Monday, March 15, 2010 Study: Americans focusing on financial futureAmericans are tired of dwelling on economic worries, and are instead refocusing on building their finances for the future, according to the Principal Financial Well-Being Index.
A recent report found that when asked what steps they have taken to improve or rebuild their financial well-being since the economic downturn in 2008, 62 percent of workers (54 percent of retirees) said they are spending less money; 45 percent said they are paying down debt (29 percent of retirees); and 22 percent said they are increasing savings for an emergency fund (14 percent of retirees). In addition, 18 percent of workers said they have increased their retirement savings since 2008.
Meanwhile, two-thirds of workers said they are very concerned about their long-term financial future, down slightly from 71 percent during the fourth quarter of 2009. Sixty-four percent of retirees said they are very concerned about their long-term financial future, well above the 56 percent of respondents who answered that way at the end of last year. | Be the first to comment on this News | More in Income Planning | Send to a friend | Print |
Monday, March 15, 2010 P&C industry fared well in 2009The property and casualty insurance industry saw its net income nearly triple last year to $35 billion, according to the Highline Data Performance Monitor, aggregates key statutory financial data reported by insurance companies quarterly.
The Monitor also found that the life insurance industry saw net gain from operations more than triple to $76.2 billion, a five-year high.
Reasons cited for the drastic turnaround include a greater decrease in premiums written than in benefits paid over the course of the year, which also helped to fuel life insurers' return on equity to a five- year high of 15.2 percent.
The P&C industry was also aided by a lack of major catastrophes during the year, which helped lead to their biggest decline in net losses incurred in the past 10 years, at 11.3 percent.
However, the data finds that despite the significant recovery last year, insurers are still behind where they were in recent years on many key measures. | Be the first to comment on this News | More in Insurance/P&C | Send to a friend | Print |
Monday, March 15, 2010 Industrial production up in FebruaryIndustrial production rose unexpectedly during February, fueled by gains in demand for computers and semiconductors, according to figures from the Federal Reserve.
Production increase 0.1 percent, the eight consecutive monthly increase, with improvements seen in both utility use and mining.
The figures were a pleasant surprise for economists, who had forecast that industrial production would remain unchanged after a 0.9 percent increase the month before. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Monday, March 15, 2010 AIG to retain $21M in bonusesAIG today announced that it will retain $21 million in bonus payments to former employees.
In February, AIG said that 97 percent of active employees within the Financial Products division, as well as many former employees had agreed to bonus cuts.
In addition, AIG is scheduled to pay out $46 million to both current and former employees of the division. The hold-back is in addition to the $45 million that employees had previously agreed to withhold. | Be the first to comment on this News | More in Sales and Marketing | Send to a friend | Print |
Monday, March 15, 2010 Committee to unveil regulatory billThe Senate Banking Committee is today expected to unveil a bill that would overhaul the financial regulatory system in an effort to combat a future economic collapse.
If implemented, the bill would eradicate Wall Street's influence over the Federal Reserve Bank of New York. Meanwhile, the Federal Reserve would maintain much of its authority over banks and gain authority over non-bank financial firms.
According to Senate Banking chief Christopher Dodd, the top priority is the creation of a new mechanism to prevent firms from becoming so big that their failure would threaten the entire financial system. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Monday, March 15, 2010 Oil dips below $80/barrelThe price per barrel for crude oil this morning dipped below $80 amid an increase in the value of the dollar.
The cost of the commodity declined $1.75 to a figure of $79.49 on the New York Mercantile Exchange.
While this news is somewhat encouraging for investors, the price could increase again in response the outcome of the Federal Reserve's meeting on Tuesday and OPEC's semi-annual meeting on Wednesday. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Monday, March 15, 2010 Economic recovery could be stronger than expectedFindings from TrimTabs indicate that the economy experienced a 3 percent increase in wages and salaries, and a 9 percent climb in online job postings throughout the past year.
In fact, in the year-over-year period examined, online job postings rose 18 percent, a figure which suggests the economic recovery may be stronger than estimated.
According to the chief executive officer of TrimTabs, "This rebound seems to be the real deal. The key indicators we track suggest the economy will keep expanding over the near term." | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Monday, March 15, 2010 NCOA launching Straight Talk for SeniorsThe health reform debate has exposed older adults to a barrage of political spin and scare tactics, leaving many confused and worried about the future of Medicare. As a result, most seniors do not believe they are getting unbiased and comprehensive information about how health care reform will affect them.
Now the National Council on Aging (NCOA) is launching a consumer education campaign, Straight Talk for Seniors, laying out the facts about the health reform plan, explaining what it would mean for Medicare, and helping seniors weigh the pros and cons so they can make up their own minds.
The initial centerpiece of the campaign is a two-page fact sheet, Straight Talk for Seniors on Health Reform, designed for the older adult reader. NCOA President and CEO James P. Firman will announce the initiative, release the fact sheet, and make himself available to the media during NCOA's Aging in America 2010 conference, opening Monday, March 15, 2010, in Chicago. As additional details become available on the final health reform bill, the document will be refined.
"For 40 years, NCOA has proudly stood up for the interests of older adults, from supporting the passage of Medicare in 1965 to helping people understand and navigate complex benefits programs today," says Jim Firman. "Seniors know they can trust NCOA to provide the straight talk they want on this important and complicated issue." | Be the first to comment on this News | More in Retirement Planning | Send to a friend | Print |
Monday, March 15, 2010 Hedge fund industry appears set for growthThe hedge fund industry appears to be on the brink of expansion, after struggling mightily for the past two years, according to industry tracker Hedge Fund Research.
According to the company, the end of 2009 saw approximately 6,800 hedge funds in existence, down from over 7,600 at the industry's peak in 2007.
However, new launches outpaced liquidations during the second half of last year, with many in the industry seeing evidence that the trend will continue.
Analysts say that the current economic environment is likely to lead to a return of popularity for hedge funds. As the global economy continues to recover, investors are likely to again become attracted to riskier assets. | Be the first to comment on this News | More in Investments | Send to a friend | Print |
Friday, March 12, 2010 Foreclosure filings rise at slowest pace in four yearsU.S. foreclosure filings rose at the slowest pace in four years during February, according to RealtyTrac Inc.
A total of 308,524 properties received notices of default, auction or seizure for the month, an average of one per 418 households.
Meanwhile fillings rose 6 percent from one year earlier, the smallest rise since RealtyTrac began tracking changes in January 2006.
According to RealtyTrac Chief Executive Officer James J. Saccacio, "This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity." | Be the first to comment on this News | More in Investments | Send to a friend | Print |
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