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December 11, 2011

Municipal funds grow their most in 21 months

Filed under: Finance, legal — Tags: , , , — DoctorBusiness @ 1:16 am

Investors added about $1 billion to U.S. municipal bond mutual funds in the week that ended Dec. 7, the most since March 2010, as 10-year benchmark yields fell to the lowest since September.

The funds have attracted about $3 billion since mid-October, according to Lipper US Fund Flows data. Yields on top-rated 10-year municipals fell to 2.005 Thursday, from a two-month high of about 2.58 percent on Oct. 13, according to Bloomberg Valuation data. Thursday’s benchmark tax-free yield was just above the 2.003 percent interest rate on Sept. 23, the lowest since the index began in January 2009.

Investors are adding cash to municipal funds to tap into the rally in the $3.7 trillion market and to boost assets they deem relatively safe before month-end, said Matt Fabian, managing director of Concord, Mass.-based Municipal Market Advisors, in a telephone interview.

“It’s probably partly the rally and partly just allocations into year-end, getting portfolios ready for year-end to show a larger allocation of fixed income,” Fabian said.

Net additions in the past couple of months are a reversal from earlier in the year. Investors pulled more than $30 billion out of the funds from November 2010 to June as lingering strains from the recession fueled speculation that municipal defaults would jump.

In contrast with the decline in 10-year yields, interest rates on top-rated tax-exempts maturing in 30 years increased in the past two months to 3.85 percent Thursday, according to Bloomberg data. A basis point is 0.01 percentage point.

The yield on the longer-maturity index was 185 basis points above that on the 10-year gauge yesterday, the widest gap since at least January 2001, when the Bloomberg Valuation data began.

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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 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 23, 2011

Kenneth weakens rapidly to Category 2 hurricane

Filed under: marketing, term — Tags: , , , — DoctorBusiness @ 4:44 am

Forecasters say Hurricane Kenneth is weakening rapidly and has been downgraded to a Category 2 storm in the eastern Pacific.

There is no threat to land from what had been the strongest late-season hurricane in that area on record when it earlier reached Category 4 status.

The U.S. National Hurricane Center in Miami said Wednesday that Kenneth has maximum sustained winds near 110 mph (175 kph). The storm was centered about 840 miles (1,350 kilometers) south-southwest of the southern tip of Baja California, Mexico best payday advance.

It is moving west at 9 mph (15 kph)

Kenneth is expected to weaken further and could be downgraded to a tropical storm by Thursday. There are no coastal watches or warnings in effect.

The eastern Pacific hurricane season ends Nov. 30.

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

November 3, 2011

Stocks rise on hopes Greek vote will be scuttled

Filed under: Gold, technology — Tags: , , , — DoctorBusiness @ 12:04 pm

Stocks are opening higher as hopes grow that a plan to tackle the European debt crisis will survive.

The European Central Bank surprised markets early Thursday by cutting its benchmark interest rate.

Shortly after the open Thursday, the Dow Jones industrial average is up 128 points, or 1.1 percent, to 11,969. The S&P 500 index is up 12 points, or 1 percent, to 1,250. The Nasdaq is up 23, or 0.9 percent, to 2,663.

The Labor Department said the number of people who applied for unemployment benefits dipped slightly last week absolutely free credit score.

Greece’s prime minister surprised markets with a call this week to put a European rescue package to a vote. The prime minister was in an emergency meeting Thursday after members of his government called for him to step down.

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October 31, 2011

China confident Europe can sort out its debt mess

Filed under: Europe, technology — Tags: , , , — DoctorBusiness @ 9:48 am

China remains confident Europe can solve its crippling debt crisis even though it continues to balk at requests for it to use its financial firepower.

President Hu Jintao told reporters Monday his country is closely following developments in Europe as the 17 countries that use the euro grapple with a debt crisis that has seen three countries bailed out and threatening to engulf Italy, the eurozone’s third largest economy .

“We are convinced that Europe has the wisdom and the competence to conquer its momentary difficulties,” he said during an official visit to Austria.

Europe is closely watching comments by Hu and other Chinese officials in the hope the country will use some of its huge cash reserves to help prevent the region’s debt crisis from spilling over into increasingly shaky economies like Italy and Spain.

Beijing so far has promised to help only by continuing business as usual, trading with Europe and stockpiling some of China’s multibillion-dollar trade surpluses in the safest European government bonds.

Eurozone leaders last week presented the broad outlines of a new anti-crisis strategy. At the center of this strategy is an expansion of the eurozone’s bailout fund, the European Financial Stability Facility. Since the currency union’s finances are already stretched, it wants non-European investors to help fund a special investment vehicle that would act alongside the EFSF.

Although many details of that plan have still to be agreed, this investment vehicle could help the EFSF buy up bonds from struggling countries like Italy and Spain or support bank recapitalizations in poorer eurozone countries payday loans.

Getting more resources behind Europe’s main anti-crisis weapon is particularly important if market pressures continue to rise on Italy. On Friday, Rome had to pay record interest rates at a bond auction, indicating that it may soon have to request help from the eurozone to keep its funding costs in check.

No signs of more direct Chinese plans to help have emerged during Hu’s visit, which started Sunday and ends in two days, when he flies to the G-20 summit in Cannes, France for talks expected to focus on the eurozone’s crisis.

Instead, Hu suggested Monday that China remained content to let European Union leaders work on a solution.

Hu, who did not take questions, said he believes that the path to a global upswing lies on greater cooperation among the world’s leading economies.

Hu has been courted by major EU countries as the financial crisis unfolds.

He and French President Nicolas Sarkozy talked Thursday by phone and pledged to cooperate to revive global growth, while the chief executive of the EU’s bailout fund visited Beijing on Friday to talk to potential investors.

Source

October 29, 2011

Bangkok flood defenses set for their biggest test

Filed under: Mortgage, term — Tags: , , , — DoctorBusiness @ 4:04 pm

The complex network of flood defenses erected to shield Thailand’s capital from the country’s worst floods in nearly 60 years was set for one of its biggest tests yet Saturday as coastal high tides approached their peak.

High tides expected to crest Saturday morning were pushing the city’s main waterway, the Chao Phraya river, to its brink. Overflows so far have lightly inundated riverside streets from Chinatown to the white-walled royal Grand Palace and the neighboring Temple of the Emerald Buddha.

Amid heightened fears that floodwaters could swamp Bangkok, saffron-robed monks and soldiers piled sandbags outside the city’s most treasured temples and palaces Friday as the Chao Phraya swelled precariously beyond its banks, spilling ankle-high water briefly into some of the main tourist districts.

Most of the water has receded at low tide. Still, some worried Bangkokians are buying up bright orange lifejackets and inflatable boats, fearing the worst is yet to come.

“You have to prepare,” said Fon Kanokporn, a banker who bought a rubber boat from a store that had several hanging as advertisements from trees out front.

Employees at the shop said they had sold well over 3,000 boats in the last week. The brisk business is a measure of the fear gripping Bangkok and a reflection of the tragedy of neighboring provinces that have been submerged for weeks. Several buyers said they needed boats because their submerged homes outside the capital were no longer accessible by road.

Three months of relentless monsoon rains have caused the worst flooding in Thailand in more than half a century, triggering a national crisis that has overwhelmed Prime Minister Yingluck Shinawatra’s government.

The water has crept from the central plains south toward the Gulf of Thailand for weeks, engulfing a third of the country and killing nearly 400 people and displacing 110,000 more. Now, Bangkok is in the way _ surrounded by behemoth pools of water flowing around and through the city via a complex network of canals and rivers.

The government is worried that major barriers and dikes could break because they were not designed to hold back so much water for so long. And this weekend, higher than normal tides are obstructing the critical flow of runoff from the north, fueling fears that parts of downtown Bangkok could be swamped.

On Friday, army trucks dumped thousands of sandbags outside the riverside Siriraj Hospital, where Thailand’s ailing and revered King Bhumibol Adulyadej has stayed since 2009.

Elsewhere along the Chao Phraya, dozens of monks at the 200-year-old Temple of the Dawn stacked hundreds more along a secondary barrier to protect against river overflows.

“It’s likely going to get higher, but I don’t think its going to get high enough to cause chaos,” said Phramaha Abhin, a 42-year-old monk business cards. Still, he said, “we cannot neglect the risk to this temple. It’s one of the country’s landmarks, one of the things Thailand is known for. We have to protect it.”

So far, most of the capital has remained untouched, and tourists are still snapping pictures in riverside districts as always.

But little by little, the city is slowing down.

This week, floodwaters pushed into Don Muang airport, used mostly for domestic flights, shutting it down. And on Friday, the State Railway of Thailand said all train services from Bangkok to southern Thailand were suspended after the tracks in Bangkok’s suburbs were submerged by floodwaters.

Thais and expatriates alike continued to leave Bangkok as foreign governments urged their citizens to avoid the threatened city, citing transportation difficulties and shortages of certain food items.

Seven of Bangkok’s 50 districts _ all in the northern outskirts _ are heavily flooded, and residents have fled aboard bamboo rafts and army trucks and by wading through waist-deep water. Eight other districts have seen less serious flooding.

New flooding was reported Friday in the city’s southeast when a canal overflowed in a neighborhood on the outer parts of Sukhumvit Road. And high tides briefly touched riverside areas closer to the city’s central business districts of Silom and Sathorn.

But the day passed without major incident.

“It is clear that although the high tides haven’t reached 2.5 meters (8.2 feet), it was high enough to prolong the suffering of those living outside of the flood walls and to threaten those living behind deteriorating walls,” Bangkok Gov. Sukhumbhand Paribatra said.

The flood walls protecting much of the inner city are 8.2 feet high, and Saturday’s high tide is expected to reach 8.5 feet (2.6 meters).

International charity Save the Children said it was concerned that crocodiles and snakes were lurking in stagnant floodwaters it said are growing filthier by the day.

“Every day we see children playing in the water, bathing or wading through it trying to make their way to dry ground,” said Annie Bodmer-Roy, the group’s spokeswoman in Thailand.

The aid group said many families have been left without access to running water or clean toilets.

“There is a very real risk of waterborne or communicable diseases such as diarrhea and skin infections taking hold if families can’t maintain basic standards of hygiene,” Bodmer-Roy said. “It is essential that the risks facing children in this crisis are understood and steps taken to keep them safe.”

Source

October 26, 2011

Tories slams Canadian Wheat Board legal challenge

Filed under: legal, technology — Tags: , , , — DoctorBusiness @ 4:48 pm

A legal challenge launched Wednesday by the Canadian Wheat Board to stop Conservative efforts to dismantle the agency is

October 21, 2011

Yellen predicts stronger second half growth

Filed under: Loans, Mortgage — Tags: , , , — DoctorBusiness @ 6:08 pm

The No. 2 official on the Federal Reserve says economic growth will end “noticeably stronger” in the second half of this year, but she says the central bank still needs to keep its policy options open to provide more support to the economy if necessary.

Federal Reserve Vice Chairman Janet Yellen said in a speech in Denver on Friday that oil and other commodity prices are falling and supply disruptions caused by Japan’s natural disasters are easing. But she said the economy is still facing numerous problems.

Yellen said the central bank may need to consider more bond purchases to lower interest rates, but she said such an effort should be considered only if the economy required “significantly greater” help than the Fed is now providing.

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