| A Federal Reserve Bank president says US economy is 'solid'
WASHINGTON: Janet Yellen, the president of the Federal Reserve Bank of San Francisco, said that the U.S. economy was "on very solid turf," outside of declines in the housing and auto industries, and that inflation was still too high. The 4.6 percent U.S. jobless rate is "in the vicinity of full employment," one of the Fed's two mandates, along with price stability, Yellen said. The inflation rate has fallen from the peak last year, although it still exceeds the tolerance range identified by several Fed officials. "Labor markets are a little tight and could be a source of inflation pressures, but I am certainly not convinced they are," Yellen said Tuesday at a conference in Los Angeles. She said inflation was "a little higher than I'd like." Excluding housing and autos, "the rest of the economy is doing just fine," she said.
MasterCard Shares Tumble on Profit-Growth Concern (Update2)
Feb. 9 (Bloomberg) -- Shares of MasterCard Inc., the second- biggest credit-card company, fell the most since last May's public offering after the company said it won't repeat a fee increase that contributed to a $40.9 million profit last quarter. The stock slid 9.7 percent after Chief Executive Officer Robert Selander declined on a conference call with analysts to forecast continued growth in profit margins. He said the Purchase, New York-based company doesn't foresee any new price increases, and hiring plans mean expenses won't fall. MasterCard on April 1 began charging card issuers for all foreign transactions using U.S.-issued cards. It used to assess a fee only if it converted the related currency to U.S. dollars. The higher fees helped the company report fourth-quarter net income of 30 cents a share, compared with a net loss of $52.9 million, or 39 cents, a year earlier.
Cash Now (CHNW) Begins Search For A Full Service Forex Broker ...
LAS VEGAS, NV, Feb. 8 /PRNewswire-FirstCall/ - Cash Now Corporation (CHNW.PK) www.cashnow.com (Cash Now) Cash Now is a public company engaged in the operation and licensing of a comprehensive suite of Internet based payday loan and check cashing software and private label back end office systems. Additionally, the Company is in the late developmental stage of offering an innovative Retail Forex trading platform through a previously announced Introducing Broker (IB) agreement with Advanced Markets, Inc. The company today announced that it has retained an agent to assist in locating a suitable full service broker dealer agency for acquisition, together with various posted listings of "businesses wanted" sections on various Internet based business directories. This will allow the Company to bring these important capabilities in-house and provide greater vertical integration to maximize revenue streams from this high growth opportunity.
French Fin Ministry Official: G7 To Discuss Forex Levels -2-
Separately, French Treasury Director Xavier Muscat told reporters at the briefing that French Finance Minister Thierry Breton will discuss foreign exchange issues bilaterally with his Japanese counterpart Koji Omi on the sidelines of the Essen meeting. Breton warned last week in Brussels that the Japanese yen was undervalued against the euro and was damaging euro-zone exports. (MORE TO FOLLOW) Dow Jones Newswires February 06, 2007 11:31 ET (16:31 GMT) Copyright 2007 Dow Jones & Company, Inc. .
N.Z. May Impose Levy on Mortgages to Cool Housing (Update1)
Feb. 9 (Bloomberg) -- New Zealand's government may impose a levy on mortgage payments to cool a housing boom without hurting companies and exporters faced with record-high interest rates and a surging currency. The levy would be a way of increasing borrowing costs ``which acts more quickly'' than raising the benchmark rate, Finance Minister Michael Cullen told Radio New Zealand today. Work on the proposal is at ``a very preliminary stage,'' he said. Prospects of a charge may limit further gains in the currency, which has jumped 8.8 percent the past six months, helped by the second-highest interest rates after Iceland among countries with the top rating at Moody's Investors Service. New Zealand would join Asian nations such as South Korea in seeking more tools to curb inflation and asset bubbles.
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