Picture: Wikipedia LONDON (Reuters) – The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling. The bloc struck a deal on Saturday to hand Cyprus rescue loans worth 10 billion euros ($13 billion), but defied… Read more →
WASHINGTON, March 13–At today’s Budget Committee mark-up, Senators had an opportunity to ask technical questions of Sen. Murray’s staff director and deputy staff director, who were primarily responsible for crafting the resolution. Under intense questioning from Sen. Sessions, the staffers admitted that despite claims that “The Senate budget, therefore, includes $1.85 trillion in total deficit reduction, $960 billion of which… Read more →
Photo: Reuters / Heinz-Peter Bader Washington is reportedly considering opening all US financial records to national intelligence agencies in order to prevent future crimes. Only the FBI has had unlimited access to such databases; other agencies had to file case-by-case requests. The Obama administration is preparing legislation to enable the country’s numerous security and intelligence agencies to spy on the accounts… Read more →
Photo: Bloomberg / Amy Toensing Puerto Rico occupies a space between foreign and domestic status with U.S. citizenship for residents, its own Olympic team and a tax system that allows individuals and companies the chance to elude the IRS. The U.S. territory’s leaders are seeking to lure mainland residents such as hedge-fund billionaire John Paulson. Moving to Puerto Rico could allow… Read more →
Photo Credit: Reuters/ Rebecca Cook (Reuters) – Michigan Governor Rick Snyder is expected to announce on Thursday an emergency state takeover of Detroit, putting a lawyer with extensive experience managing corporate bankruptcies in charge of the destitute city’s finances. The dramatic move will culminate the long decline of the once thriving center of the U.S. auto industry and birthplace of the… Read more →
Photo: The Telegraph Household bills have risen four times faster than average earnings since the credit crisis began, according to the Office for National Statistics(ONS), leaving many families fearing worse to come from Budget 2013. No wonder nearly three quarters of those questioned by comparison website uSwitch.com said they feel poorer since the Coalition Government came to power. Worse still, 85pc of respondents claim Chancellor George Osborne… Read more →
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Photo: Fox News A leaked email from an Agriculture Department field officer adds fuel to claims President Obama’s political strategy is to make the billions in recent federal budget cuts as painful as possible to win the public opinion battle against Republicans. The email, circulated around Capitol Hill, was sent Monday by Charles Brown, a director at the agency’s Animal… Read more →
Photo: Reuters Airports have denied a claim by Janet Napolitano, the secretary of homeland security, that the sequester is already causing long delays for travelers at security screening checkpoints. Ms Napolitano said today that major airports were seeing lines “150 to 200 per cent as long as we would normally expect” as result of the federal spending cuts that went… Read more →
New York’s Dow Jones share index set a new all-time high on Tuesday, returning to levels not seen since before the global financial crisis. The Wall Street index reached 14,245 in early trading, exceeding the previous record intra-day high of 14,198, set in October 2007. The recovery in the market suggests investors are regaining confidence in the US economy. That… Read more →
