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UK unemployment total hits highest in 17 years
• 114,000 more people unemployed between June and August 2011
• Jobless rate hits 8.1%
• Jobseeker's allowance claims rise to 1.6m in September
• Youth unemployment rises to 991,000
12 October, 2011
The number of people out of work in Britain has hit its highest level in 17 years and youth unemployment has reached a record high as the economic slowdown continues to take its toll.
The Office for National Statistics said on Wednesday that 2.57 million people were out of work over the June to August period, the highest since the autumn of 1994. There were almost 1 million unemployed young people.
Economists predicted more bad news on the labour market to come for the government.
For article GO HERE
Barroso's eurozone crisis plan could stop bank dividends
• Payouts would be put on hold for undercapitalised institutions
• EC president softens up bondholders up for losses of 30%
Wednesday 12 October 2011
Europe's biggest banks would be barred from paying out dividends and bonuses if they are forced to raise their capital reserves to withstand future shocks, under plans put forward by the European commission to resolve the debt crisis.
At the same time, banks are being softened up by Brussels to accept "haircuts", or losses, of 30%-50% on their holdings of Greek debt rather than the current 21%.
Senior commission officials are also examining ways to boost the size of the main bailout fund, the European financial stability facility (EFSF), closer to the €2 trillion (£1.75tn) demanded by the US and UK without being forced to get this increase ratified by all 17 eurozone countries again.
For article GO HERE
The incredible downsizing of Wall Street
11 October, 2011
Wall Street is about to undergo real shrinkage. And we're not talking about the money used for transactions. It's about personnel, the people who make Wall Street what it is.
New York State's Comptroller predicts that the city's securities industry is slated to lose about 10-thousand jobs by the end of 2012. The Wall Street Journal says that Comptroller Thomas P. DeNapoli is also forecasting that bonuses will be shrinking this year, a clear reflection of Wall Street's dipping profits.
For article GO HERE
Wall Street Sees ‘No Exit’ From Financial Decline as Bankers Fret Future
12 October, 2001
Wall Street executives, facing demonstrators camped for a fourth week in New York’s financial district, say they’re anxious and angry for other reasons.
An era of decline and disappointment for bankers may not end for years, according to interviews with more than two dozen executives and investors. Blaming government interference and persecution, they say there isn’t enough global stability, leverage or risk appetite to triumph in the current slump.
“I don’t think it’s a time to make money -- this is a time to rig for survival,” said Charles Stevenson, 64, president of hedge fund Navigator Group Inc. and head of the co-op board at 740 Park Ave. The building, home to Blackstone Group LP Chairman Stephen Schwarzman and CIT Group Inc. Chief Executive Officer John Thain, was among those picketed by protesters yesterday. “The future is not going to be like a past we knew,” he said. “There’s no exit from this morass.”
For article GO HERE
Greek debt haircut seen exceeding 60 percent
By GEORGE JAHN and ELENA BECATOROS
11 October,2011
VIENNA -- Greece's bondholders may have to settle for a cut of more than 60 percent in what Athens owes them, the head of the eurozone's finance ministers has said, the first open admission that such a drastic move is being considered.
Jean-Claude Juncker, who is also prime minister of Luxembourg, was quoted late Monday by Austrian state broadcaster ORF as saying that eurozone countries are "talking about more" than a 50 to 60 percent haircut for Greece.
For article GO HERE
European Central Bank President Warns Europe Is Screwed
11 October, 2011
European Central Bank President Jean-Claude Trichet said, as he spoke to EU leaders in Brussels, “The crisis has reached a systemic dimension. Sovereign stress has moved from smaller economies to some of the larger countries. The crisis is systemic and must be tackled decisively.” His observations are like those of most other economists and politicians in the region, but his warning is too late, especially for some of the region’s largest banks. Several governments expect financial firms to take larger write-downs on Greek debt than was agreed on just two months ago. Trichet should have said the risk to large banks is at least as great as those to national interests.
For article GO HERE
and now for the real propaganda piece!...
New Zealand dollar soars amid improving investor sentiment
NZ Herald,, 13 October, 2011
The New Zealand dollar soared two U.S. cents overnight mostly before it became clear that Slovakia would sign off on the European region's bailout fund.
The kiwi dollar was at 79.78 US dollars at 8am, up from 77.88 cents at 5pm yesterday. It made significant gains around 9pm local time last night.
Dan Bell, a senior dealer at HiFX, said the extremely aggressive move higher came in the first two hours of London trading and the Australian dollar made a similar move, helping it rise 3.5 percent from its lows yesterday.
The rallies in the trans-Tasman currencies were much greater than the rallies on equity markets they have been tracking, and they occurred before reports that Slovakian politicians had brokered a deal to sign off on the Euro-zone's European Financial Stability Fund.
For article GO HERE
In Wall Street protests, TV news finds battleground
“Excperts say” - the usual weasel words. It’s all about a battle between Fox news and the “liberal” MSNBC (sic)
12 October, 2011
Just as Fox News has staked out the conservative Tea Party movement as a pet topic, the unabashedly liberal MSNBC television news network appears to be doing the same with the Occupy Wall Street protests.
Experts say MSNBC's strategy could pay dividends for the cable outlet: The protests could draw liberals to their TV sets and turn up-and-coming hosts such as MSNBC's Ed Schultz into stars heading into the 2012 presidential elections.
For article GO HERE
COPPER THIEVES THREATENING WATER SUPPLY
11 October, 2011
PROVIDENCE, RHODE ISLAND
Police are warning that metal thieves pose a threat to the water supply of entire communities.
Police are warning that metal thieves pose a threat to the water supply of entire communities.
This comes after repeated attempts to make off with copper pipes worth $200 each from the New Providence well fields.
Police believe the incidents are part of the lucrative scrap metal racket that continues to grow despite legislative attempts to curb it.
For article GO HERE
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