The Internet has managed to disrupt many industries, from publishing to music. So why not lending?
Google is teaming up with the nation's largest peer-to-peer lender. The search and tech giant is investing $125 million in Lending Club, which gets borrowers and lenders together outside the conventional banking system. Google's move and the actions of other big players reflect a growing interest in peer-to-peer lending.
Federal workers say they don't have much to celebrate these days.
Furloughs began in April, exacerbating already low morale for many government agencies as budgets have tightened. Downsizing has meant more work for those who remain, and talk of further cuts has many worried about job security. This year is also the third that federal workers haven't received a pay increase, contributing to discontent.
Congress is considering a bill that would allow states to collect sales taxes from online retailers. Proponents say a law is necessary to level the playing field with brick-and-mortar stores and to raise revenue for states.
Originally published on Mon April 29, 2013 1:07 pm
Across the country, state budgets are back in the black after years of belt-tightening and spending cuts. From California to Florida, in nearly every state, the economic recovery has produced a surge in tax revenue.
For governors and state legislators, that's produced a new question: how to spend the money.
The past three years have not been easy ones for elected officials. Nearly every state requires them to produce a balanced budget. And with declining revenue from sales, property and income taxes, that has meant big spending cuts.
Originally published on Thu April 11, 2013 1:12 pm
Like almost everything in the Texas, the construction industry in the Lone Star State is big. One in every 13 workers here is employed in the state's $54 billion-per-year construction industry.
Homebuilding and commercial construction may be an economic driver for the state, but it's also an industry riddled with hazards. Years of illegal immigration have pushed wages down, and accidents and wage fraud are common. Of the nearly 1 million workers laboring in construction here, approximately half are undocumented.
The U.S. Environmental Protection Agency could soon issue a final ruling that aims to force oil companies to replace E10, gasoline mixed with 10 percent ethanol, with E15.
This move could come just as widespread support for ethanol, which is made from corn, appears to be eroding.
Mike Mitchell was once a true believer in ethanol as a homegrown solution to foreign oil imports. He owns gas stations, and he went further than most, installing expensive blender pumps that let customers choose E15, E20 and all the way up to E85.
Originally published on Mon March 25, 2013 11:33 am
Illustrations produced by an Indian ad agency showing scantily clad cartoon women bound, gagged and stuffed into the hatch of a Ford Figo have led both the car company and the ad agency's parent to issue apologies.
The images, according to FirstPost.Business, were "scam ads — ads that are created not to sell products and services, but to win awards at awards shows such as the Abby or at Cannes."
Originally published on Mon March 18, 2013 6:08 pm
A vote in Cyprus on whether to approve a controversial bailout plan has been postponed after the prospect of the deal caused bank customers to rush to withdraw their savings and drew the ire of overseas depositors.
As NPR's Krishnadev Calamur wrote in a post over the weekend: "The money [is] needed because Cyprus' banks lost 4.5 billion euros on their Greek bond holdings, which were written down last year after Greece's second bailout."
The Barron's magazine top financial advisor rankings are out again for this year, and we are proud to be in the national top 1,000, as well as having moved up to number 18 in the Ohio list. We want to thank our clients for keeping us in this elite group.
Retail sales rose an estimated 1.1 percent in February from January and were up 4.6 percent from February 2012, the Census Bureau says.
Kathy Bostjancic director of macroeconomic analysis at the The Conference Board research group, says in an analysis sent to reporters that the report's a sign that "consumer spending remains relatively robust." And since consumers buy about 70 percent of all goods and services, their willingness to spend is a key economic driver.
Originally published on Wed March 6, 2013 11:56 am
Listen to the Story
What it means to own something in the digital age is being re-negotiated.
Few of us own the music we listen to or the movies we watch in exactly the same way we did a decade ago. And today if you buy a smartphone from a cellphone company, what you can legally do with it — how and where you can use it — may be proscribed even if that phone is fully bought and paid for.
I keep a lot of music on my phone. I have the Stones, Janis Joplin and OK Go.
At the end of last year we were all talking about the "fiscal cliff." At the beginning of this year, the American Taxpayer Relief Act was passed and signed by the president, bringing about a lot of changes.