Sources claim that New York shipping giant Genco Shipping & Trading will file for bankruptcy before the end of this month. The shipping company stocks fell to $1.24 when the bankruptcy news hit. Previously, stocks had traded as high as $80 a share in 2008. The company owns 53 tankers in its fleet and ships commercial goods including soy beans, iron ore, coal and grain.
The American dream for retired people used to look a lot different than it does now. In the past, people who were nearing retirement were sent off to enjoy their golden years free of debt or responsibility. Today, this is often not the case. As more New Yorkers are reaching retirement age, fewer are doing so debt free. In fact, Americans of all ages are saddled with more credit card debt than ever before. Furthermore, retirees still have other types of debt including mortgages -- one study claims that 39 percent of houses with an owner between 60-years-old and 64-years-old still had at least one mortgage on their home.
For many New York residents, this time of the year is known as tax time. People should have received tax documents from employers and are getting prepared to file their taxes. Many New Yorkers look forward to this time because they are owed a tax refund by the state or federal governments. This money can then be used by consumers for whatever they want.
Economic times in New York have created a difficult environment for many businesses. Despite the hardship, many businesses have been making improvements to help remain competitive in this economy. However, sometimes a business can do everything right and still they are unable to remain viable.