Meanwhile, assets of institutional money market funds fell $10.92 billion to $1.674 trillion. Among institutional funds, taxable money market fund assets fell $10.97 billion to $1.588 trillion; assets of tax-exempt funds rose $50 million to $86.41 billion.
The seven-day average yield on money market mutual funds was 0.03 percent in the week that ended Tuesday, unchanged from the previous week, said Money Fund Report, a service of iMoneyNet Inc. in Westborough, Mass.
The 30-day average yield was also unchanged from last week at 0.03 percent. The seven-day compounded yield was flat at 0.03 percent. The 30-day compounded yield was unchanged at 0.03 percent, Money Fund Report said.
The average maturity of portfolios held by money market mutual funds was the same as the previous week at 45 days.
The online service Bankrate.com said its survey of 100 leading commercial banks, savings and loan associations and savings banks in the nation’s 10 largest markets showed the annual percentage yield available on money market accounts was unchanged from last week at 0.13 percent.
The North Palm Beach, Fla.-based unit of Bankrate Inc. said the annual percentage yield available on interest-bearing checking accounts was unchanged from the week before at 0.06 percent.
Bankrate.com said the annual percentage yield on six-month certificates of deposit was also unchanged from the previous week at 0.21 percent. The yield on one-year CDs fell to 0.32 percent from 0.33 percent. It fell to 0.51 percent from 0.52 percent on two-and-a-half-year CDs. It was flat at 1.12 percent on five-year CDs.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Money looming even larger over Nov. election - CBS News
(CBS News) WASHINGTON -- President Obama is halfway through a two-day fundraising swing through California.
His trip underlines the importance of money in the 2012 campaign.
It's also being criticized by Republicans who say the president is spending too much time with celebrity Democrats.
The money-raising trip took him to San Francisco and Los Angeles, two towns where he hasn't been a stranger in recent weeks and months, spending plenty of time with the wealthy and famous in the entertainment and tech communities.
But his campaign tweeted Thursday that 98 percent of its donations in May were less than $250.
Either way, it's all about the money.
Mr. Obama got a warm welcome from campaign donors in the Los Angeles gay community Wednesday night, a group he considers crucial to his re-election prospects.
"I could not be prouder of the work we've done on behalf of the LGBT community," Mr. Obama said.
During his speech, he ticked off accomplishments under his watch, such as ending the war in Iraq.
But he also warned the audience about what's ahead during the campaign, and why their donations matter, saying, "You're going to see hundreds of millions of dollars in negative ads, because the other side's not offering anything new."
To build a war chest that would enable him to counter those ads and run his campaign, Mr. Obama is spending two days on the West Coast to raise an expected $5 million.
He will have done 153 fundraisers since formally declaring his candidacy for re-election a little over a year ago - nearly double the number President Bush had done at the same point in 2004.
With the majority of outside super PAC dollars going to Republicans, raising money will be crucially important for Democrats in this election cycle.
In the Wisconsin recall election, unions spearheaded the effort to unseat Gov. Scott Walker after he successfully limited their power. But the union effort to get out the vote was overcome by the GOP advantage in money and TV advertising. Walker raised $30 million. His challenger, Milwaukee Mayor Tom Barrett, raised only $4 million.
Rep. Steve Israel, D-N.Y., chair of the Democrats' campaign committee, warned that the Wisconsin results should be "a wake-up call" that the party needs money for TV ads to compete with the super PACs.
A California political power broker once put it this way: "Money is the mothers' milk of politics."
Four years ago, candidate Obama outspent his Republican opponent, Sen. John McCain by more than two-to-one - $730 million to $333 million.
To see Bill Plante's report, click on the video in the player above.
Forex: USD/CAD: Expect support at 1.02 to hold firm - TD - FXStreet.com
Jobs, Money, Scott Walker: Is It Time for Democrats to Panic? - YAHOO!
Democrats are having a terrible, horrible, no good, very bad June. But if it’s time to start panicking, most of them haven’t gotten the memo.
Despite a spate of negative news, Democrats nationwide, both publicly and privately, seem remarkably Zen about their party’s prospects in November and unwilling to take out any frustration on their man in the Oval Office just yet. “Is there any anxiety on our side? Yes,” said Jerry Crawford, a longtime Democratic activist in Iowa. “Should the other side be feeling at least as much anxiety? Yes. There’s plenty of concern everywhere for both sides.”
(VIDEO: Obama Ad Blames Congress on Jobs)
The announcement on Thursday that the Republican National Committee and Mitt Romney’s campaign outraised Democrats and the Obama campaign by $15 million came on top of a stinging rebuke in Wisconsin’s recall election, rising unemployment, a churning economic crisis abroad, and increasingly tight polls that appear to show Obama’s reelection prospects dimming.
Many strategists say that despite the perceived intensity of the presidential race--propelled by the deluge of money already being spent and the volume of ads pounding the airwaves--June is too soon to start fretting about general-election voters, particular the sliver of undecideds who will largely determine the election outcome but may not tune in until after Labor Day. They also point to the fact that in various swing regions of the country, the president’s numbers have stayed more or less stable.
Moreover, even if the GOP success in Wisconsin shifted the traditionally blue state to toss-up status, as an Obama campaign video made by manager Jim Messina seemed to acknowledge, they say the president's campaign has a variety of plausible routes to reach the 270 electoral votes required for a second term.
The May jobs report indicating a slowdown in the economic recovery sparked much speculation over whether Obama is doomed. Democrats say that’s premature. “It’s unfortunate that the jobs recovery is not stronger than it is and that’s cause for concern, but hopefully the trend will reverse and we’ll see an improvement in the jobs market--and that remains to be seen,” said Sen. Ben Nelson, D-Neb.
(RELATED: Disappointing Jobs Report Doesn't Make Obama an Underdog)
Mark Nevins, a Pennsylvania-based Democratic political consultant, said there will be many more ups and downs for both campaigns before Election Day and it’s best not to put too much stock in a single data point. “In general, people feel pretty good about the president’s ability to compete with Mitt Romney’s record, so right now I’m not sensing a lot of anxiety,” he said. “On an x’s and o’s level, there’s always been a roadmap for Democrats and Obama, and I don’t know that the roadmap has changed.”
The sentiment was confirmed in National Journal’s latest Congressional Insiders poll, which asked if after last week’s disappointing jobs numbers, the president is now the underdog against Romney. Both Democratic and Republican Congressional Insiders overwhelmingly answered no, citing the advantages of incumbency and the ephemeral nature of one jobs report.
Democrats are less worried about Obama’s performance than they are about factors out of their control, such as how Republicans will handle crucial upcoming debates on jobs, spending, taxes, and the debt ceiling; the prospect of a global economic slowdown, which they know Obama cannot control and which could easily derail his hopes for a second term; and whether their party can stay competitive with Romney on fundraising front. The alarmism about money by Democrats whose job it is to raise it intensified this week after the GOP released its fundraising report and an avalanche of outside money helped Gov. Scott Walker keep his job in Wisconsin.
Messina warned potential donors that the Wisconsin recall--in which Democrats were outspent more than seven-to-one--was a “terrifying experiment” in the power of money. Rep. Steve Israel, D-N.Y., chairman of the Democratic Congressional Campaign Committee, issued a tense statement calling the defeat “a wake-up call” for Democrats that they can’t win without aggressive--and expensive--TV advertising.
(RELATED: Has the Presidential Turning Point Arrived?)
In a neighboring Rust Belt state, Brian Rothenberg, executive director of the liberal group ProgressOhio, didn’t seem spooked. He wasn’t expecting anything less than a tight race in 2012. “We’ve been a bellwether state now every year except 1996. I don’t think either party can take Ohio lightly. You have to do the things within your control--organize and plan and do a good field campaign,” he said. “The pressure and panicky-ness that’s going on in Washington with an extremely tight race—that’s nothing new here in Ohio. That’s just the norm.”
Even in places where the president’s prospects look most endangered, some Democrats see a silver lining. “To me, the important thing is we’re still debating about what [Obama’s] chances are in North Carolina,” said Democratic consultant Gary Pearce, who has worked on campaigns in the state since the mid-1970s. Running Democrats against Ronald Reagan in 1980 and 1984 was “murderous,” he said. Now candidates at all levels are happy to piggyback off the formidable resources the Obama campaign has brought to the state. “They’re all hoping that the president is a tide that lifts all boats,” Pearce said.
With a few high-profile exceptions—including Sen. Joe Manchin of West Virginia and Arizona congressional candidate Ron Barber, who is running for former Rep. Gabrielle Giffords's seat—there hasn’t been a concerted effort on Democrats’ part to divorce themselves from the president or the national party message. Obama leads the polls in a number of swing states, buoyed in some by his decision to bail out the auto industry. “I always say, send the president more, we would love to see him tomorrow and the next day and the next day,” said Chris Redfern, Democratic Party chairman in Ohio, where liberal Sen. Sherrod Brown is in the fight of his political career against up-and-coming conservative star Josh Mandel.
Democrats acknowledge that Obama has a nuanced sell to make to voters discouraged by how long economic misery has persisted. “It’s hard to get people to remember how bad things could’ve gotten—that’s a tough message to send,” said John Wertheim, a former Democratic Party official in New Mexico. Still, he said, there’s also a clear contrast to make with Romney and the GOP vision. Wertheim's outlook, like those of other Democrats: “Cautiously optimistic.”
Calls to stop British aid money pouring into Argentina: Country owes UK taxpayers £225MILLION - Daily Mail
By Gerri Peev
|
Argentina owes British taxpayers 225 million, it emerged, as the government faced calls to halt any further support to the aggressor country.
Ministers have been urged to oppose any further World Bank loans to Argentina, after an escalation of tension over the Falkland Islands and a threatened boycott of British goods.
The World Bank - which Britain is a major shareholder of - has shelled out 10.4 billion in loans to Argentina. The UK’s share of this is over 225 million, according to parliamentary answers given to Tory MP Priti Patel.
Both Foreign Office Minister Jeremy Browne and Barack Obama have spoken out against the World Bank loan to Argentina which currently stand at 10.4 billion
The TaxPayers’ Alliance yesterday launched an online petition called StopFundingArgentina.org.
It urged British ministers to use their votes to oppose further loans of the World Bank to Argentina.
A spokesman for the Taxpayers’ Alliance said: ‘Britain can and should act to stop further World Bank loans to Argentina. This is a key opportunity to show that our aid policy reflects rather than ignores Britain’s broader national interests.
The Argentinian government has launched recent attacks on British interests by advocating a boycott of British goods. It has also tried to claim sovereignty over the Falkland Islands.
Britain’s response has been muted so far.
In contrast, President Obama has already ensured that America will oppose any new loans to Argentina because the country had failed to respect its obligations to earlier lenders.
Argentine President Cristina Fernandez de Kirchner
Meanwhile the Foreign Office yesterday accused Argentina of ‘domineering’ behaviour ahead of an official visit to mark the 30th anniversary of the liberation of the Falklands.
Foreign Office Minister Jeremy Browne said he was disappointed at the Argentinian government’s aggressive stance.
Buenos Aires is launching criminal proceedings against British oil firms operating off the Falkland’s coastline.
Mr Browne said Argentina seemed determined to destroy the islands’ economic livelihood.
Ahead of his visit to the remote isles, Mr Browne said: ‘Sometimes there is a narrative from Argentina - and the decolonisation committee is prompted by that narrative - that here is Britain, this big, global power, and poor Argentina, that is going to the decolonisation committee at the UN to try and have their voice heard, well that is the Argentinean narrative.
‘Let me put forward what I think is a much more accurate, contemporary narrative, which is that there is a G20 country, at the top table of world affairs, one would imagine keen to be responsible on the world stage, with a population of about 40 million people, seeking to put an economic blockade in place which will, in tangible terms the ambition of that is, to impoverish an isolated community with about 3,000 people.’
He added: ‘Which party in this arrangement are behaving in a domineering way and who are the vulnerable population who are having to make their way in the world despite a much more powerful country going out of their way to make that harder for them? I think that it’s pretty clear cut.’
Diplomatic sources have warned that the UK is facing a ‘difficult few months’ with Argentina during this anniversary year.
June 14 marks exactly 30 years since the liberation of the Falkland Islands.
The British Government is not organising its own official commemorations this year because it is Whitehall policy to use public money only for 25th, 50th, 60th and 100th anniversaries.
But Mr Browne will travel to the Island to attend the annual Liberation Day service on June 14.
A spokesman for the Department of International Development said: ‘No British taxpayers’ money is spent on World Bank loans to Argentina. The Secretary of State will consider Britain’s position on any future World Bank loans when the time comes.’
However, Britain’s share of Argentina’s outstanding loans is over 225 million, based on the UK’s shareholding of the two World Bank institutions who lend to the country.
Money Tips for Globe-Trotters - New York Times
GET A CREDIT CARD WITH A CHIP Many globe-trotting travelers have discovered that American credit cards, with their outdated magnetic stripes, are not always accepted now that most of the world has shifted to cards that use a smart chip instead. While merchants in Asia, Europe and elsewhere are supposed to be able to swipe our vintage plastic, many automated kiosks can’t do that, which can be a problem at train stations and subways.
The future has finally arrived — or at least the first wave of progress. Just before I left on my Asia trip, I got a FlexPerks Visa card from U.S. Bank that has a chip and a magnetic stripe, one of a growing number of American credit cards that now offer a “chip and signature” option. This isn’t entirely a solution because the global standard is “chip and PIN” technology, meaning you enter a PIN, or security code, after a payment terminal reads the card’s chip.
When I called U.S. Bank before my trip, I was told that I could get a PIN, but that any purchase using this code would be treated like a cash advance with 21 percent interest — obviously, not an option! Fortunately, the card worked fine when I used it without a PIN to buy a train ticket from an automated kiosk in Hong Kong. As I later learned, even without a PIN, a chip-and-signature card will work at most automated kiosks around the world because a signature is not required for purchases under $50. And at payment terminals used by stores and restaurants, the chip essentially tells the machine, “This card doesn’t have a PIN, so spit out a receipt for the customer to sign.”
The annual fee on my card is $49. Other chip-and-signature cards with annual fees under $100 include three options from Chase — the J. P. Morgan Select Visa, the British Airways Visa and the Hyatt Visa — and Citi Thank You or Executive/AAdvantage MasterCards. For a more complete list, visit FlyerTalk.com and search for “chip and signature” cards; the frequent fliers who trade tips there keep a running list of these cards and their annual fees.
CHECK YOUR CARD’S FOREIGN TRANSACTION FEE Another consideration is whether your credit card issuer charges a foreign transaction fee — usually 1 to 3 percent of every purchase, including the 1 percent Visa or MasterCard fee that banks pass along to their customers. But now that the government requires card issuers to disclose these fees clearly, some companies have gotten rid of them.
The personal finance site NerdWallet.com lists dozens of cards that do not charge a foreign transaction fee, including all of the credit cards issued by Capital One (which bucked this trend long before other banks). Alas, many of the credit cards that travelers use because they earn frequent-flier miles still impose this charge, like the American Express Delta SkyMiles card, and the ones that don’t often have high annual fees, like the Chase British Airways Visa ($95 per year). But unless you travel abroad frequently or spend a lot on your credit card, it’s probably not worth paying a high annual fee to avoid this charge. Since most of my hotels were billed in dollars with no fees, and I paid cash for most purchases, I paid only $10 in foreign transaction fees during my trip.
TELL YOUR BANK WHERE YOU’RE TRAVELING Before I left for Asia, I made four phone calls to let my bank and credit card companies know that I would be traveling abroad — a step banks advise customers to take so an unusual spending pattern doesn’t trigger a fraud alert. As I waited on hold after working through the automated phone menu, I wondered why banks don’t make this chore easier and offer a travel notification tool online.
It turns out, some do. Jim Bruene, who blogs at Netbanker.com, posted the results of an informal test he conducted, finding it took him about a minute each to register travel notifications online with Capital One and Chase, and 7 to 10 minutes to do it over the phone with Wells Fargo and U.S. Bank (which don’t offer online options). Citi is another bank that does.
Someday, Mr. Bruene predicts, banking apps will provide a better solution to this problem.
“Your mobile banking app will sense where you are and your card will be able to work there,” he said. In the meantime, look for a “travel notification” tool in the customer service area of your bank’s Web site before you pick up the phone.
LEARN THE EXCHANGE RATE BEFORE YOU LAND Every time I travel abroad, I stumble off the aircraft, find an A.T.M. in the airport, press the button for English and get stumped when I’m asked, “How many yen (or pesos, or Brazilian real) do you want?” You can’t tell the machine, “Give me the equivalent of $200.”
After landing in Tokyo, I had to cancel the transaction and find a billboard down the hall with the current exchange rate; since $250 is about 20,000 yen, I had panicked about entering such a high number in a fog of jet lag at the A.T.M.
Save yourself that anxiety by visiting a currency conversion site like xe.com before your trip and writing down how much you want to withdraw once you land. I’d also recommend reading the “money” section of a guidebook to see if the country you’re visiting has any financial quirks. For instance, in Japan, many A.T.M.’s don’t accept foreign bank cards, and the ones that do are scarce. At the main train station in Tokyo, an information booth attendant gave us a map and highlighted the route we’d have to follow (down the escalator, left at the second corridor, up the stairs, etc.) to find an “international A.T.M.”
We had 10 minutes before our train left for Kyoto, and after that sprint I learned to keep an eye out for a Citibank or the local version of 7-Eleven, the two main operators of international A.T.M.’s. Belatedly, I noticed that information was mentioned in my guidebook. But it’s good advice anytime you’re in a foreign country, especially if you’re heading off the beaten path: don’t wait until you’re almost out of cash to look for an A.T.M.
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