Loans And Debt Information

Suncorp May Send As Many As 2000 Jobs Overseas

Michael B. Jones — Thu, 16 Feb 2012 07:12:42 +0000

The government of Queensland is calling for Suncorp to support local jobs as speculation mounts that the banking and insurance company is looking to send as many as 2000 jobs overseas.

Andrew Fraser, the Australian Treasurer has personally taken up the matter, sending a letter to Patrick Snowball, Suncorp chief executive at the end of 2011.

“Suncorp is a great Queensland company with a well-regarded local reputation for supporting Queensland jobs. I’ve made the Government’s view clear in writing and in person. We believe Suncorp should support Queensland jobs given the support Queensland has given them as a company.” Mr. Fraser

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China crude oil imports exceed 50% of total consumption, hits energy security alert level

Gearldine J. Coulter — Wed, 15 Feb 2012 11:23:32 +0000

China’s oil imports will continue to see solid growth this year, with more than half of the country’s total oil consumption coming from abroad, industry insiders said. It is inevitable for the country – the world’s second largest oil consumer – to see a robust increase of imports, as domestic production cannot keep up with rising demand. China’s oil dependency reached alarming levels last year with imports accounting for 52% of total consumption, China Business News reported. Importing more than 50% is a globally recognized level for an energy security alert.

China’s oil imports in 2010 are expected to grow 5% from a year earlier, and the proportion of imported oil consumed may further rise to 54% this year.

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Almost there: Gazprom plans to built pipeline to supply China its gas

Aldo E. Farmer — Wed, 15 Feb 2012 01:00:56 +0000

Russia’s Gazprom is close to finalizing its long-running talks on supplying gas to China, according to the head of the firm’s export branch Aleksandr Medvedev.

Eighteen months ago Gazprom and the Chinese National Petroleum Corporation agreed in principal to the sale of Russian gas, but didn’t agree on a price.

Within a year plans were in motion to begin the construction of a $14bn pipeline, all that was needed was an agreement on price from the Chinese.

Medvedev says China has started an experimental pricing mechanism in two provinces, allowing locals to buy gas at the price level Gazprom suggests. “

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Stocks Set For Lower Start Amid Greece Uncertainty

Michael B. Jones — Wed, 08 Feb 2012 01:27:56 +0000

U.S. stocks were poised for a lower start Thursday, as investors continued to focus on Greece, where political parties are negotiating austerity measures and reforms that are needed to secure more bailout funds and a default.

The Dow Jones industrial average, S&P 500 and Nasdaq futures were down about 0.2% ahead of the opening bell. Stock futures indicate the possible direction of the markets when they open at 9:30 a.m. ET.

Investors will likely spend Thursday with their eyes still trained on Athens, in the hope that Greek officials can finalize proposed spending cuts that are a precondition for additional bailout funds. Full Article…

9 Money Lessons Financial Experts Teach Their Kids

Gearldine J. Coulter — Fri, 03 Feb 2012 21:08:18 +0000

We go to great lengths to teach our kids about money.

We know the importance of setting them up with savings accounts, introducing them to the idea of charitable giving and teaching them good and bad ways to use credit cards.

Still, we’re always interested in how other people teach their kids good money habits … especially when those people are financial experts.

So we asked a whole bunch: Ranging from LearnVest experts, who are there to help you create a financial plan that works for you any day of the week, to other CFPs® out in the field, to be sure we turned up all of the best tricks for raising financially-savvy children.

Here are the most valuable lessons they’ve put in practice with their own families. Read a

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Tom Scott is new Head of London Tax at McDermott Will & Emery

Aldo E. Farmer — Fri, 03 Feb 2012 20:09:19 +0000

International law firm McDermott Will & Emery today announced that it has named Tom Scott as the new head of its London tax practice group. Mr. Scott is the second partner to join McDermott’s U.S. and International Tax practice this year.

Prior to joining McDermott Mr. Scott was a senior tax partner at global accounting firm KPMG LLP for six years where he was Global Lead Tax Partner for several of the firm’s largest clients. Before joining KPMG, he was a tax partner at Linklaters for 15 years, where he focused on the tax aspects of cross-border mergers and acquisitions (M&A).

“We are delighted to welcome Tom to McDermott,” said Lowell D. Yoder,

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Are You Required to Support Your Parents?

Michael B. Jones — Sun, 22 Jan 2012 19:35:37 +0000

Much to my surprise, I recently became aware of the following North Carolina law:

§ 14‑326.1. Parents; failure to support.

If any person being of full age, and having sufficient income after reasonably providing for his or her own immediate family shall, without reasonable cause, neglect to maintain and support his or her parent or parents, if such parent or parents be sick or not able to work and have not sufficient means or ability to maintain or support themselves, such person shall be deemed guilty of a Class 2 misdemeanor; upon conviction of a second or subsequent offense such person shall be guilty of a Class 1 misdemeanor. If there be more than one person bound under the provisions of the next preceding paragraph to support the same parent or parents, they shall share equitably in the discharge of such duty.

On its face, this law makes it a crime not to support one’s parents if they are unable to support themselves. What about all those elderly persons receiving assistance from the state because they can’t pay for nursing home costs themselves? It might make one think twice about assisting your parents in divesting themselves of assets in order to qualify for Medicaid. Also, it could make considering long-term care insurance that much more important – who wants their kids to get arrested, even if just for a misdemeanor?

However, on the North Carolina Bar Association’s Elder Law Section list serve, there was a recent discussion of the statute and the fact that no one is aware of anyone being prosecuted for violation of the the law.

That’s not surprising – even as a estate planning attorney (as opposed to a criminal attorney), I see many problems with the law. It is so vague that I do not see how it could ever stand up to challenge before a judge. How does one determine what “sufficient income” is or “reasonable providing.” What about saving for one’s own retirement to avoid the same problem with the next generation? What about c

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FlexShares Plans ex-US Small-Cap/Value ETF

Aldo E. Farmer — Sun, 22 Jan 2012 17:24:15 +0000

FlexShares, the ETF unit of Chicago-based Northern Trust, filed regulatory paperwork with the Securities and Exchange Commission to market an international version of a U.S. small cap and value tilt ETF it launched in September of last year.

The new FlexShares Morningstar Developed ex-US Markets Factor Tilt Index Fund targets broad developed-markets equities, excluding those in the United States, with a slight tilt to small-capitalization and value stocks, giving it a cache that a straight market-cap weighted fund wouldn’t have.

FlexShares said in the filing the new ETF will trade on Arca, the New York Stock Exchange’s electronic trading platform, under the symbol TLTD. It

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$1.57B death benefit suit against Met, PRU could spawn other cases

Gearldine J. Coulter — Fri, 20 Jan 2012 11:32:26 +0000

The state of Illinois has just unsealed a lawsuit filed by Total Asset Recovery Services LLC against the two massive carriers, alleging that the insurers owed the state some $524 million in unclaimed death benefit proceeds that should have been escheated to Illinois.

Further, TARS says the state whistleblower act entitled Illinois to collect treble damages for a total of $1.57 billion. The case is a qui tam suit, meaning it’s brought on the state’s behalf and Illinois’ attorney general can decide to join as a plaintiff.

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Official 2012 Federal Income Tax Brackets

Gearldine J. Coulter — Sun, 15 Jan 2012 09:48:08 +0000

The final figures for the 2012 Income Tax Brackets have been confirmed by the IRS (pdf file). The current tax rate structure we use has been in place since 2003 and consists of 6 rates: 10%, 15%, 25%, 28%, 33% and 35%. These 6 tax rates will remain in effect through 2012, but we expect to see a change for 2013. The tables below provide you with an easy way to calculate your marginal tax liability based on your taxable income and your filing status.

And if youre still focused on taxes for last year (arent we all?), you can check out the official 2011 federal tax brackets, too.

The other related information the IRS has confirmed are the standard deductions.

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