Economics

U.S. Labor Department: Unemployment Rate Fell in 22 States, Rose in 16 States

January 21, 2013

“The department’s monthly report also shows that steady hiring nationwide in the past two years has lowered the unemployment rate in many parts of the country. The rate is now below 7 percent in 25 states.”

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Federal Reserve: “Modest or Moderate” Economic Growth from November to January

January 20, 2013

“The report, called the Beige Book, provides anecdotal information on economic conditions through Jan. 4. The information collected by the regional banks will be used as the basis for the Fed’s policy discussion at the Jan. 29-30 meeting.”

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Analysis: U.S. Charities Worried That Tax Reforms Will Reduce Donations

January 20, 2013

“The limits on deductions are part of the new tax law Congress passed on New Year’s Day. They reduce the value of all itemized deductions for individuals making more than $250,000 and married couples making more than $300,000.”

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New Consumer Financial Protection Bureau Regulations Ban Compensations Linked to Mortgage Terms

January 19, 2013

“In the years before the financial crisis, mortgage originators were rewarded with bonuses and higher pay for steering millions of Americans into risky and unsustainable home loans.”

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British Bank HSBC Ordered to Pay $249 Million to Settle Wrongful Foreclosure Complaints

January 18, 2013

“The settlements could compensate Americans whose homes were seized because of abuses such as “robo-signing,” when banks automatically signed off on foreclosures without properly reviewing documents.”

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Germany Opposes a European Union Bailout for Cyprus

January 18, 2013

“They wonder openly whether tiny Cyprus going bust would affect the eurozone at all.”

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International Monetary Fund (IMF): Austerity Cuts Restored Greece Recovery Program

January 18, 2013

“Earlier this week, the IMF approved a long-delayed $4.3 billion loan installment to Greece following an economic review.”

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Transcript Reveals Federal Reserve Officials Underestimated the Housing Crisis Just Days Before It Began

January 18, 2013

“That was on a Tuesday. By Thursday, the European Central Bank was offering emergency loans to continental banks, [and] the Fed was following suit.”

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In 2012, China’s Economy Grew At Its Slowest Pace Since 1999

January 18, 2013

“Year-on-year growth of 7.9 percent in the fourth quarter beat a consensus forecast of 7.8 percent in a Reuters poll and snapped a streak of seven consecutive quarters of slowdown.”

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Stocks: Dow Jones and S&P 500 Indexes Close at Highest Levels Since December 2007

January 18, 2013

“The Standard & Poor’s 500 index reached another five-year high, rising five points to close at 1,486.”

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World Trade Organization Chief: Kazakhstan May Join the WTO Later This Year

January 17, 2013

“Kazakhstan applied to join the WTO in 1996. The oil-rich Central Asian state is one of the few countries in the world that remains outside the international trading club.”

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U.S. Consumer Financial Protection Bureau Announces New Foreclosure and Mortgage Regulations

January 17, 2013

“The CFPB rules will now require servicers to follow clear procedures to help troubled borrowers seeking alternatives to losing their homes.”

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Iranian President Ahmadinejad: Iran Must Reduce Its Dependence on Oil

January 17, 2013

“It also represents the first major acknowledgment by Ahmadinejad that the economic squeeze from sanctions demands “structural changes” in Iran’s industries and exports.”

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International Monetary Fund Approves $4.3 Billion Loan for Greece

January 17, 2013

“The decision by the IMF’s board was expected following the Greek parliament’s approval this week of an emergency bill ratifying dozens of conditions set by bailout lenders.”

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Saudi Arabia Pledges $100 Million to Help with Palestine’s Budget Crisis

January 17, 2013

“The Saudi aid will make little progress toward lowering the government’s debt of more than $1.3 billion.”

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