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In The News:

News EntryBest Sequence of Withdrawals from Retirement Accounts is Not Always Obvious, Concludes Journal Study

This is the 2nd article I am posting from the FPA newsletter. This is great information and is best for the people in the trade but if you are a consumer this article gives alot of good information.Best Sequence of Withdrawals from Retirement Accounts is Not Always Obvious, Concludes Journal Study

DENVER.April 7, 2006.Many retirees know that the sequence in which they withdraw money from their various retirement accounts-such as from taxable accounts first-can help stretch out the life of their portfolio. But which sequence is the best may surprise retirees, claims a new study appearing in the April 2006 issue of the Journal of Financial Planning, published monthly by the Financial Planning Association® (FPA®).

Two professors from the State University of New York in Brockport, New York-John J. Spitzer, Ph.D., and Sandeep Singh, Ph.D., CFA-examined withdrawal sequences using pairs of sub-accounts within a retirement portfolio. The pairs were taxable stocks versus taxable bonds, tax-deferred versus tax-exempt accounts, and tax-deferred versus taxable accounts. The question they asked was, "Does the order in which retirement sub-portfolio funds are withdrawn make a difference in how long the total portfolio lasts?" The answer, surprisingly, often depends more on investment return than tax advantages.

In the case of taxable stocks versus taxable bonds, the authors first assumed a 50/50 allocation and that the stocks would have an annual pretax return of 7.2 percent and the bonds a pretax return of 3.5 percent. They found that by withdrawing the lower-returning asset first-in this case, the bonds-the portfolio lasted three years longer than if the stocks were withdrawn first.

"It is clearly better to first take distributions from assets that have a lower expected return rather than a higher one," they write. "The decision to withdraw first from the lower-rate-of-return asset is correct for any allocation of stocks and bonds, not only for the 50/50 allocation shown. Likewise, the decision holds for any marginal tax rate."

In the case of a tax-exempt account, such as a Roth IRA, versus a tax-deferred account, such as a traditional IRA, it doesn't make any difference whether you withdraw from the tax-exempt or the tax-deferred account first, as long as both are earning the same return. "The sequence of withdrawals does not change how long the money lasts," write Spitzer and Singh.

But the above case assumed a single constant tax rate throughout the life of the accounts. If the distributions are exposed to multiple tax rates, such as 15 percent on some of the taxable withdrawal and 25 percent on the remaining taxable withdrawal, the story changes. In such a case, conclude the authors, simultaneously withdrawing money from both accounts can extend the life of the portfolio. The trick is withdrawing just enough money from the taxable account to stay below the next tax bracket and withdrawing the remainder needed from the tax-exempt account.

Finally, in the case of tax-deferred versus taxable accounts, conventional wisdom says to withdraw from the taxable account first in order to let the tax-deferred account continue to grow. Not necessarily, say the authors. "It turns out that which assets should be harvested first will depend on their respective rates of return."

In their study, if a taxable account earned 7.2 percent before taxes, and the tax-deferred account earned 4.43 percent, the retiree could stretch out the life of the portfolio by half a year by drawing down the tax-deferred account first.

"A simple rule such as 'leave the tax-deferred account for last' should not be automatically followed," write the authors.

Read the full report here.

Posted: 4/11/2007 12:02:50 AM

News EntryFDIC Increases Retirement Account Insurance

I just got my new FPA news, and found this nugget.

FDIC Increases Retirement Account Insurance
The Federal Deposit Insurance Corp. (FDIC) and the National Credit Union Administration (NCUA) have raised the insurance coverage on self-directed retirement accounts, including IRAs, Keoghs and 457s, from $100,000 to $250,000. This increase is the first in more than 25 years and became effective April 1. The basic insurance for individual, joint and trust accounts remains at $100,000. Visit FDIC online for more information.

Posted: 4/10/2006 11:54:21 PM

In The News:

News EntryBank of America Tops Citigroup

Marketing and Management UpdateOn Tuesday, Bank of America Corp surpassed Citigroup Inc to become the world’s largest bank based on market value.

Shares of Bank of America closed up at $54.27, giving the company a market capitalization of $243.71 billion based on reported shares outstanding as of Tuesday’s close.

From Reuters:

Charlotte, North Carolina-based Bank of America has benefited from acquisitions under Chief Executive Kenneth Lewis, including FleetBoston Financial Corp. in 2004 and credit card issuer MBNA Corp. in January.

Posted: 11/29/2006 9:16:48 AM

News EntryAir Berlin Places $5.7 Billion Boeing Order

Marketing and Management UpdateOne week after receiving a $5.5 billion order for 25 aircraft from Korean Air, Boeing received a $5.7 billion order from German airline Air Berlin.

The company said it would purchase 60 of the 737-800 model, extending Boeing’s lead over Airbus, which has been having problems with design and production on its commercial jets as of late.

The aircraft are to be delivered by Boeing between 2007 and 2014.

Posted: 11/28/2006 7:48:39 AM

News EntryFord Looking for $18 Billion

Marketing and Management UpdateNumber two U.S. automaker Ford Motor Company said it plans to acquire approximately $18 billion in financing to help with near- and medium-term negative operating cash flow and with funding for its restructuring.

After the transactions, which Ford expects to close before the end of the calendar year, its “automotive liquidity” will be about $38 billion. The company lost $7 billion between January and September and has said it won’t return to profitability until 2009.

Posted: 11/27/2006 8:45:08 AM

News Entry$26 Billion Deal to Create Largest Copper Firm

Marketing and Management UpdateFreeport-McMoRan Copper & Gold announced it will pay $126.46 per share in cash and stock to purchase Phelps Dodge, creating the world’s largest publicly-traded copper company.

From Reuters:

“This kind of big merger could raise the company’s ability to take advantage in price negotiations, therefore this should be positive for copper prices,” said Naohiro Niimura, director at Barclays Capital Japan.

“In the current bearish trend, the market is not too sensitive about buying copper actively, but in the medium- and long-term it should be positive.”

Phelps Dodge has mines in North America, South America and Africa, while Freeport-McMoRan operates the Grasberg mine in Indonesia, said in terms of reserves to be the world’s largest copper and gold mine.

Posted: 11/21/2006 10:33:36 AM

News EntryDeere Profit Estimates Worsen

Marketing and Management UpdateProfit at Deere & Co., the world’s largest farm equipment manufacturer, will fall below analysts’ estimates in 2007, according to the company.

Total net income of $150 million to $175 million for the first quarter was the company’s prediction, resulting in 65 cents to 76 cents per share. Analysts on average were expecting 97 cents per share.

Chief Executive Officer Robert Lane is limiting production to prevent excess inventory due to higher fuel and fertilizer costs which the company expects will hurt farm budgets.

Posted: 11/21/2006 7:57:17 AM

News EntryWages Rise for U.S. Workers

Marketing and Management UpdateFor the first time in years, paychecks in the U.S. rose faster than the cost of living. The pay increase amounts to four percent over the past twelve months, a gain that hasn’t been seen since 1997.

From Christian Science Monitor:

“The striking feature of this expansion has been that … real wages for the typical worker haven’t risen that much,” says Richard Berner, US economist at the investment bank Morgan Stanley in New York. But with real incomes rising, he says, “you get a picture of an economy that can weather this housing storm.”

The risk of recession hasn’t disappeared, he and other economists say. But with a fairly tight job market and low unemployment, many expect that paychecks will keep rising solidly in 2007.

Add fewer layoffs this year and the economy might just have something to be thankful about this Thursday.

Posted: 11/20/2006 9:33:36 AM

News EntryFederated Sells Bridal Business

Marketing and Management UpdateFederated Department Stores has agreed to sell its Bridal Group to two separate transactions for a total of $850 million.

Leonard Green & Partners LP, a private equity firm, will purchase the David’s Bridal chain and the Priscilla of Boston chain, totaling 279 stores for $750 million.

In a separate transaction, Men’s Wearhouse Inc. will acquire After Hours Formalwear, the nation’s largest tuxedo rental chain, for $100 million.

Both transactions are expected to close in the first quarter of 2007.

Posted: 11/17/2006 6:23:11 AM

News EntryHousing Starts Lowest in Six Years

Marketing and Management UpdateOctober starts of new homes plunged a whopping 14.6 percent to a seasonally adjusted annual rate of 1.486 million, the lowest since July, 2000, according to the U.S. Commerce Department.

Building permits also took a hit and were down 6.3% to a seasonally adjusted annual rate of 1.535 million, the lowest in nine years and the largest percentage drop in seven years.

The retreat by home builders led many experts to abandon hopes of a quick recovery in the housing market.

From MarketWatch:

But Stephen Stanley, chief economist for RBS Greenwich Capital, saw a silver lining in the October data.

“We see this as an unambiguously good thing,” he wrote. “The faster builders address their bloated inventories and bring the pace of home construction down, the quicker the housing correction will play out and the economy can return to a more normal footing.”

Posted: 11/17/2006 6:00:07 AM

News EntryNonresidential Construction Still Growing

Marketing and Management UpdateDespite lackluster sales in the residential arena, nonresidential construction spending has risen for 15th consecutive month, leading to an overall construction spending increase of 6.6 percent in the first 9 months of 2006 over the same period last year.

From Architectural Record via BusinessWeek:

Hotels and resort-related construction spending saw a 48 percent gain over the first nine months of last year; retail stores, shopping centers and malls were up 37 percent; hospital spending grew 25 percent; and manufacturing increased by 23 percent. Multifamily construction, meanwhile, was up 18 percent year-to-date, as a surge in rental facilities is offsetting a dip in condominium building.

Highway and street construction, meanwhile, rose 16 percent year-to-date over 2005, while educational construction increased by 7 percent. Other positive growth areas include sewage and waste disposal and transportation facilities. Nearly all of these categories are expected to grow in 2007, due to a fundamentally strong economy.

Posted: 11/16/2006 10:20:19 AM

News EntryUS Airways Bids for Delta

Marketing and Management UpdateUS Airways Group has made an offer of $8 billion in cash and stock for Delta Airlines, Inc. The deal would create one of the world’s largest airlines and provide Delta’s unsecured creditors with $4 billion in cash and over 78 million shares of US Airways stock.

If the deal goes through (though Delta has said it intends to emerge from bankruptcy as an independent airline), the airline would operate under the Delta name, with some 85,000 employees and more than 350 destinations across five continents.

Posted: 11/15/2006 6:15:38 AM

News EntryWal-Mart Expects a Merry Christmas

Marketing and Management UpdateWal-Mart showed a better-than-expected quarterly profit of 11.5 percent and gave a fourth quarter profit forecast that was close to Wall Street expectations.

The world’s largest retailer said price cuts on toys and electronics are already drawing customers and expects them to drive better holiday (or should we say “Christmas”) sales.

From Reuters:

Chief Executive Officer Lee Scott said third-quarter U.S. sales were softer than planned, but holiday season price cuts should boost fourth-quarter demand.

“This season, no one will doubt Wal-Mart’s leadership on price and value,” he said.

On a recorded message detailing third-quarter results and fourth-quarter plans, Scott said specials such as a $398 laptop computer sold out quickly, and he vowed the “most aggressive pricing strategy ever” for the holiday season.

Posted: 11/14/2006 7:36:38 AM

News EntryHome Depot Forecasts Tough Year Ahead

Marketing and Management UpdateThe nation’s leading home improvement retailer said its per-share profit could shrink 12 - 16 percent in the fourth quarter and more weakness is expected next year as the U.S. housing market continues to struggle.

From Reuters:

In home improvement, “I don’t think we’ve seen the bottom yet,” Home Depot Chairman Robert Nardelli told analysts during a conference call after finance chief Carol Tome gave the fourth-quarter forecast.

“I don’t see anything that suggests it’s going to get significantly better in ‘07,” Nardelli added.

Posted: 11/14/2006 7:26:50 AM

News EntryCars Are Cheapest Since 1980

Marketing and Management UpdateAccording to Comerica Bank’s “Auto Affordability Index”, it now takes 23.6 weeks-slightly longer than in 1980- of America’s median family income to purchase a new car.

Including finance charges, the average passenger vehicle sold in the third quarter of this year cost $26,500, about five percent less than the same time last year. During the same time period, average family income in the U.S. has risen about five percent.

From CNNMoney.com:

Improved productivity in the auto industry has combined with intense competitive pressures to drive the cost of a new car downward since its high in 1994, said Dana Johnson, chief economist at Comerica.

“It’s a pretty happy story for the consumer,” said Johnson.

Posted: 11/14/2006 7:18:26 AM

News EntryHertz to Go Public in IPO

Marketing and Management UpdateOne of the largest car rental firms, Hertz Global Holdings, Inc., is set to go public next week on the New York Stock Exchange (NYSE) for about $1.5 billion. The New Jersey-based company is offering 88 million shares for $16-18 each.

The firm was purchased last December from Ford Motor Company $5.6 billion and assumption of $10 billion in debt by a group of private equity companies.

Hertz operates car rental businesses at 7,600 locations in 145 countries and will trade with the symbol “HTZ.”

Posted: 11/13/2006 7:05:19 AM

News EntryAIG Breezes by Estimates

Marketing and Management UpdateAmerican International Group (AIG) more than doubled profit in the third quarter, helped by the relatively quiet hurricane season.

The general insurance division, the company’s largest, posted modest gains, while the financial services group posted revenues up a whopping 65%.

“AIG had a very good quarter led by strong performance in our worldwide general insurance business and improved results in life insurance & retirement services operations,” the company says. “We continue to execute our growth strategies by capitalizing on our unique global franchise and product and distribution capabilities.”

Posted: 11/10/2006 6:28:17 AM

News EntryCrude Oil May Rise with Winter Demand

Marketing and Management UpdateThe price of crude may rise next week, as higher U.S. consumption as winter approaches reduces stockpiles.

From Bloomberg:

Twenty-one of 43 analysts, traders and brokers, or 49 percent, said prices will increase, according to a Bloomberg News survey. Five expect a decline and 17 forecast little change.

World oil demand peaks in the fourth quarter as refineries increase production of heating fuel. Implied demand for distillate fuel, or diesel and heating oil, averaged 4.4 million barrels a day over the four weeks to Nov. 3, up 8.9 percent from a year earlier, the Energy Department said this week.

The reductions agreed on by OPEC started November 1st, reducing oil output by 1.2 million barrels a day. The group is scheduled to meet again on December 14th.

Posted: 11/10/2006 5:28:37 AM

News EntryFedex Grounds Airbus and Takes Off with Boeing

Marketing and Management UpdateCiting delays in delivery, FedEx Express, a unit of Fedex Corporation, said it would buy 15 Boeing 777 freighter aircraft, while canceling its order for 10 A380-800F Airbus aircraft.

The agreement with Boeing, who plans to deliver the aircraft over a span of three years beginning 2009, adds an option for 15 additional aircraft.

From Reuters:

Production problems with Airbus’s A380 superjumbo have plunged the group into crisis and forced it to reexamine its projects and restructure its business.

“The decision to purchase Boeing 777s was taken after Airbus announced significant delays for delivery of A380s,” said Maury Lane, a spokesman at FedEx Express, the express package delivery unit of FedEx. “Global package demand continues to grow and we need the appropriate aircraft to meet that demand.”

“Airbus regrets FedEx’s decision but we understand their need to urgently address capacity issues,” said an Airbus spokesman.

The spokesman added that Airbus remained committed to the freighter program. “We still expect the A380 freighter to be a successful program from the outset, although we did not expect demand to be very high at the start.”

Posted: 11/9/2006 11:45:18 AM

News EntryAmex Lists Metalline Mining Company

Marketing and Management UpdateThe American Stock Exchange (Amex) today listed the common stock of Metalline Mining Company under the ticker symbol MMG.

Metalline Mining Company is an exploration stage enterprise formed to engage in the business of mining. The Company’s corporate office is located in Coeur d’Alene, Idaho and has purchased concessions located at Sierra Mojada, Coahuila, Mexico and operates in Mexico through its wholly owned Mexican subsidiary, Minera Metalin S.A. de C.V.

“We are very pleased to welcome Metalline Mining Company to the American Stock Exchange,” said John McGonegal, Senior Vice President of the Amex Equities Group. “Metalline Mining is the latest company to recognize our expanding presence in this growing sector and we expect the Company will benefit from our many value-added services that a developing company needs to succeed in today’s competitive market.”

“Metalline has achieved a very important milestone by gaining approval for trading on Amex, which provides our shareholders with a more liquid and efficient trading market, and to be one of the few zinc mining and exploration companies to be trading on Amex,” said Merlin D. Bingham, the Company’s President.

Posted: 11/7/2006 7:18:01 AM

News EntryProsper.com Assists in Funding $20 Million

Marketing and Management UpdateAccording to TechCrunch, Prosper.com announced Tuesday it had funded $20 million in loans and reached 100,000 members.

Prosper allows members to request loans of up to $25,000 (the average funded loan is $5,000), and then other members offer to fund the loan at various interest rates. Prosper breaks the loan up into multiple pieces to distribute risk, and then funds from the lenders offering the most attractive interest rates. Over 4,000 loans have been funded since the site launched in February 2006. Prosper earns revenue by taking 1% of the loan amount in fees from the borrower up front, and charging a 0.5% yearly loan maintenance fee to lenders.

Could this form of financing really take off? Time will tell.

Posted: 11/2/2006 7:24:42 AM

News EntryMasterCard Soars to New Heights

Marketing and Management UpdateMasterCard today reported third quarter net income up an astonishing 82% as credit and debit cards begin to seriously challenge paper money.

According to MarketWatch,

“These strong results underscore our success in displacing paper-based forms of payment in all corners of the globe in the face of a highly competitive payments market,” said Robert W. Selander, MasterCard president and chief executive officer.

One trend fueling digital payment are IPod users, who buy songs through online credit card purchases, he said.

“You don’t see a place to put in a dollar bill on an IPod,” he said.

Posted: 11/1/2006 1:32:00 PM