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Jamaicans accept FLOW price increases — CWC executive JAMAICANS are accepting the price increases at large cable provider FLOW, according to John Reid, an executive at the provider's new parent company Cable & Wireless Communications (CWC). Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
EU agrees 1.8bn-euro loan to cash-strapped Ukraine The EU has agreed a €1.8bn (£1.3bn; $2bn) loan to Ukraine - described as a landmark deal for a non-EU member. The agreement was signed at an EU summit in Riga, Latvia, with the leaders of six post-Soviet nations. Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
Yellen: US rates could go up 'at some point this year The chair of the US Federal Reserve, Janet Yellen, said she expects the central bank to begin raising interest rates "at some point this year". Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
Greece seeks loan deal by end of May Greece has said it wants to reach a loan deal with its international creditors by the end of this month.With the country seemingly close to running out of cash, government spokesman Gabriel Sakellaridis said a deal was "required immediately". Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
Lime links with Zimbra to enhance email service experience LIME is introducing a new ‘look and feel’ to how users of its @sisterisles.com email domain access their digital messages. As of July 13, 2014, subscribers will be served by LIME through Zimbra – one of the world’s fastest-growing Webmail service providers with over 500 million customers. Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
Record-breaking amount of remittances received in Latin America and the Caribbean According to Remittances to Latin America and the Caribbean Set a New Record High in 2014, the increase reflects significant growth in remittance flows to Mexico (8 percent), Central America (7.4 percent) and the Caribbean (6.3 percent), linked to the recovery of the economy and labor market in the United States. Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
US$250m BP contract for Massy Wood Group PORT OF SPAIN: Massy Wood Group has been awarded a five-year contract, with a potential value of up to US$250 million, by oil and gas giant BP to provide services to its operations in Trinidad and Tobago. Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.
Sagicor Ready To Roll On Next Big Project Sagicor's property company is moving ahead with a 21-acre complex at Mineral Heights, near May Pen, Clarendon, that will eventually house a mall and residences. Tweet Latest News Job-rich growth means region must look to new and emerging economic activity, says PM Harris The sea – the next frontier of Caribbean heritage, says historian Honychurch They’re coming! Traffic Sports to beam major qualifier live to the world Caribbean agriculture needs a revolution in order to be successful, says CDB president SKNLP leader says he will run a responsible parliamentary opposition Other Stories Greece 'cannot afford IMF repayment' in June – minister 5 seats too close to call Cleveland protests erupt after officer found not guilty in fatal shooting of two unarmed suspects C&W to use drone technology to identify problems after a storm Israel thanks U.S. for stand on Mideast nuclear arms ban at U.N.

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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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