Posts tagged: More

Men helping out the recession by buying more

Diane Alter – AHN News Reporter

New York, NY, United States (AHN) – Men are at it again. They are buying more–for themselves.

The male shopper, who laid low at the onset of the recession, is back. He is buying more and spending more, and retailers are delighted.

Men are not just purchasing suits, dress shirts, ties and shoes. They are rivaling their female counterparts by loading up on accessories. They are buying bracelets, bags, hats, umbrella, belts, scarves, pocket squares, caps, metal cuffs –you name it.

Some industry forecasters predict sales growth for men’s clothing and accessories during the first three months of 2012 will set a 20-year high.

In a move to make traditional women’s accessories more appealing to men, some designers are giving them manly monikers. A bracelet is dubbed wristwear, and a purse is called a holdall.

Men were well represented at last week’s New York Fashion Week, and male adornments took center stage.

Spending on accessories is driving the men’s category. In the last half of 2011, sales grew 14 percent to about $6 billion, according to market research firm NPD Group. The trend is expected to continue.

The return of the male shopper could help pick up retail sales. And, the rebound in male shopping may also bode well for the unemployment rate. It may reflect an improved jobs picture for men.

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More Gurkha soldiers to lose jobs in British Army

Anil Giri – AHN News Correspondent

Kathmandu, Nepal (AHN) – Hundreds of Nepalese Gurkha soldiers are expected to lose their jobs in the British army in the defense ministry’s latest round of reduction in military strength.

“As part of further work on defense restructuring the British Army has announced today (17 January 2012) the arrangements for a second phase of Army redundancies,” a statement released by the British Embassy in Kathmandu said.

Around 400 Gurkhas are expected to be made redundant out of the 2,900 positions to be cut.

The Brigade of Gurkhas in the British Army has 3,740 soldiers. They have been the part of the British army for almost 200 years.

The defense review, which was published in 2010, demanded 7,000 job losses, but that figure more than doubled last year as the Ministry of Defense struggled to contain its ballooning budget. The ministry argues that the Gurkha brigade has grown too big in recent years, and is bound to face further cuts.

Opponents of the reduction say the soldiers, who are recruited from Nepal, are an easy target. A “Save the Gurkha” petition has been launched by the same group that fought successfully for the Gurkhas to have the same rights as other soldiers.

The Brigade of Gurkhas has been growing in size since modernization in 2007, which also allowed them to serve for 22 years instead of 15.

According to the British media, around 140 Gurkhas lost their jobs in the first wave of defense cuts last year.

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Zimbabweans finding some more indigenous than others

Harare, Zimbabwe (IRIN) – Stallholders at the Mupedzanhamo market on the outskirts of Zimbabwe’s capital, Harare, thought they were immune to the 2008 Indigenisation and Economic Empowerment Act, which requires large businesses such as banks and mining companies to relinquish at least 51 percent of their shares or interests to indigenous Zimbabweans.

They were wrong. Bustling Mupedzanhamo, where shoppers can buy anything from hairpins to refrigerators, has for many years provided traders with a small income and an escape from the country’s economic woes, but recently groups of youths have descended on the market, brandishing letters they claim authorize them to eject any trader that they believe is opposed to the black empowerment program.

Miriam Raradza, 38, a stallholder and widow living in the populous nearby suburb of Mbare, was forced out of the market last month after they accused her of belonging to the opposition Movement for Democratic Change (MDC) led by Morgan Tsvangirai, the prime minister in a coalition government formed in early 2009.

”They accused me and other stall owners of belonging to the MDC, which they said is opposed to indigenisation, and said we should stop doing business at Mupedzanhamo. Hundreds of people who are known MDC supporters have been booted out since the beginning of this year,” Raradza told IRIN.

She said members of the Chipanganos – a gang with a reputation for violence, based in Mbare and thought to have links with President Robert Mugabe’s ZANU-PF party – had hijacked the stalls and, in some cases, also the goods that their victims were selling, she said.

”I have been robbed of the only source of income that I had for about eight years. The money that I realized from the sale of used clothes was enough to send my three children to boarding school and buy all basic items,” Raradza said.

Stanley Ziwakaya, 42, a teacher from the low-income Harare suburb of Highfields, whose wife runs a small informal convenience store, or tuckshop, described the gangs preying on the traders as ”vultures feeding on the flesh of the poor who are at the edge of death”.

Empowerment brigades

”The militia in this area call themselves the Empowerment Brigade and are notorious for visiting vending sites, where they demand bribes from the poor vendors. They claim to be representing the youths who need economic empowerment,” Ziwakaya told IRIN.

A member of the ”brigade”, who identified himself only as Peter, defended their actions. ”Empowerment does not mean just taking over the mines, banks and big factories. We cannot do that because we don’t have the money, so we will start with the sell-outs who are opposed to indigenisation.”

The MDC opposed the indigenisation act, passed on the eve of the violent 2008 elections, when ZANU-PF lost its parliamentary majority for the for the first time since independence from Britain in 1980, and Mugabe lost the first round of the presidential elections to Tsvangirai, who subsequently withdrew from the second round in protest over the political violence.

After pressure from the Southern African Development Community, a regional body, and the international community, a unity government was set up in 2009.

Tsvangirai has called the indigenisation program a ZANU-PF political campaign strategy meant to win votes, and during a recent visit to the US described it as a ”warped indigenisation policy [that] has eroded investor confidence”.

According to John Robertson, a Harare-based economic consultant, ”This policy is the direct opposite of empowerment. The number of Zimbabweans who are poor, and those who will become poorer, will increase. The net effect is far much more poverty and far less self-sufficiency.”

He said ZANU-PF militias were using the flag of indigenisation to take over the businesses of “already struggling people, and what is worrying is that the police seem to be blessing their actions because they are not being arrested”.

More job losses

Robertson told IRIN it was likely that the indigenisation policy would force many foreign-owned companies to close down, leading to further job losses, while people struggling to find jobs would fail to do so because investors would keep away.

He compared the indigenisation policy to the fast-track land reform program launched in 2000, which led to the forced eviction of more than 4,000 white commercial farmers, often leaving the farm workers homeless and without a livelihood.

”The land reform program seriously injured the economy, thrived on clear violations of human and property rights and led to widespread misery. This is what will happen with the indigenisation program,” he said.

Welshman Ncube, president of the smaller MDC faction and minister of industry and commerce in the coalition government, said there were problems with the implementation of the empowerment program and also a lack of transparency.

”There would always be cases of greed, abuse and personal gain in the implementation of a program like the indigenisation drive, but what is important is that everything that is done by the government is made transparent to avoid the problems. That way, we can also be able to bring the culprits to book,” Ncube told IRIN.

There have been signs of economic recovery since the formation of the unity government in 2009, but economic activities are often subject to political decisions.

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– Provided by Integrated Regional Information Networks.

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Slighly higher unemployment rate despite more jobs in April

Kris Alingod – AHN News Contributor

Washington, D.C., United States (AHN) – The unemployment rate grew 9 percent in April despite the economy adding more jobs than was expected.

The Labor Department said on Friday nonfarm payroll increased 244,000 during the period, boosted by gains in the service, manufacturing and mining industries. In the private sector, 268,000 jobs were added while the federal and state governments lost 24,000 jobs.

There was an increase of 51,000 positions during the month in the professional and businesses services, specifically in technical consulting and coputers systems design.

Jobs related to healthcare rose 37,000, largely due to a 22,000 increase in employment in ambultory healthcare. Hospitals accounted for 10,000 jobs.

In the hospitatility industry, there was continued growth with 46,000 more jobs, mainly from a 30,600 spike in employment in accomodation and food services.

Manufacturing added 29,000 jobs to the economy and mining 11.4 percent.

Despite the gains, the unemployment trate rose to 9 percent in April from 8.8 percent in the previous month.

The number of jobless Americans remained little changed at 13.7 million. Those unemployed for less than five weeks rose by 242,000, but the number of jobless for at least 27 weeks dropped by 283,000 to 5.8 million.

There was virtually the same number of people involutarily working part-time, at 8.6 million.

House Speaker John Boehner (R-OH) used the jobs report to assail the White House for “causing renewed uncertainty for private-sector job creators, crowding out private investment and punishing small businesses and entrepreneurs who are willing to invest.”

“While any improvement is welcome news, job growth in America is still nowhere close to what it should be,” the Republican leader added.

“Over the past month, rather than joining Republicans in focusing on policies that promote long-term economic growth to help balance the federal budget, the Democrats who control Washington have indicated they are planning to increase taxes and allow the government’s spending binge to continue.”

But the White House pointed out that there was an averge of about a quarter of a million private sector jobs created each month for three consecutive months.

“We’re pleased about that. We obviously have a lot more work to do,” presidential spokesman Jay Carney told reporters. “The recession cost the American labor force 8 million jobs and we’re still digging ourselves out of that hole.”

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Feds chase more student loan defaults

Referrals for possible federal civil lawsuits by the Department of Education in an attempt to collect on defaulted student loans are on the …

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Chinese want more tax cuts as CPI soars

/enpproperty–> BEIJING – As rising inflation and high housing prices erode incomes and add to living costs, residents in large Chinese cities hope to see larger cuts in personal income tax than …

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CBO: Seniors Would Pay Much More For Medicare Under Ryan Plan

Washington, D.C., United States (KaiserHealth) – Seniors and the disabled would pay sharply more for their Medicare coverage under a new plan by House Republicans aimed at curbing the nation’s growing deficit, a Congressional Budget Office analysis shows.

For example, by 2030, under the plan, typical 65 year olds would be required to pay 68 percent of the total cost of their coverage, which includes premiums, deductibles, and other out-of-pocket costs, according to CBO. That compares with the 25 percent they would pay under current law, CBO said.

The GOP budget proposal also would raise the eligibility age for the politically popular program – and repeal big chunks of the health care overhaul law approved by Congress last year.

Budget Committee Chairman Paul Ryan of Wisconsin unveiled the fiscal 2012 budget at a packed press conference where he was flanked by Republican members of the budget panel. The proposal comes amid growing concern over the federal budget deficit and is part of an overall GOP effort to reduce federal spending by at least $5 trillion over the coming decade.

“Washington has been making empty promises for a government going broke,” Ryan said. Unless something is done, “the red ink is going to destroy our economy.”

Besides overhauling Medicare, his 10-year budget proposal also would give states more control over Medicaid, the state-federal program for the poor, but cut the amount states would receive for the program from federal coffers by hundreds of billions of dollars over a decade.

Americans would not be required to buy health insurance, under the proposal – and employers would not have to offer it either. States would not be on the hook to set up new insurance marketplaces.

The changes immediately drew criticism from Democrats and advocates for the elderly and the poor. Many zeroed in on proposed changes to the Medicare program. The Ryan proposal would do away with the traditional Medicare program and shift beneficiaries into private insurance plans in 2022, under a model called “premium support.”

Medicare enrollees would be given a set amount from the government to purchase private plans. Those plans would cost considerably more than traditional Medicare, the CBO says, partly because private plans pay hospitals, doctors and other providers more and have higher administrative costs. At the same time, enrollees would also pay a higher percentage of the overall cost of their coverage.

“What CBO is saying is beneficiaries would pay much less under traditional Medicare for two reasons. The overall cost of the plan would be much cheaper and they would pay a lesser share of that less costly plan,” said Edwin Park of the left-leaning Center on Budget and Policy Priorities.

Ryan’s proposal also would scrap the health care law’s Medicaid expansion and repeal a voluntary long-term care insurance program as well as cancel an advisory board created in the law to recommend changes to Medicare spending.

Ryan appears to have retained the health law’s Medicare payment cuts to hospitals and Medicare Advantage plans.

Chip Kahn, president and chief executive officer of the Federation of American Hospitals, said that Ryan’s plan to repeal the law’s coverage expansions but keep the provider cuts “will severely impact access to essential medical care for seniors, as well as the lowest income Americans.” In last November’s elections, Republicans criticized the Democrats for the Medicare provider cuts, saying they would jeopardize seniors’ access to care.

“They’ve taken those savings – the same ones that they’ve criticized – in their plan,” Budget Committee ranking member Rep. Chris Van Hollen, D.- Md. said, adding that “the health care reforms enacted in the Affordable Care Act, which they say they’re repealing, they’re not repealing at all.”

The CBO highlighted key features of the proposal, based on information from Ryan’s staff and its own analysis, including:

  • Starting in 2022, the eligibility age for Medicare would increase by two months per year until it reached 67 in 2033.

  • The so-called “doughnut hole” in the Medicare prescription drug benefit – in which beneficiaries pay 100 percent of drug costs – would continue under the Ryan plan. The health law passed last year calls for the coverage gap to be ended by 2020.

  • The private plans offered to Medicare enrollees starting in 2022 would have to comply with a standard for benefits set by the Office of Personnel Management, and would have to charge the same premiums for all enrollees of the same age.

  • The premium support payments would vary depending on the health status and the incomes of the beneficiaries.

The CBO report also said that in 2022 the average government payment for a 65 year old in Medicare would be $8,000. In each successive year, it would increase to reflect inflation and the enrollee’s age. Patients’ share would rise sharply. Higher-income beneficiaries would get a lower premium support payment.

– Provided by Kaiser Health News.

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Housing finance falls more than expected

The number of home loans approved in February fell at a greater rate than expected as the affects of the November rate hike start to hit households.

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Level 3 Offers More Upside Reward Than Downside Risk

Jeremy Richards submits:

On Friday, March 25, 2011, a trading desk rumor on Level 3 ( LVLT ) is that JP Morgan ( JPM ) may soon be upgrading the stock to a buy rating. The rumor could be attributed to what was said by Neel Dev, senior vice president of finance for Level 3. He presented at the 2011 Barclays Capital High Yield and Syndicated Loan Conference on Thursday, March 24 (click here to listen). I especially liked this part of the presentation (from time line 22:54min to 23:25min mark), when Neel Dev said:

We typically see a dip in First Quarter due to Vyvx seasonality,but for First Quarter 2011 we expect underlying growth to overcome seasonality,and we expect to see positive change in Core Network Services revenues. This is the first time in about four years we expect to see that, underlining the positive drivers that we see in the business.

On March 11, 2010, Complete Story »

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Faxless Payday Loan- Get Payday Loan With no More Paper Work

There are so many loan borrowers who don’t want to entangle in faxing their documents regarding loan which is your best friend in tough time. But they have to fax their individual details to loan lenders because they can not do anything without loan until their payday due. So, they are left with no other option than applying for the loan for rooting out their fiscal crises. Therefore, faxless payday loans are here to assist you in the odd time where you don’t have to fax your personal credentials. So, this is the right time to make the best of loan you need for doing away with your pecuniary crunches.

This loan is very special for those candidates who are bad credit holder because they fear to go to obtain the loan as they are already hit with stained credit. But here you don’t have to fear but to dare to apply for the loan in order to eradicate your fiscal problems before your payday comes. If there is problem, there is solution. Therefore, here we go with faxless payday loan U.K. which gets you all the pills for every kind of diseases to be cured. But once you need to try it very much practically. It will get you the amount around £100-£1500 within a day if you fill up the form online available round the clock. Interest rate of this loan is bit high approximately £10-£100 along with repayment duration timing of this loan is something like one month. Therefore, leave all the urgent work and make up your mind for getting the loan you need in emergency.

There are a few eligibilities to be undergone for obtaining the loan for instance; borrower must be 18 years old and the city dweller of U.K. in to the bargain with being blessed with stable job that should be around three months old and up to date account for last six months and so on. If you have all these eligibilities in your lap, you can be an applicant for faxless payday loan U.K. with no longer hurdles. So, just go in for this miracle loan and see the change in your life with the twinkling of eyes.

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Know More on Personal Loans For People With Bad Credit

A lot of people with bad credit have to apply for Personal unsecured Loans at high interest sub prime rates when they require financing. This is because the majority of the lenders consider them as borrowers of high risk. Apart from high interest rates, high fees and stringent loan terms are also imposed on such borrowers. A lot of lending firms are now offering smart loan products particularly for the bad credit loan market in the form of Personal Loans for People with Bad Credit. Many banking and lending institutions offer Loans via financing firms and are providing quick approvals to the people with poor credit.

The Loans could be used to improve personal credit record if the dues are paid on time and no defaults are made which will eventually boost the credit rating. Therefore, a personal loan could be a stepping stone to polish the credit rating and improve credibility for future loans. To achieve this it should be ensured that the lender is reporting the payment pattern to the assigned bureaus of the society, city or country. A bad credit history is like suffering from a contagious disease that does not have a cure similarly, it is difficult to secure a loan without good credit history.

Credit history is a combined record of the financial commitments and repayments which by and large suggest the total debt in the recent past. Using this record the credit worthiness of the borrower is assessed by credit rating agencies to assign a credit rating to such borrowers. Lenders then follow this credit rating as a detrimental factor while offering a Personal Unsecured Loan. A delay in making a payment or missing a payment and thus failing to fulfil the repayment commitment can cause a bad credit rating.

Lenders have started realizing that it is irrational to deny the Personal Unsecured Loans for People with Bad Credit as there is a huge increase in the number of people carrying bad credit history and they are actually in need of funds and they should indeed be supported. Lenders charge a higher interest rate to such borrowers as compared to a person with a good credit history according to the APR that is a mandatory requirement for the lenders. There are two broad categories under which personal loans are classified: the secured loans and the unsecured loans. In case of the secured loans the personal history becomes irrelevant as a security is kept as collateral to obtain the loan. It is only in case of the unsecured loans that the credit history matters.

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More China cities move to limit home purchases

24(Xinhua)–Three big Chinese cities Thursday unveiled new rules to restrict home purchases in the latest efforts to rein in rapidly rising housing prices.

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Know More on Unsecured Credit Cards For People With Bad Credit

People with a poor credit history often find their pleas for loans being rejected out rightly by banks and financial institutions, or being burdened with insurmountable interest rates to compensate for the fact that the transaction will be a high risk one. Almost all loans which are sanctioned for borrows with a less than perfect credit history, have a very high rate of interest, or require the borrower to mortgage some of their personal assets as security against the loan.

Bad credit loans are usually of two types: secured and unsecured. Secured loans are those which require some personal asset of the borrower to be mortgaged against the loan amount, while unsecured loans do not come with any such security deposit, but usually charge a high percentage of interest. Normally, unsecured loans for people with poor credit are short term loans, and usually used as a last resort by those who need cash urgently but have no funds. However, unsecured credit cards for people with bad credit, if used prudently and carefully, can be a major help in rebuilding a good credit record.

Although traditionally, banks and credit agencies shunned people with bad credit histories, the scenario has changed a lot now. Several banks and financial institutions now readily provide unsecured credit cards for people with bad credit. Contrary to traditional secured cards, applying for an unsecured card does not require a huge opening amount in your account. Online applications for such cards are now processed immediately, within the matter of a few minutes, and you can easily get your card delivered within a couple of days of applying for it. Some banks provide special cards only for people with unsatisfactory credit histories. For providing instant credit cards for bad credit, these institutions generally are satisfied with simple details like employment details, residential address proof, social security number and previous credit history.

Unsecured credit cards for people with bad credit provide zero percent balance transfer with considerably lengthy grace windows. You need to check out finer details like interest rate or APR percentage, in case the balance is not settled even after the interest-free grace period is over. In case you are trying to rebuild your credit history by establishing a good spending and management history, ensure that all your account activities are reported to the credit bureaus regularly, and avoid any late payments. Careless spenders may bring their credit histories further down by irresponsible spending and unpunctual repayments with unsecured credit cards for people with bad credit. Prepaid credit cards for teenagers with reckless spending habits are a useful means of curbing their irresponsible behavior as well as preventing them form ruining their credit histories at an early age. These credit cards have low spending limits and have custom limits and preferences placed by parents so as to control the purchases that can be made using those cards.

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Know everything on Unsecured Credit Cards For People With Bad Credit and how to get Instant Credit Cards Bad Credit

Mortgages will be scarcer, more expensive

It’s hard enough getting a loan these days, but it could get worse before it gets better as a slew of regulations and fee increases take effect. The changes include higher fees and lower loan limits on government loans,…

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Kids in public housing play outdoors more

HOUSTON, Feb. 19 (UPI) — Five-year-olds living in U.S. public housing played outside 13 percent more per day, on average, than did other urban 5-year-olds, researchers say.

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