| European Central Bank hold rates steady
Earlier, the Bank of England held its key rate steady at 5.5 percent, resisting a growing chorus for a cut amid mounting signs of a consumer-led economic slowdown. Most analysts expected the ECB would hold rates steady, but said the Bank of England faced a closer call. The ECB's benchmark refinancing rate has stood at 4 percent since last June. With people paying more for energy and food, the ECB faces inflation estimated at 3.1 percent — well above its guideline of just under 2 percent — but also must contend with sliding business and consumer confidence amid jittery markets. The ECB considers fighting inflation its main mission, but also is mindful of the broader economic context _ in which its fellow central banks have been cutting rates, and European businesses and politicians have fretted about the impact of competitiveness of the euro's strength against the U.S.
5/3 re-evaluates processing
Fifth Third Bancorp is scrutinizing its processing unit as part of an annual review of its overall business operations, but bank officials say the review is aimed at enhancing growth, not at selling the unit. Despite a one-time charge in the third quarter that resulted in the unit's first unprofitable quarter in more than five years, the unit that employs nearly 850 remains the bank's fastest-growing operation among its five divisions. In the last few years, revenues have grown an average compounded rate of 18 percent. Charles Drucker, president of Fifth Third Processing Solutions, said Wednesday the review of operations includes a potential name change for the business unit to raise its profile. .
Starts & Stops
In June 2006, then 5 years old, he persuaded his parents to take him on an expedition from the Upper East Side to the Upper West Side of Manhattan, via Queens and Brooklyn, just so he could transfer eight times. Sometimes the journey is more important than the destination, especially if you bring juice boxes. On another day of the trip, the Greens boarded the No. 7 local train at New York Hall of Science in Queens, trying to get back to Manhattan. It was slow-moving and everyone was getting restless. Noah piped up: "We can switch to the F express at the next station." Why not trust the kid, figured his parents, a doctor and lawyer. The trip took 10 minutes, with three stops. The original train would have taken 18 minutes, or 11 stops. Noah's advice to the T: Add more express trains.
|
