A bipartisan panel of Illinois lawmakers reported minor progress Monday in negotiations over the state’s nearly $100 billion pension crisis, even as another deadline set by Gov. Pat Quinn was set to lapse without a solution.
In its latest quarterly World Economic Outlook report, the IMF cut its global growth outlook for 2013 and 2014 by 0.2 percentage points from the April report. The fund now expects this year’s growth to be 3.1 percent and next year’s, 3.8 percent.
Nurses launched a two-day strike in Portugal on Tuesday to protest salary cuts and longer hours imposed as part of the bailed-out nation’s austerity squeeze.
“Medical consultations and surgical operations will have to be cancelled because of the lack of nurses,” said Portuguese nurses’ union chief Jose Carlos Martins.
South Florida seniors who are frail, disabled or living alone will find it harder to get home-delivered meals now that long-predicted federal cuts in aging service dollars have reached the local level.
The efforts were launched despite what police say is a shortage of manpower. In 2011, the year Chicago Mayor Rahm Emanuel (D) took office, the number of officers on the streets dropped 11 percent from five years prior. Since then, budget cuts resulted in the elimination of 1,400 department jobs, which the Fraternal Order of Police says are needed to adequately patrol high-crime areas.
Mining companies in the country will begin a massive downsizing of their operations from next month as renewed pressure to cut down on cost heightens with falling gold prices.
More than 3,500 permanent jobs will be lost in an industry that has enjoyed a decade long boom as falling gold prices and rising cost blight the industry.
A question unimaginable in most major American cities is utterly commonplace in this one: If you suddenly found yourself gravely ill, injured or even shot, would you call 911? Many people here say the answer is no. Some laugh at the odds of an ambulance appearing promptly, if ever. In Detroit, people map out alternative plans instead, enlisting a relative or a friend.
The National Guard Association of the United States today released the following statement by retired Maj. Gen. Gus L. Hargett Jr., the NGAUS president:
“The National Guard in all 50 states, Guam, Puerto Rico, the U.S. Virgin Islands and the District of Columbia this week will begin furloughing nearly all of its dual-status military technicians one day a week through the end of the September.
“We’ve seen coal prices plummet at the same time as cost have been skyrocketing, and so there are many mines who are in loss-making situations.”
A recent survey of the mining services industry linked to the Bowen Basin painted a bleak picture.
With 47.5 million people in the food-stamp program called Supplemental Nutrition Assistance Program (SNAP), more than 15% of the population is getting financial help. SNAP, the federal aid program helps people in the U.S. with low to no income, purchase food.
Puerto Rico’s homeless population has risen sharply in the past two years amid an ongoing economic crisis that includes a nearly 14 percent unemployment rate, higher than any U.S. state. Officials say they expect the problem will only grow worse.
Tuition at Pennsylvania’s 14 state-owned universities will increase by 3 percent this fall under a proposal approved this morning by the State System of Higher Education’s board of governors.
The rate in OECD countries was 8.0 percent in May for the third month running but in the eurozone it edged up to 12.2 percent, the highest level for about 20 years, the OECD said.
According to RBC, 46 per cent of retired Canadians and only 23 per cent of Canadians who are not yet retired have determined the amount of money they will need for a comfortable retirement. As well, those who are not yet retired have significantly reduced their retirement savings goal by more than $200,000 to an average of $564,000 in 2012 from $778,000 in 2011.
Italy’s sovereign debt rating was downgraded one notch to BBB on Tuesday by ratings firm Standard & Poor’s. S&P also put a negative outlook on the long-term rating, which was moved down from BBB+ to two notches above junk
The cost of borrowing gold has risen to the highest since the post-Lehman Brothers scramble for supplies, as the bullion market adjusts to a new era in which western investor demand is less dominant.
According to the study, California’s major retirement systems now have $222.2 billion in unfunded pensions, up from $211.4 billion five months ago. The report says that number was $110 billion in 2007-2008, meaning the state’s unfunded pensions have doubled in six years.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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