11/05/2011 (2:16 pm)

Greek PM to launch coalition talks

Filed under: mortgage, uk |

Embattled Greek Prime Minister George Papandreou is preparing to start talks to try to form a four-month coalition government, aimed at securing continued rescue funds for the near-bankrupt eurozone country.

Papandreou is due to meet President Karolos Papoulias at noon (1000GMT) Saturday, hours after winning a confidence vote in the Socialist-led parliament on a pledge that he was willing to step aside and form a cross-party caretaker government.

But it remains unclear whether the main opposition conservatives and other parties will take part in the talks and abandon their demand for a snap general election.

Source

11/03/2011 (11:20 pm)

Worker productivity rises, labor costs fall

Filed under: Uncategorized, money |

U.S. workers increased their productivity this summer by the largest amount in a year and half, and they cost their employers less. The trend is good for corporate profits but not necessarily for job growth.

The Labor Department says productivity rose at an annual rate of 3.1 percent in the July-September quarter after two straight quarterly declines. Labor costs dropped at an annual rate of 2.4 percent in the third quarter, the first decline since late 2010 pay day loan lenders.

Productivity is the amount of output per hour of work. The big jump in productivity in the third quarter reflected the fact that economy had its best quarterly growth in a year while hours worked were little changed.

Source

10/28/2011 (11:36 am)

Weakening Rina hits Cancun area as resorts empty

Filed under: news, online |

Tropical Storm Rina battered Mexico’s Caribbean coast and the island of Cozumel with winds and rain Friday, as the navy forcibly evacuated some residents who refused to leave a low-lying island north of the storm.

Rina was a far cry from the Category 3 hurricane that some had feared would hit the resort-studded region and many tourists abandoned Cancun and the Riviera Maya ahead of its arrival. The storm was expected to weaken further on Friday.

Playa de Carmen, a resort town across from Cozumel, was left without electricity and streets were largely empty as Rina swept the coast just 20 miles (30 kilometer) west of Cozumel with winds of about 60 mph (95 kph). The storm was moving north at about 7 mph (11 kph).

The Mexican Navy took mandatory evacuation orders so seriously that it sent boats to Holbox island, about 100 miles (160 kilometers) north of where the storm was expected to hit, to haul out by force about 80 residents who had refused to leave the island during an earlier evacuation of about 2,300 people.

At least eight cruise ships changed itineraries away from the storm’s path.

Lines snaked from ticket counters in Cancun’s crowded airport as airliners heading to Canada and Europe waited in pouring rain. State Tourism Director Juan Carlos Gonzalez Hernandez estimated 10,000 tourists had left by Wednesday night.

NASA cut short an undersea laboratory mission near Key Largo, Florida, bringing the crew back to land.

Schools were ordered closed in communities along the coast and on Cozumel in anticipation of the storm.

Ports also closed to navigation for recreational, fishing and small boats in the state of Quintana Roo, home to Cancun, and neighboring Yucatan state, while the island of Cozumel was closed to larger vessels, including the ferry that connects the island and Playa del Carmen.

But some decided to ride out the weakened Rina. Early Thursday in Playa del Carmen, tourists and residents strolled along the promenade and the beach Thursday under cloudy but not-yet-rainy weather. At the beach, lifeguards were placing red flags warning people not to swim.

“We would prefer to lie on the beach and get in the ocean, but right now all we can do is walk around and go shopping,” said Vera Kohler, a 27-year-old tourist from Frankfurt, Germany, who arrived Wednesday and planned to stay in the area until Sunday.

Domenico Cianni, a retired restaurateur from Vancouver, Canada, said he also prepared for a hurricane by buying extra food and beer and putting shutters on the windows of his rental home. But after hearing Rina had been downgraded to a tropical storm he decided to join tourists in Playa del Carmen’s pier.

“We were curious about what’s happening. We wanted to be part of the action,” Cianni said.

A tropical storm warning was in effect for the Caribbean coast from Punta Allen to San Felipe.

Source

10/25/2011 (6:40 am)

FedEx: 17M packages to move on peak day of Dec. 12

Filed under: management, real estate |

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.

Source

10/23/2011 (2:48 pm)

Waves of austerity weaken Greek Socialists

Filed under: marketing, mortgage |

Politicians hate yielding power. But in recession-hit Greece, more governing Socialists are choosing to do so rather than back Prime Minister George Papandreou’s deeply hated austerity measures.

In growing numbers, Socialist lawmakers are calling for an end to their single-party government, unable to face their angry constituents after two years of punishing tax hikes and slashed pensions, jobs and salaries.

Pressed hard by Papandreou, parliament this week approved some of the harshest cuts since the financial crisis began in order to appease international creditors and keep Greece solvent.

But for many, it was a step too far: Two days of rioting outside parliament left one man dead and nearly 200 wounded. Unions staged a 48-hour general strike that shut down schools, shops, offices and transportation around the country and occupied ministry buildings.

“Papandreou now has large sections of society against him,” said Spyros Tritsas, chief editor of the weekly current affairs magazine Epikaira, which has been critical of Papandreou’s handling of the crisis.

The Socialists themselves showed increasing signs of discontent, as popular support for their party continues to fall dramatically.

Greeks are heading into a fourth year of recession with 16.5 percent unemployment and a rapidly expanding class of poor. Now they face yet more emergency tax hikes, pension cuts, and steep levies on their homes.

One prominent government deputy choked back tears before voting for the tough new measures Thursday, and promised it was the last time she would bow to leadership pressure. Others said they had simply had enough.

“At this point, we have reached our limit … No (party) can carry this burden alone. There must be an emergency government that will be in power for as long as is required,” Socialist deputy Nikos Salagiannis said.

Four other Socialists during the debate also openly demanded that Papandreou hold talks with opposition parties on an emergency power-sharing deal.

In the end, lawmakers approved the latest round of cuts late Thursday, but the vote gnawed at Papandreou’s grip on power, midway through his four-year term in office.

A dissenting Socialist vote cut his majority in parliament to just three seats _ raising new doubts that he will be able to see through two more years of unpopular reforms.

The Greek political crisis comes as European leaders grapple over possible solutions to stop the eurozone debt crisis spreading from the three smaller nations that have already received bailouts _ Greece, Ireland and Portugal _ to major economies that are struggling, such as Italy and Spain.

Since May 2010, Greece has been surviving on rescue loans worth euro110 billion ($152 billion) from eurozone countries and the International Monetary Fund. But it has tried to meet deficit-cutting demands mainly by raising taxes, arguing that structural reforms to ease long-term spending on health care and its bloated public sector will take longer to show results.

Attempts at cross-party support for Greece’s recovery effort have fallen flat.

Opposition parties on the left and right oppose the measures as unfair and doomed to fail, while the government says it must meet its commitments as each rescue loan installment _ paid out roughly every quarter _ is essential to prevent a chaotic default payday loans with no fax.

So far, the austerity has hammered Greece’s once-booming private sector.

Since the debt crisis started in late 2009, more than 275,000 people have lost their jobs and store closures have exceeded 20 percent in some parts of Athens and other cities.

“The government is heading toward a state of collapse … because it is unable to stop the rapid decline in people’s living standards,” Tritsas told The Associated Press. “The middle class is being pulled apart, as the measures are now hurting average people and small businesses who had little financial reliance on the state.”

A poll commissioned by the magazine and published in mid-October found that 81 percent of respondents thought Greece’s financial situation had got “much worse” in the past 12 months, and that 55 percent said they would be unable to pay the new emergency taxes. Nearly nine out of 10 Greeks now disagree with Papandreou’s policies in general.

No margin of error was available for the VPRC poll of 1,000 adults conducted earlier in the month.

The Socialists won the 2009 election by a landslide, with nearly 44 percent of the vote and a 10-seat majority in the 300-member parliament. Rival conservatives were widely discredited for corruption scandals, tipping Greece into recession, and hiding the true extent of the country’s economic troubles.

Two years later, seven of Papandreou’s deputies have become anti-government independents and three others have quit politics due to their opposition to the austerity measures.

“If those three deputies had not given up their seats in parliament, the government would already have fallen,” Tritsas said. “Do I think the Socialists themselves could bring down the government? I think it’s likely. It’s hard to see (early) elections being avoided.”

Tritsas said he did not expect deeply entrenched dominance by the country’s two main parties to disappear, but predicted those parties would be forced to reinvent themselves.

Support for the Socialists has sunk to around 20 percent, according to recent opinion polls which give the conservatives a double-digit lead.

And labor unions, once a pillar of Socialist support, are now openly calling for the government to go.

“This government has ignored the popular uprising by approving this terrible law,” Ilias Iliopoulos, secretary-general of the civil servant union, Adedy, told the AP on Friday after two days of riots shook Athens. “Our answer is: get out as fast as you can, there is no place for you in Greece any longer.”

Meanwhile, the remaining 153 members of Papandreou’s parliamentary group dread weekend visits to their constituencies, where opposition-organized groups of “angry citizens” often greet them with eggs, yogurt, and chants of abuse.

Cell-phone videos of the attacks have been frequently posted on the Internet and shown on television.

The Socialists, government lawmaker Andreas Triantafilopoulos told parliament, have been handed an unendurable task.

“We have been insulted, mocked, heckled, and assaulted,” he said. “That’s because we’ve had to shoulder the weight of these reforms alone.”

Source

10/20/2011 (9:24 am)

Thai floods causes shortage in hard drives

Filed under: Uncategorized, marketing |

The personal computer industry, already reeling from depressed demand, has been dealt another setback: Massive flooding in Thailand has curtailed production of a critical component

10/18/2011 (7:00 pm)

TSX slides on slower Chinese growth, Europe skepticism

Filed under: marketing, uk |

TORONTO

10/17/2011 (4:00 am)

Should I return $3,500 to my insurance company?

Filed under: marketing, technology |

Dear Jeanne & Leonard:

My sister is stiffing our elderly father. Six years ago, “Madeline” and her husband borrowed $50,000 from Dad for a down payment on a house, the deal being that they’d pay him back when they sold it. Well, they did sell the house a few years later. But instead of repaying our father, they bought a larger one. Long story short, when the housing market collapsed, they decided to stop making payments, and the bank foreclosed on them. So Madeline and her husband moved out, and they’re making no attempt to repay Dad, though they both have jobs. Dad’s asked me to help him get his money back, and I’d like to know where to start. - Jill M.

Dear Jill:

The first thing your father needs to do is change his will so that it takes into account the amount of money Madeline owes him. That’s at the very least. In our book, Madeline’s dishonorable behavior puts disinheriting her on the table.

Next, you and your father should talk to a lawyer and find out what legal options exist for collecting from your sister and her husband. Given the way they’ve treated him, your father shouldn’t hesitate to be as tough as the law allows.

Finally, if you haven’t already done so, it’s time for you to get tough with your sister—very tough. By this we mean letting her know that if she doesn’t start repaying the loan, you’re prepared to cut her off from the family and are prepared to tell everyone—your extended family, your family’s friends, her friends and anyone else she knows—that she’s blown off a large debt to her elderly father. Then cross your fingers and hope it sinks in: That walking away from her obligation will not be cost-free.

* * *

Dear Jeanne & Leonard:

When a guy starts bragging about money, what can you do? Last weekend our neighbors had my wife and me over for dinner to meet the husband’s brother and sister-in-law, “Eric” and “Allison.” At one point during the evening, Eric began telling me about a wonderful meal he and Allison had had on a recent vacation guaranteed payday loans. When Eric said the dinner cost $900, my jaw must have dropped, because he quickly added “But there was real value there, especially in the wine.” I was dumbstruck. I’m sure our neighbors can’t afford dinners that cost one-third that much, and, as Eric could surely tell, neither can we. What’s the appropriate response in a situation like that? - Flabbergasted

Dear Flabbergasted:

So, what do you think? Were you caught in the crossfire of some insane sibling rivalry, or is this guy always this boorish?

Not that it matters. There’s nothing you can say to people like Eric, and there’s no point in trying. All you can do is laugh about him later, while enjoying a much less expensive meal with much more civilized friends.

* * *

Dear Jeanne & Leonard:

I’m wondering if I need to give some money back to my insurance company. Here’s the story: A leaking pipe under my house caused extensive mold damage—damage that the company’s claims adjuster estimated would cost $5,500 to repair. But once I filed a claim, the insurance company decided the damage wasn’t covered by my policy. So I had to file a complaint with the Insurance Commission, which ultimately forced the insurance company to pay me the $5,500. This took a long time, though, and meanwhile I found someone who fixed the damage for $2,000. Now I’m wondering, is it wrong for me to keep the $3,500 difference between what I paid for the repair and what the insurance company paid me? - W.G.

Dear W.G.:

We don’t know what your policy states, but in the moral arena, you’re entitled to the entire $5,500 - $2,000 to pay for the repair and $3,500 for the trouble the insurance company made you go to collect what it owed you.

Please e-mail your questions about money and relationships to Questions@MoneyManners.net. © 2011 by Jeanne Fleming and Leonard Schwarz

Distributed by King Features Syndicate

Source

10/13/2011 (9:40 pm)

Air Canada files unfair labour complaint against flight attendants union

Filed under: news, uk |

Air Canada has filed an unfair labour practice complaint against the union representing flight attendants who are now barred from walking off the job pending a labour board hearing.

The bad-faith bargaining complaint against the Canadian Union of Public Employees, which represents 6,800 flight attendants, comes after Labour Minister Lisa Raitt intervened in the dispute on Wednesday, asking the Canada Industrial Relations Board to rule on two matters.

Asking whether a deal between Air Canada and unionized employees is even possible and citing health and safety concerns for the nation because the airline offers essential services, Raitt asked the board for a ruling, thereby making a strike illegal.

Airline officials have repeatedly noted that two tentative agreements, both recommended by top union executives, were soundly rejected by the rank-and-file.

The complaint argues that

10/10/2011 (4:16 pm)

Erste Group Bank to report big loss on govt debt

Filed under: mortgage, technology |

Austria-based Erste Group Bank AG says it will make a net loss of euro700 to euro800 million ($950 million to $1.1 billion) for 2011 because of the government debt crisis and troubles in Hungary.

The bank said in a statement Monday that the writeoffs will erase what would have been an euro850 million to euro900 million profit.

Hungary has passed a law letting people with foreign currency mortgages pay them off at less than market exchange rates. Hungary writedowns amount to euro760 million, and the bank will put an additional euro600 million more capital into its subsidiary there payday loan.

Erste Group Bank also marked down holdings of bonds issued by troubled governments such as Greece, Portugal, Spain, Ireland and Italy.

The bank has 3,200 branches across Central and Eastern Europe.

Source

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