An Introduction to Reverse Mortgages
From the advertisements you see on daytime television, it would seem like reverse mortgages are the easy answer to any senior citizen who finds that he hasn’t saved enough for retirement. But what exactly is a reverse mortgage? Despite what the pleasant retirees in the commercials suggest, a reverse mortgage does have risks and drawbacks.
Here is what you can expect from a reverse mortgage—the good, the bad and the ugly:
Reverse Mortgage Basics:
In order to be eligible for a reverse mortgage, you must be at least 62 years of age. You must own and live in your home, and you must have equity in your home, although it is not required that your mortgage be completely paid off. How Read full article…
Steelmakers warn of weak outlooks
July 26, 2011 – By Steve James
NEW YORK – Many of the world’s leading steelmakers warn that profits in the second half of this year will be hurt because of the slow economic recovery, along with lower steel prices and higher raw material costs.
Two American steel producers, AK Steel Holding Corp
And the industry’s eyes will be on Europe on Wednesday when ArcelorMittal
According to a Reuters survey, ArcelorMittal is expected to report a 26 percent rise in EBITDA, or earnings before interest, taxes, depreciation and amortization, from the first quarter. Bu
Points To Consider In Obtaining Life Insurance Online
Accident happened anytime, anyplace. Whether you obtain fatal accidents or unfortunately died within the accident, insurance of any type is a necessity. If you were not able to purchase a life insurance before the accident happened then you will depart your family not only memories however financial problems as well. It is better to be practical like purchasing life insurance while you are still able that you should leave something for your family when you’re gone.
When likely to purchase one, it is best to compare estimates among the multiple plans and companies that are offering. Read, comprehend each policy and then evaluate it carefully to save money. B
Credit Suisse unlikely to get help over U.S. tax probe
– Switzerland’s parliament would not vote for a second tax treaty to help settle U.S. charges that Credit Suisse bankers helped wealthy Americans evade taxes, Swiss politicians were quoted as saying on Sunday.
In 2009, the Swiss government cut a deal with Washington to hand over the details of 4,450 UBS bank accounts to the U.S. authorities to end a damaging lawsuit against the bank, lifting the veil on Switzerland’s cherished tradition of banking secrecy that had helped it build up a multi-trillion-dollar offshore banking industry.
But politicians of various affiliations said there was little appetite for a second deal to help Credit Suisse, which is being probed by U.S.
Grange shares up on services talks
Shares in Grange Resources rose after the iron ore producer said it was in talks with companies near its Savage River mine in Tasmania about possibly providing processing services.
Grange shares were up four cents, or eight per cent, at 54 cents at 1529 AEST.
Grange, which produces magnetite iron ore pellets, said the talks were being held with several companies that hold magnetite iron ore deposits in Tasmania’s north-west region.
Some of these had not yet been brought into production.
“We are working together with the aim of reaching agreement to use the Savage River downstream processing and distribution infrastructure to add vale for the benefit of both Grange and the new producers,” Grange said in a statement.
“This has the potential to increase production at Savage River by between 200,000 and 300,000 tonnes per annum of magnetite concentrate as soon as 2012.”
Chief executive Russell Clark said an announcement about the progress of the talks was expected in coming weeks.
Mr Clark said charging the companies a toll to treat their ore was an option to them having to build their own costly processing infrastructure.
“I think we all realise there are synergies to be had,” he told AAP.
“The specific mechanics of what would happen haven’t been finalised by any means.”
Grange also reported June quarter pellet shipments of 517,404 tonnes, up from 209,798 tonnes for the March quarter, but down from 581,357 tonnes in the June quarter of 2010.
The company was forced to feed lower grade ores through the concentrator after a rock slide last month prompted the company to bring forward remediation work on the east wall of the main pit.
Costs of pellet production doubled to $123.67 a tonne due to factors including longer ore haulage distances and additional equipment.
The company reiterated its full year production and sales target of two million tonnes
Bank of China a likely buyer for RBS jet unit: report
– Bank of China is a leading contender in the race to acquire the aircraft leasing business being sold off by Royal Bank of Scotland , the Sunday Times reported without citing sources.
Royal Bank of Scotland, which is 83 percent owned by the UK government after a bailout during the financial crisis, said on Sunday its aircraft leasing division RBS Aviation Capital was on the block again, a year after it shelved a previous sale attempt.
Bank of China, U.S.
Shares flat on offshore debt woes
The Australian share market closed flat as uncertainty about debt issues in the US and European weighed on investors.
At 1615 AEST on Tuesday the benchmark S&P/ASX200 index was down 3.9 points, or 0.09 per cent, at 4,468.1, while the broader All Ordinaries index was 0.5 points, or 0.01 per cent, weaker at 4,539.4.
On the ASX 24, the September share price index futures contract was down seven points at 4,440 points, with 33,401 contracts traded.
Austock Securities senior client adviser Michael Heffernan said it was a mixed day on the market.
The energy sector closed higher, and News Corp shares made their first gains in several days.
“It’s been a bit of a relief today, we’ve been belted for the last few days,” Mr Heffernan.
He said uncertainty on overseas markets because of sovereign debt concerns also weighed on the local bourse.
CMC Markets chief market strategist Michael McCarthy said the Australian market struggled between positive and negative influences as the Chinese had opened weaker but Wall Street was expected to recover.
“We’re looking at positive Dow futures (in the US) after IBM reported after market (close, and) that gave us (in Australia) a bit of an initial bounce back.”
News Corp gained 34 cents, or 2.4 per cent, to $14.50, and its non-voting stock was up 32 cents, or 2.3 per cent, at $14.08.
It was reported that News Corp board member Thomas Perkins said chief executive Rupert Murdoch has the full support of the company’s board, and dismissed reports Mr Murdoch would be replaced because of the fallout from the phone-hacking scandal.
In the energy sector, Woodside Petroleum reported a rise in June quarter revenue due to stronger commodity prices.
Its shares rose 67 cents, or 1.75 per cent, to $38.92.
Santos, which on Monday launched a near $1 billion all-scrip bid for gas explorer Eastern Star Gas, added 37 cents, or 2.9 per cent, to $13.11.
Eastern Star Gas was up 3.5 cents at 87.5 cents, and Oil Search added four cents to $6.73.
OZ Minerals gained 36 cents, or 2.8 per cent, to $13.32 after it reported that it maintained its full-year copper and gold production targets and would conduct a $200 million on-market share buyback.
Mining heavyweight BHP Billiton was down 23 cents at $42.62 and Rio Tinto lost 27 cents to $81.33.
Gambling firm Tabcorp was the best performer in the top 100 stocks after it paid $410 million for the rights to operate off-course betting in Victoria for the next 12 years.
Tabcorp was up 16 cents, or 5.16 per cent, at $3.26, while fellow gambling firm Tatts Group, which missed out on the licence, was one cent higher at $2.33.
Property trust stocks were among the worst performers, with Dexus Property Group down two cents at 83 cents, GPT Group down five cents to $3.00 and Westfield Group closed 17 cents lower at $8.20.
Preliminary national turnover was 2.12 billion shares worth $4.53 billion, with 476 stocks up, 538 down and 383 unchanged. Read full article…