FAA changes policy on electronics during flight and the jobless rate in the Euro zone remains at record highs.
FAA determines airlines can expand use of electronic devices during flights
CNBC is reporting that the FAA has expanded the use of electronic devices during flights. Details are not yet available.
Jobless rate in Euro zone stays at record high
The number of people out of work in Europe rose slightly in September up to 12.2 percent, a record high and the same as the figure in August. The New York Times reports that while the percentage remained the same; the absolute number of jobless people in the 17 countries in the euro zone rose by 60,000 from a total of about 19.5 million. The highest jobless rate was in Greece and lowest in Austria. The unemployment rate in Germany was 5.2 percent, compared to Greece where unemployment remains at 27.6 percent.
Retailers brace for cut in food stamps
Retailers and grocers are bracing for a slowdown in consumer spending when a temporary boost in food stamp benefits expires on Friday. The Wall Street Journal indicates that the change will leave 48 million Americans with an estimated $16 billion less to spend in the next three years. This comes after the expiration of the payroll tax cut earlier this year cut 2 percent off consumers’ paychecks. Enrollment in the food stamp program increased by 70 percent from 2007 to 2011 before leveling off. The cuts will impact grocers as well as stores that depend heavily on low-income shopping, such as Wal-mart and Target.
Wal-mart to announce three US manufacturing projects
Wal-Mart will announce three new manufacturing commitments for US made products, according to USA Today. The move is part of the company’s previously announced pledge to buy an additional $50 billion in US made products over the next decade. The announcement will be made with US Commerce Secretary Penny Pritzker at SelectUSA, a two-day event designed to promote investment and job creation in the US.
Brazilian Billionaire files bankruptcy
Brazilian billionaire, Eike Batista, filed for Brazil’s largest historical bankruptcy on Wednesday, after his OGX oil company failed to produce the promised 10.8 billion barrels of oil. OGX went public in 2008 for $4.1 billion, according to the Wall Street Journal. At that time it was Brazil’s largest initial public offering of stock. OGX shares are down 96 percent in the last 12 months. The bankruptcy will impact investments made by PIMCO and Blackrock, two of the largest investors in OGX, along with the Ontario Teachers pension fund.
Pricewaterhouse Coopers to buy Booz & Co.
Accounting giant Pricewaterhouse Coopers agreed on Wednesday to buy management consulting firm Booz &Co in one of the biggest deal involving an account firm in the past decade. The Wall Street Journal reports that while the terms were not disclosed, Booz had about $1 billion of revenue in 2012. PwC has about $32.1 billion of annual revenue, however, it hopes to expand its advisory consulting business.
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.