business and finance - Page 28 of 35

Posted on December 5, 2015December 5, 2015 by James — 2 Comments

Upgrade Your Workers’ Skills with State Funding

December 5,2015

the staff of the Rmidgewood blog

Ridgewood NJ, Many state governments, including NJ, have funds set aside to train your workforce at no cost to you. The intent is to create a better skilled workforce that will translate into better productivity and increased profitability for these companies.

These extraordinary state programs allow you to realize income with no strings attached and without deviating from your company’s day-to-day activities. These programs are intended for most companies regardless of size.

In today’s economy, trained and effective workers can mean the difference between a competitive business and an extinct business. The Customized Training initiative is a component of the Workforce Development Partnership program and is funded by a small allocation from employers and workers.
TNT Educational Services is in the business of securing government funding by way of training grants and offering a wide range of training classes targeting an increase of productivity at no cost to the company. Bergen IT LLC (www.bergenit.net) is partnering with TNT Educational Services (www.tntedu.com) in order to become a provider of technology training.

To Request additional Information, please call Bergen IT at – 201-689-1823 or email[email protected]

Posted on December 5, 2015December 4, 2015 by James — 2 Comments

Labor Force Participation Improves Slightly; 94,446,000 Americans Not in Labor Force

By Susan Jones | December 4, 2015 | 8:44 AM EST
The Bureau of Labor Statistics says economy added 211,000 jobs in November, and the unemployment rate was unchanged at 5.0 percent.

(CNSNews.com) – The number of Americans not in the labor force last month totaled 94,446,000–a slight improvement from the 94,513,000 not in the labor force in October–and the labor force participation rate increased a tenth of a point, with 62.5 percent of the civilian noninstitutional population either holding a job or actively seeking one.

(The labor force participation rate of 62.4 percent in September and October was the lowest in 38 years.)

The Bureau of Labor Statistics says economy added 211,000 jobs in November, and the unemployment rate was unchanged at 5.0 percent.

In November, according to the Labor Department’s Bureau of Labor Statistics, the nation’s civilian noninstitutional population, consisting of all people 16 or older who were not in the military or an institution, reached 251,747,000. Of those, 157,301,000 participated in the labor force by either holding a job or actively seeking one.

https://www.cnsnews.com/news/article/susan-jones/labor-force-participation-improves-slightly-94446000-americans-not-labor

Posted on December 4, 2015December 3, 2015 by James — 1 Comment

The tax-avoiding Facebook mogul and an act of charity that reeks of hypocrisy

By IAN BIRRELL FOR THE DAILY MAIL

PUBLISHED: 20:18 EST, 2 December 2015 | UPDATED: 03:44 EST, 3 December 2015

Once, it was enough to put a notice in the newspaper when your child was born. But Mark Zuckerberg, the multi-billionaire founder of Facebook, likes to do things differently.

So he welcomed his newborn daughter, Max, into the world with an open letter on his social media site, in which he and his wife, Priscilla Chan, pledged to donate almost all their £30 billion fortune to charity during their lives.

The happy couple talked rather smugly about how their first child gave them cause to reflect on the future, saying they were inspired by their desire to build a better world and because they have a ‘moral responsibility to all children in the next generation’.

Posted on November 14, 2015November 13, 2015 by James — 5 Comments

Americans are buying tons of gold

This summer’s market mayhem caused Americans to buy gold bars and coins at levels unseen since the financial crisis.

When people are scared about the economy and financial markets, they rush to gold. Boy, were they worried in recent months.

U.S. demand for gold bars and coins surged 207% during the third quarter, the World Gold Council said on Thursday.

The skyrocketing demand signaled a level of interest in gold investment “not seen since the global financial crisis,” the group said.

The U.S. Mint backs up that assessment. It said gold Eagle coin sales surged to nearly 400,000 ounces last quarter, the highest level in more than five years.

https://money.cnn.com/2015/11/12/investing/us-gold-demand-surges-markets-fed/index.html

Posted on November 7, 2015November 6, 2015 by James — 1 Comment

Congressman: Fed’s Rate Policy ‘Absolutely’ Helps the Obama Administration

House Republicans frustrated Obama hasn’t appointed vice chair of supervision for Fed

BY: Ali Meyer
November 5, 2015 4:35 pm

The Federal Reserve’s zero-interest rate policy “absolutely” helps the Obama administration, Rep. Sean Duffy (R., Wis.) told the Washington Free Beacon on Wednesday.

“Whether that’s the sole intent, I can’t get in the mind of Chair Yellen,” Duffy said. “Does it help the Obama administration? Absolutely.”

“But monetary policy only goes so far,” he said. “At some point we have to get the fiscal policy right and we get stopped at every turn when we try to reform our tax code with this administration. It definitely has a benefit, but I don’t know if that’s the sole intent of Ms. Yellen.”

The House Financial Services Committee, on which Duffy serves, discussed at a hearing Wednesday the Fed’s lack of a vice chair of supervision. This position was created by the Dodd-Frank Act to keep the Federal Reserve accountable to Congress, and it has been more than 1,900days since President Obama has been required to appoint someone to fill it.

By keeping interest rates near zero, the Federal Reserve allows the government to continue to finance its debt without worrying about paying high interest on that debt. “The ultra-low interest rates on Treasury debt, with the three-month T-Bill rate now at zero, have allowed the federal government to act as if deficit financing is a free lunch,” explains James Dorn, a fellow specializing in monetary policy at the Cato Institute.

“It’s certainly propping up part of the economy,” said Rep. Scott Garrett (R., N.J.). “And that was the testimony of Secretary Lew and [Chair] Yellen, saying that we see higher prices in the commodities and also on the street as well. And to the extent that this endures to the benefit of this administration, that they’re able to say as they did yesterday in the hearing that things are just going well in the economy and people are profitable – sure.”

https://freebeacon.com/issues/congressman-feds-rate-policy-absolutely-helps-the-obama-administration/

Posted on November 5, 2015November 5, 2015 by James — Leave a comment

Rep Scott Garrett bill to pushes for transparency and accountability for Financial Stability Oversight Council

“This complete lack of transparency and accountability is an affront to anyone who believes that government should operate as a fair and open servant to the American people “, Scott Garrett

Garrett Bill to Shed Light on FSOC Passes Committee Activities
Nov 4, 2015

the staff of the Ridgewood blog

WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after the Financial Services Committee passed his bill, H.R. 3557, the Financial Stability Oversight Council (FSOC) Transparency and Accountability Act:

“The Financial Stability Oversight Council is a powerful government body created by Dodd-Frank that holds closed-door meetings, refuses to publish substantive transcripts, and stonewalls requests from Congress when we need more information about its operations. This complete lack of transparency and accountability is an affront to anyone who believes that government should operate as a fair and open servant to the American people. With the committee passage of my bill, the FSOC Transparency and Accountability Act, the American people are one step closer to seeing behind the shroud of this secretive and unaccountable government body.”

The FSOC Transparency and Accountability Act would:

Subject the FSOC to the Government in the Sunshine Act
Subject the FSOC to the Federal Advisory Committee Act
At all FSOC meetings, allow for the participation of all members of the Commissions and Boards represented
Require that any vote taken by the principal of a Commission or Board represented must first be taken by that Commission or Board and the principal must then in turn vote that same decision at the Council
Allow for Members of Congress on the Congressional oversight committees of FSOC to be able to attend all FSOC meetings

Posted on November 5, 2015November 5, 2015 by James — 1 Comment

This Is the Worst U.S. Earnings Season Since 2009

Biggest quarterly drop since the aftermath of the financial crisis

This U.S. earnings season is on track to be the worst since 2009 as profits from oil & gas and commodity-related companies plummet.

So far, about three-quarters of the S&P 500 have reported results, with profits down 3.1 percent on a share-weighted basis, data compiled by Bloomberg shows. This would be the biggest quarterly drop in earnings since the third quarter 2009, and the second straight quarter of profit declines. Earnings growth turned negative for the first time in six years in the second quarter this year.

The damage is the biggest in commodity-related industries, with the energy sector showing a 54 percent drop in quarterly earnings per share so far in the quarter, with profits in the materials sector falling 15 percent.

The picture is brighter for the telecom services and consumer discretionary sectors, with EPS growth of 23 percent and 19 percent respectively so far this quarter.

When compared with analyst expectations, about 72 percent of companies have beaten profit forecasts. That’s only because the consensus has been sharply cut in the past few months, Jeanne Asseraf-Bitton, head of global cross-asset research at Lyxor Asset Management says in a telephone interview.

For the year as a whole, S&P 500 earnings are expected to fall 0.5 percent, data compiled by Bloomberg shows. For 2016, earnings growth is now seen at 7.9 percent, down from 10.9 percent in late July.

https://www.bloomberg.com/news/articles/2015-11-04/this-is-the-worst-u-s-earnings-season-since-2009

Posted on October 29, 2015October 28, 2015 by James — 1 Comment

Garrett Votes to Protect Retirement Planning for Middle Class New Jerseyans

Oct 27, 2015
the staff of the Ridgewood blog

WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after voting for H.R. 1090, the Retail Investor Protection Act:

Rep. Garrett speaks in support of the Retail Investor Protection Act
and the retirement savings of hard working New Jersey families on the House Floor.

“Today the House stood up for New Jersey families who are scraping and saving their hard-earned money to have a comfortable retirement by giving them the ability to make investment choices that are right for them. If the Department of Labor (DoL) rule goes forward, access to good financial advice will become a privilege enjoyed only by the wealthy. The Retail Investor Protection Act will ensure that the DoL’s proposed rule won’t inflict even more damage on middle and lower income Americans who are seeking guidance from a financial professional about their retirement savings.”

Background:

The DoL’s proposed rule changes to The Employee Retirement Income Security Act of 1974 (ERISA) could limit the access of middle and lower income Americans to retirement planning and investment guidance. Because of the heightened liability for providers contained in the rule, account minimums will rise – in some cases to as high as $100,000 – leaving millions of Americans without access to their financial advisor. The Retail Investor Protection Act would prohibit the Secretary of Labor from issuing any regulation that would define when an individual would be considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule which would govern standards of conduct for dealers and brokers under the Dodd-Frank Act.

Posted on October 26, 2015October 26, 2015 by James — 3 Comments

Even Tax Credits Can not Keep Businesses in Anti Business New Jersey

New Jersey Democrats Move to Raise Taxes

TAX CREDITS: TOO HIGH A PRICE TO ATTRACT COMPANIES, KEEP THEM IN NEW JERSEY?

OCTOBER 26, 2015
JOHN REITMEYER

Companies and critics explore the pros and cons — and costs — of incentives used to convince corporations not to move out of state

When Panasonic was seeking a new location for its corporate headquarters after four decades in Secaucus, moving to downtown Newark was not the original plan, according to chief executive officer Joe Taylor.

Offices in San Diego, Chicago, and Atlanta were all under consideration, but after intense lobbying from politicians here — and the enticement of an $80 million state economic-development tax incentive — Taylor decided to keep the company and its 1,000 employees in New Jersey, choosing to relocate in downtown Newark.

Now, Taylor said 60 percent of the company’s employees are taking the train to work, meaning their cars are off New Jersey’s already choked and potholed highways. Panasonic also has an agreement with city government to give local residents a first crack at job openings.

“I’m a huge proponent of economic development,” Taylor said while participating in a panel discussion during NJ Spotlight on Cities, a daylong conference held earlier this month at the New Jersey Performing Arts Center in Newark that focused on the state of New Jersey’s cities.

“I think tax credits are critically important,” he said. “I think other kinds of credits are critically important.”

https://www.njspotlight.com/stories/15/10/25/tax-credits-too-high-a-price-to-attract-companies-keep-them-in-new-jersey/

Posted on October 26, 2015October 25, 2015 by James — Leave a comment

Spoofing trial to shine light on secret world of high-frequency trading

Kim Janssen Chicago Tribune

In less time than it takes you to read this sentence, Michael Coscia could make more money than most Americans earn in an 8-hour day.

If you blinked, you miss it.

But if you slowed down time, sliced a second into a thousand tiny parts, and looked at a span of just 65 milliseconds — about as long as it takes a hummingbird to flap its wings once — you’d see the unmistakable evidence of a sophisticated criminal at work, the feds say.

That’s because Coscia, 53, was allegedly a “spoofer,” a high-frequency trader who used computer algorithms to rip off rivals in markets where business is conducted at the speed of light.

His scam using huge spoof orders for commodities futures contracts to goose prices on the Chicago Mercantile Exchange netted him $1.6 million in just three months, according to a federal indictment, helping fund an anonymous but comfortable lifestyle that included a waterfront New Jersey mansion.

Coscia, of Rumson, N.J., is due to find himself thrust into the public eye Monday when he becomes the first criminal defendant tried under anti-spoofing legislation included in the 2010 Dodd-Frank Act.

https://www.chicagotribune.com/business/ct-spoofing-trader-trial-1025-biz-20151023-story.html

Posted on October 24, 2015October 24, 2015 by James — 3 Comments

Reviewing Paul Ryan’s Short Term as Chairman of Ways and Means

October 23, 2015
By Scott Greenberg

After only ten months as the Chairman of the House Ways and Means Committee, Congressman Paul Ryan is accepting a promotion. Yesterday, Congressman Ryan announced his candidacy for Speaker of the House, and he is all but certain to win next Thursday’s election.

While it is unclear exactly when Chairman Ryan will cede the gavel to his successor, he will have served one of the shortest terms as Ways and Means chairman in modern times. Since 1871, only two chairmen of the Ways and Means Committee have served less than a full year – Sam Gibbons and Sander Levin, both of whom were acting chairmen.

Nevertheless, during Chairman Ryan’s short term at the head of Ways and Means, he has taken part in several important developments in the world of tax policy:

At the very beginning of Chairman Ryan’s term, the House of Representativesadopted dynamic scoring – a rule that requires official budget estimates of legislation to take into account the law’s effects on the economy. Chairman Ryan played an important part in promoting this change, arguing that dynamic scoring is “reality-based.” We have argued the same case on multiple occasions.
Chairman Ryan has been closely involved in efforts to continue funding the Highway Trust Fund. While he unfortunately ruled out the possibility of adjusting federal gas taxes to provide a long-term source of revenue for the fund, his efforts led to a three-month extension of highway funding.
Under Chairman Ryan’s tenure, Congress renewed its focus on international tax reform. Ryan has advocated for a territorial tax system, which would end the double taxation of income earned abroad by U.S. companies.
Finally, Chairman Ryan has continually pushed to make bonus depreciation permanent. Bonus depreciation allows businesses to immediately deduct half of their investment expenses, which we estimate would lead to significant economic growth.

Under Chairman Ryan’s tenure, the Ways and Means Committee was one of the most productive in the House of Representatives. In the last 10 months, the Ways and Means Committee has brought 52 bills to the House floor, tied for most with the Energy and Commerce Committee. Out of these bills, 15 were passed into law, the most out of any committee.

Many analysts expect that, if he is elected as Speaker, Chairman Ryan will continue his focus on tax policy. If so, the prospects for sound, comprehensive tax reform are bright.

Posted on October 7, 2015October 7, 2015 by James — Leave a comment

House passes N.J.’s Garrett bill to make company disclosures easier to read

By Jonathan D. Salant | NJ Advance Media for NJ.com

WASHINGTON — The U.S. House on Tuesday passed legislation designed to make annual reports and other disclosures by publicly traded companies easier to read.

The Disclosure Modernization and Simplification Act of 2015, sponsored by U.S. Rep. Scott Garrett (R-5th Dist.) passed on voice vote.

It requires the Securities and Exchange Commission to eliminate requirements for disclosures not needed by investors, and asks the SEC to study how to reduce such paperwork in the future, using technology to improve the delivery and presentation of such disclosures. In addition, annual reports could include summary pages that refer to materials provided in earlier filings.

“You just want to have clarity,” said Garrett, chairman of the House Financial Services subcommittee on capital markets and government sponsored enterprises, said on the House floor. “That’s what our bill does. It just makes it a little bit simpler.

https://www.nj.com/politics/index.ssf/2015/10/house_passes_njs_garrett_bill_to_make_company_disc.html

Posted on October 7, 2015October 6, 2015 by James — Leave a comment

Scandal Erupts in Unregulated World of Fantasy Football

By JOE DRAPE and JACQUELINE WILLIAMSOCT. 5, 2015

A major scandal is erupting in the multibillion-dollar industry of fantasy sports, the online and unregulated business in which players assemble their fantasy teams with real athletes. On Monday, the two major fantasy companies were forced to release statements defending their businesses’ integrity after what amounted to allegations of insider trading, that employees were placing bets using information not generally available to the public.

The statements were released after an employee at DraftKings, one of the two major companies, admitted last week to inadvertently releasing data before the start of the third week of N.F.L. games. The employee, a midlevel content manager, won $350,000 at a rival site, FanDuel, that same week.

“It is absolutely akin to insider trading,” said Daniel Wallach, a sports and gambling lawyer at Becker & Poliakoff in Fort Lauderdale, Fla. “It gives that person a distinct edge in a contest.”

The episode has raised questions about who at daily fantasy companies has access to valuable data, such as which players a majority of the money is being bet on; how it is protected; and whether the industry can — or wants — to police itself.

https://www.nytimes.com/2015/10/06/sports/fanduel-draftkings-fantasy-employees-bet-rivals.html?_r=0

Posted on October 6, 2015October 6, 2015 by James — Leave a comment

Garrett Votes to Help New Jersey Families Achieve Their Financial Goals

Scott_Garrett_took5_a_break_from_DC_theridgewood-blog

“How does the SEC expect average Americans to take the time to make thoughtful financial investments when the average annual report from public companies is a whopping 42,000 words long? Later today, the House will take up my bill to make SEC filings simpler and more useful for average Main Street investors. This will make it easier for everyone to reach their financial goals.” Rep. Scott Garrett

Sep 30, 2015

the staff of the Ridgewood blog

WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, today voted for a number of bills before the Financial Services Committee to preserve the ability of American families to access credit and invest for their future:

“Around dinner tables throughout the country, middle and lower income American families discuss their retirement savings as they plan for the future. Unfortunately, many provisions of Dodd-Frank and proposed rules by the Obama Administration are putting more government, more red tape, and more bureaucracy between these people and their financial goals. Today our committee passed a number of bills—many with bipartisan support—to ensure that everyone can access credit, get good financial advice, and invest for retirement.”

The House Financial Services Committee passed the following bills today:

H.R. 414, the “Burdensome Data Collection Relief Act”
H.R. 957, the “Bureau of Consumer Financial Protection-Inspector General Reform Act of 2015”
H.R. 1090, the “Retail Investor Protection Act”
H.R. 1266, the “Financial Product Safety Commission Act of 2015”
H.R. 2769, the “Risk-Based Capital Study Act of 2015”

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