In Wenzhou, China's entrepreneurial capital, scores of business owners have fled, with at least one committing suicide, after they could not repay loans from the city's underground banks and loan sharks. The rise of this $19 billion empire highlights flaws in China's banking system.
When Bank of America announced a fee for debit card use — and others consider following suit — many consumers decided it was time to close their accounts. But with online banking and other conveniences, the New York Times' Ron Lieber says many are deciding that switching is not worth the trouble.
The president's plan would help homeowners refinance with lower rates even if their homes are worth less than what they owe. This idea has been around for a while, and the economists who proposed it say it could work — if it's done on a larger scale. It depends on investor cooperation, they say.
A new group called VETransfer is helping veterans start their own businesses by connecting entrepreneurs to financing. Many of them hope to later hire other veterans if things go well. "They volunteered to fight for what we have here — and them coming back unemployed isn't fair," one vet says.
One strip mall in Phoenix was foreclosed on in March, but things have turned around quickly since then. Although it was a big commitment for smaller store owners to move in without the critical large anchor store the complex needed, things are paying off after a gym and popular restaurant came in.
On Nov. 1, the European Central Bank will have a new president. Mario Draghi, currently head of Italy's Central Bank, is an American-educated economist with impeccable international credentials. But little is known about the man who will be called on to steer the central bank through the rising Eurozone storm.
"Smart is sexy" is the tagline for a new ad campaign the Newspaper Association of America just rolled out. The Internet has stolen readers and advertising dollars from newspapers, which are still trying to find a way to be profitable. Visits to newspaper websites are up over the past year, but the association wants to seduce more readers.
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