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At a divorce workshop called Second Saturday, women of all ages are packed around a large conference table. One of them is Jenny Juffs. She’s divorcing after 19 years of marriage and has two special needs children. Like many women, Juffs is pretty shocked by her new financial reality. “I’ve been a wife or homemaker all my life," she says. "Everything’s changing for me. I’ve never managed money.” This situation is particularly grim for older women. Today, a quarter of divorced women over 60 live in poverty. Overall, older women see their household income drop by 41 percent. That’s twice the amount of their ex-husbands. And, to make matters worse, baby boomers are splitting up at record rates.   "So we are seeing these 20, 25, 30, 35-year marriages coming apart, with the women who have never worked outside of the home," says financial advisor Grace Antares.  Antares heads Portland’s local chapter of Second Saturday. Many people who come to her divorce seminar are completely inexperienced when it comes financial planning. She often sees panic. Like one middle-aged woman who fled the room: “She explained to one of my colleagues that she was going through what felt like PTSD to her, that she had been separated from her husband for 10 years and had made every single mistake that we had mentioned in the first part of the class.” So, financial literacy is important. But Antares says the biggest contributor to post-divorce success is earning power - and some women who spent more of their time focusing on the family lack job skills.  As for Jenny Juffs, she's trying to build basic skills, like keyboarding. "I know how to use a computer a little bit, but not Office or Excel or anything that anybody’s going to need.” Antares says even women who have good jobs can make poor financial decisions after divorce. And the closer to retirement these mistakes are made, the more devastating the effect. Grace Antares is now 64-years-old, and has her own story. "I was highly emotionally attached to the house," she says. "I pulled out the equity to pay him, I was the bigger earner, paid him a big settlement. Then, when the real estate market crashed, the house was underwater instantly. And so he got all the tax-free cash, and I got a foreclosure and a bankruptcy.” Antares' own experience is what helps fuel the one message she repeats all the time: “You’re going to be in charge of your finances for the rest of your life."

Read more: Latest Stories on Marketplace.org

Twitter released its quarterly results and they were impressive — shares jumped nearly 20 percent today. The social media giant says they have picked up 16 million users in the last few months, making a grand total of 267 million users on Twitter. On top of that, revenue more than doubled thanks to new types of mobile ads. Of course, revenue and profit aren’t quite the same thing. Twitter is still losing money. That might sound surprising, but it’s actually pretty typical for tech companies, which tend to have a business plan that strongly resembles the business model of the Underpants Gnomes from South Park. South Park Underwear Gnomes Profit Plan (full) from Jane Lu on Vimeo. "It’s actually a very good business model," says Erich Joachimsthaler, CEO of Vivaldi Partners. OK, he’s actually not talking about the underpants gnomes, he’s talking about Twitter and other tech companies, which tend to follow a plan that looks something like this: PHASE 1: Attract millions of users with free services. PHASE 2: Figure out some way to exploit those users. PHASE 3: Make millions of dollars. We’ve seen this work time and again, says Joachimsthaler - think Google and Facebook. "As habit forms and as millions of people become hooked, Twitter has an opportunity to add advertising [and] some e-commerce functions, basically monetizing the asset," Joachimsthaler says. But that could be tricky for Twitter. Advertisers love Facebook because it knows so much about its users and there are so many of them, says Ken Wilbur, assistant professor of marketing at UC San Diego's Rady School of Management. He says they don’t love Twitter quite as much. "When you put ads into the Twitter feed itself, it lowers the utility of Twitter to its users," Wilbur says. "And they don’t have a great platform for putting ads next to the feed." Wilbur says it remains to be seen whether Twitter can find a way to fully monetize its users. It could either be the next Facebook or the next Friendster. At one time, Friendster was the biggest social network on the web, with more than 100 million users and now it’s a gaming site based in Malaysia. Ah, the pitfalls of phase two.

Read more: Latest Stories on Marketplace.org

The general counsel of the National Labor Relations Board (NLRB) has handed down a decision that could have implications for the millions of Americans who work for franchises. After investigating claims that some McDonald's restaurants broke labor laws by firing or penalizing workers who took part in pro-labor activities, the NLRB's general counsel said if the owner of a McDonald's fast food franchise commits a labor violation, the McDonald's corporation can be held jointly liable for the franchisee's bad behavior. For now, the decision affects only the McDonald's corporation and McDonald's franchises. There are 3,000 other brands with franchise operations in the U.S., employing 8.5 million people across a range of industries, according to the International Franchise Association (IFA). The IFA's Matthew Haller says the decision could destroy the franchise industry. Franchises may bear the names of big companies, he said, but they are owned and run like small businesses.  "They set the wages, they hire and fire the employees, determine the appropriate benefits for employees and are responsible for all decisions that take place at the employee level," Haller said.  The NLRB's general counsel said the McDonald's Corporation exercises enough control over how franchises are run to make it a co-employer of the people who work for franchises. "They do exercise quite a bit of control over their franchisees in order to protect their brand," said Wilma Liebman, a former chair of the NLRB who has been advising the SEIU, a union that is working to organize fast-food workers.  What McDonald's Corp. controls and what it doesn't is laid out in the terms of its franchise agreement. So even though other franchisees in other industries are watching the decision closely, it's not yet clear how this will affect other companies. McDonald's said in a statement that it plans to contest the NLRB's decision.

Read more: Latest Stories on Marketplace.org

The Motion Picture Association of America is a big fan of drones — or, officially, "unmanned aerial systems." The organization asked the Federal Aviation Administration yesterday to make it easier for directors to use drones in filming. Another big fan of drones? Martha Stewart. Drones are trending. — Martha Stewart (@MarthaStewart) July 30, 2014 She has written a piece for Time, called "Why I Love My Drone." Someone gave her one last summer as a gift. And, we learn, her mind "started racing" as she "imagined all the different applications" for it. Stewart and her staff have been taking drone pictures of her beach house in Maine and her farm in New York. "An aerial shot of the vegetable garden looked very much like my Peter Rabbit marzipan embellished Easter cake," she writies. "Which was designed without the help of a drone."

Read more: Latest Stories on Marketplace.org

BUENOS AIRES/NEW YORK (Reuters) - Argentina failed to strike a deal to avert its second default in more than 12 years after talks with holdout creditors ended without a settlement on Wednesday.

Read more: Reuters: Top News

Today a legendary trader and investor spoke with King World News about the Fed’s move, and also warned that an unknown event may trigger an avalanche of selling in global markets. Victor Sperandeo has been in the business 45 years, and has worked with famous individuals such as Leon Cooperman and George Soros. Another legend, hedge fund manager Paul Tudor Jones, said, “Victor Sperandeo is gifted with one of the finest minds I know. No wonder he’s compiled such an amazing record of success as a money manager.” Incredibly, Sperandeo was interviewed in Barrons in September of 1987, where, with astonishing accuracy, he predicted that the stock market would crash. The market crash took place one month later and it just added to his legendary reputation. Below are the warnings issued by Sperandeo.

Read more: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/30_Legend_Warns_Unknown_Event_May_Trigger_Avalanche_Of_Selling.html

(Reuters) - Argentina Economy Minister Axel Kicillof on Wednesday said the country offered a group of holdout creditors the same reduced payment terms it has agreed to pay other holders of its restructured bonds, but the holdouts refused the offer.

Read more: Reuters: Top News

WASHINGTON (Reuters) - The Republican-led U.S. House of Representatives on Wednesday cleared the way for the launch of a lawsuit accusing President Barack Obama of overstepping his authority in carrying out his signature healthcare law.

Read more: Reuters: Top News

Big Banks Shift to Lower Gear John Mauldin July 30, 2014     For today’s Outside the Box, good friend Gary Shilling has sent along a very interesting analysis of the big banks. Gary knows a lot about what went down with the big banks during and after the Great Recession, and he tells the...Read More

Read more: The Big Picture

NEW YORK (Reuters) - A federal judge on Wednesday ordered Bank of America Corp to pay a $1.27 billion penalty for fraud over shoddy mortgages sold by the former Countrywide Financial Corp.

Read more: Reuters: Top News

BUENOS AIRES/NEW YORK (Reuters) - Argentina was in a race against time on Wednesday to cut a deal by the end of the day with holdout investors suing it and avert a default, as a surge in the country's bond prices fed optimism that an agreement was possible.

Read more: Reuters: Top News

The annual back-to-school spendathon is almost here. And for public-school parents, it’s going to be pricey. Huntington Bank is out with its annual "backpack index," which tracks the cost of school supplies. The bad news: elementary school kids will need $642 in extras this year, middle-school kids will spend an additional $918, and high school students will get hit up for an additional $1,284. Those estimates translate to an 11 percent jump, 20 percent jump, and 5 percent jump, respectively. The biggest bumps are expected to come from higher standardized-testing fees, and fees for things like school trips, music classes and sports, according to Huntington. Many middle-school kids will also need a graphing calculator, which can run nearly $130. Huntington didn’t include laptops or tablets in its index. But many parents will be facing extra costs for those, as well. Since Huntington started tracking the cost of school supplies in 2007, the bank estimates they have increased 83 percent for elementary school students, 73 percent for middle school students and 44 percent for high school students. Here’s a guide to what you can expect this year.

Read more: Latest Stories on Marketplace.org

There are a lot of lines at a typical Foxconn factory in China. There’s the assembly line, where thousands of young people – typically high school dropouts – put together each and every part of an iPad. It’s tedious, mind-numbing work, and that’s why assembly line workers usually don’t stick around very long. They quit, and that necessitates another line: The hiring line outside a Foxconn factory is, at any given time, hundreds of applicants long, migrants from the countryside who arrive each day to replace workers who’ve quit. When you consider the manufacturer has a million workers – it’s China’s largest private employer – this labor cycle isn’t surprising. But it is costly. “The turnover rate is pretty high and it’s impossible to retain all our workers," says Li Yong Zhong, a manager at Foxconn's Chengdu plant, "But we’d like every employee to be able to develop and improve their knowledge, skills and income so that they’ll want to stay here.” That’s the rationale behind what the company calls Foxconn University, a company-wide accredited university system that offers employees a chance at earning a high school diploma, a bachelor’s, a master’s or a PhD without leaving the factory campus. Inside the classroom one afternoon, a professor teaches a computer animation class to students at Foxconn’s plant in Chengdu, a factory devoted to making iPads. Instead of assembling Apple products, each one of these workers is using an Apple computer to follow the professor’s instructions. Thirty-six year-old Ai Guo, an assembly line worker who spends his days inspecting iPads for flaws, sits in front of the class. “I dropped out of school when I was 16," says Ai during a class break. "My family was very poor, and they needed me to help out on the farm.” It's a typical story for the hundreds of millions of young rural Chinese who drop out of school to farm or find work at factories like Foxconn. Ai hopes to spend the next six years of his time away from work studying toward the equivalent of a high school diploma and then a bacehlor’s degree in Industrial Engineering. “With that, I’d like to get a promotion to start working on industrial automation and, of course, raise my salary," he says. Foxconn’s university system offers 25 majors – most of them in engineering. The company has an agreement with more than 50 Chinese universities and colleges that send their professors each day to teach classes at its factories across China. But it's not only Foxconn – in-house university systems are becoming a trend among China’s state-owned companies, says Richard Brubaker, founder of Collective Responsibility, an organization that trains companies in corporate social responsibility. Brubaker says he’s encouraged by Foxconn University – he says it shows the company sees its line workers as more than machines with 5-year shelf lives. “Many of these individuals could, if they were invested into, come into the organization at a much higher level, and much like a UPS driver becomes a CEO, they could become the future management and executives of the company and who know the company so intimately that they’re the ones who can look at risk, look at decisions very differently than an outsider could,” Brubaker says. The development of an in-house university system comes at a pivotal moment for Foxconn. CEO Terry Gou is 63, and he’s thinking about his legacy. He’s moving the company away from making products for others and toward developing Foxconn’s own products. “We want our employees to become more innovative and creative, more entrepreneurial,” says Foxconn’s Li Yong Zhong. But so far, participation in Foxconn University is low: just 3 percent of Foxconn’s one million Chinese workers. Li assures me that will change. "Someday, every one of our employees will study at Foxconn University – we’ll no longer call them workers," he says. "We’ll call them students."

Read more: Latest Stories on Marketplace.org

`` I argue in this book that the entire United States stock market has become one vast dark pool. Orders are hidden in every part of the market. And the complex algorithm AI-based trading systems that control the ebb and flow of the market are cloaked in secrecy. Investors -- and our esteemed regulators -- are entirely in the dark because the market is dark." ''

Read more: Implode-Explode Heavy Industries news feed

Outernet is a new project aims to deliver online content, but not the internet itself—only its information. The method? Large satellites and simple radio waves. If it works, it might be a useful way to deliver information to people who don't have regular access. “Instead of providing direct internet access to everyone, we’re providing the content that exists on the internet,” says Syed Karim, founder of the project.  The satellites will broadcast the data to anyone with a receiver who can then turn them into files viewable in a browser. Currently, the site will only be updating pages such as Wikipedia on a weekly or biweekly basis. As bandwidth increases, a page can be “rebroadcast” — re-transmitted — and it can be locally updated for those who are “listening” to it. The project expects to launch in a few weeks.

Read more: Latest Stories on Marketplace.org

WASHINGTON (Reuters) - The U.S. economy rebounded sharply in the second quarter as consumers stepped up spending and businesses restocked, putting it on course to close out the year on solid footing.

Read more: Reuters: Top News

Click for an interactive graphic. Source: Visual.ly

Read more: The Big Picture

While president Obama brags about clean energy advances in the US (mostly hot air and subsidies to uneconomic businesses), the US quietly exports pollution to Europe. Coal is a particular good example. Please consider US Exports Help Germany Increase Coal, PollutionLUENEN, Germany - One of Germany’s newest coal-fired power plants rises here from the banks of a 100-year-old canal that once shipped coal mined from the Ruhr Valley to the world. Now the coal comes the other way.The 750-megawatt

Read more: Mish's Global Economic Trend Analysis

NEW YORK (Reuters) - A federal judge on Wednesday ordered Bank of America Corp to pay $1.27 billion of damages after a federal jury found the second-largest U.S. bank liable for fraud over defective mortgages sold by its Countrywide unit.

Read more: Reuters: Top News

BUENOS AIRES/NEW YORK (Reuters) - Argentina was in a race against time on Wednesday to cut a deal by the end of the day with holdout investors suing it and avert a default, as a surge in the country's bond prices fed optimism that an agreement was possible.

Read more: Reuters: Top News

One of the most highly respected hedge fund managers in the world, billionaire Paul Singer, has just issued a deeply troubling warning that an acceleration in inflation will trigger major social unrest in the United States. Of course this inflation would also blow the lid off the gold market. There is also a fascinating chart from top Citi analyst Tom Fitzpatrick included in this piece.

Read more: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/7/30_Billionaire_Paul_Singer_Warns_Of_Major_Social_Unrest_In_U.S..html

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