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U.S. households are still scarred by the financial crisis, new report suggests - Dotemirates
1 week 2 day

U.S. households are still scarred by the financial crisis, new report suggests

Even a decade removed from the housing bubble, with the unemployment rate at 20-year lows, the U.S. household is still scarred by the financial crisis. That’s the contention of a new report from Deutsche Bank economists Matthew Luzzetti, Brett Ryan and Justin Weidner, who talk of a household “savings glut.” The economists say there’s a large disconnect between household savings and wealth. Given the typical wealth-to-income ratio, the household savings rate should be closer to 1%. It’s remained about 6%, the economists point out. The recent revisions to the gross domestic product report showed a big upward revision to savings...


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Business News

2 hour 18 minute

Minimum wage: Workers underpaid by record £15.6m

A record £15.6m worth of underpayment to UK workers has been discovered by the government in the past year. In total, 200,000 workers missed out on being paid at least the minimum wage rate - the highest number since the statutory rate was introduced in 1999.Social care, commercial warehousing and the gig economy were the sectors most likely to underpay staff, HMRC said. It had prioritised checking these areas alongside apprentices, migrant workers and employment agencies, it said.In total, the firms found to have underpaid workers were fined £14m as well as having to reimburse their staff. Earlier this year,...
3 hour 51 second

Dow Jones settles at new record high

Mubasher: The New York Stock Exchange (NYSE) showed a mixed performance on Friday, affected by the losses of the technology sector as trade war concerns. Meanwhile, the Dow Jones Industrial Average rose by 0.3% or 86 points and closed at the level of 26,736.1, a new all-time high for the main index, achieving its best weekly performance since July by adding more than 2.2% On the other hand, the S&P 500 index settled at the level of 2,929.7 points, recording weekly gains of 0.8%. The Nasdaq Composite Index lost 0.5% at 7,987 points, to close down 0.3% for the week.
3 hour 48 minute

Less than 340,000 have flood insurance in North and South Carolina combined

CONWAY, S.C. — Floodwaters from Hurricane Florence are raising fears as rivers continue to spread beyond their banks. On Friday afternoon, a dam was breached at a North Carolina Duke Energy plant. Environmentalists worry the toxic coal ash stored there could spill into the Cape Fear River.A week after the storm hit, thousands in South Carolina are under new evacuation orders and some of the stranded in Mullins, had to be rescued by helicopter. Downstream in Conway, the only way to reach Tim Landrum's neighborhood is by boat. He said it's the third time in the last four years the...

4 hour 5 minute

PayPal bans Alex Jones, InfoWars website from processing payments

Alex Jones has been banned by a slew of technology companies -- from Facebook to Twitter -- but now PayPal is hitting the man who runs the conspiracy theory website InfoWars where it could hurt the most: His pocketbook. The online payment service on Friday said it was ending its business relationship with Infowars and related websites, saying an extensive review of their controversial content "found instances that promoted hate and discriminatory intolerance against certain communities and religions that run counter to our core value of inclusion."The move was dismissed by Infowars as "nothing less than a political ploy designed...
4 hour 7 minute

Companies aren't rushing to bring home overseas cash

When Congress passed the sweeping tax cut legislation late last year, one of its promised benefits was what would surely be a massive amount of repatriation of U.S. corporate profits held overseas for years to avoid the U.S. taxes on those gains. And in the three months ended in June, U.S. companies brought back roughly $170 billion in overseas profits, according to government report released this week. That may sound like a lot, but it's far less than the $295 billion firms repatriated in the first quarter. The figure is about 17 percent of the the estimated $2.7 trillion held...
4 hour 13 minute

‘No sign of waning appetite for oil’

LONDON: Global oil consumption will reach 100 million barrels per day (bpd) — more than double the level of 50 years ago — in months, according to an industry report by Reuters.Despite overwhelming evidence of carbon-fueled climate change and billions in subsidies for alternative technologies such as wind and solar power, oil is so entrenched in the modern world that demand is still rising by up to 1.5 percent a year, said the report.There is no consensus on when world oil demand will peak but much depends on how governments respond to global warming, according the International Energy Agency (IEA),...