Daily Digest

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Daily Digest 11/6 - Puerto Rico Heads Towards Default, Chase Isn't The Only Troubled Bank

Wednesday, November 6, 2013, 10:17 AM


Chase Isn't The Only Bank In Trouble (Michael W.)

Regulators on multiple continents are investigating the possibility that at least four (and probably many more) banks may have been involved in widespread, Libor-style manipulation of currencies for years on end. One of the allegations is that traders have been gambling heavily before and after the release of the WM/Reuters rates, which like Libor are benchmark rates calculated privately by a small subset of financial companies that are perfectly positioned to take advantage of their own foreknowledge of pricing information.

Chicago Ends Grace Period for Speed Cameras

Mayor Rahm Emanuel predicted that the cameras would generate $15 million in revenue for the remainder of the year once the ticketing period began. Drivers speeding from 6 to 10 mph over the speed limit receive a $35 ticket in the mail, and those speeding 11 mph or more receive a $100 ticket.

Anthem Blue Cross is sued over policy cancellations

About 900,000 Californians and many more nationwide have received cancellation notices on their individual health insurance policies, triggering a public uproar against the rollout of President Obama's healthcare law.
Some consumers have complained about hefty rate hikes from the forced upgrades because their current plans don't meet all the requirements of the Affordable Care Act.

Food-stamp cuts driving people to local food banks (Los Angeles)

The pantry gets crates of food from the Los Angeles Regional Food Bank once a month. Officials at the Food Bank say while they are barely able to help the 650 food pantries they service throughout the county, cuts in the federal food stamp program will leave more of the 770,000 people who get food-stamp benefits in the county looking to pantries for extra help -- help that may not be there.

1 in 3 Philadelphians' Food Stamps Cut

The scene at the Community Food Center in North Philadelphia last week was straight out of a Depression-era photograph. Dozens of people, including many seniors, lined up outside the food pantry to gather canned fruits, vegetables and pasta to keep from going hungry.

Spain's jobless numbers up in October, no relief in sight

The Commission said Spain's fiscal deficit could widen to 6.6 percent of GDP in 2015, worse than the target of 4.2 percent, meaning the country could be forced to make further tax hikes or budget savings.

EU Lowers Euro-Area Growth Forecast With Record Unemployment

Gross domestic product in the 17-nation currency bloc will rise by 1.1 percent in 2014, less than the 1.2 percent forecast in May, the Brussels-based European Commission said today. Unemployment, now at its highest rate since the euro was introduced, will be 12.2 percent in 2014, higher than the 12.1 percent predicted six months ago.

Greece’s Debt Inspectors Back Amid Austerity Anger

Greek officials insist no additional austerity measures can be implemented, arguing they would be unproductive in an economy that is contracting for a sixth year and with unemployment near 28 percent.
Unions are planning a general strike Wednesday, with ferries to halt for 24 hours and flights grounded for three hours on that day.

Puerto Rico heads towards debt default

Puerto Rico's economy is shrinking at an alarming rate. Officially the unemployment rate in the US territory is 13 percent, but some economists say it is three times higher.
The island is $70bn in debt, it has lost nearly 200,000 skilled workers in the past two years and could be heading towards default.

Slovenia deficit seen soaring to 7.1 percent of GDP next year

Slovenia's budget deficit is set to soar to 7.1 percent of GDP next year, the European Commission said on Tuesday, the result of moves to recapitalise Slovenian banks in an effort to avert an EU bailout.

Encana laying off 20% of workers (westcoastjan)

"Encana intends to retain a significant stake in the new company, which will manage leasing activities in the area currently known as Encana's Clearwater play," the statement said.

Suttles was upbeat about the company's future after the restructuring and layoffs.

Cash floods into property as investors seek alternative or safety (westcoastjan)

These are big investors looking to sink 50-150 million euros ($67.44 million-$202.31 million) into projects, Martin said. And his business is now “enquiry-driven”, rather than a matter of flying round the world seeking out interest.

Bangladeshi garment workers get raise to $66 a month (westcoastjan)

Bangladesh is the world's second-largest garment manufacturing country after China.

Factory owners say it is difficult for them to significantly raise the minimum wage because global brands are unwilling to pay higher prices amid stiff competition and a protracted economic crisis in the West.

Gold & Silver

Click to read the PM Daily Market Commentary: 11/5/13

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."


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