Earnings season has begun, and investors will likely look for earnings to beat the relatively low bar analysts have set.
Unable to come to a deal to end the shutdown and facing a debt ceiling debate, Congress continues to inject uncertainty into the picture and limit the flow of economic data.
The yield on the 10-year Treasury has been bouncing between 2.60 percent and 2.65 percent since September 25. As of early Monday morning, the yield stood at 2.62 percent, and it could see some downward pressure as we approach the October 17 debt ceiling deadline with no agreement in place.
The gridlock in Washington appeared to spill over into the equity markets, as some of the major large-cap indices showed little change last week. The S&P 500, for example, lost just 4 basis points (0.04 percent).
The yield on the 10-year Treasury began the week at 2.60 percent, as the possibility of a government shutdown brought downward pressure. The Federal Reserve’s commitment to continue its asset purchasing program, coupled with political concerns, could push rates even lower. Read more now in our Weekly Market Summary.
The Federal Reserve announced on Wednesday that it would not begin tapering its bond purchases, sending Treasury yields downward. The 10-year Treasury went as low as 2.67 percent immediately following the announcement, down from as high as 2.89 percent minutes before. Yields on the 10-year had recovered to 2.74 percent Monday morning.
Allen Insurance and Financial is pleased to announce that Amy Bowen will be joining the company’s Belfast branch with a focus on business insurance.
“We have been warmly welcomed into the Belfast business community,” said Michael Dufour, Allen executive vice president who oversees the company’s business insurance division. “With her local roots and commitment to community, Amy is a great addition to our staff.”
Allen Insurance and Financial opened its Belfast office in April 2013.
Bowen comes to Allen with more than 10 years of experience in the banking industry, most recently as an Assistant Branch Manager at Bangor Savings Bank in Belfast. She is looking forward to a change in careers from the banking industry to insurance. She will participate in the company’s in-house education program.
Amy grew up in Belfast, attended Belfast High School, the University of Maine at Machias and Beal College in Bangor, receiving a degree in management. She lives in Belfast and is involved in the community through various organizations including Our Town Belfast, where she is a board member and treasurer and the Belfast Lions Club, where she is president.
The news Sunday evening that Larry Summers was withdrawing as a candidate for the Fed Chairman position surprised many and sent the yield on the 10-year Treasury down to 2.8 percent early Monday morning, its lowest level in September.
Equity markets surged higher as the threat of military action against Syria dissipated and on positive global economic news. The S&P 500 gained more than 2 percent, but the Dow Jones Industrial Average posted the strongest gain for domestic equities, rising 3.10 percent. Emerging markets turned in the week’s best performance, with a gain of 3.69 percent for the MSCI Emerging Markets Index.
Motor vehicle crashes are the leading cause of death for children. And, for every single child fatality caused by a motor vehicle crash, approximately 400 more children are treated for car accident related injuries.
The Hanover Insurance Group has created an infographic outlining the age requirements and best practices for using rear-facing, forward facing and booster style car seats. Please download and share.
Employers are required to provide each current employee a written notice with information about the new Health Insurance Exchanges on or before Oct. 1, 2013.
Employers MUST provide the notice to each employee, regardless of plan enrollment status (if applicable) or of part-time or full-time status. Notice is not required for dependents or other individuals who are or may become eligible for coverage under the plan but who are not employees.
Two model notices are available from the U.S. Department of Labor to help employers satisfy the notice requirement. One for those that do offer a health plan – http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf
and one for those who do not – http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf
When should the notice be provided? Employers are required to provide the written notice to each current employee not later than Oct. 1, 2013, and to each new employee at the time of hiring beginning October 1, 2013. In general, a notice will be considered provided “at the time of hiring” if it is provided within 14 days of an employee’s start date.
The notice may be provided by first-class mail, or, alternatively, it may be provided electronically if certain requirements are met. More info is available here. http://www.dol.gov/ebsa/newsroom/tr13-02.html
All Allen Insurance and Financial clients have been emailed this notice.
On Wednesday, Oct. 2, 2013, Know Technology and Allen Insurance and Financial will host a morning symposium from 10 a.m.to noon at Machias Savings Bank in Brewer, Maine. Drawing on expertise from technology and insurance practices, the event will help CEO/CFO/CIO/COOs, and senior management, comprehensively understand data risks and learn best practices to protect business data from threats and loss. REGISTER ONLINE
Businesses of all sizes in every industry have a real reason to worry about the dangers of malicious code and web-based attacks on corporate and customer data.
There are two fronts on which to fight this battle: technology to keep the hackers out and insurance to protect assets should they be attacked. It’s the kind of battle that should not be fought alone.
Managing Data Protection and Cyber Risk is the topic of a free symposium for Maine businesses offered by Know Technology and Allen Insurance and Financial, Wednesday, Oct. 2, at 10 a.m., at Machias Savings Bank, Brewer, Maine.
“Today, businesses have very legitimate concerns on how to best secure their data,” said Steve Hand, Know Technology’s CEO. “From regulatory requirements to privacy laws, to simply the ease at which employees can intentionally or (worse) unintentionally let sensitive information out the door.”
“Our goal is to help business leaders understand the complexity of the situation and how to cost-effectively protect their data, which is often a core asset of their business,” said Hand. The seminar is free and open to the public. Sign up to attend here.
“Data breaches do happen. Insurance can help with a dedicated team to help cover the cost of lost business, data recovery and related legal or public relations challenges,” said Joanne Billington, business insurance specialist at Allen Insurance and Financial. “This kind of protection is as necessary today as any other step a smart business person would take to protect his or her assets.”
Presenters:
Stephen Hand, CEO and CTO, Know Technology
Bio
Know Technology is focused on delivering value to clients through Managed Services and Professional Service. Stephen is the company’s founder, and manages the IT Professional Services Division. In his role, he works with clients to develop the technology roadmap that enables their organization to focus on their mission instead of technology. Steve will discuss managing the supporting computing infrastructure to address data access, usage, storage and security.
Joanne Billington, Commercial Insurance Specialist, Allen Insurance and Financial
Bio
Allen Insurance and Financial provides independent insurance and financial planning services to businesses and families in Maine and around the world. In her role, Joanne works with municipalities, non-profits and technology-based businesses, meeting the challenge of making an invisible product visible. Joanne will discuss the ways insurance can assist businesses of all sizes with the cyber-exposure risks they face daily.
