NEW YORK (AP) -- Total U.S. money market mutual fund assets rose by $7.87 billion to $2.572 trillion for the week that ended Wednesday, the Investment Company Institute said Thursday.
Assets of the nation's retail money market mutual funds fell by $4.27 billion to $887.46 billion, the Washington-based mutual fund trade group said. Assets of taxable money market funds in the retail category fell $2.93 billion to $701.97 billion. Tax-exempt retail fund assets fell $1.33 billion to $185.49 billion.
Meanwhile, assets of institutional money market funds rose $12.13 billion to $1.685 trillion. Among institutional funds, taxable money market fund assets rose $12.73 billion to $1.599 trillion; assets of tax-exempt funds fell $600 million to $86.37 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 fell to 45 day from 46 days in the previous week.
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 at 21 percent from the previous week. The yield on one-year CDs was unchanged at 0.33 percent. It fell to 0.52 from 0.53 percent on two-and-a-half-year CDs. It was flat at 1.12 percent on five-year CDs.
EU ministers to discuss boosting rescue fund capacity - EurActiv.com
The possibility of boosting the actual capacity of the European Financial Stability Facility (EFSF) to a full €440 billion, from around €250 billion now, could be part of moves aimed at boosting market confidence.
"I think this increase of the capacity of the EFSF is something that will definitely be on the table next week," said one source with knowledge of the preparations for the meeting of eurozone finance ministers on 17 January.
"It is basically about getting the whole 440 billion into operation," the source said. "I think it will at least be given serious consideration next week."
Writing in a Financial Times column, EU economics chief Olli Rehn argued that the lending capacity of the euro zone's financial rescue fund should be reinforced and the scope of its activity widened.
"We need to review all options for the size and scope of our financial backstops -- not only for the current ones but also for the permanent European stability mechanism too," EU Monetary Affairs Commissioner Rehn wrote.
Economists have indicated that a more substantial increase in rescue funds would be needed to calm investors: to €1-2 trillion from the current 750 billion available jointly through the euro zone and the International Monetary Fund.
Markets are concerned that the euro zone may not have enough cash at the ready to support countries like Spain or Belgium if Portugal follows Ireland in asking for financial help and others are forced to do so too.
But a more substantial increase in the funds available to the EFSF seemed unlikely now.
"Doubling or tripling the EFSF will not be seriously considered at this stage - for a number of member states the limit is the 440 billion that has been agreed last May and it would be a fundamental step forward to discuss something more," the source said.
EFSF guarantees
Eurozone governments agreed in May to guarantee the EFSF, which raises money to help governments frozen out of the markets, up to 440 billion euros.
To secure a triple A rating for bonds issued by the special purpose vehicle, eurozone governments that are not frozen out guarantee the bonds issued by the EFSF in a 120% proportion of their share in the European Central Bank's capital.
"We are talking about more or less doubling the guarantees to get the full 440 billion. Maybe it would be sufficient to increase them less, but we don't want to err on the small side," the source said.
But another eurozone source said that doubling the guarantees would not be realistic, even though some countries were in favour of doubling or even tripling them.
Germany, Slovakia, the Netherlands or Finland could find it difficult to push such a change through their parliaments, especially given that they will soon have to deal with a change in the EU treaty to accommodate the European Stability Mechanism that is to manage any future eurozone debt crises after mid-2013.
"You cannot approach parliaments every couple of weeks with matters like that. There would be a big risk of failure," the source said.
EFSF review
Eurozone sources said further adjustments to the EFSF could include lowering the penalty margin charged on EFSF loans to the frozen out countries from the current 300 basis points, and lowering the cash buffers.
Ireland was the first country to apply for money from the EFSF and its experience of the programme could form the basis for a review of the mechanism.
"We now have the first experience of the EFSF with Ireland [...] so it is possible that a number of things could be adjusted at the same time," the first source said.
"It might not only be the effective capacity but also the margin, cash reserves, etc. It could be a readjustment of the EFSF after the first experience," the source said.
No formal talk of Portugal bailout yet
EU sources noted that eurozone finance ministers' discussions on 17 January would to a large extent be determined by the outcome of eurozone bond auctions this week, especially Portugal's today (12 January).
Market players are anticipating that rising costs of market funding will force Portugal to apply for eurozone and International Monetary Fund help soon.
"In the case of Portugal it depends very much on how it goes at the bond auction tomorrow; Portugal is a worry for us, but we will see how it goes," an EU source said, adding it would be an issue for discussion next week.
Reportedly, sources confirmed that there have been so far no talks on a Portuguese bailout, "at least not in a structured way".
Portugal will auction up to 1.25 billion euros of 10-year and five-year bonds today. The yield on the former was above 7% on the secondary market on Tuesday.
"If the yield will be [at the auction] significantly above 7%, they will go ahead [and ask for EU/IMF aid]," the third source said.
(EurActiv with Reuters.)
The Business Finance Store Discusses Business Loan Scams - Consumer Electronics Net
June 03, 2012 --
Santa Ana, CA (PRWEB) June 03, 2012
As Fathers Day approaches, the Better Business Bureau published a list of potential scams that consumers should look out for around this holiday season. News sources generally place warnings for consumers, like this one from the Better Business Bureau. However, one scam that is generally not discussed is that of small businesses being ripped off by loan scams. Financing for a small business is no easy task and getting help in obtaining financing is a great solution. However, small business owners need to be wary of who is helping them get financing. In the recent blog post Want to Avoid Business Loan Scams? Here's How, The Business Finance Store discusses some things small businesses should look out for to avoid falling victim to loan scams.
Business loan scams are not always easy to spot. However, knowing what to look out for can help small businesses in need of financing make sure they dont fall for loan scams. Read more about how to avoid a loan scam and obtaining safe business financing at The Business Finance Store Blog.
The Business Finance Store is a business financing and consulting firm that offers customized Business Financial Solutions. Seasoned professionals offer assistance in a variety of financial solutions to help small businesses succeed such as: Business Financial Solutions, Legal Solutions, and Accounting Solutions.
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The staff at The Business Finance Store understands that starting and growing a business is an exciting time. They keep it exciting by taking care of some of the most difficult aspects, by providing legal advice, helping with vital responsibilities like accounting & bookkeeping, and by obtaining business finance. They can quickly and easily guide entrepreneurs through many different complicated processes and put them on the path to success.
For 10 years The Business Finance Store has been helping startups and other small businesses legally structure their companies, find the right franchises, get the funding they need, and achieve the American Dream of owning their own successful business. Since expanding nationwide in 2007, they have helped thousands of companies and have funded over $60 Million in business credit lines, not including SBA loans. The Business Finance Store sees limitless potential in the current climate, and looks forward to many strong years of growth to come. Take some time to review their services, and give them a call.
For more information, or a free, no-obligation analysis of your business needs, visit The Business Finance Store website: http://www.businessfinancestore.com. A member of their professional staff will contact you to discuss your business' short and long-term goals. Whatever you need, The Business Finance Store is there.
Read the full story at http://www.prweb.com/releases/2012/6/prweb9568747.htm.
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Money, Dedication Likely Why Bucs Went With Clark Over Winslow - The Ledger
But the move was more than just numbers. Clark's professionalism will go a long way in the locker room of the young Bucs.
Clark was signed as a free agent after being released by the Indianapolis Colts, who purged most of their team. Winslow was traded to the Seattle Seahawks for a conditional seventh-round pick.
If the team goes strictly by the numbers, the deal would never have been made. The two have basically the same numbers over their careers. Winslow is 28, 6-foot-4 and 240 pounds, while Clark is 32, 6-foot-3 and 252 pounds.
Winslow has 10 more catches, while Clark has 51 more receiving yards. Their average per catch is nearly identical (Clark 11.4 to Winslow's 11.1).
The major difference, strictly by the numbers, is in touchdown receptions, where Clark has a 2-to-1 edge over Winslow (46 to 23).
That alone could have made a difference although Winslow's fans could counter with the past three years.
During that span, Winslow did not miss a game and averaged 72 catches during that time.
Clark, who battled injuries, has averaged 11 games and 57 catches over the same time period.
While critics will likely point out Bucs special assistant Butch Davis had something to do with Winslow being traded (the duo were together in Cleveland), that likely did not play much of a role.
What likely played a role was Winslow's salary.
Winslow was scheduled to make $3.3 million, not including a little over $1 million in workout and roster bonuses.
Clark signed a one-year deal worth up to $2.7 million with just $1 million guaranteed.
"Certainly there's a business side of this game at this level," said Tampa Bay coach Greg Schiano, who wouldn't say much else about trading Winslow.
Although Clark has played a full season just once entering his 10th season, he has played 15 games four times.
"He's a proven player," Schiano said of Clark. "I know he's had some health issues of late, some issues that have kept him from playing at the level of football he played earlier in his career. I believe whole-heartedly he's going to return to form and play the way he's capable."
Clark is going to do everything he can to get back to his high standards.
"Once you stop proving yourself, you're out the door," he said. "You have to bring your A game every day. That's what makes guys special who stay in the league a long time. To do it day in and day out (and for years), finding those pros is special.
"I'm just trying to be consistent and just be a player that (Bucs quarterback Josh Freeman) and the offense can depend on," he said. "That's all I tried to be. You are never guaranteed 100 catches. You are never guaranteed 20 catches. You have to earn every one of them."
That determination and dedication is why Clark is now a Buc.
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