The failure of eurozone ministers to reach a deal to give Greece its latest bailout payment threatens the whole bloc, leaders have said. Following nearly 12 hours of talks in Brussels, the Eurogroup said it needed more time for technical work. Greek Prime Minister Antonis Samaras said: “It’s not only the future of our country, but the stability of the… Read more →
Gold’s 12-year rally, the longest in at least nine decades, is poised to continue in 2013 as central bank stimulus spurs investors from John Paulson to George Soros to accumulate the highest combined bullion holdings ever. The metal will rise every quarter next year and average $1,925 an ounce in the final three months, or 11 percent more than now, according to the median… Read more →
On Friday in an interview with Al Hunt from ‘Political Capital’ on Bloomberg TV, Treasury Secretary Timothy Geithner said that he would support any action by Congress to eliminate the debt ceiling, allowing for even more government spending. Al Hunt asked Geithner if he believes “…we ought to just eliminate the debt ceiling.” “Oh, absolutely,” Geithner said. “You do? Will… Read more →
Israeli ground forces are poised to invade the Gaza Strip for the first time in almost four years amid efforts by Egypt and Turkey to help end exchanges of fire that have killed 96 Palestinians and three Israelis. The decision whether to expand the Gaza operation or reach a cease-fire agreement “is rapidly approaching, and is a matter of hours, not even days,” Israeli… Read more →
http://www.euronews.com/ Early elections have been called in Japan by the country’s sixth prime minister in six years. Yoshihiko Noda has been forced to dissolve parliament after his government ran out of money and needed support from the opposition LDP to approve the issuing of bonds.
Argentina’s bond yields are eclipsing those of Greece for the first time since the European nation’s debt restructuring in March, as speculation increases the South American country will opt to default rather than settle with its so-called holdout creditors. Yields on Argentina’s euro-denominated bonds due in 2033 surged 4.15 percentage points to a five-month high of 16.93 percent after a U.S. court… Read more →
Rancher Kevin Kester works dawn to dusk, drives a 12-year-old pick-up truck and earns less than a typical bureaucrat in Washington D.C., yet the federal government considers him rich enough to pay the estate tax — also known as the “death tax.” And with that tax set to soar at the beginning of 2013 without some kind of intervention from… Read more →
President Barack Obama’s administration rejected a request from the governors of eight U.S. states to waive requirements for blending corn-based ethanol into gasoline, said a person familiar with the decision. Market conditions don’t justify such a move, said the person, who declined to be identified because he isn’t authorized to speak for the Environmental Protection Agency. Gasoline refiners will be required… Read more →
(Reuters) – Major banks have announced some 160,000 job cuts since early last year and with more layoffs to come as the industry restructures, many will leave the shrinking sector for good as redundancies outpace new hires by roughly two-to-one. A Reuters analysis of job cuts announced by 29 major banks showed the layoffs were much bigger in Europe than in Asia… Read more →
Hostess, the maker of Twinkies and Wonder Bread, is going out of business, closing plants, laying off its 18,500 workers and putting its brands up for sale.