Archive for the 'Economy' Category
Initial Jobless Claims in U.S. Unexpectedly Increase
December 17th, 2009Via: Bloomberg: More Americans than anticipated filed first-time claims for unemployment benefits last week, a reminder that the labor market will take time to strengthen and may weigh on the economic recovery. Initial jobless claims rose by 7,000 to 480,000 in the week ended Dec. 12, from a revised 473,000 the prior week, Labor Department […]
AT&T Workers Sue for $1 Billion in Overtime Pay
December 17th, 2009Mark Klein’s, Wiring Up The Big Brother Machine…And Fighting It, not only lays out the most detailed account (in the public domain) of how the NSA conducts mass communications intercepts, it also covers the grim corporate culture at AT&T. If you want to constantly think that you’re about to get laid off, AT&T is the […]
Dollar Sharply Higher
December 17th, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Mmm hmm. Via: Wall Street Journal: The dollar is sharply higher against its rivals early Thursday in New York on lingering global credit concerns, poor economic data in the U.K. and continued support from the Federal Open Market Committee’s statement Wednesday. […]
U.S. National Debt Tops Debt Limit
December 17th, 2009Via: CBS News: The latest calculation of the National Debt as posted by the Treasury Department has – at least numerically – exceeded the statutory Debt Limit approved by Congress last February as part of the Recovery Act stimulus bill. The ceiling was set at $12.104 trillion dollars. The latest posting by Treasury shows the […]
U.S. Taxpayers Pay for Citigroup’s Fat Bastards to Get Fatter
December 16th, 2009Via: Washington Post: The federal government quietly agreed to forgo billions of dollars in potential tax payments from Citigroup as part of the deal announced this week to wean the company from the massive taxpayer bailout that helped it survive the financial crisis. The Internal Revenue Service on Friday issued an exception to long-standing tax […]
Pilots at British Airways Move Millions Out of Company Pension
December 16th, 2009Via: Telegraph: Pilots at British Airways are moving millions of pounds out of the company’s lucrative pension scheme amid fears it will go bust. Workers fear the troubled company will fail to deliver on its pension promises after the airline announced this week that its pension deficit had reached almost £4 billion. Experts said it […]
GULF OIL STATES LAUNCHING SINGLE CURRENCY
December 16th, 2009I’ll believe it when I see it. Anyway, maybe it will be backed by this thing: Via: Telegraph: The Arab states of the Gulf region have agreed to launch a single currency modelled on the euro, hoping to blaze a trail towards a pan-Arab monetary union swelling to the ancient borders of the Ummayad Caliphate. […]
Moody’s Warns of ‘Social Unrest’ as Sovereign Debt Spirals
December 16th, 2009Via: Telegraph: Britain and other countries with fast-rising government debts must steel themselves for a year in which “social and political cohesiveness” is tested, Moody’s warned. In a sombre report on the outlook for next year, the credit rating agency raised the prospect that future tax rises and spending cuts could trigger social unrest in […]
Bernanke Named Time Magazine’s Person of the Year
December 16th, 2009Via: Bloomberg: Federal Reserve Chairman Ben Bernanke was named “Person of the Year” by Time magazine today for leading the “most-powerful, least-understood government force shaping our lives,” Managing Editor Richard Stengel said. Bernanke, 56, was picked for his efforts to shepherd the U.S. out of the biggest economic slump since the Great Depression, Stengel said […]
UK’s Richest Man Could Make More Than £1 Billion from Carbon Trading Scheme
December 16th, 2009Via: ClickGreen: New analysis released by climate change NGO Sandbag has revealed that the UK’s richest resident, Lakshmi Mittal, CEO and major shareholder of the steel giant ArcelorMittal, could make over £1 billion between now and 2012 from his company’s participation in the EU’s Emissions Trading Scheme.
