We may be creating a generation of savers.
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“(Reuters) – The National Restaurant Association said Tuesday it is joining the opposition to a proposed $7.2 billion settlement between some retailers and Visa Inc and MasterCard Inc over fees for credit card transactions.
The NRA, which represents the $600 billion U.S. restaurant industry, is the last of six trade groups leading the case to weigh in on the potentially historic settlement.
The trade group’s chief concern is that the settlement would prohibit all merchants that use Visa and MasterCard – whether they decide to opt in or opt out of the settlement – from filing future lawsuits over interchange issues.”
Comments »” I think i’m turning Japanese …i really think so.” Bond holders take notice….
Comments »$TSLA is down 8% and has been down as much as 12% on a SEC filing warning about sales and production….
Comments »“A national CNBC poll finds President Barack Obama holds a commanding lead over Mitt Romney on the key issue of who would be better for the economy over the next four years.
Obama gets that nod even though Americans, by overwhelming margins, believe the economy is worse now than it was four years ago whenObama’s term began.
Our latest CNBC All-America Economic Survey of 800 American adults across the nation shows Obama with a nine-point lead over Romney, 43 percent to 34 percent, on who would do a better job on the economy in the future.
At the same time, 55 percent say the economy is worse off than it was four years ago and just 22 percent think it’s better. Seventeen percent say it’s about the same.”
Comments »CAT , OKE, BWLD, BRK.A, MEG, TIVO, ADT, LXK, PNR, DV, SNY, GOOG, HPQ, RHT, TSLA, PAYX,
Comments »$CAT lowered their profit range from $15-$18 to $12-$15 on lower commodity prices and consumption. Short of calling a recession the company sees poor economic conditions as far pout as 2015.
Comments »“(Reuters) – Toys R Us Inc said it will hire 45,000 seasonal employees across the United States to cope with the upcoming holiday season.
Toys R Us, which hired about 40,000 seasonal workers last year, said it retained about 15 percent of the holiday workforce after the season ended.”
Comments »“Europe’s permanent rescue fund will invest the core of its assets in AA or higher-rated debt issued by governments, central banks, euro-area agencies and international institutions, with the power to diversify into bank debt as it grows, its draft investment guidelines say.
The European Stability Mechanism, set to go into operation next month, will keep at least 15 percent of its maximum lending volume — or 75 billion euros ($97 billion) out of an ultimate 500 billion euros — in “assets of the highest creditworthiness,” according to the guidelines obtained by Bloomberg News.”
Comments »“Axa SA (CS), France’s largest insurer, had its outlook lowered by Fitch Ratings to negative asearnings are pressured by bond yields at near-record lows.
The outlook for the Paris-based company was cut from stable on “concerns about the group’s ability to improve profitability, notably in the context of low interest rates,” the ratings firm said yesterday in a statement.
Falling yields for fixed-income securities have hurt insurers’ investment income as proceeds from maturing bonds are reinvested at lower rates. The yield on the 10-year government bond in France has declined to 2.26 percent from about 3.14 percent at the end of last year. The yield on the 10-year U.S. Treasury is at 1.69 percent, down from 1.88 percent.”
Comments »In other words Spain has a lot of debt to cover and are probably looking for a colossal amount of aid.
Comments »“Talk of adopting the euro is thin on the ground before Lithuanian elections next month as politicians align with popular opposition to the switch.
The Baltic nation will abandon the litas “when the euro zone is ready,” Prime Minister Andrius Kubilius said Aug. 28, putting into question a 2014 target to follow Estonia into the currency. While Latvian officials retain plans to join the euro area that year, support among the population is at a record low.”
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“The Australian dollar remained lower before a report forecast to show French consumer confidence fell amid concern disagreement among the euro region’s leaders is curbing prospects for growth.
Demand for the so-called Aussie and the New Zealand currency was limited after a senior ally of German Chancellor Angela Merkel said Spain’s Prime Minister Mariano Rajoy must stop prevaricating and decide whether the country needs a full rescue. The South Pacific nations’ currencies briefly gained after a leading indicator for China’s economy rose.
“Markets are still cautious,” said Alvin Pontoh, a Singapore-based strategist at TD Securities Inc. “Europe is still going to be the key event this week. If we see a not-so- favorable outcome from Spain, we could see the Aussie come down.”
Comments »“Copper inventories at bonded warehouses in Shanghai probably climbed to a record as importpremiums dropped to a four-month low, signaling demand in China may not be improving as much as expected after a summer lull.
Reserves were 650,000 metric tons, according to the median of nine estimates from traders, analysts and warehouse managers, compiled by Bloomberg. Five said that this was a record. The amount compared with an estimate of 550,000 tons by Macquarie Group Ltd. on Aug. 20. Fees paid by importers over the London Metal Exchange cash price are about $40 to $60 a ton on a cost, insurance and freight basis, the lowest since May.”
Comments »“Sony Corp. (6758), reeling from four straight annual losses, had its credit rating lowered one level by Standard & Poor’s because of concerns about an earnings recovery by the Japanese consumer-electronics maker.
The company’s long-term ratings were lowered to BBB, S&P’s second-lowest investment grade, from BBB+, the ratings company said in a statement today. The outlook was set at negative, reflecting a view that ratings may be cut again in the absence of “solid signs of recovery” in Sony’s credit quality within a year, S&P said.”
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“The euro touched its lowest level in almost two weeks versus the yen as German consumer sentiment stagnated and Spanish borrowing costs rose at a bill auction amid concern the region’s debt crisis is deepening.
The 17-nation euro erased losses against the dollar before German Chancellor Angela Merkelmeets European Central Bank President Mario Draghi in Berlin today. Data showed German and French business confidence remained static as Italian sentiment stayed near a 15-year low. Australia’s dollar pared a decline as a leading indicator for China’s economy rose in August, supporting trade prospects.”
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