BP fighting ‘inflated’ Gulf brief payouts

bp cove commitment

BP is on a offshoot for billions in claims for a Gulf of Mexico oil brief — yet now it’s fighting many claims that it says are ‘inflated’ or ‘do not even exist.’

To make a case, BP placed full-page ads in a Wall Street Journal, a New York Times and a Washington Post on Wednesday.

“Whatever we consider about BP, we can all determine that it’s wrong for anyone to take income they don’t deserve,” settled a ad.

BP (BP) has paid out some-more than $42 billion in fines, clean-up costs and remuneration ensuing from a massive 2010 spill, caused by an blast that killed 11 oil workers. Millions of barrels of oil spilled into a Gulf and crippled businesses.

BP has also been promulgation letters to lawyers warning that clients who accept remuneration formed on extreme or fake claims will have to compensate a income behind if a association is successful in a justice interest on Jul 8.

BP has been operative for a past few months to retrieve remuneration payments that it has dubbed “illogical and absurd”, observant a claims director is misinterpreting a allotment agreement.

In one instance, BP authorised papers uncover a association paid $21 million to a rice indent in Louisiana that was 40 miles from a coast, even yet a indent reported aloft income in a oil brief year contra a three

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/MUakApJAbdg/index.html

Porn, booze and kazoos on IRS workman assign cards

irs assign cards

The IRS is in a spotlight again, this time for employees regulating IRS assign cards improperly.

Pornography, booze bottles and kazoos were among crude purchases done by IRS employees regulating their work-issued assign cards, according to watchdog report.

Like a lot of large companies, a Internal Revenue Service allows some of a 90,000 employees to use association assign cards to buy work-related items, such as bureau supplies.

However, employees done a horde of “improper” purchases — trimming from a cooking averaging $140 per chairman to Thomas a Tank Engine rubber wristbands — according to a Treasury Inspector General for taxation administration. The news was expelled as partial of a unchanging review of IRS bill expenses.

The news comes during a particularly bad time for a IRS, whose employees have recently been in a spotlight for singling out domestic groups, including Tea Party conservatives, for additional taxation inspection over a years.

Related: IRS targeting enclosed magnanimous groups

The examiner ubiquitous pronounced a IRS has been inattentive when it comes to throwing employees who by-pass $3,000 caps on transactions, by bursting purchases into several transactions. The group also doesn’t have a good record during branch off credit cards as shortly as employees skip or retire.

“The IRS squeeze label module lacks unchanging slip to brand and residence inapt use,” a news found.

The IRS spent $50,000 on a week’s value of meals, parties

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/5zvyWaLROZg/index.html

Windows 8.1’s small changes are a outrageous improvement

microsoft startpage

Windows 8.1 is accessible in ‘preview’ chronicle for developers on Wednesday.

Microsoft on Wednesday expelled a initial preview of Windows 8.1, a vastly softened refurbish of a forward-thinking though injured PC handling system.

On paper, a list of changes that Microsoft done to Windows 8.1 don’t seem all that major. No, a app tiles aren’t gone. Yes, a Start symbol is back, though not accurately as we remember it.

But it isn’t until we indeed start regulating a latest chronicle of Windows that we can conclude a large advantages of small tweaks.

Start button: The lapse of a Start symbol to a legitimate mark on a desktop taskbar is a ideal example.

The Start button’s categorical duty in Windows 8.1 is indeed to call adult a Start shade (the array of app tiles that Microsoft (MSFT, Fortune 500) calls “Modern UI,” that was introduced in Windows 8) — not a intricacy of nested menus that it used to hide. But when you’re in desktop mode and we click a Start button, it won’t take we totally out of a desktop. Instead, a semi-transparent chronicle of a Modern UI will boyant on tip of a desktop, permitting we to select an app.

That underline also allows we to control how we classify a Start screen. You can fast pile together all a icons for your desktop apps in a Modern UI and tag them as

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/e6QLEoM4mTQ/index.html

Record sales for Smith & Wesson

smith wesson mp rifle

Sales are surging for Smith Wesson’s MP 10 purloin (pictured). The gun attention refers to these semiautomatics as complicated sporting rifles though they’re also famous as attack rifles.

Barraged with a swell in direct for a firearms, Smith Wesson is vowing to continue to ramp adult manufacturing.

Smith Wesson (SWHC) also reported that a gun sales jumped by 42% for a 2013 mercantile year, that finished on Apr 30, compared to a before year. The association reported record sales of $587.5 million and pronounced that diluted net income some-more than quadrupled to $1.18 per share.

Going forward, a gun builder expects to keep violation sales records.

“While we significantly augmenting a prolongation ability in mercantile year 2013, we sojourn ability constrained, as we have for a past 5 quarters,” pronounced Chief Executive Officer P. James Debney, in a discussion call with analysts on Tuesday. “We devise to continue cleverly augmenting ability in mercantile year 2014.”

Related: $27,500 purloin hits targets during 1,000 yards

Sales have surged for guns and ammunition ever given a presidential campaign of 2012. They were fueled even serve by stress over a intensity for strict new gun manners following a propagandize electrocute in Newtown, Conn., in December.

Gun shops have sole out, orders have corroborated adult and factories have struggled to furnish adequate guns and ammo.

Article source: http://rss.cnn.com/~r/rss/money_latest/~3/8nLDDVOsbKE/index.html

Financial education improving: not there yet

(Special) – The report card on how well Canadians are doing educating their children about money and finances has some good and some not-so-good grades.

In its latest financial literacy study, BMO Financial Group found that while the majority of Canadians believe teaching children about money matters is important and is a key to a healthier economy, very few actually spend much time discussing money management with them.

Canadians almost universally recognize the importance of developing good financial habits early in life. In fact, 99 per cent in the survey agree about the importance financial literacy can play in bringing about national prosperity.

Yet, only 18 per cent of Canadian parents spend a lot of time with their children discussing money and financial matters.

“The survey results clearly indicate that Canadians put a premium on getting to our kids early to teach them the basics of personal finance and that we, as a society, need to place more of an emphasis on this,” says Jacques Menard, chairman of BMO Nesbitt Burns and vice-chair of the Federal Financial Literary task force. “But less than 20 per cent of parents spend any time or ample time talking to their children about money. So between what we think and how we behave there is a distance and a disconnect.”

Despite its importance, parents spend more time talking to their children about school, their hobbies and friends and what they want to do in the future in life than they do about money. “Somehow we never get around to

Article source: http://money.ca.msn.com/savings-debt/yourmoney/financial-education-improving-not-there-yet

New house prices up in April: StatsCan

OTTAWA – Statistics Canada says its new housing price index rose 0.2 per cent in April, following a 0.1 per cent increase in March and similar gains over the last 12 months.

The agency says Calgary was the top contributor to the national advance for the third consecutive month, as prices for new homes rose 0.5 per cent in April.

“Builders reported that higher material and labour costs as well as market conditions were the main reasons for higher prices,” Statistics Canada said.

The largest monthly price advance occurred in St. John’s, N.L., where prices rose 1.0 per cent, following eight consecutive months of little or no change.

“This was the largest price movement in St. John’s since November 2010, when new housing prices rose 4.3 per cent. Since then, prices have been relatively flat, despite a few modest gains over the summer of 2012.”

Hamilton followed closely, with prices for new homes rising by 0.8 per cent — the largest month-to-month increase in that area since October 2012.

Prices rose 0.6 per cent in Winnipeg and 0.3 per cent in Saskatoon and 0.1 per cent higher in Quebec City, Toronto-Oshawa, Ottawa-Gatineau, Vancouver and Victoria.

Prices were 0.1 per cent lower from March to April in Montreal and the region including the New Brunswick cities of Saint John, Fredericton and Moncton.

“Builders in the region of Saint John, Fredericton and Moncton reported lower prices as a result of market conditions, while builders in Montréal lowered prices to finalize sales,” Statistics Canada said.

Builders reported that prices were

Article source: http://money.ca.msn.com/savings-debt/yourmoney/new-house-prices-up-in-april-statscan-1

Children don’t inherit parent’s debt: experts

MONTREAL – The death of a parent can sometimes mean financial turmoil for surviving relatives, but advisors say that lingering debts aren’t the responsibility of the adult children in the family.

“There is no liability for a child to take on the debts of the parents,” said lawyer Murray Morrison, who specializes in insolvency and practices in the Vancouver area.

If the parents die in debt, the first place to turn is their estate which can go bankrupt, he said.

But a bankrupt estate also means there won’t be an inheritance for the family.

“Kids do not come first,” he said. “Under the law, the debts have to be paid before anybody gets a nickel.”

So the surviving children can choose to ignore their parents’ debt and let creditors sue and garnishee the deceased mom or dad’s bank account, or they can spend what money is in the estate to bankrupt it, Morrison said.

He said surviving children should not “try to pay the bills without thinking about it” and also recommended they seek legal advice.

Debts aren’t transferred by virtue of marriage or death — not without your signature — even though spouses and children may feel they should clear up any outstanding money owed, said Margaret Johnson, president of Solutions Credit Counselling Service.

“A lot of people want to do the right thing,” Johnson said. “The right thing is to pay debts that are yours. If they’re not yours, don’t pay them.”

For example, if dad passes away but has a credit card bill and an unpaid

Article source: http://money.ca.msn.com/savings-debt/yourmoney/children-dont-inherit-parents-debt-experts

Condo market vulnerable to correction: BoC

Condo market vulnerable to correction: BoC

A condominium under construction is shown in Toronto on Saturday, February 4, 2012. The Bank of Canada is issuing among its starkest warnings to date about the country’s housing market, again taking special aim at Toronto’s condominium sector. THE CANADIAN PRESS/Pawel Dwulit

OTTAWA – An overbuilt and overpriced condominium market is posing a risk to Canadian households, banks and the economy in general, the Bank of Canada warned Thursday in its latest review of the health of the country’s financial system.

The central bank particularly singles out the Toronto condo market, which it notes continues to carry a high level of unsold high-rise units in both pre-construction and under-construction phases.

It urges policy-makers to continue monitoring developments in the sector, saying it is “working closely” with federal authorities to maintain an ongoing assessment of risks.

Overall, the bank says it believes both global and Canada financial conditions have improved somewhat despite the subdued pace of the economic recovery.

In Canada, the growth in household credit has continued to slow and has fallen broadly in line with growth in disposable income. As well, overall activity in the housing market has moderated.

But the central bank is still worried about the housing market, and particularly condos in Toronto.

“If the upcoming supply of units is not absorbed by demand as they are completed over the next 12 to 30 months, the supply-demand discrepancy would become more apparent, increasing the risk of

Article source: http://money.ca.msn.com/savings-debt/yourmoney/condo-market-vulnerable-to-correction-boc-3

New forms to track potential tax cheats

OTTAWA – The federal government is bringing in new rules to monitor people who may be hiding property offshore.

Revenue Minister Gail Shea says a tougher foreign income verification statement will help fight tax cheating.

Starting with the 2013 taxation year, Canadians who hold foreign property worth $100,000 or more will be required to provide additional, detailed information to the Canada Revenue Agency.

Holders of foreign properties will have to provide the name of the institution that controls the overseas funds, the country to which the property relates and the income generated from the property.

The revenue agency will use the new information to ensure compliance with tax laws.

Shea says the information will help the taxman track cheaters.

“Our government is committed to combating tax evasion and getting tough on tax cheats,” she said.

The Certified General Accountants Association of Canada welcomed Shea’s announcement.

“We are pleased to see the government taking action on this important issue,” said Carole Presseault, the association’s vice-president of government and regulatory affairs.

“Increased reporting requirements of large offshore assets will help to ensure that all Canadians are operating on a level playing field when it comes to their taxes.”

Article source: http://money.ca.msn.com/savings-debt/yourmoney/new-forms-to-track-potential-tax-cheats-2

Stock Drop an Overreaction: Morgan Stanley CEO

Morgan Stanley Chairman and CEO James Gorman told CNBC on Friday a new batch dump on Federal Reserve finish speak is an overreaction and investors shouldn’t let marketplace fear take over.

“I consider that over a subsequent few days we see a small some-more fortitude in equities,” he pronounced in a “Squawk Box” interview.

(Read More: Tepper Likes a Taper, Says Stocks Are Strong)

The liberation in a U.S. economy is for real, and Fed Chairman Ben Bernanke’s comments about a probable scale behind in quantitative easing after this year is an confirmation of that, he said.

“Chairman Bernanke, we think, has finished a extensive pursuit and is weening a nation off as we’re saying mercantile recovery,” Gorman said. “That a marketplace would be changeable during this transition, given what we’ve been by a final 5 or 6 years, is not startling to me.”

(Read More: Buy-and-Hold Billionaire: Turbulence Won’t Last)

“This is not a time when fear should take over,” he continued. “This is a final in a array of hurdles that a markets have had to go by as they work their approach behind to a some-more normal environment.”

Further bolstering Morgan Stanley’s resources government business, Gorman pronounced a association has perceived all regulatory approvals to acquire a remaining 35 percent seductiveness in Morgan Stanley Smith Barney Holdings from Citigroup.

“This is something we’ve been operative on

Article source: http://www.cnbc.com/id/100830972