There are intensified debate sessions going on between Democrats and Republicans regarding how to make an agreement over debt limit increase and spending cuts between two political parties. Earlier debate between two parties was started with an initial spending cut offer of $1 trillion as a down payments Read More, but democrats have argued that they will not consider elderly medicare spending cut until republican allow to increase tax.
Also Republicans separately demanded debt limit increase in equal amount of spending cuts. US budget deficit is expected to hit $ 1.4 trillion and stay there for years if substantial spending cut deal will not work out.
According to the different aspects of the debate topics, the deal is far from reach as of now. More than 150 Economists are backing Republicans demand of debt limit increase should be counter balanced with equal amount of spending cuts according a report from Reuters.
Summer is the busiest season for Americans traveling abroad. According to the Bureau of Transportation Statistics, over 26 million people, or nearly 30% of all annual international commercial passengers, departed on scheduled flights abroad during the summer months in 2010.
With the economy continuing to recover, the positive growth in the number of people traveling internationally, witnessed from 2009 to 2010, is expected to continue in 2011.
However, the U.S. dollar is at a three-year low and the Euro has increased to the point that it is now worth about $1.50, which makes it ever more important for people to be careful about how they spend money abroad. Since it’s better to use a credit card overseas than rely on cash or travelers checks for a number of reasons—most notably the fact that Visa and MasterCard provide some of the best exchange rates possible—the question becomes, what are the best credit card companies for foreign travel?
What is the key feature of a credit card for overseas spending?
The primary factor in determining a credit card’s applicability to overseas travel is the presence of foreign transaction fees. According to the Pew Charitable Trusts, 91% of bank cards have fees that make every purchase processed abroad cost about 3% more. Therefore, a no foreign transaction fee credit card can save you a lot of money on a trip overseas.
Who’s the best?
It used to be that Capital One was the only credit card company with credit cards sans foreign transaction fees. However, other issuers—spurred on by the success of these products—have entered the fray over the last couple years. Chase now offers three credit cards without foreign fees—the Hyatt Credit Card, the Chase Sapphire Preferred Card and the British Airways Visa Signature Card. Citi offers one, the ThankYou Premier Card. And American Express has one charge card, The Platinum Card.
Still, when it comes to variety, Capital One remains the leader of this credit card segment, given that every card the company offers has no foreign transaction fees. This extensive offering simply gives consumers options. Whether you have excellent credit, bad credit or no credit at all, you’ll be able to find a Capital One credit card well-suited for overseas travel.
Don’t think that a no foreign transaction fee credit card loses its worth within U.S. borders, however. There are many interesting rewards and low-interest offers within this segment that make these cards great options for everyday spending as well. Ultimately, your trip might therefore serve as a great excuse to make a credit card upgrade.
Final Usage Tips
Remember though, while credit cards can be extremely useful for overseas travel, there are a few things to watch out for when using one. First, never sign a bill or check expressed in U.S. dollars when traveling abroad. Foreign merchants often offer a “service” called dynamic currency conversion, which entails converting purchase totals into U.S. currency, ostensibly to simplify things for American customers. However, they truly do this in order to charge high exchange rates and pocket a profit.
Second, consider carrying your passport when paying with a credit card, especially in light of a recent European Union resolution that makes it easier for merchants to deny the use of magnetic stripe credit cards as a way to reduce fraud.
( Source: CNBC )
Sealed Air said it will buy privately held cleaning products maker Diversey Holdings in a cash-and-stock deal valued at $4.3 billion to enter the chemical cleaning and hygiene industry.
The transaction is expected to be completed in 2011 and add to earnings in the first full year following completion, Sealed Air said.
The transaction is expected to be completed in 2011 and add to earnings in the first full year following completion, Sealed Air said.
( Source: Reuters )
Using a mobile phone may increase the risk of certain types of brain cancer in humans, World Health Organization (WHO) cancer experts said on Tuesday.
A working group of 21 scientists from 14 countries meeting at the WHO's International Agency for Research on Cancer (IARC) said a review of all the available scientific evidence suggested cell phone use should be classified as "possibly carcinogenic."
That classification could prompt the United Nations health body to look again at its guidelines on mobile phones, the IARC scientists said, but more research is needed before a more definitive answer on any link can be given.
The WHO had previously said there was no established evidence for a link between cell phone use and cancer.
Tribeca Film and ESPN are establishing a video-on-demand sports film festival. Companies announced the debut of Tribeca/ESPN Sports Film Festival on June 23 and run through August 25. It will feature five films, available in some 40 million homes.
Among the films is Alex Gibney's scapegoating documentary "Catching Hell." The other films are: the Little League documentary "Boys of Summer," West indies cricket documentary "Fire in Babylon," transgender tennis player Renee Richards documentary, "Renee," and "Turkey Bowl," a touch-football film also to be limited-released theatrically June 3.
Films that earlier ran as part of ESPN's documentary series "30 for 30" also will be available.
Tribeca Film is a distribution arm of Tribeca Enterprises, which presents the annual Tribeca Film Festival.
Online:
http://www.tribecafilm.com/tf
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
It seems certain the IMF will not pay its share of an aid tranche to Greece at end-June but the global lender is seen taking part in a new program, a German newspaper reported on Wednesday without quoting any sources.
"It is by now considered as certain that the (International Monetary Fund) IMF will not disburse its share of the next tranche of the current aid programme at the end of June," Frankfurter Allgemeine Zeitung newspaper wrote without citing sources.
"It is only allowed to do so if the financing of the current program is secured for 12 months. The troika apparently concludes that that is not the case," FAZ added.
( Source: Reuters )
As the world economy has started recovering from a recession, after a huge slowdown from 2008, many countries' GDPs have started shrinking for one or another reason.
As per the current reports from different governments, countries are logging a slow GDP growth than the forecast including developing economies like China & India.
India's GDP growth slowed down to 7.8% in the fourth quarter (January to March) as against 8.2%, on quarter-on-quarter (QoQ) basis, mainly due to poor performance of the manufacturing sector. High inflation and raw materials prices add more pressure to growth.
Same factors witnessed in China Manufacturing Index slow down as it hits 9 months low to 52 from 52.9 in April. High inflation, rising yuan and government's efforts to control the price hike adding up to the slow down.
Australia's economy shrank 1.2 percent in the first quarter, suffering its biggest decline in 20 years, after extensive flooding hit coal exports. Data on Wednesday showed annual growth in gross domestic product (GDP) slowed to a tepid 1.0 percent, down from 2.7 percent.
Another report from Financial Times showed that UK consumer recovery post recession will be slowest in the history of 180 years, as consumers are not willing to spend more due to inflation and high fuel prices. Read More
US is already struggling with inflation, debt, defaults, housing double dip and a very slow economic recovery without clear direction as Fed is hesitant to confirm the recovery and kept its borrowing rate to a record low to make consumers spent more. Also,latest reports showed US manufacturing growth is at lowest level since September 2009 and Private sector job growth was far less than expected Read More.
Read all economic events summary here.
All these factors might add up a question that are we headed for Recession Part II? Nobody knows but if we see the last history of recession in 2008, one or more big financial institution melt down like Lehman Brothers certainly spark a fear about the economy and send stock markets lower.
Copyright Stockinvestips
As per the current reports from different governments, countries are logging a slow GDP growth than the forecast including developing economies like China & India.
India's GDP growth slowed down to 7.8% in the fourth quarter (January to March) as against 8.2%, on quarter-on-quarter (QoQ) basis, mainly due to poor performance of the manufacturing sector. High inflation and raw materials prices add more pressure to growth.
Same factors witnessed in China Manufacturing Index slow down as it hits 9 months low to 52 from 52.9 in April. High inflation, rising yuan and government's efforts to control the price hike adding up to the slow down.
Australia's economy shrank 1.2 percent in the first quarter, suffering its biggest decline in 20 years, after extensive flooding hit coal exports. Data on Wednesday showed annual growth in gross domestic product (GDP) slowed to a tepid 1.0 percent, down from 2.7 percent.
Another report from Financial Times showed that UK consumer recovery post recession will be slowest in the history of 180 years, as consumers are not willing to spend more due to inflation and high fuel prices. Read More
US is already struggling with inflation, debt, defaults, housing double dip and a very slow economic recovery without clear direction as Fed is hesitant to confirm the recovery and kept its borrowing rate to a record low to make consumers spent more. Also,latest reports showed US manufacturing growth is at lowest level since September 2009 and Private sector job growth was far less than expected Read More.
Read all economic events summary here.
All these factors might add up a question that are we headed for Recession Part II? Nobody knows but if we see the last history of recession in 2008, one or more big financial institution melt down like Lehman Brothers certainly spark a fear about the economy and send stock markets lower.
Copyright Stockinvestips
According to a report from Financial Times The UK economy experiences the slowest pick-up in consumer spending of any post-recession period since 1830. Families hardly start spending more by 2015 than before the financial crisis hit in 2008. The main factors affecting the consumer spending include high inflation, tax rises and slow wage growth.
In the 18 major recessions since records began in 1830, Bank of England data show that consumer spending on average recovered to 12 percent above its previous peak within seven years.
But according to forecasts from the Office for Budget Responsibility , spending in 2015 will be just 5.4 percent above the 2008 peak, making it the slowest recovery of any comparable post-recession period.
At the equivalent stage after recessions in the early 1980s and 1990s, spending was 20 percent and 15 percent higher respectively.
"The recession may have been relatively benign for households, but the recovery is going to be particularly awful," said Simon Kirby, an economist at the National Institute for Economic and Social Research.
British consumers have not experienced such a slow recovery in their spending power since 1970s-era stagflation. A period of stagnant spending growth could mean that consumers will barely feel the difference even as the economy expands.
"Everyone will hear and read about the economy growing in the news, its just that households are not going to notice it," said Mr Kirby.
While the UK labor market has been surprisingly strong, both the Bank of England and the Treasury say that stronger export growth and business investment is still needed to offset the fall in consumer and government spending.
"The only sustainable recovery is the kind of recovery that rebalances away from consumer demand and towards external demand," said one Treasury aide.
It is unclear, however, whether trade and business investment will prove sufficient to offset weak consumer spending and public sector cuts - which together account for more than 85 percent of the economy.
( Source: Financial Times )
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Stockholders of Essar Shipping Ports and Logistics will get two shares of Essar Ports and one of Essar Shipping for every three shares they hold as part of a plan to divide the first company into two independent operating units.
It also announced a new management structure for the two companies once they are listed.
Essar Shipping Ports, which has a share capital of 6.15 billion rupees, will start trading as Essar Ports with a reduced capital of 4.10 billion rupees and the remaining 2.05 billion rupees will form the share capital of Essar Shipping, which is expected to list subsequently.
Essar Shipping Ports on Monday said the demerger process was completed after it received approvals from the relevant authorities. The committee fixed May 19 as the record date for the share swap.
Post demerger, Essar Shipping Ports will be known as Essar Ports, while the shipping, logistics and oilfield businesses will be spun off into a separate company called Essar Shipping. The company is expected to get listed separately at the end of June.
![[iessar0510]](http://si.wsj.net/public/resources/images/OB-NV457_iessar_D_20110509235420.jpg)
An aerial view of the Essar port at Hazira in the western Indian state of Gujarat. Essar's shipping and port operations will be split into two separate units.
The two units of Essar Shipping Ports -- Essar Ports and Terminals and Essar International-- that were merged into one in September last year, will come under Essar Ports while the sea transportation and oil field activities of these units will come under Essar Shipping.
Rajiv Agarwal will become the managing director of Essar Ports, K.K. Sinha its chief executive officer and Shailesh Sawa chief financial officer.
A. R. Ramakrishnan will become the managing director of Essar Shipping once it is listed. Anoop Sharma, the chief executive of the sea transportation division, Ankur Gupta chief executive of the oilfields business, and Rahul Himatsingka will head the logistics unit. Vikram Gupta will be the chief financial officer of Essar Shipping.
"Now there is a clear management structure for Essar Shipping and Essar Ports," said Kapil Yadav, a research analyst at Dolat Capital Market Pvt.
"[Essar Shipping Ports and Logistics] was not able to get the real valuation even as it had the port portfolio," he said. The company was only getting valuation intended for shipping, which was low. With the demerger, the management is expecting to increase the valuation."
He did not comment on the share-swap deal.
Essar's ports unit will be the second largest private sector port company in India with 88 million tons per annum of current capacity, with a target to reach 158 tons by 2013, the company said in a release. The company had committed 93 billion rupees toward this business, of which 61.5 billion rupees has been invested already.
The company expects Essar Shipping to become the second-largest shipping and oilfield services company in the private sector.
