(IRAS) Integrated Research Application System (IRAS) - Only tap an IRA, 401(k) as last resort

You've built a financial fortress with several walls of protection. Now, facing a job loss, you need to decide which bastions to hunker down behind. There are advantages to tapping certain accounts and assets before others. "Jobless benefits and personal savings would be the first line of defense," said Gary Daniels of Personal Financial Mavens in Payson. After that, he said, it's often a matter of individual circumstances. Ideally, like a stout castle, you will have several rings of defense, perhaps with a moat and drawbridge for good measure. Occupying the innermost sanctum of your castle should be your retirement accounts.

Financial advisers routinely suggest restraint before withdrawing retirement money, even when times get tough.

If you pull cash from 401(k)-style plans or traditional Individual Retirement Accounts, you would trigger federal and state taxes, typically on the full amount. You also face a 10 percent early-withdrawal penalty if under age 59 1/2, though that drops to age 55 if you pull money from 401(k) accounts and you're laid off or leave the job for other reasons. "The taxes are almost always much higher than expected, often more than 40 percent of the amount withdrawn if there is a 10 percent early-withdrawal penalty," Daniels said.

Taxes and penalties even could apply on early withdrawals from Roth IRAs.

But taxes aren't the only reasons to leave retirement accounts alone.

With withdrawals, you'd also be depleting your retirement savings and raising the likelihood of having to rely solely on Social Security in old age. As it is, millions of Americans already are way behind in retirement planning. "An issue even bigger than taxes or penalties is what your account could be worth in 10 or 20 years," said Stephen Barnes, a certified financial planner and chartered financial analyst at Barnes Investment Advisory in Phoenix.

Plus, you'd be removing money from accounts that enjoy legal protections.

"Both federal and Arizona laws protect $1 million or more of retirement funds from creditors in a bankruptcy," said Daniels, who is also a certified public accountant.

If you withdrew money from retirement accounts, those amounts would be subject to regular taxes and possibly penalties that probably wouldn't be discharged in a bankruptcy proceeding, he said. But while many jobless and underemployed Americans seem to recognize these dangers, they still might not be able to avoid retirement-account withdrawals if their employment problems persist.

Respondents in a new survey by the Transamerica Center for Retirement Studies said they relied mainly on jobless benefits and personal savings during the first year out of work or being underemployed. But after a year, more survey respondents started using credit cards heavily and draining their retirement accounts. Read More

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UniSIM - UniSIM and Business China offer five Chinese-related scholarships | SIM University (UniSIM)

SINGAPORE - SIM University (UniSIM) and Business China are offering five new scholarships to help nurture young Singaporeans who can be bilingual and bi-cultural professionals. The scholarships - which will be awarded to five recipients for a start - are for Chinese-related degree programmes, such as Chinese Language and Literature, Translation and Interpretation, as well as Early Childhood Chinese Language Education. The scholarships, which are bond-free, will cover up to 80 per cent of total course fees.

The scholarships are for Business China members and staff of corporate members who are non-degree holders.

This is the first time Business China is working with an educational institution. Business China chief executive officer Low Yen Ling said: "The second thing we'll do is work with UniSIM to see how in the longer term we can scale this beyond five students and five modules that they can choose from."

Ms Low, who is also a Member of Parliament for Chua Chu Kang GRC, added that the non-profit organisation is "exploring similar partnerships with other esteemed educational partners". Read More

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毛沢東 Mao Zedong, 文化大革命 Cultural Revolution, anne and david norman

毛沢東

毛 沢東（もう たくとう、マオ・ツォートン、1893年12月26日 - 1976年9月9日）は、中華人民共和国の政治家、軍人、思想家。字は詠芝、潤芝、潤之。筆名は子任。中国共産党の創立党員の1人。中国革命の指導者で、中華人民共和国の建国の父とされている。1949年の建国以来、1976年に死去するまで、同国の最高権力者の地位にあった。

現代世界史において大きな業績を遺した人物とみなされており、タイム誌の「20世紀の重要人物（Time 100: The Most Important People of the Century）」の1人に名を連ねている。毛は、思想家、戦略家として評価されており、詩人としても名高い。

一方、毛の政策については現在でも議論の対象となっている。研究者は、毛の引き起こした大躍進政策と文化大革命のような、文化、社会、経済、外交に重大な損害をもたらした問題について非難するとともに、彼の政策による犠牲者を数千万と推定する[6]。そして、マルクス主義・ソ連型社会主義を中国社会に導入しようとした毛の政策は、産業の面において、結局失敗に終わったと論じる。 Read More

文化大革命

文化大革命，簡稱文革，是中華人民共和國始於1966年的一場重大政治運動，被廣泛認為是自1949年建國至今最動蕩不安的災難性階段，常被冠以“十年動亂”或“十年浩劫”。

文革的指導思想來源於毛澤東提出的“四個存在”理論，即“社會主義社會是一個相當長的歷史階段，在這個歷史階段中，始終存在著階級、階級矛盾和階級鬥爭，存在著社會主義同資本主義兩條道路的鬥爭，存在著資本主義復辟的危險性，存在著帝國主義和社會帝國主義進行顛覆和侵略的威脅。”在此基礎上，毛澤東發展出在無產階級專政下繼續革命的理論。

文革自1966年開始，結束時間則存在爭議。官方認為到1976年毛澤東去世和四人幫的被捕後被宣佈“勝利結束”（1978年憲法《序言》：“第一次無產階級文化大革命的勝利結束，使我國社會主義革命和社會主義建設進入了新的發展時期”）。

文化大革命的指導思想和政治成果均在1981年6月27日中國共產黨第十一屆中央委員會第六次全體會議一致通過的《關於建國以來黨的若干歷史問題的決議》中被正式否定，決議認為毛澤東應負上責任。該決議的正式表述是：“‘文化大革命’是一場由領導者錯誤發動，被反革命集團利用，給黨、國家和各族人民帶來嚴重災難的內亂。” Read More

Kiwi retailers making tills ring across Tasman

Anne and David Norman are the most successful and their family-run company owns more than 500 jewellery stores that operate under the names Stewart Dawson, Prouds, Angus and Coote and Pascoes. They also own the 58 Farmers stores.

The couple are brilliant retailers, with a track record of buying poorly performing businesses and turning them round. Last year they pounced on Angus and Coote when its share price slumped after a loss of A$3.8 million (NZ$4.3 million). It is estimated their Australian stores have 20 per cent of the country's jewellery market. Retail analysts said they were making a serious mistake when they bought Farmers for $122.3 million from Perth-based Foodland Associated in 2003, arguing that department stores were outdated.

It was said that most of Farmers' profits came from its finance subsidiary, which Foodland sold to Fisher & Paykel Appliances in a related deal for $188.7 million. In turn F & P is now considering selling it, with its valuable 20-year exclusive contract with Farmers.

Under Norman control, Farmers stores and product ranges have been upgraded at a cost of over $100 million. As a private company it is not known how it is faring, though the stores appear profitable judging from the number of shoppers attracted by newspaper advertising and expensive mail promotions. Mr Norman has expressed satisfaction at returning the retail icon to the forefront in New Zealand.

The success of the Norman family and their willingness to take a long- term view in turning around businesses away from the media spotlight may have been the catalyst for Stephen Tindall's plans to privatise The Warehouse. Unlike Mr Tindall, however, the Normans rebuffed offers from private equity groups to buy into their company. Mr Norman says it is also most unlikely he would seek a Stock Exchange listing for the group.

Michael Hill International has also done well in Australia, where it has 120 stores, though this is a fraction of the Normans'. At times such as 2002 when the share price slumped after he announced expansion to Canada, founder Michael Hill has expressed exasperation with the lack of vision of shareholders, though there has been no suggestion he plans to privatise the company.

He is regarded as a hero by many shareholders who have done exceptionally well from their investment. The future of clothing retailer Postie Plus is less clear. Hobart-based Kathmandu founder Janet Cameron, who made millions selling this company to private equity, has steadily built a 12.58 per cent stake in Postie Plus. Ms Cameron is a retail specialist, and her buying seems to be opportunistic because Postie Plus appears to be on a solid recovery trail after hitting a rough patch. Read More

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Best Stocks : Stocks Retreat; Carmakers, Mitchells & Butlers Slides, BP Gains

European stocks retreated as shares of carmakers declined and Greek 10-year bond yields rose to a record. Automakers performed the worst of 19 industries in the benchmark Stoxx Europe 600 Index. Mitchells & Butlers Plc, the owner of Harvester and Toby Carvery pubs and restaurants, sank 5.5 percent after posting reduced fiscal first-half profit. BP Plc advanced 2.5 percent after the oil company reached a settlement with a unit of Mitsui & Co., one of its partners on the Macondo well.

The Stoxx 600 fell 0.2 percent to 279.36 at 4:10 p.m. in London, heading for a weekly decline of 0.4 percent. The gauge advanced 0.7 percent yesterday as companies from Glencore International Plc to LinkedIn Corp. held initial public offerings. The measure has fallen 4 percent since this year’s high on Feb. 17. --- read more

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Best Stocks : GLOBAL MARKETS-Euro falls on Greek worries, stocks hit

The euro fell against the U.S. dollar on Friday on fresh fears of a Greek debt default and worries about the economic recovery globally undermined commodity prices and depressed stocks. U.S. stocks were dragged down by declines in energy and commodity-related shares, though copper prices jumped on a decline in Chinese inventories.

A report saying Norway suspended the payment of a $42 million grant to Greece for failure to comply with its EU-IMF bailout plan commitments started a sell-off in the euro. Speculation mounted that Finland, a European Union member, would do the same. For details see [ID:nOSL016301].

International Monetary Fund may also have suspended its review of Greece, which could mean a delay in the disbursement of much-needed funds for Athens, according to some reports.

Fitch rating agency further downgraded Greece's credit, increasing the euro's decline. [ID:nLDE74J1K7] The euro was down 0.8 percent at $1.4198 on trading platform EBS after four days of gains, with investors focused on the $1.40 level as a short-term target.

The news about problems with the EU-IMF Greek bailout plan almost overshadowed anxiety over Spain's upcoming regional election this weekend. Spanish bond yields rose on concern the vote results may undermine Prime Minister Rodrigo Zapatero's ability to curb Spain's own fiscal deficit.

"The news has been tough all day for the euro. People were starting to buy the euro the last few days and then we got all these news and then the euro just gave way," said Richard Franulovich, senior currency strategist, at Westpac in New York. The U.S. dollar index <.DXY>, a gauge of the greenback against a basket of currencies, rose 0.75 percent. On Wall Street, commodity shares were the hardest hit, though some retailers weakened also.

"It's all about the euro," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. "Commodity stocks aren't doing well. But keep in mind, your other problem out there is that as the dollar strengthens, your multinational dollar-sensitive, large cyclical companies go down also."

The Dow Jones industrial average <.DJI> dropped 56.19 points, or 0.45 percent, to 12,549.13. The Standard & Poor's 500 <.SPX> fell 5.48 points, or 0.41 percent, to 1,338.12. The Nasdaq Composite <.IXIC> lost 13.61 points, or 0.48 percent, to 2,809.70.

World stocks as measured by MSCI <.MIWD00000PUS> were down 0.3 percent. Copper prices jumped, with three month copper up almost 2.0 percent as investors focused on a decline in stockpiles in top consumer China.

Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 14.6 percent from last Friday, the exchange said. [ID:nEMS011047]. U.S. light crude futures bounced back from a 2.0 percent decline to gain 0.4 percent at $98.85 before their contract expiry later on Friday. Brent crude was up 0.5 percent near $112 a barrel. --- read more

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Best Stocks : Sensex closes 180 points up

A benchmark index for Indian equities markets Friday closed with a 180-point gain, braving selling pressure on heavyweight scrips like ONGC and ITC. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,199.96 points, closed at 18,321.4 points, up 180 points or 0.99 percent from its previous close at 18,141.4 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange shut shop at 5,484.35 points, up 1.04 percent. Broader markets also ended in the green with the BSE midcap index ruling 0.62 percent up and the BSE smallcap index up 0.41 percent.

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Best Stocks : Former IMF chief wins bail; succession race rages

Dominique Strauss-Kahn won bail on Thursday but faced one more night in a New York jail, hours after he quit as head of the IMF under the cloud of sex crime charges. His resignation intensified a race for global finance's top job. It has gone to Europe for 65 years and the favorite is now French Finance Minister Christine Lagarde but fast-growing developing economies want to put up their own candidate.

A judge granted Strauss-Kahn $1 million bail and ordered him to be detained in a New York apartment. He will be subject to electronic monitoring under the watch of an armed guard, costing him $200,000 a month, a prosecutor estimated. Prosecutors argued vehemently the French national should remain behind bars, calling him a flight risk.

"The defendant in this case has shown a propensity for impulsive criminal conduct," said prosecutor John McConnell.

He said the hotel maid who accused Strauss-Kahn of trying to rape her on Saturday, a 32-year-old immigrant from Guinea, had told a "compelling and unwavering story."

Strauss-Kahn denies the charges and his lawyers say he will plead not guilty. His bail package was due to be signed on Friday and an arraignment hearing, when he will formally answer the charges, was set for June 6. The case represents a spectacular fall from grace for a man held in high esteem for his role in tackling the financial crisis of 2007-09 and being central to ongoing efforts to keep Europe's debt crisis under control.

Dressed in a blue shirt and gray jacket, Strauss-Kahn looked tired and whispered occasionally to his lawyer during Thursday's proceedings. He was flanked by seven guards as his wife and one of his daughters watched from the public gallery. The charges that Strauss-Kahn tried to rape the maid and committed other sex offenses, plus the prospect of a lengthy legal process, have ruined his once strong-looking chances of winning France's presidential election next year. --- read more

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Best Stocks : Gold investors choose bars over ETFs in Q1 - WGC

The WGC said ETFs recorded their first net quarterly outflow since mid-2007 in the first three months of the year, with overall holdings of the products -- which issue securities backed by physical gold -- falling by 55.9 tonnes. Total coin and bar demand rose by 52 percent or 125.5 tonnes to 366.4 tonnes in the first quarter. Gold investment increased by 26 percent in tonnage terms to 310.5 tonnes, helping raise total bullion demand to 981.3 tonnes from 881 tonnes.

Eily Ong, research manager for the industry-funded WGC, said she expected this trend to persist throughout the year. "We have had geopolitical unrest in the Middle East/North Africa region, the ongoing uncertainty and concern about sovereign debt issues (in Europe), and continuing global inflationary fears around the world," she said.

"In China and India, they are still trying to hike interest rates to combat inflation," she said. "All these provide a very suitable environment (for gold investment)." --- read more

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