Finance Latest News: Young Americans Are Ditching Credit Cards, Young Americans Are Ditching Credit Cards
The number of young Americans who are living without credit-cards has doubled since the recession, About 16% of consumers ages 18 to 29 didn’t have a single credit-card by the end of 2012.
Bernanke Confounds, Wall Street Reaches for Theories
Amid the current turmoil in global markets, one question is being obsessively debated on Wall Street: Just what was Ben S. Bernanke thinking three weeks ago when he said that the Federal Reserve might soon cut back its stimulus efforts? According to Bank of America Merrill Lynch, Since Mr. Bernanke made those remarks, global stock markets have lost trillion in value. Mr. Bernanke will get another bite at the apple at a coming scheduled news conference, where his comments will be closely scrutinized.
Smithfield profit plunges on drop in exports
Hog producer Smithfield Foods Inc, the subject of a .7 billion bid from China’s Shuanghui International Holdings, reported a 63 percent fall in net profit as exports to China and Russia fell due to certification issues. Smithfield said its net income fell to .7 million, or 21 cents per share, in the fourth quarter ended April 28, from .5 million, or 49 cents per share, a year earlier.