinanced in the first four months of the year, according to a Barclays Capital estimate last week.

In a reminder of the urgency, Italy’s borrowing rates shot up Tuesday to rates above 7 percent, an unsustainable level on a par with rates that forced the others to seek bailouts. Markets rose generally for the second day on the expectation that the enormous pressures on European ministers would produce results.

At the top of Tuesday’s agenda is finding a means to more fully integrate the eurozone’s disparate nations _ ranging from powerful Germany to tiny Malta _ both politically and financially. And the ministers must do it fast, without the delays caused by democratic niceties like referendums that have led many EU reforms to take years to implement.

France’s finance minister, Francois Baroin, said Tuesday on France-Info radio that countries should integrate their budgets more closely and monitor one another’s spending.

“We have to modify eurozone governance,” Baroin said. “We definitely have to move toward more integrated budgetary consolidation, fiscal convergence with our neighbors.”

He said France and Germany _ which have largely been calling the shots on efforts to overcome the crisis _ will make proposals on how eurozone countries can monitor one another under such a new system.

The 17 ministers are expected to discuss jointly issuing so-called eurobonds _ an all-for-one, one-for-all way of having the different countries guarantee one another’s debts. Right now each nation issues its own bonds, meaning that while Italy pays above 7 percent, Germany pays about 2 percent.

Having stronger countries like Germany stand behind the general European debt would lower Italy’s borrowing rates _ and perhaps avoid a debt spiral that leads to a national bankruptcy. At the same time, it would raise Germany’s cost of borrowing, and that’s why Germany has been fiercely opposed to the eurobond proposal.

A French official said Tuesday that France may propose joint bonds among a subset of eurozone countries _ those with “triple A” credit ratings _ although Germany has said it opposes the idea. The French official said discussions about such so-called “elite bonds” is under discussion ahead of a summit of European Union heads of government in Brussels next week.

The official spoke on condition of anonymity because the sensitive, closed-door talks are still under way.

Proponents of elite bonds say the proceeds could be used to help the eurozone’s weaker countries deal with their debts, in return for strict conditions being imposed on their budgets. Critics argue that further fragmenting the eurozone into strong countries and weak countries would benefit no one.

On Monday, German Finance Minister Wolfgang Schaeuble dismissed reports that such bonds were under serious consideration.

The whole world is watching the developments. It’s not just a currency used by 332 million people that is at stake. As German Chancellor Angela Merkel and others have said, if the euro fails, so too does the 27-nation European Union, a rousing diplomatic success that united a continent ripped apart by two world wars.

“The biggest threat to the security and prosperity of Poland would be the collapse of the eurozone,” Poland’s Sikorski said Monday. “And I demand of Germany that, for your own sake and for ours, you help it survive and prosper. You know full well that nobody else can do it.”

If the euro fails, bank lending would freeze, stock markets would likely crash, and Europe’s economies would crater. Nations in the eurozone could see their economic output fall temporarily by as much as 50 percent, according to UBS forecasters. The financial and economic pain would spread west and east as the U.S. and Asia get ensnared in the credit freeze and their exports to Europe collapse.

_____

Angela Charlton in Paris, Melissa Eddy and Juergen Baetz in Berlin contributed to this report. Don Melvin can be reached at http://twitter.com/Don_Melvin

Source

November 28, 2011

Banks begin rolling out apps for wealthy customers

Filed under: Homes, term — Tags: , , , — DoctorBusiness @ 1:32 am

As stock markets continue their roller-coaster ride, even investors who profess to adhere to a buy-and-hold strategy have become eager users of mobile technologies that allow them to track their portfolios almost minute by minute.

That tendency apparently goes double for private banking clients, who investment managers say demand more information than the average investor and are embracing smartphone use at a fast clip.

And yet, for a variety of reasons, wealth managers were slow to embrace mobile applications for their clients. The reasons most often cited included concerns about security and a general impression that private banking clients did not want that kind of relationship with their bankers.

That appears to be changing.

JPMorgan Chase, Merrill Lynch and UBS are among a small number of banks that have released smartphone apps to their wealth management customers. The use of the apps is often restricted regionally; the JPMorgan and Merrill apps are available only to clients based in the U.S., and only Swiss clients have access to the UBS app.

“Private banks have been trailing behind retail banks with this type of offering for consumers, and even when they do offer an app, those have pretty poor functionality,” said Steffen Binder, managing director of MyPrivateBanking, an independent research firm based in Switzerland.

To keep up with competition and customer demand, banks will have to start interacting with their clients more through social media, said Nick Pollard, chief executive of RBS Coutts Asia, whose parent bank is using YouTube, Twitter and Facebook to reach out to its clients and is developing a smartphone app cashadvance.

“It’s less about today’s clients and more about tomorrow’s clients,” Pollard said. “Whether we like it or not, this generation and certainly the next one has no boundaries when it comes to accessing information.”

This year, Merrill Lynch introduced mobile applications for Apple and BlackBerry devices for clients of Merrill Lynch Wealth Management and the online discount brokerage service Merrill Edge. The applications allow clients to view their portfolio holdings and account activity; transfer money among linked Merrill Lynch brokerage and Bank of America banking accounts; and trade stocks, mutual funds, exchange-traded funds and options in approved accounts. Clients can track market news and headlines and gain access to the bank’s latest research reports.

Buoyed by clients’ positive feedback, the bank now plans to release Android versions in December.

The bank is evaluating how the new technologies “can create value for advisers and the firm while at the same time having prudent supervisory and compliance oversight,” said Paul Fox, head of Merrill Lynch Online Platforms. The bank is now running a limited pilot program with LinkedIn to allow clients to communicate with the bank.

The adoption rate of JPMorgan’s iPad and iPhone apps has been rapid, said Stephen Clifford, a managing director at JPMorgan Private Bank in New York, responsible for the client experience. The bank made the apps available this year to its high-net-worth and ultra-high-net-worth U.S. clients

November 26, 2011

Iraqi police: Bombs kill 10 in and around Baghdad

Filed under: Prices, legal — Tags: , , , — DoctorBusiness @ 6:52 am

A series of blasts in central Iraq apparently targeting street vendors and day laborers killed 10 people on Saturday, police officials said.

The first two bombs were planted in the early morning in a spot where day laborers gather in the mostly Sunni village of al-Zaidan, near the town of Abu Ghraib west of Baghdad. They killed seven people and wounded 11 others, the officials said.

Hours later, three bombs exploded near the kiosks of vendors selling CDs and military uniforms in central Baghdad, killing three people and wounding eight others.

Health officials at Abu Ghraib’s general hospital and at Ibin al-Nafis hospital in Baghdad confirmed the casualty figures. All officials spoke on condition of anonymity because they w not authorized to release the information.

Violence has ebbed across Iraq, but deadly bombings and shootings still occur almost daily as U.S. troops prepare to leave by the end of the year.

Source

November 24, 2011

AT&T, Telekom to press ahead with T-Mobile deal

Filed under: Loans, online — Tags: , , , — DoctorBusiness @ 7:40 pm

Deutsche Telekom and AT&T vowed Thursday to press ahead with the planned sale of the German company’s T-Mobile USA unit to the U.S. cell phone operator despite concerns raised by American authorities.

Nevertheless, AT&T said it plans to take a pretax accounting charge of $4 billion in the current quarter to reflect the break-up fees that would be due to Deutsche Telekom if regulators block the deal.

The two companies said they had withdrawn applications to the Federal Communications Commission regarding the merger and intended to seek its approval again “as soon as practical.”

They took the step to consider “all options at the FCC and to focus their continuing efforts on obtaining antitrust clearance for the transaction from the Department of Justice,” which filed a lawsuit in August to stop the deal, AT&T said in a statement.

“Both companies are continuing to pursue the sale of T-Mobile USA to AT&T,” Deutsche Telekom stressed.

Both U.S. agencies worry that the deal would hamper competition and lead to higher prices for consumers.

Deutsche Telekom AG and AT&T Inc. made their move after the chairman of the FCC earlier this week came out against the merger.

Julius Genachowski made his position known in a document he circulated to fellow commissioners Tuesday.

He recommended sending AT&T’s proposed $39 billion takeover of T-Mobile to an administrative law judge for review and a hearing. That’s what the FCC does when it opposes a merger.

In a research note Thursday, Jefferies International analyst Ulrich Rathe said the withdrawal of the FCC application, as well as the opposition by the Justice Department, indicate that “the companies are already well into working out a new version of the deal.”

The analyst, who rates Deutsche Telekom “Buy,” said the charge confirms the break-up fee will be difficult for AT&T to avoid if the deal is not completed.

In Frankfurt, Deutsche Telekom shares closed down 0.6 percent Thursday at euro8.69 ($11.67), almost mirroring the 0.5 percent decline in the DAX index of blue-chip stocks.

The proposed deal, announced in March, would vault the combination of America’s No. 2 carrier AT&T and No. 4 T-Mobile into the top spot ahead of Verizon.

Dallas-based AT&T has about 101 million wireless subscribers. T-Mobile, the Bellevue, Washington-based subsidiary of Deutsche Telekom AG of Germany, has 34 million.

Verizon Wireless, a joint venture between Verizon Communications Inc. and Vodafone Group PLC, has about 108 million, while Sprint Nextel Corp. has 53 million.

Source

November 19, 2011

Ameren pledges quick fix for lake dispute

Filed under: money, news — Tags: , , , — DoctorBusiness @ 10:56 pm

Ameren Missouri said it will move swiftly to resolve a dispute threatening more than 1,200 waterfront homes at Lake of the Ozarks that are on land currently set aside for the utility’s Bagnell Dam project.

The St. Louis-based company on Friday promised to deliver a proposal to adjust the dam project boundary around the 93-mile serpentine lake to federal regulators before March 31 — two months before a deadline set by the Federal Energy Regulatory Commission (FERC).

FERC last week ordered the plan in an effort to assuage property owners who feared their homes faced condemnation because were built on property reserved for the dam and Osage hydroelectric project.

The July 26 FERC order ignited a furor among lake residents and businesses, banks and Missouri’s congressional delegation, which proposed legislation to clip the federal government’s oversight of the lake.

FERC, which regulates 2,500 hydroelectric dams, said its July order had been misinterpreted by some property owners. The agency also criticized Ameren for lax management of shoreline development under its federal hydropower license.

“We’ve hopefully ratcheted down the passion,” Philip Moeller, a FERC commissioner, said during a meeting the Post-Dispatch editorial board this week. “It is (Ameren’s) duty to enforce their license. It’s not our duty.” Moeller was in St. Louis for a nationwide conference of utility commissioners.

Moeller said Ameren previously suggested it would seek revisions to exclude privately owned lands from the project boundary, but never followed through.

Ameren Missouri’s chief executive, Warner L. Baxter, too, is trying to calm jangled nerves. He discussed the issue with some Missouri congressional leaders on Thursday in Washington, D.C.

“We understand the heightened concerns of affected property owners and others regarding this issue and are taking what we believe to be necessary steps to expedite submitting a proposal to FERC,” Jeff Green, Ameren Missouri’s shoreline supervisor, said today payday loan lenders in states.

The 93-mile serpentine lake, created when the Osage River was dammed in 1931, serves as the reservoir for the hydroelectric plant. Ameren owns and manages the lake, dam and hydro plant under FERC’s oversight. Terms are spelled out in a 40-year license issued in 2007.

The license requires Ameren to submit a plan to manage land within the Bagnell Dam project, a narrow ring of shoreline encircling the lake. The project boundary is defined by elevation and reaches from the waterline to 678 feet above sea level in places.

Ameren said it’s considering a proposal to lower the boundary elevation to 662 feet, eliminating most of the lakefront property at issue. The utility said it will also consider additional revisions for homes or other structures below that elevation. The utility plans to give stakeholders a month to provide input before sending it to regulators.

However, even if FERC accepts Ameren’s proposed boundary changes, it won’t resolve the property ownership questions, which are already the subject of a handful of lawsuits.

“Just moving the project boundary does not necessarily change the ownership of that property,” Green said.

Ameren sent letters to hundreds, if not thousands, of property owners at the lake over the past couple of years claiming that all or part of their homes, decks, gazebos and patios were built on utility land. Those claims have been challenged in many cases by those who say they have paid taxes on the properties for years.

Ameren said it has no desire to own lakefront property that’s not part of the Bagnell Dam project and will seek to resolve the ownership issue after getting the project boundary redrawn.

Source

November 18, 2011

Prosecutors seek leniency for ex-UBS banker

Filed under: Gold, Prices — Tags: , , , — DoctorBusiness @ 6:04 am

Federal prosecutors are seeking a lenient prison sentence for a former Swiss banker convicted of tax fraud because of his assistance in uncovering other tax evasion cases.

A judge in Miami will sentence former UBS AG banker Renzo Gadola on Friday. He pleaded guilty in 2010 to tax fraud conspiracy and has been working extensively with prosecutors since then.

Prosecutors are asking the judge to sentence Gadola below the 10-month minimum recommended in sentencing guidelines. They say he helped build cases against former colleagues and bank customers who had secret Swiss accounts.

The case is the part of a broad IRS campaign to identify wealthy tax dodgers. UBS in 2009 agreed to disclose identities of thousands of U.S. clients and paid a $780 million fine for tax evasion.

Source

November 13, 2011

Electric cars’ safety is examined

Filed under: Finance, Loans — Tags: , , , — DoctorBusiness @ 9:16 am

WASHINGTON

November 10, 2011

Armies’ pickups get military muscle in Thailand

Filed under: Loans, Mortgage — Tags: , , , — DoctorBusiness @ 5:24 am

The humble pickup truck has plowed through the desert sands of Libya in pursuit of Moammar Gadhafi’s forces and patrols the high passes of Afghanistan. Tough, multitasking and relatively cheap, it’s the choice of Latin American armies, al-Qaida terrorists, Somali warlords and even U.S. Special Forces trying to blend in with the locals.

Of course, most don’t just pick one off the lot and drive to the battlefield. They modify them in back-alley workshops to become lethal and more durable. Or they come here, to a busy, sprawling plant that turns out military-style modifications by the thousands.

Pairing sophisticated computer modeling with skilled workers, many from poor families in the surrounding countryside, the RMA Group has supplied 35,000 such road warriors, mostly Ford Rangers, to the Afghanistan police and army under a U.S. military contract, with more on their way.

Other apparently satisfied customers of the Thailand-based American company range from U.N. peacekeepers to private individuals seeking bullet-free rides. Singapore’s military recently bought 1,000 converted SUVs.

“We take a commercial vehicle off the shelf, the price of which is generally low, and then adapt that to exactly what the customer wants and needs. We focus on rough-tough, conflict and post-conflict markets,” says Ron Tyack, a group vice president. He recently took reporters through the factory, 150 kilometers (93 miles) southeast of the Thai capital Bangkok.

At one station stood a tested Ford Everest, seven of its windows shattered but not penetrated by 27 AK-47 bullets.

“There is no second chance to ‘get it right’ when it comes to shielding your vehicle from hostile fire,” notes an RMA brochure. Muscled up with steel, composite materials and ballistic glass, such pickups are meant to stop fire from handguns, rifles like the AK-47 and grenade shrapnel.

The converted Rangers for Afghan forces average $25,000 apiece compared to some $100,000 for a Humvee, the equivalent U.S. military workhorse, says Tyack, an Australian with more than 40 years of automotive experience. Spare parts for pickups generally are also cheaper and easier to obtain _ all reasons for their popularity among guerrillas, rebels and armies on a shoestring budget.

“The ANP (Afghan National Police) has conducted a lot of successful operations using Ford Ranger pickups in remote cities and districts. (They’re) strong, work very well in difficult terrain and on dirt roads,” says Mohammad Najib Nikzad, an Afghanistan government spokesman. But he said Toyota pickups were cheaper and their higher speed made it easier to pursue suspects in cities.

In Afghanistan and Iraq, U.S. Special Forces teams sometimes board unmarked pickups to avoid detection. U.N. peacekeepers in Kosovo, Haiti and elsewhere ride in pickups emblazoned with U.N. markings. RMA has a five-year contract with the world body to provide the vehicles.

On Libya’s front lines recently, field commander Abdel-Razak Najim told The Associated Press his revolutionary fighters preferred Toyota but added that the more robust Ford was “a big car and has good balance so we attach rocket launchers on them because they can handle the force.” Virtually all the battlefield pickups in Libya are locally modified.

The Toyota Hilux, designed for backwoods recreation and hauling goods to market, has been a special favorite of irregular forces since its introduction in the late 1960s. The defeat in 1987 of Gadhafi’s forces by the highly mobile troops of Chad was dubbed the “Toyota War.”

The RMA Group, which started modestly in 1985 and expects $770 million in revenue this year, also works on models from Toyota for the mining industry as well as Land Rover but has its strongest links with the Ford Mazda Motor Company, a joint venture of the two automakers that produces the Rangers just 30 kilometers (18 miles) away. Thailand has become a major Asian hub for foreign car manufacturing and export, turning out about 1.8 million a year. It’s also the world’s second-largest market for pickups, after the United States.

When the U.S. military sought bids for light tactical vehicles, Ford didn’t have a ready product that met the specifications and didn’t want to get into the modification business. RMA got a major boost when it stepped in, delivering the first one to Afghanistan in 2005.

Tyack says that detailed groundwork is done on customer requirements and the invariably punishing environments in which the vehicles will operate.

For Afghanistan, the dark green Rangers need heater blocks to withstand temperatures that can plunge to minus 30 degrees Centigrade (minus 22 degrees Fahrenheit), higher ground clearance given the rock-strewn roads and better suspension to take heavy loads (Tyack recalls seeing one carry a baby camel). Better filters are needed since fuel in Afghanistan is usually high in sulfur content. Standard tires are replaced by virtually puncture-proof, non-radial ones.

“You don’t want to be on patrol and suddenly find you have a flat tire,” he says. You also don’t want to be hit with a roadside bomb because most of the Rangers are not armored, given the high cost of such conversions.

The plant also can come up with more than 100 adaptations beside the battlefield versions.

A Land Rover Defender at the plant had been turned into a field ambulance. In 2008, on urgent request from the Vietnamese government, the plant configured vehicles for workers investigating the possible outbreak of Asian bird flu, providing separate driver and health worker compartments and isolated storage for hazardous specimens.

Elsewhere at the factory, pickups geared for working in mines, sometimes underground, were readied for shipment after being beefed up with extra protection against falling rocks and rollovers. Customers include gold mines in South Africa and the Freeport mine, one of the world’s largest, in Indonesia’s Papua province. With an ongoing separatist insurgency in the latter nation, some of the pickups destined for Freeport are armored.

Quality control testing is done on factory grounds, with the vehicles driven through a ford, under a shower, around a steeply sloped curve, over a patch of rock-strewn road and into a deep freezer.

One piece of equipment _ a machine gun _ doesn’t get bolted on until the truck reaches Afghanistan. The company is not in the weapons business.

Tyack says RMA, with 1,600 of its 4,000 employees in Afghanistan, sees itself as part of the transition from U.S. to Afghan security control, providing not only the hardware but servicing and training. Since up to 5,000 of its road warriors will need to be replaced every year, it may well be around after the last American troops have gone home.

Source

November 5, 2011

AGC makes its annual construction awards

Filed under: Uncategorized, technology — Tags: , , , — DoctorBusiness @ 6:36 am

This year’s annual construction industry awards by the Associated General Contractors of St. Louis includes for the first time specialty contractor awards in 10 areas and a Specialty Contractor of the Year Award.

The 14th annual Keystone Awards announced at a banquet Thursday night went to nine contractors chosen from nearly 30 finalists. Educational facilities, hospitals, apartments and data centers were among the project recognized, as well as industrial and heavy construction work. Also recognized were the projects’ owners.

Keystone Awards are not based on a project’s beauty, the AGC said. Instead, they recognize a contractor’s success in achieving solutions despite construction challenges.

General contractor members of the AGC determined the Special Contractor Awards based on the winners’ ability to stay within budgets and their overall experiences with the specialty contractor. The specialty contractor receiving the most votes by general contractors was also presented the Specialty Contractor of the Year award. That distinction went to Waterhout Construction Inc.

“It’s really exciting for our association to have the opportunity to highlight some of the tremendous projects completed by our members while at the same time honoring our specialty contractors for their contributions to the success of any project,” said Leonard Toenjes, AGC’s president. “More than ever in today’s competitive and challenging construction environment, collaboration is the key to making a successful project happen.”

The remaining 2011 awards:

General Contractor/Construction Manager/Prime Contractor

Project $45 million or more

Paric Corp.

Project

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