Daily Digest

Image by Christiaan Triebert, Flickr Creative Commons

Daily Digest 4/16 - Ukrainian Banks Quit Crimea, Rising Interest Rates Affecting Loan Repayments

Wednesday, April 16, 2014, 6:53 AM

Economy

France denies wavering on deficit commitments

With a deficit of 4.3 percent in 2013, Paris has already overshot its 4.1 percent target for last year, which means an even tougher belt-tightening than originally planned will be needed to keep the 2015 target in reach.
If the Commission judges France has not done enough to keep the budget on track, it will have little choice but to propose sanctions, one EU official said.

China expected to show slowest growth since 1990

The consensus has coalesced around a figure of 7.4 per cent, which would be the slowest full-year growth in China since 1990, when the country faced international sanctions after the Tiananmen Square massacre.

Pain in Spain as bank warns of 10-year jobs blight and public debt leaps €8.1bn

Spanish bank BBVA says unemployment may take a decade to recover from financial crisis and public debt hits 95% of GDP

Soaring Tuition Costs Force Students To Work More Hours: Analysis (Canada)

According to the data, which track tuition costs from 1975 to 2013, the average number of minimum-wage hours needed to pay for an undergraduate degree in 1975 was 230. That number went up nearly 2½ times to 570 by 2013.

Russia Axes Debt Auction as Yields Jump on Ukraine Violence

Russia canceled its second ruble bond auction in a row and sixth in the last seven weeks as yields jumped the most in a week yesterday after protests in eastern Ukraine turned violent.

How much pro athletes pay in federal income tax

On average, every MLB, NFL and NBA player pays $1 million in federal taxes.
According to data bases compiled by USA Today, players in these three major leagues alone earned nearly $9 billion in 2013. Most of that income is taxed at the highest rate of 39.6 percent, and for the first time a surcharge of .9 percent was added to the previous 1.45 percent Medicare tax employees pay on income that exceeds $250,000 to help pay for Obamacare.

Tax Havens Leave U.S. Filers $1,259 Tab Each, Report Says

The largest U.S.-based companies have accumulated $1.95 trillion outside the U.S., up 11.8 percent from a year earlier, according to securities filings from 307 corporations reviewed by Bloomberg News.
Together, they added $206 billion to their stockpiles of offshore profits last year, leaving earnings in low-tax countries until Congress gives them a reason not to.

Bankrupt Detroit Nears Deal With Retiree Group

If the current version of the plan filed with the court were approved, these public-safety workers and retirees would see a 6% reduction in their pension benefits and the elimination of cost-of-living adjustments. But if they vote against the current plan and the outside money disappears, they would experience a 14% reduction.
Other employees and retirees would see greater cuts under the revised plan.

Ukrainian banks quit Crimea

Banks are packing up and leaving Crimea as Kiev prepares sanctions against Ukrainian companies operating on the Black Sea peninsula.
Ukraine’s parliament is due to approve Tuesday legislation that will prohibit any state-regulated economic activity, including banking, in Crimea.

Slowdown, rising interest rates affecting loan repayments: Moody’s Analytics (India)

India and China have relied heavily on credit to drive GDP growth in the past 10 years, and on this metric, stand out as the most susceptible to a seizing in banking systems.
India’s non-performing loan ratio increased from a low of 2.3 per cent in 2011 to around 4 per cent in 2013.

Kadner: Chicago water hikes spur suburban revolt

That’s become an issue in the suburbs, where Chicago water customers have seen the cost of water jump 25 percent in 2012 and 15 percent in every year since. There’s another 15 percent price hike scheduled for 2015.

Lincoln Park joins growing list of cities in financial emergency (Michigan)

Six other cities are in a state-declared financial emergency: Detroit, Allen Park, Benton Harbor, Ecorse, Hamtramck, and Royal Oak Township.
Highland Park may be next to join the list.

North Las Vegas faces budget deadline

This economic plan is expected to get the city out of the red for the next fiscal year. The city faces a budget deficit of nearly $18 million. If the city can't submit a balanced budget, the state could take over the city's finances, which would lead to large tax increases.

Food prices rising due to California drought

The cost of ground beef has hit $3.55 a pound, according to February government readings.
That's up 56 percent since 2010. The average cost for round steak is at $5.28.
The cost of other staples, such as milk, butter, eggs, fruit and vegetable are also climbing.
With a severe drought ravaging farms across most of California, experts say prices could rise even more.

Japan’s jobs go part-time amid Abenomics-led revival

Japan is in the grip of a “permanent jobless recovery”, says Takeshi Yamaguchi, senior economist at Morgan Stanley MUFG Securities.

Jobless benefits' end didn't spur Illinois hiring

The Department of Employment Security said Monday that 74,000 people in Illinois lost their benefits when federal long-term unemployment benefits expired. About 64,000 remained out of work a month later.

Record unemployment with nearly half of EU’s jobless out of work for over a year

The measure, long-term unemployment as a percentage of total unemployment, has risen sharply from 33.5 per cent in 2009, to 47.5 per cent last year. It was 45.4 per cent in 2003.

Police among critics of bill banning traffic cameras in Colorado

The traffic enforcement cameras that in many cities across Colorado amass millions of dollars annually from citations were lauded Monday as necessary to enhance public safety, even as lawmakers move forward with a proposal to ban statewide use of the devices.

46 per cent of SMEs under credit stress, may default: India Ratings

"As much as 46.3 per cent of bank loans extended to listed small and medium companies (SMEs) are in significant stress ... at least one out of four such companies may face a challenge in servicing even interest," India Ratings said in a note.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/15/14

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."

4 Comments

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
Visions of the Future.

Do not pity. Envy.

cmartenson's picture
cmartenson
Status: Diamond Member (Offline)
Joined: Jun 7 2007
Posts: 5569
Ukraine!

Here's a short montage of Ukraine, but set to Clapton's Cocaine.  Well done...and it shows what's really going on over there.  tensions are high, obviously.

http://www.luckymedia.nl/luckytv/2014/04/ukraine/

Arthur Robey's picture
Arthur Robey
Status: Diamond Member (Offline)
Joined: Feb 4 2010
Posts: 3936
A Pattern Emerges.

Privatize, Loot and Leave.

While everyone is watching the Ukraine, things are further down the road in the Balkans and not looking too rosy. The good news is that hunger has dissolved ethnicities and united the population.

For their own sakes let us hope the Ukrainians do not allow the vulture capitalists in with their promises of cheap debt.

 

Edit: As an ex-white colonial Anglo-saxon male (How low can you go?), I am puzzled by the positions adopted by my moral superiors.

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4062

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Login or Register to post comments