finance

Finances
4:23 pm
Thu January 23, 2014

Miami Hispanics Not Saving Much For Retirement, Study Says

Wells Fargo Financial Health Survey in Miami Area
Wells Fargo

A recent survey by Prudential Financial advisors reveals the Hispanic American community places a priority on funding near-term goals, making it more difficult for Hispanics to prepare for retirement.

From Oct. 28 to Nov. 18 last year, the study polled 1,023 Americans who identify as "Hispanic." It covered several financial topics and what the driving force is behind making financial decisions in Hispanic American households.

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Americas
3:48 pm
Tue October 22, 2013

Cuba To Phase Out Two-Peso Currency System

A woman displays Cuban pesos, or CUP (right) and the more valuable convertible pesos, or CUC (left), in Havana Tuesday. Raul Castro's government announced that it will begin unifying the two currencies.
AFP AFP/Getty Images

Originally published on Tue October 22, 2013 4:09 pm

Cuba will end the two-currency system it has used for nearly 20 years. Since the collapse of the Soviet Union, Cuba has used either American currency or a peso that's pegged to the dollar alongside its national peso.

The monetary unification will phase out a system that has become a symbol of exclusivity and foreign wealth. Many products that are imported into the country can be bought only with the dollar-based convertible peso. But most Cubans are paid in the standard peso, which is worth just a fraction of the other currency.

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Economics
7:24 am
Fri October 18, 2013

Economists Fear 'Flying Blind' Without Government Data

The Federal Reserve headquarters in Washington, D.C., where the federal government shutdown left policymakers without key economic data.
J. David Ake AP

Originally published on Thu October 17, 2013 4:51 pm

Talk to economists about the government shutdown's impact on their forecasts and you'll hear this phrase again and again:

Flying blind.

For economists and investors, "at this moment, we are flying blind," said Alan Greenspan, former chairman of the Federal Reserve and now president of Greenspan Associates LLC, a consulting firm.

Greenspan is not alone in feeling a little lost without the compass of government reports.

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The Sunshine Economy
6:30 am
Thu October 17, 2013

Public Debt On TSE: Counting Up The Dollars And Sense

Credit U.S. Federal Reserve / Truth In Accounting

The debate in Congress over raising the debt ceiling was focused on the $16.7 trillion borrowing limit. That's a huge number that has been increasing rapidly since the Great Recession. The chart above from the U.S. Federal Reserve shows the federally reported public debt jumping from $6 trillion after the 2001 recession to almost $17 trillion this fall.  

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The Sunshine Economy
7:00 am
Wed October 16, 2013

Public Debt On TSE: Lining Up Lenders for Landing

Credit Tom Hudson

Click the play button above and listen to this segment from WLRN's hour-long episode, "The Sunshine Economy: Public Debt," with host Tom Hudson. The episode is part of an ongoing series examining key industries of the South Florida economy. Shows air Mondays at 9:00 a.m. on 91.3 FM.

The federal government may be partially shut down and flirting with an unprecedented debt default but the Broward County Aviation Department had no trouble borrowing $450 million this month.

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Business
11:52 am
Mon October 14, 2013

Miami To NY Hedge Funds: We’re Ready For You Now

Miami Downtown Development is trying to lure hedge funds to Miami with assistance from developer Nitin Motwani (left) and Miami City Commissioner Marc Sarnoff (right).
Credit CARL JUSTE / MIAMI HERALD STAFF

Miami hopes to lure hedge funds out of New York with an updated twist on a familiar message: Come south for warm winters, zero state or city income tax and -- finally -- a downtown worthy of Wall Street’s elite.

“It’s really showing the maturity of our city,’’ said Nitin Motwani, a Miami developer and board member of the Downtown Development Authority. “The more people get familiar with what is happening in Miami — the real Miami — the more people are going to say, ‘I’m going to give Miami a shot.”

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Topical Currents
1:00 pm
Mon September 23, 2013

Why Having Too Little Means So Much

Eldar Shafir
psych.princeton.edu

09/23/13 - Monday’s Topical Currents is with Princeton University Professor of Psychology and Public Affairs, Eldar Shafir.  He specializes in cognitive science and behavioral economics.   Shafir is the co-author of SCARCITY:  Why Having Too Little Means So Much.  They say scarcity predicts that daily errors are common and unavoidable . . . no matter how motivated the person.

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Wall Street
12:37 pm
Thu September 19, 2013

Whale Of A Fine: JPMorgan Chase To Pay $920M In Penalties

The JPMorgan Chase building in London, where traders ran up huge losses.
Timur Emek AP

Originally published on Thu September 19, 2013 11:39 am

JPMorgan Chase has agreed to acknowledge that it violated federal securities laws and will pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year, the Securities and Exchange Commission announced Thursday morning.

As we wrote earlier this week when word of the pending settlement first emerged, this all:

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Finance
7:56 am
Tue September 17, 2013

JPMorgan To Get Whale Of A Fine For Trading Losses

JPMorgan Chase will reportedly pay a $700 million fine to settle allegations that it made risky trades out of its London office that led to more than $6 billion in losses.
Mark Lennihan AP

Originally published on Tue September 17, 2013 9:38 am

Authorities are set to slap banking giant JPMorgan Chase with a massive fine over the bank's huge trading losses in London last year, confirms NPR's Jim Zarroli.

Though details of the deal are still pending, several reports put the amount at more than $700 million. It comes on the heels of the bank's having recently paid $410 million to settle charges that it manipulated energy markets.

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Finance
8:40 am
Thu September 12, 2013

5 Years After Financial Crisis, Are Big Banks Still A Threat?

The headquarters of Lehman Brothers in Times Square in 2008, the year the financial services firm filed for bankruptcy.
Hiroko Masuike Getty Images

Originally published on Thu September 12, 2013 11:30 am

It's been five years since Lehman Brothers collapsed and touched off a banking crisis that is still being felt by the global economy. Today, the banking industry is a lot stronger than it was, but some critics say efforts to reform banking regulations have fallen short of their potential.

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