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Development Bank gives small businesspersons opportunity to grow Charlestown, Nevis - After a prolonged drought, farmers in the Federation are back to their farms working hard to capitalise on the rain that would have been received following the passage of back to back weather systems - Danny and Erika. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Oil falls back below $49 as glut, China concerns weigh Oil fell below $49 a barrel on Monday after its biggest two-day rally in six years last week, pressured by a supply glut and renewed concern about a hard landing for China's economy. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Waterless laundry system comes to the Caribbean Manchester, NH - Xeros, the innovator of an ultra-low water laundrysystem, announced that it has expanded its market presence into the Caribbean and Latin American hospitality, dry cleaning and commercial laundrymarkets with Xeros’ channel partner Worldwide Laundry, Inc Under the agreement Worldwide Laundry will sell and service Xeros’ award-winning polymer bead cleaning laundry systems which are proven to dramatically reduce water, energy and detergent consumption. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Digicel Group cuts net loss for first quarter 2015 Digicel Group, the Irish-owned telecom provider with regional offices in Jamaica, suffered from flat revenues, but still slashed its net loss nearly in half, according to June first-quarter 2015 financials. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Facebook has a billion users in a single day, says Mark Zuckerberg For the first time over a billion people used Facebook on a single day, according to company founder Mark Zuckerberg. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Brazil's economy enters recession Brazil has entered recession after official figures showed the country's economy contracted by 1.9% between April and June compared with the previous three months. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Sagicor X Fund upsizes rights issue Sagicor Real Estate X Fund plans to upsize its rights issue by roughly $1 billion to $5.1 billion in order to aid in the purchase of a US hotel close to Universal Studios and Walt Disney World in Orlando, Rlorida. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama
Cruise Ship Cancellations Basseterre, St. Kitts -  Please note that Delisle Walwyn, ship agent for Carnival Liberty has indicated that the Carnival Liberty has cancelled its call for Friday 28th August 2015 because of redeployment initiatives that was caused by the awaiting approach of Hurricane Danny in the Caribbean. Tweet Latest News ECCB Monetary Council chairman express solidarity to PM Skerrit CDB provides emergency grant to Dominica in wake of Erika A treat is coming for fashion conscious men in SKN Erika’s tears just weren’t enough – water rationing continues PM extends nation’s condolences and assistance Other Stories 'New face of crime in Nigeria' said to hold St Vincent passport Migrant crisis: Austria holds suspected people smugglers Antigua-Barbuda supports Dominica relief effort Let's celebrate our diversity Mount McKinley's Alaska name Denali is restored by Obama

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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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