Railway & Underground Railway Construction in the UK Industry Market Research Report Now Updated by IBISWorld

The impetus from the landmark rail projects like Crossrail and Thameslink, other publicly funded capacity enhancement initiatives and stable maintenance spending have more than doubled the annual level of railway construction since the mid-2000s with the value of construction expected to climb by an annualised 21.4% over the five years through 2012-13. Over the next five years, the industry is expected to endure a moderate slowdown, reflecting the stage completion on landmark rail projects (notably Crossrail) and consequently, industry revenue is projected to contract over the five years through 2017-18.

London, United Kingdom (PRWEB) January 10, 2013
A century ago money was being poured into railway construction to reduce commuting time and open up new trade links. Today, public authorities and private companies are investing in landmark generational projects to increase passenger and freight capacity and boost the economy. London's rail transport system is undergoing the largest transformation in generations, involving the construction of Crossrail (£15.9 billion) and Thameslink (£5.5 billion). According to IBISWorld industry analyst Anthony Kelly, “the impetus from the landmark rail projects, other publicly funded capacity enhancement initiatives and stable maintenance spending have more than doubled the annual level of railway construction since the mid-2000s”. The value of construction is expected to climb by an annualised 21.4% over the five years through 2012-13.
The Railway & Underground Railway Construction industry captures a significant share of the total work in this market, and the balance is performed by professional consultants, trade subcontractors and bridge and tunnelling companies. Industry revenue is expected to climb by an annualised 8.0% over the five years through 2012-13 to total £3.3 billion, up 10% on the previous year. Kelly adds, “over the next five years, the industry is expected to endure a moderate slowdown, reflecting the stage completion on landmark rail projects (notably Crossrail)”. Subsequently, industry revenue is projected to contract over the five years through 2017-18.
The level of market share concentration in the Railway & Underground Railway Construction industry is medium, despite the large number of very small-scale contracting firms. The industry is characterised by its many small-scale, geographically dispersed contractors, principally working on maintenance and repair activities for existing rail infrastructure. Relatively few large-scale, multi-disciplined firms compete for the lead contractor role on major railway construction projects, and the four largest contractors contribute about 27% of annual industry revenue. These are multi-disciplined global construction firms Balfour Beatty, Colas, Morgan Sindall and Babcock International Group.
For more information on the Railway & Underground Railway Construction industry, including latest industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation’s largest publisher of industry research.
IBISWorld industry Report Key Topics
This industry includes contractors undertaking work in the construction of railway and underground railway infrastructure, including site preparation, rail track placement, and the construction of associated structures (bridges, tunnels and platforms). Construction activity includes new work, repair, additions and maintenance on existing infrastructure. Portions of the work can be subcontracted out and the firms can operate as construction manager on railway projects.
Industry Performance

Executive Summary

Key External Drivers

Current Performance

Industry Outlook

Industry Life Cycle

Products & Markets

Supply Chain

Products & Services

Major Markets

Globalisation & Trade

Business Locations

Competitive Landscape

Market Share Concentration

Key Success Factors

Cost Structure Benchmarks

Barriers to Entry

Major Companies

Operating Conditions

Capital Intensity

Key Statistics

Industry Data

Annual Change

Key Ratios
About IBISWorld

Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on many UK industries. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in London, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.co.uk or call (020) 3008 6568.

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Russ Hoover Presents A New Understanding of the Human Mind Unknown to Experts

While author-psychologist L. Russel Hoover refers to his new book “Demand Healing” as “first and foremost a crucial new look at treatment in mental health,” the read is packed with a wealth of first edition insights other practitioners will soon want to say they had discovered. Stunningly written and well worth the price of admission, this book puts readers one up on experts.

Kirksville, MO (PRWEB) January 10, 2013
Author-Psychologist Russ Hoover draws on extensive clinical experience and scientific acumen bringing a master’s touch to a new form of treatment. In section one for instance, he defines obsessions as “intrusive morbid fixations that certified head jockey’s endlessly attempt to cure deadened to the fact obsession does not cause itself… Hence their mantra ‘Stop thinking about it so much’ is akin to jumping off a plane and exhorting the person not to fall under conditions where falling is imminent,’ adding, ‘all the while expecting those words should have some effect on preempting the person’s downward movement. Cute…’” Bridging the gap between science and humor, the narrative essays an understanding of the complex world of human feelings by operationally defining easy to comprehend associated precepts. Demand Healing: The Advanced Study of Mood and Ego Remission is intriguing for the persuasive style in which it is written providing a tour de force critique of one of the most trusted institutions. Readers should not miss it.
Quick review of the book’s contents finds the work expertly sketched in three stages each spiced up with numerous clinical illustrations guaranteed to fire up readers’ interest. In stage one, the author, a specialized master therapist, produces an exposé of inefficiencies that abound in current treatment methods; what he refers to “absurdities” and “abominations,” as a means of showing why core changes are needed. Stage two yields an accurate in-depth inspection of what occurs in the troubled mind and various heretofore unknown laws that govern that kind of reaction. Finally, stage three de-encrypts what might be called the barest requisites of mental therapy while expounding upon its systematic application. The book is comprehensive and offers high-end discussion on an important subject.
Eye opening and practical, Demand Healing is formidable and a richly layered addition to the bookshelves of those searching for a good reading whether they are in or outside the genre.
For more information on this book, interested parties may log on to http://www.Xlibris.com.
About the Author

Author, teacher, lecture, and therapist, L. Russel Hoover began his distinguished career as a faculty member at Andrew Tailor Still Medical College. In that position he was to teach medical externs, interns, and psychiatric residents the ins and outs of various schools of psychotherapy, especially as it relates to medical treatment. However, he spent the majority of his reign there in the hospital’s clinics performing diagnostics and treatment. It was there, “down in the trenches” Hooves began developing what he called the NonCognitive approach to therapy ultimately publishing his first book under the name, NonCognitive Psychotherapy.

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Heroes Juggle School Life and World-Saving in Book IV of Epic Series

Author David R. Mastbergen releases “The Marvels of the Healer: The Senior Year”

Rushmore, MN (PRWEB) January 10, 2013
David R. Mastbergen, prolific author of The Marvels of the Healer series, accomplishes a rare and amazing feat by releasing his fourth book in just four months. Mastbergen’s newly published book, The Marvels of the Healer: The Senior Year, comes after the successive and successful releases of the opening trilogy: Book I: The Marvels of the Healer; Book II: The Marvels of the Healer and the Sisters of Radiance; and Book III: The Marvels of the Healer & the Calm of the Healer.
“Today’s religious sectors and the world itself are lost and a new healer is needed to bring reality to a new belief. A hero continues his quest to find and fulfill his destiny against many odds,” shares Mastbergen when asked about the relevance and appeal of his books. “It is fast paced and is written to be like a TV series where each chapter builds upon the next…If they like the series then they will want to continue with the saga.”
This fourth installment to the adrenaline-pumping epic saga, about a family with extraordinary abilities to fight the evils of the world, follows The Healer, David Knight, as a senior in high school while he continues his marvels. The other stars in the series continue with David as they prove to be a powerful force and David’s most important protectors against his archenemies.
Readers are reintroduced to other familiar characters: Jasmine Parker, The Calm; Nikki Knight, the Healer’s twin sister; Adela and Amada (twins), Jasmine’s little sisters; Julian Welsh, David’s mother; Vicky Miller, David’s aunt; and Kate Knight, David’s aunt. They will also meet new friends in the characters of Sissy Holmberg and Barb Knight, and new foes in Dr. Whitwell, the appalling adversary.
With its exciting new plot, new intriguing characters, and new surprises, no doubt that The Marvels of the Healer: The Senior Year will once again captivate fiction fantasy fans from the opening scene till the end. Mastbergen has clearly outdone himself this time. However, showing no signs of resting on his laurels, he is already working on his fifth installment to the series—Book V: The Marvels of the Healer: The Darkness.
For more information on this book, interested parties may log on to http://www.Xlibris.com.
About the Author

David R. Mastbergen was born in Worthington, Minnesota. He was raised in Worthington until he enlisted into the United States Navy and spent the next twenty plus years servicing his country. Upon retiring from the navy as a chief warrant officer, he spent nine plus years working for the state of Minnesota. He has a Master of Arts degree in management from the College of St. Scholastica and a Bachelor of Science degree in computer science from Coleman College.

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GLOBODOX, the enterprise document management company, is a happy place as they complete fourteen successful years in document management. The software is set to have much more in store and has made big plans for 2013 according to the sources at ITAZ Technologies, the makers of GLOBODOX. (PRWEB) January 08, 2013 GLOBODOX, the enterprise document management company, is a happy place as they complete fourteen successful years in document management. The software is set to have much more in store and has made big plans for 2013 according to the sources at ITAZ Technologies, the makers of GLOBODOX. Shiraz Ahmed, CEO of ITAZ had much to say about the occasion. He said “Looking back through the years, it feels amazing to know where we have reached. This is definitely an important landmark. It makes me happier to think that we are already in process of looking ahead with our plans for next year.” Shiraz also spoke about challenges in information management for companies in the upcoming years. He said “We are looking ahead at the most daunting challenges in information management. With the improved environmental understanding, most companies are aiming at environment friendly options for processes. So I think, one challenge for companies in 2013 would be to get more out of their investment in document management software by spreading its use to other departments. Not only will they get more bang for the buck but they will also significantly reduce the use of paper within the organization.” Shiraz also spoke at length about the Information Explosion and challenges to protect private information. He explained “Businesses need to work harder to deal with additional devices. It is not difficult to block access to a device once it is reported lost or stolen. But only having a product with a strong audit trail will tell you what was viewed, modified or deleted till the time access was blocked.” The last but perhaps the most important challenge according to Shiraz however, seems to be the Uniform Information Access. Elaborating the same, Shiraz says “Today it would not be uncommon for the user to have a Windows Desktop machine, an Apple MacBook, an iPad tablet and an Android smartphone. The challenge is to make information accessible from all such devices. This means having a uniform method of information access across devices. At ITAZ we will be concentrating on this challenge in 2013. “ About ITAZ Technologies ITAZ Technologies designs easy to use document management software for businesses of all sizes. Globodox is ITAZ's enterprise document management solution. ITAZ was founded in 1999 and has customers in GLOBODOX, the enterprise document management company, is a happy place as they complete fourteen successful years in document management. The software is set to have much more in store and has made big plans for 2013 according to the sources at ITAZ Technologies, the makers of GLOBODOX. (PRWEB) January 08, 2013 GLOBODOX, the enterprise document management company, is a happy place as they complete fourteen successful years in document management. The software is set to have much more in store and has made big plans for 2013 according to the sources at ITAZ Technologies, the makers of GLOBODOX. Shiraz Ahmed, CEO of ITAZ had much to say about the occasion. He said “Looking back through the years, it feels amazing to know where we have reached. This is definitely an important landmark. It makes me happier to think that we are already in process of looking ahead with our plans for next year.” Shiraz also spoke about challenges in information management for companies in the upcoming years. He said “We are looking ahead at the most daunting challenges in information management. With the improved environmental understanding, most companies are aiming at environment friendly options for processes. So I think, one challenge for companies in 2013 would be to get more out of their investment in document management software by spreading its use to other departments. Not only will they get more bang for the buck but they will also significantly reduce the use of paper within the organization.” Shiraz also spoke at length about the Information Explosion and challenges to protect private information. He explained “Businesses need to work harder to deal with additional devices. It is not difficult to block access to a device once it is reported lost or stolen. But only having a product with a strong audit trail will tell you what was viewed, modified or deleted till the time access was blocked.” The last but perhaps the most important challenge according to Shiraz however, seems to be the Uniform Information Access. Elaborating the same, Shiraz says “Today it would not be uncommon for the user to have a Windows Desktop machine, an Apple MacBook, an iPad tablet and an Android smartphone. The challenge is to make information accessible from all such devices. This means having a uniform method of information access across devices. At ITAZ we will be concentrating on this challenge in 2013. “ About ITAZ Technologies ITAZ Technologies designs easy to use document management software for businesses of all sizes. Globodox is ITAZ's enterprise document management solution. ITAZ was founded in 1999 and has customers in over 50 countries across the globe.Picaboo Yearbook Provides the Ideal Business Opportunity for Women Re-Entering the Workforce over 50 countries across the globe.

Picaboo Yearbooks is helping women with a strong sales background, and who are re-entering the workforce, to start their own business with an exclusive dealership opportunity based in their community.

(PRWEB) January 08, 2013
Women looking to re-enter the workforce – but want to steer clear of MLM, affiliate marketing, and aspire to own their own business in which they can build equity – are finding that a new and unique business opportunity with Picaboo Yearbooks is an ideal fit.
“This is the ideal opportunity for women with a strong sales background who are looking to re-enter the workforce and like getting out and meeting with people,” commented Bryan Payne, President of Picaboo Yearbooks. “And since the majority of our customers are schools, the workday window leaves them time to spend with family.”
Members of Picaboo Yearbooks’ nationwide network of locally-based Dealership Owners are awarded an exclusive and protected sales territory, and are empowered to introduce the company’s groundbreaking yearbook product to schools and other groups within their communities. They also enjoy the perks of being their own boss, which includes the freedom to schedule presentations and appointments around their other important commitments. In addition, they can also build equity in their business, and can sell the business if they decide to pursue other opportunities.
Payne also noted that interest to join his company’s nationwide network has far exceeded expectations.
“In the past three months we’ve sold over 100 of the 500 total territories available across Canada and the United States,” added Payne. “We’re thrilled and well ahead of schedule. We anticipate all 500 dealership territories to be sold by the end of 2013, especially with an average investment of only $5000 - $10,000.
The response we’ve received from women across the country has been overwhelmingly positive. Dealership Owners are telling us that they decided to purchase their territory because our business model is revolutionizing the yearbook industry, and it’s inspiring to sell something unique and in-demand. They’re also impressed by our world-class training and marketing support.”
Since launching in September, 2012, many of Picaboo Yearbooks’ Dealership Owners have experienced rapid success, and over 500 schools and organizations nationwide have already started creating a yearbook – which is well ahead of the company’s predicted pace.
Prospective Dealership Owners who want to learn more about joining Picaboo Yearbooks’ nationwide network, and discover the rewards of being part of a customer-focused revolution in the yearbook industry, can learn more at http://yearbooks.picaboo.com/dealers/ or email info(at)picabooyearbooks(dot)com.
About Picaboo Yearbooks
Picaboo Yearbooks, which launched September, 2012, is a division of Picaboo: a premier provider of photo books. Picaboo Yearbooks believes that every school and student deserves a great yearbook, and is revolutionizing the yearbook industry through easy-to-use web app technology that empowers customers to: easily collaborate and create a personalized yearbook in no time; order as few or as many yearbooks as they need for the same affordable price; and have their top quality yearbooks shipped within three weeks. Schools and other customers can also create a professional, feature-filled eYearbook at no-cost, and easily setup a storefront to sell and manage yearbook sales online. Learn more at http://yearbooks.picaboo.com/.

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GLOBODOX Celebrates Completion of 14 Years in Document Management

GLOBODOX, the enterprise document management company, is a happy place as they complete fourteen successful years in document management. The software is set to have much more in store and has made big plans for 2013 according to the sources at ITAZ Technologies, the makers of GLOBODOX.

(PRWEB) January 08, 2013
GLOBODOX, the enterprise document management company, is a happy place as they complete fourteen successful years in document management. The software is set to have much more in store and has made big plans for 2013 according to the sources at ITAZ Technologies, the makers of GLOBODOX.
Shiraz Ahmed, CEO of ITAZ had much to say about the occasion. He said “Looking back through the years, it feels amazing to know where we have reached. This is definitely an important landmark. It makes me happier to think that we are already in process of looking ahead with our plans for next year.”
Shiraz also spoke about challenges in information management for companies in the upcoming years. He said “We are looking ahead at the most daunting challenges in information management. With the improved environmental understanding, most companies are aiming at environment friendly options for processes. So I think, one challenge for companies in 2013 would be to get more out of their investment in document management software by spreading its use to other departments. Not only will they get more bang for the buck but they will also significantly reduce the use of paper within the organization.”
Shiraz also spoke at length about the Information Explosion and challenges to protect private information. He explained “Businesses need to work harder to deal with additional devices. It is not difficult to block access to a device once it is reported lost or stolen. But only having a product with a strong audit trail will tell you what was viewed, modified or deleted till the time access was blocked.”
The last but perhaps the most important challenge according to Shiraz however, seems to be the Uniform Information Access. Elaborating the same, Shiraz says “Today it would not be uncommon for the user to have a Windows Desktop machine, an Apple MacBook, an iPad tablet and an Android smartphone. The challenge is to make information accessible from all such devices. This means having a uniform method of information access across devices. At ITAZ we will be concentrating on this challenge in 2013. “
About ITAZ Technologies

ITAZ Technologies designs easy to use document management software for businesses of all sizes. Globodox is ITAZ's enterprise document management solution. ITAZ was founded in 1999 and has customers in over 50 countries across the globe.

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Robert Mulhearn, CFA Joins Smart Devine as Senior Manager in Their Business Valuation Practice

Smart Devine (http://www.smartdevine), the full-service accounting, tax and advisory firm, announces today that it has hired Robert Mulhearn as Senior Manager in their Business Valuation Practice. Bob will assist both public and private companies to address the complexities that come with valuation needs in the areas of mergers and acquisitions, goodwill and intangible asset impairment testing, gift and estate tax, ESOPs, succession planning, and business disruption.

Philadelphia, PA (PRWEB) January 08, 2013
Smart Devine (http://www.smartdevine), the full-service accounting, tax and advisory firm, announces today that it has hired Robert Mulhearn as Senior Manager in their Business Valuation Practice. Bob will assist both public and private companies to address the complexities that come with valuation needs in the areas of mergers and acquisitions, goodwill and intangible asset impairment testing, gift and estate tax, ESOPs, succession planning, and business disruption.
Bob is a senior valuation professional with extensive experience performing detailed financial analysis and appraisals including those involving worldwide business enterprises. His expertise includes valuations involving allocation of purchase price, impairment studies for financial reporting, mergers and acquisitions, stock or business valuations, solution of special appraisal problems, valuations of intangible assets for both tax and accounting purposes (ASC 805 and ASC 350), creating budgets and business plans and solvency and fairness opinions.
Bob’s Industry experience includes manufacturing, telecommunications, internet firms, health care/pharmaceuticals, software providers, security monitoring, education, retail steel, electric power, financial services, gaming and others.
Prior to joining Smart Devine, Bob was President of Providence Valuation LLC and was a Vice President and Director at Marshall & Stevens Inc.
“Bob brings excellent senior advisor valuation credentials to Smart Devine’s business valuation practice. His knowledge in valuation across a broad range of industries offers a valuable resource to company leaders,” said Jim Smart, CEO of Smart Devine.
Bob earned his MBA in Finance from St. Joseph’s University and holds a BA in Psychology from Villanova University. Bob is a Chartered Financial Analyst (CFA) and a member of the CFA Institute and the Philopatrian Literary Institute.
Smart Devine, is headquartered in Philadelphia and provides a full range of accounting, advisory, tax and investigative forensic accounting services to companies across a variety of industries.

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What's on the table now in 'fiscal cliff' talks

An update on the latest offers on the table in negotiations to avert a year-end avalanche of federal tax increases and spending cuts known as the "fiscal cliff":
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INCOME TAXES
House Speaker John Boehner would allow income tax rates to rise for people making more than $1 million per year and would hold rates where they are for everyone making less. The top rate on income exceeding $1 million would go from 35 percent to 39.6 percent.
President Barack Obama would freeze income tax rates for taxpayers making $400,000 or less and raise them for people making more.
The two sides are moving closer together. Previously, the Republican House leader opposed allowing any tax rates to go up; Obama wanted higher taxes for individual income above $200,000, or $250,000 for couples.
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PAYROLL TAX
Obama has dropped his proposal to extend a temporary cut in Social Security payroll taxes paid by 163 million workers. Republicans want that tax to go back up.
Raising the payroll tax by 2 percentage points to its old level would cost a worker making $50,000 a year another $1,000 — or a little more than $19 per week — during 2013.
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SOCIAL SECURITY
Obama is offering to reduce cost-of-living increases for Social Security recipients. Republicans have been seeking this as a key to long-term deficit reduction. But many congressional Democrats oppose it.
Government pensions and veterans' benefits would also get smaller cost-of-living increases.
In addition, taxpayers, especially low- and middle-income families, would pay more because of changes in the way that tax brackets are adjusted for inflation.
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MEDICARE
Obama continues to reject Republicans' plan to raise the eligibility age for Medicare from 65 to 67. Boehner now says raising the eligibility age is not essential to a deal.
Obama wants to limit cuts in Medicare and other health care programs to about $400 billion over 10 years; Republicans want to overhaul Medicare to save even more money.
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DEBT LIMIT
Obama wants a deal that would raise the amount the government is allowed to borrow to cover the next two years, to avoid another debt showdown with Congress until after the 2014 midterm elections.
Previously, Obama had demanded permanent authority to increase the debt ceiling without congressional approval. Republicans want Congress to be part of the decision-making process so they can demand budget-cutting in exchange for additional borrowing.

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Swiss lender ZKB says three charged by U.S. authorities

Swiss lender Zuercher Kantonalbank (ZKB) said two of its bankers and one former employee had been charged by U.S. authorities, which had accused them of helping U.S. clients avoid taxes.
The three were indicted over changes of conspiring with American clients to hide more than $420 million from the U.S. Internal Revenue Service, the U.S. Attorney's Office in Manhattan had said on Wednesday.
The indictment did not identify the bank concerned but named Stephan Fellmann, Otto Hueppi and Christof Reist, who it said were all former client advisers for the unnamed institution.
None of the bankers had been arrested, authorities said.
Banking secrecy is enshrined in Swiss law and tradition but has recently come under pressure as the United States and other nations have moved aggressively to tighten tax law enforcement and demand more openness and cooperation.
U.S. authorities are investigating at least 11 banks, including Julius Baer , Credit Suisse and other Swiss regional banks, along with UK-based HSBC Holdings and Israel's Hapoalim, Mizrahi-Tefahot Bank Ltd and Bank Leumi .
In February, Wegelin & Co, Switzerland's oldest private bank, was indicted.
UBS AG , the largest Swiss bank, in 2009 paid a $780 million fine as part of a settlement with U.S. authorities who charged the bank helped thousands of wealthy Americans hide billions of dollars in assets in secret Swiss accounts.
ZKB said in a statement it was cooperating with U.S. authorities. The bank said it could give no details about the employees due to the ongoing investigation and did not confirm what they had been changed with.
ZKB bankers Fellmann and Reist could not be reached for comment. Hueppi declined to comment.

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Existing home sales rise to fastest pace in three years

WASHINGTON (Reuters) - Home resales rose sharply in November to their fastest pace in three years, a sign the recovery in the housing market is gaining steam.
The National Association of Realtors said on Thursday that existing home sales climbed 5.9 percent last month to a seasonally adjusted annual rate of 5.04 million units.
That was the fastest since November 2009, when a federal tax credit for home buyers was due to expire. Sales were well above the median forecast of a 4.87 million-unit rate in a Reuters poll.
The U.S. housing market tanked on the eve of the 2007-09 recession and has yet to fully recover, but steady job creation has helped the housing sector this year, when it is expected to add to economic growth for the first time since 2005.
NAR economist Lawrence Yun said superstorm Sandy, which slammed in the U.S. East Coast in late October and disrupted the regional economy for weeks, had only a slight negative impact on home resales.
The NAR expects some purchases delayed by the storm to add a slight boost to resales over the next few months, Yun said.
Nationwide, the median price for a home resale was $180,600 in November, up 10.1 percent from a year earlier as fewer people sold their homes under distressed conditions compared to the same period in 2011. Distressed sales include foreclosures.
The nation's inventory of existing homes for sale fell 3.8 percent during the month to 2.03 million, the lowest level since December 2001.
At the current pace of sales, inventories would be exhausted in 4.8 months, the lowest rate since September 2005.
Distressed sales fell to 22 percent of total sales from 29 percent a year ago.
The share of distressed sales, which also include those where the sales price was below the amount owed on the home, was also down from 24 percent in October.

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New York City should hike taxes on big business-comptroller

(Reuters) - New York City's top financial officer and possible contender for mayor in 2013, John Liu, proposed on Thursday tax hikes for big businesses and an end to Madison Square Garden's $15 million annual property tax exemption.
The proposals by New York City Comptroller John Liu include tax hikes on private equity firms, which would help offset his plan for $500 million in tax breaks and lowered fines for 90 percent of the city's small businesses.
Liu is expected to vie for the Democratic mayoral nomination for the election in November 2013.
The city could end tax breaks for big companies - more than $250 million of which were handed out last year, Liu said.
The city could also eliminate its $15 million annual property tax exemption for Madison Square Garden, the indoor arena in midtown Manhattan that's home to the New York Knicks basketball team. Madison Square Garden has been exempt from paying taxes on real property since 1982 under New York state law.
The arena is owned by The Madison Square Garden Co, which also owns the Knicks and other professional sports teams. The company also owns Radio City Music Hall, the Beacon Theatre and others venues, as well as television networks.
Liu also proposed examining tax breaks for special interests. Insurance companies, for instance, have not paid the general corporation tax since 1974, at a cost of $300 million annually to the city, he said.
Private equity firms could also start paying the unincorporated business tax for carried interest or gains from assets being held for investment. The exemption costs New York City about $200 million a year, Liu said.
Liu's package would use the revenue generated by those measures to offset his plan to ease the tax burden for small businesses.
He proposed ending the city's general corporation tax for all businesses with liabilities under $5,000 -- about 240,000 business in the city, or 85 percent of those that currently pay the tax.
His plan would also reduce some fines, as well as exempt businesses that make less than $250,000 in annual income from the city's unincorporated business tax.
The proposals would have to be approved by the governor and state legislature after a request by the city council.
The city is facing a possible $2.7 billion gap in fiscal 2014 that could grow to $3.8 billion the following year, Liu said.

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Republicans push own "fiscal cliff" plan; talks frozen

WASHINGTON (Reuters) - Republicans in the Congress pushed ahead on Thursday with a "fiscal cliff" plan that stands no chance of becoming law as time runs short to reach a deal with President Barack Obama to avert a Washington-induced economic recession.
House of Representatives Speaker John Boehner's "Plan B" to limit income-tax increases to the wealthiest sliver of the population appeared likely to pass the House on Thursday evening after it narrowly cleared a procedural hurdle in the afternoon.
However, Obama has vowed to veto the plan, and Senate Majority Leader Harry Reid said he will not bring it up for a vote in the Democratic-controlled chamber. White House spokesman Jay Carney called it a "multi-day exercise in futility."
Still, passage of Plan B could give Boehner the political cover he needs to strike a deal that would break with decades of Republican anti-tax orthodoxy.
"Time's running short. I'm going to do everything I can to protect as many Americans from an increase in taxes as I can," Boehner told a news conference.
Though it does not raise taxes on as many affluent Americans as Obama wants, the bill would put Republicans on record as supporting a tax increase on those who earn more than $1 million per year - a position the party opposed only weeks ago.
That could make it easier eventually to split the difference with Obama, who wants to lower the threshold to households that earn more than $400,000 annually. Obama also faces resistance on his left flank from liberals who oppose cuts to popular benefit programs, which Republicans say must be part of any deal.
Obama and Boehner will need to engage in more political theater to get lawmakers in both parties to sign on to the painful concessions that will have to be part of any deal to avert the cliff and rein in the national debt, analysts say.
"They are now in the mode where they have to demonstrate how hard they're trying to get everything they can," said Joe Minarik, a former Democratic budget official now with the Committee For Economic Development, a centrist think tank.
Even as he pressured Obama and the Democratic Senate to approve his plan, Boehner indicated that he was not willing to walk away from the bargaining table.
"The country faces challenges, and the president and I, in our respective roles, have a responsibility to work together to get them a result," Boehner said.
TIME RUNNING OUT
Obama and Boehner aim to reach a deal before the end of the year, when taxes will automatically rise for nearly all Americans and the government will have to scale back spending on domestic and military programs. The $600 billion hit to the economy could push the U.S. economy into recession, economists say.
Investors so far have assumed the two sides will reach a deal, but concerns over the fiscal cliff have weighed on markets in recent weeks. The S&P 500 index of U.S. stocks was up 0.4 percent in Thursday trading, despite a round of strong data on economic growth and housing.
"The closer we get to the end of the year without a deal, the more optimism is going to evaporate," said Todd Schoenberger, managing partner at LandColt Capital in New York.
Shares crept up after Boehner said he was prepared to work with Obama to prevent the fiscal cliff from kicking in.
Lawmakers are eager to wrap up their work and return home for the Christmas holiday, but congressional leaders kept the door open for last-minute action.
The Senate was expected to leave town on Thursday or Friday, but Reid said it could return next week to vote on any deal.
Boehner indicated the House would stay in session after Thursday's vote, scheduled for 7:45 p.m. EST (0045 GMT on Friday).
Several influential conservative groups have condemned Plan B, and some Republicans are expected to vote against it. But passage appeared likely after the House narrowly voted by 219 to 197 to bring the bill to the floor for debate.
The U.S. Chamber of Commerce, an influential business group that has often tangled with the Obama administration, offered grudging support.
"We are not comfortable allowing tax increases on anyone in this environment. However, we understand that, at times, politics requires compromise," the Chamber's top lobbyist, Bruce Josten, wrote in a letter to lawmakers.
To placate conservatives, Boehner also scheduled a vote on legislation that would shift $55 billion in scheduled defense cuts to cuts in food and health benefits for the poor and other domestic programs.
That measure also would roll back some of the Dodd-Frank financial regulation reforms of 2010. It is not expected to become law.

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US fixed mortgage rates fall to new record lows

 Fixed U.S. mortgage rates fell again to new record lows, providing prospective buyers with more incentive to brave a modestly recovering housing market.
Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan dropped to 3.62 percent. That's down from 3.66 percent last week and the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year mortgage, a popular refinancing option, slipped to 2.89 percent, below last week's previous record of 2.94 percent.
The rate on the 30-year loan has fallen to or matched record low levels in 10 of the past 11 weeks. And it's been below 4 percent since December.
Cheap mortgages have provided a lift to the long-suffering housing market. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And homebuilders are starting more projects and spending at a faster pace.
The number of people who signed contracts to buy previously occupied homes rose in May, matching the fastest pace in two years, the National Association of Realtors reported last week. That suggests Americans are growing more confident in the market.
Low rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend. Many homeowners use the savings on renovations, furniture, appliances and other improvements, which help drive growth.
Still, the pace of home sales remains well below healthy levels. Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
And the sluggish job market could deter some would-be buyers from making a purchase this year. The U.S. economy created only 69,000 jobs in May, the fewest in a year. The unemployment rate rose to 8.2 percent last month, up from 8.1 percent in April.
The government reports Friday on June employment.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.8 point, up from 0.7 percent last week. The fee for 15-year loans also was 0.7 point, unchanged from the previous week.
The average rate on one-year adjustable rate mortgages fell to 2.68 percent, down from 2.74 percent last week. The fee for one-year adjustable rate loans rose to 0.5 point, up from 0.4 point.
The average rate on five-year adjustable rate mortgages was unchanged at 2.79 percent. The fee stayed at 0.6 point.

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W.Va. teachers to attend 'Finance University'

 West Virginia University's business school is teaming up with the state auditor's office and a nonprofit economic literacy group called the West Virginia Jump$start Coalition to present a conference for educators to learn personal finance — and how to teach it to their students.
This year's Finance University is the 10th annual event for middle- and high-school teachers. It will be held Monday through Friday at the Charleston Conference Center.
Conference organizers say that participants will take a course to prepare for teaching their students personal-finance topics, including credit-card use, saving and investing, insurance, retirement plans, and more. Fifteen financial experts also are expected to give presentations.

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Average on 30-year US mortgage stays at 3.55 pct.

The average rate on the 30-year fixed mortgage held steady this week, staying slightly above the lowest level on record. Low mortgage rates have aided a modest housing recovery.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan was unchanged at 3.55 percent. In July, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, slipped to 2.85 percent, down from 2.86 percent last week. That's above the record low of 2.80 percent.
Cheap mortgages have helped lift the housing market. Sales of new and previously occupied homes are well above last year's levels. Low rates have also allowed people to refinance, which lowers monthly mortgage payments and helps boosts consumer spending.
Home prices are increasing more consistently this year, largely because the supply of homes has shrunk while sales have risen. And the number of Americans who owe more on their mortgages than their homes are worth declined in the second quarter.
Still, the housing market has a long way back. Home sales are below healthy levels. And many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.
Mortgage rates are low because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.6 point, down from 0.7 point last week. The fee for 15-year loans was changed at 0.6.
The average rate on one-year adjustable rate mortgages was steady at 2.61 percent. The fee for one-year adjustable rate loans also was unchanged, at 0.4 point.
The average rate on five-year adjustable rate mortgages fell to 2.72 percent from 2.75 percent. The fee declined to 0.6 point from 0.7.

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Ahead of the Bell: Weekly mortgage rates

Loan buyer Freddie Mac reports Thursday on whether mortgage rates are continuing to hold near recent low rates.
Last week the average rate on the 30-year fixed mortgage held steady at 3.55 percent, slightly above the record low of 3.49 percent that was reached in July. Meanwhile, the average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.85 percent from 2.86 percent.
Cheap mortgages have helped the housing market recover this year. Sales of new and previously occupied homes are well above last year's levels.
Home prices are increasing more consistently this year, largely because the supply of homes has shrunk while sales have risen. And the number of Americans who owe more on their mortgages than their homes are worth declined in the second quarter.
Still, the housing market has a long way back. Home sales are below healthy levels. And many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.

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Rate on 30-year mortgage hits record low 3.40 pct.

Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve's stimulus efforts may be having an impact on mortgage rates.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That's down from last week's rate of 3.49 percent, which was the lowest since long-term mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, fell to 2.73 percent, down from the record low of 2.77 percent last week.
The Fed is spending $40 billion a month to buy mortgage-backed securities. The goal is to lower mortgage rates and help the housing recovery. Fed Chairman Ben Bernanke says the program will continue until there is substantial improvement in the job market.
Some economists expect mortgage rates to fall even further because of the Fed's bond purchases.
The housing market already is benefiting from the lowest mortgage rates on record. Sales of both previously occupied and newly built homes in the U.S. are up from last year. Home prices are rising more consistently. And builders are more confident in the market and are starting to build more homes.
The broader economy is also likely to benefit from a revival in the housing market. When home prices rise, Americans typically feel wealthier and spend more.
Still, the housing market has a long way back. Sales and construction rates remain below healthy levels.
And some economists question whether lower rates will make much of a difference. The average rate on the 30-year fixed mortgage has been below 4 percent since early December. So most people who can qualify have likely already taken advantage of the lower rates.
Many people who would like to refinance or buy a home can't because they fail to meet stricter lending requirements or don't have enough money to make a down payment.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.6 point, unchanged from last week. The fee for 15-year loans also held steady at 0.6 point.
The average rate on one-year adjustable-rate mortgages dipped to 2.60 percent from 2.61 percent. The fee for one-year adjustable rate loans was unchanged at 0.4 point.
The average rate on five-year adjustable-rate mortgages fell to 2.71 percent from 2.76 percent. The fee remained at 0.6 point.

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Oregon governor says Nike plans expansion

SALEM, Ore. (AP) — Nike wants to expand its Oregon operations and hire hundreds of workers but is asking the government to promise it won't change the state tax code.
Gov. John Kitzhaber (KIHTS'-hah-bur) says he'll call the Legislature into session Friday to create a law to give Nike its wish.
The company has not specified its expansion plans except to say it would create at least 500 jobs and $150 million in capital investment over five years.
Nike Inc. has its headquarters in Beaverton, outside Portland. Company officials could not immediately be reached for comment.
It employs 44,000 people globally, including 8,000 in Washington County.
Nike has been selling off brands and making other moves to focus on its most profitable businesses, which include its namesake Nike brand, Jordan, Converse and Hurley.

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Report: Most Pakistani lawmakers do not file taxes

ISLAMABAD (AP) — The majority of Pakistani lawmakers do not file tax returns despite a legal requirement to do, a report said Wednesday, reinforcing concerns about the low level of tax revenue in the country.
Pakistan has one of the lowest tax-to-GDP rates in the world because payment is not well enforced, and major areas of the economy, such as the agriculture sector, are either taxed at very low rates or not at all.
Around two-thirds of the country's 446 lawmakers failed to file tax returns in 2011, the latest data available, said the report, co-published by the Center for Investigative Reporting in Pakistan and the Centre for Peace and Development Initiatives.
A similar percentage of the government's 55 Cabinet members also failed to file returns, said the report, titled "Representation Without Taxation." Among those politicians who failed to file a return was Pakistani President Asif Ali Zardari.
Even lawmakers who filed returns often paid very low amounts of tax on outside income. The lowest-paying lawmaker who filed a return, Senator Mushahid Hussain, paid less than $1 in taxes, said the report.
The figures do not take into account the tax paid by lawmakers on their official salaries, which is automatically deducted. It instead focuses on declarations of supplemental income from land, businesses and other sources of revenue.
Analysts have said that the country's effective tax rate is so low because a small elite, comprised of the military, land owners and the rising urban upper and middle classes is reluctant to give up any of its wealth. These groups either put pressure on lawmakers or are the lawmakers themselves.
"End result is the erosion of public trust in the government that is frequently blamed for serving the interests of the rich and powerful at the expense of the poor and low-income groups," the report said.

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Pennies over patriotism: Look at tax-averse stars

PARIS (AP) — France's Socialist government is introducing a 75-percent income tax on those earning over €1 million ($1.3 million), forcing some of the country's rich and famous to set up residency in less fiscally-demanding countries.
Here's a look at some big stars in France and elsewhere who have, over the years, put their pennies above their patriotism.
DEPARTING DEPARDIEU
The French prime minister has accused actor Gerard Depardieu of being "pathetic" and "unpatriotic" for setting up residence in a small village just across the border in neighboring Belgium to avoid paying taxes in France.
The office of the mayor in Depardieu's new haunts at Nechin, also known as the "millionaire's village" for its appeal to high-earning Frenchmen, said that for people with high income, like Depardieu, the Belgian tax system, capped at 50 percent, is more attractive.
Depardieu, who has played in more than 100 films, including "Green Card" and "Cyrano de Bergerac," has not commented publicly on the matter.
BEATLE TAX
In 2005, the Beatles' Ringo Starr took up residency in Monaco, where he gets to keep a higher percentage of royalties than he would in Britain or Los Angeles. France's tiny neighbor Monaco, with zero percent income tax for most people, has obvious appeal for the 72-year-old drummer and his estimated $240 million fortune.
The Beatles' resentment of high taxes goes back to their 1960s song "Taxman." George Harrison penned it in protest of the British government's 95 percent supertax on the rich, evoked by the lyrics: "There's one for you, nineteen for me."
Harrison reportedly said later, "'Taxman' was when I first realized that even though we had started earning money, we were actually giving most of it away in taxes."
LICENSE TO DODGE
Former "James Bond" star Sean Connery left the U.K. in the 1970s, reportedly for tax exile in Spain, and then the Bahamas — another spot with zero income tax and one of the richest countries per capita in the Americas. His successor to the 007 mantle, Roger Moore, also opted for exile in the 1970s — this time in Monaco — ensuring his millions were neither shaken nor stirred.
EXILE ON MAIN ST.
In 1972, The Rolling Stones controversially moved to the south of France to escape onerous British taxes. Though it caused a stink at the time, it spawned one of the group's most seminal albums, "Exile on Main St." The title is a reference to their tax-dodging. In 2006, British media branded them the "Stingy Stones" with reports that they'd paid just 1.6 percent tax on their earnings of $389 million over the previous two decades.
FISCAL HEALING
In 1980, U.S. singer Marvin Gaye moved to Hawaii from L.A. to avoid problems with the Internal Revenue Service, the American tax agency. Later that year, Gaye relocated to London after a tour in Europe. Gaye, whose hits include "Sexual Healing" and "I Heard it Through the Grapevine" settled in Belgium in 1981. He was shot to death in 1984.

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Pennies over patriotism? Stars move to tax havens

PARIS (AP) — France's Socialist government is introducing a 75-percent income tax on those earning over €1 million ($1.3 million), leading some of the country's rich and famous to set up residency in less fiscally demanding countries.
Here's a look at some big names in France and elsewhere whose changes of address over the years have meant lighter taxes.
DEPARTING DEPARDIEU
The French prime minister has accused actor Gerard Depardieu of being "pathetic" and "unpatriotic," saying he set up residence in a small village just across the border in neighboring Belgium to avoid paying taxes in France.
The office of the mayor in Depardieu's new haunts at Nechin, also known as the "millionaire's village" for its appeal to high-earning Frenchmen, said that for people with high income, like Depardieu, the Belgian tax system, capped at 50 percent, is more attractive.
Depardieu, who has played in more than 100 films, including "Green Card" and "Cyrano de Bergerac," has not commented publicly on the matter.
BEATLE TAX
In 2005, the Beatles' Ringo Starr took up residency in Monaco, where he gets to keep a higher percentage of royalties than he would in Britain or Los Angeles. France's tiny neighbor Monaco, with zero percent income tax for most people, has obvious appeal for the 72-year-old drummer and his estimated $240 million fortune.
The Beatles' resentment of high taxes goes back to their 1960s song "Taxman." George Harrison penned it in protest of the British government's 95 percent supertax on the rich, evoked by the lyrics: "There's one for you, nineteen for me."
Harrison reportedly said later, "'Taxman' was when I first realized that even though we had started earning money, we were actually giving most of it away in taxes."
LICENSE TO DODGE?
Former "James Bond" star Sean Connery left the U.K. in the 1970s, reportedly for tax exile in Spain, and then the Bahamas — another spot with zero income tax and one of the richest countries per capita in the Americas. His successor to the 007 mantle, Roger Moore, also opted for exile in the 1970s — this time in Monaco — ensuring his millions were neither shaken nor stirred.
EXILE ON MAIN ST.
In 1972, The Rolling Stones controversially moved to the south of France to escape onerous British taxes. Though it caused a stink at the time, it spawned one of the group's most seminal albums, "Exile on Main St." The title is a reference to their tax-dodging. In 2006, British media branded them the "Stingy Stones" with reports that they'd paid just 1.6 percent tax on their earnings of $389 million over the previous two decades.
FISCAL HEALING
In 1980, U.S. singer Marvin Gaye moved to Hawaii from L.A. to avoid problems with the Internal Revenue Service, the American tax agency. Later that year, Gaye relocated to London after a tour in Europe. Gaye, whose hits include "Sexual Healing" and "I Heard it Through the Grapevine" settled in Belgium in 1981. He was shot to death in 1984.

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