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Horsford’s sends relief to ravaged neighbouring islands The Horsford's Group of Companies has partnered with The Rotary Club of St. Kitts, the Chamber of Industry and Commerce and Christophe Harbour in sending much needed relief supplies to the hurricane ravaged islands of Tortola and Anguilla. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
Apple unveils iPhone X in major product launch Apple Inc on Tuesday rolled out its much-anticipated iPhone X, a redesigned product of glass and stainless steel with an edge-to-edge display that Chief Executive Tim Cook called “the biggest leap forward since the original iPhone.” Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
Mobile, Landline and Internet Service Outages FLOW continues working to return full service island-wide in the wake of the passage of Hurricane Irma. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
FLOW supports markets impacted by Hurricane Irma Hurricane Irma - the most powerful Hurricane to form in the Atlantic in over ten years - has left a trail of destruction across the Caribbean and is on track to make landfall in Florida as a Category 4 over the weekend. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
Cotton making a comeback in Haiti Once the country's fourth-largest agricultural export, cotton is making its comeback to Haiti after a 30-year absence. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
NAFTA nations plan talks progress under barrage of Trump threats Trade negotiators plan to take small steps forward in a second round of talks to rework the North American Free Trade Agreement (NAFTA) this weekend, trying to ignore daily threats from U.S. President Donald Trump to tear it up if he does not get his way. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
Barbados implements fee on foreign purchases and payments using credit cards The Central Bank of Barbados (CBB) Monday said that a two per cent fee on foreign purchases and payments made using credit, debit and travel cards goes into effect from Friday, September 1. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer
TDC continues to invest in educational advancement at the University level through the M. L. King Scholarship Grant Continuing its mission to advance education within the Federation, the TDC Group of Companies recently presented four (4) students; two (2) Kittitians and two (2) Nevisians with the 2017 TDC Michael L. King Scholarship Grant. Tweet Latest News Would be robbers shoot at Police Police investigating shooting incident Dominica’s prime minister moved to tears as he spoke of damages Old Road Bay a priority, NEMA official praises teamwork CIC executive director comments on disaster resilience Other Stories Afro-Cuban music Garbine Muguruza beats Caroline Garcia in Pan Pacific Open, Karolina Pliskova out North Korea may consider H-bomb test in Pacific, Kim calls Trump ‘deranged' Brexit: Theresa May sets out UK offer to break deadlock Law wants 'settled' team for World Cup qualifer

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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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