Every Canadian province has now instituted new limits on payday lending. Image: Flickr/futureatlas

Starting Oct. 18, there will be new limits on payday advance cash charges in Manitoba, Canada. After two years of debate over the regulations, the government has set a start date. This limit on payroll loans adds to the limits already in place in other provinces.

Manitoba’s new payday loan limit

The new limit set for quick payday cash in Manitoba is $17 per $100 loaned. This maximum rate is in line with the recommendations of the Public Utilities Board in Manitoba. Though the PUB originally tried to implement these rules, a Manitoba court of appeals required the government to enforce the rules. Payday loans in Manitoba are also limited to 30 percent of a person’s average paycheck amount. This $17 must include all fees and charges.

Questions of jurisdiction

There was lag between the federal government giving provinces the right to regulate lending and Manitoba’s new regulations. This two-year lag was in part because of The Cash Store. The company challenged the jurisdiction of the Public Utilities Board to create these limits. To settle the suit, the government instituted the limits, using the recommendations of the board.

Limits in other Canadian provinces

The federal government in Canada granted provinces the right to regulate payday loan products in 2006. Nova Scotia, British Columbia, Ontario, Alberta and Saskatchewan have already implemented maximum rate limits. These limits on charges range between $21 and $31 per $100 lent.

Reaction of the Canadian payday lending industry

The Canadian Payday Loan Association has already reacted to the new limits in Manitoba. Recent studies in Canada show that the average cost of offering a $100 payday loan in Canada is $26. The high rate of defaults combined with short terms of the loan mean that the lenders face difficulty in making a consistent profit.

Harvard University is a pillar of higher learning. Administrators there are as observant as pillars, as Adam Wheeler has proven. (Photo: Flickr)

Ivy League college administrators no doubt viewed 23-year-old Adam Wheeler as a young go-getter. He had the grades, the references and more extracurricular activities than Batman. But as stories go, Mr. Wheeler’s tale was a bedtime fairy tale for our cynical age. The prince charming Adam Wheeler faked his entire educational career, according to ABC News. He gained admittance to Harvard University and was able to fool grant agencies into giving him more than $45,000 in grants, scholarships and other forms of financial aid, perhaps even including payroll loans. Now he awaits arraignment on more than 20 charges, among them identity fraud, larceny and forgery.

Adam Wheeler could roll fake transcripts in his sleep

It was all too easy for him to fool college staffers who were eager to collect his ill-gotten scholarship funds. The cash register sounds in their minds drowned out the thought of verifying his documents and claims. Or is it that Adam Wheeler simply was that good at the con? Whatever the case, administrators in charge of the Rhodes and Fulbright scholarships actually paid attention and began to uncover work samples Wheeler claimed were his own. The reality is that they were plagiarized, of course. One lie discovered led to another, and then the house of cards began to fall.

‘An elaborate, entangled web of lies’

That’s what Middlesex County District Attorney Gerry Leone said about Adam Wheeler’s ruse. From the sterling prep school grades to allegedly perfect SAT scores that led to a stint at MIT, Adam Wheeler rode his lies into Harvard. He’d also applied at Brown and Yale Universities as an Ivy League transfer student. The reality of his scholastic situation is that he went to public school, did not have perfect SAT scores and had actually been kicked out of Bowdoin College in Maine.

Fellow students can’t figure out how Wheeler got so far

“What are these accomplishments if they’re not something that you kind of have done yourself?” one anonymous student asked the media. It was of course a rhetorical question, as much of the collegiate experience could be considered legalized fraud, with U.S. politicians fully on board. Then again, it can also be said that college indeed has value, but not quite as much as when a bachelor’s degree actually meant something.

(Photo Credit: http://www.flickr.com/photos/the-o/ / CC BY 2.0)

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Offshore oil drilling on rigs like Deepwater Horizon can be very dangerous. Image from Flickr.

Forty-one miles offshore of Louisiana at 10 p.m. central time April 20, an oil rig explosion rocked Deepwater Horizon, the Transocean oil drilling rig. The U.S. Coast Guard, Transocean Family and Emergency Response Teams, and BP Exploration and Production Inc. are all responding to the oil rig explosion on Deepwater Horizon. Transocean is withholding the names and hometowns of effected employees until no credit check payday loans can be arranged and families can be notified. Currently, 11 employees on Deepwater Horizon are listed as missing.

Deepwater Horizon oil rig explosion

The oil rig explosion on Deepwater Horizon is currently listed as having an unknown cause. The fire on Deepwater Horizon is still burning, though it is being addressed by all responding agencies. Of the 126 crew members on the rig, seven were critically injured and 11 are still missing.

Transocean Deepwater Horizon

The oil-drilling rig known as Deepwater Horizon is owned and operated by Transocean. An offshore drilling contractor that owns 140 drilling units, Transocean was contracting with BP Exploration and Production Inc. to run Deepwater Horizon. The “semi-submersible” oil drilling rig was operating in the Gulf of Mexico.

Oil exploration on Deepwater Horizon

At the time of the oil rig explosion, Deepwater Horizon was on contract to do exploratory drilling. BP, the company that used to be British Petroleum, was providing payroll loans and other funding to Transocean. When Deepwater Horizon was rocked by the oil rig explosion, they had been drilling the Macondo prospect.

Dangers of oil drilling

Deep-sea oil prospecting, like all oil drilling, carries many risks. Natural gas often accompanies oil, and accidents on oil rigs are fairly common. The safety record of Transocean has been very good, with less than one “safety incident” per 200,000 hours worked. Offshore oil drilling is expected to ramp up under U.S. energy independence initiatives. Currently, about 1/3 of all oil consumed by the United States is produced domestically.

Sources:

Wall Street Journal
Marketwatch
TransOcean website

This is not what the Apple earnings report looked like.

Since the iPod renaissance that followed a reclusive streak in the 1990s, Apple has been a growing empire, and the Apple earnings for the most recent quarter have blossomed.  The company has been shipping huge volumes of the iPhone, and with the iPhone 4.0 and iPad beginning to take off, Apple is set to never need payroll loans again.  Even though recessions mean that fewer people buy toys, Apple posted impressive gains for the first quarter of this year.

Apple earnings from iPhone up over 100 percent

From this recent post on Marketwatch, the first quarter Apple earnings were substantial.  The iPhone drove sales through the roof, selling over eight million iPhones when they were expecting to only sell seven million.  Apple enjoyed a 130 percent sales increase on the iPhone from a year ago.  Since so many people are willing to plunk down money now on one of the most popular technological phenomenons of the last decade, it’s no wonder that Apple should be raking in the cash.  They have become a true success story not once, but twice, as apparently they make some vastly superior products.

They sold some Macs too

The report of Apple earnings also included some heavy sales for Mac computers as well.  Nearly three million Macs were purchased over the quarter, showing a sales increase for their computer brand of about 40 percent.  Apple managed to also sell over 10 million iPods, though the sales for the ubiquitous portable media player were actually slightly down. However, the decrease was in units, rather than revenue (iPod sales revenue was actually up about 12 percent.) The iPod touch has been quite the popular item as well.

What about the iPad?

No official sales figures were given by Marketwatch, but CNN reports that Steve Jobs had told a conference that Apple had sold around 450,000 units for the basic unit alone. The Cadillac model of iPad, set to come out soon, may have access to the AT&T 3G network, instead of the current model’s use of WiFi only.  That will probably send Apply stock through the roof, though they don’t really need the help – according to the Marketwatch piece, Apple stock was trading at almost $260 a share.

So what’s next for the Apple machine?

What is next for Apple is the iPhone OS 4.0, which was involved in the recent Gizmodo leak.  The prototype was returned. The new model iPhone will likely sell a lot of units, and since the iPhone OS 4.0 will also mark the rumored debut of the Verizon iPhone, it is foreseeable that Apple earnings will shoot to the moon by year’s end.

The new health care bill gives a shot in the arm to underinsured and uninsured Americans. Image from Flickr.

The new health care reform bill passed the House last night on a 219-212 vote. While the bill is not yet law, the changes of this health care reform are sweeping and will take about 10 years to fully implement. The bill will be paid for with everything from payroll loans to the government borrowing money from the national debt – but the Congressional Budget Office estimates that in the end, the bill will save the U.S. Budget a significant amount of money each year. To read more about the effects of the health care bill in 2010 and 2011, see New health care bill summary Part 1.

Summary of the new health care bill 2012-13

No major changes will occur in health care in the year 2012 under the new health care bill. In 2013, many of the new taxes and fees that will pay for the new health care bill will go into effect. This will provide funding for the 2014 fiscal year updates to the health care system.

These taxes will include new Medicare taxes on individuals who earn more than $200,000 a year. The wage tax, dividends and interest tax, and a small tax on medical devices will also be implemented. In 2013, the new health care bill will also implement a test system in Medicare in which payments are made based on the quality, rather than quantity of health care services. Health insurers will also be barred from charging different premiums to customers based on gender.

Summary of the new health care bill in 2014

In 2014, the majority of Americans will gain benefits from the new health care bill. Exchanges will be created so individuals without employer-provided health care or small business can shop for health care coverage – and insurance companies will be barred from denying coverage on the basis of pre-existing conditions. Medicare will also expand to cover all Americans with income up to 133 percent of the federal poverty level ( about $27,000 per year for a family of 4). Small businesses will also receive a tax credit to help them provide coverage to their employees. The insurance industry will also be required to pay an annual fee to help pay for the exchanges that will cover all citizens that cannot otherwise receive insurance.

In addition to providing subsidies and guaranteed coverage for most citizens, the new health care bill will also require that most people have health insurance. There will be a fine for not carrying insurance of some sort. An independent Medicare board will also be created to help curb Medicare costs if the costs rise more quickly than inflation.

Summary of the new health care bill in 2015, 2016, 2017, 2018

In 2015, the new health care bill will simply continue the new coverage, taxes and fees that are created in previous years. In 2016, the penalty for individuals who do not purchase health insurance will rise to a $695 minimum. In 2017, businesses that have more than 100 employees will be allowed to participate in the state insurance exchanges, if the state government allows it. In 2018, an excise tax will be imposed on so-called “Cadillac plans” that generally provide more than $27,500 worth of coverage for a family.

Sources:

Wall Street Journal
Lexington Clipper-Herald
My Fox Tampa Bay
Onion Kid
The Seattle Times
Wikipedia – Poverty article
Washington Post

FedEx has announced that its fiscal third-quarter profits more than doubled from a year ago, the first year-over-year profit increase in five quarters. Revenues increased by 7 percent to $8.70 billion, and the company posted earnings of $239 million, or 76 cents per share, compared to $97 million, or 31 cents per share, in the previous third quarter. Revenues and earnings for the quarter exceeded Wall Street expectations of $8.37 billion and 72 cents per share.

Caution is still in order

The Memphis, Tennessee-based shipping company is considered an economic bellwether because of the variety of products it ships, and its positive fiscal report is being roundly applauded as an indicator of a broadening economic recovery. In an Associated Press report, however, CEO Fred Smith stated that the company’s recent economic growth is primarily the result of improvements in the manufacturing sector and cautioned that the depressed housing market could continue to pose problems.

GDP is expected to rise

Plummeting real estate values affect economic conditions across the board, from shipping companies to retail outlets to lenders specializing in installment loans for people with bad credit and similar types of payroll loans.  Despite current housing market conditions, however, Smith expects a 3 percent increase in gross domestic product for 2010, which is in line with the predictions of economists.

Businesses are shipping more

Smith said the improved FedEx earnings resulted primarily from higher shipping volumes in its international express and ground units. Average daily shipping volume at FedEx Ground grew 5 percent, largely because more packages were shipped between businesses. Increased shipping by businesses is considered a positive sign for the economy as a whole. The improved earnings are also attributed to higher package weight, which is considered another positive economic sign.

FedEx has reinstated benefits

In the depth of the recession, FedEx announced sweeping cost reductions, including the suspension of 401(k) matches, executive pay cuts of 10 percent and a 20 percent cut of Smith’s own pay. Hourly wage reductions and layoffs eventually followed, all of which contributed to the third-quarter revenue increases. According to Forbes.com, the company has now reinstated merit-based pay increases and 401K matching programs, which are expected to negatively affect earnings growth in the fourth quarter.

Freight shippers continue to lose money

FedEx posted losses for the company’s freight unit in the third fiscal quarter, as fuel costs continue to hamper freight trade. Similarly, UPS, the world’s largest shipping company, reported last month that its fourth-quarter earnings nearly tripled, yet its freight business continued to lose money.

Federal Reserve Chairman Ben Bernanke has been under constant fire since the beginning of the great recession. Some people say he was put into a difficult situation, but still others maintain that his performance has been worthy of scorn. Marketwatch reports that gold prices have fallen for the third straight day, while Reuters reports that the Bernanke testimony has people skittish on jobs and America’s economic recovery. Payroll loans should be expected to continue at their current rate as the economy remains uncertain.

Frank McGhee of Integrated Brokerage Services told Reuters that difficulties with the euro have shifted some of gold’s value back toward the dollar. Gold bullion, which has generally been seen as safe in tough economic times, is tending to run with riskier markets, which some consider to be a bad sign.

Recovery “not yet sustainable”

Continued low interest rates go along with this, which does little to encourage investors. Bernanke testimony included a promise to Congress that the Federal Reserve will abandon its “ultra-low monetary policy” when there is real recovery, namely by adjusting the rate for lending between banks.

Gold and currency trade are down

That’s the way it will stay until there are more obvious signs of recovery, signs that sustainable recovery is well underway. Reuters indicates that the International Monetary Fund is attempting to liquefy its gold supply, which is influencing prices and keeping traders wary. It all leaves regular people wondering where they can get a personal loan to make expenses. The Bernanke testimony doesn’t make things appear any more positive at the moment.

(Photo Credit: http://www.flickr.com/photos/gageskidmore/ / CC BY-SA 2.0)

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There are a wide variety of reasons why you might need a quick personal loan – everything from paying an unexpected repair bill to a quick booster shot before your payroll kicks in. No matter what the reason, it is possible to get a payroll loan quickly and easily.

How do payroll loans work?

Payroll loans are loans intended for a short-term financial boost. The loan company advances you a small amount of money that you pay back on your next payday. This way you get the help you need, and get it quickly.

How do I apply for a payroll loan?

Applying for a payroll loan is simple – the online application takes only a few minutes. The application uses secure 128-bit encryption to protect your personal information. By providing your next payroll date and bank account information, you will be able to set up a loan that works with your schedule and is deposited directly into your bank account. Often, you won’t even need to fax paperwork back and forth.

Will my bad credit matter?

When your credit is not perfect, it can sometimes feel impossible to get a loan. However, you can still apply for a payroll loan and have a good chance of getting approved. Your credit score is in part based on how often you pay your bills on time, so getting a payroll loan could even help your credit score in the end. If you have bad credit, no credit or are a military member, you can still get a payroll loan.

When you are in need of a quick personal loan, it is important to examine your options. Payroll loans work great for a short-term financial boost. They are easy to apply for and it often does not matter if you have bad credit. No matter what your situation, it is possible to get cash quickly.

Start your quick Personal Loan application HERE!

Less electricity usage, more time

There's nothing healthy or balanced about a commute like this

As businesses scramble to cut expenses, some are choosing to close the office on Fridays rather than lay employees off. Advocates of the four-day, ten-hour-a-day workweek contend that it not only saves money and eases pressures on the environment, it also promotes employee health and allows a better balance between family and work.

In one high-profile example last August, the Utah state government switched more than 17,000 full-time employees to a four-day, 40-hour workweek. By May of this year, the state had saved $1.8 million on electric bills and janitorial services.

Less oil consumption, less commuting

It should be fairly obvious to anyone interested in conserving oil that four-day workweeks reduce the demand for oil, and ten-hour days ease commuter traffic during traditional rush hours.  The result is smoother, faster travel for all. Approximately 80% of the roughly 133 million workers in America drive to work alone in a car. With gas prices what they are, commuters in need of payroll loans are keeping payday loan companies busy.

In a New Republic article, Brad Plumer said:

Some 106 million Americans drive to work alone each day, an average of 16 miles each way. Cutting out one workday’s worth of commuting would not only lower U.S. oil imports by 5 to 10 percent, it would also prevent thousands of traffic fatalities, as well as cut down on the costs of road maintenance, since people tend to drive less on weekends. And workers would see a real income boost by saving on gas.

Longer weekends, fewer layoffs

Four-day workers can commute to the beach on Fridays

Without a doubt, those 17,000 Utah state employees are still using electricity and driving their cars somewhere on their extra 52 (or 53) days off each year. But according to surveys, most find paying for their own electricity on Fridays and the gas to drive somewhere other than the office preferable to a layoff.

Lower absenteeism, higher morale

According to a state survey, 82% of the rescheduled Utah employees prefer the four-day workweek. The new schedule has resulted in increased job satisfaction and enhanced productivity.

A February 2009 interim report posted on the Work4Utah website notes improved morale and decreased absenteeism. It projects an annual reduction of at least 12,000 metric tons of carbon dioxide emissions as a result of office-building shutdowns and reductions in employee commutes — the equivalent of taking about 2,300 cars off the road for one year. Several states, cities, and businesses across the country are considering, or have already implemented, four-day workweek schedules on a trial basis.

Taking it a little further . . .

Why work 40 hours a week?

Not all businesses can operate on a four-day schedule, obviously, but for those that can, why stop at four ten-hour days? Spending more hours at work on any given day doesn’t necessarily equate to increased productivity. How about four eight-hour days?

Why work eight hours a day?

Many if not most office workers would agree that eight hours in a cubicle or in front of a computer equate to something like six hours of real work and two hours of mini-breaks to make the day mentally tolerable. Working longer days may be counter-productive, so why not four eight-hour days? And why stop there? How about four six-hour days where everyone actually works?  How about just showing up twice a month to pick up a paycheck?

Will Thursday become the new Friday?

It seems inevitable that in a four-day workweek Thursday will become the new Friday – the day when everyone is thinking about the three-day weekend and no one is around to respond to anything anyway. In any event, 13,940 Utah state workers are ready to replace “TGIF” with “TGIT”.