Daily Digest 2/13 - Gov't Boosts Forecast For Pump Prices, Asian Demand For Gold Bars Grows
It based its projections on an expected fall in the country’s oil output to 9.6 million barrels per day in 2013 from 9.8 million bpd in 2012 and a decline in the price of Saudi crude to an average $99.4 from $106.1.
ThyssenKrupp AG (TKAG.DE), Germany's biggest steelmaker, warned that the coming months would remain bleak after weak steel and car markets caused a drop in profit, and said it did not expect a return to growth until the next financial year.
San Jose has spent as much as $160,000 to repair 500 lights. Fremont saw its repair bill jump from $62,000 for stolen streetlight wires three years ago to $438,000 last year, according to the newspaper group. Why are thieves pilfering the copper? Copper has gone for as much as $4 a pound at salvage yards, almost three times the price four years ago.
Uncertainty about the U.S. fiscal situation and euro zone debt crisis have prompted many ultra-rich gold investors to move their bullion holdings to Hong Kong and Singapore from traditional gold hubs in Switzerland, London and New York.
"As the Asian market becomes more affluent, we are seeing more private investors looking to move their metals offshore," said Miguel Perez-Santalla, vice president of online precious-metals exchange BullionVault. "People want to have their money next to them."
Just half (50 percent) of Americans say they have enough money left over at the end of the month after paying for essentials according to the new, second installment of Allstate Financial's "Life Tracks" poll. More than four in 10 (41 percent) are living paycheck-to-paycheck while another 8 percent say they don't earn enough each month to pay for essentials.
France has only a slim chance of meeting ambitious budget targets intended to stabilize the country's economy and meet European requirements, the country's auditor warned Tuesday.
A pillar of the 17 group of European Union countries that uses the euro, France is the world's fifth-largest economy. Investors and economists have been scrutinizing the country's ability to control its finances and make it more competitive on a global stage.
Hundreds of schools in the nation’s largest cities are sitting empty as education leaders struggle to sell these potentially valuable properties.
That’s according to a study released Monday from the Pew Charitable Trusts. In the dozen cities the organization reviewed, some 327 schools were sitting idle last year and for sale. That means those properties are costing districts that still have to keep them secure, insured and heated. Meanwhile, the financially strapped districts are not collecting taxes on some prime real estate to fund the schools that do survive.
However, students question if the cost is worth what they are getting out it.
"Its definitely too high because it feels like you go into debt for it," said Jared Netley, a pharmacy student. "Then you just have to work your way out of it and it doesn't really give you that much advantage, especially in the job market today."
The government is boosting its forecast for gasoline prices this year following an 11 percent increase since the middle of December.
Pump prices should average $3.55 a gallon in 2013, according to the Energy Information Administration, the statistical arm of the Energy Department. That's up 11 cents from EIA's forecast in January and would be the second-highest annual average ever, after last year's $3.63 a gallon.
Kansas City Federal Reserve Bank President Esther George said the central bank may trigger instability in financial markets when it eventually begins to sell assets from its record balance sheet. The Fed’s current plan for selling securities “could be potentially disruptive to markets and market functioning,” George said today in a speech at the University of Nebraska- Omaha. “These actions are untested by the Federal Reserve and could cause an unwelcome rise in mortgage interest rates.”
Federal Reserve Vice Chairman Janet Yellen said the central bank’s balance sheet may incur losses that would wipe out the Fed’s remittances to the U.S. Treasury.
“There is a chance that we could go through a period of time in which our income falls, and we could even take losses,” Yellen said in response to audience questions after a speech in Washington. “We’ve been paying enormous sums to the Treasury” from income on the Fed’s holdings, and “it is possible” that there will be “a period of a year, or even several years, in which those remittances fall to zero.”
The city issued 17,794 tickets for drivers who were caught on camera in 2012, compared to 8,638 in 2011. That's an increase of 105 percent.
Each ticket carries a fine of $75 -- which means Rockville raked in an extra $686,700 last year.
Federal Reserve Vice Chairman Janet Yellen says the central bank may keep its key short-term interest rate at a record low even after unemployment falls close to a more normal level.......Yellen has been a close Bernanke ally on Fed policy. She is considered a top prospect to succeed him as chairman should he leave when his term ends on Jan. 31, 2014.
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