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    Daily Digest 7/31 – India At Watershed, Detroit Has Bigger Problems Than Bankruptcy

    by saxplayer00o1

    Wednesday, July 31, 2013, 4:01 PM


Shipbuilders’ losses seen widening (China)

The core business revenue of 80 major shipbuilding companies declined 22.4 percent to 84.1 billion yuan ($13.7 billion) from January to May, according to data from the Ministry of Industry and Information Technology. Provided to China Daily

Bank of Cyprus deposits raid boosts finances

The central bank said that the Bank of Cyprus’ key capital ratio — a measure of a bank’s health — stands at around 12 percent after depositors were forced to lose 47.5 percent of their savings over 100,000 euros ($132,840).
The bank’s capital ratio before March when Cyprus agreed on a 23 billion-euro ($30.5 billion) bailout with its euro partners and the International Monetary Fund was less than 5 percent.

Greece sells state lotteries, clears way for OPAP sale

The deal was crucial for Greece to show its European Union and International Monetary Fund lenders it was making progress in meeting the goals of an ambitious but slow moving asset sales programme.

UK Losing Fight Against E-Crime Amid Budget Cuts, Parliamentary Committee Warns

Britain is losing the war against internet crime, in part because budget cuts have constrained the country’s ability to cope with the growing threat of cyber-attacks, a parliamentary committee said in a hard-hitting report Tuesday.
The report from the Home Affairs Committee underscores the difficulty of improving cyber-security in the U.K. at a time of deep spending cuts to replenish government finances drained by the 2008 financial crisis and the ensuing recession.

Amid bankruptcy, Detroit has a bigger problem

The problem is that even before bankruptcy was declared, Detroit’s children were in deep trouble. An astounding 60% of the city’s kids live below the poverty line — nearly three times higher than the national rate of child poverty. What’s more, with the city officially broke, Michigan experiencing massive budget cuts, and federal sequestration in full swing, programs needed to provide essential services to poor children — from anti-hunger programs to day care — are in greater jeopardy than ever before.

Growing copper theft ‘like an epidemic’ sweeping US

According to the latest statistics from the National Insurance Crime Bureau, which tracks incidents of metal theft, 25,083 claims were filed from 2009 to 2012, compared with 13,861 from 2006 to 2008. Nearly 96 percent of the claims in the more recent period were for copper theft.

India at a watershed as it confronts the spectre of stagflation

Growth in the year to March was just 5%, compared with the 9% average annual growth rate in the 10 years prior.
Growth engines are sputtering. The warning signs of stagflation – slowing growth, rising inflation and stubbornly high unemployment – are all around, with even the head of the PM’s economic advisory council sounding the alarm.

India central bank pat on rates, cuts growth view

The central bank said its recent tightening measures to support the rupee were aimed at checking “undue volatility” in the foreign-exchange markets and would be “rolled back in a calibrated manner” when stability returns. The RBI also urged the government to launch structural reforms to bring down the nation’s current-account deficit, a key factor behind the rupee’s weakness. The central bank lowered its growth forecast for the year ending March 31, 2014 to 5.5% from 5.7%, citing persistent weakness in industrial activity and tepid global growth.

African Barrick Writes Down Mines, Cuts Costs After Gold Tumbles

Gold mining companies have announced at least $15 billion in charges during the past two months after the drop in gold prices. Bullion has declined more than 20 percent in 2013 and is headed for its first annual loss in 13 years after some investors lost faith in gold as a store of value.

Court ruling allows Flint to start collecting on retiree cuts

Guiling said he made a budget and lived within his means, but his wife has a chronic medical condition that has increased their medical bills. He said the increase will cost him an extra $157 per month.

“Everything was all situated so that I could live on what I was getting. I can no longer do that,” Guiling said. “I can’t even make my house payment because of all the deductibles and copays.”

Miami Springs counting on red-light camera revenue in face of deficit

The city is counting on its red-light camera revenue more than ever as it faces an estimated $600,000 deficit in the general fund for the 2013-14 fiscal year, which begins Oct. 1. Worse, the city has been blind-sided recently with more than $1 million in additional and unforeseen expenses related to its golf course.

After a state law change, on July 1, municipalities have scrambled to comply with a new state law.

Gold & Silver

Click to read the Gold & Silver Digest: 7/30/13

Provided daily by the Peak Prosperity Gold & Silver Group

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