Daily Digest

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Daily Digest 10/17 - Long Term Jobless Warning, 1 in 10 Irish Live In Food Poverty

Tuesday, October 16, 2012, 10:05 PM

Economy

Youth Unemployment: Long-Term Jobless Warning (UK)

The number of young people out of work for longer than two years has more than doubled since 2008. A new study by The Prince's Trust showed a 168% increase, with an even bigger jump in 18 to 24-year-olds out of work for at least six months.

Hidden charges: Hotels follow airlines in adding extra fees

"Airlines throughout the world reported making $22.6 billion in fees for add-ons such as extra services and frequent-flier programs in 2011, a $20 billion jump since 2007, according to a review by IdeaWorks Company, a consulting firm that specializes in so-called ancillary revenue, and Amadeus, which processes transactions for the travel industry. For some airlines, such as Spirit, that makes up more than 30 percent of their total revenue.

Greece Prepares Second Wave of Privatizations

Greece plans to launch tenders to sell or lease a string of state assets, including its biggest refiner and two largest ports, as it battles to pay down debt and meet the terms of an international bailout. The deals will be a second round of long-delayed privatizations after six projects which are expected to be done in early 2013.

UK Austerity Push May Have Hurt Growth More Than Thought -OBR

The U.K. government's budget watchdog Tuesday joined the International Monetary Fund in warning that austerity measures may be exerting more of drag on the country's economic growth than previously thought. The independent Office for Budget Responsibility said the coalition government's program of spending cuts and tax increases could partly explain why the U.K. economy only grew 0.9% between the first quarter of 2010 and the second quarter of 2012--significantly lower than its forecast of 5.7% growth for the period.

Increase in pupils going to school hungry (UK)

Around 40% of breakfast clubs have recently closed in schools across England due to budget cuts. Now, cash-strapped schools across Yorkshire are increasingly having to rely on food banks to keep their daily breakfast clubs going.

That's according to a survey of UK teachers which also reveals one in ten schools are now relying on food recycling charities to feed pupils, while a third of teachers admit to taking food into schools to give to the hungriest children.

New York City's transit agency seeks hike in fares, tolls

But the city’s subway and bus riders would be hit the hardest under the potential options, which include a 20 percent jump in the unlimited monthly Metrocard.

Base subway and bus fare could go up from $2.50 to $2.75. And the seven-day unlimited pass could jump from $29 to $34. One proposal calls for eliminating the 7 percent MetroCard bonus customers receive for putting at least $10 on a pay-per-ride card.

Emanuel's no-hike budget plan isn't quite so (Chicago)

Neither of those will help reduce next year's budget shortfall, which is estimated at $298 million. But the rollout of speed cameras near schools and parks, which the administration estimates will pour $20 million to $30 million into city coffers, is being counted on to help close that gap.

Emanuel also has proposed to shift $3.8 million in property taxes that once flowed into special taxing district funds to day-to-day city and Chicago Public Library operating expenses.

Irish State Pushes Banks to Forgive Home Debt as Arrears Mount

Some 30 percent of Irish home loans by value are in arrears or have been modified, the central bank said today. The government has pledged or injected 64 billion euros ($83 billion) into its banking system and nationalized five of its six biggest domestic lenders.

“The economic milk spilt in poor lending, the losses already incurred, have not even begun to be cleaned up,” Fiona Muldoon, the central bank’s head of supervision, said in a speech at the same event. “This is the stuff of denial.”

Foreign holdings of US debt hit record $5.43T

Demand for U.S. debt has remained high even though the United States has run budget deficits in excess of $1 trillion for the past four years. Many foreign investors see U.S. debt as a safe investment with Europe in crisis and global growth slowing.

Amtrak Deficit To Force Rail Line Closure

Another rail line may come to a halt this time next year unless the state opens its checkbook. Amtrak has run a budget deficit every year since Congress passed a law in 1981 requiring it to break even.

In one of the latest moves to save money, Amtrak is discontinuing service on all routes that are 750 miles or fewer in length one year from now unless state governments pay to continue service.

World Food Day: Rising food prices hit Greece (Video)

In Greece, which is in its fifth year of recession, the cost of dairy products are the highest in the EU. Many are relying on food handouts from charities and others are returning to villages to survive on what they grow.

Record numbers getting food parcels (UK)

A charity has reported record numbers of people receiving emergency food from its foodbanks across the UK in the last six months.

New Ordinance Aims to Hold Banks Responsible for Vacant Properties (Louisville)

The city has over 16,000 abandoned properties. In some neighborhoods, up to a third of the houses are vacant. A proposed ordinance would create a city registry to track foreclosed properties and levy fines on banks that are not following regulations. Whenever banks foreclose on a home, they'll be required to give the city notice and information on who is responsible for maintaining the property.

Developing nations' food costs soar

High and volatile food prices are pushing the cost of a basic food shop, including products worth £7 in the UK, up to nearly four times the average salary in some developing nations, Save The Children has said.

The charity asked its staff in nine countries to buy a selection of food from local markets, including meat, bread, oil, milk, fruit and vegetables.

Seniors on Social Security squeezed by rising prices

For some of the 56.3 million people who get Social Security -- either because they are retired or disabled -- the increase may not be enough to keep up with rising expenses.

"We're grateful for any small increase [in Social Security benefits], but believe me, any small increase doesn't begin to cover the major increases we're seeing in things like vegetables, fruits, bread and milk," said Mason.

UNICEF: Over 439,000 Children in Poverty in Greece

More than 439,000 underage children are living below poverty level in Greece due to the ongoing crisis, according to a UNICEF report released on Oct. 16 on the occasion of the World Feed Day 2012 and the International Day for the Eradication of Poverty

Some 10% of people in Ireland cannot afford or have no access to nutritious food, a new report on food poverty has shown.

Fuel shortages at Scottish airport a warning for winter

Edinburgh airport said jet fuel supplies were being rationed on Tuesday because of a glitch discovered last week at a Scottish refinery owned by Ineos , a further sign Europe could be heading towards a supply crunch this winter.

Refinery maintenance and closures both in Europe and the U.S. is limiting the availability of oil products, making retailers and other consumers vulnerable to supply shocks. A similar shortfall in wholesale oil product supplies in California had motorists gasping at record $5 a gallon prices at the pump earlier this month.

Traffic tickets spike in Tampa Bay communities

An investigation by a local news team analyzing six years of data provided by every law enforcement in the state uncovered that the highest spike in traffic tickets occurred in municipalities that installed red-light cameras in 2011. Leading the way was the small town of Haines City in Polk County, which had threefold increases in citations in 2011 — 15,630 compared to 4,982 the year before, according to WTSP. The additional numbers came from about 8,800 in citations from cameras.

Greek junior gov't partner rejects labor reforms

The head of a small center-left partner in Greece's governing coalition on Tuesday ruled out new reforms demanded by bailout creditors, which he said would "crush" labor rights in the debt-crippled country. The announcement by Fotis Kouvelis of the Democratic Left party is another snag in the country's ongoing efforts to agree on a package of cuts and reforms that Parliament must approve to keep receiving bailout money Greece desperately need to stay solvent.

EU mulls junior debt haircuts in case of recapitalizing banks

The euro zone might impose losses on holders of junior debt of banks that would be directly recapitalized with euro zone funds as one of the conditions for such aid, but is reluctant to impose such losses on senior bondholders, an EU document said.

Argentina slams credit agencies for "terrorist" reports

Argentina's economy minister accused credit ratings agencies on Tuesday of releasing "terrorist" reports and acting like "pirates" after Moody's Investors Service said Chaco province defaulted last week when it paid dollar debts in pesos.

The central bank refused to let Chaco buy dollars on the local foreign exchange market due to currency controls, so the province repaid creditors about $260,000 in pesos on dollar-denominated bonds issued under local legislation.

Iran Airlines May Raise Prices by 50% as Costs Soar, Mehr Says

Iranian airlines may raise the price of flights by as much as 50 percent by next month, a move backed by parliament as the national currency declines, the Mehr news agency reported.

One in 10 live in food poverty (Ireland)

Food Poverty refers to a person's inability to have an adequate and nutritious diet due to issues of affordability and accessibility. This new report, ‘Measuring Food Poverty in Ireland', was launched by Safefood. It reveals that those most at risk include people on low incomes, lone parents, those with an illness or disability, the unemployed, those with poor education and families with three or more children under the age of 18.

Coca-Cola Quitting Athens Leaves Market Trailing Vietnam

When Coca-Cola Hellenic Bottling Co. SA (EEEK), the world’s second-largest Coca-Cola bottler, quits the Athens stock exchange for London next year, it will leave the Greek market smaller than Vietnam.

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3 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
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thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1615
Scams, burglaries, thefts

 

If you haven't seen these scams, burglaries and thefts in your area, be patient: they're coming.  Just watch the news footage and several safety practices will occur to you.  Especially, keep your valuables secured in your home so someone sweeping through in 2-5 minutes won't be able to find them/take them.
http://www.nbcphiladelphia.com/video/#!/news/local/Phony-Repairmen-Steal-from-Elderly/174692101
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4148

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