ABI : reassurance to motorists on winter tyres
Posted on November 30th, 2011
Motorists are reassured by the Association of British Insurers as it has been announced there will be no extra charge on their motor insurance for fitting winter tyres.
Under an ABI commitment, ABI member insurers representing 90% of the motor insurance market confirm that they will not charge any additional premium if winter tyres are fitted, provided that the tyres meet, and are fitted in accordance with, the vehicle manufacturers specifications and are in a roadworthy condition.
Nick Starling, ABIs Director of General Insurance, said: Insurers do not want to penalise motorists who take steps, like fitting winter tyres, to improve their safety on dangerous winter roads. Last year cold weather came early and there was some uncertainty for customers about the insurance implications of fitting winter tyres. This commitment clarifies the position for motorists.
While the insurers signed up to the commitment will not charge an additional premium for the fitting of winter tyres, some may require the customer to advise them that these tyres have been fitted.
Stocks Flat on Poor Economic News (NFLX, GRPN)
Posted on November 27th, 2011
Major indices were down about half a percentage point each today as third quarter GDP data was revised downward and Germany rejected the latest Eurobond program. After the minutes of the latest Federal Open Market Operations meeting, it seems clear that QE3 may be coming sooner rather than later. President Obama is also hoping to implement payroll tax cuts in order to further stimulate the economy. In corporate news, Netflix stock hit all-time lows today, as investors reacted against their buyback program. Groupon stock, meanwhile, finished just above their IPO price. Read more…
10 tips to prevent ID theft while holiday shopping
Posted on November 25th, 2011
Black Friday. The start of the year-end shopping spree where millions of consumers will prowl local shops and online retailers for that perfect holiday gift. And, it’s also a very prime time for criminals and hackers out to steal your money, or worse yet, your identity.
Consumer Reports’ Guide to online security outlines some of the most common Net threatssuch as phishing, online scams, and computer viruses. (See: Best ways to stay safe online.)
But our latest security report also notes that mobile phones and social media sites can also present a rising amount of ID theft risks since more consumers are using their smart phones to shop and sharing news of online bargains on Facebook. (See: Mobile phones: The new risk and Concerns about Facebook.)
The Consumer Federation of America, a non-profit association of almost 300 consumer organizations, has compiled a list of 10 tips for having an ID theft-free holiday season (PDF) on its website, IDTheftInfo.org.
Tags: Shopping, While Holiday
No Comments »
How Does Monetary Policy Affect the Economic Growth
Posted on November 20th, 2011
At the helm of all economic activities in a country, lies the governance of its central bank. The Federal Reserve System, central banking system of United States of America was established on December 23, 1913, with the formulation of the Federal Reserve Act. The need of a central bank was realized by policy makers in the wake of erratic financial chaos in the days of the yore. (The financial mess in 1907 led the US policy makers to think of better policies to create a stable economy). It was realized quite early, especially by the US government that international participation in economic activities would form the main component of global economy. To manage the economy, that is to create more jobs and increase the national income, it was mandatory for an expert body to oversee the nation’s economic policy. Read more…
Tags: Economic, Economic Growth
No Comments »
Does Raising the Minimum Wage Increase Unemployment?
Posted on November 18th, 2011
Conventional wisdom holds that instituting or raising the minimum wage will increase unemployment. But a recent paper by Jeremy Magruder, an economist at Berkeley, finds the opposite effect. Magruder examines the case of Indonesia in the 1990s, where real minimum wages rose rapidly in a varied way and then dropped quickly with the inflation rate in the South East Asian financial crash. Heres an excerpt:
When minimum wages rose in one district relative to their neighbors, that district observed an increase in formal sector employment and a decrease in informal employment. It also observed an increase in local expenditures, which is consistent with the hypothesized mechanism of the big push: that local product demand increases labor demand. Moreover, this increase was only observed in local industries which can be industrialized and do supply local demand, supporting the model further. Trad
Tags: Increase, Increase Unemployment, Minimum Wage
No Comments »
Caps open as capital flows out of Russia
Posted on November 14th, 2011
Net capital outflow from Russia in 2011 is almost twice the amount of the previous year. $64bln of private investment left Russia in the first 10 months of 2011.
The tendency is likely to continue till the middle of 2012 at least. Bank of Russia Chairman Sergei Ignatiev says the bank may discuss possible measures to support liquidity, but some experts are skeptical.
Eduard Danilov fixed income trader at Schildershoven Finance says the reason for the decline in foreign investment is twofold: “With uncertainty growing, risk aversion also grows so investors are searching for safe havens and the rouble is not one of them. Some international banks that have subsidiaries here in Russia are in need of liquidity and so they are borrowing money via inter-bank lending and transferring them home. Since the volatility index is still high I won’t bet on investors coming back in the nearest future.”
Russian companies are due to repay some $32 billion in foreign loans. So ca
Tags: Russia
No Comments »
USDA announces cost of raising a child is growing up
Posted on November 8th, 2011
The U.S. Department of Agriculture recently released its annual report on the cost of raising a child, and the agency found that kids are getting more expensive. It was found that the cost of raising one child to age 18 has risen by more than $40,000 after adjusting for inflation.
The United States Department of Agriculture has just released its annual report on how much it costs to raise children, according to Today, and those bundles of joy are getting more expensive. The USDA estimates that for children born in 2010, the cost of raising them to age 17 will cost parents on average $226,920. However, the cost rises to $286,860 adjusted for projected future inflation. In 1960, the average cost of raising a child was $185,856 in 2010 dollars. Expenses for college are not included in that estimate, and “average cost” is a bit misleading. The
Tags: Child, Child Growing
No Comments »