At this point, its unclear whether people should be giving Mayor-elect Jorge Elorza their congratulations…or condolences due to his victory in the Providence mayoral election in November.
Thats because The city of Providence has bigger financial woes than Nicholas Cage. And that means Elorza has woes because hes the man that will be expected to right the financial ship of Providence, one way or another.
Awash in red ink
Put plainly, the city is awash in red ink. It faces a $17 million deficit in fiscal year 2016, and an even larger deficit of $24 million in 2017. Providence City Councilman Luis Aponte told Golocal last week that he believes the city could even end the current...
RadioShack announced a last-ditch attempt to avoid bankruptcy on Thursday morning, but industry observers think the iconic electronics sellers plan may be too little, too late.
The plan involves closing hundreds of stores, cutting budgets and laying off retail workers and employees in corporate headquarters, the company said in an announcement. RadioShack reported a loss of $161 million for the three-month period that ended November 1. Thats 18 percent more than the $136 million loss it suffered over the same period last year.
The company hopes to save more than $400 million with the slash-and-burn tactics. More than a quarter of the planned cuts, $105 million, are being made...
Sonali Kapoor has completed her course in fashion design and is looking for a job. While the wait tests her patience, her problems are compounded by the fact that she has taken an education loan of Rs 4 lakh. The loan repayment starts in a few months and If I dont find a job in time I may have to go home and ask my parents to repay the loan, says the 22-year-old.
Kapoor is part of a growing number of students who have been struggling to repay their education loans . A number of factors have contributed to this situation, starting with the 2008 recession when many people lost their jobs in the aftermath of the global financial crisis. Also, over the past few years, a number of sub-standard...
By ThÃogÃ¨ne Nsengimana
At least 44, 000 of the 49, 000 members of Umwalimu Savings and Credit Cooperative (Sacco) in Rwanda have secured a loan from the cooperative, an impact assessment survey shows.
The survey also revealed that Rwf57.9 billion was injected into loan portfolio during the 2013 fiscal year compared to 2.1 billion in 2009.
According to the survey, most teachers sought consumer loans instead of business loans needed to improve their welfare.
The survey aimed at evaluating the cooperatives contribution toward its members socio-economic welfare, so as to inform future planning and decisions.
Speaking at a workshop in Kigali...
You’ve Got Mail!
As holiday sales continue to migrate online, the risk for shipping notification and phishing scams are increasing. Though malware is a year-round risk, since many people do their holiday shopping online, consumers are more apt to click on a shipping notification or phishing malware e-mail because they think it is legit.
Everyone is searching for steals and deals during the holidays. Keep your eyes peeled (and your wallet in check) when online shopping for this season’s most coveted products. Dangerous links, phony contests on social media, and bogus gift cards are just...
TAHOE-TRUCKEE, Calif. — The first big wave of Gold Rush Argonauts swarmed into California via ship or overland trails in 1849. Besides the stories of instant wealth, many forty-niners had also heard or read about California’s gentle, healthful Mediterranean climate.
“Health and wealth for all!” went a popular slogan of the era. Unfortunately for the miners and everyone else whose personal economics relied solely on the gold industry, soaking storms in November and December 1849 washed away most of the flumes that were used to facilitate gold production.
Heavy rain quickly filled streams and riverbeds and soon put men out of work. Some found luck in the dry diggings...
This is higher than the previous peak in house price growth of 22.5% – recorded in August 2006 – at the height of the housing bubble.
The Central Bank said that the identification and removal of barriers to further housing construction – either financial or planning – is urgently needed to increase the supply of housing in the market.
It also said the shortage of supply is the main factor driving prices up.
A survey for the Central Bank indicated that demand will outstrip supply in all parts of the country except the mid-west, border and western region next year.
In its latest Macro Financial Review, the Central Bank said such high...
Financial advisers have embraced exchange-traded funds even as the funds have grown in complexity and variety. ETF strategists who package managed portfolios also have become popular, offering a convenient way to sort through this ever-expanding universe. Lately, however, the strength of the Samp;P 500 index has some advisers reconsidering the value of these strategists, who of course tack on their own fees, Wealth Adviser at WSJ.com reports. Assets in Good Harbor’s US Tactical Core, for example, once the largest strategy among ETF managed portfolios, fell 36.7% in the third quarter due to poor returns...
With the mid-term elections barely over, the immigration controversy is back on full boil.
Politicians on both sides are firing their best shots, blaming the other.
The Presidents recent executive order on immigration brought needed attention to this issue but highlighted once again the political divide demonstrating the politicians inability to lead; and America is left to suffer.
With rare exception, we all owe our existence in this country to immigration. Thank God; otherwise, the Sather family would still work as lumberjacks in Sweden. This is not a statement in favor of Republican or Democratic policy. Rather, legal immigration should be a pro-American policy that...