News of the Day

  • Fed may hint on rate-hike plan as it prepares for policy turn

    The U.S. Federal Reserve on Wednesday could offer fresh clues on when it plans to begin lifting interest rates and how quickly it will move, as it prepares for a momentous policy turn after years of aggressive monetary stimulus. Although a tightening of monetary policy is not expected until mid-2015, the central bank could use a policy statement on Wednesday to lay important groundwork.

  • Census Bureau: Noncitizen income rose 15 times faster than income of native U.S. workers in 2013

    The U.S. Census Bureau reported Tuesday that household income for noncitizens working in the United States rose 6.0 percent between 2012 and 2013, 15 times more than the paltry 0.4 percent increase for households led by native-born U.S. workers.Census said income households led by foreign-born workers, which includes noncitizens and naturalized citizens, rose 1.7 percent over the same period of time. That’s still about four times higher than the 0.4 percent increase for native born workers.

  • You Can’t Feed a Family With G.D.P.

    Growth Hasn’t Translated Into Gains in Middle-Class Income. Until around 1999, overall economic growth tended to correspond with growth in earnings for middle-income Americans. Since then, the two have diverged sharply

  • Europe’s businesses stare at a Catch-22 scenario

    It is the burning question for Europe — will it ever again grow at a reasonable rate?There are signs of a pick-up in the region’s economy, particularly in countries that were the most damaged by the financial crisis, such as Spain. Meanwhile, the European Central Bank is pumping money ever more enthusiastically into the system.

  • Price of Scotch whisky could skyrocket if Scotland secedes

    Experts say the price of whisky, Scotland’s second-biggest export behind oil, could skyrocket in the event the country secedes from the United Kingdom as a result of Thursday’s historic referendum.A divorce could mean Scotland would be shut out of the 27-country European Union, losing access to its tax-free trade market until it can reapply for membership in 2016, when the split is formalized, Dutch bank Rabobank told The Guardian.

  • Scottish separatists revisit an oil-fueled playbook from Norway

    There’s no shortage of politicians and economists who view the monumental task of statehood as a powerful antidote to Scotland’s romantic yearning to be free from the whims of Whitehall.And skeptics abound, including home-grown highlanders who ask what independence would mean for Scotland’s economy. Would the country launch its own currency or, as the nationalists want, link itself to the pound? Are the Scots prepared to fight their own trade battles? Would they still belong to the European Union?These are weighty questions. But maybe the Scots should look not to London or even Edinburgh for answers, but to Oslo.That’s right. Norway — a country that unilaterally dissolved its union with Sweden in 1905 and has remained fiercely independent ever since, repeatedly refusing to join the European Union while keeping its own currency.

  • U.S. mortgage applications rise in latest week: MBA

    pplications for U.S. home mortgages rose last week as both purchase and refinancing applications jumped, an industry group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 7.9 percent in the week ended Sept. 12.

  • Lennar Profit Beats Estimates as Sales and Prices Rise

    Lennar Corp. (LEN:US), the second-biggest U.S. homebuilder by stock-market value, reported fiscal third-quarter earnings that beat analysts’ estimates as it sold more homes at higher prices.Net income in the three months through August was $177.8 million, or 78 cents a share, compared with $120.7 million, or 54 cents, a year earlier, the Miami-based company said in a statement today.

  • What millennials want in a home

    A recent Redfin survey found that 92% of people in this age group who don’t have a home want to buy one in the future, said Nela Richardson, the real-estate company’s chief economist. As millennials reach peak home-buying age, their needs and wants will shape the future of the housing and mortgage industries—much as the boomers did before them—based on the sheer number of millennials out there, Richardson said. Smoke estimates there are 87 million millennials in the U.S., compared with 75 million boomers.

  • Detroit Authority Approves $450 Million Deal for Arena Bonds

    A $450 million bond sale to finance a Detroit hockey arena neared final approval with consent of the city taxing authority that will help pay for it.The Detroit Downtown Development Authority approved terms that may be considered tomorrow by the Michigan Strategic Fund, which would issue the bonds.

  • Guinness Thinks Light Beers Have More Fun, Goes Blonde In America

    After studying Americans very closely, the Irish have apparently decided that in order to fit in around the beer cooler, you’ve gotta go blonde. Whether or not that’s actually true (it isn’t), Guinness is now offering a new blonde “American Lager” in the states, presumably after meetings its stylist and getting convinced a big change is just what it needs.

  • Robin Thicke blames Vicodin, Pharrell Williams in ‘Blurred Lines’ lawsuit

    Robin Thicke claims he was high on Vicodin and alcohol during the recording of “Blurred Lines,” and that Pharrell Williams is the one responsible for writing the hit single at the center of a major copyright dispute.Mr. Thicke’s comments surfaced Monday as part of a lawsuit by the estate of Marvin Gaye, which claims the writers of “Blurred Lines” copied Gaye’s 1977 song “Got To Give It Up.”

  • SpaceX, Boeing land NASA contracts to carry astronauts to space

    In a move that returns the U.S. to manned spaceflight, NASA has awarded Boeing and California-based SpaceX with contracts worth a total of $6.8 billion to launch astronauts into space.The contracts mark a significant shift for the space agency that grounded the space shuttle and relies on Russian spacecraft to ferry astronauts to and from the International Space Station.

  • Remember the CEO Who Quit to Be a Dad? He’s Loving It

    Last month, Max Schireson gave up his job running a billion-dollar startup to spend more time with his family. And he couldn’t be happier.Schireson’s departure from the helm of Internet database company MongoDB Inc., which he announced in a blog post that quickly went viral, became a catalyst for a discussion that rarely takes place in the national media: the challenges faced by fathers as they attempt to balance work and family.

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