Facebook Inc. continued its post-debut plunge, but semiconductor
stocks kept the tech sector afloat in Tuesday trades.
Facebook was down another 8%, falling to $29.44, more than 20% off its
initial public offering price.
How can accounting software help you and what is the benefit of the computerization? Accounting software makes maintaining business accounting easy by computerizing the accounting system and providing simple interface between you and the accounting system.
There are lots of benefits in computerizing your accounting system if you have a small business. Automation reduces time of lengthy manual processing, eliminates human involvement in some stages of accounting process, reduces errors caused by human intervention or multiple manual processing, provides continuously up-to-date reports, and so on. They mean you’re sure to increase efficiency and accuracy that eventually lead to saving time and money. After cutting cut your accountancy fees and time, what’s more? The computerizing frees up time and energy that otherwise would be spent in manual handling. Now you can make use extra time and energy to concentrate on managing and growing your business.
If you decide that computerizing the process is the way to go then you need to decide what accounting software package will suit your needs better. The cost may be an issue, so you need to decide on your budget and how your business is likely to expand. There are variety off-the-shelf applications in the market. Among popular accounting software packages are Intuit QuickBooks and Sage Peachtree.
Read more “Why Do You Need To Computerize Accounting Process?” on Pettir Accounting
Moody’s Investors Service on Thursday lowered ratings of 16 Spanish
banks and Banco Santander’s U.K.-based subsidiary by one to three
notches.
Moody’s cited unfavorable operating conditions on renewed recession,
reduced creditworthiness of the Spanish sovereign, and rapid
deterioration in asset quality for the downgrades.
The outlooks on ten of the banks are negative while ratings of seven
other banks remain on review for further downgrade. Some of the
affected banks include Banco Santander SA, Banco Espanol de Credito,
Banco Bilbao Vizcaya Argentaria SA, Caixabank, and Ceca
The Justice Department has initiated a criminal probe into the JPMorgan Chase’ $2 billion trading loss revealed last Thursday, according to a law enforcement source familiar with the situation.
The news came as Jamie Dimon, the embattled chief executive of JPMorgan Chase, faced questions from shareholders Tuesday.
Standard & Poor’s and Fitch Ratings last Friday downgraded J.P. Morgan Chase rating because of the $2 billion loss on derivatives
Standard & Poor’s said late Friday it lowered its ratings outlook on J.P. Morgan Chase to negative from stable because of the bank’s unexpected $2 billion loss on derivatives. S&P kept its A/A-1 issuer credit ratings on the bank and its A+/A-1 ratings on its subsidiaries.
S&P said it could lower its ratings by a notch if its determines that risk management mistakes were not limited to the specific credit portfolio mentioned late Thursday, or if it believes management is pursuing a more aggressive investment strategy than originally believed.
Fitch Ratings said on Friday it downgraded J.P. Morgan Chase & Co.’s long-term credit rating to A-plus from AA-minus, saying that while the $2 billion trading loss disclosed by the bank on Thursday is “manageable,” the potential reputational risk and risk-governance issues raised are no longer consistent with an AA-minus rating. “The magnitude of the loss and ongoing nature of these positions implies a lack of liquidity,” Fitch said in a statement after the stock market closed. “It also raises questions regarding J.P. Morgan’s risk appetite, risk management framework, practices and oversight; all key credit factors.”
Shares of J.P. Morgan closed down 9.3% on Friday and slipped further in after-hours trading.
U.S. stocks mostly slid Friday to a second weekly decline after a rise in consumer sentiment failed to outweigh J.P. Morgan Chase & Co.’s $2 billion trading loss, disclosed by the bank late Thursday.
The Dow Jones Industrial Average fell 34.44 points, or 0.3%, to 12,820.60, off 1.7% from the week-ago close. The S&P 500 retreated 4.6 points, or 0.3%, to 1,353.39, down 1.2% for the week. The Nasdaq Composite managed a fractional gain to close at 2,933.82, down 0.8% from last Friday’s finish.
Source: Myvoiceoflife Blog
JPMorgan’s Appalling $2 Billion Loss http://ping.fm/vLXkX
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The unemployment rate fell slightly to 8.1 percent and the economy
gained 115,000 jobs in April, the Labor Department reported on Friday.
U.S. stocks rose Tuesday, propelling the Dow Jones Industrial Average
to its highest close since late 2007, after a report indicated U.S.
manufacturing expanded in April, offsetting concern about the economic
recovery.
The Dow Jones Industrial Average DJIA rose 65.69 points, or 0.5%, to 13,279.32.
The S&P 500 SPX added 7.91 points, or 0.6%, to 1,405.82.
The Nasdaq Composite COMP gained 4.08 points, or 0.1%, to 3,050.44
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The final reading for consumer sentiment in April rose to 76.4 from
76.2 in March, according to reports on a gauge released Friday by the
University of Michigan/Thomson Reuters.
High gas prices and stock-market volatility have been weighing on consumers.
The sentiment gauge, which covers how consumers view their personal
finances as well as business and buying conditions, averaged about 87
in the year before the most recent recession. Economists watch
sentiment data to get a feel for the direction of consumer spending.
U.S. home prices continued to fall sharply in February to hit the
worst level in nearly a decade, ccording to a closely followed index
released Tuesday. The S&P/Case-Shiller 20-city composite is at its
lowest level since October 2002.
The index fell 0.8% compared to January levels to take the
year-on-year drop to 3.5%. Of the 20 cities measured, 16 had negative
readings and only three showed gains.
The decline may be due to the typical pattern of diminished interest
during the winter and heightened interest in housing during the spring
and summer, as prices rose 0.2% on a seasonally adjusted basis.
