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    Daily Digest 3/13 – U.K. Faces Growing Vulnerability, German Bank Doubles Reserves

    by saxplayer00o1

    Wednesday, March 13, 2013, 1:18 PM


Spain unveils $4.6-billion plan to get young back to work

During five years of economic stagnation and recession, Spain’s unemployment rate has risen to 26 per cent – the highest level since the 1970s and one of the highest in the European Union – and more than half of 18-25 year olds are out of work.

More and more young Spaniards are studying German and English and heading abroad to find work.

Portugal in worst recession in 37 years

PORTUGAL'S statistics agency says the economy contracted 3.2 per cent last year – its sharpest annual downturn since 1975.

Portugal is enacting broad debt-reduction measures, including tax hikes and pay and pension cuts, in return for a 78 billion euro ($100 billion) international financial lifeline it received in May 2011. Those austerity policies are widely blamed for the deepening recession and growing hardship.

Duty hike on gold expected to reduce imports: Minister (India)

Measures like raising customs duty are expected to lead to moderation in gold imports which is putting pressure on current account deficit, Minister of State for Finance Namo Narain Meena said today. To reduce gold imports, the government in January had raised the import duty on gold and platinum to six per cent from four per cent.

It has also proposed to provide a link between the Gold ETF and the Gold Deposit Scheme with an objective to unfreeze or release a part of the gold physically held by mutual funds under the Gold ETF.

France's Francois Hollande admits to miss deficit target

President Francois Hollande has admitted France will miss its target on lowering the budget deficit this year. France's deficit will "without a doubt" be 3.7% of its output this year, he said, above the 3% he promised to cut it to during the election last year.

The 3% deficit target is also one set by the European Union – but most of the major euro nations are in breach.

Students Rally Against Proposed Tuition Hike (Connecticut)

The proposed increase the the Board of Regents is considering for the state university system would raise tuition and fees for in-state students living on campus by $778 a year, in-state students living off campus would pay $434 more and out-of-state students would pay an extra $1,251, according to figures the Board of Regents released. "That could be the difference for some students in going to college next year," said Bergenn.

Military tuition assistance another casualty of the sequester

Active service military members in the Army, Navy and Marines will no longer get assistance to further their educations. All three have suspended their programs until the nation's fiscal situation clears up.

Abe’s Weak Yen Policy Erodes Japanese Tourist Spending in Korea

The 13 percent decline in the yen against the won since the start of December prompted Japanese tourists, who account for the biggest portion of foreigners traveling to Korea, to cut spending. To weather the downturn, Korean companies that relied on Japanese visitors are offering charter flights and prizes to lure Chinese who more than doubled their spending in January and February from a year earlier at Lotte Duty Free.

“The Korean duty-free shops were dominated by Japanese travelers,” said Erwan Rambourg, a Hong Kong-based consumer analyst at HSBC Holdings Plc. “Now they are dominated by the Chinese. Japanese tourists are staying more at home.”

Local Lawmakers Lead Fight To Ban Traffic Cameras in Ohio

Rep. Dale Mallory: "This is a speed trap. It's an example of big brother gone wild in a budget crunch." Standing in the shadow of one of Elmwood Place's speed camera, state legislators said they're introducing a bill that would ban speed cameras statewide. Ron Maag: "It is just a scam, a money grab for the different municipalities." House Bill 69 would also ban red light cameras. But speed cameras are the ones that have brought in serious cash in Elmwood Place. As far, the village has made more than a million dollars

German Central Bank Doubles Reserves

The Bundesbank said it raised its risk provisions, money it sets aside to cover losses such as a default on euro zone bond holdings, to 14.4 billion euros, or $18.7 billion, from 7.7 billion euros a year earlier………But the decision to set aside further billions may also be interpreted as a verdict by Mr. Weidmann on the European Central Bank’s measures he has long criticized, such as purchases of Italian and Greek government bonds to try to keep those countries’ borrowing costs under control.

U.K. Faces Growing Vulnerability

The latest set of figures have revived talk of a triple-dip recession. U.K. industrial production fell 1.2% on the month in January, far worse than the 0.1% rise economists had penciled in. That leaves the index of industrial production at a level last seen in May 1992, Capital Economics notes. Manufacturing was down 1.5% on the month, despite survey data that had suggested resilience, a worrying development. Since then, Markit's manufacturing purchasing managers' index for February has suggested a renewed fall in orders both at home and abroad.

Gold & Silver

Click to read the Gold & Silver Digest: 3/12/13

Provided daily by the Peak Prosperity Gold & Silver Group

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