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President Barack Obama announced a package of proposals designed to jolt the housing market, his latest effort to reignite the economy after four years of foreclosures and falling home prices.

Please remember that a payday loan is a rather expensive line of credit. Much like taking something to the pawn shop.

None of the 29 Chinese workers abducted after an attack in a volatile region of Sudan have been freed, Chinese state media said Tuesday, dismissing reports that some of the workers had been released.

The workers were abducted Saturday by militants in a remote region in the country’s south. Sudanese state media reported Monday that 14 of them had been freed, but the official Xinhua News Agency and China Daily newspaper said all 29 were still being held.

China has close political and economic relations with Sudan, especially in the energy sector.

The Chinese ambassador to Sudan, Luo Xiaoguang, told China Central Television in an interview in Khartoum that anti-government rebels attacked the road project the Chinese were working on.

“There are still Chinese workers missing. Some others are still being held by the anti-government armed forces,” Luo said.

Xinhua said 47 Chinese workers were caught in the attack in the South Kordofan region of Sudan. It said 29 were captured and the other 18 fled, and that one of those who fled remains missing.

The Foreign Ministry in Beijing had no immediate comment Tuesday. A statement from the workers’ company, Sinohydro Corp., said that it and the Chinese Embassy would “spare no effort in ensuring the personal safety of those abducted and rescuing them.”

On Monday, Sudan’s state-run SUNA news agency quoted South Kordofan provincial governor Ahmed Haroun as saying that 14 workers had been released.

SUNA said the attack took place near Abbasiya town, 390 miles (630 kilometers) south of Khartoum.

Sudanese officials have blamed the attack on the Sudan People’s Liberation Movement-North, a branch of a guerrilla movement that has fought various regimes in Khartoum for decades. Its members hail from a minority ethnic group now in control of much of South Sudan, which became the world’s newest country only six months ago in a breakaway from Sudan.

Sudan has accused South Sudan of arming pro-South Sudan groups in South Kordofan. The government of South Sudan says the accusations are a smoke screen intended to justify a future invasion of the South.

China has sent large numbers of workers to potentially unstable regions such as Sudan. Last year it was forced to send ships and planes to help with the emergency evacuation of 30,000 of its citizens from the fighting in Libya.

China has used its diplomatic clout to defend Sudan and its longtime leader, Omar al-Bashir. Recently, it has also sought to build good relations with leaders from the south.

South Sudan and Sudan are in bitter dispute over oil, which is produced primarily in South Sudan but runs through Sudanese pipelines for export.

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Asian stocks posted muted gains Monday in trade thinned by Chinese New Year holidays as talks on a debt agreement for Greece dragged on.

Only a handful of markets were open for business. Trading is closed in mainland China, Hong Kong, Taiwan, Indonesia, Singapore, Malaysia, the Philippines and South Korea.

Japan’s Nikkei 225 stock average was up 0.2 percent at 8,779.16 while Australia’s S&P/ASX 200 slipped 0.3 percent to 4,228.10. New Zealand’s benchmark added 0.1 percent to 3,279.19.

On Friday, stocks in Europe mostly held their gains for the week, waiting for the outcome of Greece’s negotiations with its creditors on a deal to cut the face value of up to euro200 billion ($258 billion) in debt by 50 percent.

Over the weekend, the representative of Greece’s private creditors said the talks are continuing even after his unexpected departure from the country.

A deal in Athens would allow the country to receive a second bailout package from other European governments and the International Monetary Fund, and cut Greece’s debt from an estimated 160 percent of its annual economic output to 120 percent by 2020 low interest rate personal loans.

That is still painfully high, but without the help, Greece will not be able to pay euro14.5 billion in debt due March 20. A Greek default would send borrowing costs higher across Europe and could trigger chaos in the global financial system.

On Wall Street on Friday the Dow rose 96.50 points to close at 12,720.48. The S&P 500 index inched up 0.88 to 1,315.38 and the Nasdaq gained 1.63 points to 2,786.70.

In energy trading, benchmark crude was down 41 cents at $97.92 a barrel in electronic trading on the New York Mercantile Exchange.

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Maybe the best person to take on issue number one — the economy — should be an economist?

At least, that’s the thought of Laurence Kotlikoff, an economics professor at Boston University. He’s planning on throwing his hat in the ring next week, announcing he’s running for president as a third-party candidate.

"I think I may be the first economist to run for president," Kotlikoff said. "We see economists now running Greece and Italy. It’s not everyday that an economist decides to work this way for his country — but I’m one of those cases."

Kotlikoff has never before run for public office. His goal is to secure a place on the 2012 ballot as an independent through a new online nomination site, AmericansElect.org.

The nonpartisan group, which has raised $22 million so far, aims to put an alternative candidate on the ballot, chosen by online voters through a three-stage primary.

CNN: New group paves way for alternative 2012 choice

In addition to his role as an economics professor, Kotlikoff is the author of 15 books and a regular columnist for Bloomberg.com. He has also served as a consultant to Fortune 500 companies, foreign governments, central banks and international agencies like the International Monetary Fund and the World Bank.

Kotlikoff’s platform centers on what he calls the "Purple Plan." Purple, because he hopes it will appeal to both blue Democrats and red Republicans, and all Americans in between.

Political observers question whether a nonpartisan candidate could have a serious shot at winning, and it’s not as if Kotlikoff is the only alternative candidate out there. Currently 165 people, not in the Republican or Democratic parties, are on file with the Federal Election Commission as presidential candidates.

Still, he hopes his campaign will have an impact saving account pay day loan.

"I’m hopeful that my candidacy will be taken very seriously," he said. "And that young people in particular will realize this is someone who is really focused on their interests."

If he does win, Kotlikoff pledges to eliminate income taxes on both individuals and businesses, as well as estate and gift taxes. Instead, he would institute a progressive sales tax and inheritance tax, and make the payroll tax highly progressive.

Kotlikoff would also replace the current health care system with one under which all Americans receive a voucher each year to purchase a standard health plan from the private-plan provider of their choice. In true economist speak, he says he would reallocate the roughly 10% of GDP that the federal and state government currently spend on Medicare, Medicaid and health exchanges, to pay for this program.

GOP 2012: What they (wouldn’t) cut

"I’m not suggesting that only an economist is qualified to be President, but I am suggesting that, other things equal, economic problems are likely to be better understood and fixed by an economist than a career politician or someone who has, for example, spent his life running a pizza chain," Kotlikoff wrote on his campaign website Kotlikoff2012.org.

Kotlikoff says he does not have a party affiliation and he plans to file an official statement of candidacy with the Federal Election Commission next week.

He previously worked as a senior economist on President Reagan’s Council of Economic Advisors, but voted for President Carter. He has also served as an economic adviser to former Senator Mike Gravel, who switched from the Democratic Party to the Libertarian Party amid his 2008 bid for president. 

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Comedian and commentator Rick Mercer’s distinct take on Canadian politics and social issues can be caught on the Rick Mercer Report every Tuesday at 8 p.m. on CBC. In our series on the financial habits of notable Canadians Mercer told the Toronto Star’s Emily Mathieu about his $19,500 row house, why trying to make a living in show business is a gamble and why entertainers, thanks to the nature of their industry, tend not to retire.

How did your childhood influence your attitude toward money?

My parents were pathological about living within their means and there simply wasn’t a lot of money. So as a family there were no trips to Florida but lots of camping trips, the driveway wasn’t paved (still isn’t) but there was money for music lessons, the house is small and had one bathroom for a family of six but it was paid for.

For people who had relatively little money my parents didn’t actually stress about money because they avoided debt. They certainly made a lot of sacrifices. As kids we knew that they would help out with post secondary education, for example, but the entire time I was growing up I doubt my father ever paid more than a thousand dollars for a truck, and he would paint them with a brush. I can’t actually think of anything that my father needed that he bought new.

Even now if I mention to Dad that I went to Canadian Tire and bought a lawn mower I know what he is thinking “Hmm, bought a new lawn mower, fool and his money”.

What was the best financial advice they passed on?

My father said never loan money to friends or at least never loan money and expect it back. If you are in a position to help a friend that’s great and you are in fact obligated to, but don’t expect it back. He was adamant that allowing a friendship to be damaged because of bad feelings around money is inexcusable.

What was your first big purchase?

My first house. I was 19 years old, I paid $19,500 for a very skinny row house, attached on both sides, attached to 20 other houses and a Chinese take out. The house was essentially condemned; it came with a huge binder of work orders from the city of St. John’s.

I was the cliché of a starving actor and actually couldn’t afford to live in an apartment. Owning the house allowed me to live on my own and concentrate on working in comedy. My cousin and a few friends rented rooms for $75 bucks a month. I financed it with $4,000 down which was money that my parents had planned to give me for university. I had payments of $300 dollars a month on a $15,000 dollar bank loan. The down payment from my parents was a hand up that changed my life.

How do you prefer to pay, cash, card or debit?

I have no preference no fax payday loans. But I’m careful to pay off my cards monthly. Which I understand is a luxury.

Do you bank online?

Very little.

What has been your savviest investment?

Canadian Banks. Boring old Canadian Banks back in the early 90s.

Have you learned any financial lessons the hard way?

Yes I have and the tip I would give for anyone who is playing around in the market is to avoid people with hot tips.

What advice would you give to people about to enter the entertainment industry?

It depends on what area. There are lots of very good stable jobs in the entertainment industry. It’s an exciting industry. That said if a young person says they want to be a professional actor or musician I generally say don’t. A person doesn’t become an actor, a musician or a dancer because other people encouraged them, they do it because they have to, it is in their blood and they can’t imagine doing anything else.

If you can imagine doing something else you should probably concentrate on that. Being an artist or a performer is a very difficult life, there is no job security. In show business you can’t make a living but you can make a killing, it is a big gamble.

Was there a moment in your career where you felt you had achieved financial security?

Yes and no I don’t care to elaborate.

Do you worry about retirement?

I don’t worry about retirement but I do worry about not working. One of the great things about being an actor or a writer is you never have to stop working. I look forward to playing a crotchety old man.

But all actors worry about not working. When I bump into Gordon Pinsent he will talk about work, where the next job is, etc. He’s worked more than almost any actor alive, he could have retired comfortably decades ago but he is an actor and that’s what actors do, they worry about their next job.

Can money buy happiness?

It certainly doesn’t hurt. Anyone who says otherwise is lying. Money can mean not having to worry about paying the bills and there is no doubt about it for the vast majority of people that is the number one cause of stress in their life. But it all comes back to living within your means.

I’m sure there are people with massive salaries and five million dollar cottages in Muskoka they visit for two weeks a year stressing about bills at the end of the month. So one thing we do know is money can’t buy smarts.

Are money and success the same thing?

Absolutely not.

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Bangkok residents jammed bus stations and highways on Wednesday to flee the flood-threatened Thai capital, while others built cement walls to protect their shops or homes from advancing waters surging from the country’s flooded north.

“The amount of water is gigantic,” Prime Minister Yingluck Shinawatra said. “Some water must spread into Bangkok areas but we will try to make it pass through as quickly as possible.”

Some neighborhoods on the city’s fringes were already experiencing waist-high flooding, but central areas remained dry.

Flood waters breached barriers protecting Bangkok’s second largest airport on Tuesday, halting commercial flights and underlining the gravity of the Southeast Asian nation’s deepening crisis, which has seen flood waters inundate a third of the country and kill 366 people over the last three months.

Yingluck’s government declared a five-day public holiday on Tuesday in affected areas, including Bangkok, while the Education Ministry ordered schools to close until Nov. 7. Many anxious city residents were taking advantage of the holiday to leave the capital or prepare for a possible watery siege.

Panic buying of food and other necessities emptied the shelves of many supermarkets, and walls of sandbags or cinderblocks covered the entrances of many buildings.

Yingluck urged everyone in the capital to move their belongings to higher ground and warned that the city could be swamped if flood barriers at three key locations fail.

“If the three spots 100% free credit score… remain intact, the situation will improve. However, if we can’t protect one of the spots, then the surrounding areas will be flooded. In the worst case, if we can’t protect all three spots, all of Bangkok will be flooded,” she said.

A day earlier, she warned that the floods could range from 4 inches to 5 feet (10 centimeters to 1.5 meters) deep in the capital.

Thousands of people heeded advice to evacuate to official shelters, including many fleeing for a second or third time after their original refuges were overtaken by the flooding.

The exodus included hundreds of inmates from three prisons _ many on death row _ who were taken by bus from Bangkok’s northern suburbs to facilities in other provinces.

Residents living near Mahasawat Canal in western Bangkok evacuated on Wednesday after a rapid overnight rise in water.

“I decided to leave because the water came in very fast,” said Jong Sonthimen, a 57-year-old factory cleaner. A boat carried her and two plastic garbage bags with her belongings to a Buddhist temple, where pickup trucks waited to take residents to a safer area.

Last week, Yingluck ordered key floodgates opened in Bangkok to help drain runoff through urban canals to the sea, but there is great concern that rising tides in the Gulf of Thailand this weekend could slow critical outflows and flood the city.

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FedEx expects to handle more than 17 million packages on its busiest day of the year in mid-December, as holiday shoppers continue to buy more online.

That volume represents a 9 percent increase from last year’s busiest day, and is almost double what FedEx ships on a normal day. The world’s second-largest package delivery company thinks its busiest day will fall on Dec. 12.

The number of shipments handled on the busiest day has climbed steadily through the recession as holiday shoppers skip stores and have gifts shipped after buying them online.

Between Thanksgiving and Christmas, FedEx Corp. expects more than 260 million shipments. That’s a 12 percent increase from 2010.

The Memphis, Tenn. company plans to add about 20,000 seasonal workers to handle the surge.

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The European Union and Moscow on Friday announced a major breakthrough in negotiations to let Russia become a member of the World Trade Organization by the end of the year.

The last bilateral issues with Russia were resolved over the car industry, the export of EU farm products and quotas for wood imports, EU Trade Commissioner Karel De Gucht said.

Russia is the last major economy that isn’t a member of the WTO, the international free-trade body, and accession to it is crucial to a broader partnership agreement the European Union wants to establish with the country.

“We have struck a deal on the final outstanding bilateral issues, leaving the way open for Russia to join the WTO by the end of this year,” De Gucht said.

In Moscow, Russian Foreign Minister Sergei Lavrov said in an interview with three major radio stations that “all the issues related to Russia’s bid to join the WTO have been settled.”

De Gucht insisted that Russia still needed to overcome a dispute with neighbor Georgia over trade transparency and offered to mediate. Georgia has the power to block Russia’s membership, which has been in the works since 1993, and has been virtually doing so over border control issues in breakaway republics of South Ossetia and Abkhazia Business Card Holders.

Lavrov said that “the issues that Georgia is raising have nothing to do with the WTO,” adding that “if we are guided by the WTO’s charter, then Georgia is not an obstacle” to Russia’s accession.”

De Gucht said Russia would now continue negotiating with the WTO at its Geneva headquarters to deal with remaining multilateral trade issues and held out hope Moscow could still join the trade organization in December.

Russian membership would make it easier for two-way trade and improve the overall business climate.

In the past, for example, Russia’s high export duties on wood have hit Nordic paper makers hard, and royalties airlines have to pay when they fly over Siberia have been a major concern. Both issues have now been settled, De Gucht said.

The EU is Russia’s largest trading partner, accounting for 46 percent of its foreign trade. The 27-country bloc is also the biggest investor in the Russian economy.

_____

Nataliya Vasilyeva contributed to this story from Moscow.

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A senior official from the International Monetary Fund says the IMF could help the eurozone’s bailout fund to support pressurized bond markets in Italy and Spain.

The head of the IMF’s Europe program Antonio Borges said the fund could “invest alongside” the European Financial Stability Facility when it buys bonds from Italy and Spain, two large economies that have seen their funding costs spike.

Borges also said the IMF could give the two countries precautionary credit lines.

He said “we have a whole set of options that could be put on the table to restore confidence in those countries.”

The statement comes amid a severe worsening of the eurozone’s debt crisis and a day after Moody’s ratings agency downgraded Italy’s creditworthiness.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

BRUSSELS (AP) _ A senior official from the International Monetary Fund says there is no rush to decide on the next slice of bailout money for Greece since the country faces no big bond repayment until December.

Greece, however, has said it only has money for pensions and salaries until mid-November.

The head of the IMF’s Europe program Antonio Borges also said Tuesday that a second bailout program for the debt-ridden nation tentatively agreed in July will have to be revised amid a worse than expected economy and slower implementation of reforms.

Borges says the euro109 billion estimate for the second bailout made in July was based on assumptions that have since changed. He said the IMF doesn’t think Greek bond holders necessarily have to take bigger losses.

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