Business

Business
3:17 am
Fri May 10, 2013

Peers Find Less Pressure Borrowing From Each Other

iStockphoto.com

Originally published on Fri May 10, 2013 8:10 am

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.

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Business
2:45 am
Thu May 9, 2013

Furloughs Only The Latest Blow To Federal Worker Morale

Federal employees demonstrate against the U.S. budget sequester, outside New York's Federal Plaza on Tuesday.
John Moore Getty Images

Originally published on Thu May 9, 2013 5:51 am

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.

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Business
7:03 am
Wed May 8, 2013

Head Of Environmental Division Is Leaving Justice Dept.

Assistant Attorney General Ignacia S. Moreno in September of 2011.
Jeff Chiu AP

Originally published on Wed May 8, 2013 11:38 am

Assistant U.S. Attorney General Ignacia Moreno, the point person at the Justice Department for prosecuting environmental crimes, says she will leave government service next month.

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Business
6:19 pm
Mon May 6, 2013

Some Net Retailers Aren't Buying Online Sales Tax Proposal

The Senate on Monday approved a bill to allow states to collect sales taxes from online retailers. Proponents say sellers will get help navigating tax collection, but many retailers says complying will be burdensome and opens the door for unforeseen problems.
iStockphoto.com

Originally published on Mon May 6, 2013 9:00 pm

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.

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Business
11:28 am
Mon May 6, 2013

Wal-Mart Reclaims No. 1 Spot On 'Fortune' 500 List

A shopping cart at a Wal-Mart store in Los Angeles.
Robyn Beck AFP/Getty Images

Originally published on Mon May 6, 2013 3:40 pm

Wal-Mart has reclaimed the lead spot on the Fortune 500 list released today. For the past few years, the giant retailer has been battling it out with Exxon for top billing.

This year, Exxon Mobil dropped to No. 2.

Fortune writes about Wal-Mart:

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Business
8:35 am
Fri May 3, 2013

165,000 Jobs Added In April, Jobless Rate Fell To 7.5 Percent

Waiting for work: Job seekers lined up last month at the 25th Annual CUNY big Apple Job and Internship Fair in Manhattan.
Spencer Platt Getty Images

Originally published on Fri May 3, 2013 10:05 am

(Most recent update: 10 a.m. ET.)

The nation's jobless rate edged down to 7.5 percent in April from 7.6 percent in March and employers added 165,000 jobs to their payrolls last month, the Bureau of Labor Statistics reported Friday morning.

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Business
5:13 am
Mon April 29, 2013

States Question What To Do With Surging Tax Revenue

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.

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Business
3:27 am
Fri April 12, 2013

In The Wake Of Brazil's Boom, Prices To Match

Tatiana Coelho buys fruit from a vendor in a favela in Rio de Janeiro, Brazil, on Sept. 20, 2012. Prices, especially for food, are skyrocketing in Brazil.
Melanie Stetson Freeman Christian Science Monitor via Getty Images

Originally published on Fri April 12, 2013 10:56 am

In Sao Paulo, Brazil's largest city, a Starbucks coffee shop looks as it would in the United States. It has the same jazzy music; the same items on the menu.

There is one thing that is different, though: the prices.

"Everyone told me it's expensive, but when you see it yourself it's shocking," says one customer, Thierry, who is from Geneva and is in town for a wedding.

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Business
3:20 am
Wed April 10, 2013

Construction Booming In Texas, But Many Workers Pay Dearly

Marchers at the state capitol building in Austin, Texas, in February protest working conditions in the state's construction sector.
Jason Cato Courtesy of Workers Defense Project

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.

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Business
3:23 am
Mon April 1, 2013

EPA's Push For More Ethanol Could Be Too Little, Too Late

A decal advertising E85 ethanol is displayed on a pump at a gas station in Johnston, Iowa.
Justin Sullivan Getty Images

Originally published on Fri April 5, 2013 8:50 am

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.

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Business
3:33 am
Wed March 27, 2013

Planning For Retirement When Savings Fall Short

For most Americans, the math for a comfortable retirement may never add up.
iStockphoto.com

Originally published on Wed March 27, 2013 8:04 am

For most Americans, the math for a comfortable retirement may never add up.

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Business
11:00 am
Mon March 25, 2013

Ford Sorry For Mocked-up Ads In India Showing Bound And Gagged Women

The Ford Figo when it was introduced to India in 2009. A set of edgy illustrations about the car from Ford's ad agency in India have drawn fire.
Manan Vatsyayana AFP/Getty Images

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."

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Business
8:31 am
Mon March 18, 2013

Cyprus Bailout To Hit Depositors, Sends Shivers Through Markets

Take the money and run: An ATM in the Cypriot capital Nicosia on Sunday.
Hasan Mroue AFP/Getty Images

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."

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March 2013
6:14 pm
Wed March 13, 2013

Financial News From Chornyak & Associates

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.   

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Business
5:34 pm
Wed March 13, 2013

Fast Fashion's Challenge: Making Money With 'Made In The USA'

American Apparel boasts that all of its products are made in the USA, primarily at its Los Angeles headquarters. Selling garments produced largely by machine, rather than by hand, has helped the company remain profitable.
Mark Ralston Getty Images

Originally published on Wed March 13, 2013 7:02 pm

In the world of fast fashion, two U.S.-based companies loom large: Forever 21 and American Apparel. Both are based in Los Angeles, but the two could not be more different.

American Apparel proudly boasts that the clothes it sells are "made in the USA." In contrast, Forever 21 subcontracts with factories all over the world.

Dov Charney, American Apparel's Canadian-American founder and CEO, has a reputation. "I knew from a very early age — in elementary school — that I was going to rub some people the wrong way," he says.

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The Two-Way
8:45 am
Wed March 13, 2013

Retail Sales Rose In February; Spending Was 'Relatively Robust'

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.

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Business
8:34 am
Fri March 8, 2013

Pleasant Surprises: 236,000 Jobs Added; Jobless Rate Dips To 7.7 Percent

The scene at a job fair in Manhattan earlier this month.
Spencer Platt Getty Images

Originally published on Fri March 8, 2013 9:54 am

There were 236,000 jobs added to payrolls in February — many more than expected — and the jobless rate unexpectedly dropped by two-tenths of a point, to 7.7 percent, the Bureau of Labor Statistics reported Friday.

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Business
2:17 am
Fri March 8, 2013

If A Driverless Car Crashes, Who's Liable?

Who's on the hook?
Eric Risberg AP

Originally published on Fri March 8, 2013 12:25 pm

Some number of years from now, the technology may exist for cars to drive themselves. This could save thousands of lives a year (90 percent of fatal car accidents involve human error).

But getting the technology right won't be enough. Governments and courts will have to figure out lots of new legal and regulatory issues. One key question: If a driverless car crashes, who's liable?

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Business
10:51 am
Wed March 6, 2013

Why The Library Of Congress Has A Lock On Your Phone

A law designed to protect copyrights on music and movies put digital locks on all sorts of things.
iStockphoto.com

Originally published on Wed March 6, 2013 11:56 am

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.

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FINANCIAL NEWS
3:39 pm
Mon March 4, 2013

Less uncertainty - what do we do now?

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. 

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