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Royalty Pharma takeover bid fails to find Elan ecceptance

Thu, 23 May 2013 17:52:46 -0400

DUBLIN/ WASHINGTON Ireland-based biotechnology firm Elan Thursday rejected Royalty Pharma's increased $6.4 billion takeover bid, shortly after the U.S. firm cut the acceptance bar for its latest offer to 50 percent plus one share. Royalty raised its hostile cash bid to $12.50 per share on Monday, from $11.25 previously, but made the new offer conditional on Elan shareholders rejecting, at a ...

UK urged by IMF to bring forward high value spending

Wed, 22 May 2013 15:53:31 -0400

LONDON - In a critique of the United Kingdom's austerity programme, the International Monetary Fund Wednesday urged the Europe's third largest economy to rebalance the policy to make the transition to a high-investment and more export-oriented economy. "The UK could boost growth by bringing forward measures already included in its fiscal plan, such as spending on infrastructure and job ...

Chidambaram says U.S. Federal Reserves statement misunderstood calls for calm

Thu, 23 May 2013 09:00:01 -0400

Finance Minister P. Chidambaram on Thursday sought to calm stock markets in India after Federal Reserve Chairman Ben Bernanke suggested bond purchases could be scaled back if the U.S. economy improves. Addressing a news conference here, Chidambaram said fears that the Federal Reserve would start reversing its U.S. monetary stimulus programme were being misunderstood in stock market and investor ...

Japanese economy has begun to recover central bank

Thu, 23 May 2013 02:10:01 -0400

Japan's central bank said Wednesday that it will continue pursuing its current stimulus program and that the country's economy "has begun to recover" thanks to a reversal in the decline of exports, which account for 40 percent of Japanese GDP. "Domestic demand remains resilient due to the effects of the monetary relaxation measures" and the recently-approved stimulus policies, the Bank of Japan ...

Free Market Reforms Needed to Fix Venezuelas Socialist Economic Problems

Wed, 22 May 2013 18:15:05 -0400

In Venezuela, the laws of supply and demand are undermining the socialist revolution started by the late President Hugo Chavez. Since Chavez's hand-picked successor Nicolas Maduro won the Venezuelan presidential election in April - by a margin of less than 2 percent - high inflation and a shortage of staple goods are now leading many on both sides of this politically-divided country to question ...

The danger of blindly trusting the technocrats

Thu, 23 May 2013 17:36:57 -0400

We are living in the age of the technocrats. In business, Big Data, and the Big Brains who can parse it, rule. In government, the technocrats are on top, too. From Washington to Frankfurt to Rome, technocrats have stepped in where politicians feared to tread, rescuing economies, or at least propping them up, in the ...

The Great Confusion when uncertainty is the only sure thing

Thu, 23 May 2013 17:36:54 -0400

The 24 hours that began Wednesday morning in London were all too typical of the Great Confusion. That is a good name for the current mindset of policymakers, outside experts and investors. The wait for clarity could be ...

S Korean economy to post 3.6 expansion in 2014

Thu, 23 May 2013 17:31:15 -0400

(MENAFN) The Korea Development Institute (KDI) stated that the country's economy is projected to grow 3.6 percent next year, driven by a recovery in exports and domestic demand, reported Xinhua News.The state-run thank tank added that exports, which make up almost half of Asia's fourth-largest economy, are expected to rise 8.4 percent in 2014.Meanwhile, private consumption is expected ...

Singapores economy grows 0.2 in Q1

Thu, 23 May 2013 17:31:00 -0400

(MENAFN) Singapore's Ministry of Trade and Industry (MTI) announced that the city-state's economy expanded in the first quarter by 0.2 percent from a year before, reported Xinhua News.The figure is revised from the 0.6-percent decline estimated previously in April.Furthermore, it's compared with a growth of 1.5 percent recorded in last year's fourth quarter.On quarterly basis, ...

NZ dollar bounces back from 8-month low

Thu, 23 May 2013 17:19:12 -0400

The kiwi dollar fell to 80.26 cents yesterday. Photo / File The New Zealand dollar rebounded from an eight-month low, after failing to break below 80 US cents, as some traders deemed the initial response to Federal Reserve chairman Ben Bernanke's comments on a possible end to quantitative easing was an over-reaction. The kiwi dollar rose to 81.38 US cents from 80.26 cents at 5pm ...

Canadians Wont Pay More at the Pumps This Summer - Gasoline Prices Predicted To Be Similar to Last Years Prices

Thu, 23 May 2013 17:19:04 -0400

May 23, 2013 /CNW/ - Canadians can expect to pay about the same for gasoline this summer as last summer, while the price of natural gas could see an increase along with electricity prices, depending on where you live, said the National Energy Board (NEB or Board) today in its latest Summer Energy Outlook. This summer the Board is predicting the price of West Texas Intermediate to ...

Obamacare premiums in California lower than predicted

Thu, 23 May 2013 17:17:59 -0400

Health insurers in California will charge an average of $304 a month for the cheapest silver-level plan in state-based exchanges next year, according to rates released Thursday by Covered California, which is implementing the Affordable Care Act there. But many residents will pay a lot less than that for ...

Stocks end lower after bumpy trading day investors reassess Fed worries China economy

Thu, 23 May 2013 17:06:59 -0400

NEW YORK, N.Y. - Stocks are ending the day slightly lower after recouping a big loss early on. U.S. markets fell immediately after the opening bell following a global slump prompted in part by an unexpectedly weak report on manufacturing in China. Concern that the Federal Reserve might ease back on its economic stimulus program sooner than expected had also riled investors. The market ...

Fed balance sheet expands in latest week

Thu, 23 May 2013 16:34:40 -0400

NEW YORK | Thu May 23, 2013 4:34pm EDT NEW YORK (Reuters) - The Federal Reserve's balance sheet expanded in the latest week on higher holdings of Treasuries and mortgage-backed securities, Fed data released on Thursday showed. The Fed's balance sheet - a broad gauge of its lending to the financial system - stood at $3.356 trillion on May 22, up from $3.312 trillion on May 15. The ...

Foreign central banks U.S. debt holdings fall Fed

Thu, 23 May 2013 16:33:18 -0400

NEW YORK | Thu May 23, 2013 4:33pm EDT NEW YORK (Reuters) - Foreign central banks' overall holdings of U.S. marketable securities at the Federal Reserve fell in the latest week, data from the central bank showed on Thursday. The Fed said its holdings of U.S. securities kept for overseas central banks fell $670 million in the week ended May 22, to stand at $3.3 trillion. The breakdown ...

Kenya Weather pushes inflation food prices down

Thu, 23 May 2013 16:21:20 -0400

inflation eased significantly from 14 per cent in 2011 to 9.4 per cent in 2012 with the country's reliance on rain-fed agriculture paying out. The drop ...

Lessons for Euro From Two Revolutions

Thu, 23 May 2013 16:01:37 -0400

An illustration from the Carnavalet Museum in Paris of the Women's March on Versailles of Oct. 5, 1789, a near-riot over bread that preceded the French Revolution. Europe overturned the convention of history when, unlike the U.S. or Germany before it, it created monetary union before political union. Now it is paying the price. The euro crisis is a story of a breakdown in the mechanisms ...

Female Breadwinners and Love in a New Economy

Thu, 23 May 2013 15:08:15 -0400

More than four years later, that choice continues to be a source of pride for Somerfeld, 39, who founded NYC Dads Group, a fraternity/support group of more than 800 dads with varied parenting arrangements. "I walk around, and I'm very confident in telling people what my role is, who I am, how much I love spending time with my child," he says. Somerfeld credits his wife, Jessica, ...

Eurozone Recession Eases Markit Index

Thu, 23 May 2013 14:57:49 -0400

eurozone eased in May, a key economic indicator released Thursday showed. The London-based research group Markit said its closely watched Purchasing Managers Index for the region's manufacturing and service sectors rose to a three-month high of 47.7 points in May from 46.9 in April. The May index was higher than the 47.2 points forecast by analysts. However, a reading below 50 ...

What does a Chinese recession look like

Thu, 23 May 2013 14:47:51 -0400

Falling demand for Chinese exports in Europe hurting growth Manufacturing in China contracted this month, according to the HSBC purchasing managers' index (PMI), a preliminary reading of manufacturing activity. The figure came in at 49.6. Any number below 50 means activity is shrinking. At about the same time, research firm Markit reported its Flash eurozone PMI composite index was at 47.7 ...

Fords retreat deals blow to Labors ailing election hopes

Thu, 23 May 2013 14:47:30 -0400

Ford Australia announce closer of production in 2015/16. Image /Rod Emmerson Unemployment rate of 5.5 per cent set to rise with more job losses in manufacturing sector Ford's decision to shut down its production lines in Australia at the cost of thousands of jobs across the automotive industry has dealt another heavy blow to Prime Minister Julia Gillard's ailing minority Government. ...

Kiwi tumbles as US$ climbs

Thu, 23 May 2013 14:47:30 -0400

Photo / File Fears that the New Zealand dollar would continue its upward spiral were put to rest yesterday when comments from the US Federal Reserve chairman Ben Bernanke revived optimism about the US economy, sending the greenback higher and the Kiwi sharply lower. Statements from the Federal Reserve yesterday were at first perceived as being bearish for the greenback, which meant the kiwi ...

Goldman unveils checks on conflicts in bid to fix image

Thu, 23 May 2013 14:39:23 -0400

Lloyd Blankfein, Chairman and CEO, Goldman Sachs Group, speaks with the media after meeting with U.S. President Barack Obama and other CEOs at the White House in Washington February 5, ...

Cannes comes down to earth with depression-era movie Nebraska

Thu, 23 May 2013 14:36:34 -0400

Link to video: Nebraska: 'What it lacks in voltage it makes up in warmth' - Cannes video review This year at Cannes, film after film has delved into the world of the wealthy. The Great Gatsby's lavish parties have been rivalled by only the madly superficial Roman fiesta that begins Paolo Sorrentino's The Great Beauty. Meanwhile their glittering possessions are filched in ...

Wow Americans Are a Lot More Miserable About the Economy Than Canadians

Thu, 23 May 2013 14:35:50 -0400

only a smidge better than America's, and its GDP is growing slightly slower. So how come our northerly neighbors seem so much pleased with their ...

Arrested Development and the Frozen Banana Economy

Thu, 23 May 2013 13:49:44 -0400

Regular viewers of "Arrested Development" may think the Bluth's Frozen Banana is just another of the show's oddball inventions, along ...

Global economic growth still sluggish with prospect of gradual improvement - UN report

Thu, 23 May 2013 13:49:26 -0400

Print 23 May 2013 &#150 Global economic growth will continue to be ';below potential'; this year, according to a report released today by the United Nations that adds that job creation will be vital to spur recovery. The ...

Exchange rates and inflation hit Asian expats in the Emirates

Thu, 23 May 2013 13:49:04 -0400

Currency appreciation back home is hitting Asian expatriates hard on their pockets. Above, a daily scene at a currency exchange in the UAE. Jeffrey E Biteng / The ...

Commercial banks overstating current risks in Russia’s economy

Thu, 23 May 2013 13:40:26 -0400

VORONEZH, May 23 (Itar-Tass) - Commercial banks are apparently overstating the risks that exist in Russia’s economy today, President Vladimir Putin said Thursday at a conference with businessmen in the city of ...

Johnson Johnson Is Reinventing The Party Drug Ketamine To Treat Depression

Thu, 23 May 2013 13:38:07 -0400

Health . While there, he helped run a program that led to one of the greatest breakthroughs in psychiatry in recent years: the knowledge that a brain receptor called the N-methyl- D-aspartate (NMDA) receptor played a key role in depression, and, then, some of the first evidence that a drug that hits that receptor, the anesthetic ketamine, could rapidly ease depression symptoms and even suicidal ...

Artistic Entrepreneurs Fuel the Creative Economy - It takes a community...

Thu, 23 May 2013 13:38:06 -0400

BrandVoice ™ allows marketers to connect directly with the Forbes audience by enabling them to create content - and participate in the conversation - on the Forbes digital publishing platform. ...

Housing Market Gets Off to Solid Spring Start

Thu, 23 May 2013 13:27:32 -0400

BY SARAH PORTLOCK AND ALAN ZIBEL WASHINGTON—Sales of previously owned homes reached the highest level in more than three years, with the share of foreclosure purchases shrinking, as the housing market continued its rebound last month. Existing-home sales inched up 0.6% in April from a month earlier to a seasonally adjusted annual rate of 4.97 million, the National Association of Realtors ...

Jobs housing data show economy has some muscle

Thu, 23 May 2013 13:23:03 -0400

The improving employment picture is helping to prop up housing, with rising home prices keeping domestic consumption supported, limiting the drag from tighter fiscal policy that is dampening factory ...

Fewer new orders mean continued eurozone recession

Thu, 23 May 2013 13:17:56 -0400

The eurozone’s downturn has eased slightly, but businesses continue to suffer from a chronic lack of new orders, which should inhibit any meaningful near-term recovery. As a result the region is likely to remain in recession in the second quarter of 2013. Surveys of companies – both in the manufacturing and the services sector – pointed to a similar contraction to the 0.3 ...

Ghana TWN Blames Scale Mining Menace On Weakling Economy

Thu, 23 May 2013 13:11:48 -0400

Third World Network-Africa (TWN), an Accra-based a research and advocacy non-governmental organisation (NGO), has blamed the recent gangsterism and other challenges in the artisanal and small scale mining (ASM) in Ghana on a weakling economy. The NGO argued that if the Ghanaian and African economies were creating enough jobs, no citizen of African would have engaged in illegal scale small ...

Fed enters delicate new phase of communication

Thu, 23 May 2013 12:47:10 -0400

By Jonathan Spicer NEW YORK | Thu May 23, 2013 12:47pm EDT NEW YORK (Reuters) - Investors' hair-trigger reaction to Federal Reserve Chairman Ben Bernanke's testimony on Wednesday marks a delicate new policy phase for the U.S. central bank in which communication is paramount. Pitfalls lurk as the Fed approaches the time when it will begin to withdraw its extraordinarily ...

Jet-sharing soars as economy picks up

Thu, 23 May 2013 12:32:40 -0400

Video: Boeing says Dreamliner fix will eliminate risk of fire Flexjet provides not only share ownership - known as fractional ownership - but whole aircraft ownership and management service, as well as charter brokerage services and jet cards for the purchase of flight time.It said in a news release Thursday that new jet card sales increased 48 per cent year-over-year in the first ...

Japan’s ‘demographics of doom’ trump market-stimulating tricks

Thu, 23 May 2013 12:32:14 -0400

Japan's economy is doomed by the irreversible forces of its demographics. It is a simple observation that a decline in the population of a country causes its economy to contract. In Japan's case, that contraction is advanced by the way the working-age population is declining (by aging), by the debt burden of the nation, and by changes in the competitiveness of the world around it. ...

U.S. jobless claims figures suggest labour market strength

Thu, 23 May 2013 12:32:11 -0400

The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labour market despite belt-tightening by Washington.The improving job market tone is helping to prop up housing, with rising home prices keeping domestic consumption supported. But tighter fiscal policy as the government tries to slash its bloated budget deficit is ...

Feds Williams No autopilot by Fed if tapering starts - Bloomberg

Thu, 23 May 2013 12:30:29 -0400

Thu May 23, 2013 12:30pm EDT (Reuters) - The Federal Reserve will maintain policy flexibility and respond to incoming economic data that theoretically could cause it to initially taper its pace of bond purchases and then adjust the purchases higher, the president of the San Francisco Fed, John Williams, said in an interview published by Bloomberg News on Thursday. "Even if we do adjust ...

New Kings arena construction will spark Sacramento area economy UOP forecaster says

Thu, 23 May 2013 12:29:33 -0400

The planned construction of a new Kings arena in downtown Sacramento should provide a significant boost for the area's economy and job market, a University of the Pacific forecaster said today.Although the region's job growth will remain modest this year, the effect of arena construction should begin to be felt sometime next year, said UOP's Jeff Michael in his quarterly ...

HSH Nordbank Warns Shipping Recession Will Last Into 2014

Thu, 23 May 2013 12:24:15 -0400

Germany's HSH Nordbank, the world's biggest ship financier, warned the crisis in the shipping market could deepen through 2014, as it announced sharply lower net income and more than tripled loan loss ...

Mexico’s economy Reality bites

Thu, 23 May 2013 12:20:40 -0400

Sailing out of the tourism top ten INVESTORS who were starry eyed about Mexico's economic potential at the start of the year are now having misgivings. From a record high then, the stockmarket fell to an eight-month low on May 21st. Just to rub it in, stocks in Brazil, which Mexico views as its main regional rival, have recently been performing much better. The immediate catalyst for the ...

The Spanish economy On being propped up

Thu, 23 May 2013 12:20:40 -0400

, most accept their lot with resignation. The government of Mariano Rajoy is unpopular, but so is the opposition. And whereas many other stricken euro-zone countries blame the Germans for their woes, Spaniards recognise that they are paying for their own excesses, especially the burst property bubble. The numbers are grim. The economy is in deep recession. In the first three months of the year ...

Croatia’s economy Coming in

Thu, 23 May 2013 12:20:39 -0400

ACROSS Croatia many parties are planned. After 12 years' slog the country will join the European Union on July 1st. Foreign dignitaries will come to toast the EU's 28th member and watch the fireworks. A day later President Ivo Josipovic will play host to the presidents of the five non-EU western Balkan countries, to encourage their aspirations. The problem is that most Croats are in no ...

Russia Will Avoid Recession This Year – Shuvalov

Thu, 23 May 2013 12:12:53 -0400

MOSCOW, May 23 (RIA Novosti) – Russia is demonstrating "insufficient" economic growth rates but the country will be able to avoid even a technical recession this year, First Deputy Prime Minister Igor Shuvalov said on Thursday. "We consider GDP growth of 2 to 3 percent to be insufficient for us," Shuvalov said, but added that "there will be no recession this ...

5 Scholarships for In-Demand College Majors

Thu, 23 May 2013 12:10:01 -0400

Selecting a college major can be one of the easiest - or most difficult - decisions a person can make in their lifetime. Some of you have known you've wanted to become a veterinarian since the day you brought home your fifth grade classroom's pet hamster. For others, choosing between economics or nursing will be a decision you grapple with even after you force yourself to decide at the ...

Timios National Corporation Enters Into Agreement With Institutional Investor To Limit Economics And Voting Control

Thu, 23 May 2013 12:10:00 -0400

ARLINGTON, Va., May 23, 2013 /PRNewswire/ --Timios National Corporation ("Timios") ( ), a national provider of real estate services to banks, financial institutions and mortgage lenders announced that it has entered into a transaction with its institutional investor, Yorkville Global Investments, L.P. ("Yorkville"), that will give Timios the ability to limit Yorkville's ...

Corporate Americas hoarding more and more cash even as the economy improves

Thu, 23 May 2013 12:05:27 -0400

The cash is piling up at home in part as companies such as General Electric Co. and chemical maker PPG Industries Inc. sell assets and Caterpillar Inc. cuts capital spending. Jeffrey Immelt, chairman and chief executive officer of General Electric Co. Any lament that U.S. executives are sitting on cash at their companies instead of investing in plants and equipment may be about to get louder. ...

Hit by recession Mediterranean refiners battle oil shortage

Thu, 23 May 2013 11:48:17 -0400

Thu May 23, 2013 11:48am EDT * Structural shortage as sour crude is scarce, light oil - plentiful * Supplies of traditional sour barrels in Med halved in past 5 years * Eni buys Urals in long-term tender in Baltic By Dmitry Zhdannikov LONDON, May 23 (Reuters) - Sanctions against Iranian oil, Iraqi flow outages and a change in Russian export routes have left Europe's recession-hit ...

Number of EI beneficiaries falls for fifth straight month

Thu, 23 May 2013 11:18:02 -0400

Statistics Canada says the number of people receiving regular employment insurance benefits continued to trend down for a fifth consecutive month in March.It says the number of recipients declined by 1.0 per cent or 5,200 people, to 523,700.The number of beneficiaries was down 8.1 per cent compared with a year ...

Low rates help keep home affordability stable report

Thu, 23 May 2013 11:18:00 -0400

Low mortgage rates helped make owning a house largely affordable in the first quarter of 2013 and the risk of a sharp upturn in rates remains low, RBC Economics says in a new report.Owning a home in the first quarter still took a bigger-than-normal chunk of the average household's income, but the situation has not worsened since early 2010, according to RBC's latest Housing Trends and ...

SARB comments on interest rates

Thu, 23 May 2013 11:10:12 -0400

';Growth is expected to accelerate to 3.8 percent in 2015. At these growth rates, the negative output gap will widen further before stabilising next year, and begin to close during ...

S.Korea top think tank cuts growth inflation forecasts

Thu, 23 May 2013 11:09:06 -0400

South Korea's top government think tank recommended on Thursday the central bank keep monetary policy easy for the time being as the economy will likely grow much less than seen previously and inflation will hit a 14-year low.Asia's fourth largest economy is now expected to grow by 2.6 percent this year and annual average inflation will stand at 1.8 percent, which will mark the lowest ...

Savers face limited options despite fall in inflation rate

Thu, 23 May 2013 11:08:58 -0400

Savings for most continue to be eroded and there are only limited choices for those wanting to beat inflation. Photograph: Katherine Rose for the ...

Ron Paul Government Lying About Inflation

Thu, 23 May 2013 11:08:31 -0400

Federal Reserve Chairman Ben Bernanke testified this week that our nation's long term economic outlook has improved and that consumer inflation is a modest one percent. Chairman Bernanke is grossly misleading the American people when he calls inflation 'subdued.' Just ...

The economy Much obliged

Thu, 23 May 2013 11:07:30 -0400

If lower deficit and interest rates are good news, falling inflation is even better. Price rises slowed to 2.4% in April, according to ONS data released on May 21st. For British workers, whose pay has risen much more slowly than inflation for the past five years, this may come as little comfort (see chart). But falling inflation may produce a quiet but vital change, by tipping the balance at the ...

Canadian biotechs resilient - but financing flat at $US733m for 2012 Ernst Young

Thu, 23 May 2013 11:00:01 -0400

May 23, 2013 /CNW Telbec/ - Despite powerful science and great talent, financing for Canadian biotechs was flat in 2012. That means companies must boost their focus on efficiency and results if they hope to attract new investment, according to results from Ernst & Young's ...

New home sales rise

Thu, 23 May 2013 10:59:07 -0400

New homes sold at an annual pace of 454,000 in the month, up 2% from March, and a 13% jump from the year earlier sales pace. Sales readings for the previous three months were also all revised ...

Mining unrest affects economy Zuma

Thu, 23 May 2013 10:54:59 -0400

Parliament - Continuing wildcat strikes and tension in the mining industry could impoverish South Africa, President Jacob Zuma warned on ...

Economic Report April new-home sales second-best since recession

Thu, 23 May 2013 10:50:56 -0400

WASHINGTON (MarketWatch) -- Sales of new U.S. homes edged up in April to the second-highest post-recession level, as pent-up demand, low interest rates and tight inventories of older homes lifted ...

Fresh signs of Chinas economy fragility

Thu, 23 May 2013 10:48:36 -0400

Factory activity there shrank for the first time in seven months in May. The initial reading of surveys of manufacturers puts the blame on a fall in new orders. That has economists worried that the country’s recovery is stalling. The soft data is a problem for China’s top politicians, who are trying to manage the economy in such a way that there is an orderly slowdown. They also ...

U.S. manufacturing index slips in May

Thu, 23 May 2013 10:40:09 -0400

The pace of U.S. manufacturing growth in May slowed marginally from April, Markit Economics data released Tuesday indicates. It was the second consecutive month in which the pace of growth slowed, the research firm said. Markit, however, noted that the critical new orders index for manufacturers rose in the month. The figures released Thursday are considered a flash estimate and could be ...

UPDATE 2-Rebound in key sectors seen driving Kenya economy in 2013

Thu, 23 May 2013 10:21:23 -0400

Thu May 23, 2013 10:21am EDT * Officials keen to attract new investments * Stable economic fundamentals to support (Adds comments from cabinet secretary, permanent secretary) By Duncan Miriri NAIROBI, May 23 (Reuters) - Kenya's economy is expected to expand by about 6 percent in 2013 thanks to a rebound in sectors such as manufacturing and financial services, officials said on Thursday. The ...

RPT-U.S. new home sales rise prices surge to record highs

Thu, 23 May 2013 10:07:53 -0400

Thu May 23, 2013 10:07am EDT WASHINGTON May 23 (Reuters) - Sales of new U.S. single-family homes rose 2.3 percent in April, and prices climbed to record high levels, offering strong proof the sector's rebound trend is intact. The Commerce Department said on Thursday sales increased to a seasonally adjusted annual rate of 454,000 units. Economists polled by Reuters had expected sales to rise ...

U.K. Economy Dodges Recession In Q1 On Inventories

Thu, 23 May 2013 10:02:38 -0400

economy avoided recession in the first quarter as initially estimated, but the detailed breakdown of gross domestic product highlighted major contribution coming only from built up stocks of companies.Gross domestic product grew 0.3 percent sequentially in the first quarter, offsetting the last quarter's 0.3 percent fall, second estimates from the Office for National Statistics showed ...

Hungary Losing Its Best and Brightest

Thu, 23 May 2013 09:57:35 -0400

- As the European Union accuses Hungary of shifting towards authoritarianism, a spike in emigration from the country has led many to speak of a politically motivated exodus. Others suggest that economic conditions play a role in the westward flow of brainpower that is leaving Hungary’s future ...

Gazans Dying to Enter Israel

Thu, 23 May 2013 09:57:35 -0400

- Israel’s crippling blockade of the coastal territory of Gaza is pushing desperate young Palestinians to ever more extreme measures in the search for livelihoods, despite an agreement granting Gazans greater access to their agricultural ...

Remittances Buoy Up Myanmar’s Economy

Thu, 23 May 2013 09:57:33 -0400

She has been on her feet in this laundromat in the northern Thai city of Chiang Mai since seven in the morning and had been hoping to call it a day when two more customers walked in. She is not in a position to turn anyone away: ';I need the money. My family needs me to work," she tells IPS, her voice tinged with desperation as she begins yet another load. Six do-it-yourself washing ...

In China No Monetary Stimulus Weakening Economy

Thu, 23 May 2013 09:55:31 -0400

Down it goes... Investors have learned two things since 2008; don't fight the Fed is one of them. The other is to invest in stimulus. Big stimulus. None of this tax break stuff to one or two sectors. We are talking bazillions thrown at the entire economy coupled with market friendly monetary policy. China has done nothing of the sort since 2010. And as a result, the market has shunned ...

Japan stocks plunge 7

Thu, 23 May 2013 09:46:01 -0400

A global rally in stocks came to an abrupt halt Thursday as a 7% plunge on Japan's Nikkei index unnerved investors in Europe and set the tone for a weak opening on Wall ...

Jobless claims fall pointing to better May

Thu, 23 May 2013 09:45:56 -0400

About 340,000 people filed for their first week of unemployment benefits last week, according to seasonally adjusted figures from the Labor Department. That's 23,000 fewer initial claims than in the prior week, and a lower number than economists had ...

Factory activity slips to seven-month low in May Markit

Thu, 23 May 2013 09:36:16 -0400

NEW YORK (Reuters) - Manufacturing slowed for a second straight month in May as weak overseas demand and government belt-tightening at home led to the sector's most sluggish rate of growth since October, a survey showed on ...

Jobless claims data suggests labor market strength

Thu, 23 May 2013 09:36:15 -0400

WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labor market despite belt-tightening by ...

HIGHLIGHTS-South African central bank comments on interest rates

Thu, 23 May 2013 09:35:18 -0400

Thu May 23, 2013 9:35am EDT (Adds comments on labour relations) JOHANNESBURG May 23 (Reuters) - Below are comments from South African Reserve Bank Governor Gill Marcus at her latest decision on the repo rate. INFLATION "Inflation is now expected to average 0.1 percentage points lower in 2013 and 2014 at 5.8 percent and 5.2 percent, respectively, and to average 5.0 percent in ...

Africa U.S. Praises Power of Inclusive Growth for World Economy

Thu, 23 May 2013 09:29:42 -0400

Washington - The United States is committed to injecting new capital into the World Bank, the International Monetary Fund (IMF) and other multilateral development banks with the aim of supporting inclusive growth in the global economy, according to Treasury Under Secretary Lael Brainard. "This past year, the U.S. committed to recapitalization across all MDBs [multilateral development banks] ...

Bernanke says interest rates will remain low

Thu, 23 May 2013 09:27:44 -0400

Federal Reserve System Chairman Benjamin Bernanke said the bank will likely keep interest rates low for now Federal Reserve System Chairman Benjamin Bernanke said the bank will likely keep interest rates low for now, but could reduce the amount of bonds it is buying. Bernanke, in remarks prepared for his appearance before Congress Wednesday, also said the federal governments budget cuts are ...

Great Britain confirms GDP growth

Thu, 23 May 2013 09:26:43 -0400

Britain's Office of National Statistics said the country's economy rose 0.3 percent in the first quarter of the year, leaving a previous estimate unchanged. The growth over the fourth quarter of 2012 was in line with expectations and follows a quarter-to-quarter decline of 0.3 percent in the previous reporting period. The gross domestic product, the broadest measure of an ...

Fed officials stress no rush to exit not on autopilot

Thu, 23 May 2013 09:11:41 -0400

Thu May 23, 2013 2:23pm EDT (Reuters) - The Federal Reserve will not hastily withdraw its policy stimulus for the economy, a senior central banker said on Thursday, while another stressed that it could adjust the pace of bond purchases both up or down according to the data. Seeking to temper investor concerns that the Fed was quickly moving to end its ultra-easy monetary policy, St. Louis Fed ...

Fed not that close to winding down stimulus Bullard

Thu, 23 May 2013 09:11:41 -0400

By Marc Jones LONDON | Thu May 23, 2013 9:11am EDT LONDON (Reuters) - A senior central banker sought to give reassurance on Thursday that the Fed is in no hurry to start winding down its economic stimulus after comments by chairman Ben Bernanke sent stock markets tumbling. James Bullard, president of the Federal Reserve Bank of St. Louis, said on Thursday he did not think the Fed was ...

S.Africa central bank sees breach of inflation target in Q3 of 2013

Thu, 23 May 2013 09:07:13 -0400

PRETORIA | Thu May 23, 2013 9:07am EDT PRETORIA May 23 (Reuters) - For highlights of South African Reserve Bank Governor Gill Marcus' news conference after the Bank's policy meeting, and quotes from her speech, please double-click on (Reporting by Johannesburg ...

UK inflation expectations at 10-month low - CitiYouGov

Thu, 23 May 2013 08:53:15 -0400

LONDON (Reuters) - Britons expect inflation of 2.5 percent over the coming year, the lowest rate since the one they predicted in July last year, a YouGov/Citi survey showed on Thursday.Consumer price inflation has been above the central bank's 2 percent target for much of the past five years, but eased last month to 2.4 percent and looks set to fall further over the coming two ...

U.S. jobless claims drop more than expected last week

Thu, 23 May 2013 08:52:15 -0400

The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to resilience in the labour market despite belt-tightening by Washington.Initial claims for state unemployment benefits dropped 23,000 to a seasonally adjusted 340,000, the Labor Department said on Thursday, pushing back below the 350,000 mark that economists normally associate with a ...

Bitcoin more powerful than fastest supercomputers

Thu, 23 May 2013 08:33:55 -0400

The power of all the computers networked together to maintain the digital currency's system far exceeds the combined processing strength of the top 500 most powerful ...

Pope Franciss Economics Yes He Has A Leftist View Of Free Markets

Thu, 23 May 2013 08:31:46 -0400

Pope Francis greets the faithful during the Inauguration Mass for Pope Francis in St Peter's Square on March 19, 2013 in Vatican City, Vatican. (Image credit: Getty Images via @daylife) When Cardinal Bergoglio was first chosen as Pope, my immediate reaction was that, although he would probably not tamper with the Church's views on sexual issues, he would likely move it to the left in ...

Housing affordability remains attractive in Atlantic Canada RBC Economics

Thu, 23 May 2013 08:31:46 -0400

May 23, 2013 /CNW/ - Despite a modest deterioration in affordability in the first quarter of 2013, Atlantic Canada remains one of the more affordable housing markets in Canada, according to the ...

IMF’s Lagarde - a pragmatist in austerity debate

Thu, 23 May 2013 07:42:31 -0400

International Monetary Fund, IMF, head Christine Lagarde arrives at a court for hearing in Paris, Thursday May 23, 2013. Lagarde is being investigated over a controversial arbitrage deal, which she oversaw as French finance minister. (Jacques ...

Concerns over underlying health of UK economy as 0.3 growth confirmed

Thu, 23 May 2013 07:33:28 -0400

Stockpiling by British businesses accounted for much of the growth in the UK economy in the first three months of the year, adding to concerns that its underlying health remains weak.GDP growth was confirmed at 0.3% by the Office for National Statistics after inventories increased by 0.4%.The ONS said business investment, a key indicator of the economy's wellbeing, fell 0.4% and consumer ...

Need small scale tapering of bond buys when it starts Feds Bullard

Thu, 23 May 2013 07:30:47 -0400

LONDON | Thu May 23, 2013 8:15am EDT LONDON (Reuters) - Federal Reserve policymaker James Bullard said on Thursday that the bank should wind back its support slowly when it starts the process. Speaking to reporters after a speech in London, Bullard said the Fed was likely to start tapering its bond purchases if the economy continued to improve and inflation picks up, and that he would be ...

6-step guide to dodging taxes just like Apple

Thu, 23 May 2013 07:23:29 -0400

Tax avoidance works beautifully -- and legally -- for Apple and other multinationals. Why not make it work for you? FORTUNE -- It's faddish -- and fun -- these days to talk about the income taxes that Apple does or doesn't pay. Hey, as we learned this week from a Senate report and hearings, Apple's tax strategems are even slicker than its products are. Many of them involve the ...

4 federal agencies to shut Friday

Thu, 23 May 2013 07:23:21 -0400

Employees at all four agencies will be on furlough that day. They include nearly 115,000 workers -- or more than 5% of the 2 million-strong federal workforce -- who are being forced to spend Friday at home without pay. It was triggered by the sequester, or the March ...

Need inflation pick-up before starting policy taper- Feds Bullard

Thu, 23 May 2013 07:09:22 -0400

By Marc Jones LONDON | Thu May 23, 2013 7:09am EDT LONDON May 23 (Reuters) - Federal Reserve policymaker James Bullard said on Thursday that while the U.S. economy was improving, he would like to be sure inflation was heading back towards target before the bank started winding down its support programme. "I think the Chairman, as he always does, said the right thing which is it ...

British economy returns to growth in first quarter

Thu, 23 May 2013 07:08:45 -0400

Set up by Turner Broadcasting-promoted Cartoon Network’s former top official Jiggy George, this is the first time Dream Theatre will work on a local ...

Japan gyrations underline economys vulnerability

Thu, 23 May 2013 06:29:52 -0400

TOKYO -; Japan's financial markets gyrated wildly Thursday, underscoring the vulnerability of its economy to a loss of investor confidence as Prime Minister Shinzo Abe attempts shock monetary easing to end two decades of ...

UK economys return to growth confirmed

Thu, 23 May 2013 06:29:08 -0400

The UK's return to growth was underlined today as revised figures confirmed the dominant services sector helped the economy expand by 0.3% in the first three months of the year. Services shook off the freezing start to the year, with a recovery from hotels and restaurants helping the sector grow by 0.6% in the first quarter, the Office for National Statistics (ONS) said today. An even ...

Will It Be Inflation Or Deflation The Answer May Surprise You

Thu, 23 May 2013 06:28:49 -0400

Economic Collapse May 23, 2013 Is the coming financial collapse going to be inflationary or deflationary? Are we headed for rampant inflation or crippling deflation? This is a subject that is hotly debated by economists all over the country. Some insist that the wild money printing that the Federal Reserve is doing combined with out of control government spending will eventually result in ...

Kenya economy to grow by 6

Thu, 23 May 2013 06:23:42 -0400

Nairobi - Kenya's economy is expected to grow by about 6 percent in 2013, up from a growth rate of 4.6 percent last year, driven by growth in sectors like agriculture, the planning minister said on ...

Joburg’s growth boosts national economy

Thu, 23 May 2013 06:23:28 -0400

Johannesburg - The City of Joburg has grown at an average rate of 4.2 percent between 1996 and 2011 – higher than the average of the national and provincial economies, which are 3.3 and 3.7 percent ...

Manitobas housing affordability deteriorates for second consecutive quarter RBC Economics

Thu, 23 May 2013 06:10:54 -0400

TORONTO , May 23, 2013 /CNW/ - Affordability in Manitoba's housing market deteriorated for the second straight quarter due to strong price gains across most housing categories, according to the ...

UK economy grows 0.3pc in first quarter

Thu, 23 May 2013 06:08:23 -0400

(1 hr 8 mins ago) Britain's economy grew by 0.3 percent in the first quarter of the year, official data showed on Thursday, confirming the initial estimate and the nation's success in avoiding a third recession since the 2008 global financial crisis . British gross domestic product grew after GDP had fallen by 0.3 percent in the final three months of 2012, the Office for National ...

STOCKS NEWS EUROPE-EDRAM favours stocks exposed to U.S. economy

Thu, 23 May 2013 05:54:22 -0400

* Launches strategic review of U.S. services* FY pretax profit 152.1 mln stg vs 110.2 mln stg* Revenue falls 9.6 pct to 1.33 bln* Maintains guidance as U.S. uncertainty persistsLONDON, May 23 (Reuters) - British defence ...

Early Identification And Treatment Of Postpartum Depression Can Limit Or Prevent Debilitating Effects

Thu, 23 May 2013 05:18:01 -0400

depression in the weeks after giving birth, and an opportunity to intervene before symptoms become debilitating. The findings of the small study involving 52 pregnant women are described online in the journal Molecular Psychiatry. "Postpartum depression can be harmful to both mother and child," says study leader Zachary Kaminsky, Ph.D., an assistant professor of psychiatry and ...

Albertas housing market remains one of Canadas most affordable RBC Economics

Thu, 23 May 2013 05:05:58 -0400

May 23, 2013 /CNW/ - Alberta's housing market was not hindered by modestly higher home prices in the first quarter of 2013, as high household income across the province kept market conditions among the most affordable ...

Japan stocks plunge on weak China data

Thu, 23 May 2013 05:05:00 -0400

A seven-month rally in Japanese stocks came to an abrupt halt Thursday as the benchmark Nikkei index plunged by 7.3%, with investors rattled by weak economic data from ...

China factory activity contracts in May

Thu, 23 May 2013 05:04:59 -0400

Fears of a slowdown in global growth were reinforced Thursday as a preliminary report on China's manufacturing in May showed activity contracted for the first time in seven ...

Tanzania Mwambani Port Project to Transform Tanga Economy

Thu, 23 May 2013 04:49:14 -0400

TANGA Region is set to benefit immensely from the Mwambani Port and Railway Corridor (MWAPORC) project that envisages transforming the regional economy. The Mwambani project includes the construction of a deep sea and free port as well as a new heavy haul standard gauge railway that will link the Indian Ocean from Tanzania through Uganda and the Democratic Republic of Congo (DRC). Tanga ...

Business slump in May leaves France mired in recession - PMI

Thu, 23 May 2013 04:15:01 -0400

PARIS (Reuters) - French business activity retreated again in May despite a slight improvement in manufacturing, a survey showed on Thursday, offering little hope of a quick exit from recession in the euro zone's second-biggest economy.Data compiler Markit said its preliminary composite purchasing managers index, covering activity in the services and manufacturing sectors, was unchanged in ...

Between economy and trouble Obama approval steady

Thu, 23 May 2013 04:12:21 -0400

President Barack Obama and first lady Michelle Obama watch as singer-songwriter Carole King performs after being presented the Library of Congress Gershwin Prize for Popular Song during an East Room concert honoring King Wednesday, May 22, 2013, at the White House in Washington. (AP Photo/Jacquelyn ...

Economic growth motorization and road traffic injuries in the Sultanate of Oman 1985-2009.

Thu, 23 May 2013 02:56:40 -0400

Department of Health Information and Studies, Directorate General of Health Services, North Batinah Governorate, Ministry of Health, Sultanate of ...

Outlook for China’s Economy Worsens

Thu, 23 May 2013 01:43:37 -0400

The unexpected contraction in China's factory activity in May has heightened the risk of a further slowdown in the second quarter, after the world's second largest economy grew at its slowest pace in three years over January to March, said economists. ...

Slaying China’s zombies and righting the economy

Thu, 23 May 2013 01:43:05 -0400

Recent signs show that the Chinese economy, which has maintained double-digit growth for three decades, is slowing down. China recorded its last double-digit growth in 2010. But since then, the annual growth rate has fallen roughly 20 percent (from 10 to 8 percent per annum). The GDP data for the first quarter of 2013, if anything, have raised fresh worries. Instead of expanding at the expected ...

Kenya Lower Interest Rates Boost CFC Stanbic Profits

Thu, 23 May 2013 01:21:28 -0400

CfC Stanbic yesterday said net profits for the three months of this year grew by 78 per cent to Sh1 billion as interest paid on customer deposits dropped by more than half. The bank, which posted Sh568 million over a similar period in 2012, said interest paid on deposits dropped to Sh531 million, down from Sh1.3 billion in 2011, a 60 per cent drop. Customer deposits however fell slightly to ...

Pension plans can make all the difference in retirement

Thu, 23 May 2013 01:18:32 -0400

Pension plans can make all the difference in how financially well off U.S. retirees are, Gallup's annual Economy and Personal Finance survey indicates. The survey of 2,000 U.S. adults, including 636 retirees, conducted April 4-14, found U.S. retirees with $50,000 or more in annual income were twice as likely as retirees below that threshold to have a work-sponsored pension plan as a major ...

Singapore Economy Posts Surprising Expansion

Thu, 23 May 2013 00:34:26 -0400

Singapore on Thursday reported a surprise expansion in its economy in the first quarter, helped by a surge in financial services as trading in stocks and foreign exchange soared. The Southeast Asian city-state, whose economy is heavily dependent on trade, manufacturing and financial services, said gross domestic product expanded 1.8 percent in January-March on a quarter-on-quarter, seasonally ...

Chinese meat blockade lifted

Thu, 23 May 2013 00:28:33 -0400

File photo / Thinkstock China's freeze on New Zealand meat imports is over says Primary Industries Minister Nathan Guy. "A resolution has been agreed which should see authorities clearing New Zealand meat exports to China from next week" Mr Guy said in a statement. "Chinese authorities have agreed they will begin releasing consignments under the name of the New ...

Economics Daily Digest Where Have All The Good Jobs Gone

Thu, 23 May 2013 00:15:29 -0400

U.S. News and World Report ) David Cooper makes the case that raising the minimum wage is not only advisable but necessary: with full-time minimum wage workers living below the poverty line, every taxpayer is subsidizing low wage employers. Not the most uplifting way to see your tax dollars at work. Workers Strike Over Federal Contracts and Low Wage Jobs In ...

Real World Economics Government responses to disasters raise economic questions

Thu, 23 May 2013 00:09:55 -0400

The tragic tornado in Oklahoma this week has economic considerations -- at least judging by questions from readers. The central issues seem to be whether some government policies, such as buildings codes, might reduce loss of life and property damages and or whether others, like disaster relief, might actually increase them. Let's start with the second point. Does government disaster ...

Cooling measures drive up car loan interest rates in Singapore

Wed, 22 May 2013 23:24:19 -0400

The widely expected rise in interest rates for car buyers has materialised in Singapore, since measures to restrict the amount and tenure of loans were introduced in March to cool the market. As of yesterday, DBS Bank remained the ...

China may scrap floor for interest rates this year -media

Wed, 22 May 2013 22:59:40 -0400

BEIJING | Wed May 22, 2013 10:59pm EDT BEIJING May 23 (Reuters) - China may remove its floor for interest rates as early as this year or next year at the latest, Chinese media said on Thursday, an important step towards freeing the country's tightly-controlled interest rates market. Ba Shusong, a researcher at the Development Research Center, a think-tank whose recommendations to ...

Targets Profits Drop in Cold Spring Still-Tepid Economy

Wed, 22 May 2013 22:26:01 -0400

NEW YORK | Target Corp. reported a 29 percent drop in first-quarter profit as unusually cool spring weather and financial pressures chilled customers' appetite for ...

Triple blow for economy underlines IMF fears for recovery

Wed, 22 May 2013 22:17:33 -0400

The UK's tentative steps towards economic recovery were shaken yesterday by the worst slide in retail sales for a year, sluggish progress on cutting the deficit and a stagnant quarter for the nation's ...

Egypt boosts FX sale for imports as SP warns on inflation

Wed, 22 May 2013 22:14:10 -0400

Egypt’s central bank sold an unspecified amount of dollars after offering a record $800 million to local lenders at a currency auction to finance imports as Standard & Poor’s warned of accelerating inflation. The benchmark Eurobonds fell. The regulator, which normally offers $40 million at each auction, sold the U.S. currency at a weighted average of 6.972 pounds at its second ...

The Cost of Safety Examining Economics Behind Bangladeshi Factory Conditions

Wed, 22 May 2013 22:04:49 -0400

The collapse of a garment factory in Bangladesh claimed more than a thousand lives and put industry working conditions into sharp focus. Laura Kuenssberg of Independent Television News examines the low wages of workers, whether retailers have begun deliver any support and the larger economic ...

Top Concerns in Asias Unfinished Development Agenda for the Post-MDG Era

Wed, 22 May 2013 21:54:43 -0400

More MANILA, PHILIPPINES - Asia and the Pacific face a daunting unfinished development agenda when the Millennium Development Goals (MDG) expire in 2015. The focus in this fast growing region should be on the glaring gaps in its MDG achievements: eradicating extreme poverty and making better progress on human development, especially reducing infant deaths and improving maternal health. ...

Millennials Are Better Savers Than Boomers Gen-X

Wed, 22 May 2013 20:55:35 -0400

recent national surveys show U.S. students haven't stepped up their knowledge of economics since the 2007 financial crisis, the "Millennial" generation at least had a first-hand view of the perils of leverage. And that appears to have led Millennials — those born roughly between the early 1980s and early 2000s — to lean more toward saving than spending. ...

The euro zone economy is declining for six consecutive quarters. Nine of the 17 countries are in recession Spain France Italy Finland Netherlands Portugal Cyprus Greece and Slovenia. The austerity policy imposed by the troika and the German govern

Wed, 22 May 2013 20:31:53 -0400

The euro zone economy is declining for six consecutive quarters. Nine of the 17 countries are in recession: Spain, France, Italy, Finland, Netherlands, Portugal, Cyprus, Greece and Slovenia. The austerity policy imposed by the troika and the German government of Angela Merkel is sinking Europe. Eurostat data was released on Wednesday (15th) and are relative to GDP in the euro area in the first ...

Full circle Summer shutdowns at Detroit Three scaled back cancelled

Wed, 22 May 2013 20:06:58 -0400

The Detroit Three auto makers learned a valuable lesson during the Great Recession: too much assembly capacity is deadly.Now, with the U.S. market bouncing ...

Bargain-hunting consumers eating into sales receipts of retailers

Wed, 22 May 2013 20:06:58 -0400

Retail sales are sluggish, as debt-ridden shoppers hold out for bargains. Retail sales are rebounding smartly, as consumers snap up an increasing volume of domestic goods.Both of those statements are true. Amid fierce price competition, the dollar value of retail purchases is rising only slightly even as the volume of goods that Canadians bought rises by a higher ...

Homeowners Don’t be caught flat-footed when interest rates rise

Wed, 22 May 2013 20:06:55 -0400

Low borrowing costs are creating a spoiled generation of homeowners who have never experienced the adversity of rising interest rates.Renewing a mortgage? Just contact your lender to find out how much less you'll be paying. A report issued Wednesday by a group representing mortgage brokers found that people renewing in 2012 and early 2013 nailed a rate that was, on average, 0.91 of a ...

Inflation written in red ink in UPA’s report card

Wed, 22 May 2013 19:51:42 -0400

inflation is something that he would avoid talking about given the coalition's track record. After all, for seven of the nine years that UPA has spent in office, retail inflation, measured by consumer price index for industrial workers, has remained over 6%. Economists would tell you that 6% inflation based on CPI is not as bad as 6% inflation based on wholesale prices. It gets worrisome if ...

Guest Grow the economy with immigration reform

Wed, 22 May 2013 19:50:37 -0400

Immigration is vital to providing Washington the workforce necessary to grow our economy, according to guest columnists Don Brunell and Mike ...

A Design Collective Creates Its Own Economy In El Salvador

Wed, 22 May 2013 19:38:08 -0400

The Carrot Concept is a multi-disciplinary design collective of artists, architects, and entrepreneurs in El Salvador. They launched their first collection during this past weekend's New York Design ...

Panel urges tougher U.S. response to trade secret theft

Wed, 22 May 2013 19:23:45 -0400

By Paul Eckert WASHINGTON | Wed May 22, 2013 7:23pm EDT WASHINGTON (Reuters) - Theft of trade secrets, chiefly by China, costs the U.S. economy $300 billion a year and must be fought with sanctions as tough as those used against terrorism and drug trafficking, an advisory panel said on Wednesday. The Commission on the Theft of American Intellectual Property said U.S. responses so far, ...

Fed’s policy discord makes market uneasy

Wed, 22 May 2013 18:57:58 -0400

The next few months promise to be turbulent ones for financial markets, as investors adjust to Federal Reserve Chairman Ben Bernanke's insistence that they judge the course of monetary policy for themselves.Officials are divided over when to begin reversing the extraordinary amount of cash the central bank has been pouring into the economy, making it difficult to anticipate the U.S. central ...

LA mayor-elect says hell focus on economy

Wed, 22 May 2013 18:56:15 -0400

LOS ANGELES -; Los Angeles Mayor-elect Eric Garcetti says he's going to focus like a "laser beam" on the economy when he takes office July ...

Loonie sinks in response to Bernanke remarks

Wed, 22 May 2013 17:49:13 -0400

The Canadian dollar dropped nearly a penny Wednesday as the head of the U.S. central bank said that prematurely ending the Fed's $85-billion-a month monetary stimulus program could harm the world's largest economy.The loonie ended down of 0.98 of a cent at 94.28 cents (U.S.).Ben Bernanke told Congress that there was a "substantial risk" in scaling back or stopping the bond ...

A rave review for the restaurant industry

Wed, 22 May 2013 17:49:10 -0400

When I was graduating from university in 1989, economist jobs were scarce. There was a joke at that time: What's the first question an econ grad asked on his first day of work? Answer: "Would you like fries or salad with that?" And no joke, I ended up asking that question myself when, for about half a year, I waited on tables at a popular restaurant chain in ...

Bernanke Economy Still Too Shaky To End Low Interest Rates

Wed, 22 May 2013 17:44:49 -0400

Over the past several years, the Federal Reserve has added trillions of dollars to its balance sheet, purchasing bonds in order to stimulate the economy. Many investors have been concerned that when the Fed starts selling off those bonds it could create turmoil in the markets. But in Congressional testimony on Wednesday, Ben Bernanke said the Fed might not sell off those bonds at ...

Bernanke Economy is at Risk Without Help of Fed

Wed, 22 May 2013 17:36:41 -0400

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that the country's job market remains weak and warned against ending the Fed's stimulus program too soon. Bernanke testified at a hearing of the congressional Joint Economic Committee. Chairman Rep. Kevin Brady, R-Texas, suggested the economy runs a risk of inflation due to the Fed's policy of buying bonds. But ...

NZ dollar drops to 80.64 US cents

Wed, 22 May 2013 17:31:56 -0400

A strengthening US dollar is weighing heavily on the kiwi, said Michael Johnston, a senior trader at HiFX. Photo / File The New Zealand dollar fell after US Federal Reserve Chairman Ben Bernanke said the central bank may taper monthly bond purchases at its next few meetings if it's confident of sustained gains in the economy. The kiwi dropped to 80.64 US cents from 81.47 cents at ...

WRAPUP 5-Bernanke says more progress needed before stimulus pullback

Wed, 22 May 2013 17:30:59 -0400

Wed May 22, 2013 5:30pm EDT * Bernanke touts benefits of Fed bond buying * Says end to purchases will depend on economy * Could trim bond buys at one of the "next few meetings" * If anything, "inflation is too low," Bernanke says By Pedro da Costa and Alister Bull WASHINGTON, May 22 (Reuters) - The Federal Reserve's monetary stimulus is helping the U.S. economy recover but the ...

Migraines plus depression may equal smaller brain

Wed, 22 May 2013 17:19:03 -0400

Migraine sufferers are twice as likely to be depressed as people who don't have the painful headaches. Now, a new study finds that people with migraines who also are depressed have smaller brains, a discovery that could provide more clues into treating the conditions. "Our study suggests that people with both migraine and depression may represent a unique group from those with only one ...

Inside Money Wheelchairs on planes - it could be worse or more expensive

Wed, 22 May 2013 16:35:00 -0400

The case of the airplane wheelchair refusnik has sparked many questions in the national press. Herald columnist Deborah Hill-Cone, for instance, in her reflective piece of self-confessed middle-aged mellowing attracted a barrage of responses, which covered the spectrum from calm to apoplectic in tone. But my brief analysis suggests that the amazing diversity of replies can ...

Nuclear program to sinking economy Issues facing Iran as presidential election looms

Wed, 22 May 2013 16:08:29 -0400

In this picture taken on Saturday, May 11, 2013, Iranian President Mahmoud Ahmadinejad, right, joins hands with his close ally Esfandiar Rahim Mashaei, as he flashes a victory sign, at the start of their press conference, after registering the candidacy of Mashaei for the upcoming presidential election, at the election headquarters of the interior ministry, in Tehran, Iran. By now, President ...

U.S. mortgage activity down 9.8 percent last week

Wed, 22 May 2013 16:01:19 -0400

U.S. mortgage activity fell 9.8 percent last week with refinancing activity off sharply as long-term interest rates rose, the Mortgage Bankers Association said. The association said mortgage activity fell 9.8 percent in the week while refinancing activity dropped 12 percent in the week ending Friday. Interest rates for 30-year, fixed-rate conforming mortgages increased from 3.67 percent to 3.78 ...

Housing slowdown to worsen cost 150000 jobs mortgage group says

Wed, 22 May 2013 15:28:30 -0400

The Canadian Association of Accredited Mortgage Professionals has never agreed with the perception that Canada had a housing-bubble problem. (MEL ...

Nigeria statistics chief has almost figured out the economy

Wed, 22 May 2013 15:28:18 -0400

A woman and two children stand along the Jos-Maiduguri road in the city of Maiduguri, northeastern Nigeria, May 19, 2013. Nigeria has more than 160 million people, 200 languages, 36 states and 774 local government areas. (AFOLABI ...

Russia Annual Inflation Reaches 7.3 Percent

Wed, 22 May 2013 15:24:53 -0400

Moscow, May 22 (Prensa Latina) The annual inflation in Russia until May 20 accumulated an increase of 7.3 percent and in the current year it reached an increase of 2.8 percentual points, said the Russian National Statistics Committee (ROSSTAT) Wednesday. In the week from May 14 to 20, the inflation increased 0.2 percent. Since May 1st increased 0.4 percent, compared to 0.3 percent in the same ...

Bernanke Hints That The Economy Still Needs Help

Wed, 22 May 2013 15:23:14 -0400

Federal Reserve Chairman Ben Bernanke during his Capitol Hill testimony Wednesday before the Joint Economic Committee. In the nearly impenetrable language that comes with his job, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that even though the economy is doing better, the central bank needs to keep giving it a boost. ...

P.M. Kitco Metals Roundup Gold Ends Down As Federal Reserve News Deemed Bearish

Wed, 22 May 2013 15:17:24 -0400

Comex gold futures prices ended the U.S. day session solidly lower in a volatile trading session Wednesday. Gold was first supported and then pressured by the latest news to come from the U.S. Federal Reserve. Comex June gold last traded down $17.40 at $1,360.30 an ounce. Spot gold was last quoted down $14.30 at $1,362.25. July Comex silver last traded down $0.075 at $22.38 an ounce. The market ...

Jacksonville economy among 50 strongest in U.S.

Wed, 22 May 2013 15:11:33 -0400

Jacksonville's economy continued to strengthen in May. The Jacksonville economy continues to slowly make its way up the list of the strongest in the nation cracking the top 50 in the May version of the On Numbers Economic Index. Jacksonvilles economy ranked No. 45 on the May index up from No. 54 last month. It ranked as low as No. 98 in February. Of the big cities in Florida, only Tampa ...

The Economics of Saving Lives During a Tornado

Wed, 22 May 2013 15:06:03 -0400

Government Funding Bill Fails Over Cuts to Pay for Disaster Relief You cannot prevent people from dying during tornadoes. There will always be people who don't heed warnings. There will always be people who aren't able to make it ...

Fed officials want more progress before bond tapering minutes

Wed, 22 May 2013 15:01:50 -0400

A view shows the Federal Reserve building on the day it is scheduled to release minutes of the Federal Open Market Committee from August 1, 2012, in Washington August 22, ...

Home sales close in on three-and-a-half year high

Wed, 22 May 2013 15:01:48 -0400

WASHINGTON (Reuters) - Home resales rose in April to the highest level in nearly 3-1/2 years and prices surged, offering the economy a buffer from the stiff headwinds posed by belt-tightening by ...

Illinois pays down bills but backlog could rise again in August

Wed, 22 May 2013 14:55:34 -0400

CHICAGO | Wed May 22, 2013 2:55pm EDT CHICAGO (Reuters) - Higher-than-expected revenue from state income tax enabled Illinois to reduce its unpaid bills to $5.8 billion from $8.5 billion at the beginning of April, the state comptroller said on Wednesday while cautioning the improvement could be short lived. "Illinois is the only state in the nation where $5.8 billion in unpaid bills ...

Feds bond buying ineffective no need to add to it Fisher

Wed, 22 May 2013 14:55:12 -0400

NACOGDOCHES, Texas | Wed May 22, 2013 2:55pm EDT NACOGDOCHES, Texas (Reuters) - Dallas Fed President Richard Fisher on Wednesday reiterated his opposition to the U.S. central bank's bond-buying program, calling it ineffective. "Why would you dial up if it's not having an effect?" Fisher said to reporters after a speech here. Fisher also said he believes the economic ...

Feds Fisher printing money does no good if firms wont hire

Wed, 22 May 2013 14:24:44 -0400

NACOGDOCHES, Texas | Wed May 22, 2013 2:24pm EDT NACOGDOCHES, Texas (Reuters) - The Federal Reserve's super-easy monetary policies will do little to boost jobs if businesses remain uncertain about the outlook for taxes, government spending, and regulation, a top Fed official said on Wednesday. Companies are sitting on "massive" amounts of money, Dallas Fed President Richard ...

Bernanke suggests Fed not ready to pull back on stimulus

Wed, 22 May 2013 14:15:47 -0400

Reuters © Federal Reserve Board Chairman Ben Bernanke testifies before the Joint Economic Committee in Washington May 22, 2013. REUTERS/Gary ...

Slowdown Nearly half of Canadian homeowners eager to buy property

Wed, 22 May 2013 14:14:44 -0400

Undeterred by record-high housing prices and bolstered by low borrowing costs, nearly half of Canadian home owners plan to buy a property in the next five years, although intentions vary sharply from city to city, a poll released Wednesday has found.According to a Bank of Montreal survey, 45 per cent of Canadian homeowners surveyed this spring are looking to buy a place in the next five years, a ...

Apple CEO Tim Cook Pounds Another Nail Into the Keynesian Coffin

Wed, 22 May 2013 14:04:47 -0400

Image via CrunchBase As most readers are now aware, technology giant Apple Inc. has in the past few days been the recipient of juvenile attacks from U.S. Senators on both sides of the political aisle. Its alleged misdeed was the legal shielding of overseas earnings from corporate taxation stateside. Funny here is that back in 2001 Sarbanes-Oxley was foolishly passed to ensure that CEOs watch ...

Heating homes properly out of reach for many - survey

Wed, 22 May 2013 13:57:11 -0400

Photo / Thinkstock One in three New Zealanders can't afford to heat their homes properly in winter, an especially acute issue for younger people, a survey shows. A University of Otago public health professor said the findings were concerning because living in a cold house can have serious heath implications. A nationwide Canstar Blue survey of 2060 people found 74 per cent have changed ...

$17m for living wage

Wed, 22 May 2013 13:57:11 -0400

The Auckland rate would cost $17.3 million a year. Photo / APN Adopting a living wage for all Auckland Council employees could cost ratepayers more than $17 million, a report says. The council report on the living wage movement, considered at a meeting in March, said adopting the policy could see rates rise by up to 1.2 per cent. Living wage campaigners say it is the minimum income needed to ...

Infographic Home affordabilty vs income

Wed, 22 May 2013 13:57:10 -0400

Property prices for the Auckland region have rocketed by 118 per cent in the past 14 years. File photo / APN Up to seven annual Auckland incomes would now be needed to buy a property in the city for its median house price. Property prices for the region have rocketed by 118 per cent in the past 14 years to $504,142 last year, but wages have only gone up 57 per cent to a median of $73,372. In ...

Making Ontario and Quebec Stronger Together Why national energy projects that supply eastern Canadian refineries with western Canadian oil are critical for Ontario and Quebecs economic future

Wed, 22 May 2013 13:57:04 -0400

, /CNW/ - Ladies and gentlemen . . . hello. Allow me to begin by presenting the Fdration des chambres de commerce du Qubec (FCCQ), an organization that many of you are probably not familiar with. The FCCQ is both a federation of chambers of commerce AND a province-wide board of trade. With a network of 150 chambers of commerce and 1,200 companies, we represent more than 60,000 ...

What The economy should be playing baseball

Wed, 22 May 2013 13:56:19 -0400

At this point, the patient ought to be out of the hospital, done with rehab and playing baseball with its kids. I feel like the economy is in the outpatient room and the Fed continues to feed it medicine on a daily basis, asking, 'Are you getting better?' But my worry is that the Fed doesn't have the prescription for what ails our ...

Europe steps up fight against tax cheats

Wed, 22 May 2013 13:56:03 -0400

European leaders took the fight to tax cheats Wednesday with a pledge to share bank account data across the European Union and accelerate initiatives to tackle abuse by ...

EU leaders talk tough on tackling Amazon Google over taxes

Wed, 22 May 2013 13:50:05 -0400

By Luke Baker BRUSSELS (Reuters) - Britain, France and Germany called for stricter rules to stop companies such as Google, Apple and Amazon aggressively avoiding taxes in austerity bitten Europe, while acknowledging they had done nothing unlawful. ...

Four reasons the housing recovery isn’t yet boosting the economy

Wed, 22 May 2013 13:49:07 -0400

The housing market may finally be leaning on the economy's gas pedal--but it's also keeping a foot on the brake. Those expecting a quick return to the "virtuous cycle" by which rising prices, home sales, and housing construction feeds further consumer spending will have to wait until Americans feel more comfortable borrowing and until banks feel more comfortable extending ...

11 Ways Immigration Reform Would Boost The Economy

Wed, 22 May 2013 13:47:00 -0400

Hotel worker Ludivina Ordonez wears a United States flag over her shoulders during a May Day march Wednesday, May 1, 2013, in San Diego. Hundreds of people marched to Chicano Park Wednesday to show support for workers rights and immigration reform. (AP Photo/Gregory ...

Stocks rise after Federal Reserve Chairmans stimulus comments

Wed, 22 May 2013 13:46:37 -0400

NEW YORK – Stocks are moving higher Wednesday after Federal Reserve Chairman Ben Bernanke said it was too soon for the central bank to pull back on its economic stimulus programs. Investors were also encouraged by news that sales of previously-occupied U.S. homes rose last month to the highest level in three and a half years. The Dow Jones industrial average was up 40 points before ...

Fitch Kazakhstan Economy Slows But Credit Strengths Intact

Wed, 22 May 2013 13:46:00 -0400

Fitch: Recession Concern Dampens European Investor Sentiment An increasing number of investors expect fundamental credit conditions will deteriorate across sectors, according to a Fitch Ratings investor survey. The more circumspect sentiment was most notable for the sovereign segment, where the proportion of survey respondents anticipating worsening conditions more than doubled to 55%, from 24% ...

Bernanke Current policy provides significant benefits to economy

Wed, 22 May 2013 13:36:27 -0400

Ben Bernanke said Wednesday current monetary policy provides "significant benefits" to the economy while changes would pose risks. Bernanke told the House-Senate Joint Economic Committee current policies are nudging the economy forward and the central bank's policy makers are keeping an eye on risks. He said, "withdrawing policy accommodation at this juncture would be highly ...

Britain Must Do More for Economy I.M.F. Warns

Wed, 22 May 2013 12:56:43 -0400

LONDON -- Britain should do more to fuel economic growth and be prepared to pump more money into its bailed-out banks if necessary, the International Monetary Fund said Wednesday in a ...

New poll results GTA residents link diverse leadership with economic growth

Wed, 22 May 2013 12:42:29 -0400

Toronto Area (GTA) residents sees diverse leadership as having a positive impact on the GTA's ability to attract investment from other countries. Yet six out of ten GTA residents believe that this representative leadership is lacking in our city. Women are more likely than men to consider this an issue of concern (64% vs. 58%). The findings are in a DiverseCity/Nanos Research report ...

Bernanke Bond Buying Could Slow

Wed, 22 May 2013 12:39:57 -0400

BY VICTORIA MCGRANE WASHINGTON—Federal Reserve Chairman Ben Bernanke said the central bank could begin winding down its $85 billion-a-month bond-buying program at one of its "next few meetings" if the economic data continues to improve, but he warned market participants that a step down in purchases won't mean the Fed has started a one-way march toward the exit. "We ...

CANADA ECONOMICS Metals Drive Ontario Export Growth in 2013

Wed, 22 May 2013 12:39:09 -0400

EDC ) Global Export Forecast. EDC's Chief Economist Peter Hall was in Ottawa today to deliver his provincial export forecast to a breakfast audience of Invest Ottawa members. "Ontario's exports will get a huge boost this year, thanks to a double-digit surge in metal exports," Hall said. "The boost is timely. After a few years of double-digit gains, the automotive ...

Analysis As economy strengthens a bonds sell-off may beckon

Wed, 22 May 2013 12:35:05 -0400

NEW YORK (Reuters) - The U.S. government bond market has weakened in recent weeks but some investment strategists fear that this may only be the beginning of an extended ...

World Bank Insider Blows Whistle on Corruption Federal Reserve

Wed, 22 May 2013 11:48:56 -0400

A former insider at the World Bank, ex-Senior Counsel Karen Hudes, says the global financial system is dominated by a small group of corrupt, power-hungry figures centered around the privately owned U.S. Federal Reserve. The network has seized control of the media to cover up its crimes, too, she explained. In an interview ...