Showing posts with label World. Show all posts
Showing posts with label World. Show all posts

Dubai’s Nakheel in talks to extend $2.2 billion loan: report






(Reuters) – Nakheel (NAKHD.UL), builder of man-made islands in the shape of palms, is in talks to extend an 8 billion dirhams ($ 2.18 billion) loan due in 2015, the indebted developer’s chairman was quoted in a local newspaper as saying on Sunday.


Ali Rashid Lootah dismissed concerns over Nakheel’s ability to repay its debts, which also includes a 3.8-billion dirham sukuk, or Islamic bond, due in August 2016, according to Abu Dhabi-based newspaper, The National.






The government-owned developer agreed a $ 16-billion debt restructuring in 2011 and has scaled back grandiose plans, such as building a one-kilometre high tower after it was one of the most high profile corporate casualties of a Dubai property crash that sent house prices tumbling about 60 percent from 2008 peaks.


Debts held by Nakheel, owned at the time by flagship conglomerate Dubai World (DBWLD.UL) helped trigger the emirate’s 2009 debt crisis. A last-minute bailout by Abu Dhabi helped Dubai avert a bond default on a Nakheel bond in December 2009.


“We are talking to financial institutions to restructure our loan, which is a normal part of business because the original tenure is very short,” Lootah was quoted as saying.


“We have time but we are talking to them from now and engaging them from now to get a longer term. We are not worried about the sukuk. Our strategy first will be deal with the lenders. The sukuk is a secondary issue to that.”


Nakheel reported a 57-percent rise in annual profit in January. It also made interest and profit payments of around 800 million dirhams to lenders last year and has now paid around 10 billion dirhams to various trade creditors and contractors since the start of its debt restructuring.


“We have sorted all the old issues, most of the old issues,” Lootah told the newspaper.


But he ruled out re-starting work on Palm Jebel Ali, one of three man-made islands in the shape of palm fronds that Nakheel planned to build off the Dubai coast. Of these, only one – Palm Jumeirah – has been completed.


“Nakheel will grow and grow and grow in a more careful manner and with a more well-studied strategy and plan,” Lootah was quoted as saying. “Tourism is booming in Dubai so people are looking for more options, so we are looking at that.”


Last week, Dubai gave the go-ahead for a new $ 1.6 billion artificial island – not connected to Nakheel – as it again unveils extravagant developments, despite the emirate being littered with stalled or abandoned projects commissioned in the boom years of the previous decade.


(Reporting by Matt Smith; Editing by Amran Abocar)


Business & Finance News – Yahoo! Finance





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Top Money Saving Tips for Energy Users






LONDON, UNITED KINGDOM–(Marketwire – Feb 16, 2013) – Homes across Britain suffered badly last year due to the economic crisis – and with a double-dip recession expected for 2013 there”s no silver lining in sight.


Energy bills are a particular source of bewilderment for most users as energy prices keep rising despite drops in crude-oil prices and many people across the country accepting wage freezes in order to keep their jobs. The ”big 6” energy companies are particularly responsible for this pricing issue but there may be some ways you can beat them at their own game.






With this in mind we”ve put together a few top tips for cutting down your energy bills this winter…


Proper Insulation


Adding proper wall cavity insulation could save you up to £135 per year depending on the age and state of repair of your home. This saving is further extended with proper loft insulation. As around 30% of your homes heat can be lost through the room this insulation could save you up to £175 per year.


Eco Friendly Lighting


Traditional bulbs not only give off a very harsh light they also consume huge amounts of electricity. Modern energy saving bulbs last up to 10 times longer than traditional bulbs and could save you up to £40 over the duration of their lifetime. Now imagine that saving across every bulb in your home and that”s quite a tidy packet you won”t have to spend.


Lower Your Heating


This is a slightly cheeky tip as who are we to say what”s the perfect temperature? However, most people would be quite comfortable with their heating turned down just one or two degrees – which is great news, because for every degree you turn down your heating you could be saving up to 10% off your gas bill.


Replace Your Outdated Boiler


If your boiler is older than 15 years then it almost certainly won”t conform to recent efficiency protocols and it”s probably burning up a lot of your cash. Although the initial investment can cost as much as £1500 (for the average size boiler) with potential savings of up to £230 a year this home improvement will have paid for itself in money savings in around five years. Plus many companies have a boiler exchange/scrappage scheme which might net you as much as £700 towards the cost of your new equipment.


Get a Smart Meter


Not all energy companies provide a Smart Meter but some of the best ones do. A smart meter gives much more accurate readings for your energy usage which means that you”re likely to save money as you won”t have to pay estimated costs anymore. This should certainly save you more than a few pennies in the long run.


About First Utility


First Utility is the UK”s largest independent energy supplier. It supplies gas and electricity to over 180,000 residential and business customers throughout the UK. First Utility is pioneering the use of new technology within the energy sector to empower its customers to control their energy spend. It was also the first UK energy supplier to offer smart meters to all its customers in 2008. In 2012 it launched my:energy, an online analytics service which provides households and businesses with personalised information regarding their energy usage.


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G20 defuses talk of "currency war", no accord on debt


MOSCOW (Reuters) - The Group of 20 nations declared on Saturday there would be no 'currency war' and deferred plans to set new debt-cutting targets in an indication of concern about the fragile state of the world economy.


Japan's expansive policies, which have driven down the yen, escaped criticism in a statement thrashed out in Moscow by financial policymakers from the G20, which groups developed and emerging markets and accounts for 90 percent of the world economy.


After late night talks, finance ministers and central bankers agreed on wording closer than expected to a joint statement issued last Tuesday by the Group of Seven rich nations backing market-determined exchange rates.


A draft communique seen by delegates on Friday had steered clear of the G7's call for fiscal and monetary policy not to be targeted at exchange rates but the later version included a G20 commitment to refrain from competitive devaluations and stated monetary policy would be directed at price stability and growth.


"The language has been strengthened since our discussions last night," Canadian Finance Minister Jim Flaherty told reporters. "It's stronger than it was, but it was quite clear last night that everyone around the table wants to avoid any sort of currency disputes."


The communique, seen by Reuters ahead of publication, did not single out Japan for aggressive monetary and fiscal policies that have seen the yen drop 20 percent.


The statement reflected a substantial, but not complete, endorsement of Tuesday's statement by the G7 nations - the United States, Japan, Britain, Canada, France, Germany and Italy.


"We all agreed on the fact that we refuse to enter any currency war," French Finance Minister Pierre Moscovici told reporters.


NO FISCAL TARGETS


The text also contained a commitment to credible medium-term fiscal strategy, but stopped short of setting specific goals.


A debt-cutting pact struck in Toronto in 2010 will expire this year if leaders fail to agree to extend it at a G20 summit of leaders in St Petersburg in September.


"Advanced economies will develop credible medium-term fiscal strategies ... by the St. Petersburg summit," the communique said.


The United States says is on track to meet its Toronto pledge but argues that the pace of future fiscal consolidation must not snuff out demand. Germany and others are pressing for another round of binding debt-cutting goals.


Backing in the communique for the use of domestic monetary policy to support economic recovery reflected the U.S. Federal Reserve's commitment to monetary stimulus through quantitative easing, or QE, to promote recovery and jobs.


QE entails large-scale bond buying -- $85 billion a month in the Fed's case -- that helps economic growth but creates money, much of which has leaked into emerging markets, threatening to destabilize them.


That was offset in the communique by a commitment to minimize "negative spillovers" of the resulting financial flows that emerging markets fear may pump up asset bubbles and ruin their export competitiveness.


"Major developed nations (should) pay attention to their monetary policy spillover," Vice Finance Minister Zhu Guangyao was quoted by state news agency Xinhua as saying in Moscow.


"Major developed countries' implementation of excessively relaxed currency policy has an influence on the world economy."


Russia, this year's chair of the G20, said the group had failed to reach agreement on medium-term budget deficit levels and also expressed concern about ultra-loose policies that it and other big emerging economies say could store up trouble for later.


Finance Minister Anton Siluanov said a rebalancing of global growth required more than an adjustment of exchange rates.


"Structural reforms in all countries, either with a positive or negative balance of payments, should play a bigger role," he said in an address to Saturday's talks, also highlighting the risk of spillover effects from unconventional monetary policy.


The G20 put together a huge financial backstop to halt a market meltdown in 2009 but has failed to reach those heights since. At successive meetings, Germany has pressed the United States and others to do more to tackle their debts. Washington in turn has urged Berlin to do more to increase demand.


On currencies, the G20 text reiterated its commitment last November, to move towards "exchange rate flexibility to reflect underlying fundamentals and avoid persistent exchange rate misalignments".


"The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation," Britain's finance minister, George Osborne, said in Moscow.


"Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare."


(Additional reporting by Randall Palmer, Lesley Wroughton, Tetsushi Kajimoto, Jan Strupczewski, Lidia Kelly, Katya Golubkova, Jason Bush and Michael Martina. Writing by Douglas Busvine. Editing by Timothy Heritage/Mike Peacock)



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Yen firms as G20 eyed, weak Europe dampens mood

LONDON (Reuters) - The yen firmed on Friday as investors braced for the likelihood of more conflicting comments on currencies from the G20 meeting, while a revival in worries about global economic growth weighed on shares and commodities.


The G20 forum in Moscow is in the spotlight as officials are expected to discuss whether the ultra loose monetary polices of the United States, Japan, Britain and the euro zone depart from the group's commitment to market-driven exchange rates.


The dollar shed 0.5 percent to 92.46 yen, dropping as far as a one-week low of 92.25 yen while the euro fell to a two-week low of 123.10 yen.


The Japanese currency gained some support when a Russian official said drafting the final communique from the G20 meeting was proving difficult, but the text would not single out Japan for criticism.


"There is an issue of 'who started the fire?' You can say that Japan has getting really aggressive but then they might say, well what have Americans done, what about the British and so on," said William De Vijlder, chief investment officer at BNP Paribas Investment Partners.


The yen was also underpinned by expectations that Japanese Prime Minister Shinzo Abe is close to selecting his nominee for Bank of Japan governor. A decision could come in the next few days, sources close to the process told Reuters [ID:nL4N0BF1LS]


Shares were broadly flat with the pan-European FTSEurofirst 300 index <.fteu3> little changed at 1,163.34 points following dismal gross domestic product data from across the euro zone on Thursday.


The surprisingly sharp contraction in the region's economy during the final three months of 2012 has undermined hopes of an early recovery from recession, but also boosted talk that the European Central Bank may have to ease policy further.


Frankfurt's DAX <.gdaxi>, Paris's CAC-40 <.fchi> and London's FTSE <.ftse> were around 0.1 to 0.3 percent lower.


The weaker demand outlook implied by the GDP data sent Brent crude under $118 a barrel and on course for its first weekly loss since mid-January.


Front-month Brent futures LCOc1 fell 30 cents to $117.70 a barrel, while Gold dropped to a six-week low of $1,629.89 an ounce, and was headed for its biggest weekly drop since December.


(Reporting by Richard Hubbard; editing by David Stamp)



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Euro falls as German, French economies disappoint

LONDON (Reuters) - The euro dropped and European shares fell on Thursday as growth data from the region's two largest economies came in weaker than forecast, throwing a first quarter recovery for the bloc into doubt.


The German economy, Europe's largest, contracted by 0.6 percent in the final quarter of 2012, marking its worst performance since the global financial crisis was raging in 2009.


Worryingly for Berlin, it was export performance - the motor of its economy - that did most of the damage. France's 0.3 percent fall was also a touch worse than expectations.


The figures suggest the euro zone could remain slumped in recession in the first quarter of this year and pushed down the euro 0.5 percent to a session low $1.3382.


"This is major data, so it's dampening sentiment," said Anita Paluch, sales trader at Gekko Capital Markets.


"It is kind of disappointing that Germany, which had shown so much resilience, is now showing signs of suffering from the debt crisis."


Stock markets also edged lower although the impact was not so marked. The pan-European ESTOXX 50 index <.stoxx50e> was down 0.1 percent by 0815 GMT with London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> all down by a similar amount.


German bonds were steady, stabilizing after a fall in the previous session as demand for traditional safe-haven assets returned.


Benchmark Bund futures were 3 ticks higher on the day at 142.08, with analysts targeting a further rise if the remaining GDP data for countries such as Italy (0900 GMT), and the euro zone as a whole (1000 GMT), also come in weak.


The pain is not confined to Europe. Japan, under some pressure over its aggressive monetary and fiscal policies which are driving down the yen, came up with an unwanted riposte earlier on Thursday - its GDP shrank 0.1 percent in the fourth quarter, leaving it in recession and crushing expectations of a modest return to growth.


The Bank of Japan also kept monetary policy steady and upgraded its economic assessment, as recent falls in the yen and signs of a pick-up in global growth in recent months give it some breathing space after expanding stimulus just a month ago.


Markets in China and Taiwan remain shut for the Lunar New Year holiday but Hong Kong resumed trading on Thursday.


(Reporting by Marc Jones; Editing by Peter Graff)



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Albany College of Pharmacy and Health Sciences Announces $10,000 Scholarships for New Visions Health Careers Students






ALBANY, NY–(Marketwire – Feb 13, 2013) – Albany College of Pharmacy and Health Sciences (ACPHS) announced that it will be offering a scholarship to any high school graduate who successfully completes New York State’s New Visions Health Careers Program. Scholarship recipients who meet the eligibility criteria will receive $ 2,500 annually for each of their first four years at the College, for a total award of $ 10,000.


Offered through the State’s Board of Cooperative Educational Services (BOCES), the New Visions Health Careers program is designed for high school seniors interested in medical and health-related professions. The program offers both classroom instruction and hands-on learning in a variety of health care settings. Program participants may spend from one day to three weeks in a wide range of clinical and administrative areas within a hospital or health care facility. These areas include radiation oncology, the operating room, pharmacy, psychiatric units, rehabilitation, and many others.






“The New Visions Health Careers program offers high school students invaluable opportunities to shadow health care professionals and learn about the variety of career options available in the health care field. The academic and experiential requirements of the program also provide students with excellent preparation for college,” said Matthew Stever, ACPHS Director of Admissions. “The goal of this scholarship is to increase access to the College for New Visions students, as our academic programs offer multiple pathways to health care related careers and graduates of New Visions have a demonstrated record of success at ACPHS.”


The scholarship is available for students enrolled in any of the College’s six undergraduate programs:


  • B.S. in Biomedical Technology

  • B.S. in Chemistry

  • B.S. in Health and Human Sciences

  • B.S. in Microbiology

  • B.S. in Pharmaceutical Sciences

  • Doctor of Pharmacy

For more information about the New Visions Health Careers scholarship, please contact the Office of Admissions at [email protected] or 518-694-7221.


About Albany College of Pharmacy and Health Sciences
Founded in 1881, Albany College of Pharmacy and Health Sciences is a private, independent institution committed to graduating the best health care minds in the world. In addition to its doctor of pharmacy program, ACPHS offers five bachelor’s programs and five graduate programs in the health sciences. The College’s main campus is located in Albany, New York; its satellite campus is in Colchester, Vermont.


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Stock index futures point to slightly higher start

LONDON (Reuters) - Stock index futures pointed to a slightly higher open on Wall Street on Wednesday, with futures for the S&P 500, the Dow Jones and the Nasdaq 100 up 0.1-0.2 percent at 0958 GMT (4.58 a.m EST).


European shares were slightly lower, although they remained near the top of a six-day trading range. French bank Societe Generale sank 3.7 percent after it unveiled a bigger-than-expected quarterly loss.


U.S. President Barack Obama said in his State of the Union speech on Tuesday he backs higher taxes for the wealthy and a $50 billion spending plan to create jobs by rebuilding degraded roads and bridges.


The U.S. Commerce Dept. releases U.S. retail sales data at 1330 GMT. It was expected to show a 0.1 percent rise in January, slowing from a 0.5 percent increase in December as consumers eyed smaller paychecks on the back of a recent tax increase.


Business inventories data for December, due at 1500 GMT, are expected to show a rise of 0.3 percent, a repeat of the November increase.


Comcast Corp clinched full control of NBC Universal for $16.7 billion on Tuesday, the latest in a series of deals that have taken the cable operator from humble roots in Tupelo, Mississippi, to Manhattan's iconic Rockerfeller Center.


The group is due to unveil fourth-quarter results before the market open, with earnings per share seen at $0.53 from $0.47 one year earlier.


Networking equipment maker, Cisco Systems , is expected to report a $0.01 increase in its quarterly earnings per share, with corporate North America and parts of Europe showing signs of improvement. The results are due after the market close.


Chip-maker Nvidia is also among companies due to report quarterly results.


Clearwire Corp , the wireless service provider that both Sprint Nextel S.N and Dish Network DISH.O want to buy, said on Tuesday that it would need Sprint financing to keep afloat up to the end of the year.


Asset manager Legg Mason Inc is preparing to name its interim head, Joseph Sullivan, as its permanent chief executive, two people familiar with the matter said, as the company turns to a sales chief to stop an outflow of funds.


BlackRock Inc named Morgan Stanley MS.N banker and long-time financial advisor Gary Shedlin as its next chief financial officer, to succeed Ann Marie Petach.


Yahoo Inc Chief Executive Marissa Mayer said the company's search partnership with Microsoft Corp was not delivering the market share gains or the revenue boost that it should.


The Dow Jones industrial average <.dji> closed 47.46 points higher, or 0.34 percent, at 14,018.70 on Tuesday. The Standard & Poor's 500 Index <.spx> was up 2.42 points, or 0.16 percent, at 1,519.43. The Nasdaq Composite Index <.ixic> was down 5.51 points, or 0.17 percent, at 3,186.49.


(Reporting by Francesco Canepa; editing by Patrick Graham)



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Should college students buy savings bonds?






b7520  DonTaylor 66x76 Should college students buy savings bonds?Dear Dr. Don,
Are savings bonds a bad idea for college students? Would a simple savings account work better? I have always been good about saving money, but recently it has all gone to school expenses. If I ever get my hands on some extra cash, I want to make sure I put it in a good place.


Thanks,
– Amber Accumulates






Dear Amber,
I wouldn’t recommend savings bonds for a college student. You can’t cash them in for the first five years without paying a three-month interest penalty for early redemption.


And if you’re like most college kids, you’ll need that money before then. After graduation, you may decide to go shopping for a car or a house. You may want some new furniture, or you could be asked to relocate cross-country for a new job.


You’ll also want to stay fairly liquid as you build up an emergency fund as a buffer against short-term financial pressures. A common recommendation is for an emergency fund to be large enough to cover three to six months’ living expenses.


I recommend that you put your money in a savings account instead. Look for a high-yield savings account or money market account so you have ready access to your savings.


If you’re still interested in savings bonds, please note that you won’t be able to cash in anytime soon. You must hold a Series EE bond for 20 years to earn a yield of about 3.53 percent. If you cash it in early, that yield will drop.


The Series I savings bond is a better savings vehicle if you plan to hold it for more than five years. By doing so, you’ll avoid the early redemption penalty. You’d earn two different yields on a Series I bond: a fixed yield, which is currently zero percent, and an inflation yield that is based on changes in inflation as measured by the consumer price index.


Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.



To ask a question of Dr. Don, go to the “Ask the Experts” page and select one of these topics: “Financing a home,” “Saving & Investing” or “Money.” Read more Dr. Don columns for additional personal finance advice.



Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.


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Yen near lows vs dollar, Asian shares ease in subdued trade

TOKYO (Reuters) - The yen hovered near its lows against the dollar and Tokyo stocks jumped closer to a 33-month high on Tuesday after markets took comments from a U.S. official as approval for Japan to pursue anti-deflation policies that weaken the yen.


U.S. Treasury Undersecretary Lael Brainard said on Monday the United States supports Japanese efforts to end deflation, but she noted that the G7 has long been committed to exchange rates determined by market forces, "except in rare circumstances where excess volatility or disorderly movements might warrant cooperation.


"Her (Brainard's) comments gave confidence to the market. It was surprising, and was taken as the Obama administration giving a green light to 'Abenomics'," said Takuya Takahashi, a market analyst at Daiwa Securities.


Japan has faced some overseas criticism that it is intentionally trying to weaken the yen with monetary easing, but talk of a so-called currency war was dialled back ahead of a Group of 20 meeting in Moscow on Friday and Saturday.


G20 officials said on Monday the Group of Seven nations are considering a statement this week reaffirming their commitment to "market-determined" exchange rates.


European Central Bank council member Jens Weidmann also said the euro was not overvalued at current levels.


The dollar slipped 0.3 percent to 94.185 yen after marking its highest level since May 2010 of 94.465 on Monday. The euro eased 0.3 percent to 126.12 yen after rising more than 2 percent on Monday. It hit its highest since April 2010 of 127.71 yen last week.


"I think the yen's weakening is a function of (playing)catch-up," and not Japan resorting to deliberate devaluation of its currency, said Andrew Wilkinson, chief economic strategist at Miller Tabak & Co. in New York. "It's the market's way of saying: 'We're convinced there is a movement afoot to reinflate Japan.'"


The yen is pressured by anticipation that Prime Minister Shinzo Abe will endorse a far more dovish Bank of Japan regime when the current leadership's term ends next month, although the BOJ is expected to refrain from taking fresh easing steps when it meets this week.


Share trading was subdued with many regional bourses shut for holidays. Encouraging trade data from China late last week was lending support to sentiment but non-Japan markets lacked momentum as investors awaited key events such as the U.S. president's State of the Union address for trading cues.


European markets are seen inching lower, with the Euro STOXX 50 index futures down 0.1 percent. A 0.2 percent drop in U.S. stock futures also suggested a soft Wall Street start. <.l><.eu><.n/>


The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> fell 0.1 percent, with Australian shares closing flat ahead of corporate earnings due this week.


The weaker yen in turn hoisted the Nikkei stock average <.n225> to close 1.9 percent higher on improving earnings prospects for exporters. <.t/>


Trading resumed in Japan and South Korea but markets in Singapore, Hong Kong, mainland China, Malaysia and Taiwan remained closed.


STATE OF UNION ADDRESS


Currency and equities markets were also looking ahead to President Barack Obama's State of the Union address later on Tuesday night, for any signs of a deal to avert automatic spending cuts due to take effect March 1.


"We believe that the G20's take on currency wars, Mr. Obama's upcoming state of the union address, and data on the current condition of the U.S. economy should help markets assess where the global recovery stands and where we are heading," Barclays Capital said in a research report.


U.S. and Chinese data last week lifted the tech-focused Nasdaq Composite Index <.ixic> to a 12-year closing high and the Standard & Poor's 500 Index <.spx> to a five-year peak on Friday.


Financial markets showed a muted reaction to the news that North Korea has conducted a nuclear test.


"The test was not something that makes your heart pound as much as a pressing situation between Iran and Israel," said Kaname Gokon, research manager at brokerage Okato Shoji, referring to the threat of possible military action to prevent Iran from developing nuclear weapons.


U.S. crude futures edged down 0.1 percent to $96.90 a barrel while Brent steadied around $118.


Spot gold stayed near a one-month low.


(Additional reporting by Ayai Tomisawa, Lisa Twaronite and Osamu Tsukimori in Tokyo; Editing by Chris Gallagher)



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What to do with your tax refund






Taxes » Tax Refund » 4 Options For Your Tax Refund


Every year, you swear you’re going to save at least some of your tax refund. Every year, you end up spending every last cent.






Uncle Sam wants to help. He’s letting you directly deposit your refund money into up to four accounts. You can have a portion of the refund sent to your checking account to help you pay bills, another amount directed to savings, a third chunk of cash sent straight into your individual retirement account and use up to $ 5,000 in tax refund money to purchase savings bonds.


The option to send your tax refund directly to several accounts was prompted by the increasing popularity of direct deposit.


Since direct deposit of tax refunds was introduced in 1987, it’s become one of the Internal Revenue Service’s most popular innovations.



Direct deposit of federal tax refunds in 2012



  • 82.8 million returns.

  • $ 247.2 billion in refunds.

  • $ 2,985 average direct deposit refund amount.



You still can choose to have your entire refund sent to just one account. That option remains on the 1040EZ, 1040A and 1040. It’s also available on 1040s filed by nonresident and Puerto Rican taxpayers, as well as self-employed taxpayers who must file the 1040-SS.


But now on each of those forms, if you want to divide your refund into multiple accounts or buy savings bonds, you’ll have to send along Form 8888, Allocation of Refund, with your individual return.


Mind these important details


It’s not a difficult process or form. If you’ve used the single account direct deposit option before, there’s nothing to worry about other than the number of accounts you can enter.


Even if this is your first year to have your refund money sent electronically to a bank account, the directions are clear, and Form 8888 includes a blank check diagram showing you exactly what to look for and enter. But there are some things you need to pay attention to or your good deposit intentions could go astray.


First, be sure to check the box on your Form 1040 that indicates you are splitting up your refund. It will let the IRS know you want your money sent to multiple accounts and that agency employees need to look to your Form 8888 for details. The check box is on each of the various 1040 forms, just above where you would enter information if you were sending the money to just one account.


And about that 1040 section for a single direct deposit: Leave it blank. If you complete the account information on your main return, don’t be surprised if the IRS then sends all your refund money to that one account.


Instead of using your 1040 form, you’ll enter all your multiple account information on Form 8888.


Choose 1, 2 or 3 accounts


The form has room for three accounts, but that doesn’t mean you have to choose that many.


If you want your IRS cash deposited in only two accounts, that’s fine. All you have to do in this case is simply enter account information for the pair on Form 8888.


And if you’re happy with your refund going to one, just enter that single account info in the appropriate section on your Form 1040.


Married couples can ask the IRS to directly deposit a refund on a joint return into individual accounts held by either partner or one held in both names. However, do verify that your financial institution will accept a joint refund sent to an individual account.


You do have to receive a minimum refund amount to use the split deposit option. But when the IRS says minimum, in this case, it means minimum.


As long as you request that at least $ 1 go directly into each account, the IRS will follow your instructions. So if your refund is $ 3, you can have one buck each sent to three accounts.


Savings bonds steps


Part II of Form 8888 is for the purchase of Series I bonds with tax refund money. Taxpayers who opt to buy these inflation-adjusted bonds — the interest rate is adjusted each May 1 and Nov. 1 — also have a choice of bond ownership.


You can purchase up to $ 5,000 in bonds. The only requirement is that the amount be a multiple of $ 50. For example, if your refund is $ 570, you can use up to $ 550 to buy bonds. Then you must select an account into which the IRS will directly deposit the remaining $ 20.


Different amounts to different accounts


There’s no requirement that you divide your refund equally among your accounts. If you’re getting back $ 1,000, you can send $ 900 to savings, $ 99 to a money market account and $ 1 to checking. Basically, as long as an account has a routing number, the IRS can send the money there directly.


But for any tax refund to go into an account, the money must be held in a U.S. financial institution, such as a bank, mutual fund, brokerage firm or credit union. And make sure the institution accepts direct deposits. Most do, but check just in case. A bank, for example, may accept direct deposits for regular savings accounts, but not for education savings accounts.


Also ask your financial institution about fees associated with electronic transactions. Again, that’s generally not a problem with deposits, but you don’t want any unpleasant surprises when you’re expecting your tax refund. If your bank does refuse a direct deposit, the IRS will send you that refund portion as a paper check.


In addition to standard checking and passbook savings accounts, you can send your refund directly to other financial instruments. Examples include money market accounts; health savings accounts, or HSAs; Archer medical savings accounts, or MSAs; and Coverdell education savings accounts.


Watch out for potential IRA snafus


You can, though, direct your refund or a part of it to an individual retirement account, either a traditional account, a Roth IRA or, if you’re self-employed, a SEP IRA. But there are some details you need to consider.


First, set up your retirement account before you request the direct deposit to it, and let your IRA trustee know that the IRS will be transferring money into that account.


Also, be sure to tell your IRA trustee what tax year you want the refund deposit applied toward, because the transaction from the IRS won’t indicate that. If you don’t designate whether the refund is for a 2012 or 2013 contribution, the trustee can assume the deposit is for this year. That could pose a problem if you counted the refund deposit as a 2012 contribution and claimed a deduction for it.


If you are using the refund as a prior year contribution, also make sure you file early enough so that it’s directly deposited into your IRA by the April deadline.


It usually takes around two weeks for an e-filed direct deposit to be completed, but don’t run up too closely against the due date. If the money shows up in your account a day after the deadline, it will be counted as a 2013 contribution. Such bookkeeping differences could force you to refigure your tax bill and refund amount on an amended return.


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Stock index futures signal higher open

PARIS (Reuters) - Stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.07 percent, Dow Jones futures up 0.08 percent and Nasdaq 100 futures up 0.03 percent at 03.44 a.m. EST.


European stocks fell, reversing Friday's rebound as simmering worries over Spain and Italy continued to spook investors. <.eu> Most Asian bourses, including those in Japan, China, Hong Kong, Singapore and South Korea, were closed for the Lunar New Year holiday.


US Airways Group Inc and AMR Corp are nearing an $11 billion merger that would create the world's largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, people familiar with the matter said.


Google Inc Executive Chairman Eric Schmidt is selling roughly 42 percent of his stake in the Internet search company, a move that could potentially net the former chief executive a $2.51 billion windfall.


Three of Dell Inc's largest investors joined Southeastern Asset Management on Friday in objecting to a $24.4 billion buyout of the No. 3 PC maker led by Chief Executive Michael Dell, sources said, as opposition grows to the largest buyout since the start of the financial crisis.


Boeing Co completed what it called an uneventful flight on Saturday of a test 787 Dreamliner, its first since the airplanes were grounded more than three weeks ago after a series of battery-related problems.


Apple Inc. is experimenting with the design of a device similar to a wristwatch that would operate on the same platform as the iPhone and would be made with curved glass, the New York Times reported on Sunday.


The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.


The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.


(Reporting by Blaise Robinson; editing by Patrick Graham)



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France’s Renault recalling over 60,000 cars in China: Xinhua






BEIJING (Reuters) – French carmaker Renault (RENA.PA) has started recalling over 60,000 cars exported to China due to problems with their fuel level sensors, state news agency Xinhua quoted the Chinese consumer watchdog as saying.


Renault’s China unit this week started recalling 61,508 Koleos sport utility vehicles produced between Dec 16, 2008 and July 10, 2012, Xinhua quoted the General Administration of Quality Supervision, Inspection and Quarantine as saying on Saturday.






The cars have faulty fuel level sensors that display incorrect fuel levels on their dashboards, the watchdog said. Renault will change the sensors for free, it said.


The watchdog’s website showed Renault’s vehicle recall was announced on Feb 6, the second in two months. Renault had recalled 5,097 Koleos cars in January due to welding problems, the watchdog’s website showed.


Like other European carmakers, Renault is struggling with swollen inventories owing to weak demand in Europe and wants to gain a foothold in China, the world’s largest auto market and where it lags rivals including Volkswagen (VOWG_p.DE).


Besides expanding its Chinese sales network, Renault also wants to build cars in China.


(Reporting by Koh Gui Qing; Editing by Michael Perry)


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Visit the Capital to Celebrate Chinese New Year, as the City Comes Alive With Colour and Excitement!






LONDON, UNITED KINGDOM–(Marketwire – Feb 9, 2013) – Based on the lunar calendar, Chinese New Year falls on a different day each year and each year is named and represented by a different animal from the Chinese Zodiac. This special holiday is now popular all over the world and Millennium & Copthorne Hotels have six hotels in London, including hotels in Kensington, Knightsbridge and earls court all within easy reach of the celebrations!


The largest celebrations in the capital begin at 10am on 10th February, where a parade of colourful floats will make its way through the West End, with music and stage performances taking place. When the parade arrives at Shaftesbury Avenue, local community groups and schools will be putting on plays and shows for the crowd!






Trafalgar Square will also be a hub of activity from noon, with music, dance, Chinese dragons and acrobatics. There will be performances from the ”Britain”s Got Talent” winner, Paul Potts, the Chen Brothers Flying Lion Dance and an attempt at setting a Guinness World Record, as 50,000 people are expected to assemble and recreate the dance moves to popular hit, ”Gangnam Style”.


Chinatown is, of course, at the centre of the action and the streets will be alive all day with stalls, food and music. Look out for the Lion Dance as it snakes through the crowds, stopping along the way at restaurants to wish the owners good luck for the coming year!


After an exciting day out, choose to relax at one of Millennium & Copthorne”s London hotels, which offer convenience, luxury and excellent transport links, to make your stay in the city unforgettable.


MILLENNIUM & COPTHORNE HOTELS


Millennium & Copthorne Hotels operates a portfolio of over 100 hotels worldwide.


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Stocks end higher for sixth straight week, tech leads

NEW YORK (Reuters) - The Nasdaq composite stock index closed at a 12-year high and the S&P 500 index at a five-year high, boosted by gains in technology shares and stronger overseas trade figures.


The S&P 500 also posted a sixth straight week of gains for the first time since August.


The technology sector led the day's gains, with the S&P 500 technology index <.splrct> up 1.0 percent. Gains in professional network platform LinkedIn Corp and AOL Inc after they reported quarterly results helped the sector.


Shares of LinkedIn jumped 21.3 percent to $150.48 after the social networking site announced strong quarterly profits and gave a bullish forecast for the year.


AOL Inc shares rose 7.4 percent to $33.72 after the online company reported higher quarterly profit, boosted by a 13 percent rise in advertising sales.


Data showed Chinese exports grew more than expected, a positive sign for the global economy. The U.S. trade deficit narrowed in December, suggesting the U.S. economy likely grew in the fourth quarter instead of contracting slightly as originally reported by the U.S. government.


"That may have sent a ray of optimism," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.


Trading volume on Friday was below average for the week as a blizzard swept into the northeastern United States.


The U.S. stock market has posted strong gains since the start of the year, with the S&P 500 up 6.4 percent since December 31. The advance has slowed in recent days, with fourth-quarter earnings winding down and few incentives to continue the rally on the horizon.


"I think we're in the middle of a trading range and I'd put plus or minus 5.0 percent around it. Fundamental factors are best described as neutral," Dickson said.


The Dow Jones industrial average <.dji> ended up 48.92 points, or 0.35 percent, at 13,992.97. The Standard & Poor's 500 Index <.spx> was up 8.54 points, or 0.57 percent, at 1,517.93. The Nasdaq Composite Index <.ixic> was up 28.74 points, or 0.91 percent, at 3,193.87, its highest closing level since November 2000.


For the week, the Dow was down 0.1 percent, the S&P 500 was up 0.3 percent and the Nasdaq up 0.5 percent.


Shares of Dell closed at $13.63, up 0.7 percent, after briefly trading above a buyout offering price of $13.65 during the session.


Dell's largest independent shareholder, Southeastern Asset Management, said it plans to oppose the buyout of the personal computer maker, setting up a battle for founder Michael Dell.


Signs of economic strength overseas buoyed sentiment on Wall Street. Chinese exports grew more than expected in January, while imports climbed 28.8 percent, highlighting robust domestic demand. German data showed a 2012 surplus that was the nation's second highest in more than 60 years, an indication of the underlying strength of Europe's biggest economy.


Separately, U.S. economic data showed the trade deficit shrank in December to $38.5 billion, its narrowest in nearly three years, indicating the economy did much better in the fourth quarter than initially estimated.


Earnings have mostly come in stronger than expected since the start of the reporting period. Fourth-quarter earnings for S&P 500 companies now are estimated up 5.2 percent versus a year ago, according to Thomson Reuters data. That contrasts with a 1.9 percent growth forecast at the start of the earnings season.


Molina Healthcare Inc surged 10.4 percent to $31.88 as the biggest boost to the index after posting fourth-quarter earnings.


The CBOE Volatility index <.vix>, Wall Street's so-called fear gauge, was down 3.6 percent at 13.02. The gauge, a key measure of market expectations of short-term volatility, generally moves inversely to the S&P 500.


"I'm watching the 14 level closely" on the CBOE Volatility index, said Bryan Sapp, senior trading analyst at Schaeffer's Investment Research. "The break below it at the beginning of the year signaled the sharp rally in January, and a rally back above it could be a sign to exercise some caution."


Volume was roughly 5.6 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the 2012 average daily closing volume of about 6.45 billion.


Advancers outpaced decliners on the NYSE by nearly 2 to 1 and on the Nasdaq by almost 5 to 3.


(Additional reporting by Angela Moon; Editing by Bernadette Baum, Nick Zieminski, Kenneth Barry and Andrew Hay)



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Mom, I bought a car. Can you pay for it?






65ca8  TaraMello 66x76 Mom, I bought a car. Can you pay for it?Dear Driving for Dollars,
My 18-year-old son, a college freshman, recently purchased a car. It was quite spontaneous, and neither I nor his dad knew he was doing it. It’s been a few weeks, and he realizes now that he cannot afford to make the payments. We cannot afford to make the payments for him. How can he get rid of this car?
– Laurie


Dear Laurie,
It sounds like he purchased the car entirely on his own, meaning no one else’s name appears on the car loan, the title or any of the paperwork. If that’s the case, the car and the car loan are legally just his responsibility, and you have no legal responsibility to help him out. In most states, there is no “cooling off” period for a car purchase, so it’s likely that you have no legal leg to stand on to insist the car be taken back, since he is technically an adult.






First, do a little legwork to find out what the car is worth — at a dealership and in a private-party sale — and compare it to what he owes. Hopefully, the gap is minimal. Next, contact the manager of the dealership to see if you can get him to take pity on your son’s bad decision and allow him to return the car.


Even if you can negotiate the car being returned plus a small payment to compensate for the depreciation, it’s likely this will be the cheapest way out of the situation. If the dealer won’t take it back under any circumstances, consider selling the car privately and paying off the car loan. Again, it’s likely your son will be on the hook for some cash due to depreciation, but if you or someone you know can give him a loan to cover the difference, it will be better than him being saddled with a high monthly car payment or wrecking what little credit he has through late payments.


Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.


Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrate’s Terms of Use.


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Euro near two-week low, shares up on rekindled rate cut hopes

LONDON (Reuters) - The euro hovered near a two-week low and European shares rose on Friday after the European Central Bank rekindled expectations that it could again take the knife to interest rates.


Strong Chinese trade data also helped lift optimism about global growth prospects, boosting oil, copper and Asian shares, although investors booking profits before next week's Chinese new year holidays limited gains.


ECB President Mario Draghi levered the door to a rate cut back open on Thursday, saying the bank would monitor the potential downward pressure of a strengthening euro on already near-target inflation.


European share markets opened higher on the hopes lower borrowing rates would also reverse some of the 8 percent trade-weighted rise in the euro over the last six months that has began to weigh on exporters.


"We're in a 'risk-on' mode and continental Europe should continue to do well in this environment," said Cyrille Urfer, who heads up asset allocation at Swiss bank Gonet.


The pan-European FTSEurofirst 300 <.fteu3> was up 0.5 percent by 0815 GMT, though it remained on course for its second weekly loss in a row.


London's FTSE 100 <.ftse>, Paris's CAC-40 <.fchi> and Frankfurt's DAX <.gdaxi> were up 0.6, 0.4 and 0.3 percent respectively and U.S. stock futures pointed to a steady Wall Street start. <.l><.eu><.n/>


While Draghi said the euro's recent surge was a sign of a return of confidence, he said: "We certainly want to see whether the appreciation is sustained and will alter our risk assessment as far as price stability is concerned."


The comments went further than many analysts had expected and as European trading gathered pace the euro steadied at $1.3398 after earlier dropping to $1.33705, the lowest since January 25.


China said its exports grew 25 percent in January from a year ago, the strongest showing since April 2011 and well ahead of market expectations for a 17 percent rise, while imports also beat forecasts, surging 28.8 percent on the year.


The MSCI's broadest index of Asia-Pacific shares outside Japan <.miapj0000pus> added 0.3 percent and Australian shares rallied 0.7 percent to 34-month highs.


"China's economic conditions are improving and the trade data confirms the continuation of a recovery trend. Not just the trade data but retail, production and investment flows clearly show that the economy bottomed out in the third quarter last year," said Hirokazu Yuihama, a senior strategist at Daiwa Securities in Tokyo.


In the bond market, benchmark German Bund futures were little changed in early trade as Draghi's cautious tone on the euro zone's economy underpinned demand for low risk assets.


Investors focused on Irish bonds after benchmark 10-year yields slid to their lowest since before the start of the subprime crisis in 2007 on news Dublin had clinched a bank debt deal that will cut its borrowing needs over the next decade.


(Additional reporting by Sudip Kar-Gupta; editing by Philippa Fletcher)



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Stock index futures signal mixed open

PARIS (Reuters) - Stock index futures pointed to a mixed open on Wall Street on Thursday. Futures for the S&P 500 were down 0.05 percent, Dow Jones futures down 0.07 percent and Nasdaq 100 futures up 0.05 percent at 0933 GMT.


European shares steadied on Thursday as investors awaited the European Central Bank's policy meeting later in the day and President Mario Draghi's views on the region's growth prospects.


Draghi faces a grilling over the euro's sharp rise and his connection to an Italian banking scandal at the ECB meeting where interest rates are almost certain to be unchanged.


Visa Inc's quarterly profit beat analysts' estimates for the ninth consecutive quarter.


Rupert Murdoch's News Corp on Wednesday reported higher quarterly revenue and profit on strong growth at its cable assets including its Regional Sports and FX networks.


Boeing Co is working on battery design changes that would minimize fire risks on its grounded 787 Dreamliner and could have the passenger jet flying again as soon as March, the Wall Street Journal reported.


Green Mountain Coffee Roasters Inc forecast sales growth for the current quarter that is slightly lower than analysts expected as retailers work through unsold inventory of its products after a slower-than-expected holiday season.


Hon Hai Precision Industry Co Ltd , the main manufacturer of Apple Inc products, said on Thursday consolidated January sales dropped 8.19 percent from a year earlier.


A U.S. judge threw out a lawsuit from South Korea's Woori Bank accusing Bank of America Corp's Merrill Lynch unit of misleading investors about the riskiness of collateralized debt obligations, saying the suit had missed a deadline under South Korean law.


CVS Caremark Corp said on Wednesday it bought Drogaria Onofre, Brazil's eighth-largest drugstore chain last week, marking the first time the drugstore and pharmacy services company has ventured outside the United States.


Michael Dell and his investment firm are putting up $750 million in cash toward the $24.4 billion purchase of Dell Inc to help bankroll the largest private equity-backed buyout since the financial crisis.


Yelp Inc posted a bigger-than-expected quarterly loss and its shares fell 6 percent in after-market trading as the consumer review website faces competition from Facebook Inc .


Chipmaker TriQuint Semiconductor Inc forecast current-quarter results below analysts' estimates after some orders were pulled into the fourth quarter, sending its shares down 8 percent.


Allstate Corp's quarterly profit fell 45 percent on losses from superstorm Sandy, but the home and auto insurer said it has paid out about 95 percent of Sandy claims and is seeing rate increases across businesses.


Herbalife Inc disclosed more information on Wednesday about how much its U.S. distributors earn, looking to provide more clarity as it defends its business model from critics like billionaire hedge fund manager Bill Ackman.


On the macro front, investors awaited weekly jobless claims, due at 1330 GMT, as well as quarterly data on productivity and unit labor costs, also due at 1330 GMT.


Among the companies set to report results on Thursday feature Coca-Cola Enterprises , Hasbro, Inc. , Philip Morris International and Sprint Nextel Corp. .


U.S. stocks ended mostly flat on Wednesday, taking another pause in the recent rally that has driven the S&P 500 to five-year highs, as transportation and technology shares lost ground.


The Dow Jones industrial average <.dji> was up 7.22 points, or 0.05 percent, at 13,986.52. The Standard & Poor's 500 Index <.spx> was up 0.83 points, or 0.05 percent, at 1,512.12. The Nasdaq Composite Index <.ixic> was down 3.10 points, or 0.10 percent, at 3,168.48.


(Reporting by Blaise Robinson; editing by Stephen Nisbet)



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What you should (and shouldn’t) buy in February






1dfbd  1 intro What you should (and shouldnt) buy in FebruarySome items aren’t on sale in February


When it comes to discounts and deals, February isn’t all hearts and flowers.






If you want to get the most for your money in February, it pays to look beyond the specials and sales and really shop around.


While some items (luggage and patio furniture, for example) probably won’t sport discount stickers in February, other items are frequently discounted. You have to love a month that offers deals on both workout equipment and chocolates.


So if you’re watching your bucks and looking for bargains, here are a few things that likely won’t be discounted in February — along with a couple of items that should be wearing more attractive price tags.


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Stock index futures point to slightly higher Wall Street open

LONDON (Reuters) - Stock index futures pointed to a slightly higher open on Wall Street on Wednesday, with futures for the S&P 500 up 0.1 percent at 5.06 a.m EST.


* Dow Jones futures added 0.3 percent while contracts on the Nasdaq 100 futures rose 0.2 percent.


* Visa , the world's largest credit and debit card network, is expected to report earnings per share of $1.79 for its first quarter, up 1.49 from a year earlier. Smaller rival MasterCard recently reported better-than-expected results but said its revenue growth could decelerate in the first half of the year due to economic uncertainty.


* Media groups Time Warner Inc. and News Corp. were also among U.S. companies due to report results.


* Liberty Global won't change Virgin Media's strategy on network roll-out and content if its deal to buy the British cable group goes through, Liberty's chief executive said on Wednesday.


* Walt Disney Co beat estimates in quarterly adjusted earnings and said it expects the next few quarters to be better on a stronger lineup of movies and rising attendance at its theme parks. The results helped lift the media giant's shares 1.7 percent in after-hours trading.


* Take-Two Interactive Software Inc reported higher revenue and earnings in the third quarter that blew past Wall Street expectations, as the video games publisher gears up to launch a new title from its mega-blockbuster "Grand Theft Auto" series. Take-Two shares were up about 7 percent in after-hours trading after closing at $12.66 on the Nasdaq.


* Online gaming firm Zynga Inc reported an unexpected fourth-quarter profit after embracing steep cost cuts and shifting forward deferred revenue. The results were a relief to investors who had feared the company might be in free fall and Zynga's shares jumped 7 percent to $2.93 in after-hours trade.


* Nasdaq OMX Group Inc is in preliminary talks with U.S. securities regulators over a possible settlement for the glitch-ridden stock market debut of social networking site Facebook Inc , the Wall Street Journal reported on Tuesday, citing people with knowledge of the discussions.


* Online photo-sharing service provider Shutterfly Inc's results beat analysts' estimates in the traditionally strong fourth quarter on higher demand during the holiday season, particularly in its enterprise unit. The company's shares rose 13 percent in after-hours trading.


* European stocks were a touch higher on Wednesday, with shares in the world's largest steelmaker, ArcelorMittal , rising after its upbeat outlook reassured investors.


* Japan's Nikkei average surged 3.8 percent to its highest close since October 2008 after the yen fell sharply on bets the early exit of the central bank governor would open the way for a successor who pursues aggressive monetary easing.


* The Dow Jones industrial average <.dji> closed 99.22 points, or 0.71 percent, higher at 13,979.30 on Tuesday. The Standard & Poor's 500 Index <.spx> was up 15.58 points, or 1.04 percent, at 1,511.29. The Nasdaq Composite Index <.ixic> was up 40.41 points, or 1.29 percent, at 3,171.58.


(Reporting By Francesco Canepa; Editing by Susan Fenton)



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How to decide between moving or remodeling






Move or remodel? If you are dissatisfied with your home, you might wonder whether it’s better to buy another house or remodel the one you own. The choice involves both financial and emotional calculations.


“Deciding whether to move or to remodel is a life conversation, not just a money conversation,” says Justin Krane, president of Krane Financial Solutions, in Los Angeles. “You should always start with life first, because thinking about money first can get in the way of figuring out what we really want.”






Chris Terrill, CEO of ServiceMagic in Golden, Colo., says homeowners need to start the decision-making process by evaluating their motivations for change.


“I think people have become more aware that they need to ‘move with a purpose,’” Terrill says. “If you must relocate for your job or your commute is too long, that’s one thing, but if you feel you’ve hit the maximum capacity of your space, you may want to consider investing in your existing home.”


Once you’ve evaluated your desire, such as for more space, think hard about the emotional aspect of moving.


“If you love your neighborhood, your neighbors, your backyard, your commute and your children’s school, then you need to realize that these are things that are hard to replace,” says Dan Fritschen, creator of RemodelOrMove.com and author of “Remodel or Move? Make the Right Decision.” “You need to think about how your home functions during the entire year, including your ability to entertain.”


Financial implications of moving


Before deciding to move, consult a real estate agent and a lender to get an evaluation of your home’s market value, the cost of the type of home you want to buy and your financing options.


“Your new mortgage payments could be lower because of today’s low mortgage rates and low home prices, which could offset a lower-than-expected sales price on your home,” Fritschen says. “You also need to know the difference in property taxes and calculate the potential money you may need to spend to get the next house fixed to your preferences.”


Terrill adds: “The real cost of selling includes the real estate commission on the sale, possibly some repairs on your home before you can sell it, closing costs on your new property, moving costs and perhaps new furniture.”


Financial implications of remodeling


While Krane recommends funding a remodel through cash flow or savings, he says a home equity loan could be an option for some homeowners as long as they have a repayment plan.


Fritschen says homeowners with equity may be able to refinance and pull cash out for a remodel, or refinance into a Federal Housing Administration 203(k) loan that allows the borrower to wrap remodeling costs into the new mortgage.


“You need to get a feel for what your project will cost before you can decide if it’s worth it,” Fritschen says. “Then you can estimate potential appreciation in your home value from the project. It’s also important to think about the intangible value of the improvement in terms of your quality of life.”


Terrill says adding square footage can be the best remodeling investment, followed by fixing up a kitchen or bathroom. He urges caution about over-improving the home for the neighborhood.


“If you are living in a community of $ 250,000 homes and you upgrade with a $ 150,000 kitchen, you may not get your money back when you sell,” Terrill says. “On the other hand, if you love cooking and you can afford it, the renovation has emotional value.”


Terrill says homeowners should use a variety of resources, including local contractors, real estate agents, neighbors, online resources and visits to open houses to estimate whether a project would be an over-improvement for the neighborhood.


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