Finance Blog number 1

Italian easily raised euro3 billion ($4.1 billion) from markets, though at a higher cost, as premier-designate Mario Monti began talks on forming a new government of experts to guide the country through financial crisis.

While the treasury raised the maximum sought, market sentiment remained cautious. Investors demanded an interest rate of 6.29 percent on Monday, the highest level since 1997, compared with 5.32 percent at a similar auction a month ago.

Italian president Giorgio Napolitano tapped Monti to create a government of technocrats to bring down stubbornly high public debt.

Napolitano emphasized that euro200 billion ($273 billion) in Italian debt comes due through the end of April _ requiring decisive action.

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The National Corn-to-Ethanol Research Center has added $3.5 million in advanced corn fractionation technology, provided by Cereal Process Technologies LLC of Overland Park, Kan., with support from the Illinois Department of Commerce and Economic Opportunity.

Located on the campus of Southern Illinois University Edwardsville, the nonprofit research center focuses on improving efficiencies in the production of ethanol for fuel. The new equipment will enhance advanced ethanol research and career training programs at the center payday loans direct lenders.

Kenneth “Pete” Moss, vice president of marketing for Cereal Process Technologies, said the company’s fractionation technology is “the foundation for a revitalized ethanol industry.” He said it enables ethanol plants to reduce energy consumption while producing more ethanol and edible corn oil.

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TORONTO — The loonie tumbled more than two cents in early trading Thursday as investors turned to the U.S. dollar as a safe haven and commodity prices continued to fall.

The Canadian dollar was down 2.47 cents to 96.96 cents US on financial markets.

The decline came as the U.S. dollar held steady against the euro.

Rising global economic uncertainty has pushed investors to the greenback as it is perceived as a safe option during times of financial turbulence. More: World stocks nosedive after Fed releases gloomy assessment Whenever there is a flight to quality towards the U.S. currency — even amid a slumping American economy — the Canadian dollar usually gets caught in the crossfire.

Besides a move toward the greenback by international money traders, falling commodity prices have also hit the Canadian currency, which is seen as linked to the price of oil, minerals and other resources.

Earlier Thursday, oil prices fell below US$85 a barrel in Asia, extending losses from the previous session after the U.S. central bank warned of major risks to economic growth.

Benchmark oil for November delivery was down $1.35 at $84.57 at midday Singapore time in electronic trading on the New York Mercantile Exchange. Crude dropped $1.00 to settle at $85.92 on Wednesday.

Elsewhere Wednesday, global mining giant Rio Tinto plc said some of its customers are asking the company to delay shipments of iron ore and other metals — the latest sign the global economic slowdown is squeezing the resources sector.

“It is noticeable that markets are somewhat weaker,” Rio Tinto CEO Tom Albanese said in an interview with the Financial Times of London published Wednesday business

General Mills Inc.’s fiscal first-quarter net income fell 14 percent, but its adjusted results beat Wall Street’s expectations as revenue climbed on higher prices, solid demand and new products.

The Minneapolis-based food maker also reaffirmed its full-year adjusted earnings outlook.

The maker of Cheerios cereal and Haagen-Dazs ice cream said Wednesday that its net income fell to $405.6 million, or 61 cents per share, for the period ended Aug. 28, down from $473.6 million, or 70 cents per share, a year earlier.

Excluding the effects of a reduction in the market valuation of commodities positions, adjusted earnings came to 64 cents per share.

That topped the 62 cents per share that analysts surveyed by FactSet predicted.

Revenue rose 9 percent to $3.85 billion from $3.53 billion, beating Wall Street’s forecast of $3.81 billion.

The period included one month of results for Yoplait, which the company acquired a controlling stake in during the quarter.

General Mills announced in May that it would pay $1.15 billion to acquire a controlling interest in the yogurt company from a French investment firm and dairy group.

General Mills said the Yoplait deal added 3 percentage points to its revenue increase.

Aside from Yoplait, Chairman and CEO Ken Powell said in a statement that increased prices, resilient consumer demand for existing products and a good early response to new products that debuted in the quarter all contributed to its revenue performance.

Revenue for the company’s U.S. retail division increased 3 percent to $2.51 billion.

Cereal sales edged up 1 percent, helped by brands such as Chex and Cinnamon Toast Crunch. New products included Cinnamon Burst Cheerios, Cocoa Puffs Brownie Crunch and Fiber One 80 calorie cereal also added to results.

At the snacks unit, sales rose 17 percent, driven by Nature Valley and Fiber One snack bars. Sales for the baking products division increased 5 percent, while Pillsbury segment sales gained 4 percent.

The Small Planet Foods division reported a 13 percent sales increase, helped by Cascadian Farm cereal and Larabar.

Results were disappointing for the meals unit, which posted a 4 percent sales decline due to lower shipment volumes for dinner mixes, canned vegetables and soup. Yoplait sales fell 3 percent.

General Mills’ overseas performance was strong, with revenue up 30 percent to $856 million. The results were propelled by strength in Europe, which reported a 36 percent gains. This was followed by a 15 percent gain for the Asia/Pacific region and a 12 percent increase for Latin America. Canada posted an 8 percent increase.

Bakeries and foodservice segment revenue rose 13 percent to $481 million, with sales to bakeries and national restaurants up 18 percent.

Powell predicts General Mills’ earnings will rise over the next nine months. The company maintains that hits fiscal 2012 adjusted earnings will come in between $2.59 and $2.61 per share.

Analysts expect earnings of $2.61 per share for the year.

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A person briefed on the new contract between General Motors and the United Auto Workers union says it will increase the company’s fixed costs by only a small amount.

The tentative agreement on the four-year deal was reached late Friday. It includes a $5,000 signing bonus and the possibility of sweeter profit-sharing checks for GM’s 48,500 factory workers. Most of them aren’t like to get any pay raises.

The person says that because recurring costs were contained, GM still will be able to break even in a depressed U.S. auto sales market of around 10.5 million vehicles. The person did not want to be identified because the terms of the deal haven’t been released to union members.

Members will vote on the pact in the next week or so.

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The stock market went back into a lull Friday as investors waited for the next signals on the economy _ and whether it’s headed for another recession.

The major indexes were fluctuating in a narrow range after Thursday’s 419-point plunge in the Dow Jones industrial average. But that doesn’t mean investors are finished selling. There was little economic news Friday to influence trading. Thursday’s plunge followed a stream of disappointing economic news that added to the belief in the market that the economy is falling into a recession.

The most notable news Friday came from JPMorgan Chase & Co. The bank joined other financial firms and cut its forecast for economic growth during the fourth quarter. It’s now predicting growth of 1 percent, down from an earlier forecast of 2.5 percent.

The Dow fell 42 points or 0.4 percent, to 10,947 at 12:20 p.m. in New York. The Standard & Poor’s 500 index fell 1, or 0.1 percent, to 1,139. The Nasdaq composite index rose 5, or 0.2 percent, to 2,386.

The Dow’s drop was largely due to Hewlett-Packard Co., which fell 21 percent. The company said Thursday that it will close its mobile business, sell or spin off its PC business and pay $10 billion for a business software company.

Investors weren’t, for the moment, seeking the safety of U.S. Treasurys. The yield on the benchmark 10-year Treasury note rose to 2.08 percent from late Thursday’s 2.06 percent. It fell below 2 percent Thursday for the first time as heavy demand sent its price sharply higher.

Overseas stock markets had larger drops than in the U.S. European banking stocks fell near two-and-a-half-year lows, dragged down by rumors about banks’ potential losses on bonds issued by heavily-indebted governments. The selling in the U.S. has come in part because of fears that U.S. banks would be hurt if European countries default on their debt. Another concern: weakening European economies will hurt growth in the U fast cash advance.S.

Earlier Friday, Asian shares fell sharply, with major indexes in China and Japan losing more than 2.5 percent. However, some of those losses reflected selling in response to the drop in the U.S. Thursday.

As the selling continued overseas, gold rose as high as $1,881 an ounce. Oil prices fell as traders feared a global slowdown that would cut demand for crude.

The word “recession” remains the focus of the markets.

JPMorgan analyst Michael Feroli said Friday that business sentiment, household wealth and global growth all look worse than just a few weeks earlier. That will keep economic growth nearly flat in the first quarter of 2012, he said.

On Thursday, economists with Morgan Stanley said that the U.S. and Europe are “dangerously close to recession,” adding, “it won’t take much in the form of additional shocks to tip the balance.”

Stocks also fell Thursday on news of another drop in home sales, weaker manufacturing in the mid-Atlantic states and a jump in inflation at the consumer level to its highest level since March. There also was bad news on the job market: an increase in the number of people who applied for unemployment benefits.

Thursday’s numbers joined a series of reports pointing to a slowing economy. The government reported on July 29 that growth in the first half was much weaker than expected _ and that the economy barely grew in the first quarter. Since then, the combination of disappointing numbers in the U.S. and worries about Europe’s debt problems have set off waves of selling.

The Dow is down 13.6 percent since stocks began falling on July 21. That has drained billions from American’s retirement savings and other investment accounts. And the stock market’s drop can itself help move the country toward recession.

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The outer bands of Tropical Storm Gert are approaching Bermuda with the storm’s center expected to pass just east of the wealthy British archipelago.

A tropical storm warning is in effect for Bermuda and people there have been installing storm shutters and hauling boats onto beaches in preparation.

Gert’s maximum sustained winds early Monday are near 45 mph (75 kph) with some strengthening forecast during the next day or so.

The U no fax payday loans.S. National Hurricane Center in Miami says large swells generated by Gert are approaching Bermuda and are likely to cause life-threatening surfs and rip current conditions.

The storm is centered about 130 miles (210 kilometers) southeast of Bermuda and moving north-northwest near 12 mph (19 kph).

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President Barack Obama says people are frustrated by the partisanship that has gridlocked Washington and he wants them to tell lawmakers they must compromise for the sake of the country.

The president used his weekly radio and Internet address Saturday to try to position himself on the side of the public and against a Congress with abysmal approval ratings after the bitter fight over increasing the nation’s borrowing limit.

Obama’s approval ratings aren’t so good either. But the president clearly sees a need to direct the public’s anger toward Congress or risk being the target himself as the 2012 campaign revs up.

“You’ve got a right to be frustrated,” the president said. “I am. Because you deserve better. I don’t think it’s too much for you to expect that the people you send to this town start delivering.”

“Members of Congress are at home in their districts right now. And if you agree with me _ whether you’re a Democrat or a Republican or not much of a fan of either _ let them know.”

The president listed several initiatives he’s pushing, including trade deals, improvements to the patent system and extension of a cut in the tax that workers pay to fund Social Security no faxing payday loans.

“These are all things we can do right now. So let’s do them,” said Obama, who will repeat his economic message during a three-day Midwestern bus tour beginning Monday.

Republicans used their weekly address to criticize Obama on the economy, particularly government regulations that Sen. Pat Toomey, R-Pa., said burdened businesses and discouraged them from expanding and hiring.

“Clearly, the policies of this administration are not working,” said Toomey, one of the lawmakers newly appointed to the congressional panel that’s supposed to develop recommendations to cut the debt. “So, what went wrong? Well, a big part of the problem has been job-killing regulations.”

Toomey said that America can still thrive, “but first, government has to get out of the way.”

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Today, answers to some of your questions:

Q: I will soon have to begin repaying my student loans for undergraduate and graduate degrees. Because the total is about $82,000, I fear that I will never be able to pay it off. The statements I have received in the mail recommend I pay $900 per month. I love my job at a young Web company, but I don’t make much, and there is no chance I can pay $900 a month. Is there anything I can do?

A. If you have federal loans, you can make use of new government rules that give people a break on student loan payments they cannot afford.

Under the relatively new “income-based repayment” plan, you get relief if the regular payments you would have to make over 10 years will exceed about 15 percent of your discretionary income. That’s calculated based on a formula related to the U.S. poverty line. Besides income, the calculation involves the size of your family.

Simply put, most borrowers will be required to pay less than 10 percent of their adjusted gross income, said Finaid.org publisher Mark Kantrowitz.

For a quick assessment, typically, if you owe more on your loans than you earn annually, you are a likely candidate for some relief. For married couples, both spouses can be eligible, depending on income. And the income requirements apply to Stafford, PLUS and consolidated federal student loans.

To see how you stand, try this calculator: http://www.tinyurl.com/l3ktdx.

Based on the calculator, if you are single and earning $70,000 a year, you would be expected to pay $670 a month.

Of course, you don’t escape your obligations indefinitely. If you are getting relief and not paying all your interest each month, it gets tacked on to the end of the loan.

Thus, you might end up paying off your loan for longer than the 10 years. But if after 25 years you still have not paid off all you owe, the government will forgive what’s left. Also, if you happen to take a public service government job, you can get your loan forgiven.

For more information, visit http://www.tinyurl.com/mjvuue.

Keep in mind that this program applies to federal student loans, not to private loans that you may get from a bank or other lender. So for people who have not yet finished college, this is one reason, before borrowing, to carefully consider who is giving you your loans and the rules that apply.

Also, it is wise to consider your likely salary before taking on significant debt. Look up your profession at Salary.com.

It’s painful to finish college and wonder how you will pay your loans. And paying interest for more than 10 years is expensive, even if your monthly payments are manageable.

To see if you might qualify for relief after graduating, call your lender and ask about the options for alternative payment plans, Kantrowitz said.

If your lender doesn’t offer any options based on your income, Kantrowitz said, you can go through a process called “consolidation.”

Make sure you use the government’s “direct loan program.” This means you combine all your old student loans into a new federal loan, and once your loans are consolidated in the government program, you can then qualify for the income-based repayment plan.

For information on consolidation, see http://loanconsolidation.ed.gov.

Q. Is our money safe in the bank if the government can’t pay its debt?

A. You are one of many people who have asked me this, and it is sad that Americans find themselves worrying again