Miami Declares ‘Financial Urgency’ as It Moves to Cut Worker Pay, Benefits
Aug 17, 2011 8:44 AM GMT+1200
Miami, facing a $61 million fiscal 2012 deficit, declared a state of “financial urgency” for a second straight year, moving toward wage and benefit cuts.
The declaration gives unions for municipal workers two weeks to agree to contracts for the year that starts in October or be subject to actions imposed by the City Commission. Workers including police and firefighters absorbed about $80 million in reduced pay, health insurance and pensions in fiscal 2011.
To read article SEE HERE
Stocks in India Decline on Speculation Inflation May Force Rate Increase
Aug 16, 2011 10:17 PM GMT+1200
Indian equities fell on speculation the country’s central bank may continue raising rates to contain prices after inflation stayed at more than 9 percent in July for the eighth consecutive month."
To read article SEE HERE
Asia Funds Lose $77 Billion in August Stocks Plunge, Led by Korea
Monday, 15 Aug 2011 | 10:21 PM ET
Asian equity mutual funds suffered a $77 billion hit in the first 11 days of August with those betting on South Korea and the Greater China region leading the declines amid a global selloff on concerns over U.S. growth and a European debt crisis.
To read article SEE HERE
Strong Yen Causing Bankruptcies At Record Speed
Tuesday, August 16, 2011
TOKYO (Nikkei)--Twenty-nine companies have gone belly-up this year because of the yen's strength, Teikoku Databank Ltd. said Monday.
To see this article GO HERE
German Stocks Are Getting Smashed After That GDP Disaster
Aug. 16, 2011, 4:42 AM
We already mentioned that markets were selling off, and that German GDP clocked in with a big miss, but we just wanted to emphasize the damage.
The DAX index is currently off over 2.6%, clearly the biggest loser in Europe.
To read article SEE HERE
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