Finance and Economic

It turns out that Google isn’t the only U.S. tech company that’s fed up with China.

Go Daddy, the Internet domain registration site, announced Wednesday it is no longer offering new ".cn" Chinese Web domains, citing tough new government rules requiring extensive personal information from applicants.

The move makes Go Daddy the first U.S. Internet company to shut down some of its business in China after Google shipped off its Chinese search site to Hong Kong on Monday. Like Google (GOOG, Fortune 500), Go Daddy said access to its site has been spotty in China since its announcement.

At a hearing held by the Congressional-Executive Commission on China, Go Daddy’s general counsel, Christine Jones, told lawmakers that China recently implemented new laws requiring Go Daddy to collect color headshot photos, business ID numbers and signed registration forms from new registrants of ".cn" domain names. Go Daddy, in turn, was required to surrender that information to government authorities.

Jones said China’s new rules also applied retroactively, so the company would have to go back to Chinese customers that had already registered, asking them to provide photos, business ID numbers and registration forms.

China’s Internet Network Information Center (CNNIC), the government-controlled Internet regulator, informed Go Daddy that if existing customers did not comply, their domain names would no longer work.

"We were immediately concerned about the motives behind the increased level of registrant verification being required by CNNIC," said Jones in her testimony cash advances pay day loan. "The intent of the new procedures appeared, to us, to be based on a desire by the Chinese authorities to exercise increased control over the subject matter of domain name registrations by Chinese nationals."

Go Daddy found that its users weren’t willing to play along: Only about 20% of Go Daddy’s 27,000 affected customers submitted the required documentation and gave Go Daddy the OK to submit it to the Chinese authorities, Jones said. As a result, the company anticipated that thousands of Web sites registered by Go Daddy could be disabled by the Chinese government.

The company said it would continue to host and provide services to its existing customers with ".cn" addresses. Jones told lawmakers that the company would consider providing new ".cn." addresses if the Chinese government rescinds its new law.

Go Daddy was widely applauded by lawmakers for its actions in China, as was Google. The same can’t be said for Microsoft (MSFT, Fortune 500): at the hearing, Rep. Chris Smith, R-N.J., accused the company of "enabling tyranny" for continuing to censor search results in China.

Known for its sex-themed television commercials, Go Daddy is the largest Internet domain registration site in the world, managing more than 40 million domain names. Go Daddy also hosts about 7 million Web sites. Go Daddy began its business in China in 2005. 

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Small business owners who provide green products or services or who want to make their operations greener can attend a free workshop in Albuquerque on March 30 to learn about financing, government incentives and best practices.

Green For All, a national organization dedicated to building a green economy, is organizing the workshop to provide small businesspeople with tools, resources and networking information to grow green enterprises. The University of Phoenix is sponsoring the all-day event.

Panels and seminars will cover lessons learned by people who run green businesses, government support and tax incentives, commercial and Small Business Administration loans, alternative sources of capital, and opportunities to partner with the national laboratories no fax cash advance. Speakers include government officials, green business owners, lenders and others.

The event runs from 8:30 a.m. to 4 p.m. at the University of Phoenix campus at 5700 Pasadena Ave. NE on Tuesday.

Only individuals who own or operate an existing small business are invited to attend. All participants must complete and return a short application and receive confirmation that they have been selected to attend or they will not be admitted to the event.

To apply for participation, or for more information, send e-mail to cap@greenforall.org.

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Mildred Elley, a two-year for-profit college, said Melissa Lurie, dean of academic affairs, has been promoted to a new post, president of the school’s Albany campus.

Lurie, who has a master’s from New York University in student personnel administration and a bachelor’s in communications from SUNY Oneonta, joined Mildred Elley in 2007.

She began as dean of student services before being promoted to dean of academic affairs in 2008. The fast growth at the college at both its Albany and Pittsfield, Mass., locations has prompted a need to create a new campus president position, said spokeswoman Danielle Palermo.

Mildred Elley has seen enrollment grow from 1,154 to 1,398 over the past two years through the addition of health care programs including a degree for licensed practical nurses. A registered nurse program will be added soon and a third campus—to be located in Manhattan—is expected to open this spring.

As Albany campus president, Lurie will oversee academic, career services and enrollment staff.

Her promotion created a vacancy in the dean of academic affairs post, which will be filled by Stephen Quick, who had been the college’s chair of business management and information technology no teletrack payday loans.

Quick, who has a master’s from the University at Albany, will supervise all academic departments and develop plans to improve student retention.

Heather Chase, a senior business management instructor, has been promoted to chair of that department, filling the vacancy created by Quick’s promotion.

Chase, who has an MBA from University of Phoenix, will oversee all instruction offered by the business management department. She will be responsible for faculty recruitment, student retention and the department budget.

Mildred Elley is operated by the Empire Education Corp., a privately-held corporation, that also owns and operates Austin’s School of Spa Technology. The corporation’s sole owner is Faith Takes who purchased Mildred Elley in 1985.

Mildred Elley's staff of 215 people is expected to grow by 50 after it opens its new campus in New York City this spring.

The college generated $14 million in revenue last year and Takes expects that number to grow in 2010.

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TotalBank wants to seize a Hialeah Gardens service station and restaurant.

The Miami-based bank filed a foreclosure action on Monday against Nu Nez Realty Co. and managing members Enrique Nunez, Carmen Nunez, Armando Abreu and Lourdes Abreu, according to Miami-Dade County Circuit Court records. It’s over a mortgage last modified at $3.2 million in March 2009.

Nu Nez Realty bought the 10,257-square-foot center for $4.8 million in 2005 with help from a TotalBank loan. The tenants include a Shell service station and Mima’s Cocina Restaurant, which is registered to Armando Abreu and Lourdes Abreu guaranteed fast personal loans. The restaurant was named in the foreclosure action, but the gas station was not.

Miami attorney Manuel Garcia-Linares, who represents TotalBank in the lawsuit, did not immediately return a call seeking comment.

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The net worth of American households increased slightly during the final three months of 2009, the Federal Reserve said Thursday.

Household net worth, the difference between assets and liabilities, rose to $54.2 trillion in the fourth quarter of 2009, up from $53.5 trillion in the third quarter.

It was the third consecutive quarterly increase, but the figure remains well below the highs of just two years ago. In the second quarter of 2007, net worth peaked at $65.3 trillion.

For 2009 as a whole, household net rose $2.8 trillion, compared with a decline of $11.2 trillion in all of 2008, according to the Federal Reserve’s flow of funds report.

The report showed that household debt fell at an annual rate of 1.2%, marking the nearly two years of declines. But the drop came after Americans pared debt at a more aggressive 2.6% rate in the third quarter.

The rebound in household net worth came as the value of Americans’ investment portfolios continued to increase. Stock holdings jumped nearly 4% to $7.7 trillion.

However, real estate values rose less than 1% in the fourth quarter to roughly $1.6 trillion. That comes after an increase of more than 2% in the third quarter.

Meanwhile, the report showed that the federal government’s debt load increased by 12.6%, after an increase of 20.6% in the prior quarter. Debt levels for state and local governments increased 4.7%. 

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European Central Bank council member Yves Mersch said the economic recovery in the 16 nations that share the euro will probably be uneven.

“Available data suggest the economic recovery process in the euro zone has started, though the upswing will most likely remain erratic,” Mersch said in a report from Luxembourg’s central bank, which he heads. “Risks to this outlook are balanced in a climate that continues to be marked by uncertainty.”

The ECB on March 4 left its benchmark interest rate unchanged at a record low of 1 percent and said it will tighten the terms of some long-term loans to banks as it gradually withdraws emergency lending measures used to fight the financial crisis. Mersch today reiterated ECB President Jean-Claude Trichet’s statement that the key rate remains “appropriate free 3-in-1 credit report.”

The ECB’s Governing Council “will continue to gradually unwind non-standard measures” and “absorb liquidity over time to effectively counter any remaining risks to price stability in the medium to long term,” Mersch said.

Turning to Greece’s budget crisis, Mersch said the conditional support pledged by the European Union together with the measures announced by the Greek government “should succeed in calming the concerns of the markets.”

The fiscal situation in some euro-area nations has “clearly” contributed to the euro’s decline against the dollar, he said.

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Colleges are bracing for another year of high demand for financial aid — and that means students need to get their applications in as quickly as possible.

Federal student loans remain plentiful, but other types of aid from states and colleges are more limited. By missing one of the many deadlines, students could receive fewer sought-after grants and scholarships that don’t have to be repaid, and end up having to apply for loans that do.

Blame the continued weak economy for the stiff competition for aid. Unemployment remains high. Families that have burned through cash reserves now are applying for aid for the first time, aid officials say.

In addition, a bumper crop of high school seniors and more people returning to school for advanced degrees will add to the aid demand, says Patricia Nash Christel, a spokeswoman for student loan giant Sallie Mae.

The first step to getting aid is filling out the Free Application for Federal Student Aid at fafsa.ed.gov. It not only will determine your federal aid, but states and colleges also use the FAFSA to award their money.

The earliest you can submit a FAFSA is Jan. 1. States and schools set their own deadlines for when the FAFSA must be submitted.

Schools often set priority deadlines so applications submitted by that date will be the first batch looked at. Deadlines can differ widely, so check your school’s website.

Parents often want to file their tax returns before filling out the FAFSA. Although having an up-to-date tax return makes filling out the application easier, it’s better to get the application in by the deadline using last year’s tax return and then correcting the information later.

Besides the FAFSA, many schools are creating their own aid forms or requiring families to submit additional documents to make sure the aid is going to students in need.

What if you blow all the deadlines? You can still qualify for federal Stafford student loans by submitting the FAFSA any time during the academic year.

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All 50 states were hit with increases of more than one percentage point in their unemployment rates last year, according to a new report from the U.S. Bureau of Labor Statistics.

The sharpest rise occurred in Michigan, where the average jobless rate for 2009 was 13.6 percent, up 5.3 points from 2008’s average of 8.3 percent.

The only other state with an increase of more than five points was Nevada, which soared from an average unemployment rate of 6.7 percent two years ago to 11.8 percent last year.

New York’s increase was 3.1 points — from an annual jobless rate of 5 freecreditscore.3 percent in 2008 to 8.4 percent in 2009.

The figures were contained in the Bureau of Labor Statistics’ yearend report for 2009, which included a full set of annual averages. The results for all 50 states and the District of Columbia can be accessed by clicking here.

North Dakota was the most stable state in 2009. Its annual unemployment rate of 4.3 percent was just 1.1 points higher than its 2008 average of 3.2 percent.

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European Union Monetary Affairs Commissioner Olli Rehn will likely push Greece to do more to cut its budget deficit today as governments craft a possible rescue package for the cash-strapped nation.

Rehn will meet with Prime Minister George Papandreou as German lawmakers say euro-area officials are devising a plan to grant Greece about 25 billion euros ($34 billion) in aid should it need help financing its debt, possibly by using state-owned lenders such as the KfW Group to buy its bonds.

German Chancellor Angela Merkel and Luxembourg Prime Minister Jean-Claude Juncker signaled yesterday that Rehn will warn Greece it must do more to narrow the EU’s largest budget gap and can’t rely on taxpayers elsewhere to help until it acts. Adding to the political pressure, the fiscal strategy of Papandreou’s government may soon be tested by investors as it readies a sale of as much as 5 billion euros of 10-year notes.

“If the Greek government cannot raise the necessary funds in the commercial market, which continues to look unlikely, then bilateral loans will be forthcoming,” said Erik Nielsen, chief European economist at Goldman Sachs Group Inc. in London.

The euro weakened for the first time in four days, falling to $1.3608 from $1.3631. It declined versus 13 of 16 most-active currencies.

Deficit Reduction

Rehn arrives after European officials pored over the government’s books to verify it’s doing enough to knock 4 percentage points off its budget deficit from last year’s 12.7 percent of gross domestic product. The country has until March 16 to satisfy fellow EU governments that its deficit reduction plan is on track and faces being pressed to increase consumer taxes and lower capital spending if it can’t show sufficient progress.

Juncker, who speaks for euro-area finance ministers, yesterday indicated more will be demanded. Greece needs to “take additional actions” to pare its shortfall and “must understand that the taxpayer in Germany, Belgium or Luxembourg isn’t prepared to correct the mistakes of Greek fiscal policy,” he told Eleftherotypia newspaper.

In an interview with ARD Television, Merkel denied money has been set aside to bail out Greece and said the country has to “do its homework.” Speaking after the euro recorded its third straight monthly loss against the dollar, its longest losing streak since November 2008, Merkel said the single currency is “certainly facing the most difficult phase.”

‘May Not Survive’

Billionaire investor George Soros said on CNN yesterday that the euro “may not survive” the Greek turmoil.

Investors last week continued to question Greece’s chances of cutting its budget deficit. Greek two-year yields rose by as much as 75 basis points on Feb. 25, the most since Jan. 20. The spread between 10-year German bunds and Greek securities of a similar maturity widened 12 basis points in the week to 330 basis points payday loans with no fax.

Still, the cost of insuring against default on Greek government debt fell for the first day in more than a week on Feb. 26 on speculation the nation will pledge tougher steps. Credit-default swaps on Greece dropped 35.6 basis points to 364.02, according to CMA Datavision. The contracts are down from Feb. 4’s record 428.25 basis points.

Papandreou told the Greek parliament on Feb. 26 that the nation will “meet the challenge with whatever cost and pain we will need to go through.” Government spokesman George Petalotis said in an interview the same day that more measures will be concerned if the EU deems it necessary.

EU Limit

Greece needs to raise 53 billion euros this year and redeem more than 20 billion euros of bonds by the end of May, according to data compiled by Bloomberg. It vows to reduce its budget gap below the EU limit of 3 percent of GDP in 2012. The European Commission forecasts a debt equivalent to 124.9 percent of GDP this year.

KfW’s purchase of Greek bonds, backed by German government guarantees, would be an emergency measure as it would risk inviting investors to speculate against other euro region countries, the German lawmakers said on condition of anonymity because the information is confidential. France’s state-owned Caisse des Depots may also be involved, Greece’s Ta Nea newspaper reported Feb. 27. The Wall Street Journal said the plan may total 30 billion euros.

“Greece won’t be allowed to sink on the condition it respects its commitments to stabilize its budget,” French Finance Minister Christine Lagarde told Europe 1 radio yesterday. “We have a certain number of proposals in the euro zone, involving either private partners or public partners or both.”

Strikes

EU leaders ordered Greece on Feb. 11 to slash its budget deficit, while promising “determined” yet unspecified action to help if needed. Papandreou will on March 5 meet with Merkel, who yesterday suggested she is worried “emotions” may be spinning out of control.

Complicating the country’s efforts last week were another round of strikes and warnings from Standard & Poor’s and Moody’s Investors Service that they may soon cut Greece’s debt rating if the government flounders in reducing its deficit.

The government intends to sell 10-year notes by early March, according to a Jan. 26 statement from the Public Debt Management Agency. Fund managers who may take part in the issue say Greece must offer the biggest premium over benchmark German debt since 1998, paying a coupon of about 7 percent.

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