Cheapest ways of exchanging currencies

Cheapest ways of exchanging currencies

International travel, whether for business or pleasure, carries with it an inherent need for preparation. One of the biggest concerns for the unseasoned traveler is how to obtain the different types of currency that need to be used in a foreign county. The simplest solution is not always the best for your bottom line when it comes to fees and the possibility of being scammed. There are several ways to exchange currency, either before you leave or after you arrive, and all come with their own risks associated with them.

Traveler's Checks
The most advertised way to pay when traveling internationally is to purchase traveler's checks. American Express and AAA.com are the most popular places to offer these financial instruments and come with reasonable rates. While easily available, travelers checks carry the burden of having to keep physical money on your person at all times. The risk of accidentally losing them or worse, having them stolen, is a huge deterrent. In addition, many retail stores in foreign countries do not accept travelers checks.

Banks
Before leaving the country, visiting the bank and exchanging currency there is a quick and easy solution. Bear in mind that exchange rates fluctuate on a daily basis so if you purchase it too far in advance, it may not hold the same value when you finally leave the country. The other downside to using a bank is essentially the same problem with traveler's checks, carrying large amounts of cash can lead to difficult situations.

Opening an account in a foreign country is generally not advisable unless you travel to that country often. Foreign countries have many of the same procedures as domestic banks when it comes to necessary forms of ID. You will need a drivers license, social security card, passport and birth certificate handy in order to fill out an application. Many foreign banks will also do a credit check which can take weeks to complete so if you need money immediately, you will have to make other arrangements.

Currency Exchanges
If you don't want to carry large amounts of money with you, there are currency exchanges available once you arrive in the foreign country. They are generally small kiosks set up in areas with a lot of traffic, particularly tourist traffic. While the location and accessibility is convenient, the fees and possibility of being scammed are higher. Usually they will list their fees and prices but vendors will often take advantage of the unwary customer who doesn't understand the foreign currency. Finweb.com suggests asking for a receipt and not allowing yourself to be rushed will help you avoid trouble.

Depending on the hotel, currency exchanges can be done directly by the front desk there. They may not list their fees or exchange rates however, and can be the most expensive way to get money. Airports will also have an exchange on location and while their fees can be high, they are more reputable than kiosks.

ATMs
In today's global economy, many banks operate internationally and accounts can be easily accessed through ATMs. The fees can be a small as 1%, and are available any time of day or night. ATMs eliminate the need to procure large amounts of foreign currency in advance, although multiple transactions can be pricey if your bank charges a withdraw fee in addition to normal exchange expenses.

The Bottom Line
Before rushing out and exchanging currency, decide what is best for you in your given situation. Knowing the different options available will help you decide which route is the most convenient, safe and economical for you.

Eight fashion rules for businessmen

You saw that Shahrukh ad on telly "The Belmonte Academy of Style". Yup we actually need one of those.

The reason's simple enough. Most executives as they start climbing up the corporate ladder get into these blind spots in which they have precious little idea about how they need to upgrade as far as their wardrobe is concerned.

Treat this article as a million dollar crash course on the basics of fashion and grooming that will stand you in good stead no matter how high you climb up the success ladder. It will ease your path and get you noticed as you have your head to the ground working to make a place for yourself in the big, bad world of business.

Must know fashion rules for the business savvy:

Rule 1: Look the part to get the part

Dressing to suit the part is the first rule of the game. If you aspire to be the CEO of a company but wear open-toed sandals to work, it will be a long time before you get anywhere near the CEO’s office, let alone run the organization.

To look the part, ensure that you have the basics of any business wardrobe in place, and you can be assured that you can alter your look by mixing and matching your separates. Without breaking the bank, it is entirely possibly to invest in a few stylish separates that will go a long way in spiffing up your appearance.

If for instance, you happen to have an important client meeting to go to with your boss, borrow a rich friend’s Tag Heur watch or expensive necktie and update your look with one touch of class.

Rule 2: Stick to the norm

Do your research. Even before joining the company you would have got an idea of the dress code of the organization during the interview or by a brief given to you by the human resource personnel. Stick to the company’s line of thought in this regard and don’t veer away from their accepted dress codes.

If the organization is conservative, stock up on formal clothing, and if the company policy is relaxed when it comes to work wear, you can buy more casual Friday dressing items of clothing.

Rule 3: First impressions count

You might be worried about not getting taken seriously because of a variety of reasons - whether it is about looking too young, too old, too boyish and so on. But if you want to change that perception, your choice of clothes is the first step.

Dress in a more mature manner in dark suits, warm tones, and wear formal accessories. Stick to a conservative haircut and go for the clean- shaven look.On the other hand, if you think you appear older than you are, try out a more contemporary haircut and update your wardrobe to the latest trends but in conservative colours.

Rule 4: Don’t flash

Avoid flashy jewellery like rings, body piercings, and so on, like the plague. The only accepted jewellery in a business setting would be a wedding band and a wrist watch.

Rule 5: Colors are the clincher

Offices requiring business attire will expect conservative suits in dark shades. Stick to pinstripes in gray, blue and black when it comes to suits. Patterns are ok when it comes to shirts but make sure they aren’t loud or bizarre. Invest in formal shirts in safe colours like white, pastel shades, navy, black and burgundy.

Rule 6: It’s a perfect fit

There’s nothing worse than ill-fitting clothing, whether too loose or too tight! Ensure that your shirt is fitted and that it flatters your body type and minimises any flaws. You can guarantee this if you get your clothes tailored by a good tailor. Suggestions for styles, colors and cuts can come from a tailor who’s good at his work and he can actually up your fashion anté considerably at work.

Rule 7: Good grooming counts

No matter how fashionable your clothes or how well they fit, if you don’t take care to groom yourself well, it is all a wasted effort. Your hair should be washed and combed neatly. Your nails should be clean and trimmed. Take care to see that your teeth don’t have bits of food sticking in it. And use deodorant or perfume to kill any possibilities of body odor.

Rule 8: Leave no stone unturned

Other important points to keep in mind are to always wear dark socks, keeps your shoes shined, keep your pockets empty, avoid bulky bags and not chew gum in meetings.

With these basic tips, you are sure to make a big impression when it comes to good grooming and sense of style. Though it might seem superficial, the care one takes with one’s appearance is actually a reflection of the type of person a man is, and seniors at work often make decisions based on the nitty-gritty of a person’s appearance. You wouldn’t want to risk your chances now, would you? After all, it pays to be prepared! 

6 Credit Report Items That Scare Lenders

You pay your bills on time and never miss a payment. If you're still having trouble with credit, something on your credit report could be scaring lenders.

Everyone knows the big gremlins that haunt credit reports: items such as bankruptcies, foreclosures and even late or missed payments. Less dramatic items can also spark some anxiety in skittish lenders.

When you apply for a loan or a card account, lenders review your credit score and pull your credit report. Or they may take that report and pump it through one of their own scoring systems.

If they don't like what they see, you could be rejected. Or you may get approved with less-favorable terms. And it isn't just new applicants who have to run the gauntlet. Credit card issuers periodically review their current customers' files, too.

Even more confusing is that different lenders zero in on different credit report items. So it's entirely possible that, even for the same loan, no two lenders will see your credit history in exactly the same light.

Think there could be something heinous lurking on your credit report? Here are six items that could scare lenders.

1. Multiplying Lines of Credit

Opening one new card is normal. Opening three in a short amount of time could signal something bad is going on in your financial life.

When it comes to credit card issuers, "the account monitoring window has shrunk," says Norm Magnuson, vice president of public affairs for the Consumer Data Industry Association, the trade association for credit reporting companies. "It used to be months and months. Now you find companies doing account monitoring monthly or every other month."

And the one thing those issuers don't want to see is that you're asking everyone in town to lend you money.

"That would raise some questions," he says. "It could be an indicator of something that's going on. I don't think it's in the best interest of any consumer to go out there and be a collector of credit lines."

2. A Housing Short Sale

"People are told short sales won't hurt their credit," says Maxine Sweet, vice president of public education for credit bureau Experian. "But there is no such thing as a 'short sale' in terms of how the sale is reported to us."

"The way the account is closed out is that it is settled for a lesser amount than you agreed to pay originally," she says. "The status is 'settled.' And it's just as negative as a foreclosure."

One tip: Negotiate so the lender doesn't report the difference between your mortgage and what you repaid as "balance owed" on your credit report, says John Ulzheimer, formerly of FICO, now president of consumer education for SmartCredit.com. Your credit score will take a heavyweight hit, but this action will slightly soften the blow, he says.

Sweet's advice is not to discount the notion of a short sale, just go into it with your eyes open.

"It may be the right decision to get out of the house," she says. It may be "better than a foreclosure in terms of the economy, moving the house and moving on with your life. Just don't expect to walk away with no impact to your credit history."

3. Someone Else's Debt

Here's something you might not know: When you co-sign on the dotted line to help someone else get a loan or a card, that entire debt goes on your credit report.

While the fact you've co-signed is neither good nor bad, it does mean that -- as far as any potential lenders are concerned -- you're carrying that debt yourself. And it will be included in your existing debt load when you apply for a home mortgage, credit card or any other form of credit, says Ulzheimer.

And if the person you co-signed for stops paying, pays late or misses payments, that bad behavior will likely go on your credit report.

So when someone tells you that co-signing is painless because you'll never have to part with a dime, you can tell them that's not true. Co-signing means agreeing not only to repay the obligation if necessary, but also to allow the debt -- and any nonpayment -- to count against you the next time you apply for credit yourself.

Co-signing for a friend or family member "plays well at the Thanksgiving table, but it doesn't play well in the underwriting office," says Ulzheimer.

4. Minimum Payments

While creditors make money when you carry a balance, lenders who view your credit report don't like to see you paying just the minimums.

"It suggests you're under financial stress," says Nessa Feddis, vice president and senior counsel for the American Bankers Association. "You may be defaulting," she says.

Paying minimums once in a while doesn't necessarily signal a problem, she says. For instance, paying minimums in January, after holiday spending. Or paying minimums one month as you wait for your annual bonus to arrive.

But consistently paying minimums month after month signals that you can't pay off the full balance, and your current and future lenders will see that as a giant red "stop" sign when it comes to granting additional credit.

5. A Lot of Inquiries

This is similar to soliciting a lot of new credit. When lending standards tightened, a lot of borrowers, especially subprime borrowers, were having trouble getting credit, says Sweet. That meant that they had to apply multiple times to try and get what they wanted.

And, with the VantageScore at least, that "actually influenced the impact of inquiries -- they are more important than they used to be," she says.

With the FICO score, the impact of inquiries has remained about the same, according to Ulzheimer. Every time you allow a potential lender to pull your credit report, your score can take a small hit. The exact impact varies with the consumer, the score and the number of inquiries.

And if you're applying for a home, auto or student loan, you can minimize the damage by making all of your applications within a two-week period. When you do that, the score bundles all the similar inquiries and treats them as one. Unfortunately, there is no similar grace period for credit card applications.

6. Cash Advances

"Cash advances, in many cases, indicate desperation," says Ulzheimer. "Either you've lost your job or are underemployed. Nobody takes out cash advances against a credit card because they want money sitting in a bank somewhere."

Because the interest rate is generally higher than for the credit card charges, "you're generally borrowing from Peter to pay Paul," he says.

How it hurts: First, the cash advance is immediately added to your debt balance, which lowers your available credit and can lower your credit score, says Ulzheimer. And all potential lenders will see your score.

Second, larger card issuers regularly re-evaluate their customer's behavior. To do that they often pull the credit report, the FICO score and the customer's account history and put those three ingredients through their own scoring systems, says Ulzheimer. Many of the those scoring models penalize for cash advances, which are often seen as risky, he says. Since your account history is available only to that issuer, only your behavior score with that card is likely to be affected, he says.

However, if the issuer slices your credit line or cancels your account, that could impact your credit score. And that could affect your relationship with other lenders.

The U.S. Economy Since 9/11

Much has transpired on the economic front since terrorists attacked the U.S. on Sept. 11, 2001. The nation weathered two recessions; homeowners suffered record foreclosures; workers faced double-digit unemployment; and investors trudged through a lost decade -- stock markets aren't much better off today than they were ten years ago.

Not all of the problems that have plagued the U.S. economy can be tied to 9/11, though there are arguments to be made that some can. Judge for yourself. Here's a look at where the economy was a decade ago, on the eve of the terrorist attacks; where it is today; and what happened in between.

Federal Deficit

Then: $128 billion budget surplus in 2001

After 28 years of deficits, the federal government finally managed to produce a surplus for four straight years starting in 1998, including $236 billion in 2000 and $128 billion in 2001. Long-term prospects were rosy. "The outlook for the federal budget over the next decade continues to be bright," the Congressional Budget Office said in January 2001, forecasting an $889 billion surplus in 2011. Of course, the CBO's projection at the time assumed that revenue and spending policies would be maintained.

Now: Projected $1.3 trillion budget deficit in 2011

Sweeping tax cuts passed in June 2001 came at a time when the economy was already in recession on the heels of the dot-com bust. Then came 9/11. Subsequent wars in Iraq and Afghanistan have a price tag in excess of $1 trillion and counting. While the deficit actually shrank between 2004 and 2007, the Great Recession necessitated costly government intervention, including the Troubled Asset Relief Program of 2008 ($700 billion) and the economic stimulus package of 2009 ($800 billion). The federal deficit was $1.3 trillion in 2010. CBO projections put the deficit again at $1.3 trillion for 2011.

The Dow

Then: The Dow closed at 9605.51 on Sept. 10, 2001

The Dow Jones Industrial Average climbed mightily in the 1990s, more than quadrupling in value during the decade as individual investors poured into the stock market. The 10,000 barrier was breached in 1999, and the sky seemed the limit. But the events of 9/11 dampened an already weakening economy. When trading resumed after the terrorist attacks, on Sept. 17, the Dow sank 684 points, or 7.1%. Lingering effects of a recession that officially ended in November 2001 kept the Dow from finding firm footing above 10,000 for another two years.

Now: The Dow closed at 11,493.57 on Sept. 1, 2011

The Dow topped 14,000 by October 2007, an all-time high. But the 18-month Great Recession, which began officially in December 2007, took a toll on the average—especially its financial components. Shares of American Express (AXP) fell 63% during 2008; Bank of America (BAC) dropped 60%. In September 2008, Kraft Foods (KFT) replaced American International Group (AIG) in the Dow. In June 2009, Citigroup (C) was bumped in favor of Cisco Systems (CSCO). The Dow has climbed 76% since its bear-market low of 6547 on March 9, 2009. Trading ahead of the tenth anniversary of 9/11 has been extremely volatile.

Unemployment

Then: 4.9% (August 2001)

The unemployment rate was 4.2% at the start of 2001, but the unfolding recession lifted joblessness to 5.7% by year's end. The economic drag of 9/11 contributed to the labor pains. An estimated 600,000 jobs were lost as a direct consequence of the terrorist attacks. Of those lost jobs, 226,000 were in travel and tourism. At the World Trade Center, 1,100 businesses were disrupted. It took four years before the unemployment rate returned to its pre-9/11 level.

Now: 9.1% (August 2011)

After stabilizing at a healthy 5% or below in the mid 2000s, unemployment began to accelerate in 2008 as the Great Recession went into full swing. The U.S. ended up losing 2.6 million jobs that year. The jobless rate peaked in October 2009 at 10.1%, a level not seen since 1983. Today, about 14 million Americans are out of work, and there are few signs of rapid improvement on the labor front. Long-term unemployment remains a stubborn problem, with 6.0 million workers unemployed for at least 27 weeks.

Housing

Then: $156,600 (median home price in 2001)

The median price of an existing home in the U.S. in 2001 was $156,600. The homeownership rate at the start of that year was 67.5%. The Federal Reserve had a tight monetary policy in place going into 2001, with the target on the federal funds rate at 6.5%. (The fed funds rate, the interest that banks charge each other for short-term loans, influences rates on other loans, such as mortgages.) As the recession unfolded, the Fed began to lower rates to stimulate economic growth. Four rate cuts were made in rapid succession after 9/11. The fed funds rate ended 2001 at 1.75%. By 2003 it was at a 50-year low of 1%.

Now: $173,100 (median home price in 2010)

A good case can be made that the Fed's super-low rate targets, which were prompted by the 2001 recession and exacerbated by the 9/11 attacks, played a key role in the housing bubble. From 2000 to 2005, housing prices rose at an 8.26% annualized rate, vs. 4.22% annualized during the 1990s. The median home price peaked at $221,900 in 2006. Then the bubble burst. The median price fell 2% in 2007, 10% in 2008 and 13% in 2009. It ticked up 0.6% in 2010, but at $173,100 it was well below peak prices. Homeownership, which hit a high point of 69.2% at the end of 2004, has since retreated to 65.9%, the lowest level in 13 years. 

Air Travel

Then: U.S. airlines flew 34.9 million passengers

In August 2001, U.S. airlines carried 63.8 million passengers and employed more than 520,000 workers, but the 9/11 terrorist attacks had an immediate and profound effect on the industry. The number of passengers was nearly halved in September 2001, to 34.9 million. The federal government quickly intervened. The Air Transportation Safety and System Stabilization Act, signed into law Sept. 22, 2001, gave airlines $5 billion in immediate assistance and $10 billion in loan guarantees to prop up the industry.

Now: U.S. airlines flew 63.8 million passengers

U.S. airlines flew 63.8 million passengers in May 2011 (the latest data available), the same number that took flight in August 2001. But flying isn't the same as it was ten years ago. Among the travel-related legacies of the terrorist attacks are tighter carry-on restrictions and longer security lines at airports. Creation of the Transportation Security Administration, now part of the Department of Homeland Security, itself a direct result of 9/11, was approved on Nov. 19, 2001. The TSA currently has 50,000 employees and a budget of $8 billion. Due in large part to consolidation, the number of workers in the U.S. employed by airlines has fallen 26% since 9/11 to 383,000. 

Gold

Then: $271.50 an ounce (Sept. 10, 2001)

It's no secret that some investors scurry to gold in times of uncertainty. Gold is considered a hedge against inflation and a weakening dollar, among other things. The week after 9/11 was no exception. Gold prices jumped a quick 8% on the heels of the terrorist attacks. The precious metal continued to rise steadily after 9/11, doubling in value by the end of 2005.

Now: $1821.00 an ounce (Sept. 1, 2011)

Gold shot into the $600s per ounce in 2006, a range where it bounced around until the second half of 2007. That's when signs of trouble at financial institutions, especially mortgage lenders, began to emerge. Gold first breached $1,000 in March 2008, but it wasn't until the fall of 2009 that prices stayed in the quadruple digits. Gold has exploded recently amid recession fears and stock-market volatility, surging past $1,800 an ounce. Since 9/11, the price of gold has gone up more than 600%. In contrast, the U.S. dollar has lost about one-third of its value since 9/11. 

Oil & Gas

Then: $1.53 per gallon gasoline/$27.66 per barrel oil (Sept. 10, 2001)

Oil is a commodity with a volatile history. Prices are often driven by global demand, the stability of producing nations and the whims of speculators. In the days after 9/11, the price of West Texas Intermediate crude rose 7% to $29.59 a barrel. However, oil quickly retreated as fears of economic slowdown trumped worries about scarce supply from the Middle East. Oil prices were little changed on the first anniversary of the terrorist attacks. As for gasoline, the national average weekly price for a gallon was $1.51 as of Sept. 10, 2001.

Now: $3.65 per gallon gasoline/$88.93 per barrel oil (Sept. 1, 2011) 

Oil began to climb appreciably in 2004, and by 2008 it had been bid up to nearly $150 per barrel, largely due to concerns that global demand could outpace supply. Gasoline topped $4 per gallon in the summer of 2008. More recently, oil has fallen to $88.93 a barrel on a weaker outlook for worldwide demand. Gasoline is now at $3.55 per gallon, about $2 more than it went for on 9/11. Still, oil and gasoline are diminishing resources. According to the International Energy Agency, oil's share of total global energy will shrink from 33% in 2008 to 28% in 2035

Polish economy grows 4.3 pct on the year in Q2

By VANESSA GERA, AP

WARSAW, Poland (AP) — Poland's economy grew 4.3 percent year-on-year in the second quarter, a slight slowdown over previous quarters but still one of the strongest growth rates in Europe.

Economists, however, warned that Poland's economy is starting to be battered by new troubles in the world economy, problems not visible yet in the figures for the April-June period that were released Tuesday.

A loss of momentum is expected to be seen in third quarter figures, economists warned.

Poland's strong growth is attributed in part to the EU subsidies and massive foreign investments it has received since joining the European Union in 2004. And as the largest of the new EU members, with a population of 38 million, it also has a large consumer market that powers the economy, leaving it less dependent than neighbors like Hungary on exports to keep growing.

Still, Poland trades extensively with neighboring Germany and economists were eager to see if a recent slowdown there would take the edge off Poland's strong growth.

Growth of 4.3 percent, however, was better than the 4.2 percent that many economists had expected. The previous two quarters saw growth of 4.5 percent and 4.4 percent.

Adam Antoniak, an economist with Bank BPH, said Poland will not be immune from the "increasingly distressing news regarding prospects for the world economy" and he expects the pace of growth in the third quarter to "decline markedly."

Data released Tuesday showed that growth in individual consumption slowed for the second quarter in a row while the growth rate of public consumption fell for the first time on record, Antoniak said.

Poland was the only European nation to avoid a recession during the global financial crisis, a fact the government of Prime Minister Donald Tusk often boasts about — as Tusk did in Brussels on Tuesday.

Holding up a small map of Poland overlaid with the 4.3 percent figure, Tusk said he was happy to boast of the strong number. He credited the EU and his own government for using EU funds well.

"One source of growth, not only in Poland, are the European funds, European aid put to good use," the news agency PAP quoted him as saying.

Still, while Poland's growth figures look impressive, the country is still much poorer than its Western European neighbors. Trains and roads remain dilapidated, and many people have been unable to make the transition from a communist to market economy 22 years ago, adding to a high unemployment rate of about 11 percent.

With job prospects bleak and wages low, many Poles have left to work in Western Europe, especially Britain, in recent years. 

European stocks hurt by downbeat economic report 

By CARLO PIOVANO, AP

LONDON (AP) — European stocks were hurt Tuesday by a report showing economic sentiment in the eurozone was souring due to uncertainties about the future of the global economic recovery and the region's festering debt crisis.

The European Union's economic sentiment index fell by a greater-than-expected 4.7 points to 98.3 — the sixth consecutive decline, bringing the indicator below its long-term average of 100.

Germany, the eurozone's largest economy, saw the biggest drop. That is particularly worrying for traders because Germany had been the main motor of growth over the past year, helping Europe's economy grow despite the market turmoil spawned by the debt crisis.

"August's weak EC business and consumer survey adds to the evidence that the eurozone economy is now stagnating at best," said Jennifer McKeown, senior economist at Capital Economics.

After earlier trading higher, Germany's DAX was down 0.3 percent to 5,654.47 while France's CAC-40 was up barely 0.1 percent to 3,157.69. Britain's FTSE 100 jumped 2.1 percent to 5,239.33, catching up on global gains made Monday, when it was closed for a holiday.

Wall Street slipped on the open — the Dow fell 0.3 percent to 11,505.11 while the S&P 500 lost 0.5 percent to 1,204.52.

Adding to uncertainty in Europe, a global accounting body criticized some European banking groups for not writing down their shaky Greek bond holdings enough.

The International Accounting Standards Board said some firms only wrote down the value of their Greek bonds according to a restructuring suggested by the Greek government, which would see their value drop by about 21 percent.

However, if firms tried to sell those bonds on the open market now, they would get much less than that, IASB Chairman Hans Hoogervorst said in a letter to the European Union's market regulator, the European Securities and Markets Authority.

Earlier in Asia, markets rode strong momentum from the previous day to close higher. U.S. economic figures on Monday had shown a strong increase in consumer spending and traders were encouraged by comments from Federal Reserve Chairman Ben Bernanke.

One sign of possible help on the horizon was the Fed's decision to extend its upcoming policy meeting to two days instead of one. That raised the possibility of action, at least in the eyes of traders, to jolt the economy.

Another reason for the upbeat mood: investors were anticipating an announcement soon by President Barack Obama on a new jobs initiative.

"I think the focus is on President Obama's speech, which is related to measures that will revive the economy," said Kwong Man Bun, chief operating officer at KGI Securities in Hong Kong. "All this provides some of sort positive expectations for investors."

The Nikkei 225 index in Tokyo added 1.2 percent to 8,953.90 as investors seized on positive U.S. consumer spending figures and overlooked a rise in Japan's unemployment rate.

Hong Kong's Hang Seng gained 1.7 percent to 20,204.17 and South Korea's Kospi was 0.8 percent higher at 1,843.82. Australia's S&P/ASX 200 rose 0.1 percent to 4,269.20.

Mainland Chinese shares lost ground, however, with the benchmark Shanghai Composite Index falling 0.4 percent to 2,566.60. The Shenzhen Composite Index fell 1 percent to 1,148.29.

Looking ahead, investors will keep an eye on U.S. economic indicators that could show slowing growth. Later Tuesday, the Consumer Confidence Index for August will be released. Then on Friday, the Labor Department will release U.S. employment data for August.

In currencies, the euro dropped to $1.4433 from $1.4505 late Monday in New York. The dollar slipped to 76.70 yen from 76.95 yen.

Benchmark oil for October delivery was up 26 cents to $87.53 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.90 to end at $87.27 per barrel on the Nymex on Monday.

In London, Brent crude for October delivery was up $1.17 to $113.05 on the ICE Futures exchange.

Dollar General profit rises

By Jessica Wohl, Reuters

CHICAGO (Reuters) - Dollar General Corp posted bigger-than-expected gains in quarterly sales and profit and raised the low end of its full-year forecast on Tuesday, as shoppers visited its discount stores more often to buy food and other basic items.

Shares of Dollar General, which is carefully balancing demand for low-priced goods with manufacturers' push to raise prices, rose 2.8 percent to $34.75 in premarket trading.

"I saw a lot of encouraging signs in the results," said BB&T Capital Markets analyst Anthony Chukumba. He called the second quarter "a great rebound" from the rare shortfall the company posted for the first quarter.

Sales at stores open at least a year, or same-store sales, rose 5.9 percent, a faster clip than the first quarter's 5.4 percent rise.

Meanwhile, the gross margin decline was much narrower than in the first quarter, "admirable" given the higher commodity and fuel costs the company faces, he said.

Dollar General's customers are buying an increasing proportion of lower-margin necessities as they cut back on discretionary purchases due to higher gas prices, continued high levels of unemployment and other economic concerns.

Sales of items such as candy, snacks and other food continued to increase at a higher rate than merchandise such as home, apparel and seasonal goods during the quarter.

For Dollar General, which prices most of its merchandise below $10, the weak economy is a double-edged sword. As lower-income shoppers seek low-priced food and other basic goods, a soft economy brings new customers into its stores and those of competitors such as Family Dollar Stores Inc .

"The second half of this year is setting up quite nicely for Dollar General," said BB&T's Chukumba, who has a "buy" rating on Dollar General and a "hold" rating on Family Dollar.

"The U.S. macroeconomic environment remains challenging, so we should see a continuation of the trade down phenomenon where consumers are trading down to Dollar General from higher-priced alternatives such as supermarkets, convenience stores and drugstores," he said.

PROFIT UP

Dollar General, which has more than 9,640 stores, more than any other chain in the United States, said sales rose 11.2 percent to $3.58 billion, above the $3.54 billion analysts were expecting according to Thomson Reuters I/B/E/S.

The retailer earned $146 million, or 42 cents per share, in the fiscal second quarter that ended on July 29, up from $141 million, or 41 cents per share, a year earlier.

Earnings of 52 cents per share, excluding items, exceeded analysts' average forecast of 48 cents.

Shoppers buying more food and basic goods rather than discretionary items pressures profitability, as those items generally carry a lower gross profit rate than other goods. At the same time, the prices Dollar General paid for goods rose due to higher commodity and fuel costs.

Gross profit dipped to 32.1 percent of sales from 32.2 percent of sales a year earlier. Over the first six months of the year, gross profit fell to 31.8 percent from 32.2 percent.

Dollar General now expects to earn $2.22 to $2.30 per share for its 53-week fiscal year, versus a prior forecast of $2.20 to $2.30 per share.

It expects sales to rise 12 percent to 14 percent, up from a prior forecast of 11 percent to 13 percent. Same-store sales are now expected to increase by 4 percent to 6 percent, versus an earlier forecast of 3 percent to 5 percent.

Dollar General is majority-owned by private equity firm Kohlberg Kravis Roberts & Co LP , which brought the Goodlettsville, Tennessee-based company back to the public market in November 2009.

 

Republican bill passes, opening path to debt deal

By Andy Sullivan and Richard Cowan, Reuters

WASHINGTON (Reuters) - The House of Representatives approved a Republican deficit plan on Friday that has no chance of becoming law but could pave the way for a last-ditch bid for bipartisan compromise to avert a crippling national default.

With time running short ahead of a Tuesday deadline to raise the debt ceiling, the Republican-controlled House pushed the deficit-cutting plan through by a vote of 218-to-210 after the party's leaders reworked the bill to appease anti-tax conservatives in their ranks.

The legislation, denounced earlier by President Barack Obama who had admonished lawmakers to stop wasting time and find a way "out of this mess," was doomed to defeat in the Democratic-led Senate where all of Obama's Democrats have vowed to vote against it later on Friday.

But the House vote broke weeks of political inertia and opened the door to talks on a compromise that could pass Congress before Tuesday. That is the deadline to lift the $14.3 trillion U.S. debt limit or else render the world's largest economy unable to pay all of its bills.

Delays and procedural hurdles will now make it all but impossible for Congress to strike a deal and send it to Obama's desk until the 11th hour, injecting a dangerous level of uncertainty into already rattled global financial markets. A late deal also raises the prospect of the United States losing its top-notch AAA credit rating.

Both sides have been at impasse for weeks with lawmakers locked in a blame game that has brought the country to the brink of an unprecedented default, which could plunge America back into recession and trigger economic turmoil globally.

World leaders have been stunned by the dysfunction in Washington. World Bank President Robert Zoellick on Friday said the United States was playing with fire.

America's largest foreign creditor, China, has repeatedly urged Washington to protect its dollar investments and its state-run news agency on Friday said the United States had been "kidnapped" by "dangerously irresponsible" politics.

BOEHNER PLACATES ENOUGH RECALCITRANTS

House Speaker John Boehner's failure on Thursday to quell a rebellion among Tea Party-affiliated conservatives in his party and bring his proposal to a vote exposed a rift among Republicans that complicated efforts to reach a compromise.

But Boehner brought enough of his recalcitrant Republicans onboard on Friday with a retooled plan that included a requirement for Congress to pass a balanced budget amendment to the Constitution and send it to the states for ratification, a long-time core demand of fiscal conservatives.

"I stuck my neck out a mile to try to get an agreement with the President of the United States," Boehner said on the House floor shortly before the vote, his voice rising.

"Where are other ideas?" he asked as he accused Obama of failing to come up with a plan of his own. Republicans applauded loudly and Democrats hissed.

Boehner's two-step plan would cut spending initially by about by about $900 billion and lift the debt ceiling only enough to last a few months. That would mean a re-run of the acrimonious debate which Obama is determined to avoid at a time when he will be deeper into 2012 re-election campaign.

Top Senate Democrat Harry Reid has said a short-term solution is unacceptable and is pushing his own bill that would cut $2.2 trillion in spending over 10 years.

Reid's plan is expected to be amended to make it more palatable to moderate Republicans in the House, and, with Democratic votes, offset the inevitable loss of support from anti-tax Tea Party-aligned Republicans.

Jittery financial markets will be watching what is expected to be a weekend of hard bargaining and further brinkmanship.

"This is just a signal that Republicans have rallied around a common set of ideas. But they still have to negotiate with Democrats," said Michael Woolfolk, senior currency strategist with BNY Mellon in New York. "We're going to have to wait until next week."

Obama, who has been sidelined in recent days by the debt battle on Capitol Hill, said the parties were not that far apart on spending cuts. "There are plenty of ways out of this mess but we are almost out of time," he said earlier.

Shortly before the House vote, ratings agency Moody's signaled it probably will not downgrade the United States' triple-A credit rating immediately, even if there is no deal to raise the debt ceiling, but a cut could come in the medium term.

Moody's said the United States would still have enough money to pay its debts to bondholders after Tuesday.

Rival ratings agency Standard & Poor's has warned it could cut the rating soon if there is no deal to address the underlying budget problems, a move which could push up U.S. borrowing costs and further hobble the weak economic recovery.

Fears about the health of America's economy multiplied after a government report showed weaker-than-expected growth in the first half of the year, raising the risk of recession.

The government reported U.S. gross domestic product grew at an anemic pace of 1.3 percent in the second quarter. Growth during the first quarter was revised sharply down to a meager 0.4 percent pace.

(Additional reporting by Rachelle Younglai, Donna Smith, Lily Kuo, Margaret Chadbourn, Laura MacInnis, Tabassum Zakaria in Washington and Karen Brettell, Steven C. Johnson and Jennifer Ablan in New York; Writing by Stuart Grudgings and Matt Spetalnick)

Business networking

Business networking is a socioeconomic activity by which groups of like-minded businesspeople recognize, create, or act upon business opportunities. A business network is a type of social network whose reason for existing is business activity. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationships and generate business opportunities at the same time. A professional network service is an implementation of information technology in support of business networking. Many businesspeople contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.
As an example, a business network may agree to meet weekly or monthly with the purpose of exchanging business leads and referrals with fellow members. To complement this activity, members often meet outside this circle, on their own time, and build their own one-to-one relationship with the fellow member.
Business networking can be conducted in a local business community, or on a larger scale via the Internet. Business networking websites have grown over recent years due to the Internet's ability to connect people from all over the world. Internet companies often set up business leads for sale to bigger corperations and companies looking for data sources.
Business networking can have a meaning also in the ICT domain, i.e. the provision of operating support to companies and organizations, and related value chains and value networks.
It refers to an activity coordination with a wider scope and a simpler implementation than pre-organized workflows or web-based impromptu searches for transaction counterparts (workflow is useful to coordinate activities, but it is complicated by the use of s.c. patterns to deviate the flow of work from a pure sequence, in order to compensate its intrinsic linearity; impromptu searches for transaction counterparts on the web are useful as well, but only for non-strategic supplies; both are complicated by a plethora of interfaces needed among different organizations and even between different IT applications within the same organization).

Time Management

Generally, time management refers to the development of processes and tools that increase efficiency and productivity.

In business, time management has morphed into everything from methodologies such as Enterprise Resource Planning through consultant services such as Professional Organizers.

When we think of time management, however, we tend to think of personal time management, loosely defined as managing our time to waste less time on doing the things we have to do so we have more time to do the things we want to do.

Therefore, time management is often thought of or presented as a set of time management skills; the theory is that once we master the time management skills, we'll be more organized, efficient, and happier.

Personal time management skills include:

goal setting;
planning;
prioritizing;
decision-making;
delegating;
scheduling.
Many people find that time management tools, such as PIM software and PDAs, help them manage their time more effectively. For instance, a PDA can make it easier to schedule and keep track of events and appointments.

Whether you use technological time management tools or plain old pen and paper, however, the first step in effective time management is analyzing how you currently spend your time and deciding how you want to change how you spend your time.

Common Misspellings: Time managment, time managemnt.
Examples:
Tina found that learning and applying time management skills made a huge difference to both her productivity and the way she felt.

The 10 Commandments of Networking

Networking is a lot of fun! Business networking is when a group of like minded business people gather and help each other. If you check, you will surely find a networking group in your area. The networking group can meet as often as they wish, as is convenient for the participants.

Regretably, most people start with a networking group by looking for immediate gains.... that is, for favorable results for themselves. If this is what you are trying to achieve, you are networking for the wrong reasons and will be sticking out like a sore thumb.

Many people think that the size of a networking group makes the difference in networking. When groups start falling in size, members will say, "we have to build up our numbers." Now, what numbers are they referring to? Is it the number of participants? I would rather belong to a networking group of two people who can help each other on a regular basis then have a large group of business people not following the Ten Commandments of Networking. It is not the quantity, it is the quality.

"I haven't got any leads yet!" Well excuse me, have you given one, ever? Or, have you made a suggestion that might help a fellow member? Did you call anyone with a compliment and say, "Just wanted you to know, Jim, that your comments on the XYZ expansion was right on the money." One must be willing to put in time waiting also. It might take a while before people feel comfortable with offering you a referral.

Networking groups will come and go. To get the most out of your networking experience, you need to build a relationship with people who you want to have contact with. Not all members will be able to help you, nor will you be able to help them. That doesn't mean you should snub them! I still have strong relationships with my networking friends from groups that are long gone.

When networking, spend most of your time and effort on people who can help each other out, for the long term. That is right. This is a long term project. Countless times I have been to business networking events and have seen people actually run from person to person, with the expectations of first giving away their card and hoping to gather the other person's. How can you possibly build a relationship with a person when your objective is to get out there, and collect cards? Some networking groups make a game out of it to see who can collect the most in a certain time. What a waste of business cards!

You will find that a highly effective networker will "work the net". What I mean is that they will go into a function with a goal in mind. My usual goal when business networking is to have the expectation that I will "meet" and "understand" only three people per event. I know what kind of person that I can help and expect that this person will be able to do the same for me. A win/win situation is what I am talking about. The highly effective networker will take the time to cultivate a rapport.

After the business networking event is when the real work begins. After all, you are only at the networking event to meet and build rapport. Follow up ASAP. Now is the time to send a nice customized card, and call a few days after to arrange a time to meet for a coffee or to have lunch. That is when you can listen to the details of what your new "friend" requires. You might even have the chance to offer your goods and services, only after listening.

If you want to gain the most out of business networking, follow the Ten Commandments of Networking!

1) Thou shalt drop the "what is in it for me?" attitude.
2) Thou shalt listen.
3) Thou shalt build a relationship.
4) Thou shalt give the first referral.
5) Thou shalt not tell others of the referral you require; thou shalt "show them" with a story.
6) Thou shalt be specific of the type of referral.
7) Thou shalt reciprocate when appropriate.
8) Thou shalt participate in the network executive, functions, and network time.
9) Thou shalt thank the person who gave a referral.
10) Thou shalt follow up on the referral within 24 hours.

Effective Networking for Busy People

With all the demands on our time made by our business, professional and personal lives, it is tempting to assign a lower priority to networking as an activity designed to meet new people. After all, we have so many commitments at the office and at home -- to colleagues, family and friends – that it is difficult to set aside extra time to bring even more people into our lives.
This thinking would be wrong, however, on two levels. For one, we are constantly being introduced to new people anyway, every day, with no disruption to our schedules.

Secondly, by not consistently widening our circles of acquaintances and contacts, we may be severely curtailing our chances for advancement and success. It is estimated that the average person knows about 250 people. And each of those people knows, in turn, another 250 or so people. This means that for each new person you meet, you gain access to a potential pool of 62,500 people separated from you by just two degrees!

Imagine the odds, then, that out of so many people, you would NOT find one person who would be a source of information about a better job, additional clients or customers, a speaking engagement or writing assignment, an investment opportunity, where to shop for better value, and much more. In all likelihood, you would find many more than one.

Do these numbers sound staggering? At the end of this article, I will prove the multiplier effect to you!

Networking, therefore, is one of the most profitable activities in which one can engage. Fortunately, like any endeavor, one can get more proficient at it with practice. Moreover, it takes very little time or effort to get it right.

It takes only a moment’s conscious decision to become a networker, with no interference to one’s daily routine. All it requires is a slight shift in attitude, and adopting one simple trifurcated rule:

Greet each new acquaintance with an openness to learn more about that person, a willingness to help, and an offer to stay in touch.

This approach is equally applicable to every form of networking, whether in business or social contexts, and whether the encounter takes place in person or, as frequently happens today, online.

It pays to network in person, not only to meet new people, but also to keep your vital communications skills sharp. Practice making friendly conversation; even if no relationship develops with that person, he or she will likely remember you as a “nice guy/lady” if asked about you at some point in the future.

If you feel you are too busy to go to networking events, attend only those vital to your professional or business standing. Make the best of chance and casual meetings that occur during the course of your normal workday.

Also, take more business cards than you give out. That way, you are more in control of the tempo of developing relationships.

If you’d like to network from the comfort of your home or office, or during down time on weekends, join an online business networking community. Many of them have sub-networks focused on topics of particular interest to you. In addition, you can look at others’ profiles and prioritize accordingly.

The power of online networking is in the viral effect so unique to the Internet. I belong to an online networking community that has tens of thousands of members.

As members invite friends to join, this network’s rate of exponential growth is now up to an average of more than 2,750 new members a week. As an individual member, over eight months, I have linked directly and mutually to 208 online “friends.” Amazingly, this translates into 8,138 “friends of friends!” These are all people I can access with a few clicks of a mouse, and without disturbing my first circle of friends at all. It is mind-boggling to imagine the number of “friends of friends of friends” I have – and this figure grows every hour, with no more effort on my part.

It is worth noting that all this is free – and for just a small upgrade fee, I can search the entire network for individuals who work in a specific industry or company, live in a city I plan to visit, are experts in a field in which I am seeking advice, etc. And there is a very good chance they would respond to me, since we are members of the same community of networkers.

Lack of time is no longer an excuse for failing to “reach out and find someone” who can possibly be on your side in the business of life.

Business Networking for Entrepreneurs

Networking is an essential skill for most business people, but especially for entrepreneurs. The strong association between the entrepreneur as a person and his or her business demands that entrepreneurs get out into the world and create and maintain business relationships. Here are some tips and resources to help you improve your networking skills and extend your reach.

What is Liberty Reserve?

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In short, you are minutes away from opening your first Liberty Reserve account.

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46 Ways To Start A Business With No Money

Most people who want to start their own business don’t have a ton of money laying around and it’s probably one the most common questions I get emailed about: How can I get started without a lot of cash?

Well I’ve put together a list below of the best ideas I’ve heard and personally used. I hope you find it useful!

The three basic strategies to starting a business without much money are:

• Delay the normal “business starting” activities like incorporating, hiring, renting office or retail space, etc until AFTER your business has started earning money. This is known as bootstrapping.
• Doing everything yourself and spending your personal time instead of hiring an expert. (Takes longer but costs less.)
• Using some neat tricks and little known deals below.

Start With The Easy Stuff: Eliminate Expenses

1. Don’t rent an office! – work from home. Or better yet work from the best free office with locations everywhere: Starbucks. If you need to meet with a client and are worried about seeming small time without an office, don’t be. Just meet them at a restaurant for a lunch meeting. This is what people with the nicest offices do anyway.

2. Don’t hire any employees! – do it all yourself until you have some $ coming in the door.

3. Don’t hire lawyers, technical people, graphic designers, or assistants (see below)

Legal Stuff and Incorporating

4. Get a free lawyer and legal advice from the mentors at Score.org

5. Find a website with a similar legal document and modify it to your needs

6. An LLC is probably the best business structure, but don’t worry about incorporating until you’re earning money, just do a sole proprietorship, you can always incorporate later (you can get it setup with the IRS in just a few minutes by calling them at 800-829-4933)

7. Learn how to do your own financial statements for your business in Excel instead of hiring a CPA or bookkeeper (again you can do this after you’re making money)

8. Take a Quickbooks class at your local community college

Make a website for your business

9. Don’t pay a premium for a top end domain name, there are plenty of good ones left

10. Test out your ideas by writing to a blog, you’ll get feedback on what people like and don’t like

11. Get a free business website at www.wordpress.com or tumblr.com. It won’t be your own domain (it will be something like yourbusiness.wordpress.com) but…

12. When you’re ready to have your own domain, register it at domain.com and add this as a custom domain to your WordPress or Tumblr site.

13. Get a professional website design for free with a wordpress theme that you can install with a few clicks (no programming knowledge needed)

Getting a Logo

14. Don’t hire a fancy graphic designer. At least not yet. Use LogoYes to create your own logo (or at least get ideas that you can recreate on your own for free)

Accepting Credit Cards

15. Don’t bother with a full merchant account to start off with, they are complicated, come with monthly feeds, and require programming expertise. Instead try a simpler (and much cheaper) solution like Google Checkout or Paypal

16. For a more professional look and a complete shopping cart for only $5/month use E-Junkie, its great and I use it on this site

17. If you have lots of physical products, try a Yahoo Store

Starting a service business where you consult, coach, teach, etc

18. Create several pages on your wordpress site: one for your experience, testimonials, rates, availability, etc

19. Pick a domain name with your #1 keyword in it! (Assuming it isn’t a very competitive keyword you’ll rank on the first page of google within a month or two for that keyword which means customers!) here’s some more info and an example

Creating Info Products

20. Use an ebook template like these from Eben Pagan

21. For print books, self publish it at www.lulu.com and use print on demand (they don’t print a single book until someone buys it which means you have zero up front cost for inventory!)

22. Use a $20 webcam or digital camera to create educational video products

23. Use camtasia ( $200 for PC) or iShowU ($20 for Mac) to record your screen and make great videos like this one. Or record powerpoints and do the voiceover to make great educational products. Update: even cheaper use ScreenToaster.

24. Use a mac to edit your videos (iMovie is free) and you can even produce DVD’s

Before investing in a retail location…

25. Go to a local fair or festival and rent a booth to see if anyone buys your product. Talk to potential customers and get feedback.

26. Try selling it on ebay

Always be learning about business

27. Go to a meetup.com groups in your city related to business/entrepreneurship

28. Read all the best business books by getting them from the library

29. Get 3 of the top 10 books on building wealth for free in PDF

30. Make friends with other entrepreneurs and share material

31. Install the stumble upon toolbar and choose business/entrepreneurship as one of your interests to find all the best videos and talks out there (this is literally like going to a free semester of business school, you get to see all the best speakers and thinkers of our time, and those of the past)

32. Read blogs like this one in google reader

Marketing, free website traffic, and getting your first customer

33. Get 250 full-color business cards for free to hand out to people you meet

34. Post an offer on craigslist

35. Post videos on youtube with links to your website

36. Post the same video to all video sharing sites (Google Video, Yahoo Video, MySpace, Revver, etc) at once with TubeMogul (this is some of the best free marketing you can do)

37. Generate leads by offering an incentive on your website for people to give you their contact info (some incentives that work well: Top 10 reports like the top 10 myths about…the top 10 thing you should know before…etc, videos, audio interviews, one page cheat sheets, free ebooks)

38. Write a good article and send it to more popular websites (include your byline at the bottom). This is also known as doing guest posts and is the #1 thing I used to grow this blog when it first started out.

39. Learn how to use google adwords and spend $10 and see if it brings in at least $10 (if so keep going!)

40. If you can’t afford to get links from expensive directories like Yahoo ($299) useDirectory Submitter to get links from hundreds of smaller directories for free

41. Pick a good domain name with your keywords in the domain (use hyphens if necessary). This will help you rank in Google for that keyword and get visitors to your website.

42. Do some basic on page SEO

43. Research what keywords will bring you the most traffic (and are least competitive) with keyword discovery, Wordtracker’s Free Service, and (probably the best option) WordTrackers free trial of their full service (just have to remember to cancel within 7 days to not get charged!)

44. See which keywords are likely to bring buyers (instead of tire kickers)

45. Get more incoming links to your site by creating a Squidoo page (these rank very high in the search engines for some reason!)

46. Send an email to everyone in your email program’s contact list with a short friendly note letting them know you are starting a business and ask if they could forward it to just one or two people who might be interested. Offer something free for the first 10 people. This has an exponential effect because it not only reaches who you know, but everyone who knows who you know (an order of magnitude bigger group of people.)

source: www.startbreakingfree.com