China’s growth accelerated to a more-than-forecast 9.8 percent in the fourth quarter, adding pressure for more monetary tightening to counter inflation.
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Detroit, Michigan, United States (AHN) – Mexicantown Wholesale of Detroit, Michigan is recalling all lots of cuernos (croissants) manufactured between 6/27/2010 and 12/28/2010, because they may contain undeclared milk.
People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume these products.
The recalled cuernos also contain undeclared wheat and FD&C yellow, which can elicit moderate reactions in sensitive individuals.
Cuernos are sold in clear plastic bags of three or four. Packages are marked as “Cuernos Plain (croissant)” with plain labeling or Mexicantown labeling, and the UPC code 95640 00035. Cuernos packages are distributed only in Michigan through retail stores.
Consumers should check their packages of cuernos to determine whether the manufacture date is between 6/27/2010 and 12/28/2010. The date is marked on a colored label and is coded as follows: a six digit number with the first two digits representing the year, the second two digits representing the month, and the final two digits representing the date.
No allergic reactions or illnesses have been reported to date.
The recall was initiated after it was discovered that cuernos were distributed in packaging that did not identify the presence of milk, wheat, and FD&C yellow#5. An investigation revealed that a change in the brand of one ingredient resulted in the addition of milk as a sub-ingredient.
Consumers who have recalled cuernos should contact Mexicantown Wholesale for an exchange or refund at 313-894-2000 ext. 105, Monday through Friday, 9am to 5 pm EST.
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The London Stock Exchange says IPOs in 2010 soared by almost 600% compared to the previous year.
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Ottawa, Ontario, Canada (AHN) – The United Arab Emirates stoked the fire on the escalating diplomatic conflict between Dubai and Ottawa by increasing tourist visa fees for Canadian nationals to $1,000.
The higher fee, which UAE hiked only for Canadians, takes effect Jan. 2, 2011.
The UAE embassy in Ottawa posted the higher visas fees in its website. The new fee will be for a six-month visa. Fee for three-month visa will be $500 and one-month visa $250.
However, to mask the diplomatic vengeance exacted by UAE after Canada rejected the emirates’ request for more landing rights for two UAE-owner airlines, the website claims Dubai’s 35-year ties with Ottawa is strong and flourishing.
In addition to skyrocketing visa fees, the UAE kicked out Canadians troops from Camp Mirage in Dubai, which Canadian troops have used for 10 years as a deployment point for Canada’s military operations in Afghanistan.
UAE air carriers are not yet implementing the higher visa fees. According to the Etihad Airlines portal, they can help Canadians seeking a one-month tourist visa for $83, which is the rate most Dubai-based air carriers charge.
The new fees is expected to result in a drop in number of Canadians visiting UAE. At present there are over 25,000 Canadians living and working in the emirates, who have family members and relatives visiting them in UAE.
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The number of companies that shut shop this year compared to 2009 has dropped, indicating a recovery in the economy.
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Total consumer bankruptcy filings were down 13 percent in November compared to October, the American Bankruptcy Institute reported. Still, filings were higher than last year. Mortgage Daily estimates that around 1.5 million consumers will file bankruptcy this year.
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New York, NY, United States (AHN) – Experts foresee a recovery next year for the U.S. travel industry. However, one downside to the recovery would be higher airfare and hotel rates.
An indicator of the anticipated rise of the travel industry is the lifting in 2010 of travel restrictions by companies as financial books improve. The experts expect the trend to continue in 2011.
For starters, air carriers are reimposing stricter contract terms and requirement, while corporate discounts are shrinking. The stiffer contracts are complemented by airline companies reining in capacities, which led to efficient operations among airline firms.
In view of the improved situation, industry insiders warned of a 2 to 6 percent hike in domestic air fare and 3 to 7 percent increase in international airplane ticket prices.
The increase in traveling by Americans was confirmed by the yearly Zagat survey released Monday. According to the survey, the more than 8,000 frequent fliers covered by the survey reported they averaged 17.4 air trips this year from 16.3 in 2009.
As a result of the growing demand for seats, airline have added capacity. Delta Airlines announced in October that it hiked its Q4 capacity from 3 to 5 percent for domestic routes and 10 to 12 percent for international trips.
Another survey found that 24 percent of respondents intend to make more business trips in 2011 and another 56 percent to equal next year the number of trips they took this year. But 50 percent said they are now required to secure preapproval for their business trips and 25 percent opt to stay at lower cost hotels.
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New York, NY, United States (AHN) – A survey of 4,300 Americans by the National Retail Federation showed that average spending for the Thanksgiving weekend was $365, a 6 percent increase from a year ago.
The higher spending was caused by more Americans shopping, from 195 million in 2009 to 212 million from Thursday to Sunday this year. It is the highest number of Thanksgiving weekend shoppers since the NRF conducted the first survey in 2004.
Total sales hit $45 billion, up from $41.2 billion in the last two years. A large part of the sales were done online.
However, the NRF cautioned industry from using this year’s data as an indicator of the forthcoming yearend holiday spending. The federation cited 2008 when average Thanksgiving weekend spending reached $373, but the Christmas holiday spending was one of the worst on record.
The NRF explained that on Black Friday, buyers are focused on bargain hunts, while during better economic times people shop even for regularly priced items.
ShopperTrak, a Chicago-based research company, estimated Black Friday sales alone at $10.7 billion, which is just a 0.3 percent rise from last year’s figure.
To bring back shoppers to stores after two years of weak Thanksgiving sales, retailers such as Sears Holdings and Toys “R” Us begun their Black Friday sales a day ahead. Sears opened at 7 a.m. on Thanksgiving Day and offered huge discounts, such as 55 percent off on a high-definition plasma TV.
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NY, NY, United States (AHN) – According to a report Tuesday by the New York Times, baseball agent Scott Boras’ company allegedly handed out thousands of dollars in loans to the families of prospects from the Dominican Republic.
The Times report said the loans could mean that Boras or his company may have broke Major League Baseball Players Association rules.
The Times said that Boras issued a statement that acknowledged his company had “aided” players and families in the past, but he did not address whether loans were made.A
According to the report, loans of more than $500 per year made by agents to players and their families are forbidden unless the reason for the loan is revealed to the union.
A spokesman for the players’ association declined to comment in the report.
“This is a serious issue that raises concerns about the business practices of agents who have played a prominent role in the game,” a spokesman for Major League Baseball said in a written statement to The Times.
Domingo Ramos told The Times that the company typically represented a few top Dominican prospects each year and made loans to a majority of them. The money was usually used for food, housing and other needs, he said.
Ramos is a former big league player who works for Boras’ company.
“Sometimes we get it back, sometimes we don’t,” Ramos told The Times. “Sometimes, it’s tough to get it back. It’s as simple as that.”
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The conforming 30-year fixed-rate mortgage declined 5 basis points in the Mortech-Mortgage Daily Mortgage Market Index report for the week ended Wednesday from the previous week. The Mortgage Market Index , itself, jumped to 311 from 288 seven days earlier. The average U.S. loan amount moved higher to $214,267.
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