Friday, 31 October 2014

Russia Raises Interest Rates to 9.5%

BBC: Russia's central bank has raised its key interest rate to 9.5% from 8% as it seeks to tackle inflation.

The 1.5 percentage point increase was higher than expected, with analysts having forecast a rise of 0.5 percentage points.

The bank has already raised rates from 5.5% at the start of the year but the moves have failed to combat inflation.

A weak rouble and a ban on western food imports has kept inflation stubbornly high. » | Friday, October 31, 2014

Thursday, 30 October 2014

South of Italy in 'Catastrophic Decline' after Recession

THE DAILY TELEGRAPH: Southern Italy is undergoing catastrophic demographic and industrial decline after six consecutive years of recession, report warns

The sandy beaches, Baroque towns and vineyards of southern Italy have made it popular with British holiday makers and second-home owners for decades, but a new study has warned the region is undergoing catastrophic demographic and industrial decline.

The decline of the "Mezzogiorno", the southern regions, has been under way for years, but the report by an economic think tank revealed that its levels of unemployment, industrial contraction and population loss have dramatically worsened after six consecutive years of recession.

For the first time since the First World War, the number of people dying in the southern half of Italy has surpassed the number of babies being born, according to the report by Svimez, the Association for the Industrial Development of the Mezzogiorno. » | Nick Squires, Rome | Thursday, October 30, 2014

Wednesday, 29 October 2014

US Federal Reserve to End Quantitative Easing Programme

THE GUARDIAN: Central bank’s head, Janet Yellen, confirms cessation of buying bonds in October after injection of £4.5 trillion over five years

The US Federal Reserve has called time on its $4.5 trillion (£2.8tn) quantitative easing programme, introduced more than five years ago to steer the world’s largest economy through the financial crisis.

The central bank, led by Janet Yellen, said it would cease buying bonds this month. » | Angela Monaghan | Wednesday, October 29, 2014

Monday, 27 October 2014

Hillary Clinton: Corporations, Businesses Don't Create Jobs

Oct. 27, 2014 - 5:25 - Backlash after statement at Democratic rally

Hillary Clinton clarifies comments on job creation »

EU Threatens to Fine Britain unless It Pays £1.7billion Bill

David Cameron at the EU council headquarters, in Brussels
THE DAILY TELEGRAPH: Jacek Dominik, the EU Budget Commissioner, says Britain was made 'fully aware' of bill before last week's EU summit but raised no objections

Britain will risk its rebate and face significant fines if it refuses to meet a demand from the EU for an extra £1.7billion.

A furious David Cameron said at an EU summit on Friday he would not meet an "appalling" and unprecedented demand for an increase in Britain's contribution by the December 1 deadline.

However, Jacek Dominik, the interim EU Budget Commissioner, said Britain was "fully aware" that it had to meet the payment having been informed a week before the summit on October 17.

He said that Britain will "open a Pandora's box" if it fails to make the payment and put its £3billion-a-year rebate at risk. » | Steven Swinford, Senior Political Correspondent | Monday, October 27, 2014

Thursday, 23 October 2014

Inside the Crisis Facing America's Middle Class

Oct. 22, 2014 - 3:47 - Income inequality in San Francisco

Tesco Reports 92pc Fall in Profits

Tesco reports that black hole in profits is larger than expected and confirms chairman Sir Richard Broadbent will stand down

Read the Telegraph article here | Graham Ruddick, Retail Editor | Thursday, October 23, 2014

Saturday, 18 October 2014

France: A Disintegrating Country That Could Ruin Us All

MAIL ONLINE: The queue for cabs outside the Gare du Nord is stretching round the block. Newcomers are told that it may take more than an hour to reach the front of the line.

For many, though, a taxi is the only way of reaching their destination here in Paris.

Among today’s assortment of strikes across France is one which has brought a large part of the Metro network to a halt.

In recent days, everyone from the dentists to the bailiffs have been on strike here, while President Francois Hollande’s socialist utopia teeters on the brink of economic collapse.

This month, it was confirmed that France’s public debt has topped two trillion euros for the first time and will soon reach 100 per cent of GDP (the official EU limit is 60 per cent).

Put another way, the last time it was this bad, France was occupied by the Nazis. Read on and comment » | Robert Hardman for the Daily Mail | Saturday, October 18, 2014