Daily Digest 4/17 - Cyprus Braces For Russian Exodus, Half NYC Workforce On Food Stamps
U.S. drillers that set up rigs amid the rolling farmland of eastern Ohio on projections underground shale held $500 billion of oil are packing up.
Four of the biggest stakeholders in untapped deposits known as the Utica Shale have put up all or part of their acreage for sale, as prices fall by a third in some cases.
Russians have billions of euros in deposits parked in Cyprus, with estimates ranging from 5-31 billion euros. Some will take a hit of as much as 60 percent or more on bank deposits above the 100,000-euro mark.
Cypriot officials at the conference admitted there would be a large cash outflow as a consequence of the bailout terms.
Italy may save as much as 5 billion euros ($6.6 billion) this year by cutting defense spending as the recession-hit country needs to tame its public finances and cannot raise taxes further, a Finance Ministry official said.
Despite the reported demolition of 6,700 dangerous and abandoned homes under the Mayor Dave Bing's administration, 40,000 still remain.
Budget cuts from Congress will soon reduce the number of free exhibitions on view each day at the Smithsonian Institution in Washington.
According to written testimony, Smithsonian Secretary Wayne Clough (CLUFF) plans to tell Congress on Tuesday that the museum complex must reduce its security contract for gallery attendants because of the budget cuts.
As gold prices fell by 12% over the last one week, consumers flocked to jewellery stores resulting in a three-fold increase in demand for the yellow metal.
As of April 16, price of ornament gold (22K) in Bangalore was Rs 24,580 for 10 grams, which eight months ago hovered around the Rs 32,500.
Bailouts for struggling eurozone nations helped push Germany‘s financial liabilities to a new record of 2.166 trillion euros (2.83 trillion dollars) as of the end of 2012, central bank data showed Tuesday. In 2011, the figure stood at 2.085 trillion euros.
Thousands of idled Italian workers staged a sit-in in front of parliament on Tuesday and trade unions threatened strikes unless the government steps in to back a temporary jobless scheme which is running out of funds.
Italy's often divided union confederations united to call on Mario Monti's caretaker government to find around 1.5 billion euros to guarantee payments due to some 700,000 workers sent home on reduced pay under the "cassa integrazione" scheme.
They’ve fallen through the cracks: millions of jobless or underemployed New Yorkers whose daily struggle is to find work and food. They certainly don’t show up in the 9.1 percent unemployment rate for the city, since they have exhausted those benefits.
But the number of city residents on food stamps is on pace to jump this year from just above 1 million in 2007 to a breathtaking 2 million sometime this summer.
Diesel costs impact every stage of the farming process, as tilling, irrigation and transport all rely on diesel engines.
"Renting a tractor to till the land costs LE400 per feddan [roughly equivalent to one acre] this year; it used to cost LE200," explained Abdullah Romeih, a local agricultural engineer. "I used to rent a water pump for LE8 an hour. Today it costs me LE15," he added. "The owner will tell you he had to pay for the hikes in diesel prices."
The South Korean government proposed a 17.3 trillion won stimulus Tuesday to revive slowing growth in the country. The $15.3 billion effort would be the third-largest supplementary budget ever in South Korea. It would be exceeded, when measured as a proportion of gross domestic product, only by the efforts approved after the 1998 Asia financial crisis and the 2008 global financial turmoil.
There is little room in the European Union's 2014-20 budget to find extra funds for crisis-battered Cyprus, the European Commission said in a letter Tuesday, dampening the island's hopes for more financial support.
Gold & Silver
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