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What you need to know - Discounted VAT Rate Day 2016 The Inland Revenue Department (IRD) is pleased to announce that 16th December is the prescribed date for the Discounted VAT Rate Day (DVR Day). Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
New marketing initiative set to propel the SIDF forward Another move to propel the St. Kitts-Nevis Sugar Industry Diversification Foundation (SIDF) forward is the introduction of the International Marketing Agent Initiative, says Les Khan, CEO of the Citizenship by Investment Unit (CIU). Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
Carney warns about popular disillusion with capitalism The Bank of England Governor Mark Carney has warned that people will turn their backs on free and open markets unless something is done to help those left behind by the financial crisis. Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
Rainforest Seafoods to introduce lionfish fillet Brian Jardim, CEO of Rainforest Seafoods Ltd said the company is set to introduce a lower-priced fish fillet on the local market from a new product — lionfish. Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
Statisticians meet in St. Kitts and Nevis to develop a Caricom quality assurance framework Statisticians from 14 eligible CARICOM countries are currently in the Federation of St. Kitts and Nevis attending a workshop aimed at developing a Regional Data Quality Assurance Framework. Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
Former Barbados PM Says Sandals Concessions Were A Bad Move Former Prime Minister Owen Arthur is contending that tax concessions granted to the Caribbean hotel chain Sandals are hurting the island’s finances, already reeling from a decline in revenue from the offshore financial services sector. Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
Canadian travel industry partners recognized by the Caribbean Tourism Organization Two Canadian travel industry partners have been recognized by the Caribbean Tourism Organization (CTO) for their contributions to the region’s development through tourism. Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses
Finance, media leaders launch new infrastructure forum for Caribbean In May 2014, the incoming President of the Caribbean Development Bank, Dr. Warren Smith, asserted that “over the next 10 years, some US$30 billion will be required to modernize and enhance the efficiency of the power, transportation, telecommunications, and water and wastewater sectors”. Tweet Latest News Persons in Police custody for weekend murder Police investigating gunfire ACP must change – Lindsay Grant to members CCTV project gets major funding boost from Taiwan Calypsonian threatens legal action against Carnival Committee Other Stories What you need to know - Discounted VAT Rate Day 2016 New marketing initiative set to propel the SIDF forward 7 Festive Moments From 'VH1 Divas Holiday: Unsilent Night' Special Cabinet ministers and constituents boycott PM Harris birthday service Former PM Douglas sets record straight on recruitment of nurses

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Family Net Worth Drops to Level of Early ’90s, Fed Says

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MORTGAGES-CONDEMNATIONWASHINGTON — The recent financial crisis left the median American family in 2010 with no more wealth than they had in the early 1990s, erasing almost two decades of accumulated prosperity, the Federal Reserve said Monday.

The median family, richer than half of the nation’s families and poorer than the other half, had a net worth of $77,300 in 2010, down from $126,400 in 2007, the Fed said. The crash of housing prices explained three-quarters of the loss.

This vast loss of wealth was compounded by a loss of income, as the earnings of the median family fell by 7.7 percent over the same period.

The new data come from the Fed’s much-anticipated release Monday of its triennial Survey of Consumer Finance, one of the broadest and deepest sources of information about the financial health of American families. The latest survey is based on data collected in 2010. Figures are reported in 2010 dollars.

Unsurprisingly, the report is full of grim news, and although it is news from 18 months ago, fresher sources of economic data make clear that most households have since seen only modest increases, at best, in wealth and income.

Despite these setbacks, consumers have continued to spend surprising amounts of money in recent years, helping to keep the economy growing at a modest pace. The survey underscores where the money is coming from: Americans are saving less for future needs and making little progress in repaying debts.

The share of families saving anything over the previous year fell to 52 percent in 2010 from 56.4 percent in 2007. Other government statistics show that total savings have increased since 2007, suggesting that a smaller group of families are saving more money, while a growing number manage to save nothing.

The survey also found a shift in the reasons that families set aside money, illustrating the lack of confidence that is weighing on the pace of economic growth. More families said they were saving as a precautionary measure, to make sure they had sufficient liquidity to meet short-term needs. Fewer said they were saving for retirement, education or for a down payment on a home.

[Related: In Era of Cheap Money, Consumers Are Shut Out]

And the report highlighted the fact that households have made limited progress in reducing the amount that they owe to lenders. The share of households reporting any debt declined by 2.1 percentage points over the last three years, but 74.9 percent of households still owe something and the median amount of the debt did not change.

The drop in reported incomes could have increased the weight of those debts, requiring families to devote a larger share of income to debt payments. But one of the rare benefits of the crisis, lower interest rates, has helped to offset that effect. Families also have been able to reduce debt payments by refinancing into mortgages with longer terms and deferring repayment of student loans.

The survey also confirmed that Americans are shifting the kinds of debts that they carry. The share of families with credit card debt declined by 6.7 percentage points to 39.4 percent, and the median balance of that debt fell 16.1 percent to $2,600.

Families also reduced the number of credit cards that they carried, and 32 percent of families said they now had no cards, up from 27 percent in 2007.

The cumulative statistics concealed large disparities in the impact of the crisis.

The losses of income and wealth fell most heavily on the middle class. Families with incomes in the bottom and top 20 percent of the population sustained smaller losses on a percentage basis than those families in the middle 60 percent.

One reason for this disproportion is that the middle class puts its wealth in housing, and the median amount of home equity dropped to $75,000 in 2010 from $110,000 in 2007. And while other investments have recovered much of the value lost in the depths of the crisis, housing prices have hardly budged.




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