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Ford recalls over 88K vehicles due to stalling problem Ford is recalling more than 88,000 cars and SUVs in North America because the engines can stall without warning due to a fuel pump problem. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
Bring your resume to Park Hyatt St. Kitts’ information sessions Basseterre, St. Kitts, August 24th 2016 – The Park Hyatt St. Kitts at Christophe Harbour is inviting Kittitians and Nevisians to bring their résumés to several community information sessions this week, where members of its management team will share details of employment opportunities.  No advance reservation is necessary to attend.   Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
Airbnb confirmed for CTO State of the Tourism Industry conference One of the world’s best-known online marketplaces for accommodation has been confirmed to present at the region’s leading tourism gathering. The San Francisco, California-based Airbnb has confirmed its participation in next month’s State of the Tourism Industry Conference (SOTIC) in Barbados. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
Regional Government Security Market celebrates 500th auction The Regional Government Securities Market (RGSM) marked a milestone on 17 August, as it issued its 500th auction. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
CIBC FirstCaribbean International Bank makes introduces Low Rate Program A leading bank is making home and vehicle ownership easier for customers in the Federation of St. Kitts & Nevis. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
Ja Ministry partnering with churches to boost faith-based tourism The Ministry of Tourism is partnering with churches in developing a policy, which will boost faith-based tourism in the island. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
IFC invests BRL 150 million in CerradinhoBio to support renewable energy in Brazil A member of the World Bank Group, will provide BRL 150 million of long-term financing to CerradinhoBio, an ethanol and biomass-based electricity producer operating in the state of Goias, in Brazil. This investment will support the growth of the sugar and ethanol industry and help to further develop renewable energy production in the country. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'
Where in the world is my data and how secure is it? When Max Schrems, an Austrian privacy activist, requested to see his personal data that Facebook stored on its servers, he was mailed a CD-ROM containing a 1,222-page document. Tweet Latest News Electoral Reform: It cannot be done ‘willy nilly’, says AG Major report on SIDF expected soon – Attorney General MPs ignite parliamentary quarrel forcing Speaker to warn both sides A Church gets practical with parenting seminar for Saddlers Guns and ammunition finds are result of proactive police strategies - COP Other Stories Rowley welcomes crime talks with Kamla, warns: Collaboration key to success Bolivia minister killed by protesting miners Tyga ordered to pay $186,000 to landlord Ford recalls over 88K vehicles due to stalling problem Rio 2016 Paralympics: Vladimir Putin says Russia ban is 'immoral' and 'inhumane'

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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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