Daily Digest

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Daily Digest 4/9 - Venezuela Rationing Food, Russia Cuts Growth Forecast

Wednesday, April 9, 2014, 9:37 AM

Economy

Snyder to Detroit pension funds: Time to settle

The city is proposing a 26% cut to monthly pension checks for retirees belonging to the General Retirement System if they vote in favor of the restructuring plan and 34% if they reject it. The city also is proposing a 6% cut to monthly pensions of police and fire retirees if they accept the restructuring plan.

Europe’s Many Jobless See Little Light Yet From Glimmers of a Recovery

In the broader 28-nation European Union, 25.9 million people remain jobless, out of a potential labor force of about 244 million. Data released last week showed no change in the euro zone’s 11.9 percent unemployment rate in February. Spain’s jobless figure was 25.6 percent, and Italy’s was at a new high of 13 percent.

Pressure on France to reduce deficit in line with EU target

After French president François Hollande appointed him last week, Mr Sapin called for more time to bring France’s deficit – 4.3 per cent of national output last year – in line with the EU’s 3 per cent ceiling. Yesterday, on his first visit to Berlin, he was less outspoken, calling for “a balance between the necessary respect for commitments and growth”.

Survey: Nearly 40 Percent Of Americans Can’t Come Up With $2,000 For Emergency

Nearly 40 percent of survey participants answered that they weren’t “confident” about coming up with $2,000 if an unexpected need arose within the next month.

The survey also found that almost 60 percent of individuals in the country did not have three months of emergency funds that they could access to cover an emergency.

IMF: World economy gains but faces threats from too-low inflation

The issues highlighted in the IMF's outlook, such as alarmingly low inflation, will likely be high on the agenda. Yet the meetings will be relatively free of the crisis atmosphere that beset the IMF for several years after the global financial meltdown and European debt crisis.

US warns China over yuan depreciation and market intervention

Washington has been pressing Beijing for years to allow its currency to trade at stronger values. A weak yuan makes Chinese exports cheaper for US consumers, at the expense of American manufacturers. It also makes Chinese consumers less able to buy foreign goods.

China's next bond default looms as polyester firm declares bankruptcy

Analysts widely expect more defaults on loans, bonds, and shadow bank products this year. Semiconductor, software, and commodities firms are among the most at risk for default, a Reuters analysis of more than 2,600 Chinese companies showed.

Argentina Expands Price Control Program as Inflation Rages

Argentina has added more than 100 consumer products to a controversial price control program as the government grapples with one of the highest rates of inflation in the world.

Inflation is widely thought to be more than 30% following the devaluation of the Argentine peso in January and the government's habit of financing deficits through money printing.

Venezuela rationing food to combat shortages

Due to a severe shortage of basic food supplies in Venezuela, people are hoarding what they can. It has forced the government to begin a food rationing, seeing many Venezuelans queuing up to register for this new programme.

Russia cuts 2014 growth forecast, ministry calls for stimulus

Deputy Economy Minister Andrei Klepach said that under its new "base case" scenario, the ministry is projecting economic growth of 1.1 percent this year, down from its original forecast of 2.5 percent.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/8/14

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."

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4237
Tall's picture
Tall
Status: Platinum Member (Offline)
Joined: Feb 18 2010
Posts: 564
Unilever boss reveals company impacted by climate change

"Climate change is putting in jeopardy everything we have achieved since the 1960s in respect of poverty, food security, and social stability," he added. "The cost of inaction is now greater than the cost of action: in the last decade, the world spent $2.7tr more on natural disasters than usual; the same disasters are costing Unilever around €300m a year."

He provided a litany of examples detailing how the multinational giant was seeing its operations disrupted by increased climate risks that had led to cancelled shipping routes, destroyed power networks, reduced crop yields, and dangerous levels of air pollution.

http://www.businessgreen.com/bg/news/2338830/unilever-boss-reveals-compa...

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5971
A New Australian Coal Company Position

From Funny Or Die, this is a very well done piece dealing with the moral gap between increasing shareholder value and going what's right for the long term.

Warning, one bad word, said many times.  

http://www.funnyordie.com/videos/8367ecddd5/an-important-message-from-co...

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4237
S&P downgrades New Jersey on budget concerns

S&P downgrades New Jersey on budget concerns

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Thanks for the Laugh.

Loved the Funny or Die video. Australia is behaving badly.

In response I have joined Greenpeace. For those who disapprove of Greenpeace I refer you back to the video.

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