Abercrombie & Fitch Goes Down

Abercrombie & Fitch is now passé, teens are no longer impress with them and it shows on the market. Last Thursday August 28, 2014 they suffer a sharp drop in the shares of Abercrombie & Fitch Co., after very weak sales as teenagers shop for other brands.

Abercrombie & Fitch sales fell 5.8% to $890.6 million. Revenues decreased much in a year in stores in the United States.

A Significant number of Americans have no retirement Fund

About 36% of Americans don not have money for retirement as stated by Bankrate.com. 69% of 18-29 year-olds have not saved anything, along with 33% of 30-49 year-olds, 26% of 50-64 year-olds and 14% of people 65 and older.

They also stated that Americans who do save are doing it early. Twice as many 30-49 year-olds started saving in their 20s as opposed to their 30s. But 50-64 year-olds were only slightly more likely to have started saving in their 20s than their 30s, and Americans 65 and older were almost evenly split between starting in their 20s, 30s and 40s.

The survey was done by Princeton Survey Research Associates International (PSRAI).

Russia Bans Agricultural Products from Western countries in response to sanctions

Russia announced Thursday August 7, 2014 that they will be banning imports of meat, fish, milk (milk products) and fruit and vegetables from the United States, the European Union, Australia, Canada and Norway.

Russian Prime Minister Dmitry Medvedev said that the ban is an order from president Vladimir Putin in their response to sanctions imposed on Russia by the West over the crisis in Ukraine that was hatched by the US.

This just shows that Russia can fight back. Russia can easily get those agricultural products from other countries in Asia and South America which is cheaper and has higher quality.

Experts said that local producers will find it hard to fill the gap left by the ban, as the nation's agricultural sector has continued to suffer from poor efficiency and shortage of funds.

Russia depends heavily on imported agricultural products, their Food and agricultural imports from the U.S. amounted to $1.3 billion last year, based on the U.S. Department of Agriculture, and in 2013 the EU's agricultural exports to Russia totaled 11.8 billion euros ($15.8 billion).