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Prepaid electricity — An energy management solution for all Since 2014 when the Jamaica Public Service (JPS) introduced prepaid electricity to Jamaica, over 600 residential and small business customers have been enjoying savings of up to 40 per cent of the electricity costs they incurred when they had a regular postpaid meter. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
Restaurant Week stimulates economy much like music festival - Tourism PS Much like the St. Kitts Music Festival, Restaurant Week, which is being held from July 13 to 24, stimulates the economy while affording persons the opportunity to sample some of the unique and diverse dishes in the Federation provided by a number of restaurants and street vendors. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
U.S. regulators pave way for speedy next-generation 5G networks U.S. regulators on Thursday paved the way for a lightning-fast next generation of wireless services in a move that made the United States the first country to set aside an ample amount of airwaves for so-called 5G wireless applications and networks. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
IFC launches FY17 bond program to support private sector development The International Finance Corporation (IFC), a member of the World Bank Group, today issued a $2.5 billion global bond—a heavily oversubscribed issuance that marked a solid start to the institution’s annual borrowing program to support private sector development in emerging markets. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
ECCU Working Group on Commercial Bank Fees and Charges Commences Work The Eastern Caribbean Currency Union (ECCU) Working Group on Commercial Bank Fees and Charges has been established and convened its first meeting via videoconference on 30 June. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
Developer Zuliani to break ground on the Royal Plaza Basseterre, St. Kitts, 11th July, 2016 – Mr. John Zuliani, President of the Royal St. Kitts Hotel, will break ground tomorrow, Tuesday, 12th July, on the Royal Plaza.  The shopping plaza opens its doors to the public on 1st November, 2017. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
Scotiabank assists professionals to build their business More self-employed professionals have been given the tools to assist in building their businesses, thanks to a recent seminar at Scotiabank.  A wide cross section of professionals turned out at the Fort Street Branch for the presentation aimed at benefitting self-employed professionals. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed
Ministry of Tourism To Improve Experience at Cockleshell Bay Minister of Tourism, The Hon. Lindsay Grant, took a tour of the Cockleshell Bay recently and met with various vendors and bar owners, as the Ministry of Tourism prepares to improve the area for visitors. Tweet Latest News Children go free for Hero CPL semi finals at Warner Park Man escapes major injuries after car plunges into Old Road Bay Dis n Dat dethrones Astro to win 11th Culturama calypso title Water rationing ends for some areas of St. Kitts NEMA alerts residents of approaching weather systems Other Stories Trump to Clinton: 'No more Mr. Nice Guy' Texas hot air balloon crash: No survivors among 16 on board How real-life tragedy can alter the course of films and TV Amazon Warriors qualify for Hero CPL Knockouts with a win in Florida Syria conflict: Save the Children says maternity hospital bombed

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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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