I began my career as a financial advisor with the AYCO Corporation. I then served eleven years with a Big four public accounting firm where I provided counseling services to corporate executives and other high net worth individuals. I founded Trinity Financial Advisors, LLC in late 1999. I am a registered CERTIFIED FINANCIAL PLANNER™ PROFESSIONAL and a NAPFA® Registered Financial Advisor. I am also a member of the AICPA, FPA and IMCA.
More Oil produced last year in US than ever before
US oil production grew more in 2012 than in any year since the history of the domestic industry, which began in 1859. The Wall Street Journal reports that growth will be even greater in 2013. Daily crude output averaged 6.4 million barrels a day, up from a record 779,000 barrels in 2011, and hitting a 15 year high. The US Energy Information Administration predicts that 2013 will increase production by more than 900,000 barrels per day. The growth is due primarily to new drilling techniques, including fracking. The increase provides the country with a greater defense against disruption overseas that can impact oil supplies. Additionally, oil imports fell by 6.9 percent last year, a 15 year low.
Luxury goods market stumbles in China
Richemont, the luxury goods manufacturer that makes Cartier watches and other jewelry, gave a cautious outlook for 2013 and its sales growth missed forecasts, according to CNBC. Sales rose 5 percent year-on-year in the October to December period, but analysts had predicted a 7.6 percent increase. Much of the growth in luxury goods in Asia has been due to the increasing number of wealthy consumers. Because economic growth has been flat for the past year, buyers have held back on purchases. Now that the economy is once again picking up steam in China, it is anticipated that luxury goods will also recover quickly.
Who will be the top 10 most profitable US companies in 2013?
According to 24/7 Wall St.com, and as reported by USA Today, the most profitable companies in 2013 will include the following: 1. Apple, should continue its role as most profitable while currently facing some challenges. 2. Exxon Mobil. Remains the fourth largest oil company in the world. Successful oil sands and bringing crude oil from deep sea will continue to increase its profits. 3. Chevron. 3. Microsoft (tied with Chevron). 5. JP Morgan Chase. 6. Wells Fargo. 6. IBM (tie) 8. General Electric 9. Pfizer, and 10. Wal-Mart.
Beijing airport to become world’s busiest airport
By the end of 2013, Beijing Capital International Airport will become the world’s busiest airport, flying past Atlanta’s Hartsfield-Jackson, according to USAToday. In the next decade, one of every five commercial jets built by Boeing will be heading to China. The US remains the world’s largest market for air travel, with 806 million fliers, as of 2011. China is gaining in the number of passengers and is expected to eclipse the US within the next few decades.
Hostess union hires investment bank
In order to ensure the pensioners and workers are fairly represented as Hostess sells off its brands, the pension fund for one of the unions has hired an investment bank. The Associated Press reports that the Bakery, Confectionary, Tobacco Workers and Grain Millers International, which represents about 6,000 Hostess bakers, has hired Gordian Group LLC to represent the fund. Gordian President, Peter Kaufmann, said their job is to ensure that buyers will hire Hostess workers and honor Hostess pension obligations. The Fund currently pays out $42 million in benefits per month to 52,000 pensioners. Hostess told a bankruptcy judge in November that it could no longer support its retiree benefits which were costing $1.1 million per month.
Batmobile for sell
The original Batmobile from the 1960s television show has sold at auction for $4.2 million, according to USAToday. The show starred Adam West as the caped crusader. The car is 19 feet long and boasted lasers and a “Batphone” on the original show. It could lay down smokescreens and oil slicks. The winner of the auction has not yet been disclosed.
Catherine S. McBreen is President of Millionaire Corner. McBreen plans and develops content for Millionaire Corner. Catherine Balances editorial content to meet the informational needs of both new and seasoned investors. She designs special monthly surveys on topical issues affecting the economic environment.