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A pawnshop for the affluent
Newsweek    Share   Share on FacebookTwitterShare on LinkedinE-mail article
Pawnshops may bring to mind impoverished people dragging in grandma’s clock radio to trade for just enough money to keep the lights on. But tough economic times have started bringing in a different type of customer: the affluent. Now instead of accepting a boom box in exchange for $60 to buy gas, a new kind of pawnshop is accepting Picassos and Rolexes in order to grant emergency loans of up to $100,000. More

Police fight pawnshop 'deregulation' in Minnesota
Minneapolis Star Tribune    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Police chiefs are blasting a proposal by the owner of Pawn America to change the way police track stolen property throughout Minnesota. Brad Rixmann, owner of the chain, said ordinance changes made in Burnsville, Minn., could be a model for what he'd like to see statewide. After a long push by Rixmann, the Burnsville City Council has slashed his pawnshop licensing fee from $10,000 to $100 and ended a $2.50 per-transaction fee the business was paying to help maintain a database of pawnshop information that police share. More

Pawnshops spawn hot trade
China Daily    Share    Share on FacebookTwitterShare on LinkedinE-mail article
The hock business was banned in 1949 but has made a strong recovery over the past three decades to become a reputable industry. Jade, gold and platinum jewelry, diamonds and brand name watches are just some of the luxury items that can be found in a Beijing pawnshop. The Chongwenmen Branch of Beijing Huaxia Pawnshop Co Ltd is a sign of the changing times, according to assistant pawnbroker Wang Shulin. More

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Gold drops as dollar gain cuts demand for metal as alternative
Bloomberg Businessweek    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Gold futures fell as a rebounding dollar eroded the appeal of the precious metal as an alternative asset. The greenback climbed as much as 0.6 percent against the euro after a report showed U.S. manufacturing expanded more than forecast in October. Last month, gold rose 3.7 percent, reaching a record $1,388.10 an ounce on Oct. 14, as the dollar dropped 1.9 percent against a six-currency basket. More

Are pawnshops the recession proof business?
Associated Content    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Most of us maybe familiar with the services that a pawnshop offers and to some it may the only way to make ends meet in an economy where job loss is prevalent and keeping up with the monthly bills have become a more stressful activity. We may know that "a pawnbroker is an individual or business that offers secured loans to people, with items of personal property used as collateral," writes Ronnie Manns. More

Pawnshops deal in all kinds of merchandise people can swap for cash
Times & Transcript    Share    Share on FacebookTwitterShare on LinkedinE-mail article
Jeremiah Henderson never knows what the next treasure or oddity to he might discover when the door of his family's All-in-One pawn shop in Canada swings open. "You never know. There was one time before I was working here when I guess somebody wanted some money and he wanted to know if he could pawn his fake teeth," said Jeremiah, with a laugh. One might guess that the incisive offer was politely declined, but one would be wrong. More

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Obama pushes tax break plan for businesses
Reuters    Share    Share on FacebookTwitterShare on LinkedinE-mail article
President Barack Obama touted a proposal to provide tax relief for businesses, calling on Democrats and Republicans to join together after today's election to boost the economy. Days before Republicans are expected to make major gains in congressional polls, Obama, a Democrat, highlighted a plan that has so far gained little political traction despite what the White House sees as having bipartisan appeal. More


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Pawnshops, payday lenders profit during hard times
Fort Worth Star-Telegram    Share    Share on FacebookTwitterShare on LinkedinE-mail article
One byproduct of hard economic times is that pawnshop owners and payday lenders seem to be thriving. Cash America International, a Fort Worth, Texas-based consumer lender and pawnshop operator, reported that its third-quarter profit increased 24 percent. Arlington, Texas-based First Cash Financial Services, a pawnshop operator, posted a 19 percent increase in quarterly profit. More


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