Eurozone unemployment continues to rise Original article from BBC The unemployment rate in the eurozone continued to rise in January, hitting another record high. The jobless rate in the 17 countries that use the euro rose to 10.7% in January, while December’s figure was revised up from 10.4% to 10.6%. There are now 16.9 million [...]
By John Glover, from Bloomberg Money is leaking out of banks in southern Europe as customers scoop deposits out of Greece, Spain and Italy to move cash to less indebted nations such as Germany. Greece ’s total deposits plunged 28 percent from the peak in June 2009 to 169 billion euros ($225 billion) at [...]
Euro-Area Economy Contracts for the First Time Since 2009 By Simone Meier, from Bloomberg Europe’s economy shrank less than economists forecast in the fourth quarter as a better-than-predicted performance in Germany and France helped mitigate the region’s first contraction since 2009. Gross domestic product in the 17-nation euro area fell 0.3 percent from the prior [...]
World Bank warns of global growth slowdown From Associated Press BEIJING – The World Bank warned Wednesday of a possible slump in global economic growth and urged developing countries to prepare for shocks that could be more severe than the 2008 crisis. The bank cut its growth forecast for developing countries this year to 5.4 [...]
SEARS TO CLOSE 120 STORES From Associated Press Between 100 and 120 Sears and Kmart stores will be closed, the retailer said Tuesday, after terrible holiday sales during what is the most crucial time of the year for retailers. Sears has yet to determine which stores will be closed, but there has been a clear [...]
Italy Retailers in Worst Christmas in 10 Years By Chiara Vasarri, from Bloomberg Italian retailers had the worst Christmas in 10 years, consumer group Codacons said, as austerity measures to combat the sovereign debt crisis prompted households to cut spending. Italians spent 48 euros ($62.75) less per person this holiday season than the average of [...]
The Euro, as I stated earlier, is continuing its fall. Gold is also falling. For traders this is an excellent opportunity. In my opinion, the Euro has to go down. The refinancing of sovereign bonds will require higher interest payments. This will weaken the entire EU confederation and brink on a major recession. In addition, [...]
We live in a middle size Florida city. I first noticed that the streets and highways of this extended city had lost most of their cars in 2008. During the booming 1990’s and early 2000’s the city politicians robbed the public big time, by building streets and highways going out of the city to new [...]
