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“Part of the reason pay fell is that these men, mostly from predominantly Islamic countries such as Pakistan, Saudi Arabia and Algeria, found fewer opportunities and had to find work in different industries that paid less than the jobs they used to be employed in after 9/11, said the study’s co-author, Robert Kaestner, a University of Illinois at Chicago economics professor.”
However, there has been an income recovery reported beginning in 2005.
“Home sales fell across the country last month, but in Florida they took a dramatic nosedive, according to numbers released by state and national Realtors’ groups Wednesday. Sales of existing single family homes fell 5 percent nationally, 33 percent statewide and 45 percent in the Tampa Bay area in July compared with the same month a year ago. Sales of existing condominiums rose 3 percent nationally, fell 37 percent statewide and plunged 52 percent in the Tampa Bay area.”
This drop sounds comparable to other previously hot Florida markets like Boca Rotan. Anyone left claiming there is not enough housing in Florida to meet demand anymore?
“Aug. 23 (Bloomberg) — Frank Quattrone, the former Credit Suisse Group investment banker who yesterday avoided prosecution on obstruction-of-justice charges, is owed more than $100 million from his former employer, said a person familiar with the situation. Quattrone, 50, will receive $100 million to $120 million in overdue compensation as long as he abides by an agreement and doesn’t break the law for a year, said the person, who declined to be identified because the deal was a private contract. Credit Suisse, Switzerland’s second-biggest bank, already paid for Quattrone’s legal costs in a three-year battle with prosecutors.”
From Bloomberg
“MUMBAI: In what is the largest Indian acquisition abroad so far, Tata Sons and Tata Tea have signed a definitive agreement to acquire a 30% stake in US-based enhanced water maker Glaceau, with an investment of $677 million. The stake is being bought in Energy Brands Inc, which owns Glaceau, from US-based leading private equity firm TSG Consumer Partners.”
From DNAIndia
“Shares of computer maker Gateway Inc. GTW.N surged nearly 20 percent on Wednesday after it received a $450 million bid for its retail operations from a former eMachines executive. Bidder Lap Shun Hui, owner of Joui International and the former owner of eMachines, said he was also willing to consider buying all of the outstanding shares of Gateway. Gateway said early on Wednesday it will review the offer.”
From Washington Post
“McDonald’s Corp. on Wednesday announced the abrupt resignation of Mike Roberts, the fast-food chain’s No. 2 executive, as president and chief operating officer. No reason was cited in the late afternoon announcement by CEO Jim Skinner. A company spokesman did not immediately return phone calls seeking comment.”
From ABC News
“South Korea and ASEAN countries will start cutting tariffs on merchandise trade by Jan. 1, 2007, but talks with the group’s key member Thailand remains stalled amid a dispute over rice, ministers said Thursday. The 10-member Association of Southeast Asian Nations _ except Thailand _ signed an agreement in May to start freeing up trade in goods as part of plans to create a free trade area by 2012. Thailand, the world’s top rice exporter, refused to join to protest South Korea’s insistence on excluding rice.”
Source Houston Chronicle
Everyone is reporting the latest real estate data which shows blatantly clear signs of a cooling off. The New York Times paints a pretty bleak picture:
“The housing market is deteriorating by the month. In the latest and strongest indication that the home buying and selling frenzy is over, the National Association of Realtors reported yesterday that sales of previously owned homes fell to the lowest level in July in more than two years, prices flattened and sellers waited longer and longer to find buyers for their homes. The supply of unsold houses on the market hit a record high.”
Just two days ago I saw someone on FOX saying that it wasn’t so bad. Just like gold, this pull back is no suprise. Toss in the seasonal summer slow down and you have a recipe for a serious housing market retreat.