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New Citi Survey Finds 62% of Americans Believe the Economy Has Yet to Hit Bottom

July 23, 2010 By vani Leave a Comment

A Quarter of Americans Struggling with Debt, including Highest-Income Earners

More than Half of Americans Not Taking Summer Vacations, Citing the Economy
NEW YORK–(Business Wire)–
A new nationwide survey issued today by Citi, and conducted by Hart Research
Associates, shows that nearly two-thirds of Americans (62 percent) believe the
economy has yet to hit bottom. This represents a 3 point decline from March,
when 59 percent said we have a long way to go, and a return to the level
measured in September (63 percent). According to the survey, just one-third (33
percent) believe the economy has hit bottom, even though Commerce Department
data indicates the U.S. economy resumed growing in 2009`s third quarter.

In addition, the data reveals that, as we pass the halfway point of 2010,
Americans` expectations for when the economy will stabilize for their households
have slipped quite far into the future, with 62 percent believing it will be at
least two or three years, if not longer, and more than one quarter (28 percent)
believing it will be four or more years until the economy stabilizes for their
household.

At the same time, however, Americans` views on current economic conditions, as
well as their outlook on their own personal financial situations, are improving
or holding steady.

According to the data:

* Twenty-four percent say the local economy where they live is good or
excellent, up from 19 percent in March.
* The percentage of Americans who say their personal financial situation is
better now than a year ago has improved slightly since March (17 percent versus
15 percent). Fifty-two percent said their personal financial situations are
about the same as they were a year ago.
* Although down slightly from March, 64 percent of Americans remain very or
somewhat optimistic that their financial situation will improve in the next
twelve months, compared to 32 percent who are somewhat or very pessimistic.

Americans` views on local employment opportunities, however, remained weak, with
85 percent reporting opportunities as only fair (36 percent) or poor (49
percent). In a measure of potential consumer demand, 62 percent of Americans
believe that, in the current environment, it is only a fair (30 percent) or poor
(32 percent) time to make a major household purchase, up from 61 percent (27
percent and 34 percent, respectively) in March.

“Clearly, the mood of Americans has been heavily influenced by the unemployment
numbers here at home and the news of economic woes in Europe,” said Jonathan
Clements, Director of Financial Education at Citi Personal Wealth Management.
“And yet, if you dig deeper, consumers are actually feeling a bit better about
their own finances and the local economic outlook. The big question is, could
the gloomy news become a self-fulfilling prophesy, prompting consumers to
restrain their spending, thus hurting the economic recovery?”

A Quarter of Americans Struggle with Debt, Highest-Earning Americans Impacted As
Well

Americans of all ages and income levels are struggling with debt. The survey
found that, while no one category of debt presents a major problem to more than
about a tenth of U.S. families, as many as 25 percent responded that there is at
least one category of debt that is a major challenge or is becoming
unmanageable.

* Of those surveyed, health expenses are a major or unmanageable problem for 11
percent followed by credit card debt (9 percent). Including other categories of
debt such as mortgage debt (6 percent), student loans (5 percent), consumer
loans (2 percent), and child support (1 percent), a full quarter of the public
reports a major or unmanageable problem with at least one category of debt.
* People in their 30s (32 percent) report having at least one area of debt that
is a major or unmanageable issue, higher than any other age group. This compares
with Americans under age 30 (28 percent), in their 40s (30 percent), and in
their 50s (27 percent) who responded similarly.
* Interestingly, among the top-income bracket (Americans earning more than
$150,000 annually), 21 percent report having at least one area of debt that is a
major or unmanageable issue. This compares to 15 percent of Americans earning
$75,000-$150,000; 22 percent earning $50,000-$75,000 and 33 percent earning less
than $50,000 annually.

“It is startling to see more than a fifth of high-income earners express
concerns about their debt,” noted Clements. “This may speak to their
overconfidence during the boom years, as they took on first and second mortgages
to buy real estate and pay other expenses.”

Summer of the `Stay-cation`

Reflecting current economic worries, three in five Americans responded they will
either not vacation at all or will stay home during their time off this summer.

* A full 51 percent of Americans say they will not take any vacation at all this
summer.
* Sixty percent of Americans will either not vacation at all or else will stay
at home as their vacation.

Clements added, “Given the sluggish economic recovery, it is no surprise that
Americans remain conservative with their spending, saving and summer vacation
plans. Americans` fiscal discipline is admirable. Still, lower consumer spending
may slow the economic recovery.”

Majority of Americans Believe They Are Living the American Dream, Especially
Older Americans

Despite the current economic challenges, Americans remain remarkably optimistic.
The survey found that 53 percent of Americans believe they are living the
American dream and nearly three in four (73 percent) say they are either living
the dream now or expect to live the dream in the future. Older Americans lead
the way in responding they are currently living the dream, while young Americans
remain hopeful.

* Sixty-five percent of Americans over age 70 believe they are currently living
the American dream.
* Comparatively, more than half of Americans in their 60s (56 percent), 50s (55
percent), and 40s (51 percent) also say they are currently living the American
dream.
* Forty-seven percent of Americans under age 30 say they are currently living
the American dream, while just 43 percent of Americans in their 30s say they
are.
* A full 83 percent of 18-to 29-year-olds believe they are or will live the
American dream in the future, while people in their thirties remain hopeful, but
less so (75 percent).

By 56 percent to 24 percent, a majority of Americans believe that the American
dream is more defined by family, faith and freedom than it is defined by
material goods or financial elements such as housing, income or lifestyle.

Citi conducted this nationwide survey as part of its ongoing effort to better
understand changes in the needs of the consumers and communities the company
serves.

Survey Methodology

Hart Research Associates conducted the telephone survey of 2,005 adults
nationally from June 22-29, 2010. The Random Digit Dialed (RDD) survey has an
overall statistical margin of sampling error of plus or minus 2.2 percentage
points. The survey also included a panel of respondents who use only a mobile
telephone.

About Citi

Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries. Through
Citicorp and Citi Holdings, Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, and wealth management. Additional information may be found
at www.citigroup.com or www.citi.com.

Media:
Citi
Liz Fogarty, 212-559-0486

Filed Under: International News Tagged With: Business Survey, business wire, Citi, Commerce Department, Data Reveals That, economic conditions, economy, Halfway Point, Hart Research, household, households, Income Earners, march 17, Personal Financial Situation, Personal Financial Situations, Point Decline, summer vacations, twelve months, two thirds, york business

S.Korea KOGAS says June LNG sales up 33 pct y/y

July 14, 2010 By vani Leave a Comment

July 13 (Reuters) – South Korea’s state-owned Korea Gas Corp (KOGAS) (036460.KS) said on Tuesday it sold 1.77 million tonnes of liquefied natural gas (LNG) in June, up 33 percent from a year earlier.

Of the total, 818,856 tonnes were for household and business consumption, while the remainder went to power generation, KOGAS, the world’s biggest corporate buyer of LNG and South Korea’s sole wholesaler, said in a filing to the stock exchange.

(Reporting by Cho Mee-young; Editing by Jonathan Hopfner)

Filed Under: International News Tagged With: cho, consumption, corporate buyer, Gas Lng, household, jonathan, Kogas, Korea Gas, Liquefied Natural Gas, pct, power generation, remainder, reuters, sole, South Korea, stock exchange, tonnes, wholesaler

S.Korea KOGAS May LNG sales up 52.7 pct y/y

June 12, 2010 By vani Leave a Comment

June 11 (Reuters) – South Korea’s state-owned Korea Gas Corp (KOGAS) (036460.KS) said on Friday it sold 1.9 million tonnes of liquefied natural gas (LNG) in May, up 52.7 percent from a year earlier.

Utilities

Of the total, 989,151 tonnes were for household and business consumption, while the remainder went to power generation, KOGAS, the world’s biggest corporate buyer of LNG and South Korea’s sole wholesaler, said in a filing to the stock exchange.

(Reporting by Suh Kyung-min and Cho Mee-young; Editing by Jonathan Hopfner) ((meeyoung.cho@thomsonreuters.com; +82 2 3704 5653; Reuters Messaging: meeyoung.cho.reuters.com@reuters.net))

Czech utility CEZ enters retail gas market

June 4, 2010 By vani Leave a Comment

June 3 (Reuters) – Czech power group CEZ — central Europe’s biggest utility — has entered the retail gas market in its home country and hopes to carve out market share by offering cheaper supplies bought on the spot market, it said on Thursday.

Utilities

CEZ (CEZPsp.PR) declined to give details on projected market share in the retail market but said cheap spot prices spurred it to challenge dominant Czech gas supplier RWE Transgas.

Alan Svoboda, the utility’s head of sales and trading, said European gas companies like RWE were locked into long-term take or pay contracts and ended up selling unused gas on the spot market it did not need due to the economic crisis. This forced down spot prices, he said.

“CEZ took advantage of the situation on the spot market for favourable purchase of gas,” Svoboda said.

CEZ started offering gas to big corporate customers in the fourth quarter of 2009. For 2010, they contracted deliveries 1,726 GWh, gaining a 5 percent market share among large corporate customers.

Earlier this week, RWE Transgas, a unit of Germany’s RWE (RWEG.DE), said it would raise household gas prices by 4.9 percent from the third quarter due to higher oil prices and a weaker Czech crown. (Reporting by Jan Korselt and Michael Kahn; editing by James Jukwey)

Filed Under: International News Tagged With: central Europe, Cez, Corporate Customers, Czech Crown, deliveries, economic crisis, Fourth Quarter, gas prices, household, june 3, market share, Michael Kahn, oil prices, Power Group, Retail Gas, retail market, reuters, rwe, Svoboda, transgas

Experts say Times Square bomb suspect picked wrong explosive

May 5, 2010 By vani Leave a Comment

New York, May 5 (ANI): Law enforcement sources have revealed that Times Square terror suspect Faisal Shahzad packed an SUV with the wrong explosive material, and therefore, was unsuccessful in his attempt to bomb the area and kill people.

According to FoxNews and the New York Post, investigators said they found a complicated but “amateurish-looking” homemade device, a mishmash of household and garden store products including eight bags of sugar nitrate fertilizer — but not ammonium nitrate, which can produce a dynamite-like explosion.

They said that had the device functioned properly, it probably would have created a deadly fireball — though not nearly as disastrous as an ammonium nitrate device.

Frank Doyle, a former bomb expert and 33-year FBI veteran, said he doubted Shahzad received proper training in Pakistan or elsewhere to build a bomb, particularly when it came to what type of fertilizer he used.

“I would question his degree of training or whatever he knew about it,” Doyle told FoxNews.com.

“That”s only one of a series of really serious mistakes he made,” he added.

Doyle declined to indicate what material Shahzad should have used to detonate the device he allegedly packed in an SUV in the middle of Times Square.

“As a member of this community, I don”t want to teach them how to correct it,” Doyle said.

The fact that Shahzad used the incorrect type of fertilizer for his device should be considered a “blessing, if not luck,” he said. (ANI)

Filed Under: International News Tagged With: Ammonium Nitrate, Bomb Expert, Build A Bomb, dynamite, explosion, Explosive Material, fbi, fireball, Frank Doyle, household, investigators, law enforcement sources, Mishmash, new york post, Nitrate Fertilizer, Pakistan, shahzad, terror, times square, Veteran

Matt Damon, wife ‘expecting third child’

April 28, 2010 By vani Leave a Comment

New York, Apr 28 (ANI): Matt Damon and wife Luciana are expecting their third child together, it has been reported.

The couple, who has been married for more than four years now, are already parents to daughters Isabella, 3, and Gia, 21 months. And now, the Damon household is about to get a lot noisier, UsMagazine.com reports.

Luciana also has an 11-year-old daughter, Alexia, from a previous marriage, reports The New York Daily News.

Damon, 39, and Luciana, 34, tied the knot at New York City Hall in December 2005. (ANI)

Filed Under: International News Tagged With: 21 months, alexia, household, isabella, knot, Luciana, marriage, Matt Damon, New York City, New York City Hall, new york daily news, parents, Third Child, York City Hall, york daily news

Child welfare under scrutiny

April 10, 2010 By vani Leave a Comment

How do two children end up being placed in the home of a convicted sex offender, namely the man who molested their mother?

This is the question it took the ABC weeks and a series of emails and phone calls to get the Department for Child Protection to answer, and still the details are sketchy.

The situation is this.

An eight-year-old boy and his three-year-old sister are unable to be cared for by their mother. So they are placed in their grandparents home.

In 2007, the grandfather is denied a Working with Children Check card because he has a conviction of sexually abusing his daughter.

The Department for Child Protection moves in and removes the children… but just two months later, the Children’s Court overrules the move and awards the grandparents a Parenting Order.

The opposition child protection spokeswoman Sue Ellery says it appears the Department was working against itself.

“It’s completely inconsistent to me that one part of the child protection system deems this man unfit to either work in a paid position or to volunteer with children and the other part of the child protection system deems it appropriate for these children to have daily access and supervision from this man,” Ms Ellery said.

The Department says the only avenue it had was to request a protection order from the court, so it could conduct regular visits to monitor their safety.

It maintains the children were never at any risk and that the grandfather was considered low risk.

But the National Chairwoman of Adults Surviving Child Abuse Cathy Kezelman says regular checks are not enough.

“As we know, the crime of child sexual abuse is a silent crime that occurs in secrecy and in private,” she said.

“So doing checks that come and go can not actually know what’s going on in that household from moment to moment.”

Ms Ellery says under no circumstances should the children have been placed in the home of a sex offender in the first place.

“A man who committed incest with his own daughter ought not be in a position where he has close household access to his grandchildren,” Ms Ellery said.

The Department

When the ABC first contacted the Department about the issue in late March, we were told that the children were safe and were being monitored.

After further questioning, the Department, in a statement, said it was “currently reviewing the case to determine whether it needs to return to the Children’s Court to seek care and protection orders for the children which would bring them under the guardianship of the Department”.

Ms Ellery says the process had taken far too long. She says she raised concerns about it when she was the minister in 2007.

“I certainly had concerns that I discussed with the director general of the department and with various staff including local staff that a man who had a conviction of child abuse against his own daughter was to be given close, domestic access to his own grandchildren, one of whom was a girl.”

The Department has refused to be interviewed over the matter and insisted on responding to questions via email.

The minister Robyn McSweeney declined twice to be interviewed, but after the story ran on ABC radio and television, she broke her silence.

“I won’t defend the indefensible. There is no way that I would condone any child being placed with a known sex offender,” Ms McSweeney said.

And she was quick to point the blame on the opposition.

“I am the first minister to take the children away from this situation.”

And the court also copped some of the blame.

“The department applied for a care and protection order and the courts decided to put the children back with the grandparents.”

“I’m not very impressed with a court system that puts children back in the home of a known sex offender.”

But, the Department won’t confirm it’s role in the court cases and whether its officers representing the children were supporting or opposing their placement into their grandparents home.

Ms Ellery says those questions must be answered.

The interim

Questions were asked as to what the government had been doing to rectify the situation since the children were returned to the home in 2007.

While the initial responses from the Department said the children were safe, the minister later said they’d been busy compiling evidence.

“I had to make damn sure that we had enough ironclad evidence that the department had enough ironclad evidence to go back to court,” Ms McSweeney said.

“And it’s ludicrous that you have to gather evidence to go back to court.”

But Ms Ellery claims the Department was handed evidence in November last year from a community member concerned about the treatment the children were receiving.

A letter from the community members dated November 17, 2009, states they were “horrified with the screaming and shouting from (the grandfather) directed at at the children… and constant crying from the girl.”

It also raised concerns that the children were often left alone in the home with their grandfather, a known paedophile.

The Department responded on November 26, advising them the grandfather “had been assessed as low risk by multiple qualified and experienced professionals, including clinical psychologists and forensic clinical psychologist.”

The letter goes on to say “that there is no further action required from DCP in regards to their concerns… and the DCP will continue to monitor the children…”

Movement

The children were removed from the home last week.

In a statement the Department said: “While in no immediate danger, it was clear that the placement was unsustainable due to the level of care being received by the children and the future risk as the children aged, evidenced by (the grandfather’s) previous convictions.”

The children are now in temporary foster care and the Department must go back to court to get permanent custody of them… but the minister can’t guarantee the court won’t return them to the home again.

Inquiry

Ms McSweeney told a news conference she would look into the circumstances, but the Opposition has called for something much tougher.

“There must be an external, independent inquiry into the circumstances that led the department to reach the conclusion, it now appears on numerous occasions, that this was a safe placement,” Ms Ellery said.

“The minister needs to satisfy the West Australian public that the Department argued strongly that this man should not have the kind of access that he had to his grandchildren and that the department has subsequently taken every every possible legal action to ensure that this man does not have ongoing, close household access to these children.”

Filed Under: International News Tagged With: Cathy, chairwoman, checks, Child Abuse, Child Sexual Abuse, child welfare, children, conviction, department, Ellery, grandparents, guarantee, household, incest, Moment To Moment, opposition, parenting, scrutiny, secrecy, sex offender, Silent Crime, spokeswoman, Working With Children

Higher bills to hit those already struggling

April 8, 2010 By vani Leave a Comment

The Salvation Army has warned that thousands of West Australians will struggle if household charges, including electricity, gas and water, increase again.

The Treasurer Troy Buswell has signalled a rise in household charges when the budget is handed down next month.

The government has already announced increases in electricity and gas tariffs and the Treasurer has indicated water charges will also jump.

Warren Palmer from the Salvation Army says families will be under immense pressure.

“We’re really anxious for thousands of West Australians that are being faced with the reality of sharp and stinging increases and continued increases to electricity, gas and water into the next year.

“In addition to this, there’s also continuing increases in rents which people are experiencing that are already at record levels.”

Mr Palmer says he expects to see an increasing number of people seeking help.

“I think one of the biggest challenges for families is there is little stability in living expenses around us, so everything is constantly increasing, so if it’s not one thing, it’s another, and that becomes increasingly difficult when you have to manage that.”

Filed Under: International News Tagged With: budget, Buswell, challenges, electricity, Gas Tariffs, household, immense pressure, Living Expenses, rents, salvation army, Water Charges, west australians

Happiness lies in earning more than peers!

March 23, 2010 By vani Leave a Comment

Washington, March 23 (ANI): The secret to happiness lies in earning more money than your peers, according to a new study.

Christopher Boyce, from the Department of Psychology at the University of Warwick in England, suggests that it does not matter how much wealth people make as long as they are doing better financially than their fellow mates.

We tend to be happy “as long as we”ve got more than the people around us,” Live Science quoted him as saying.

It apparently takes from the concept of “doing better than the Joneses,” which is common among children. For example, a toy gets ditched as soon as a shinier toy in the hands of another child is spotted.

Boyce insists it holds true for adults as well.

He added: “You might buy a new car. But if your neighbor has just bought the very same car, that new car doesn”t seem as good as it once was if you were the only one to have that car.”

The researchers studied the British Household Panel Survey data between 1997 and 2004, in which more than 80,000 participants rated how dissatisfied or satisfied overall.

They compared the subjects” income with various reference groups, including geographical region, gender and education, and age.

It was found that a person”s life satisfaction was primarily linked to the income position within each peer group.

The researchers cited the results to explain why when national economies grow, average happiness levels do not necessarily increase.

Boyce said: “It”s about having more than everyone else, which is why our nations are not increasing in happiness on average.

“Our study underlines concerns regarding the pursuit of economic growth. There are fixed amounts of rank in society – only one individual can be the highest earner.

“Thus, pursuing economic growth, although it remains a key political goal, might not make people any happier.”

The study has been published in a recent online edition of the journal Psychological Science. (ANI)

Filed Under: International News Tagged With: Christopher Boyce, department of psychology, economic growth, fellow mates, Gender And Education, Geographical Region, happiness levels, household, Joneses, Life Satisfaction, national economies, neighbor, new car, panel survey, peer group, psychological science, Reference Groups, Survey Data, university of warwick, Warwick England

Happiness lies in earning more than peers!

March 20, 2010 By vani Leave a Comment

Washington, March 20 (ANI): The secret to happiness lies in earning more money than your peers, according to a new study.