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Daily Digest 8/7 - Strong Gold Buying On eBay, Nine Cities’ Debt Ratio Exceeds 100%

Wednesday, August 7, 2013, 8:55 AM


Detroit bankruptcy a cautionary tale for municipal workers (Canada)

In July, ratings agency DBRS reported that the 67 Canadian pension plans surveyed were 84.4 per cent funded on average at the end of 2012, referring to the percentage of future benefit liability they could pay out if necessary. Worst-funded was Ontario Power Generation with a pension deficit of $3.3 billion, while Air Canada followed with a $3.2 billion deficit.

Decade-Long Australia Mining Boom Turns to Bust

Falling coal prices have hastened the closure of some financially marginal mines in the Bowen Basin and shed thousands of jobs. The price of Australian coking coal, the premium grade used in steelmaking, has fallen from a peak of $330 a metric ton in late 2011 to around $135. The iron ore price has tumbled from $192 in early 2011 to around $130.

IMF sees no end to French jobless crisis this decade

France’s economic reforms do not go deep enough to halt long-term decline and may not cut unemployment from double-digit levels by the end of this decade, the International Monetary Fund has warned.

IMF Warns of Risk Unless Japan Reins In Its Debt

The International Monetary Fund on Monday made a fresh call on Japan's government to bring its flow of red ink under control, saying the central bank's monetary easing could backfire if investors believe it is "monetizing" the growing mountain of government debt, a step that often leads to financial turmoil.

Nine cities’ debt ratio exceeds 100% (China)

Nine of the country's provincial capital cities have seen their debt ratio reach over 100 percent, sources from the National Audit Office (NAO) were quoted by China Enterprise News as saying Tuesday.

"After a two-year audit of the debts of 36 local governments, the audit office found that the highest debt ratio of a provincial capital city reached 189 percent," the sources said, without identifying the nine cities.

S&P cuts North Las Vegas, Nevada's GO debt rating to BBB-plus

Standard & Poor's Ratings Services late on Monday said it cut North Las Vegas, Nevada's limited-tax general obligation bond rating to BBB-plus, from A, with a negative outlook.

City finance officials say no new funding for schools (Philadelphia)

The district, facing a $304 million deficit this year, laid off more than 3,800 employees on June 30. The district asked the city and the state to find $180 million to fill the gap, with the rest to come from union concessions.

More layoffs hit Chicago public school system, 200 lunchroom employees terminated

Chicago Public Schools attributes the cuts to the district’s $1 billion deficit and said the lack of pension reform in Springfield has “brought this crisis to our schools’ doorsteps.”

French Cross Rhine to Escape 10% Unemployment

With unemployment in Alsace at about 10 percent and the jobless rate in the German state of Baden-Wuerttemberg where Kehl is located at about 4 percent, an increasing number of French people are crossing the border for work. Their commutes highlight how the euro region has one currency -- and 17 different labor markets.

BOJ Seen Adding Stimulus by June as 2% Inflation Remains Elusive

Twenty of 26 economists expect more stimulus in the next 10 months, while all said the bank would keep policy on hold at a two-day meeting starting today. Consumer prices excluding fresh food, the BOJ’s preferred measure of inflation, rose 0.4 percent in June.

Strong Gold Buying on EBay (Video)

The number of physical gold and silver buyers on eBay remains strong, APMEX's Michael Haynes tells TheStreet's Joe Deaux.

Gold & Silver

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Provided daily by the Peak Prosperity Gold & Silver Group

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saxplayer00o1's picture
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4261
Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Good old hypocrits.

to cede 51 percent of their assets to black investors

What's the colour of his skin got to do with it?

Zimbo to sieze etc.

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