China builds world's fastest super computer
China has built the world's fastest supercomputer, almost twice as fast as the previous US holder, according to CNBC. The semiannual TOP500 listing of the world's supercomputers released Monday says the Tianhe-2 developed by the National University of Defense Technology in Changsha, China is capable of sustained computing of 33.86 petaflops per second. That is the equivalent of 33,860 calculations per second. The US Department of Energy's Titan machine, the second fastest supercomputer, is only capable of 17.59 petaflops per second. It's the second time China has had the fastest computer.
Credit card delinquencies declined in May
According to the Wall Street Journal, late credit card payments declined for major lenders in May. The decline in delinquencies will enable banks to boost their earnings by releasing funds set aside from future losses, generally known as loan reserves. Historically, delinquency rates are between 3 and 5 percent. In May delinquency rates were at 1.1 percent.
US homebuilder confidence at 7 year high
The Associated Press is reporting that for the first time in seven years, homebuilders are optimistic about home sales. The National Association of Home Builders/Wells Fargo Builder Sentiment Index leapt to 52 this month from 44 in May. It was the largest increase since 2002. A reading above 50 indicates that builders believe opportunities for home sales are good. The Index has not been this high since May of 2006, right before the housing market collapsed.
7-Eleven stores raided in smuggling probe
Nine owners and managers of 7-Eleven stores in Long Island and Virginia were charged Monday in a scheme to exploit immigrants from Pakistan and the Philippines, according to USA Today. The defendants were charged with employing more than 50 illegal immigrants and paying them by using stolen Social Security numbers. The stolen Social Security numbers included a child and three dead people, including a deceased Coast Guard cadet. When the 7-Eleven headquarters sent the pay for distribution, the employers stole significant portions of the workers pay. They also forced the workers to live in houses they owned and pay them rent in cash. the government seized the franchise rights of 10 stores in New York and four stores in Virginia.
US falls behind in creating rich entrepreneurs
A new study from Barclay's, reported by CNBC, indicates that 40 percent of millionaires with over $1.5 million of investable assets cited a "business sale or profit from" their business as a source of wealth on a worldwide basis. In the US, only 21 percent of millionaires cited the sale of a business or profit therefrom as the source of their wealth. The Kaufmann Foundation found that there were 514,000 new business owners per month in 2012, down from 543,000 in 2011. The 2012 numbers were the lowest in 5 years. But the Barclay's report believes that the wealth cycles in other countries are still developing.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.
McBreen has a B.S. in speech communications from Northwestern University and a J.D. from DePail University College of Law. She is a member of the American Bar Association, the Illinois Bar Association, and the Chicago Bar Association.
Well-known for her expertise in the affluent and retirement arenas, McBreen is a frequent speaker at industry conferences. She has been quoted widely by the financial media, including The Financial Times, The Wall Street Journal, Research, Private Asset Management, On Wall Street, Reuters, Bloomberg News, The Dow Jones Newswires and Worth. Cathy has appeared as a guest on CNBC Closing Bell, First Business Morning News, Neal Cavuto at Fox Business News, ABC and CBS radio.
McBreen is co-author with Spectrem President George H. Walper, Jr. of the book "Get Rich, Stay Rich, Pass It On: The Wealth-Accumulation Secrets of America's Richest Families" (Portfolio, January 2008)
Catherine is the mother of four and is involved in many school and community events.