Economy News

New Startups, Only 1% of All Firms, Generate 10% of New Jobs

While discussion about economic recovery focuses primarily on expanding job growth in existing companies, a new study suggests policies should be focused more on creating a favorable environment for entrepreneurship— and particularly high-growth entrepreneurship— because top-performing companies are the most …

Property/Casualty Insurers Have Issues with Dodd Financial Reform Bill

Even though they are largely excluded from the federal financial regulatory overhaul proposed in the Senate, property/casualty insurers say there are some elements they fear could negatively affect them and their customers. Sen. Chris Dodd, D-Conn., unveiled his “Restoring American …

Economy Raises Risk Management Stakes for Architects, Engineers

Risk management is a topic of concern for many types of professionals, none more so than those involved in the building trades. “Unfortunately, the stakes are raised in tough economic times,” said attorney Jay S. Gregory, a shareholder in LeClairRyan’s …

Lawmakers Hold Off on Higher Business Tax in Indiana

Democrats and Republicans in the Indiana General Assembly closed some partisan divides on some major issues, including a proposed increased tax on businesses, early on March 13 and adjourned the 2010 legislative session two days before the deadline for leaving. …

FERMA Concerned about ‘Excessive’ Solvency II Capital Proposals

A bulletin from the Federation of European Risk Management Associations (FERMA) notes that while it “supports the goal of the Solvency II European insurance regulatory regime, which is to enhance policyholder protection, its members are concerned by the impact that …

West Virginia to Create Electronic Auto Insurance Verification System

West Virginia lawmakers want to give police and the courts an easy way to verify whether a driver has required liability insurance. The House has approved a measure previously backed by the Senate to instruct the Division of Motor Vehicles …

Senate Reforms Boost Federal Reserve’s Powers Over Non-Banks

The Federal Reserve would gain new powers over non-bank financial firms and keep much of its authority over banks under a new bill to be unveiled on Monday by the U.S Senate’s architect of financial reform. In a turnaround for …

How New York Insurance Broker Has Used Social Media

To the 77 percent of independent insurance agencies that don’t have a social media presence, creating a profile and trying to form “friendships” via a computer can be daunting. Once an agency gets online, however, tools such as blogs, Facebook, …

Impasse over Unemployment Tax on Businesses Continues in Indiana

The full Indiana House returned to the Statehouse on March 10 after a five-day break, but partisan differences remained over an unemployment insurance tax bill as a March 14 deadline for adjournment loomed. Democratic House Speaker Patrick Bauer of South …

Survey: Michigan Firms Plan to Hike Wages Over Next 6 Months

While a growing number of Michigan’s small- to mid-size businesses are not satisfied with the economy, a recent survey indicates that more businesses plan to increase wages over the next six months. In the semi-annual Future Business Index, a study …