plus 4, Congress targets bank overdraft fees - The Daily Advertiser

Congress targets bank overdraft fees - The Daily Advertiser
Snowbirds: Golden geese? - Desert Sun
Public Services at risk: Cuts in Teachers, Libraries, Fire Departments ... - Democratic Underground.com
Market Wire Update: Weekly Currency Thoughts - Forex Pros
Interest in exporting gaining speed locally - News-Press

Congress targets bank overdraft fees - The Daily Advertiser

Posted: 01 Nov 2009 01:12 AM PDT

WASHINGTON — Senior congressional Democrats say legislation is still needed to limit how lenders charge customers who overspend on their accounts, even though some big banks have already curbed high-fee overdraft programs.

Rep. Barney Frank, the chairman of the House Financial Services Committee, on Friday joined Senate Banking Committee Chairman Chris Dodd, D-Conn., in calling for legislation that would require banks to ask customers whether they want overdraft protection.

"Don't do favors for people without asking them," said Frank, D-Mass., at a hearing on a House overdraft bill introduced by New York Democratic Rep. Carolyn Maloney.

Most banks automatically allow customers to overdraft their accounts, then charge them $25 to $35 per infraction. Banks say that customers want the protection, rather than being denied a purchase at the cash register.

In recent weeks, several major U.S. banks, including Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co., have said that they will allow customers to "opt out" of their overdraft programs.

The House and Senate bills under consideration would go further by requiring that fees be proportional to the cost of the overcharge. The legislation also would prohibit banks from imposing more than one overdraft fee a month, or six per a year.

The recently announced policies by banks seemed too little, too late for federal regulators and lawmakers who say tougher rules should be imposed.

By the end of the year, the Federal Reserve is expected to issue new regulations on overdrafts. Congressional Democrats say they want new rules codified into law.

During Friday's hearing, consumer advocates hailed the proposed law while bank representatives said it was unnecessary.

Michael Menzies, president of Maryland's Easton Bank and Trust Company, said eliminating overdraft protection for many customers will mean denying charges and embarrassing customers or forcing them to rely on high-cost payday lenders.

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Snowbirds: Golden geese? - Desert Sun

Posted: 01 Nov 2009 07:21 AM PST

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Making customers happy is key

When Mel Haber started doing business in the desert 35 years ago, he was advised the money-making months were February, March and April.

"An old-timey said to me, 'Those are the magic 100 days,'" said Haber, owner the Ingleside Inn and of Melvyn's Restaurant & Lounge in Palm Springs.

In those days, bookings at the Canyon Hotel served as the season bellwether. He doesn't have a prediction for this season.

"I have no real gut feeling to what this year holds. It's still pretty tough out there," he said. Business at his restaurant and hotel are down about 20 percent from last fall.

"In these tough times, you've got to make customers as happy as you can possibly do it."

Consumers are more knowledgeable this fall, too, said Judy Vossler, senior vice president for Landmark Golf. The management firm handles SilverRock Resort in La Quinta among other Southern California courses.

Valley golf courses saw a drop in attendance and demand for tee times last year. Many slashed their rates to entice golfers.

"I think the consumer is more aggressive about looking for deals because they're more savvy than they were last year," Vossler said.

"They've had a whole year to educate themselves on how to find lower rates on the Internet, how to wait till the day before."

That said, golfers want to play on some of the Coachella Valley's finest courses. If here for a week, the enthusiast will find a way to fit a round at SilverRock into the budget, Vossler said.

"They're also going to splurge."

Establishing their second homes

Greg Berkemer, executive vice president of California Desert Association of Realtors, said the valley has always focused heavily on the Canadian market, even when the loonie didn't always work in their favor.

Now that the exchange rate is better, the desert is an attractive real estate option.

"One of our goals this year, and going into next year, is to build an international division that conducts training in the area on ways to encourage people to come to the desert and buy a home here," he said.

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Public Services at risk: Cuts in Teachers, Libraries, Fire Departments ... - Democratic Underground.com

Posted: 01 Nov 2009 06:38 AM PST

One can only hope the Little People will realize these cuts are a small price to pay for glory of the Forever War and the Bank Bailout.

http://www2.timesdispatch.com/rtd/news/local/article/BU... /

Take $60 million out of Chesterfield County's $1.2 billion budget, and these are some of the things that could disappear:

•jobs for 225 teachers and 32 school resource officers, 30 firefighters and 30 police officers;

•four libraries and a couple of fire stations; and

•10 government and public school departments, including health, planning, finance and budget.
And then take away 2 percent of the pay for school employees who still have jobs.

Chesterfield is painting a grim picture to prepare the public for an anticipated $60 million shortfall in next year's budget for general government and schools. And that's before other potential cuts in state aid to localities when the General Assembly and a new governor adopt a two-year budget next spring.

"There have to be changes in what and how services will be delivered to the community," said Allan M. Carmody, director of budget and management.

But Chesterfield is far from alone. More than 100 Virginia localities say they will be less able to provide public services in the budget year that begins July 1 than they can now, according to a survey released recently by the Virginia Municipal League and Virginia Association of Counties.

The localities will have less federal stimulus money to fill the gaps created by declining local and state revenues, but demand for services is increasing in a recession that has eliminated thousands of jobs in the region.

more...

http://www2.timesdispatch.com/rtd/news/local/article/BU... /

Goochland schools face staff cuts because of budget

Goochland County schools will have to cut staff because of budget reductions, school officials say.

The cuts are in response to the county's projected revenue shortfall of $2.5 million this year and $5.4 million next year.

In an Oct. 6 letter to school Superintendent Linda Underwood, County Administrator Rebecca T. Dickson wrote that in 2011 local funding for schools will be cut by 15 percent, or $2.9 million. The county also is asking the school system to cut $650,000 from this year's $27.1 million budget.

The school system employs about 400 workers, including 200 teachers.

Underwood met with nearly 300 of those staff members Wednesday afternoon to discuss the reduced funding. She hasn't said how many staff members could be cut because of the budget shortfall.

"Tragically, we will have to make reductions in staff," she added. "Eighty percent of our budget goes toward contracted staff, so we don't have much left in terms of other things we can cut."

more...

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Market Wire Update: Weekly Currency Thoughts - Forex Pros

Posted: 01 Nov 2009 07:43 AM PST

www.TheLFB-Forex.com The Forex Trader Portal

Market Wire Update:

Weekly Currency Thoughts

In the weekly Currency Thoughts review, Larry Greenberg reveals the detail behind one of the busiest economic weeks of the year. The U.S. turns its clocks back one hour to standard time this weekend. Some markets but no major ones will be shut Monday for All Souls' Day, and Japan is closed Tuesday for National Culture Day. Central bank meetings will be held in the United States, Euroland, Britain, Indonesia, Hong Kong,

The Philippines, Romania, Peru, Czech Republic, Australia and Iceland. Australia and Iceland are the only significant candidates for a rate change. Australia is expected to implement a second rate hike, while another cut in Iceland is quite possible.

The Bank of England will keep its 0.5% rate target but may announce plans to buy additional gilts, lest that program stop. The Bank of Japan and Swedish Riksbank will publish minutes from previous policy meetings, and the Reserve Bank of Australia will release a Quarterly Monetary Policy Statement. The release of monthly PMIs scores, the U.S. labor force survey, British industrial production, and retail sales figures for the euro area are the most significant data releases. Finance Ministers from the Group of Twenty meet on Thursday.

Preliminary PMI readings for Euro-land, Germany, and France have already been published and will be revised. Japan has already released its manufacturing index. Other countries releasing factory PMIs include Taiwan, South Korea, the Netherlands, Australia, Britain, Greece, Italy, Spain, the Czech Republic, China, Ireland, Poland, Turkey, India, Russia, South Africa, Switzerland, Sweden, the United States, and Britain.

Japan, Australia, Euroland, Germany, France, Italy, Spain, Ireland, India, Russia, Hong Kong, and the United States also report service-sector purchasing manager indices, and Britain will release both a services PMI and a construction sector PMI.

Scheduled U.S. data besides Friday's labor force report and PMIs include construction spending, light vehicle sales, pending home sales, ADP private jobs, consumer credit, wholesale inventories, and the usual weekly stuff like mortgage applications, energy inventories, chain store sales, consumer confidence, and jobless claims. Tarullo, Evans, and Duke from the Fed will be speaking.

From the euro area, investors will receive news on producer prices as well as the PMIs and retail sales. Germany reports industrial orders, France announces trade and budget data, and the Netherlands releases consumer prices. Trichet, Weber, Mersch, Paramo, and Constancio from the ECB will be speaking.

Many British statistics are due in addition to the PMIs: Nationwide's gauge of consumer confidence, industrial production, car sales, producer prices, shop prices, the Hometrack and Halifax house price indices, and an estimate of monthly GDP growth from the National Institute of Economic and Social Research. Swiss consumer prices and Norwegian industrial output are also on the week's data calendar. Czech and Hungarian industrial production figures will be reported

Wage earnings, auto sales, the private consumption index, monetary base, and index of leading economic indicators are on Japan's slate, and BOJ Governor Shirakwa speaks publicly. A sampling of other Asian data releases includes Indonesian trades and consumer prices, Thai and Taiwanese consumer prices, South Korean, Indian and Malaysian trade figures, and Hong Kong retail sales.

Canadian monthly labor statistics will be reported 90 minutes before the U.S. labor force survey on Friday. Canada also releases building permits and the IVEY PMI index next week. Peru and Chile release consumer prices, and Mexico reports consumer confidence.

Australia announces house prices, retail sales, building approvals, and trade figures, while New Zealand unemployment and quarterly labor costs get reported. South African reserves and auto sales are due, and so are Turkish consumer and wholesale prices.

CurrencyThoughts is a stand-alone independent advisory service that integrates all global financial markets and the macroeconomic trends that make them tick.

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Interest in exporting gaining speed locally - News-Press

Posted: 01 Nov 2009 07:35 AM PST

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According to Wilmot, the export array includes signs, dietary supplements, drill bits, saws, boats and other marine goods, electrical power boxes, used clothing and scrap metal.

Earlier this month Wilmot's company coordinated the shipping of four pieces of construction equipment to Poland. New and used luxury cars also are sent from local dealers and owners to overseas markets: "We sent a Lexus to Spain in a container," Wilmot said.

Southwest Florida lacks a deep-water, commercial seaport. That means heavy or bulky goods typically are trucked to Miami, Jacksonville or another Florida port for container-based shipping.

Smaller items needed in a hurry might go via air cargo out of Southwest Florida International Airport.

Bonita Springs-based Shaw Development makes parts for heavy on- and off-road vehicles, exporting mainly to the United Kingdom, Europe, Japan, Singapore, Brazil and Canada, said Kevin Hawkesworth, president and CEO.

Although its freight goes by ship, "we do a lot of (passenger) flights out of Southwest Florida International," Hawkesworth said. "You need to be in front of your customer on a regular basis."

Despite local successes in small-business exporting, there's a long way to go in reaching the practice's full potential. Of the nation's 27.2 million small businesses, only 1 percent export - leaving a nearly $2 trillion venture largely to big businesses, according to the U.S. Small Business Administration.

Inexperience and not knowing where to get expansion loans are two reasons some companies hold back, according to international business counselors.

"We know small companies who have successfully utilized programs through the Small Business Administration and Export-Import Bank of the U.S. to start or expand their export efforts," Campbell said.

Don't get into exporting for the emotional high of selling overseas; do it if it makes financial sense, Wilmot said.

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