Retail: John Lewis and M&S star

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You Can Use a Crisis to Build Helpful Money Habits

first_imgThe article You Can Use a Crisis to Build Helpful Money Habits originally appeared on NerdWallet.FacebookPinterestTwitterLinkedinTop Videos If stimulus checks, paused student loan payments and sticking close to home have helped you cut down debt, here’s how to keep that momentum going.It all comes down to the budgetThe idea of making a budget may have seemed too time-consuming or stressful in pre-pandemic times. But if you’ve taken that first step of looking at your spending and saving patterns lately — as many of us have out of sheer necessity — you’re already on your way toward building a budget.“Take what you’ve done over the last few months and put it in a spreadsheet,” says Luke Lloyd, a wealth advisor and investment strategist at Strategic Wealth Partners in Cleveland.You’ve probably focused on essential needs this year and sacrificed wants, or come up with creative solutions to have fun instead. Lloyd says the pandemic has made it clear that “we don’t always have to go out and spend all this money to entertain ourselves.”The 50/30/20 budget is an easy guiding principle to follow. It buckets your take-home pay into needs, wants, and savings plus debt repayment. Use the money-saving techniques you’ve practiced to make this budget work — maybe you’re saving on restaurant meals because you’re cooking at home, or perhaps you’ve been ordering a lot of takeout but saving on gas, movie tickets or a gym membership. Take that extra money and apply it toward the needs or savings and debt buckets instead. “Since you can defer the interest, you can lower the principal” by making a payment, says Lloyd. Your entire payment goes toward principal at this time, so you’ll have a lower balance when interest resumes and that will save you money over the life of the loan.Ask for helpMoney can be confusing in the best of times, and especially so when the situation is changing every day and it’s hard to keep track of relief programs you may qualify for. Don’t feel like you have to figure it out alone. Talking about money and asking for help is a habit you can take with you long after a crisis is over.For people who are concerned about what bills they can defer, whether they can negotiate with creditors or if they are protected from eviction or foreclosure, discussing these topics can be emotional, Phillips says.“There are great credit counseling services and financial coaching services out there,” she says.“I would encourage people to get as many resources as you can.” Build a savings habit“Moments like this renew people’s focus on financial stability,” says Leigh Phillips, president and CEO of SaverLife, a national nonprofit organization based in San Francisco that helps people build a savings habit through game-playing processes and rewards. Phillips says the company has seen more people sign up for its savings program in the past six months than in all of last year.If you weren’t a saver before but started socking funds away during the pandemic, keep the money-saving habit going.“Set up an automated payment from your checking account into a savings account or investment account,” Lloyd says.Prioritize putting any extra money you have toward an emergency fund, because that can keep you from adding debt during a crisis. Set an initial goal of $500 to $1,000 in emergency savings, which can insulate your budget from irregular expenses that pop up, like a car repair. Next, look into meeting your employer’s retirement savings account match if you have access to one. Finally, pay down high-interest debt like credit cards, personal loans or payday loans.If you have money left over, consider applying it toward student loan payments, says Lloyd. Federal student loan borrowers are in an automatic interest-free payment pause until January 2021. But you can still make payments now to make things easier on yourself later. Amrita Jayakumar Posted: October 16, 2020 8:00 AM Updated: October 17, 2020 7:47 PM October 16, 2020 8:00 AMcenter_img Credit counseling organizations offer free or low-cost guidance on managing your debt, building a budget or even refinancing a house. Check the National Foundation for Credit Counseling’s website to find an agency close to you. You can also check whether you qualify for assistance by calling 211 or visiting 211.org.This article was written by NerdWallet and was originally published by The Associated Press. More From NerdWalletHow to Create Financial Stability in Shaky TimesSmart Money Podcast: Reducing Taxes, and Picking the Best Investing PlatformHidden Home Risks That Send Insurance Through the Roof Amrita Jayakumar is a writer at NerdWallet. Email: ajayakumar@nerdwallet.com. Twitter: @ajbombay. As millennials, we’ve learned about money the hard way. From the Great Recession to stratospheric student loan debt to a pandemic, there’s been no shortage of life giving us lemons.While the long-term economic effects of the pandemic are yet to be fully realized, you may have noticed one positive trend in the short term: For once, your debt may have dropped.Credit card balances fell by $76 billion April through June, the steepest decline on record, according to an analysis by the Federal Reserve Bank of New York. Research by NerdWallet backed that up, finding that credit card balances carried from one month to the next dropped 9.15%, or more than $600 per household with this type of debt. Overall household debt shrank by nearly $1,000 among households carrying any type of debt in the same period. You Can Use a Crisis to Build Helpful Money Habitslast_img read more

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Dana Holding Corp. Announces Management Succession Plan

first_imgAuto and light truck sales continued their rebound in September, when sales were 16.34 million at a seasonally adjusted annual rate. That compares to last September, when they were 17.08 million, and this April when they were 8.71 million. At least for now, the sales rebound has compressed into a couple of months what took a couple of years after the 2008-‘09 recession.  MAUMEE, Ohio – Dana Holding Corp. today announced that President and CEO Roger Wood has shared his plans to retire in April 2016, after five years of leadership at Dana. See Also: Johnson Controls Says Its ‘Playing To Win In China’ Uni-Select Completes Its Acquisition Of DB Rick’s Inc.center_img Dana’s board of directors has initiated a process that will evaluate both internal and external candidates in order to select the best possible successor. The company has engaged Spencer Stuart Inc., a global executive search consulting firm, to assist in this process.AdvertisementClick Here to Read MoreAdvertisementWood will be an integral part of the succession process. “Having completed a transformation plan in which we realigned our capital structure, implemented a lean and focused operating model across the enterprise, and steadily increased our investment in engineering and innovation, Dana is on a path for consistent shareholder value creation,” Wood said. “Dana’s employees and experienced leadership team have demonstrated remarkable tenacity and agility in transforming our global enterprise and creating the foundation for sustainable, profitable growth.“We are looking forward to another year of significant achievements. I am proud of what we’ve accomplished and confident in our prospects as we move toward the next chapter for our customers, employees and shareholders,” he added.Joseph Muscari, Dana’s non-executive chairman, commented, “Roger has provided strong leadership, guiding the company through a challenging economic environment and resetting our strategic direction to create an efficient, highly innovative and rigorous competitor. We look forward to his continuing stewardship in the year ahead and to his active participation in the succession process to ensure the smoothest possible transition.” TRW Announces Range Extension For Premium Chassis Program,This “Data Did You Know” item comes from Babcox Media Audience Insights Manager Bruce Kratofil:AdvertisementClick Here to Read MoreAdvertisement The data is from the US Bureau of Economic Analysis, via the Federal Reserve Bank of St. Louis.last_img read more

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Joint names insurance: Tyco Fire & Integrated Solutions vs Rolls Royce Motor Cars

first_imgThe main issue which arose at trial was whether Tyco was liable to Rolls Royce for damage to existing structures in light of clause 13.5 of the contract.last_img

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CLC Projects enjoys Istanbul conference

first_imgThe conference programme included presentations from CMA CGM. Hoegh Autoliners, Intermarine and RBS Logistics.Bo Drewsen from CLC Projects said that the latest conference was one of its most memorable, attended by more than 80 people from around 50 member companies.  www.chinalogisticsclub.comlast_img

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Cisco laying off 5,500 employees amid tech upheaval

first_img Do you see a typo or an error? Let us know. Published: August 17, 2016 8:19 PM EDT SHARE SAN FRANCISCO (AP) – Cisco Systems is laying off 5,500 employees as the internet gear maker scrambles to adapt to a technology upheaval that has triggered similar cutbacks to other storied tech companies.The shake-up announced Wednesday means about 7 percent of Cisco’s roughly 74,000 workers will lose their jobs beginning this summer.The purge is the latest fallout from a relentless march of innovation that has forced some of the world’s biggest and oldest technology companies to head in new directions in search of revenue growth.Others that have been laying off thousands of workers while overhauling their product lines include Microsoft, the world’s largest software maker; Intel, the world’s largest maker of computer chips; and HP, a Silicon Valley pioneer that went to the extreme of splitting itself into two separate companies that have continued to cut back.Tech companies for decades have been prodded into sometimes painful transitions as advances in computing and faster wireless connectivity open up fertile new markets for frequently nimbler and more motivated rivals to plow while the incumbent powerhouse stick to familiar ground.The adjustments usually are more wrenching for the companies that wait too long to pivot.IBM, for instance, dawdled during the early phases of the move away from mainframe computers, resulting in a traumatic overhaul that began in the 1990s and continues today. Despite its early leadership in personal computers, Apple went bankrupt during the 1990s before rebounding with its invention of the iPod and then, more importantly, the iPhone that triggered the mobile computing revolution underlying many of the current changes in technology.“Companies are retooling now in attempt to take advantage of this next generation of opportunities,” says Patrick Moorhead of tech consulting firm Moors Insights & Strategy. “History shows that some make the transition and others don’t make it.”In the case of the 32-year-old Cisco, its business has been hurt as more of its corporate customers rely on remote data centers for their computing needs instead of online networks maintained on their own premises.The San Jose, California, company is now focusing more on equipment tailored for large data centers and pouring more resources into software and security. The new emphasis is being orchestrated by CEO Chuck Robbins, who replaced the Cisco’s long-time leader, John Chambers, nearly 13 months ago.“We are committed to making the necessary decisions to drive our future growth,” Robbins assured analysts during a Wednesday conference call. He promised to use the money that Cisco saves from paring its workforce to invest in areas where it believes it can boost its sales in the future.Cisco’s fiscal fourth-quarter results, also released Wednesday, underscored the need to expand beyond the company’s traditional strengths.The company’s revenue for the three-month period that ended July 30 increased by just 2 percent from last year to $12.6 billion. Previous cost cutting helped boost Cisco’s profit 21 percent to $2.8 billion, or 56 cents per share.The performance didn’t impress investors as Cisco’s stock shed 42 cents to $30.30 in extended trading after the numbers came out. The decline may have been driven by disappointment that Cisco’s job cuts weren’t nearly as deep as published reports had speculated they would be.It wouldn’t be a shock if Cisco jettisoned even more workers in during the next year or two, given what has happened at other big tech companies that have gone through several waves of layoffs. Cisco itself has previously laid off 6,000 workers in 2014 after letting go 4,000 employees in 2013.The employees who have been losing their jobs throughout technology have been highly successful in finding other positions in the industry, as long as they have training in technical fields, said Todd Thibodeaux, CEO of CompTIA, a trade group that tracks industry employment. Laid-off workers in the finance, administrative and marketing departments of tech companies tend to have more trouble.“This is certainly a period of transition, not only for the companies involved in it, but also for some of their workforce as well,” Thibodeaux said. Cisco laying off 5,500 employees amid tech upheaval last_img read more

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Wales says no to separation – for now

first_imgWales will not have a separate legal jurisdiction for at least a decade, the country’s first minister confirmed today. Carwyn Jones (pictured) said the estimated £1.2bn cost of devolving the entire criminal justice system would put too much pressure on the Welsh budget. In its response to the 12-week consultation held last year, the Welsh government said ‘no purpose’ would be usefully served in seeking immediate responsibility for the whole of administration of justice. But provision for a future separate jurisdiction will be included in legislation so that the issue can be revisited in the future. Jones said the Welsh government still had long-term ambitions to extend devolved common law powers in the model of Northern Ireland and address the ‘odd scenario’ of laws created in Wales but being subject to the law of England and Wales. Speaking to the Gazette, Jones denied the decision to put off a separate legal jurisdiction was a climbdown and said the government had always been open-minded about the future of Welsh law. ‘We never came out in favour – we said there needed to be a discussion about it,’ he said. ‘We have this odd situation where England and Wales is the only jurisdiction with no legislature, which is uncomfortable for lawyers. But without further devolution there is no need for a separate jurisdiction.’ While ‘all matters would need to be considered carefully, there is a substantial cost that is not appropriate at this stage’. The Welsh government said the ‘foundations’ for a separate jurisdiction could be made now, including the appointment of a Welsh member of the Supreme Court and new Welsh offices for the Court of Appeal and High Court. There should also be the acceptance of the principle that the legal business in Wales should be administered and dealt with in Wales wherever possible. But the Welsh government will press Westminster for the immediate devolution of responsibilities for the police service, together with equivalent responsibilities for community safety and crime prevention. These recommendations will form the government’s submission to the Silk Commission, which will form the basis for the country’s future devolved powers, subject to approval from the UK government in Westminster.last_img read more

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‘Not fair’ for solicitor to serve claim forms on empty locked-down office

first_imgA claimant solicitor who posted papers to an empty office at the height of the lockdown exercised ‘poor judgement’, a High Court judge has said.Mr Justice Julian Knowles granted the defendant in Stanley v London Borough of Tower Hamlets relief from sanctions and overturned a decision to grant judgment against the council in default.The court heard that the claimant’s solicitor, named as Mr McConville, had posted particulars of claim on 25 March – two days after the UK went into lockdown – knowing the council had to acknowledge service by 9 April.But in line with government guidance, the council offices were effectively closed to all but a handful of staff, none of whom had the relevant knowledge to identify urgent litigation documents.The judge said the council, the defendant in a £10,000 data protection claim, would have responded in time in normal circumstances and moved promptly to act once it was aware of the claim. This was despite the judge noting the local authority having shown ‘something of a cavalier attitude’ during correspondence prior to lockdown.The judge stated that McConville had not unscrupulously taken advantage of the situation but was at fault for not checking whether service by post was still possible and feasible. Opposing solicitors had accused him of ‘sharp practice’ by issuing when he did.Knowles said: ‘The world shifted on its axis on 23 March 2020 and it was incumbent on [McConville] as a responsible solicitor and an officer of the court to contact the council to acknowledge that the situation had changed, and to discuss how proceedings could best and most effectively be served.‘A moment’s thought on his part would have shown that it was not fair or reasonable for him simply to place papers in the post to an office that he knew or should have known had been closed down two days before because of a national emergency.’The judge acknowledged the need to enforce compliance with the rules and to conduct litigation at proportionate cost, but said it was ‘unconscionable’ for the claimant to benefit from the Covid-19 crisis.He set aside the judgment in default, granted relief from sanctions, and gave permission to the council to file and serve an acknowledgement of service and defence within 14 days.last_img read more

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Former Windies wicketkeeper to be honoured

first_img Share Sharing is caring! NewsSports Former Windies wicketkeeper to be honoured by: – February 15, 2013 Share 29 Views   no discussionscenter_img Share Murray became Grenada’s first international cricketerST.GEORGE’S, Grenada – Former West Indies wicketkeeper/batsman Junior Murray will be honoured at this year’s Vice Chancellor’s Cricket Match against the touring Zimbabwe team at Progress Park in Grenada’s eastern parish of St. Andrew next week.Murray, who became Grenada’s first international cricketer when he made his debut for West Indies against Pakistan in 1992, will participate in a number of activities leading up to Wednesday’s match.He played 33 Tests and 55 ODIs for West Indies and scored 6, 830 first class runs.Murray will join a list of West Indies cricket legends who have been honoured during the Vice Chancellor’s match since it began in 1996.The Vice Chancellor’s activities were scheduled to begin on Thursday with a video presentation of “Fire in Babylon”, an interactive session with Murray and a recruitment drive at his Alma Mata, the Grenada Boys’ Secondary SchoolOn Saturday, a Junior Murray XI plays a Darren Sammy XI, featuring the best Under-19 cricketers in Grenada.The highlight of the activities will be the Vice Chancellor XI versus Zimbabwe on Wednesday at Progress Park, St Andrew.The Vice Chancellor’s team will come from Anthony Alleyne (Barbados); Sunil Ambris (St. Vincent); Michael Bedward (Jamaica); Shamar Brooks (Barbados); Yannic Carriah (Trinidad); Dawnley Grant (St Vincent); Chaim Holder (Barbados); Shai Hope (Barbados); Jerome Jones (Barbados); Wayne Morgan (Jamaica); Kjorn Ottley (Trinidad); Kristopher Ramsaran (Trinidad); and Dawayne Sealy (Barbados).Zimbabwe’s squad, which arrives here on Saturday, includes Brendan Taylor, Hamilton Masakadza, Vusi Sibanda, Tino Mawoyo, Kyle Jarvis, Tendai Chatara, Chris Mpofu, Prosper Utseya, Regis Chakabva, Malcolm Waller, Keegan Meth, Craig Ervine, Chamu Chibhabha, Tino Mutombodzi, and Natsai M’shangwe.The Vice Chancellor’s XI vs. Zimbabwe match is a precursor to three One Day Internationals to be played at the National Cricket Stadium in St Goerge’s, starting next Friday.The other matches will be played on February 24 and 26.Caribbean 360 Tweetlast_img read more

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LIAT pilots apologise for inconvenience, outline new agreement

first_img Share Share 129 Views   2 comments Sharing is caring! Tweetcenter_img BusinessLifestyleNewsRegionalTravel LIAT pilots apologise for inconvenience, outline new agreement by: Caribbean Media Corporation – June 13, 2017 Share BASSETERRE, St Kitts (CMC) – The President of the Leeward Island Airline Pilots Association (LIAPLA), Captain Carl Burke, has apologised to the travelling public in the Caribbean after pilots refused to fly the ATR72 aircraft operated by the regional carrier, LIAT, over salary increases.“Well first of all, with the most recent situation which took place last week, I want to apologise to any persons that were inconvenienced and I want to give them all reassurance that the pilots normally, usually exhaust all means of negotiations with LIAT….,” Burke told WINN FM radio station.He told radio listeners the LIAPLA had brought in an attorney to assist it with the negotiations and that “there was a deal that was brokered in the Attorney General Labour Minister’s office on the 24th of May and we thought that would have put the matter of negotiations to bed.“Unfortunately the company did not follow through, or wrote us on the second of June indicating that they could not meet to some of the terms and conditions which were agreed to, but in general before any action is considered we always try to exhaust all means of negotiations that are arriving at.“We just don’t take action like that and in this case the pilots had no alternative than to stop flying the ATR 72, I think that they could be viewed as being reasonable that they were negotiating a rate of pay for an aircraft that is not covered under your contract for four years, I think four years is a long time,” Burke said.According to LIAT, it operates 10 ATR aircraft with the ATR72 capable of carrying 68 passengers, “by refusing to fly the ATR72 on the morning of June 7th, several aircraft and passengers were delayed at points of departure, including Trinidad, St Vincent, Tortola and Guyana”.The airline which denied reports that it had abandoned its pilots, said that “in this situation, the company’s priority remains to transport our loyal and paying passengers”.Burke said that under the new the agreement that ended the three-day industrial action, “the pilots will start receiving the wage package or the new ATR salary from July 19th 2017”.He said the retroactive payments will be in three tranches paid from August.“So I guess August, September, October, and then there’s a gap and then there’s another schedule which will commence I think December for six payments. This was an agreement that was reached, it was formalised by way of a consent order which was filed in the Industrial Court on Saturday,” he said, adding “this has basically brought a close to the negotiations with LIAT as it pertains to wage packages with the pilots”.Asked by his radio host as to whether the agreement will work given that the airline and its pilots have had a series of disputes over the years linked to pay and work conditions,’ Burke told listeners he was confident it would succeed.“Well it should because as I said it is now a legal obligation on the part of the company, the mere fact that it is filed in the Industrial Court, any breach of the agreement, any party will be charged with contempt of court, we are hoping that everything stays on schedule, that we can have this matter behind us and we can move forward.”LIAT’s main shareholders are the governments of Antigua and Barbuda, Barbados, Dominica and St. Vincent and the Grenadines. Efforts to get other regional governments to become shareholders have so far proven futile.last_img read more

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