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bparksj28

Net capital outflows from Spain equalled more than 50% of country's output - MercoPress - 0 views

en.mercopress.com/...re-than-50-of-country-s-output

Outflow Crisis spain country capital net

shared by bparksj28 on 05 Dec 12 - No Cached
  • That compares with a 23% outflow from Indonesia, the country hardest hit by capital flight during the Asian crisis in 1997 and 1998
  • Foreigners and Spaniards alike have contributed to the outflow. During the second quarter of this year, sales of Spanish securities by foreigners equaled 19.4% of the Spanish economy, while foreigners’ withdrawals from Spanish banks accounted for another 15.3%.
  • apital flight seems to be accelerating. Spanish bank deposits by companies and households shrank €74.2 billion (93.4 billion dollars) during July, according to the European Central Bank.
  • ...4 more annotations...
  • Even more worrisome
  • Spain’s banking system “is running out of liquidity and running out of collateral,” since collateral has to be pledged to the ECB when it provides funds.
  • This means Spanish banks are lending less, a drag on economic growt
  • Bank of Spain figures show that net capital outflows—including bank withdrawals and sell-offs of Spanish stocks and bonds—equaled more than 50% of the country’s economic output over the year ended July 31
  • bparksj28 on 05 Dec 12
     
    Capital Outflow Crisis
bparksj28

Federal Reserve details new round of stress tests - Nov. 16, 2012 - 0 views

money.cnn.com/...index.html

shared by bparksj28 on 16 Nov 12 - No Cached
  • The Federal Reserve, preparing to embark on its latest round of so-called stress tests, released the details Friday of three economic scenarios it will use to judge the health of the U.S.'s largest lenders.
  • 5% decline in gross domestic product, an unemployment rate of 12% and a volatile stock market which loses half its value.
  • The stress tests are mandated by Dodd-Frank, the financial reform law written in the wake of the 2008 financial crisis that brought down Bear Stearns and Lehman Brothers.
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  • Last year, the Fed's tests showed a majority of the nation's largest banks would be able to weather another deep recession.
  • Ally Financial, Citigroup (C, Fortune 500) and SunTrust (STI, Fortune 500) -- would likely need new capital from either investors or the government in the Fed's adverse economic scenario
  • bparksj28 on 16 Nov 12
     
    Dodd-Frank Act - stress test 2012
bparksj28

Factory fire raises safety questions for big box stores like Wal-Mart, Sears - Nov. 30,... - 0 views

money.cnn.com/...index.html

shared by bparksj28 on 30 Nov 12 - No Cached
  • Ten people were injured after jumping from windows to escape the inferno at the 10-story building. Eye witnesses say that managers had locked the windows and gates to the buildings, which had no fire escapes, effectively trapping the workers in.
  • A total of 112 people were killed and at least 200 more were injured in a fire Saturday at the Tazreen Fashions Factory, located near Bangladesh's capital city Dhaka. Two days later, another apparel factory near Dhaka caught fire.
  • Photos of items sold at Wal-Mart
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  • taken in the Tazreen Fashions factory surfaced in the days following the fire. The retailer responded by saying that the factory was no longer authorized to produce merchandise for it.
  • "A supplier subcontracted work to this factory without authorization and in direct violation of our policies. Today, we have terminated the relationship with that supplier," Wal-Mart said.
  • Workers rights experts, however, claim that it's unlikely that retailers wouldn't know where their stuff is produced, as a matter of cost and production control.
  • "In order to be profitable, you have to control the supply chain, monitor quality, prices and the speed of delivery,
  • "It's strange that a company would say they had no idea who was making stuff for them."
  • The audits, completed by what it calls accredited or internationally recognized auditing firms, are carried out every six to 24 months. But the reports are not published online. Nor are they shown to factory workers, according to Nova. "There's no transparency. They never publish their findings as to whether or not there's a violation, so there's not much scrutiny about the audits," he said.
  • n order to keep production prices low, Nova said that companies rely on cheap labor, which often goes hand-in-hand with low wages, poor working conditions and safety concerns.
  • "It is such a poor country and so desperate for jobs that they ignore the most minimal labor rights standard," he said. "It's as if everything has to give way just to maintain these garment jobs. There's a fear that the labels will flee and go to another country.
  • Bangladesh's ready-made garments make up 80% of the country's $24 billion in annual exports, and the country has about 4,500 garment factories that make clothes for large global stores including
  • bparksj28 on 30 Nov 12
     
    Bangladesh Factory Fire
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