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A couple retiring this year will need about $225,000 in savings just to cover medical costs in retirement, according to analysis by Fidelity Investments. The figure, calculated for a couple age 65, is up 4.7 percent from the $215,000 estimate for 2007, the financial services company said. And it is similar to other projections for… Continue Reading Retiring? Better have at least $225,000

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The Associated Press General Motors Corp. says it expects to bring its first lithium-ion battery powered hybrid engine system to market in North America in 2010. The world’s largest automaker by sales was to announce the hybrid system today at the Geneva International Motor Show, saying the new battery will deliver three times the power… Continue Reading New hybrid GM to unveil battery powered hybrid

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China’s manufacturing edge dulls

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The Associated Press SHANGHAI, China _ China is fast losing its manufacturing competitiveness in some industries, and companies need to upgrade their operations there to stay profitable, according to a survey released today. The study comes amid reports that thousands of manufacturers, both Chinese and foreign, are shifting operations away from coastal regions, where labor… Continue Reading China’s manufacturing edge dulls

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Identity thieves wearing banking masks

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A number of bogus bank sites are popping up on the Web, seeking to steal identity information. Representatives from BauerFinancial Inc. say consumers can visit their Web site to confirm a bank’s legitimacy or call the Federal Deposit Insurance Corporation at (877) 275-3342. For credit union verification, visit the National Credit Union Administration. Experts also… Continue Reading Identity thieves wearing banking masks

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Easter threatens St. Paddy’s Day spending

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For the first time since 1940, St. Patrick’s Day falls during Holy Week, the seven days before Easter that many religious Americans consider to be sacred. The holiday collision is likely to hamper spending. “Retailers and restaurants that benefit from the St. Patrick’s Day holiday are up against a double whammy of an early Easter… Continue Reading Easter threatens St. Paddy’s Day spending

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Oil hits $104 a barrel

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The Associated Press NEW YORK_The surging price of oil reached another milestone today, jumping to an inflation adjusted record high of $103.95 a barrel. The weaker dollar that has propelled oil and other commodities prices higher sent light, sweet crude for April delivery past $103.76 a barrel on the New York Mercantile Exchange. That’s the… Continue Reading Oil hits $104 a barrel

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Construction spending takes a dive

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The Associated Press WASHINGTON _Construction spending took its biggest nosedive in 14 years and manufacturing activity contracted, fresh trouble signs for a struggling economy. The Commerce Department reported Monday that construction spending plunged by 1.7 percent in January. Builders slashed spending on residential projects, but the weakness spread beyond that ailing sector. There were cutbacks… Continue Reading Construction spending takes a dive

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Congress.org released its annual Congressional “power rankings” today, and it wasn’t particularly good news for the Colorado delegation. Colorado Democrats, with the exception of Rep. Diana DeGette (D-Denver), were judged to be at best mediocre, while Colorado Republicans were at or near the bottom of the list. Criteria used in compiling the list included position,… Continue Reading Colorado’s Congressional power rank, mediocre

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Might not be a good time for job switching

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Industries that have proven vulnerable during recessions include retail, manufacturing, the financial sector and technology, but employment analysts say don’t jump ship yet. Job placement researchers at Challenger, Gray and Christmas say recession-resistant sectors often change from recession to recession, based on global, economic and societal trends at the time of the slowdown. During 2008… Continue Reading Might not be a good time for job switching

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Interest rates still high despite Fed actions

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Despite Federal Reserve efforts to lessen the cost of credit by lowering its benchmark rate a total of 2.25 percent since September, rates to consumers have barely budged. The latest figures from Bankrate.com show lenders have apparently tightened consumer credit standards, leading to less lending and higher interest rates. The failure of credit markets to… Continue Reading Interest rates still high despite Fed actions

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