Daily Digest 7/17 - Student Debt Soars, Scourge Of Arson Burns Detroit
The total amount of non-performing loans held by Italian banks continued to rise in May, data published Tuesday by the country's banking association ABI showed, a sign that the country recession continues to impact banks' asset quality and profitability.
Gross NPLs grew by 22.4% to 135.7 billion euros ($177.8 billion) compared with the same period last year, ABI said.
Exports from the 17 countries that share the euro slumped in May, as did imports, an indication that the currency area's longest postwar contraction may have continued into a seventh straight quarter.
Gross domestic product will grow 0.3 percent in 2014 after declining 2 percent in 2013, the Lisbon-based Bank of Portugal said today in its summer economic bulletin. In March, the central bank forecast a contraction of 2.3 percent for 2013 and growth of 1.1 percent in 2014.
Defendants looking for a public defenders in New Mexico may soon face longer trial delays. One fourth of the employees at the Office of the Federal Public Defender in New Mexico are facing lay offs due to budget cuts.
Eldorado Gold Corp. is reducing its 2013 capital budget by $240-million (U.S.) and cutting its exploration budget for the year as a result of declining gold prices.
At the request of Miami-Dade commissioners, county administrators released on Tuesday morning a list of the public libraries and fire-rescue units that would be shut down under the worst-case scenario in Mayor Carlos Gimenez’s latest budget proposal.
Nearly half of the county’s 49 libraries — 22 — would be shuttered, and six fire-rescue units, out of 139, would be eliminated.
It’s not safe here. It’s a war zone,” Terrence Coleman, a 52-year-old resident, said as embers from a blaze on Detroit’s east side rained down on him. “This whole neighbourhood is going to burn down one day, I’m afraid.”
As firefighters attacked flames raging in two adjacent vacant houses, they called for backup equipment that never came.
Fewer people are saving into a company pension plan than at any point for the past 60 years, fuelling fears that millions of Britons will forced to carry on working into their 70s.
The Syrian pound, valued at 47 to the dollar before the conflict began, dipped last week to more than 300 against the dollar on the black market, prompting the government to announce emergency measures. A new law would impose a minimum sentence of three years for exchanging money without a licence, while exporting food items overseas has been deemed illegal.
More Australians are attending university than at any time in the past 150 years, but most now struggle to live on incomes that are below the poverty line while their levels of debt have soared by almost 30% in the past six years.
Emerging markets from Brazil to Indonesia have raised borrowing costs in 2013 to aid their currencies as the prospect of reduced US monetary stimulus curbs demand for emerging- market assets.
Paul Fisher, the Bank of England’s head of markets, reinforced the central bank’s new policy of jawboning to get market interest rates down, telling MPs on Tuesday that any unwinding of monetary stimulus was likely to be “years in the future”.
Gold & Silver
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