Pelicans, otters along La. shore in path of spill (AP)

AP – Oil from a massive spill in the Gulf of Mexico was starting to ooze ashore, threatening migrating birds, nesting pelicans and even river otters and mink along Louisiana’s fragile islands and barrier marshes.

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Pelicans, otters along La. shore in path of spill
(AP)

Rig explosion dirties BP’s green image (AP)

AP – BP brands itself a friend of the environment, an energy company that goes “beyond petroleum.”

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Rig explosion dirties BP’s green image
(AP)

Global stocks rise amid Greek bailout hopes (AP)

AP – Asian stocks advanced Friday, following overseas markets higher as signs the U.S.

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Global stocks rise amid Greek bailout hopes
(AP)

Things to Know About Property Finance

If property finance is something you are interested in getting into, then here are a few important facts you should know first. The field of property finance is very competitive and challenging. Getting yourself into it well enough to be successful and gain profits can be daunting. It is quite easy to get into property finance and then lose yourself and then end up in the red. It is important that when you decide to make the advent towards this field that you ensure that you are no kind of financial debt. This is very important, otherwise you are sure to find yourself in hot water soon enough.

Another important item is to always obtain a warehouse receipt. Ensure that it indicates the date, required quantity and quality of goods delivered to a specific warehouse. This is important to discourage unwanted competition and also to bar the entry of others. You could opt to go for pay day loans, however; you must be warned that they are quite insecure and not recommended.

Collateral of any kind is usually not demanded upfront, as this kind of loan is fixed for a very short time period. Nor does it demand a lot of money for investment purposes either. With regards to property finance it is important that you take the time to research and learn the varied methods that countries trade in and the values gained. This kind of knowledge is valuable when choosing to get into property finance.

Likewise it is important to be well updated about property values, have good contacts with new dealers and most importantly, have an excellent customer base.

The Importance of Having a Family Budget

Some families breeze through month by month minus any kind of financial planning. It is important to keep track of family expenses and income, and thus having a family budget worked out has its benefits. It always makes financial matters much easier if you have an idea of how much money is being earned and spent per month. Having a budget set down also keeps tabs on expenditure, ensuring that you do not overspend. A family budget is also great to have, especially when planning a family vacation.
Here is how you can put together your family budget:

1. Calculate the total income per month. If you receive any child support or alimony, include that as well. Remember to only include income that you are sure you get every month. Otherwise you will end up basing your budget on money you will never get.

2. Next, add up the total household expenses. You need to take into account items such as utilities and any other bills you pay monthly. Transportation, groceries, entertainment, fuel, etc should all be added to this list.

3. Variable and irregular expenses – these are expenses you do not have to pay monthly, but it would help if you include them in your budget and set aside that money. This way, when you have to pay it, it does not feel like you suddenly lose a whole chunk of money. If it is an annual payment, then divide it by 12 and so on.

4. Net income – the best possible scenario is to have your net income at 0. This is the figure you get when you subtract your expenses from your income. If you get a negative number, then, it means that you have overspent, and would need to cut down on some items. If you get a positive number, then all is well and good. You should consider putting the extra money into your savings.

5. Savings – it is very important that you make it a point to save. You will need to save for college funds, retirements, vacations, etc. A good idea is to include savings under your family budget. This way, you make sure you save every month.

6. Keeping track – it is important to review your spending patterns every month. Check if you have kept to the limits in the budget. Remember, if you do happen to overspend, this would mean that you are unable to meet all your financial obligations, and might have to cut back on something else.

3 Mistakes Not to Make When Retiring

Going into retirement not only requires meticulous planning, but also a clear plan. Not only should you be financially sound, but you should also have a clear idea of your lifestyle and spending patterns. Most people make these mistakes when going into retirement.

Underestimation of healthcare costs – this is one area that is commonly overlooked when ambling towards retirement. Long term healthcare must be accounted for. Ensure that you have some form of healthcare coverage otherwise your financial plan will be heavily affected. If you are not adequately covered, then it is important to invest in a long-term healthcare insurance plan right away.

Your life expectancy estimation and your spouse’s – when retiring, you are assuming that you have enough to live for as long as you live. You need to overestimate your life expectancy and that of your spouse’s.

Presumption of working longer – do not overestimate working long into your retirement. This can be one of the biggest mistakes to make. In the US, the average age of retirement is 62. However, the Employee Benefit Research Institute Retirement Confidence Survey of 2007 indicates that 28% of employees had to retire earlier than planned for varied reasons. These include layoffs, disability, family reasons. Therefore, when planning out your retirement, take this into account as well.

When planning your retirement, it is best that you work with a professional and have a detailed plan drawn up. Take into account every possible snag that you might encounter on your way. It is always best to be prepared than sorry.

IMF Focuses on Debt Burden

The two biggest threats towards the recovery of the global economic situation are unemployment and sovereign debt which is witnessing a constant growth. Dominique Strauss-Kahn, the Managing Director of the International Monetary Fund speaking to the media following the conclusion of meeting of the IMF’s committee on policy steering said that most heads of state and other leaders are quite aware of the fact that the economic recovery is right here within hand’s reach, but reiterated that the negatives must also be taken into consideration.

Meanwhile, the World Bank recently announced a decision to give developing nations an additional three percent of voting power. This means that the more powerful countries would lose 3%, giving developing nations a total of 47% in voting power. This move comes in the wake of recommendations made at the Pittsburgh Leader’s Summit.

The IMF too is in the middle of a similar shift with regards to voting power. However, the intricacies of deciding which countries gain power and which ones lose this power is what seems to be holding back the final outcome. Financial experts cite that smaller European nations are more likely to lose voting power, due to their share in the global economy seeing a rapid decline over the last few decades. Countries like Saudi Arabia however, which comes under the title of developing nations has larger voting shares compared to its economic range. IMF’s MD stressed that the end of 2010 would see the changes in voting power in the IMF, with developing nations being given a bigger say in such matters.

Airlines Lose $1.7 Billion Due to Volcanic Ash

Global airlines recorded losses amounting to approximately $1.7 billion due to flight disruptions due to the volcano in Iceland. The International Air Transport Association (IATA) stated that the volcanic ash crisis affected at least one third of global flights, with over 1.2 million passengers affected per day.

Flights finally resumed on Tuesday (20th April 2010) night after many airports being shut down for a period of six days. The ban was lifted following safety test results indicating the low density ash could be handled by aircraft engines.

Another report released by the Centre for Economics and Business Research, UK estimates airline losses at $1.45 billion.

IATA figures indicated that airlines recorded savings of around $110 million per day on fuel, but had to sustain additional costs from taking care of passengers stranded by cancelled flights. IATA’s Chief Executive, Giovannie Bisignani said that it was quite a serious issue, taking into consideration that the industry made around $9.4 billion in 2009 – and lost $2.8 billion within a space of six days. He openly criticized governments as being ‘too hasty’ to close down airspaces and insisted airlines be compensated for their losses. Bisignani stood his ground saying that the decision to close down airspaces were based on theoretical models instead of hard facts, stating that IATA test flights showed results otherwise.

Easyjet, a budget airline which experienced losses of £50 million during this period, stated that they would seek compensation from the government. British Airways also sought compensation from the UK government, stating that they had incurred losses of £15-20 million per day.

Apart from airlines, other businesses too were hit hard by the crisis. Perishable goods which are frequently flown out for export purposes such as flowers and food items have also been heavily affected.

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EU chief says China still has confidence in euro (AP)

AP – The European Commission president said Friday that China still has confidence in the euro, despite a plunge in the European currency as negotiators work toward a financial bailout for Greece.

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EU chief says China still has confidence in euro
(AP)

Samsung Q1 net profit surges to record high (AP)

AP – Samsung Electronics said net profit surged more than six-fold in the first quarter to a record high on strong demand and higher prices for memory chips as well as increased sales of mobile phones and flat screen televisions.

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Samsung Q1 net profit surges to record high
(AP)

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