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Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed NASSAU, Bahamas – A team of government officials is in China for negotiations aimed at getting the Baha Mar mega resort completed and opened, less than a week after the developer failed to get the court to recognize his US bankruptcy proceedings. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
Start-ups urged to exercise care when seeking bank loans INDUSTRY, Investment and Commerce Minister Anthony Hylton is advising potential business operators to exercise prudence when seeking to obtain start-up loans. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
Stricter food safety rules coming, exporters warned Local and regional exporters have been told to brace themselves for stricter United States food safety rules, which could adversely impact their trade. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
Petrotrin Pain Profits down but Petrotrin earnings up 132% State-owned Petrotrin multiplied its losses 11.2 times to reach US$168 million for the nine months ended June 30 compared to US$15 million loss for the same period last year, but its earnings before income tax, depreciation and amortisation (EBITDA) rose 132 per cent between March and June, preliminary financials show. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
BCCI calls for end to go-slow The Barbados Chamber of Commerce and Industry (BCCI) today warned that the continuing go-slow at the island’s ports was hurting the business community and consumers, and it urged unions to return to the bargaining table with the Barbados Revenue Authority (BRA). Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
Ferrari files for US share listing Italian sports car manufacturer Ferrari has applied to list its shares on the New York Stock Exchange. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
Ikea safety alert in US after two children killed by MALM drawers A US safety watchdog has raised concerns about Ikea chests of drawers after two boys were killed in the US last year when dressers fell on them. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed
Apple shares fall despite rise in profits Apple shares have fallen sharply despite the technology giant reporting a big jump in third quarter profits. Tweet Latest News Driver treated at hospital following accident on Frigate Bay road Red Steel dethrones Tridents to become 2015 CPL T20 champions Residents impacted by fire damage to electricity and water assets Armed men raid west Basseterre business enterprise Bravo! Red Steel sends Tallawahs packing Other Stories U.S. Navy investigates report of cancer cluster at Guantanamo A Million Penny Pay-Off! Children’s Home Celebrates 65 years of care Guinea Hen Weed Eleven charged in murder of prominent Trinidad attorney Negotiations resume in China to get Bahamas’ Baha Mar mega resort completed

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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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