Word: ageing
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...joined the ranks of the unemployed in March alone - but those that remain are earning even less. "People here wish they were mileuristas," says Iolanda Velasco, a Vigo city councilwoman. "They're 800-euroists." Velasco, who oversees the city's youth programs notes another change. "The cutoff age for our workshops and training sessions was 30. But because the age [people leave home] keeps rising, we just changed...
While youth unemployment across the E.U. is significantly higher (17% for those 25 and under) than in the general population (7.6%), some countries are more vulnerable than others. German companies tend to hire workers at an early age; French and Spanish firms prefer temporary contracts to get around sometimes draconian labor laws. "The social crisis is more pronounced [in France and Spain] because their citizens believe policy should create more employment. But in a downturn, it leads to a rapid increase in just the opposite," says Askenazy...
...companies struggle to keep afloat in an age of abundance, Anderson posits a provocative solution: give your wares away gratis. An idea "as powerful as it is misunderstood," Free has become a multibillion-dollar business model tailor-made for the Internet economy. As digital-infrastructure costs approach zero, Anderson argues that Free often pays off, whether it involves giving away cell phones to hawk monthly plans or embracing piracy to spark demand for merchandise. He also explains how charging even a penny can scramble consumer psychology and sketches a blueprint for competing with juggernauts, like Google, that have harnessed...
While the recession hasn't spared any age group, it's been particularly brutal for older Americans who were counting on their (now shrunken) nest eggs to last through their retirement years. To supplement their stash, an increasing number of seniors are turning to reverse mortgages, which function essentially as a cash advance on their home equity, repaid only when they sell their home or die. The loans are available to those 62 and over, and lenders have to eat the difference if a home ends up declining in value. In the three months after February--when a provision...
...amount you can borrow is based on interest rates, your age and the value of your home. (Use the calculator at rmaarp.com for an estimate.) There are no credit or income requirements to get a reverse mortgage, but you must be able to keep up with property taxes and insurance bills--or you could lose your home. The up-front costs are high. Generally, $10,000 to $15,000 in fees are lopped off the amount you can borrow. Finally, if someone is pressuring you to take one of these loans in order to buy something else, that...