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Alex Iancu

India keeps interest rates on hold but rupee further sinks | Inquirer Business - 0 views

  • India keeps interest rates on hold but rupee further sinks
  • dia’s central bank kept benchmark interest rates unchanged Tuesday as part of its struggle to prop up the battered rupee but the currency weakened further to hover just above a lifetime low.
  • Reserve Bank of India (RBI) made it clear its key priority right now is to support the rupee at the expense of spurring an economy that has been expanding at its weakest level in a decade.
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  • the currency slid to 60.40 rupees to the dollar, close to its record low of 61.21 rupees hit earlier this month.
  • “The RBI has done everything to defend the rupee—but it did not hike rates,”
  • Business leaders and Finance Minister P. Chidambaram have been pushing for cheaper borrowing rates to boost growth,
  • push up the cost of imports, drive up already stubbornly high consumer price inflation and risk a widening of the current account deficit, which hit a record 4.8 percent of gross domestic product last year.
  • Earlier th
  • is month, the central bank raised two short-term lending rates to support the rupee, which is the worst-performing currency among major Asian nations.
  • India’s economic woes have led to increased speculation that it could be headed for an economic crisis of the sort it suffered in 1991, which forced a bailout by the International Monetary Fund.
  • “I feel shaky. Now there is a 10-20 percent chance that we might see 1991 again
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    India Inflation rate is kept constant-Rupee continues to sink
anonymous

UK Interest Rates Will Hit 2.6% By 2017, says E&Y - 0 views

  • The Bank of England will hike its base interest rate from its record low to 2.6% within three years
  • Bank's ultra-loose monetary policy to keep markets liquid and the cost of credit down, therefore boosting the economy by supporting lending to businesses and consumers.
  • forecasts that the BoE base rate will rise to 0.7% in 2015 before hitting 1.6% in 2016 and spiking again to 2.6% in 2017.
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  • It is currently at its record-low of 0.5%
  • Ernst & Young (EY)
  • mortgage lending is on the rise again off the back of cheap credit made available
  • These mortgages are being taken out at a time of low interest rates, leaving borrowers exposed to higher repayment costs when the Bank of England lifts its base rate – and runs the risk of a wave of defaults.
  • London that will faces the biggest threat from interest rate rises because house prices in the city have soared.
  • house price in London leapt by 18.2%
dgeorgiev15

BBC News - UK unemployment falls by 63,000 to 2.33 million - 1 views

  • number of people out of work in the UK fell by 63,000 to 2.33 million
  • unemployment rate now stands at 7.2%
  • 211,000 more people were recorded as self-employed
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  • the growing economy is helping record numbers of people to find a job
  • The rise in employment is being fuelled by businesses and entrepreneurs across the country who are feeling increasingly confident with the improving economy
  • long-term economic plan is working
  • pensions secretary Rachel Reeves disagreed, saying "long-term youth unemployment has doubled
  • rise in employment was down to the increase in the number of self-employed
  • while youth unemployment had gone down, the rate was "still nearly three times the rate of unemployment as a whole
  • Earnings "remain below inflation"
  • North East of England has the highest unemployment rate in the UK, at 9.5%
  • South East, where the rate is lowest, only 5.2%
  • MPC members voted earlier this month to keep interest rates at 0.5%
Dursun N1

BBC News - Australia growth rate falls short of forecasts - 1 views

  • Australia growth rate falls short of forecasts
  • gross domestic product (GDP) expanded 0.6% compared to the previous quarter and 2.3% year-on-year.
  • Australia's economy has also been hurt by a global slowdown which has seen its mining boom wane recently.
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  • "Mining investment is coming off, maybe not as quickly as people have been worrying about, but it's that growth transition, the pick-up in the non-mining side, where the evidence is still mixed,"
  • The numbers come just a day after Australia's central bank left its key interest rate unchanged at a record low 2.75%
  • Some analysts suggested that if growth continued to remain weak, the bank may be prompted to cut rates further to try to boost the economy.
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    Good article for International Economics but not Micro-economics.
Andrei Vacarus

BBC News - UK inflation falls to 1.6% in March - 0 views

  • The UK inflation rate as measured by the Consumer Prices Index (CPI) fell to 1.6% in March from 1.7% in February, according to the Office for National Statistics (ONS).
  • The rate of Retail Prices Index (RPI) inflation also fell to 2.5% from 2.7%.
  • A smaller rise in the prices of clothing and footwear, compared with last year, also contributed to the drop in the inflation rate.
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  • Average total earnings, including bonuses, rose 1.4% in the three months to January compared with a year earlier, according to ONS figures released last month. Excluding bonuses, wages grew by 1.3%.
Martina Minkova

German inflation hits three-year low in March | Business News | DW.DE | 11.04.2014 - 0 views

  • German inflation hits three-year low in March
  • for the fourth consecutive month.
  • German inflation dropped
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  • Prices for heating oil and car fuels, for example, had fallen 4.2 percent compared with March 2013, Destatis announced.
  • , the agency announced, caused by decreasing prices for oil-based products over the course of a mild winter.
  • This was the lowest inflation rate in Germany since August 2010
  • The rate contrasts sharply with the 2 percent inflation goal the ECB considers desirable with regard to price stability.
  • The phenomenon is called deflation and is bad for the economy as a whole as it stalls investment and job creation, leading to shrinking output.
  • Germany's
  • Institute for the Global Economy, however, have predicted a sharp rise in inflation for later this year.
Giovanni Perini

BBC News - Guernsey taxes on alcohol, tobacco and fuel to rise in budget - 2 views

  • Guernsey taxes on alcohol, tobacco and fuel to rise in budget
  • The increases will add 21p to a packet of 20 cigarettes, 40p to a typical bottle of spirits and 2.3p to a litre of petrol.
  • The income tax allowance is to rise by less than inflation, meaning an increase of £11.20 a year in income tax per wage earner, relative to the Retail Prices Index.
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  • As well as a permanent increase in the value of the bands determining the rate of duty to be paid, there will also be a temporary reduction of the rates paid on the lower bands.
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    Topic wise, this is no different than your previous article. I think the previous one is more focused.
Dursun N1

Spain tops list of EU's 10 worst employment blackspots | World news | The Guardian - 1 views

  • Spain tops list of EU's 10 worst employment blackspots
  • The top five worst hit areas are in Spain, where almost 6 million people are without a job. All five regions have jobless rates of more than 33%, led by Andalusia at 36.3
  • falling price of olive oi
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  • At the other end of the scale, of the regions with jobless rates of 5.4%
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    Spain Unemployment Article
Sara Lair

labor force participation at lowest level since 1978 - Sep. 6, 2013 - 0 views

  • The labor force participation rate -- the percentage of people over 16 who either have a job or are actively searching for one -- fell to 63.2% in August
  • In the latter half of the 20th century, the rate rose steadily for decades as more women were entering the workforce, eventually peaking at 67.3% in 200
  • We know there's a lot of hardworking people that want to be productive, we just don't have work for them to do
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  • the main reason for its recent fall is a lack of good jobs.
  • 0. But the number has been on the decline ever since -- a trend that was accelerated by the Great Recession.
  • We're operating way below potential,
  • There are now 90.5 million Americas who don't work and are not counted as part of the labor force. This excludes kids under the age of 16 and non civilians such as those in the military or in prison, but includes just about everyone else.
  • Whatever the reason, the fact that just over 63% of the population is engaged in the workforce is problematic. It means that a smaller chunk of the population is paying for promised entitlements such as Social Security and Medicare. And if a smaller share of the country is working, it will also act as a drag on economic growth.
  • "We're not getting the economic growth or the tax payments that were expected when these promises were made
Giovanni Perini

UK workers set for first real pay rise for four years | Business | theguardian.com - 1 views

  • UK workers set for first real pay rise for four years
  • Wage increases are finally expected to overtake inflation when prices and job figures are released this week
  • Economists believe inflation ticked down to 1.6% in March from 1.7% in February while annual wage growth is thought to have been 1.8% in the three months to February
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  • The thinktank expects the unemployment rate to have dropped to 7% in the three months to February
  • This week's official data may show that the squeeze on real pay is now over.
  • "That said, falling real incomes didn't get in the way of robust consumer spending growth over the last year. Household spending growth outpaced income growth as consumers saved less (or borrowed more)
  • "Earnings growth moving above consumer price inflation would also be a very welcome development for the government given Labour's focus on the cost of living.
  • Philip Shaw, economist at Investec, expects CPI to come in at 1.5%, which would be the lowest rate since October 2009, and he forecasts it will stay relatively low.
  • However we are keeping an eye on wholesale food prices – note that wheat prices (in sterling terms) are up 9.5% so far this year, while corn is 17% higher," he said.
Iris Tilea

UK unemployment falls by 125,000 - 1 views

  • UK unemployment falls by 125,000
  • Communications giant EE added to the good news by announcing 1,000 new jobs, on top of 400 new positions planned by TNT Post.
  • But 1.4 million people are in part-time jobs because they cannot find full-time work, a fall of 29,000 over the latest quarter but 46,000 higher than a year ago.
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  • The jobless total was 2.34 million in the final quarter of last year, down by 125,000, giving a rate of 7.2%, while t he number of people claiming jobseeker's allowance dipped to 1.22 million in January, down by 27,000.
  • Employment now stands at more than 30 million, a rate of 72.1%, which is 0.6% higher than a year ago.
  • More than 900,000 young people are still unemployed and over 250,000 young people have been unemployed for over a year.
  • "Under-employment is now a bitter reality for millions of struggling families across the UK."
  • "Today's figures also show working people facing a cost-of-living crisis are over £1,600 a year worse off since David Cameron became Prime Minister.
  • the latest unemployment figures showed that the UK had a strong and flexible labour market, adding: " However, there are signs that the pace of improvement in the jobs market is slowing down. Although youth unemployment has fallen, the jobless level among 16 to 24-years-olds still stands at 917,000, which is far too high.
  • "Many people are also still working part-time, as they are unable to gain full-time employment."
Diogo Reino da Costa

Portugal's unemployment rate hits 18% | World news | The Guardian - 0 views

  • Portugal
  • unemployment
  • rate hit a startling 18% of the working population.
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  • The first quarter
  • revealed that youth unemployment had soared even higher, with 43% of the under 25s who are not studying now unable to find work.
  • "It is a dramatic and brutal increase," said Helena Pinto,
  • a leap in emigration by people desperate to find work.
  • Portugal's economy is expected to shed yet more jobs and shrink by a further 2.3% this year,
  • bidding of the troika of lenders who keep it afloat - the International Monetary Fund, the European Central Bank and the European Commission.
  • government forces ever-deeper austerity
  • Portugal has now been in recession for almost three years
  • sack one in twenty public employees,
  • he would cut another €4.8bn spending over the next three years is expected to harm short-term growth further.
  • Passos Coelho's announcement
  • increase civil service working week from 35 to 40 hours
  • raise the retirement age by a year to 66
  • austerity has so far failed
  • could have sold three times as much debt this week
  • increased last year from 4.4% of GDP to 6.4%.
  • country's constitutional court threw out €5.8bn in cuts to
  • civil service pay and sickness benefits.
  • the government selling ten year bonds
  • raising €3bn
  • taming the country's budget deficit
  • potential recovery in a country which needed €78bn of bailout money to escape bankruptcy
  • fail to spark growth
  • raising hopes that Portugal could wean itself off aid next year.
  • The government forecasts a third straight year of recession
  • unemployment rising to 18.5%
  • austerity
  • other southern European countries
  • 5.7% interest
  • signs of softening
  • the troika
  • extended the repayment period for Portugal's bailout loans
  • seven years
Iris Tilea

BBC News - Mexico passes 'junk food tax' reform - 1 views

  • tax reform bill imposing new levies on junk food and soft drinks.
  • aims to boost government revenue by increasing top earners' income tax.
  • extra cash will go on infrastructure and social security
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  • Mexico recently surpassed the United States as the country with one of the highest obesity rates in the world.
  • 32.8% of adult Mexicans are obese, compared to 31.8% of Americans.
  • The law imposes a levy of 8% on junk food, after the Senate increased it from the 5% originally proposed; and creates a tax of one peso ($0.07; £0.04) on every litre of soft or sugary drinks.
  • The legislators also passed a controversial hike in value added tax (VAT) for border regions, from 11% to 16%.
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    This is a good article. There should be plenty to analyse and evaluate.
azuccolo15

Climate change risk to food supplies - 0 views

  • Climate change will pose sharp risks to the world’s food supply in coming decades, potentially undermining crop production and driving up prices at a time when the demand is expected to soar, scientists have found
  • rising temperatures will have some beneficial effects on crops in some places, but that globally they will make it harder for crops to thrive — perhaps reducing production over all by as much as 2 percent each decade for the rest of this century
  • The scientists describe a natural world in turmoil as plants and animals colonize new areas to escape rising temperatures, and warn that many could become extinct
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  • While it did warn of risks and potential losses in output, particularly in the tropics, that report found that gains in production at higher latitudes would most likely offset the losses and ensure an adequate global supply
  • Hundreds of billions of dollars are being spent every year to reduce emissions in response to past findings from the group, though many analysts have said these efforts are so far inadequate to head off drastic climatic changes later in the century
  • On the food supply, the new report finds that benefits from global warming may be seen in some areas, like northern lands that are now marginal for food production. But it adds that over all, global warming could reduce agricultural production by as much as 2 percent each decade for the rest of this century.
  • During that period, demand is expected to rise as much as 14 percent each decade, the report found, as the world population is projected to grow to 9.6 billion in 2050, from 7.2 billion today, according to the United Nations, and as many of those people in developing countries acquire the money to eat richer diets.
  • Any shortfall would lead to rising food prices that would hit the world’s poor hardest, as has already occurred from price increases of recent years. Research has found that climate change, particularly severe heat waves, was a factor in those price spikes.
  • The agricultural risks “are greatest for tropical countries, given projected impacts that exceed adaptive capacity and higher poverty rates compared with temperate regions,” the draft report finds.
  • If the report proves to be correct about the effect on crops from climate change, global food demand might have to be met — if it can be met — by putting new land into production. That could entail chopping down large areas of forest, an action that would only accelerate climate change by sending substantial amounts of carbon dioxide into the air from the destruction of trees
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    This particular article is in itself a commentary on the possible economic implications of climate change, and it does not leave much room for your own comments. There is a highs risk that you will be summarizing the article rather than responding to the information that it contains.
azuccolo15

Parliament Congratulates Gallant Farmers … As Dr. Owusu Afriyie Pleads For Ch... - 0 views

  • Dr. Akoto Owusu Afriyie has suggested to government to move from the Invoice System of distributing fertilizers to farmers, to the Pass Book System
  • The Invoice System, according to Ranking Member for the Food and Agriculture committee in parliament, had accounted for increased smuggling of fertilizers in the last five years, whilst compelling farmers to purchase fertilizers at black market price.
  • “Change the system of distribution of fertilizers, during Kuffour’s regime, it was based on a card slip and every farmer has a pass book and there was sole distributor in the district and beyond. You go with your pass book and sign to receive two bags for which you pay the subsidized price
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  • Continuing, he said farmers do not get fertilizers to buy and even if they do, they pay black market price which was far more than the market price
  • For instance, he said this year, government had imported 180,000 tonnes of fertilizers but argued that the amount that would go to farmers was not known because under the invoice system of distribution, beneficiaries of the subsidized fertilizers could not be traced and recorded
  • He urged the government to channel a large chunk of the revenue that would be generated from the oil and gas sector into the development of agriculture in the country
  • And is our proposal to the government to increase their allocation to the ministry
  • The Atwima-Nwabiagya South MP urged his colleague MPs to use their positions to help solve the challenges the farmers faced in the countr
  • Mr. Abu, on his part, stressed the need to make the farming profession lucrative in order to reduce the retention rate and attract the youth.
  • “It is important that our farmers are encouraged to remain in Agriculture and adopt scientific and modern practices of farming to enable them increase their production and productivity every season to reduce hunger and poverty,” he said.
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    Also a good article for a discussion on subsidies, their role and consequences.
sari lakis

D.C. to vote on $11.50 minimum wage - Dec. 3, 2013 - 2 views

  • City lawmakers are scheduled to vote to increase the District minimum wage to $11.50 an hour from the current $8.25. The hikes would be phased in over three years, starting at $9.50 in July 2014, and increase with inflation starting in 2017.
  • The federal minimum hourly wage is $7.25.
  • The federal rate serves as a bare minimum, but states or localities can go higher. It has not increased since 2009, when it settled at $7.25 under a pre-recession 2007 law.
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    This is a safe article for analysis and evaluation.
azuccolo15

Food, rental housing bump up U.S. consumer inflation - The Globe and Mail - 1 views

  • U.S. consumer prices rose in March, but inflation pressures remained generally benign, which should give the Federal Reserve ample scope to keep interest rates low.
  • The Fed targets 2 per cent inflation and it tracks an index that is running even lower than the CPI. The rise last month could ease concerns among some policymakers about inflation being too low.
  • Economists polled by Reuters had expected a 0.1 per cent rise last month. In the 12 months through March, consumer prices increased 1.5 per cent after rising 1.1 per cent over the 12 months through February.
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  • The so-called core CPI, which strips out the volatile energy and food components, also rose 0.2 per cent in March after edging up 0.1 per cent the prior month.
  • In the 12 months through March, the core CPI advanced 1.7 per cent after rising 1.6 per cent in February.
  • The Labor Department said on Tuesday its Consumer Price Index increased 0.2 per cent last month as a rise in food and shelter costs offset a decline in gasoline prices. The CPI index had gained 0.1 per cent in February.
  • In March, food prices increased 0.4 per cent after rising by the same margin in February. A drought in the West has pushe
  • In March, food prices increased 0.4 per cent after rising by the same margin in February. A drought in the West has pushed up prices for meat, dairy, fruit and vegetables.
  • More price increases could be on the way after food prices at the factory gate posted their biggest gain in 10 months in March. Gasoline prices fell 1.7 per cent, declining for a third straight month.
  • Within the core CPI, shelter costs increased 0.3 per cent, which accounted for almost two-thirds of the rise in the index. Rents increased 0.3 per cent.There were also increases in medical care, apparel, used cars and trucks, airline fares and tobacco. The cost of recreation, and household furnishings fell.
Andrei Vacarus

More signs Abenomics is working as Japan prices, output rise | Reuters - 1 views

  • core consumer prices posted their biggest rise in nearly five years, unemployment fell to its lowest since late 2008, factory output rose and is expected to rise further, and workers' incomes rose.
  • The core-core inflation index, which excludes food and energy prices and is similar to the core index used in the United States, was down 0.1 percent in the year to July, a slower pace of decline than June's 0.2 percent fall.
  • Household spending edged up in the year to July as the feel-good sentiment prompted consumers to eat out more and spend more on travel and leisure.
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  • As the economy strengthens, the debate is focused on whether to double the tax in two stages or increase it more gradually, rather than whether or not to increase the tax.
  • Wage-earners' incomes also rose an annual 1.3 percent in July, increasing for the fifth straight month.
  • And the jobless rate improved for the second straight month to hit 3.8 percent in July, the lowest since October 2008.
  • e Bank of Japan have gambled on massive fiscal and monetary stimulus to spark life into the economy,
  • strengthening the case for a planned sales tax increase.
  • Pessimists have argued that the benefits of "Abenomics," a three-pillar strategy of fiscal and monetary stimulus combined with a long-term growth strategy, may be short-lived and won't prompt companies to spend more on investment and wages.
  • The Bank of Japan has a target of lifting inflation to 2 percent in about two years, a goal many analysts see as optimistic given the deflation that has dogged the economy.
Dursun N1

BBC News - UK unemployment falls by 125,000 to 2.34 million - 0 views

  • UK unemployment falls by 125,000 to 2.34 million
  • The number of people out of work in the UK fell by 125,000 to 2.34 million
  • The unemployment rate now stands at 7.2%
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  • Latest estimates show that 193,000 more people were in work between October and December, compared to the previous three months.
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    Macroeconomics Article
Vicky Kalfayan

Saudi Arabia may close shops early to boost employment - paper | Reuters - 1 views

  • Saudi Arabia is expected to make shops close at 9 p.m
  • encouraging employment by making sales jobs more attractive.
  • push young Saudis to take jobs in the private sector by closing a gap in pay, benefits and working hours with government posts, which has been the main source of national employment for decades.
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  • government is trying to encourage young people to take such positions to address long-term unemployment.
  • The official unemployment rate for Saudis is around 12 per cent. However, economists estimate that only 30-40 percent of working age Saudis participate in the workforce, either by holding jobs or seeking employment.
  • years of successive fiscal surpluses and foreign currency reserves
  • economists often warn that high government spending, particularly on salaries, is unsustainable.
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