DEAR ABBY: My boyfriend, "Doug" (24), and I (22) have been in a long-distance relationship for a year, but we were friends for a couple of years before that. I had never had a serious relationship before and lacked experience. Doug has not only been in two other long-term relationships, but has had sex with more than 15 women. One of them is an amateur porn actress.I knew about this, but it didn't bother me until recently. Doug had a party, and while he was drunk he told one of his buddies -- in front of me -- that he should watch a certain porn film starring his ex-girlfriend. ...
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Showing posts with label World. Show all posts
Showing posts with label World. Show all posts
SDTC Looking for Canada’s Next Cleantech Innovators
Label: WorldOTTAWA, ONTARIO–(Marketwire – Feb 20, 2013) – Sustainable Development Technology Canada (SDTC) is looking for the next wave of innovative cleantech entrepreneurs with the announcement of our call for applications to the SD Tech Fund™ from February 20th to April 17th, 2013.
“This is an exciting time for Canada”s cleantech industry, projected to grow to generate as much as $ 62 billion in revenues by 2020,” said SDTC President and CEO Vicky Sharpe. “SDTC is excited to meet and work with another set of cleantech entrepreneurs, bringing technologies to market and changing the way business is being done.”
On behalf of the Government of Canada, SDTC finances and supports the late-stage development and pre-commercial demonstration of clean technologies. Through its SD Tech Fund™, SDTC helps companies through the critical juncture when capital and scaling costs become challenges and the risk profile deters other investors.
SDTC supports technologies that address the challenges of Climate Change, Clean Air, Soil and Water, including technology solutions focused on these current priority areas:
- Natural Resources: Mitigate environmental impacts associated with Canada”s natural resource sector including “green mining”, cleaner fossil fuels and forestry.
- Clean Energy: Enable cleaner energy production, including natural gas, and improved energy efficiency of transportation, the built environment and industrial processes.
- Agriculture: Increase yield and improve temperature and drought resistance of agricultural crops and mitigate land-use changes and biodiversity loss.
- Northern/Remote Communities: Innovative solutions for self-sufficiency in smaller communities.
- Packaged Solutions: Integrated technology packages that combine one or more clean technologies, such as renewable energy generation, energy storage, and waste and wastewater management.
The SDTC portfolio is currently comprised of 245 clean technology projects, for a total value of $ 2.1 billion, of which over $ 1.5 billion is leveraged primarily from the private-sector.
It should be noted, however, that the SD Tech Fund™ has been fully allocated. The availability and timing of funding for future rounds is dependent on SDTC receiving additional support in 2013.
About SDTC
On behalf of the Government of Canada, SDTC helps commercialize Canadian clean technologies, readying them for growth and export markets. With a portfolio of companies under management valued at more than $ 2 billion, SDTC is positioning cleantech as a driver of jobs, productivity and economic prosperity.
SDTC operates two funds aimed at the development and demonstration of innovative technological solutions. The $ 590 million SD Tech Fund™ supports projects that address climate change, air quality, clean water, and clean soil. The $ 500 million NextGen Biofuels Fund™ supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.
SDTC works with the private sector, the financial sector and all levels of government to meet the Government of Canada”s commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates as a not-for-profit corporation. www.sdtc.ca.
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Wall Street dips after rally, energy shares weaker
Label: WorldNEW YORK (Reuters) - Stocks dipped on Wednesday, with energy shares falling as investors found few reasons to buy following a rally that has held major indexes near five-year highs for three weeks.
In addition, investors waited for the minutes from the Federal Open Market Committee's January meeting due at 2 p.m. (1900 GMT) for clues to the interest rate outlook.
Traders said there were unconfirmed rumors in the market that a troubled hedge fund was selling assets.
"I heard the chatter about a hedge fund liquidating things today but how big, I don't know. Certainly it sparks concern," said Michael James, senior trader at Wedbush Morgan in Los Angeles.
A jump in January of permits for future home building offered hope the housing market's recovery remains on track. A separate report showed wholesale prices rose last month for the first time in four months.
The S&P 500 has jumped about 7 percent so far this year, and is on track for its eighth straight week of gains. However, many of those weekly gains have been slight, with equities trading within a narrow range for the past few weeks, suggesting valuations may be stretched at current levels.
"The market seems very tired and listless, and investors are prone to take profits now as they wait for the music to stop," said Matt McCormick, money manager at Bahl & Gaynor in Cincinnati.
Energy companies were among the weakest, hurt by disappointing corporate results and a 2.4 percent drop in crude oil prices.
Newfield Exploration
Groundbreaking to build new U.S. homes fell 8.5 percent in January but new permits for construction rose to a 4 1/2-year high while producer prices rose in January for the first time in four months.
Investors will look to the minutes from the Fed's January meeting for any indication as to how long the Fed will keep buying $85 billion in bonds each month to bolster U.S. employment. Economic data should enable the Fed to maintain its easy monetary policy.
The Dow Jones industrial average <.dji> dropped 16.03 points, or 0.11 percent, to 14,019.64. The Standard & Poor's 500 Index <.spx> dropped 5.81 points, or 0.38 percent, to 1,525.13. The Nasdaq Composite Index <.ixic> dropped 13.82 points, or 0.43 percent, to 3,199.77.
Shares of OfficeMax Inc
Toll Brothers Inc
The stock is up 9 percent so far this year, building on jump of nearly 60 percent in 2012.
"Valuations appear a bit high at these levels, and if I was in a name that had seen a huge run, I'd want to take some chips off the table," said McCormick, who helps oversee about $8.2 billion in assets.
SodaStream
According to Thomson Reuters data through Tuesday morning, of the 405 companies in the S&P 500 that have reported results, 71 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.7 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Editing by Kenneth Barry)
IIROC: Halt, VICTORIA GOLD CORP
Label: WorldVANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 19, 2013) - The following issues have been halted by IIROC / L’OCRCVM a suspendu la négociation des titres suivants :
| Company / Société : | VICTORIA GOLD CORP |
| TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : | VIT |
| Reason / Motif : | At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle |
| Halt Time (ET) / Heure de la suspension (HE) | 12:14 |
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L’OCRCVM peut prendre la décision d’imposer une suspension provisoire des négociations sur le titre d’une société cotée en bourse, habituellement en prévision d’une annonce importante de la part de la société. Les suspensions de négociations sont imposées suivant le principe que tous les investisseurs devraient avoir un accès égal et simultané à l’information importante au sujet des sociétés dans lesquelles ils investissent. L’OCRCVM est l’organisme d’autoréglementation national qui surveille l’ensemble des sociétés de courtage et l’ensemble des opérations effectuées sur les marchés boursiers et les marchés de titres d’emprunt au Canada.
For further information: IIROC Inquiries 1-877-442-4322 (Option 3) – Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Pour de plus amples informations : Service des enquêtes de l’OCRCVM, au 1 877 442-4322 (option 3) – Veuillez prendre note que l’OCRCVM n’est pas en mesure de fournir d’informations supplémentaires au sujet d’une suspension des négociations en particulier. L’information est restreinte aux questions générales.
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M&A deals lift shares, suggest more value in market
Label: WorldNEW YORK (Reuters) - U.S. stocks rose on Tuesday as merger activity suggested the market could offer investors still more value even as the S&P 500 and Dow industrials hover near five-year highs.
Equities have resisted a pullback as investors use dips in stocks as buying opportunities. The S&P is up about 7 percent so far in 2013 and has climbed for the past seven weeks in its longest weekly winning streak since January 2011, though most of the weekly gains have been slim.
Office Depot Inc
OfficeMax jumped 20 percent to $12.94 while larger rival Staples Inc
More than $158 billion in deals has been announced thus far in 2013. Last week, agreements included the acquisition of H.J. Heinz Co
"Equity investors have to be encouraged by M&A since, if the number crunchers are offering large premiums, that shows how much value is still in the market," said Mike Gibbs, co-head of the equity advisory group at Raymond James in Memphis, Tennessee.
The Dow Jones industrial average <.dji> was up 37.81 points, or 0.27 percent, at 14,019.57. The Standard & Poor's 500 Index <.spx> was up 6.84 points, or 0.45 percent, at 1,526.63. The Nasdaq Composite Index <.ixic> was up 9.39 points, or 0.29 percent, at 3,201.42.
U.S. markets were closed on Monday for the Presidents Day holiday.
Health insurance stocks tumbled, led by a 7 percent drop in Humana Inc
UnitedHealth Group
Express Scripts
Wall Street's strong start to the year for was fueled by stronger-than-expected corporate earnings, as well as a compromise by legislators in Washington that temporarily averted automatic spending cuts and tax hikes that are predicted to damage the economy.
The compromise on across-the-board spending cuts postponed the matter until March 1, at which point the cuts take effect. Ahead of the debate over the cuts, known as sequestration, further gains for stocks may be difficult to come by.
"If there's no major contention with sequestration, it looks like stocks are prepared to handle it, but until then we'll probably stay in a consolidation period marked by sideways trading with a slow rate of ascent," said Gibbs.
Economic data showed the NAHB/Wells Fargo Housing Market index unexpectedly edged down to 46 in February from 47 in the prior month as builders faced higher material costs.
According to the Thomson Reuters data through Monday morning, of the 391 companies in the S&P 500 that have reported results, 70.1 percent have exceeded analysts' expectations, compared with a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies have risen 5.6 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
(Additional reporting by Chuck Mikolajczak; Editing by Chizu Nomiyama, Kenneth Barry and Nick Zieminski)
TECHNICOLOR: Further reinforcement of the cooperation between Tata Sky and Technicolor
Label: WorldPARIS–(Marketwire – Feb 18, 2013) – Further reinforcement of the cooperation between Tata Sky and Technicolor The India leading satellite operator renews its contract for Technicolor MediaPlay STBs
Technicolor (Euronext Paris : TCH) today announced that it has won two extension contracts from Tata Sky, India’s leading satellite operator with over 8 million subscribers. Pursuant to the long standing relationship between both parties and the commercial success of its high-definition (HD) and standard-definition (SD) digital TV offerings, Tata Sky has granted Technicolor, until mid 2015, extension of the initial contracts for the STBs already delivered over the past years:
* The HD-enabled zapper (MediaPlay DSI715) is optimized to deliver all essential features at low cost while enabling future-proof services such as video on demand.
* The SD satellite zapper (MediaPlay DSI309) has been tailored to Tata Sky’s needs and enables MPEG-4 decoding in a compact design.
Michel Rahier, President of Technicolor’s Connected Home division, said “We are very proud to support the commercial success of Tata Sky in its digital television services. As a long standing partner of Tata Sky, the renewal of the previous contracts awarded up to two years ago proves us that we have been able to build a strong relationship thanks to the high quality of our products”.
“Technicolor’s solutions have met our expectations in terms of reliability because we want to guarantee a trouble free experience for our customers. They also help meet our Total Cost of Ownership requirement, which is key for an operator with a large subscriber base like ours. The latest agreements mark the continuation of our trusted relationship with Technicolor” added Harit Nagpal, Managing Director & CEO of Tata Sky.
Deliveries of these set-top boxes are scheduled from 3Q 2013 to 2Q 2015, while Technicolor will continue providing locally-based after-sales support to Tata Sky.
Technicolor’s range of MediaPlay set-top boxes provide a wide array of services encompassing advanced functions such as multi-room and multi-screen, on demand, wireless streaming or Over-The-Top services. Truly committed to ecodesign, Technicolor puts environmental issues at the heart of the design process of all products within a complete product lifecycle approach.
***
About Technicolor
Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. We also benefit from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business.
Our commitment: Enhance media experience on any screen, in theaters, at home and on the go.
Euronext Paris: TCH Ÿ www.technicolor.com
Further reinforcement of the cooperation between Tata Sky and Technico: http://hugin.info/143597/R/1679124/548237.pdf
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: TECHNICOLOR via Thomson Reuters ONE
[HUG#1679124]
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Yen resumes fall after G20, U.S. holiday thins trade
Label: WorldLONDON (Reuters) - The yen resumed falling on Monday after Japan signaled it would push ahead with expansionist monetary policies having escaped criticism from the world's 20 biggest economies at the weekend.
Industrial metals also dipped and European shares were soft on lingering worries about the economic outlook, especially for the euro zone. While the risk of an inconclusive outcome in Italy's forthcoming election added to investor concerns.
However, activity was curtailed by the closure of markets in the United States for the Presidents' Day holiday.
The yen, which has dropped 20 percent against the dollar since mid-November, fell further after financial leaders from the G20 promised not to devalue their currencies to boost exports and avoided singling out Japan for any direct criticism.
The dollar rose 0.5 percent to 93.95 yen, near a 33-month peak of 94.47 yen set a week ago. The euro added 0.3 percent to 125.40 yen, to be midway between Friday's two-week low of 122.90 and a 34-month high of 127.71 yen hit earlier this month.
Strategists said the yen was likely to stay weak, though its decline could lose momentum until it becomes clear who will be taking the helm at the Bank of Japan when the current governor steps down on March 19.
"The yen probably will weaken a little further in anticipation of more aggressive easing under a new leadership team at the Bank of Japan," said Julian Jessop, chief global economist at Capital Economics.
Japan's Prime Minister Shinzo Abe is poised to nominate the new governor in the next few days. Sources have told Reuters that former financial bureaucrat Toshiro Muto, considered likely to be less radical than other candidates, was leading the field.
Meanwhile the euro dipped slightly against the dollar when European Central Bank president Mario Draghi said the currency's recent gains made any rise in inflation less likely and added that he had yet to see any improvement in the euro zone economy.
Speaking before the European Parliament, Draghi said the euro's exchange rate was not a policy target but was important for growth and stability, adding that appreciation of the euro "is a risk".
The comments left the euro down 0.2 percent at $1.3334.
Elsewhere in the currency market, sterling hit a seven-month low against the dollar, after a key policymaker made comments about the need for further weakness and recent poor data which has kept alive worries of another British recession.
Sterling fell 0.25 percent to $1.5476 having earlier touched $1.5438, its lowest since July 13.
DATA LOOMS
A big week for data on the outlook for the world's economy weighed on other riskier asset markets following the recent dire fourth-quarter growth numbers for the euro zone and Japan, along with Friday's soft U.S. manufacturing figures.
In European markets, attention is focused on the euro area Purchasing Managers' Indexes for February and German sentiment indices due later in the week which could affect hopes for a recovery this year.
Analysts expect Thursday's euro area flash PMI indices, which offer pointers to economic activity around six months out, to show growth stabilizing across the recession-hit region, leaving intact hopes for a recovery in the second half of 2013.
Concerns over an inconclusive outcome in the Italian election on Sunday and Monday have added to the weaker sentiment as a fragmented parliament could hamper a future government's efforts to reform the struggling economy.
The worries about the outlook for Italy were encouraging investors back into safe-haven German government bonds on Monday, with 10-year Bund yields easing 3.5 basis points to be around 1.63 percent.
"Political uncertainty will keep Bunds well bid this week," ING rate strategist Alessandro Giansanti said, adding that only better than expected economic data could create selling pressure on German debt in the near term.
Italian 10-year yields were 4 basis points higher on the day at 4.41 percent.
EARNINGS HIT
European equity markets were taking their lead from corporate earnings reports which have been reflecting the sluggish economic conditions across the region.
Danish brewer Carlsberg
The 5.8-percent drop for shares in the world's fourth biggest brewery helped send the FTSEurofirst 300 index <.fteu3> of top European shares down 0.2 percent. Germany's DAX <.gdaxi>, France's CAC-40 <.fchi> and Britain's FTSE-100 <.ftse> ranged between 0.4 percent up and 0.15 percent lower.
Earlier, the G20 statement and subsequent comment from Prime Minster Abe indicating a renewed drive to stimulate the Japanese economy lifted the Nikkei stock index <.n225> by 2.1 percent, near to its highest level since September 2008.
MSCI's world equity index <.miwd00000pus> was flat as markets extended a two-week period of consolidation that has followed the big run-up in January, when demand was buoyed by the efforts of central banks to stimulate the world economy.
Data from EPFR Global, a U.S.-based firm that tracks the flows and allocations of funds globally, shows investors pulled $3.62 billion from U.S. stock funds in the latest week, the most in 10 weeks after taking a neutral stance the prior week.
But demand for emerging market equities remained strong, with investors putting $1.81 billion in new cash into stock funds, the fund-tracking firm said.
CHINA RETURN
In the commodity markets, traders played catch-up after a week-long holiday last week in China, the world's second biggest consumer of many raw materials, which had kept activity subdued, with worries about the economic outlook weighing on sentiment.
Copper, for which China is the world's largest consumer, dipped to a near three-week low at $8,125.25 a metric ton (1.1023 tons) on the London futures market. Benchmark tin and nickel also touched three-week lows.
Gold managed to edge away from six-month lows as jewelers in China returned to the physical market after the Lunar New Year holiday but a lack of demand from U.S. markets saw the precious metal slip back to be down 0.1 percent to $1,607.06 an ounce.
Crude oil markets were mostly steady after the weak U.S. industrial production data on Friday [ID:nL1N0BF44A] was seen dampening demand, while tensions in the Middle East lent some support.
"We continue to see a mixed picture out of the United States. Industry output was lower than expected but that shouldn't affect the general upward direction," Olivier Jakob, analyst at Geneva-based Petromatrix, said.
Brent crude was down 20 cents at $117.46 a barrel after posting its first weekly loss since the first half of January. U.S. crude slipped 24 cents to $95.62.
(Additional reporting by Marius Zaharia and Ron Bousso; Editing by Philippa Fletcher and Alastair Macdonald)
Finmeccanica unit says India did not cancel helicopter order
Label: WorldLONDON (Reuters) – Italian defense group Finmeccanica’s subsidiary AgustaWestland (FNC.MI) denied on Saturday that India had cancelled a $ 750 million order for a dozen helicopters and said authorities had asked for “clarifications” within a week’s time.
On Friday, the Indian defense ministry said it had begun the procedure to cancel the order.
“The Indian Ministry of Defense has not cancelled the contract but has given notice requesting information within seven days,” AgustaWestland said in a statement.
“AgustaWestland is preparing its answer to timely meet the Indian authorities’ request.”
The British-based subsidiary said it was confident it would prove that all its past and present managers had conducted themselves in accordance with the law.
India has frozen payments for the AgustaWestland helicopters pending an inquiry after Italian police earlier this week arrested the former head of Finmeccanica (FNC.MI), Giuseppe Orsi, for allegedly paying bribes to Indian politicians to win the contract.
Three of the helicopters have already been delivered.
India launched its own inquiry after Orsi’s arrest and investigators are due to travel to Italy next week to find out more about the case.
Finnmeccanica could be blacklisted in India for five years if found guilty of bribery. Defense analysts IHS Jane’s says Finmeccanica has been pursuing opportunities in India valued at more than $ 12 billion in 2013.
(Reporting by Frank Jack Daniel; writing by Jessica Donati; editing by James Jukwey and Helen Massy-Beresford)
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Florida hit by "tsunami" of tax identity fraud
Label: WorldMIAMI (Reuters) - Bruce Parton was only a few weeks from retirement after 30 years as a mail carrier in sunny Florida.
He never lived to fulfill his retirement plan of moving back to a quiet life in the Catskill mountains of New York, not far from where he grew up on Long Island.
Instead, he was gunned down on his daily mail route in December 2010 by members of an identity theft ring who stole his master key as part of a scheme to claim fraudulent tax refunds.
Using stolen names and Social Security numbers, criminals are filing phony electronic tax forms to claim refunds, exploiting a slow-moving federal bureaucracy to collect the money before victims, or the Internal Revenue Service, discover the fraud.
Parton was a victim of what officials say has ballooned into a massive, and dangerous, illegal industry that could cost the nation $21 billion over the next five years, according to the U.S. Treasury Department.
While that is a relatively small sum compared to the $1.1 trillion collected from individual tax payers in the last fiscal year, the crime has been growing by leaps and bounds in the last three years.
"We are on the top of a national trend that is causing a hemorrhage of tax dollars," said Wifredo Ferrer, United States Attorney for south Florida. "It's a tsunami of fraud."
While the IRS says it has detected cases in every state except North Dakota and West Virginia, the fraud's epicenter is Florida, and it is mostly concentrated in Miami and Tampa.
Miami has 46 times the per-capita rate of false tax refund claims than the rest of the country, and 70 times the national average in dollar terms, Ferrer told Reuters.
"For whatever reason, we always tend to lead the nation when it comes to fraud," he said, noting that his office has been battling massive Medicare fraud in recent years that has since spread to other parts of the country.
Florida's high proportion of older residents, who can be more vulnerable to fraud, may be one reason for the high levels of fraud in the state.
Nationwide, the number of cases of tax identity theft detected by authorities sky-rocketed to more than 1.2 million cases in 2012 from only 48,000 in 2008, according to the Treasury Department.
The real number of phony tax filings is likely much higher as the fraud is hard to track, according to a November General Accountability Office report.
GANG LINKS
The tax ID theft problem is particularly troubling as, unlike Medicare fraud, it is associated with violent crime and armed gangs.
Tampa police first detected it in 2010 when officers discovered wanted street criminals engaged in tax fraud. "They were holed up in hotels with laptops churning out tax claims," said congresswoman Kathy Castor, who represents the area and is pressing the IRS to get tougher on the fraud.
When agents raided a Howard Johnson in East Tampa in late 2010, they found suspects smoking marijuana and four laptop computers being used to file fraudulent tax returns on Turbo Tax, the tax preparation software, according to police records.
The suspects had lists of personal information containing more than 1,000 names and confidential personal information, multiple re-loadable debit cards, and records of numerous financial transactions. The investigation revealed that the suspects had been camped out in the hotel room for more than a week filing claims.
Tax identity fraudsters are apparently drawn by the ease of the crime, officials say.
"The scheme is very basic, it works virtually the same in almost every case," said Ferrer. "All they need is your name and the tax ID number."
Armed with that information a refund claim can be filed electronically, making up other details on the form, including addresses, employer data, income and deductions.
Criminals obtain the vital numbers using various tactics, often by bribing office workers with access to personnel files inside companies, as well as large public institutions such as hospitals and schools, according to prosecutors.
Last summer a hacker stole 3.8 million unencrypted tax records from the South Carolina Department of Revenue in what is believed to be the largest security breach of a U.S. tax agency. Authorities say they do not know the hacker's motive.
One North Miami man, Rodney Saint Fleur, was charged last year with using the LexisNexis research service account at the law firm where he worked to access names and Social Security numbers of 26,000 people as part of an identity theft scheme, according to court documents.
Victims in Florida have varied from hospital patients, to Holocaust survivors at an elderly Jewish community center, as well as active duty military serving overseas.
In December, a former U.S. Marine from North Miami was sentenced to nearly five years in prison for stealing the identities of more than 40 fellow Marines stationed at Camp Leatherneck in Afghanistan as part of a plot to claim $54,000 in fraudulent income-tax refunds.
In Parton's case the criminals were after his master key that gives postal workers access to mail drop-off boxes and apartment mailboxes. He was shot twice in the chest by a gunman as part of a plot to steal identities in people's mail for tax refund fraud.
The gunman, Pikerson Mentor, 31, was sentenced last month to life plus 42 years.
More than 600 people turned up for Parton's funeral, including postal workers and people who got to know him on his route. "He had been doing that mail route for 10 years and he always had a smile for everyone," said his daughter, Nina Parton.
The criminals stay under the radar using identities of the elderly or the very young, who are unlikely to be filing for earned income, as well as the deceased. They typically claim small refunds, around $3,000, but use multiple identities, with payments often made to pre-paid debit cards.
FIGHTING BACK
The IRS said last week it is intensifying a crackdown on identify theft, with 3,000 agents devoted to tackling the problem, double the number assigned in 2011.
The number of IRS criminal investigations into identity theft more than tripled in the year to September 2012, and it was on pace to double again this year, acting IRS Commissioner Steven Miller told reporters.
The tax collection agency prevented $20 billion in attempted tax refund fraud in fiscal year 2012, up from $14 billion a year earlier, he said.
"It's one of the biggest challenges that faces the IRS today," Miller said. "We're doing much better on all fronts but we have much more to do."
Despite the increase in investigations, the agency still had a backlog of 300,000 cases of people waiting for legitimate refunds after they were victims of fraud. It takes an average of six months to resolve a case, Miller said.
"The IRS have put a lot of resources on it, but they always seem to be behind the curve," said Keith Fogg, a tax professor at Villanova University School of Law.
Electronic filing, which now accounts for 80 percent of returns and was introduced to speed up delivery of refunds, has made the system more vulnerable to fraud.
The IRS is seeking to speed up the loading of data from W-2 payroll forms issued at the beginning of the tax season, a time lapse which gives fraudsters a window of opportunity to file using false data.
The IRS is also looking for ways to authenticate the identity of tax filers at the time of filing to pre-empt fraud, as well as working with the Social Security Administration to limit access to a registry of social security data of deceased tax payers, the so-called "Death Master File", a frequent target of fraud.
"We will not be prosecuting our way out of this. That's not going to be the answer. We're going to have to make it more and more difficult for criminals to profit from this behavior," said Miller. "If they're not successful they will move onto something else."
(Editing by Mary Milliken and Claudia Parsons)
Analysis: G20 promises unlikely to end devaluation debate
Label: WorldBy Jan Strupczewski
MOSCOW (Reuters) – Financial leaders from the world’s 20 biggest economies may have promised not to devalue their currencies to help exports, but the pledge will do little to keep exchange rates stable.
While G20 finance ministers and central bank governors can promise not to devalue their currencies directly, there can be no guarantees while central banks are pumping money into economies to make them grow again.
“We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes,” the G20 financial leaders said in a closing statement after meeting in Moscow on Friday and Saturday.
But it is precisely the ultra-loose monetary policy of the U.S. Federal Reserve or Bank of Japan, aimed at helping their domestic economies to grow, that depressed the dollar and the yen and sparked the whole competitive devaluation debate.
That trend is unlikely to change, something China and other key emerging markets were quick to warn against in Moscow.
Fed chief Ben Bernanke said on Friday that “the United States was using domestic policy tools to advance domestic objectives”.
Tokyo in turn insists that the Bank of Japan’s pledge to start buying unlimited amounts government bonds is purely to help its shrinking economy get out of recession.
The G20 agreed there was nothing wrong with such policies.
But a devaluation of a currency, whether deliberate or just a side-effect of monetary policy, is still a devaluation. Calling it competitive or otherwise just labels the intent behind the move.
Canada’s Finance Minister Jim Flaherty, asked after the G20 talks how to distinguish whether monetary policy was aimed at boosting the economy or specifically targeting the exchange rate said: “It’s quite difficult to gauge that.”
While Japan has insisted that neither this week’s G7 or G20 currency statements required it to change policy tack in any way, anonymous briefing after the former said Tokyo was squarely being targeted.
Perhaps what riled the Group of Seven rich powers in particular is not Japan’s policy slate, which could bolster world economic recovery, but statements by some Japanese officials targeting specific levels for the yen.
“The market will take the G20 statement as an approval for what it has been doing — selling of the yen,” said Neil Mellor, currency strategist at Bank of New York Mellon in London. “No censure of Japan means they will be off to the money printing presses.”
G20 agreement that financial markets should set the exchange rate of a currency offers no relief to countries like Brazil whose relatively high interest rates attract capital from low interest-rate countries like the United States, putting upward pressure on its currency and making its exports more expensive.
European Central Bank Vice-President Vitor Constancio indicated the G20 pledge on avoiding competitive devaluations had more to do with the speed of exchange rate fluctuations.
“It all has to do with the avoidance of too abrupt movements in the exchange rate and keeping the exchange rate moving in just in one direction — that would of course raise questions and would have to be discussed,” Constancio told a news conference after the talks.
While G20 officials played down talk of “currency wars” — a term coined by Brazil — and International Monetary Fund head Christine Lagarde said they were more “currency worries”, officials privately say they expect exchange rates to return to be on the agenda for many meetings to come.
“The G20 must consult permanently on what is happening in exchange rates, because it is a point of common interest. Any disorderly movements have to be discussed,” Constancio said.
(Additional reporting by Randall Palmer and Ekaterina Golubkova and G20 team in Moscow. Editing by Mike Peacock)
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G20 steps back from currency brink, heat off Japan
Label: WorldMOSCOW (Reuters) - The Group of 20 nations declared on Saturday there would be no currency war and deferred plans to set new debt-cutting targets, underlining broad concern about the fragile state of the world economy.
Japan's expansive policies, which have driven down the yen, escaped direct criticism in a statement thrashed out in Moscow by policymakers from the G20, which spans developed and emerging markets and accounts for 90 percent of the world economy.
Analysts said the yen, which has dropped 20 percent as a result of aggressive monetary and fiscal policies to reflate the Japanese economy, may now continue to fall.
"The market will take the G20 statement as an approval for what it has been doing -- selling of the yen," said Neil Mellor, currency strategist at Bank of New York Mellon in London. "No censure of Japan means they will be off to the money printing presses."
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 communiqué on Friday had steered clear of the G7's call for economic policy not to be targeted at exchange rates. But the final version included a G20 commitment to refrain from competitive devaluations and stated monetary policy would be directed only at price stability and growth.
"The mood quite clearly early on was that we needed desperately to avoid protectionist measures ... that mood permeated quite quickly," Canadian Finance Minister Jim Flaherty told reporters, adding that the wording of the G20 statement had been hardened up by the ministers.
As a result, it reflected a substantial, but not complete, endorsement of Tuesday's proclamation by the G7 nations - the United States, Japan, Britain, Canada, France, Germany and Italy.
As with the G7 intervention, Tokyo said it gave it a green light to pursue its policies unchecked.
"I have explained that (Prime Minister Shinzo) Abe's administration is doing its utmost to escape from deflation and we have gained a certain understanding," Finance Minister Taro Aso told reporters.
"We're confident that if Japan revives its own economy that would certainly affect the world economy as well. We gained understanding on this point."
Flaherty admitted it would be difficult to gauge if domestic policies were aimed at weakening currencies or not.
NO FISCAL TARGETS
The G20 also made a commitment to a credible medium-term fiscal strategy, but stopped short of setting specific goals as most delegations felt any economic recovery was too fragile.
The communiqué said risks to the world economy had receded but growth remained too weak and unemployment too high.
"A sustained effort is required to continue building a stronger economic and monetary union in the euro area and to resolve uncertainties related to the fiscal situation in the United States and Japan, as well as to boost domestic sources of growth in surplus economies," it said.
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.
The United States says it 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 targets.
"We had a broad consensus in the G20 that we will stick to the commitment to fulfill the Toronto goals," German Finance Minister Wolfgang Schaeuble said. "We do not have any interest in U.S.-bashing ... In St. Petersburg follow-up-goals will be decided."
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.
Backing in the communiqué 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 has also unleashed destabilising capital flows into emerging markets.
A commitment to minimize such "negative spillovers" was an offsetting point in the text that China, fearful of asset bubbles and lost export competitiveness, highlighted.
"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.
Russia, this year's chair of the G20, admitted the group had failed to reach agreement on medium-term budget deficit levels and expressed concern about ultra-loose policies that it and other emerging economies say could store up trouble for later.
On currencies, the G20 text reiterated its commitment last November, "to move more rapidly toward mores market-determined exchange rate systems and exchange rate flexibility to reflect underlying fundamentals, and avoid persistent exchange rate misalignments".
It said disorderly exchange rate movements and excess volatility in financial flows could harm economic and financial stability.
(Additional reporting by Gernot Heller, Lesley Wroughton, Maya Dyakina, Tetsushi Kajimoto, Jan Strupczewski, Lidia Kelly, Katya Golubkova, Jason Bush, Anirban Nag and Michael Martina. Writing by Douglas Busvine. Editing by Timothy Heritage/Mike Peacock)
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Wall Street flat after data, S&P on pace for seventh weekly gain
Label: WorldNEW YORK (Reuters) - Stocks edged lower on Friday as equities continued a phase of consolidation after a strong start to the year but the seven-week winning streak for the S&P 500 remained intact.
The S&P 500, up nearly 7 percent so far this year, is facing strong technical resistance near the 1,525 level. But investors, expecting the index to advance further in the quarter, have held back from locking in profits.
"It looks like a little bit of profit taking, normal consolidation after a big run and maybe we might be seeing the first signs of nervousness ahead of the sequestration debate that will most likely starting up when Congress comes back," said Fred Dickson, chief market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.
The "sequestration" - automatic across-the-board spending cuts put in place as part of a larger congressional budget fight - are due to kick in March 1 unless lawmakers agree to an alternative.
Data released Friday illustrated the bumpy road the U.S. economic recovery continues to take.
The New York Federal Reserve said manufacturing in New York state expanded for the first time in seven months, while Thomson Reuters/University of Michigan's preliminary reading of consumer sentiment rose from the prior month and beat expectations.
But U.S. manufacturing fell in January after a rise in the prior month.
"We are at a point where the macro news will continue to be a two-steps forward, one-step back kind of progression, with most of the news showing a firmness, but an occasional data point that will represent a step back," Jim Russell, senior equity strategist for U.S. Bank Wealth Management in Cincinnati.
The Dow Jones industrial average <.dji> dropped 6.64 points, or 0.05 percent, to 13,966.75. The Standard & Poor's 500 Index <.spx> shed 1.35 points, or 0.09 percent, to 1,520.03. The Nasdaq Composite Index <.ixic> lost 1.77 points, or 0.06 percent, to 3,196.89.
The benchmark S&P 500 is up 0.13 percent for the week and is on track to register its seventh straight week of gains by the close of trading Friday, a feat not seen since a run of consecutive weekly gains between December 2010 and January 2011.
A surge in merger and acquisition activity, with more than $158 billion in deals announced so far in 2013, has given further support to the equity market as it points to healthy valuations and bets on the economic outlook.
Herbalife
MeadWestvaco Corp
Burger King Worldwide
Oil service stocks declined, weighed by a 5.5 percent drop in shares of Transocean
(Editing by Bernadette Baum and Nick Zieminski)
When Sharing Taxes Might Not Be a Good Idea
Label: WorldAs a married couple, you probably share almost everything. But is that such a good idea when it comes to filing taxes?
Most couples file their return jointly, combining incomes and sharing deductions. That trend will probably continue, encouraged in large part by tax-law changes during the last few years to ease the marriage penalty. This filing phenomenon tended to show up when working spouses made roughly equal incomes; in many cases, they paid more taxes on their combined return than did unmarried couples filing separate returns as single taxpayers, forcing the married pair to face a tax penalty. Tweaks to the tax brackets have helped ease this problem.
But sometimes it pays for couples to re-examine how they file. There definitely are instances when filing separately might be warranted.
Togetherness or not?
Separate returns could produce tax savings if one spouse has a lot of medical expenses and a low income. By filing separately, the partner with the doctor bills might be more likely to meet the 7.5 percent threshold needed on 2012 returns to itemize medical costs. Medical deductions will be even more difficult to claim on 2013 and subsequent tax years because health care reform has increased the threshold to 10 percent.
If one spouse uses questionable tax-filing techniques, the other partner might be wise to insist on separate returns. When both partners sign a joint return, each is legally liable for the tax bill and any issues that might come up later. The Internal Revenue Service does offer innocent spouse protection, but the victimized partner must show he or she was indeed unaware of any tax scheme. Filing separately could afford more protection for you if the IRS comes around asking about a creative return.
And when a marriage is on the rocks, many couples decide to start splitting taxes even before the divorce decree is entered. This way they can avoid being tied together by tax issues after the marriage is over.
Not always a perfect union
But married filing separately could have some drawbacks.
Although the tax-rate disparities between single filers and married couples have been lessened in the two lowest tax brackets, spouses who file separately will find the tax rates for them aren’t as amenable in the upper ranges. In fact, a check of the tax brackets shows married-filing-separately taxpayers face the 28 percent, 33 percent and 35 percent brackets sooner than do other unmarried taxpayers.
For example, a single filer who earned $ 75,000 in 2012 would pay a maximum tax rate of 25 percent. But a married taxpayer who earned that same amount and filed a separate return would see a portion of his income fall into the 28 percent bracket. And while a single filer can make up to $ 178,650 and stay in the 28 percent range, a married taxpayer filing separately jumps to the 33 percent bracket when he makes more than $ 108,725.
Deduction flexibility also is sacrificed. If one spouse itemizes, both must itemize, splitting the items to be listed on a separate Schedule A for each. That means a partner with few deductions couldn’t use the standard amount and might get cheated when it comes to reducing taxable income.
Deduction, credit considerations
Many tax-cutting credits and deductions are forfeited. You can’t take the earned-income credit, claim adoption expenses or child and dependent-care costs, use educational tax credits or even deduct the interest you paid on a student loan if you’re married and filing separately. If you have children, you might find the child-tax credit reduced because it phases out at different income limits for the various filing statuses. And the amount of capital gains losses you can deduct is cut in half.
The married filing separately rules are complicated further if you live in a community property state — Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin. In these places, state law determines whether your income can be considered as separate or community for tax purposes. See IRS Publication 555, Community Property, for more information.
You should go ahead and figure your taxes as both joint and separate filers and use the method that produces the lower tax bill. But chances are, you’ll find joint filing will be your best choice.
And after all, aren’t taxes a tiny price to pay for love?
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Wall Street flat as takeovers offset weak overseas data
Label: WorldNEW YORK (Reuters) - Stocks were little changed on Thursday as a flurry of merger deals and better-than-expected jobs data offset signs of economic weakness in Europe and Japan
Shares of H.J. Heinz Co
Also supporting the market was data showing the number of Americans filing new claims for unemployment benefits fell more than expected in the latest week.
Stocks fell earlier after a report the euro zone's gross domestic product contracted by the steepest amount since the first quarter of 2009. In addition, Japan's GDP shrank 0.1 percent in the fourth quarter, crushing expectations of a modest return to growth.
"The only reason a company buys another company is because they see an upside. Even though we are at multiyear highs, this kind of activity shows that there is more room for a rally, feeding optimism to the market," said Randy Frederick, director of trading and derivatives at Charles Schwab.
But Frederick added the market would have to see small corrections before breaking above current levels, where indexes have been hovering for almost two weeks. The S&P 500 is up more than 6 percent so far this year, near its highest level since November 2007.
The Dow Jones industrial average <.dji> was down 13.75 points, or 0.10 percent, at 13,969.16. The Standard & Poor's 500 Index <.spx> was down 0.45 point, or 0.03 percent, at 1,519.88. The Nasdaq Composite Index <.ixic> was down 1.35 points, or 0.04 percent, at 3,195.53.
Constellation Brands
American Airlines and US Airways Group
Weakness in Europe contributed to a 5 percent drop in revenue from the region for Cisco Systems
General Motors Co
(Reporting By Angela Moon; Editing by Nick Zieminski and Kenneth Barry)
Mortgage Mess Still Mires Housing Recovery
Label: WorldPresident Obama says he wants more Americans to be able to save money by refinancing their mortgages. The trouble is that mortgage rates are rising, now at their highest level since September of last year, before the Federal Reserve announced it would buy more agency mortgage-backed securities in order to drive rates down. Last week applications to refinance fell 6 percent from the previous week, according to the Mortgage Bankers Association.
“The banking industry has largely refinanced most prime customers in portfolio. For 2012, Q3/4 looks like the peak for industry mortgage banking revenue. The industry is expecting lower volumes in 2013,” says Christopher Whalen of Carrington Investment Services. “New loan originations will hopefully rise a bit this year to offset lower refinancing activity.”
But that has not been the case so far.
(Read More: Americans Tapping Into Home Equity Again)
Mortgage applications to purchase a home dropped more dramatically than did refinances, down 10 percent from the previous week. While one week does not a trend make, rising mortgage rates, coupled with severe inventory shortages, are not the mix needed for a healthy spring housing market.
(Read More: Beware the Escape Hatch in the New Mortgage Rules)
“Many homeowners may simply be deciding to play the market and wait for their home to appreciate before putting it up for sale. Despite the drop in applications, we have seen anecdotal evidence of homes selling very quickly after entering the market,” says Bob Walters, chief economist at Quicken.
Days on market are shrinking across the nation, but only because supplies are so low. It’s not just the former boom to bust to boom markets, like Phoenix and Las Vegas; local Realtor associations show inventories are down dramatically from a year ago in Charlotte (-29 percent), Dallas (-19 percent), Minneapolis (-32 percent), and Washington, DC (-36 percent) to name a few.
“The low and negative equity of a large number of mortgage holders has kept significant inventory off the market, and many would-be sellers with adequate equity feed into the problem by holding off until they find something to buy,” says Jonathan Miller of CEO of Miller Samuel Inc. “I believe the chronic low inventory phenomenon we are seeing has little to do with lack of consumer confidence and more to do with reasonable access to mortgage financing.”
President Obama echoed that sentiment in his State of the Union addressTuesday night.
“Overlapping regulations keep responsible young families from buying their first home,” Mr. Obama said. Not exactly a new sentiment, as the Chairman of the Federal Reserve, Ben Bernanke, has said the same thing several times, as have other federal regulators.
(Read More: Fewer Behind on Mortgages, but for How Long?)
Rising mortgage rates and tight credit standards keep first time-home buyers out, while falling inventories make it more difficult for existing home buyers to move up. The housing market is therefore still largely in the hands of all-cash investors, looking for distressed properties to buy and then rent out. Ironically, perhaps for now, more distressed properties coming to market will be what keeps home sales afloat.
-By CNBC’s Diana Olick; Follow her on Twitter @Diana_Olick or on Facebook at facebook.com/DianaOlickCNBC
Questions? Comments? [email protected]
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Wall Street flat, S&P 500 touches November 2007 high
Label: WorldNEW YORK (Reuters) - Stocks were little changed on Wednesday after the S&P 500 index hit a November 2007 intraday high, but volume was low and investors stayed cautious with indexes near multi-year closing highs.
The benchmark index got a boost from Comcast Corp
Equities have been strong performers until recently, buoyed largely by healthy growth in corporate earnings, which helped the S&P 500 to rise 6.5 percent so far this year. The Dow industrials are about 1 percent away from an all-time intraday high, reached in October 2007.
Those gains could leave the market vulnerable to a pullback as investors take profits amid a dearth of new catalysts. While analysts see an upward bias in stocks, recent daily moves have been small and trading volumes light with indexes at multi-year highs.
"I was expecting a 12-15 percent return on the S&P for the whole year of 2013, and we have done about half of that in just 5-6 weeks," said Jack De Gan, principal at Harbor Advisory in Portsmouth, New Hampshire.
"We will hit resistance, but the fundamentals and micro picture are looking good, so if there is a correction it's going to be a brief one."
The Dow Jones industrial average <.dji> was down 52.99 points, or 0.38 percent, at 13,965.71. The Standard & Poor's 500 Index <.spx> was down 0.61 points, or 0.04 percent, at 1,518.82. The Nasdaq Composite Index <.ixic> was up 3.35 points, or 0.11 percent, at 3,189.85.
Economic data proved no catalyst giving investors direction. The government said retail sales rose 0.1 percent in January, as expected. Tax increases and higher gasoline prices restrained spending.
The S&P 500 was well over its 50-day moving average of 1,460.92, a sign the market could be overbought.
Comcast agreed late Tuesday to buy General Electric Co's
Deere & Co
According to the latest Thomson Reuters data, of the 353 companies in the S&P 500 that have reported results, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
Industrial and construction shares were lower even though in his State of the Union address President Barack Obama called for $50 billion in spending to create jobs by rebuilding degraded roads and bridges.
The Dow Jones Home Construction index <.djushb> was off 0.2 percent.
(Reporting By Angela Moon; Editing by Kenneth Barry)
Rising 401(k) Balances Helping Retirements Recover
Label: WorldBalances in 401(k) accounts are much, much larger among those who have been regular retirement-plan participants in recent years, continuing the recovery from the stock market plunge of 2007.
Jack VanDerhei, research director for the Employee Benefits Research Institute (EBRI), conducted a review for U.S. News of the savings behaviors of the 20 million account holders it tracks for research purposes. EBRI looked for account holders with active 401(k)s at the end of 2009 who have continued to contribute to their plans. It then measured the percentage changes in this group’s average account balances during the two years ending in December 2012. The average gain during this period for all continuously active plan participants was 56 percent.
[Read: An Innovative Way to Face Retirement.]
Finally, EBRI tallied these changes for different age groups and took into account how long people in those age brackets had been investing using 401(k)s:
People in plans fewer than five years showed the most gains between the end of 2009 and 2012. Average account balances for this group, by age brackets, rose 143 percent for those ages 25 to 34, 121 percent among people ages 35 to 44, 106 percent in the 45-to-54-year-old group, and 93 percent among continuous plan participants ages 55 to 64.
Participants in plans for five to nine years showed balances up 83 percent (25-34 age range), 72 percent (35-44), 65 percent (45-54), and 62 percent (55-64).
Participants in plans for 10 to 19 years showed balances up 55 percent (35-44), 49 percent (45-54), and 46 percent (55-64).
Participants in plans for 20 to 29 years showed balances up 40 percent (45-54) and 37 percent (55-64).
[chart]
Plan increases are the result of new contributions as well as investment gains. Smaller percentage gains for older participants who’ve been investing for longer periods thus are not surprising. They likely had larger plan balances at the end of 2009 and their continued contributions would result in smaller percentage gains in account balances than contributions by those with smaller balances.
[Read: How to Use New 401(k) Fee Reports.]
VanDerhei’s update tends to support a 2011 EBRI study. It concluded that people may be able to restore their recession-damaged retirement plans by making relatively small additions to their savings. Even people nearing retirement–those born between 1948 and 1954–need to boost savings by as little as 3 percent to nearly 7 percent a year. The make-up needs for younger groups are much smaller.
The institute stressed that these figures applied only to people who earned enough money to afford to boost their retirement savings. Many people in the lower half of wage earners would have to set aside unrealistic percentages of their pay–more than 25 percent–to even have a chance at funding an adequate retirement. For higher-earning households, the range of the “make up” payments reflects different probabilities of success, plus a person’s age, income, and mix of investments during the 2008-09 market downturn.
EBRI looked at “early boomers” (born between 1948 and 1954), “late boomers” (born between 1955 and 1964), and “Generation Xers” (born between 1965 and 1974). In 2010, the percentages of these groups at risk of not having enough money for even a basic retirement was 47.2 percent for early boomers, 43.7 percent for late boomers, and 44.3 percent for Generation Xers. Basic retirement was defined as being able to cover non-discretionary household spending plus uninsured healthcare costs.
There are, the earlier study noted, large ranges in the at-risk numbers depending on income levels, years until retirement, and the probability of having a successful retirement. The overall at-risk percentages are, by definition, averages that lump all preretirees together and assume average savings, average earnings, average life spans, and a 50 percent chance of achieving an adequate retirement.
Looking at the median needs for remaining earners, here are that study’s conclusions about the amounts of extra savings (in addition to current retirement savings) that the three age groups would need to set aside each year by age 65 to fund adequate retirements. It also calculated the amounts it said would guarantee retirement adequacy 50 percent, 70 percent, and 90 percent of the time. The ranges within each probability reflect a household’s investment mix, with the higher savings additions needed for households that suffered 2008-09 losses from real estate as well as retirement account holdings.
[See 10 Key Retirement Ages to Plan For.]
Early boomers:
50 percent likelihood: 3.0 to 5.6 percent
70 percent likelihood: 3.8 to 6.5 percent
90 percent likelihood: 4.3 to 6.7 percent
Late boomers:
50 percent likelihood: 0.9 to 2.1 percent
70 percent likelihood: 1.1 to 2.0 percent
90 percent likelihood: 1.2 to 2.0 percent
Generation Xers:
50 percent likelihood: 0.3 to 0.5 percent
70 percent likelihood: 0.3 to 0.6 percent
90 percent likelihood: 0.3 to 0.5 percent
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Wall Street pauses after gains, awaits Obama address
Label: WorldNEW YORK (Reuters) - Stocks were little changed on Tuesday, with the S&P 500 holding near multi-year highs ahead of President Barack Obama's State of the Union address.
The economy will be a major topic of Obama's speech before a joint session of Congress set for 9 p.m. (0200 GMT Wednesday). Investors will listen for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1.
The S&P 500 has risen in the past six weeks and is up 6.5 percent so far this year. But gains have been harder to come by since the benchmark S&P index hit a five-year high on February 1. The market has to consolidate strong gains at the year's start while investors search for reasons to drive stocks higher.
"The market itself at this point has got to digest this six-plus percentage point move ... we are due for that pause," said Drew Nordlicht, managing director at HighTower Advisors in San Diego.
Investors are "looking for more data at this point going forward to support the thesis that corporate profits will continue to grow and the economy has turned the corner."
The White House has signaled Obama in his speech will urge U.S. investment in infrastructure, manufacturing, clean energy and education. He is also expected to call for comprehensive trade talks with the European Union.
With earnings season moving to its latter stages, of the 353 companies in the S&P 500 that have reported earnings, 70.3 percent have exceeded analysts' expectations, above a 62 percent average since 1994 and 65 percent over the past four quarters according to Thomson Reuters data through Tuesday morning.
Fourth-quarter earnings for S&P 500 companies are estimated to have risen 5.3 percent, according to the data, above a 1.9 percent forecast at the start of the earnings season.
The Dow Jones industrial average <.dji> gained 27.65 points, or 0.20 percent, to 13,998.89. The Standard & Poor's 500 Index <.spx> added 1.03 points, or 0.07 percent, to 1,518.04. The Nasdaq Composite Index <.ixic> dipped 1.60 points, or 0.05 percent, to 3,190.41.
Coca-Cola Co
Housing shares climbed, led by a 12.9 percent jump in Masco Corp
Avon Products shares surged 16.7 percent to $20.16 after the beauty products company reported a better-than-expected quarterly profit.
Goodyear Tire & Rubber
Michael Kors Holdings
(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)
The Appraisal: Paying Top Dollar for Condos, and Leaving Them Empty
Label: WorldTitle Post: The Appraisal: Paying Top Dollar for Condos, and Leaving Them Empty
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