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Digicel strengthens female workforce with 'WILL Power' series Digicel has announced its latest internal initiative, the Women in Leadership Learning Power series, (WILL Power), aimed at empowering and grooming female employees for leadership roles across the organization. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
St. Kitts and Nevis Bureau of Standards Launches New Website The St. Kitts and Nevis Bureau of Standards (SKNBS) is pleased to announce the launch of its first website at www.sknbs.org. The SKNBS has the major responsibility of protecting the environment, health and safety of consumers. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
New cruise ships make inaugural visits to St. Kitts This week St. Kitts will welcome the arrival of two cruise ships on their first-time visits to the destination.   The Carnival Elation will make its inaugural call today, bringing a maximum capacity of 2,594 visitors to St. Kitts. On Friday the Carnival Fascination will arrive to St. Kitts for the very first time with a maximum capacity of 2,594 passengers. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
Digicel collaborates with local Visitor Channel New initiatives and collaborations are always prosperous when it comes to the Digicel brand, and here is the latest one for which the telecommunications firm is shouting about. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
Competition promotes climate-smart agriculture in the Eastern Caribbean States Organized by IICA, the initiative seeks to reward and disseminate success stories of sustainable agricultural practices that foster adaptation and food security in the face of climate change. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
Government and Development Bank present vehicles to the Water Services Department The world observed Tuesday (March 22) as the UN World Water Day 2016 under the theme 'Water and Jobs', and the over 100 staff members at the Water Services Department of the Ministry of Public Infrastructure in Needsmust received a boost that would not only help deliver better water, but also offer them better jobs. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
Cable & Wireless and friends donate US$125k To ACF Foundation The Advancement of Children Foundation (ACF) received a significant boost towards its youth development programs, as Cable and Wireless Communications (C&W) and its technology and content partners donated US$125,000 towards the Foundation as part of its Annual Charity Golf Event. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors
Largest cruise ship visits St. Kitts Three mega luxury cruise liners: Oasis of the Seas, Navigator of the Seas, and Costa Favalosa—two docking at Port Zante and one at the Basseterre Deep Water Harbour, brought with them on March 23 close to 14,000 passengers to one of the Caribbean's most rapid and favourite growing tourism destinations, St. Kitts and Nevis. Tweet Latest News Drugs and gun taken on weekend Bath Village man charged with House Breaking and Larceny Labour leader accuses Government of reversing workers’ gains Amory lauds hydroponics for economic opportunities Panama Papers will have little impact on SKN’s CBI, offshore sector says analyst Other Stories Russia hopes to extend truce to Aleppo PM Harris heads delegation to US-CCA Energy Summit PM Harris: Timing is right for law aimed at bolstering Private Sector competitiveness Madrid Open: Former champion Roger Federer withdraws with back injury Zika virus: Risk higher than first thought, say doctors

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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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