European Parliament may propose Google break-up in draft resolution

People are silhouetted as they pose with laptops in front of a screen projected with a Google logo, in this picture illustration taken in Zenica October 29, 2014. REUTERS/Dado Ruvic

By Alexei Oreskovic, Julia Fioretti and Alastair Macdonald

(Reuters) - The European Parliament is preparing a non-binding resolution that proposes splitting Google Inc's (GOOGL.O) search engine operations in Europe from the rest of its business as one possible option to rein in the Internet company’s dominance in the search market.
European politicians have grown increasingly concerned about Google's and other American companies' command of the Internet industry, and have sought ways to curb their power. A public call for a break-up would be the most far-reaching action proposed and a significant threat to Google's business.

The draft motion does not mention Google or any specific search engine, though Google is by far the dominant provider of such services in Europe with an estimated 90 percent market share. Earlier on Friday, the Financial Times described a draft motion as calling for a break-up of Google.

Google declined to comment.
The motion seen by Reuters "calls on the Commission to consider proposals with the aim of unbundling search engines from other commercial services as one potential long-term solution" to leveling the competitive playing field.
Parliament has no power to initiate legislation and lacks the authority to break up corporations, and while the draft motion is a non-binding resolution, it would step up the pressure on the European Commission to act against Google.
Google already faces stern criticism in Europe about everything from privacy to tax policies, and has been wrestling with a European court’s ruling that requires it to remove links from search results that individuals find objectionable.
The company has grown so large as to inspire distrust in many corners, with a chorus of public criticism from politicians and business executives.
"It’s a strong expression of the fact that things are going to change,” said Gary Reback, a U.S. attorney who has filed complaints on behalf of companies against Google over fair search. “The parliament doesn’t bind the commission for sure, but they have to listen.”

RESOLUTION “VERY LIKELY” TO BE ADOPTED

Europe's new antitrust chief said she would take some time to decide on the next step of the four-year investigation into the Internet search leader, after her predecessor had scrapped a proposed settlement with the company.

European Competition Commissioner Margrethe Vestager, who took over from Joaquin Almunia on Nov. 1, said she would take a representative sample of views from parties involved in the case and check on the latest industry developments before taking any action.

Resentment, however, has been building in Europe for years.
Google has tried to counter that mistrust, which its executives believe is linked to European perceptions of the United States in general. But recent revelations about U.S. surveillance practices, including that Washington monitored German Chancellor Angela Merkel's phone, have ignited a strong backlash, particularly in Germany, where the historic experiences of Nazism and Communism have left people deeply suspicious of powerful institutions controlling personal data.
Andreas Schwab, the German Christian Democrat lawmaker who co-sponsored the resolution, told Reuters it was “very likely” it would be adopted as both his own center-right group, the largest in parliament, and the main center-left group supported it. Schwab proposed the resolution along with Spanish centrist Ramon Tremosa earlier this week.
In a statement on Wednesday, the two said Google had failed to propose adequate remedies during the antitrust investigation by the commission. Vestager has said she wants time to study the dossier after her predecessor decided against a settlement with Google that would have ended the case.

Google ”continued thereby to suppress competition to the detriment of European consumers and businesses,“ Schwab and Tremosa said.

In a position paper, they cited a number of possible solutions to what they saw as Google’s abusive dominant position in search engines and its ability to drive Internet traffic to favored sites. If these failed, then, they suggested, legislation should be tried.

“In case the proceedings against Google carry on without any satisfying decisions and the current anti-competitive behavior continues to exist, a regulation of the dominant online web search should be envisaged,” they said.

Reflecting broad suspicion of Google, other parties in parliament may also support the non-binding resolution.

Jan Philipp Albrecht of the Greens said: "Search engines like Google should not be allowed to use their market power to push forward other commercial activities of the same company.

Officials at the European Commission could not be immediately reached for comment.

It was also not clear how U.S. regulators would respond. In a major victory for Google, U.S. regulators in 2013 ended an investigation into the Internet company and concluded that it had not manipulated Web search results to hurt rivals. It did get Google to agree to change some of its business practices, including halting the "scraping" of reviews and other data from rivals' websites for its own products.

Rivals such as Yelp Inc (YELP.N) argue that the company is squeezing them out in Internet search results.

The review site, which has complained that Google ranks its own content higher than Yelp's, said on Friday that the Internet search service harms users by favoring its own products, for instance social network Google+, which also carries review content.

"By hardwiring Google+ in the largest category of search, Google isn’t just stifling innovation, it's harming consumers," Luther Lowe, Yelp Director of Public Policy, told Reuters.

(Additional reporting by Dan Levine in San Francisco, writing by Edwin Chan; editing by James Dalgleish, Peter Henderson and Bernard Orr)

Culled Reuters in yahoo celebrity

The Crucial Tax Credit Retirement Savers Don’t Know About-Eric McWhinnie

Source: IRS

Benjamin Franklin offered one of the best pieces of investment advice that has stood the test of time: “An investment in knowledge pays the best interest.” It’s not enough to simply place aside money for retirement. You need to learn the various strategies that help you get the most bang for your buck.
Taxpayers looking to heed Franklin’s wisdom should learn about the Internal Revenue Service’s Retirement Savings Contributions Credit, also known as the Saver’s Credit. This overlooked benefit is available to low- and moderate-income workers saving for retirement. The credit reduces a taxpayer’s federal income tax and may be applied to the first $2,000 ($4,000 if married and filing jointly) of voluntary contributions an eligible worker makes to a 401(k), 403(b), or similar employer-sponsored retirement plan, or an individual retirement account.
In order to qualify, you must be age 18 or older, not a full-time student, and not be claimed as a dependent on another person’s return. As the chart above shows, the Saver’s Credit is worth a percentage of your contribution, and adjusted gross income limits do apply — the less you make, the greater the percentage. The credit is also a benefit in addition to other advantages, such as tax deductions on retirement accounts. Savers have until April 15, 2015 to make a contribution for the 2014 tax year.
Income limits for the Saver’s Credit change over time, so it’s important to check for updated figures on an annual basis. The IRS recently reminded taxpayers about the credit and noted that the income limit will increase to $61,000 in 2015 for married couples, while the limits for heads of households and individuals will rise to $45,750 and $30,500, respectively.

Source: IRS

The IRS provides the following example of the Saver’s Credit: “Jill, who works at a retail store, is married and earned $30,000 in 2014. Jill’s husband was unemployed in 2014 and didn’t have any earnings. Jill contributed $1,000 to her IRA in 2014. After deducting her IRA contribution, the adjusted gross income shown on her joint return is $29,000. Jill may claim a 50% credit, $500, for her $1,000 IRA contribution.” That’s a 50% return for just making the contribution. Workers need to use Form 1040, 1040A, or 1040NR to file their taxes with the credit, which is detailed on Form 8880.
In tax year 2012, the most recent year for which complete figures are available, Saver’s Credits totaling $1.2 billion were claimed on more than 6.9 million individual income tax returns, according to the IRS. While households eligible for the tax credit may find it difficult or nearly impossible to save for retirement, the responsibility ultimately falls on individuals. Nobody cares about your money and future as much as you do.

Culled from wall streetcheatsheet

Don't forget these year-end retirement planning tips-Emily Brandon

Thinkstock

You only have a few weeks left to make a 401(k) contribution that will get you a tax deduction on your 2014 return. The deadline is also rapidly approaching for retirees to take required minimum distributions from their retirement accounts. Here's a look at the retirement planning moves you need to make before the end of the year.

Make last-minute 401(k) contributions. Workers age 49 and younger can contribute up to $17,500 to their 401(k) plan in 2014. Income tax won't be due on the amount deposited in a traditional 401(k) account until the money is withdrawn. An employee in the 25 percent tax bracket who is able to max out his 401(k) would save $4,375 on his federal income tax bill, compared with $1,250 in tax savings for someone who deposits $5,000 in a 401(k). Contributions are typically due by Dec. 31, but it's a good idea to avoid waiting until the last minute. "You can't call on Dec. 29 and say you want to put in an extra five grand," says Joyce Streithorst, a certified financial planner for Frisch Financial Group in Melville, New York. "They need to have a little lead time of at least one paycheck and sometimes two." In some cases, you can also allocate part or all of a year-end bonus to your 401(k) account and avoid the extra tax bill on it. Workers age 50 and older can contribute an extra $5,500 to a 401(k) account as a catch-up contribution in 2014, or a total of $23,000.

Extra time for IRA contributions. While 401(k) contributions typically need to be made by the end of the calendar year, you have until April 15, 2015, to make IRA contributions that count toward tax year 2014. "For a lot of my clients, we wait until 2015 because we want to see what their tax return looks like," says Robert Reed, a certified financial planner for Partnership Financial in Columbus, Ohio. "We can see if it will make more sense for us to do a traditional IRA and get the tax break this year or do a Roth IRA and pay the tax this year and then not pay tax again ever." You can type a hypothetical IRA or Roth IRA contribution into tax preparation software to see how much you could save on your tax bill. However, if you wait until 2015 to contribute to an IRA for tax year 2014, make sure you specify which tax year the contribution should be applied to. Financial institutions may automatically apply contributions to the calendar year when they are received unless you indicate otherwise.
Take your required minimum distributions. Distributions from traditional 401(k)s and IRAs are required after age 70½, and income tax will be due on each withdrawal. The penalty for missing a distribution is a 50 percent tax on the amount that should have been withdrawn. You have until April 1 of the year after you turn 70½ to take your first required minimum distributions, but subsequent distributions are due by Dec. 31 each year. And if you delay your first distribution until April, you will then need to take two distributions in the same year, which could result in an unusually high tax bill. "If you have to take two distributions in that year, you may want to be careful because it could push you up into a higher tax bracket," Reed says. "You're just looking at a difference of a few months, so for the vast majority of people, when you get to be 70½, just take it."
Get the saver's credit. Workers who earn up to $30,000 for individuals, $45,000 for heads of household or $60,000 for married couples in 2014 and save in a 401(k) or IRA are eligible for an additional tax perk, the saver's credit. This valuable tax credit available to moderate-income households can be worth as much as $1,000 for individuals and $2,000 for couples, with the biggest credits going to people with the lowest incomes who manage to save for retirement.

Reset your contributions for 2015. In tax year 2015, the 401(k) contribution limit will increase by $500 to $18,000, and the catch-up contribution limit will also grow by $500 to $6,000. So if you can, consider setting your 401(k) direct deposits a little higher next year to get the biggest retirement savings tax break you can. "Make sure you take full advantage of your 401(k), especially if there is an employer match," says Gwen Gepfert, a certified financial planner and principal of Oaktree Financial Planning in Basking Ridge, New Jersey. You can even use part of your 2014 tax refund to get a jump-start on saving for next year.

Culled from US news

Asia shares fall as soft China data sours mood, yen slides-Yuya Shino By Shinichi Saoshiro

People in front of an electronic board, showing various stock prices, are reflected in a polished stone surface outside a brokerage in Tokyo,

TOKYO (Reuters) - Asian stocks mostly fell on Thursday as fresh data signalling a further loss of momentum in China's economy weighed on sentiment, while the yen slid to multi-year lows against the dollar and euro.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent, briefly touching a three-week low.
The China flash HSBC/Markit manufacturing purchasing managers' index published on Thursday showed factory output contracted in the world's second-biggest economy for the first time in six months.
Hong Kong's Hang Seng (.HSI) was down 0.1 percent and the Shanghai Composite Index (.SSEC) lost 0.3 percent.
Further declines in oil and other commodities such as iron ore and coal prices weighed on some bourses. Australian shares (.AXJO) shed 0.4 percent to give up this year's gains.
Tokyo's Nikkei (.N225), on the other hand, edged up 0.1 percent, putting it within reach of a seven-year high that the index reached last week.
Supporting the index's gains was a weaker yen, which lifted shares of exporters.
The dollar hovered near a new seven-year peak of 118.275 yen (JPY=) reached early in the session.

The U.S. currency rose 1 percent overnight after the minutes of the Federal Reserve's last policy meeting showed its members were relatively unconcerned about the dollar's strength.

"The Fed has left the green light shining brightly for further USD gains," said Alan Ruskin, global head of currency strategy at Deutsche.

The Fed minutes also showed the central bank was still on track to raise interest rates next year, pushing U.S. Treasury yields higher.

The Fed's hints of confidence about the economy further highlighted the divergence in U.S. monetary policy relative to those of Europe and Japan. The European Central Bank and Bank of Japan are struggling to stave off deflation and shore up their shaky economies.

Beaten down by the dollar, the yen also slid against the euro. The euro traded near a six-year peak of 148.25 yen (EURJPY=). The euro fetched $1.2535 (EUR=), off a three-week high of $1.2602 overnight.

The Australian dollar, sensitive to changes in China's economic performance, was down 0.3 percent to $0.8590 (AUD=D4).

In commodities, gold remained under pressure. It fell more than 1 percent on Wednesday after a poll showed weaker support among Swiss voters for a referendum that would require the Swiss National Bank (SNB) to boost its gold reserves.

If the "Save our Swiss gold" proposal is approved, the SNB would be banned from selling any of its gold reserves and would have to hold at least 20 percent of its assets in the metal, compared with 7.8 percent last month.

Spot gold (XAU=) was at $1,179.33 an ounce, off the week's high of $1,204.70 set on Tuesday.

U.S. crude oil futures extended their losses as the bullish dollar and an unexpected rise in U.S. stockpiles countered hopes of a possible OPEC output cut.

U.S. crude (CLc1) was down 9 cents at $74.49 a barrel.

(This story corrects the ranking of China's economy in the third paragraph)

(Additional reporting by Wayne Cole in SYDNEY; Editing by Richard Borsuk, Kim Coghill and Ryan Woo)

U.S. stocks are soaring, global economy in a ditch: Now what?- Joanna Campione

U.S. stocks are hitting new record highs, and the U.S. economy is growing at a steady rate of a little more than 2%. But the rest of the world isn’t feeling so peachy.
The S&P 500 (^GSPC) is up more than 10% on the year, but the MSCI All-Country World Excluding U.S. Index has been down almost 5% recently. The ratio of the MSCI index to the S&P 500 is the lowest on record, according to Bloomberg. “The United States [remains] the safe haven for global assets in turbulent times," says Yahoo Finance Editor-in-Chief, Aaron Task.
The disconnect between what’s going on in the United States’ economy and most others is bringing the term “decoupling” back, according to Bloomberg News. Decoupling became a Wall Street buzz word back in 2008 around the idea that emerging economies, namely the BRIC nations of Brazil, Russia, India and China, could detach themselves from the U.S. as its economy fell into recession, and take off on their own.
“Of course [the decoupling theory] proved to be totally false,” says Task. “The whole global economy got dragged down by the bursting of the credit bubble here in the United States which reverberated around the world.”

Now, the U.S. is in a position of strength while other economies look on. Japan’s economy is now officially in a recession and Europe is teetering on the brink of one. China’s economy is still growing but at a much slower pace, after being one of the main drivers of the global economy over the past decade. Russia is getting hit by lower oil prices and economic sanctions levied by the U.S. and European Union as the conflict in Ukraine continues. Brazil is hoping to emerge soon from a recession that has sparked job losses within many sectors, and increased the risk of a credit downgrade.

So can the U.S. carry the global economy? Not right now, says Task. "The idea that the United States can continue to be the engine of growth for the global economy is going to be a very, very difficult burden for the United States to carry."

And what's great for American corporations isn't always great for most Americans. Merger activity has picked up to new highs this year, and U.S. profit margins continue to hit record levels, defying forecasts that they are going to come back down to earth. Task says, “The problem for the rest of us is that these corporations... are not spending a lot of money on new development… and they aren’t doing a lot of hiring or when they do hiring they are not paying people big wages.” 

Culled from yahoo finance

A JOURNEY TO A SUCCESSFUL AND HAPPY RETIREMENT

In the film Transcendence, a film on Artificial Intelligence, Dr Caster and his team noted that the journey is far more important than the destination. So is all aspect of life, the journey of any event, program, study is by far better than its destination. If the journey is well planned, the destination will be great, and if the journey is haphazard then its destination can be a failure. Pension is not an exception.

In his books, The magic of getting what you want, and The magic of thinking big Schwartz noted that human beings and individuals expecting to make change in their immediate environment should be willing to prepare their 5 minutes obituary and by preparing their 5 minutes obituary, they will be able ascertain if they have achieve their expectations in life. So also should workers be able to prepare for their own retirement even when they are still working, by carrying their pension calculations, they will be able extrapolate in advance, their likely expected pension pot and their pension’s benefits.

From these two illustrations, it can be observed that in every aspect of life careful planning, checks, measures are necessary for a better deal. Even life, James Schwartz noted in preparing ones obituary, you will be able to ascertain what you have achieved at a particular age. In pension one should make it a duty to at one time or the other to ascertain what his or her pension pot is, bench mark it with your benefits, salaries , allowance accruable to you now, by so doing you will know whether you are making a headway or not in achieving the required pension pot. There is also need for a pension calculator.

There are steps to achieving that and according to Wall Street cheat sheet “TCRS offers the following three strategic steps for achieving retirement readiness and success:

1. Save for retirement. Start saving as early as possible — and as much as possible to maximize potential compounding of investments. Save consistently over time. Avoid taking loans and early withdrawals from retirement accounts as they can severely inhibit the growth of long-term retirement savings.
2. Calculate retirement savings needs, develop a retirement strategy, and write it down. In creating a plan, consider lifestyle, living expenses, healthcare needs, government benefits, and other factors, as well as a backup plan in case retirement comes early due to an unforeseen circumstance.
3. Get educated about retirement investing. Whether relying on the expertise of professional advisers or taking a more do-it-yourself approach, gain the knowledge to ask questions and make informed decisions. Seek assistance from a professional financial adviser, if needed.” (Wall street cheat sheet)

But in having a worthwhile retirement is a basically a function of the strategies put in place in achieving that.  Strategies according to Anao are schemes, maneuvers, and methods, plans which organizations or individuals hope to deploy in order to function effectively, Retirement is essential one of the basic facts of life, and people save for two basic reasons, to make lots of money and to provide for the retirement. And according to a recent research, people are more likely save to cater for their retirement than to be rich.

The problem of financial crises and the increasing in the working age in United Kingdom and the United states has made people to start planning heavily on the retirement, coupled with a recent development where scammers target retires because of their vulnerability indicate a positive trend in having a good retirement strategies as most whites return back to work having discovered that their pension pot could not carry them through during their retirement. These are the basic strategies for retirement:

1 Save for retirement: saving for retirement is a basic requirement in life especially in Africa where there is no social security. Saving for retirement in Africa is fast becoming important as the modernization has gradually eroded African system of social communism where in most communities; people gather together build houses for old people who do not have children to cater for them. As this has eroded, it becomes increasingly important to start saving for old age

It is also important to embark on voluntary contribution as the mandatory provision of 15 percent is not quite enough and I strongly commend the Federal government of Nigeria for increasing to 18 percent.

2 Make s rough estimate of retirement savings needs, the saving need is a strategic issue as most retirees came to the sudden realization that what they are getting as their lump sum is not enough, coupled with their desire to get a house and a car from their lump sum which is barely enough to cater for their immediate needs.

3 Develop a retirement strategy, it is very important to fashion a well defined retirement strategy. Transamerica Center for Retirement Studies (TCRS), noted that in developing a retirement strategy, it is important to do the following “create a plan , In creating a plan, consider lifestyle, living expenses, healthcare needs, government benefits, and other factors, as well as a backup plan in case retirement comes early due to an unforeseen circumstance

4 Know a lot about retirement investment, it is the inability for contributors knowing about investment that often drove them to annuity. Contributors should at one time or the other gets investment advice from their pension fund administrators. They can do this by attending forum organized by the various Pension Fund Administrators to get adequate information on investment strategies

5 Maintain a positive attitude towards life and pension inclusive; according to book of job what people fear most always comes to them. And according to Robert Schuler, in his book , “the power of positive thinking “ he noted that  one of the basic ingredient of success is maintaining a positive outlook to life, believe that you will make and you will make it, believe that you will not , and you will definitely not”

Therefore maintaining a positive attitude in all aspect of life is pre requisite for all facets of life and Le Boeuf (1987:21) noted that “your world is a mirror and your mind is a magnet what you perceived in this world is largely a reflection of your own attitudes and beliefs. And life will give you what you attract with your thoughts. Think, act and talk negatively and your world will likely be negative. Think, act and talk with enthusiasm and you will attract positive results.

Pension is a great destination, and it requires careful journey , which comprises planning, adequate contributions, monitoring pension pot and as you endeavor to that, you will discover like Dr Caster and his team that the journey is very important as its destination. 

Odunze Reginald C
Lead Consultant, Chareg consulting.

Austerity measures: Nigerian embassies to coordinate investment drive -Gbola Subair and Chima Nwokoji,

 


















List of taxable luxury goods out next week

ADVERTISEMENT

AS part of the cost saving devices announced on Sunday, the Federal Government has curtailed foreign trips of ministers, director-generals and other heads of parastatals in the guise of looking for Foreign Direct Investment or marketing Nigerian abroad.
Presidency source informed the Nigerian Tribune that henceforth, Nigeria embassies and consulars abroad would be made to live up to their responsibilities, by being true representatives in economic, cultural and social matters.
The development, it was gathered, would reduce number of times ministers and other officers would travel abroad for those functions.
“It is not only career officers that ban on foreign trips affected, trips by ministers and DGs will be curtailed too.
“If you look at the quantum of dollars and other foreign currencies the affected officers had spent in their numerous foreign trips in the last 10 years or so, you will be surprised that it is enough to set up a viable industry here in Nigeria.
“We are not stopping foreign trips entirely, what we are saying is that unless such trip is necessary and will add value to Nigeria, no minister or any top ministry officer will be allowed to embark on such a trip.
“Though some of the trips may be to generate foreign direct investment, Nigerian embassies will be made to be more active in this regard,” the source said.
On the proposal to tax luxury goods, Nigerian Tribune learnt that the list, which is already being compiled, would be out latest next month.
Some of the items being compiled for heavy taxation included private jets, yachts, alcohol, beverages, cars, choice properties and a host of others.
In its desire to shore up the country’s revenue base, Nigerian Tribune source said the Federal Government had increased the revenue target of the Federal Inland Revenue Service (FIRS) from the N75 billion 2014 target to N160 billion in 2015.
Though the target is considered to be on the high side, the source disclosed that the FIRS would be given the enablement to meet the desired target.
As part of the response, the Medium Term Expenditure Framework (MTEF) and the 2015 Budget proposal to the National Assembly had also been revised.
The government is now proposing a benchmark of $73 per barrel to the National Assembly, compared to the earlier proposed benchmark of  $78.
Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, said though the government had been working hard on several scenarios and contingency plans in readiness for any eventuality, it was important to proceed in a measured manner, based on a complete understanding of the challenges.
“The drop in oil prices is a serious challenge which we must confront as a country. We must be prepared to make sacrifices where necessary.
“But we should also not forget that we retain some important advantages such as a broad economic base driven by the private sector and anchored on sound policies.
“Our strategy is to continue to strengthen the sectors that drive growth, such as agriculture and housing, while reducing waste with a renewed focus on prudence,” the minister said.
Reacting to the development, a constitutional lawyer, Professor Itse Sagay, on Monday, advised the Federal Government to tackle corruption and increase productivity in the non-oil sectors of the nation’s economy.
Sagay gave the advice in a telephone interview with the News Agency of Nigeria (NAN) in Lagos.
Sagay, however, said that the oil glut could be a blessing in disguise for Nigeria, adding that the country must stop its dependence on oil as the major source of its revenue and diversify into other sectors.
“Nigeria is blessed with abundant resources and not just the oil from the Niger-Delta region. But we have become very lazy and have been depending on oil revenue for many years now,” he lamented.
Mr Yinka Farounbi, Chairman, Nigerian Bar Association (NBA), Ikeja branch, also called for the diversification of the economy.
“We have been saying this all along that our dependence on crude oil as the mainstay of our economy should be minimal. There are other natural resources that can enhance the country’s internally generated revenue,” he stressed.
Meanwhile, experts in the economic and oil sectors of the Nigerian economy have thrown their weight behind the proposal to change the oil price benchmark in 2015 budget from $78 per barrel to $73.
They said a higher oil benchmark could widen fiscal deficit and does not reflect true position in the international market.
Managing Director, Nigeria Liquefied Natural Gas (LNG), Mr Babs Omotowa, in an interview with Nigerian Tribune, said the best Nigeria could do was to diversify revenue base.
“When we actually start looking for gas, I believe that we will have about five times more than we have now and that means more revenue for the country,” he stated.
Managing Director, Financial Derivatives Company (FDC) Limited, Mr Bismark Rewane, said the reality on the ground was that oil price fall was already having a negative effect on not only government revenues, but other economic variables.
He said falling oil prices could widen Nigeria’s deficit if a higher benchmark is assumed.
But the Head, Investment Research, Afrinvest West Africa Limited, an economic research and business advisory firm, Mr Ayodeji Ebo, said despite the unfavourable economic situation, the Central Bank of Nigeria (CBN) would continue to defend the naira.

Culled from Tribune

Tokyo shares skid as Japan slips into recession -Lisa Twaronite (Reuters)

Passers-by are reflected on an electronic stock quotation board outside a brokerage in Tokyo, November …

TOKYO (Reuters) - Japanese stocks marked their biggest daily drop since August on Monday, helping the yen rebound from a fresh seven-year low against the dollar touched after news Japan unexpectedly fell into recession in the third quarter.
"European equities are set to open lower following Japan's dip into recession," Capital Spreads dealer Jonathan Sudaria said in a note.
Capital Spreads predicted Britain's FTSE 100 <.FTSE> would fell 33 points, or 0.4 percent; France's CAC 40 <.FCHI> would open down 20 points, or 0.4 percent, and Germany's DAX <.GDAXI> would open 66 points lower, or 0.7 percent.
Meanwhile, Shanghai shares <.SSEC> edged up 0.2 percent. Hong Kong <.HSI> opened around 1 percent higher but quickly erased gains and was down 0.7 percent on suspected profit-taking by traders who had positioned for the launch of the Stock Connect scheme that will let Hong Kong and Shanghai investors buy and sell shares on each other's bourses.
A daily investment quota for the Shanghai leg of a stock market connect scheme was hit in early afternoon trading as investors piled into the relatively undervalued mainland shares.
"The market had already responded to the stock link," Andy Wong, senior investment analyst at Harris Fraser (International) Ltd in Hong Kong said, referring to the Hong Kong market. "Short-term investors are taking profits from the market."
Much of the cash flow is expected to be northbound at first, as foreign investors on the Hong Kong Exchange <0388 .hk=""> target mainland shares under a daily quota of 13 billion yuan.
MSCI's broadest index of Asia-Pacific shares outside Japan <.MIAPJ0000PUS> was down 0.3 percent, as the disappointing Japanese growth data sent the Nikkei stock average <.N225> tumbling 3 percent.
Japanese GDP contracted an annualized 1.6 percent in the July-September quarter, compared with a 2.1 percent increase forecast by economists in a Reuters poll. That followed a revised 7.3 percent contraction in the second quarter, which was the biggest slump since the March 2011 earthquake and tsunami.
The shockingly downbeat report reinforced expectations Prime Minister Shinzo Abe will delay a sales tax hike, set for October next year, after a hike in the tax in April took a heavy toll on consumption.
The dollar initially rallied as high as 117.06 yen , but gave up those gains in extremely volatile trade as the Nikkei extended losses. Many market participants, particularly foreign investors, sell the yen to hedge their equities positions, so the Japanese currency tends to gain whenever stocks drop. The dollar was last down about 0.4 percent at 115.74.
"Dollar/yen has been moving recently in close relationship with (Japanese) equities so the Nikkei's fall knocked the pair from its highs," said Masafumi Yamamoto, a market strategist at Praevidential Strategy in Tokyo.
"The GDP data was so unexpectedly weak and clouded many prospects taken for a given," he said.
The yen's renewed strength helped push down the dollar index <.DXY> about 0.2 percent to 87.369.
On Wall Street on Friday, U.S. shares were slightly lower, but still logged weekly gains and were underpinned by data showing most U.S. retailers reported strong sales in October and consumer sentiment rose to a seven-year high in November.
Two separate reports on Friday showed Americans' expectations for long-term inflation fell, and import prices slipped 1.3 percent in September as cheaper oil and a strong dollar slashed prices of imported items.
Leaders from the G20 group of nations agreed on Sunday to boost global growth, tackle climate change and crack down on tax avoidance, but ties between the West and Russia showed signs of fraying over the Ukraine crisis.
The euro added 0.2 percent to $1.2542, holding well above a two-year low of $1.2358 touched on Nov. 7.
In contrast with Japan, data on Friday showed the euro zone economy grew more than expected in the third quarter as France beat market forecasts and Germany narrowly avoided a recession. The 18 countries sharing the euro expanded 0.2 percent in July-September compared to the previous three months, when they grew 0.1 percent.
In commodities trading, U.S. crude dropped about 0.8 percent to $75.18 a barrel, moving back toward a four-year low of $73.25 marked on Friday. Brent crude shed 1.1 percent to $78.55.
Spot gold edged up slightly on the day to $1,189.08 an ounce, after its 2.5 percent surge on Friday on short-covering and fund buying.

(Additional reporting by Kazunori Takada in Shanghai and Shinichi Saoshiro in Tokyo; Editing by Shri Navaratnam and Eric Meijer)

Culled from Reuters in yahoo finance

3 reasons to be optimistic you'll get a raise in 2015-Beth Ann Bovino

Thinkstock

American workers should be feeling their best since the start of the Great Recession. Unemployment is at its lowest level since 2008.

Yet while jobs have returned, wages have remained relatively stagnant, rising just 2% in the past year. More people may be clocking in, but a sense of "just getting by" continues to permeate the national mindset.
Luckily, 2015 will almost certainly usher in some much needed wage growth for U.S. workers. We expect wage growth next year to get close to 2.5% growth by year-end. This is well below the peak 3.5% rate seen before the crisis, but a step above the sluggish wage gains we've seen through most of the recovery.
Here are three reasons wages are likely to rise next year:
1. People are finding jobs
Short-term unemployment, which tracks workers who are out of the job market for six months or less, is at its lowest since the start of the recession. This shows a strong market for workers who come with readily available skills and can often demand higher wages.

Conventional economic models often use the total U.S. unemployment rate (currently 5.8%) as the measure of labor market tightness. But the long-term unemployed make up a large share of the overall jobless rate. With diminished job opportunities and a greater chance of leaving the work force all together, the long-term unemployed have less influence on wages, meaning overall unemployment may have been less accurate as a predictor for salary increases.
Don't get me wrong, the long-term unemployment and total rate are critical in gauging the overall health of the labor market. But the short-term unemployment drop is a positive sign for wages.
2. Workers are feeling confident enough to quit
The so-called job "quit rate" has hit its highest level in six years, according to the Bureau of Labor Statistics' September job openings and labor survey.
Workers who start voting with their feet are a good thing for wage appreciation. It signals the labor force feels confident they can quit in order to look for new jobs at potentially higher salaries.

3. Labor costs are going up
U.S. employers' labor costs are on the upswing, and that's yet another sign that worker pay could finally break out of its post-recession pattern of sluggish growth.
The Employment Cost Index (ECI), a broad gauge of wage and benefit expenditures, rose a seasonally adjusted 0.7% in the second and third quarters as compared to 0.3% in the first quarter. Early on during the recovery much of the overall gain in the ECI was from a jump in benefits. This time wages and salaries, which account for roughly 70% of compensation costs, jumped 0.8%.
All that said, the news on wage growth will not be good for all. While certain jobs require higher and higher salaries, a large number of American workers aren't seeing any, or very little, wage growth.
What's more, while the short-term unemployed are finding jobs, many of the long-term unemployed often remain without work, or leave the jobs market altogether, ultimately ending up as causalities of the Great Recession.

After five years of relatively high unemployment and wage stagnation, however, these indicators can help keep the U.S. from slipping back into the doldrums of a tough recession as Europe is.
If the higher wages do take hold, workers may start spending more, which means businesses will feel more apt to hire, and a positive cycle can ensue.

If this scenario plays out, it may finally be time to walk into your boss's office and ask: 'how about that raise?'

Beth Ann Bovino is U.S. Chief Economist for S&P Ratings.

culled from CNN money in Yahoo finance

Take care of yourself first in retirement-By Dave Bernard By Dave Bernard

Thinkstock

When you retire you become personally responsible for your own happiness. How you spend your time and what you do is up to you. The freedom you feel can be refreshing, liberating and inspiring. However, if your retirement journey does not go the way you hoped, who is to blame? Your retirement happiness rests in your hands. Here's what you can do to maximize your chances of setting up a successful retirement.

Don't get caught up doing things you don't want to do. When the world learns you have free time on your hands, everyone will be knocking at your door. There is no limit to the number of worthy causes that will try to enlist you to do your part. Grown children will quickly translate your new freedom into an always open babysitting service available at their beck and call. Even a "honey do" list might get a bit out of control. It will be up to you to ration your time in a manner that satisfies you as well as the world around you. Learn to be selective and say "no".
As we age we need to maintain and expand our social network. It is important to interact with others and get involved. But if you really do not want to attend a particular dinner party or if the thought of attending the next symphony bores you, why force yourself to go? At a time when you are finally in charge of your calendar, choose what you want to do, not just what you feel obligated to do. This is your chance to look forward to your social life rather than dread it.
Set your own priorities. While on the job you typically focus on the things most important to your boss. Chances are you do not even have much input. Now that you are retired you get to do what is most important to you. Put goals at the top of your list that you consider the most important and also the most fun. Why not focus your attention on what you really enjoy? You can worry about less significant goals later.
It's OK to do nothing. Many of us find ourselves occasionally overwhelmed with all we have to get done and seemingly impossible deadlines. The thought of taking a break feels like an impossible dream. But in retirement it is OK to do nothing. In fact, finally getting to do nothing is an important part of retirement happiness. Look for the right mix of meaningful activities and serious downtime that best compliments your retired lifestyle. This balance can help keep you engaged and challenged while providing ample time to recharge and reset.
Keep active in mind and body. If we do not exercise our minds and bodies, they will not continue working the way we want them to. Obviously the biceps of a 65-year-old will not be as impressive as those of a 25-year-old, but that does not mean we cannot strive to be as fit as we can at any age. Exercising our bodies, challenging our minds, stretching beyond our comfort zone and keeping engaged with life are important ingredients for a healthy retired lifestyle. To give your mind a good workout, keep learning new things. Try to challenge your brain by learning a new language, signing up for a class, expressing your artistic side or taking a shot at something you have never done before. Each of these activities will challenge your brain to perform new tasks.

Enjoy the little things. With your calendar only as busy as you make it, retirement affords the opportunity to appreciate small moments that are frequently overlooked while caught up in the frenzy that life can be. This is your chance to slow down and take it all in. I love spending my mornings in the backyard with a nice cup of coffee and watching the sun moving up through the trees as it warms away the night coolness. Hummingbirds chase one another for the right to the feeder while my two cats vie for attention at my feet. This gradual start with time for reflection helps me prepare for the day ahead. Living at a less hectic pace helps me to take in the little details that make a moment special.

UsNews