Big Mac beefs up exchange rate explanation
The Economist magazine publishes a measure that may demystify the opaque world of foreign exchange. It looks at the price of an item that’s available — and roughly the same — almost everywhere in the world: the Big Mac.
Prices for the two all-beef patties should be similar no matter the location, as long as the countries have similar levels of income. According to the latest survey, a Big Mac costs nearly 50 percent more in the euro zone than in New York, Chicago, Atlanta and San Francisco.
Big Mac price in dollars
Malaysia, 1.70
China, 1.83
Egypt, 2.45
United States, 3.57
Brazil, 4.73
Euro area, 5.34
Norway, 7.88
Source: The Economist
Worried women.
Women are more worried than men about almost everything to do with retirement, says a new survey by The Hartford and the Massachusetts Institute of Technology’s AgeLab.
Women, on average, live longer than men, giving them a greater chance of outliving their savings, which is smaller to begin with. “The good news is that women are worried about the right things,” says Stephanie Chappell, a gerontologist with The Hartford. To help limit angst, she suggests women start saving for retirement early, through 401(k) or similar plans offered by employers. The survey canvassed 1,194 people ages 45 to 74, who had some personal savings for retirement. The margin of error is about 3 percentage points.
Minimum boost.
The federal minimum wage rose 70 cents, or 12 percent, Thursday to $6.55 per hour, helping workers to keep up with inflation. The move, though, will likely have little effect on average income growth, says JPMorgan economist Michael Feroli. Only 2.3 percent of American hourly workers are paid at or below the federal minimum wage, he says. That’s because 23 states and the District of Columbia have minimum wages above the new federal standard, according to the Economic Policy Institute.
Say on pay.
Investors are — slowly — getting more interested in oversight of executive pay, according to the Corporate Library. So far in 2008, shareholders have gotten 76 “say on pay” proposals up for a vote, from 53 in 2007 and just five in 2006.
Such proposals give shareholders the opportunity to vote on pay packages each year in a nonbinding resolution. So far in 2008, 42 percent of shareholders have voted in favor of “say on pay” proposals, up slightly from 41 percent in 2007.
The Associated Press
