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The Bank of England is failing this country
China is now the world’s biggest buyer of gold bars and coins
With the Queen in Ireland, Benjamin Netanyahu in Washington and Dominique Strauss-Kahn in jail, news editors were spoilt for choice last week. As a result, a telling event in global markets – China’s emergence as the world’s biggest buyer of gold bars and coins – was barely reported.
I’m not complaining. When the International Monetary Fund’s managing director is “perp walked” into a New York courthouse and charged with attempted rape, just about all other finance-related stories crash in value.
L’affaire Strauss-Kahn is shocking, sordid and, let’s be honest, utterly compelling. It seems likely to dominate media attention in the same, episodic way that the trial of OJ Simpson did 16 years ago.
Yet, despite widespread prurient interest, the arraignment of DSK will have only a transitory effect on the IMF and its procedures. A re
Slow Growth Expected in Home Sales
A sharp slowdown in economic growth in the first quarter of the year is expected to be only temporary, as markets shake off the effects of one-time events like the Japanese tsunami and oil prices stabilize.
The long-term outlook for economic growth calls for continued sustainable growth above 3 percent a year over the next few years, according to the May Economic Outlook released today by Fannie Mae. However, sustained growth in the residential housing market remains elusive, despite good affordability conditions created by low prices and interest rates. Overall economic growth dropped to an annual rate of 1.8 percent in the first quarter of the year, down from 3.1 percent previously. However, Fannie Mae analysts attribute that decline to factors such as harsh winter weather, disruptions caused by the Japanese earthquake and tsunami, unrest in the Middle East and North Africa, and higher gas prices, whose effects are expected to be short-term. Read more…
For This Entrepreneur, Velvet Elvis Paintings Were Just the Start
Entrepreneur: Jennifer Kenworth, aka Juanita, the velvet painter. “AHA” Moment: In 1999, when Kenworth did a ceramics residency at a pottery studio in Gerlach, Nev., a local had a very specific request: a painting of Elvis on the cross–on velvet. Though resources were scarce in the tiny desert town, Kenworth was up for the challenge. Working from an image of Elvis in a library book, she used acrylic paint and a box of velvet scraps to create a painting she sold for $50 and a bottle of tequila. What Possessed Her: After her residency, Kenworth moved back to Portland, Ore., and continued to paint Elvis on velvet. But she soon got bored with the King, and opted to paint other random ideas–beer cans, Star Trek characters, Mr. T. After years of showing in art shows and fairs, last year she got consistent requests for custom velvet paintings, so she made those her focus.
Why? “Velvet paintings make people smile,” Kenworth says.
Dominique Strauss-Kahn: resignation would be ‘ideal’ for IMF
Mr Strauss-Kahn is no longer in a position to run the IMF, US Secretary Timothy Geithner was reported as saying as last night, as calls for his resignation grew.
The 24-strong board of member countries has the authority to remove Mr Strauss-Kahn from his post, and countries are already vying for position in the battle for the top job.
Mr Strauss-Kahn has been charged with the alleged sexual assault of a maid at a hotel in New York on Saturday. He denies the charges.
William Murray, an IMF spokesman, confirmed last night that no contact had been made with Mr Strauss-Kahn. “We have not had contact with the managing director since his arrest in New York. Obviously, it will be important to be in contact with him in due course,” Mr Murray said. “We are aware of widespread speculation about the managing director’s status.”
Other senior European officials also called for Mr Strauss-Kahn to quit.
New Home Construction Gives Up Gains
Estimates of new home construction fell significantly in April, wiping out most of what had been fairly encouraging gains posted in March.
Private-sector housing construction starts dropped by 10.6 percent from their March level, to an annual rate of 523,000 units, according to new figures from the Census Bureau. Newly issued building permits also fell, down by 4.0 percent for the month to an annual rate of 551,000. The big drop in construction starts is somewhat modified by the fact that March’s new construction figures were revised upward significantly in today’s report, to 585,000 units, up from 549,000 previously reported. By the same token, the March figures for building permits were revised downward by 20,000 units, to an annual rate of 574,000 in today’s report. The changes are largely due to fluctuations in the rate of building permits and construction starts for multiunit homes, such as apartments and condominiums, which tend to vary widely from month to month. The dow Read more…
How Business Planning Leads to Better Management
In my experience leading dozens of business planning workshops in countries all over the world, I’d say only about 10% to 15% of teams I’ve encountered have an effective business planning process. Sounds low, doesn’t it? What many business owners fail to understand is that good planning equals good management.
Let me explain. Planning is about managing resources and priorities in an organized way. Management is related to leadership, and it’s related to productivity.
Here are three steps to get you planning better and, in turn, improving your management.
1. Devise a plan. As the business owner, you start by writing important details down. You don’t need to sweat every detail of creating a long document. Ins Read more…