Obamacare website is providing insurers with incorrect information. China and Morgan Stanley have good news. Rio plans to battle alligators during Summer Olympic golf!
Obamacare website gives insurers incorrect data
Insurers say the federal healthcare marketplace is generating flawed data that is straining their ability to handle even the small number of enrollees who have gotten through the system so far. The Wall Street Journal reports the emerging errors include duplicate enrollments, spouses reported as children, missing data fields and suspect eligibility determinations. Blue Cross & Blue Shield of Nebraska claims It has been forced to hire temporary workers to contact enrollees directly to resolve inaccuracies in submissions. The flaws could do lasting damage to the law if customers are deterred from signing up or mistakenly believe they have coverage and they don’t. Health and Human Services has repeatedly refused to answer specific questions about the glitches.
China’s economic growth rebounds to 7.8 percent
China’s economic growth rebounded in the latest quarter, easing pressure on its leaders for more stimulus, according to the Associated Press. The Chinese economy grew by 7.8 percent compared to a year earlier in the three months ending at the end of September. The abrupt drop in demand for Chinese goods prompted the government to launch a mini-stimulus and spend more on railway construction and other public works to prop up growth temporarily. Asian markets were boosted by the news.
Morgan Stanley beats estimates
Morgan Stanley reported adjusted earnings for the third quarter that beat analysts’ estimates, according to the New York Times. The bank’s income from continuing operations, excluding certain charges, was $1 billion, or 50 cents per share for the quarter. Analysts had predicted 40 cents per share. The strong results are in direct contrast to a year ago when Moody’s downgraded the firms' ratings by two notches. The bank has recently changed its strategy to focus on less risky areas of the business such as wealth management.
S&P 500 closes at all-time high
The Standard & Poor’s 500 Index shot up to a record closing high in the first trading day after Congress averted a major debt crisis. USA Today reports that the S&P 500, one of the market’s broadest and most-closely followed indexes rose 11.61 point, or 0.7 percent, to close at 1,733.15, jumping past its all-time closing high hit on September 18. It closed at 1,725.45. Weak earnings from Goldman Sachs, IBM and other companies, however, caused the Dow to fall on Thursday.
As golf returns to Summer Olympics, Rio promises the alligators won’t bite
Golf is returning to the summer Olympic games in 2016 for the first time since 1904. As planners build the Olympic golf course in Rio, they are promising that the local type of alligator-like creature – the caimans- won’t disrupt the game. According to Bloomberg, as many as 6,000 caimans live in the sewage infested lagoons around western Rio, and some have moved into the golf course ponds. Brazil promises to have a strategy in place to keep the caimans away from people. They also promise that the caimans are night creatures and won’t be interested in the golf.
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.