Daily Digest 1/30 - Detroit Edges Closer to Bankruptcy, Can Boomers Ever Retire?
The move comes just a month after Catalonia's new leaders pledged to hold a referendum on independence.
Catalonia is prosperous and accounts for around a fifth of Spain's GDP, but faces debt repayments totalling 13.6bn euros this year alone.
The regional government said it would spend 7.7bn euros to pay down debt and the rest on meeting deficit reduction targets set by the Spanish government.
Ford Motor Co.'s pension deficit widened in 2012 by 21 percent and the Dearborn automaker vowed Tuesday to boost contributions to its under-funded pensions by $5 billion in 2013.
Despite the fact that Ford pumped $3.4 billion into its worldwide pension plans in 2012 — over the $1.1 billion it infused in 2011 — the automaker's pension plans underfunding widened.
The public's contributions to the state's two major public pension funds is expected to increase from $1.5 billion in the fiscal year that ends in June to nearly $3 billion in 2014-15 and more than $5 billion by 2019-20. The money comes out of a state budget that is less than $27.7 billion this year.
Junk-bond yields have fallen so far that the world’s biggest debt investors are turning to borrowed money to juice returns, a practice that magnified losses during the worst financial crisis since the Great Depression...Leverage is staging a comeback for investors that oversee more than $2 trillion as speculative-grade yields reach record lows daily with the Federal Reserve holding benchmark interest rates at about zero percent for a fifth year.
With the average Baby Boomer a half-million dollars short on retirement savings, the prospects for actually retiring look slim. So what do we do about it?
Baby Boomers, forget about retirement. We'll be working for the rest of our lives.
OK, that may be an exaggeration, but not by much.
Global holdings of the metal in exchange-traded funds rose to an all-time high of 19,699 metric tons on Jan. 18.
“The demand for precious physical metal is surging as the continued global quantitative easing is leading to currency devaluation,” Jeffrey Sica, who helps oversee more than $1 billion as president of SICA Wealth Management, said in a telephone interview from Morristown, New Jersey. “People are realizing this is one of the best asset-classes to hold.”
California dairy farmers will earn a higher price for their milk starting next month as a result of a hearing decision made by the California Department of Food and Agriculture, but producers said the new prices are still not high enough to overcome soaring feed costs and other financial woes.
The delinquency rate today on student loans that were originated from 2005-2007 is 12.4 percent. The comparable figure for student loans that were originated from 2010-2012 is 15.1 percent, representing an increase in the delinquency rate by nearly 22 percent.
While the delinquency rate is climbing, the average amount of student loan debt is increasing even faster. In 2005, the average U.S. student loan debt was $17,233. By 2012, it had ballooned to more than $27,253 - an increase of 58 percent in seven years.
The agency is losing $25 million per day, it defaulted on $11.1 billion in Treasury payments, and it’s exhausted its borrowing authority.
Agency officials hope a penny more per stamp — and jumping into the packaging business full force — will help lead the Postal Service to financial stability.
Signs of decline are everywhere - in a rising crime rate, streets without lights and block after block of abandoned buildings. The murder rate of one per 1,719 people last year was more than 11 times the rate in New York City. The jobless rate is above 18 percent, more than twice rate for the country as a whole.
Gold & Silver
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