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January 30, 2012

China Signals Limited Loosening as PBOC Bucks Forecast - Bloomberg

Filed under: mortgage, technology — Tags: , , , — Gladiator @ 6:48 am

China (CNGDPYOY) signaled caution toward more monetary loosening by holding off on a reduction in bank reserve requirements that some economists had predicted would come before a week-long holiday ending Jan. 28.

Barclays Capital Asia Ltd., JPMorgan Chase & Co. and Industrial Bank Co. said this month that ratios were likely to fall ahead of the Lunar New Year festival, which boosts demand for cash. The central bank instead used reverse-repurchase contracts to add money to the financial system.

Premier Wen Jiabao seeks to steer the world

January 23, 2012

Spain Risks Deficit Spiral as Election Postpones Budget Cuts: Euro Credit - Bloomberg

Filed under: money, mortgage — Tags: , , , — Gladiator @ 7:04 pm

Spain

November 28, 2011

Stocks soar after big holiday shopping weekend

Filed under: mortgage, real estate — Tags: , , , — Gladiator @ 7:04 pm

Stocks are opening sharply higher after a strong start to the U.S. holiday shopping season and signs that Europe is getting its debt crisis under control.

Initial reports show a record number of shoppers hit the mall or bought gifts online over the holiday weekend.

Investors are also hoping that recent deterioration in Europe’s debt crisis will get the region’s leaders to agree on a package of measures that can ease market concerns over whether the euro currency itself can survive.

The Dow Jones industrial average is up 274 points, or 2.4 percent, at 11,506 shortly after the opening bell Monday.

The Standard & Poor’s 500 index is up 29, or 2.6 percent, at 1,188. The Nasdaq composite is up 70, or 2.9 percent, at 2,512.

Source

November 15, 2011

Invisible to tourists: Italy’s growing poor

Filed under: legal, mortgage — Tags: , , , — Gladiator @ 7:24 pm

They line up at soup kitchens by the thousands. Individual debt is rising, savings are eroding and many young people have simply given up, staying home without studying or even looking for a job.

They are Italy’s invisible poor, unseen by tourists, ignored by the country’s fat-cat politicians and living in a reality that’s a far cry from former Premier Silvio Berlusconi’s description of an affluent country where “the restaurants are full.”

Or in the words of Francesa Zuccari, who runs a soup kitchen in Rome: “There is another city out there where people can’t get to the end of the month.”

This is the Italy facing Mario Monti, the economics professor tapped to form an interim technocratic government after Berlusconi was forced to resign last weekend. International markets and the European Community decided the 75-year-old media mogul lacked the political clout to enact needed reforms to head off a debt crisis and get the economy moving.

On Tuesday, Monti won support from Italy’s two largest parties, but the question remains whether politicians will back his expected painful reform measures at the risk of social peace.

On the one hand, Italy’s elite manufacturers are girding for an increase in luxury exports and some wealthy Italians are looking to move their money into the real-estate markets in New York, Miami and Paris.

On the other, the state statistics institute ISTAT says 8 million Italians, almost 14 percent of the population, are living in “relative poverty.”

While tourists may not see the poor as they visit Tuscany’s rolling hills, Venice’s waterways or the Amalfi coast’s picturesque villages, they are increasingly visible on Italian city streets.

Many Italians have begun taking their money out of banks, fearing reports that measures to help fight the sovereign debt crisis might include deductions from bank accounts, as was done in the 1990s.

“They are putting it under the mattress, or even inside empty wine jugs in the cellars. We are a country of farmers,” said Elio Lannutti, president of consumer protection group Adusbef.

An American service organization in Rome asked its members to spend their Thanksgiving holiday next week making food packages for the poor. Zuccari said demand for food parcels had risen 20 percent in the last few years, with well-dressed Italians now joining immigrants in line.

Caritas, the Roman Catholic church’s charity arm, says growing numbers of families can’t meet a surprise expense of euro700 ($947) without turning to borrowing.

“What is really dramatic is the geographic division,” said Caritas’ Walter Nanni, pointing to figures that Italy’s south remains severely impoverished.

While only 18 percent of families in the Alpine province of Trento could not meet such an unexpected payment for medical expenses or car repairs, the figure rises to 48 percent in Sicily.

“The (south) shows in a particular manner growing signs of economic and social vulnerability,” Monsignor Mariano Crociata, secretary-general of the Italian Bishops Conference, said in an October report on poverty.

To be sure, Italy isn’t as bad off as Greece or Portugal, which are both in recession, struggling with high unemployment as they are being bailed out by international lenders.

But Italy’s prospects aren’t great either, particularly given its brain drain and policies that have pushed Italy’s underutilized youth even further to the margins.

A gerontocracy dominates Italy’s key professional posts, making workers even well into their 40s still considered up-and-coming. In the highest political circles, Monti is 68, Berlusconi is 75 and the president of Italy, Giorgio Napolitano, is 86.

Many younger Italians in fields like medicine, science and technology leave for countries that have more professional opportunities and mobility.

And the prospects for those who have not left are eroding fast. The Bank of Italy this month reported that nearly one in four Italians under 30 _ a total of 2.2 million people _ neither study nor work.

The great majority of the Italian NEET’s _ short for “Not in Education, Employment or Training” _ live at home with at least one parent, and a full 25 percent are living in a family where no one is working, the bank said.

A university degree does little to alleviate their plight: A full 20 percent of college graduates are without a job.

Lawyers in Italy must do a two-year apprenticeship before taking the bar exam, and most firms take advantage of the requirement to get free labor out of the trainees. Among the measures being discussed to confront the debt crisis would be a requirement that internships are paid.

“At least with Monti there is some hope since he is not a politician subject to pressure from the lobbies,” said Francesco Bureca, who graduated from an elite school but can’t land a job.

But hardline leftists expect no improvement for Italy’s poor, even from the new government.

“The Monti government is born from a mandate of Confindustria (a powerful business lobby) and the banks,” said Marco Ferrando, leader of the tiny Communist Workers Party.

He called for new protests. Italy’s last major economic protest this fall ended in a bloody riot on the streets of Rome.

____

Barry reported from Milan.

Source

November 6, 2011

Banks likely to weather ‘Transfer Day’ protest

Filed under: mortgage, news — Tags: , , , — Gladiator @ 1:48 am

NEW YORK

October 22, 2011

UK borrowed less than forecast in September

Filed under: mortgage, uk — Tags: , , , — Gladiator @ 11:24 am

U.K. government borrowing in September fell by more than anticipated, official figures showed Friday, providing rare good news after a series of downbeat reports.

The Office for National Statistics said public sector net borrowing in September was 14.1 billion pounds ($22.2 billion), down on the 15.4 billion pound shortfall in the same month last year.

September’s figure was about a billion pounds better than the market consensus.

The agency also revised its August borrowing figure downward by 2 billion pounds.

The data leaves the government broadly on course to hit its full-year deficit target of 122 billion pounds, providing the economy doesn’t deteriorate further.

However, worries persist.

“We doubt that these figures fully reflect the recent slowdown in the pace of economic growth and therefore we continue to expect the trend in borrowing to deteriorate in the second half of the fiscal year,” said Samuel Tombs, U.K. economist at Capital Economics.

The statistics agency reported earlier this week that inflation had hit a three-year high of 5.2 percent. Unemployment was up to 8.1 percent in the latest report, while household incomes were growing at less than 2 percent a year; GDP rose just 0.1 percent in the second quarter.

Chris Williamson, chief economist at financial information company Markit, said the government may be forced to cut spending further to meet the borrowing target if the economy gets worse. However, he said this raises the risk that austerity measures “end up driving the deficit higher rather than reducing it.”

Concern about sagging growth has prompted the Bank of England to resume a program of buying up financial assets from the banks in the hope of increasing the money supply and getting them to lend more.

Earlier this month, the Bank’s Monetary Policy Committee unanimously voted to spend another 75 billion pounds ($118 billion) on the so-called program of quantitative easing. Between March 2009 and January 2010, it bought up 200 billion pounds ($315 billion) of assets.

Source

October 15, 2011

Libyan forces search Tripoli for Gadhafi loyalists

Filed under: Audit, mortgage — Tags: , , , — Gladiator @ 11:40 pm

Libyan fighters fanned out in Tripoli neighborhoods Saturday to search for armed supporters of fugitive leader Moammar Gadhafi a day after a major gunbattle rocked the capital for the first time in two months.

Dozens of men combed apartment buildings for suspects and weapons in the Abu Salim neighborhood, which is home to the prison of the same name that became notorious for the abuse and killing of Gadhafi opponents. A day earlier, a gunbattle broke out in the area when a group tried to raise the green flag that symbolizes the ousted regime.

Revealing serious divisions within the revolutionary ranks, Saturday’s sweep of Abu Salim was being conducted mainly by a breakaway militia that refuses to answer to the main Tripoli military council.

It is one of many factions that have refused to put themselves under the umbrella of official revolutionary authorities, raising fears of vigilante justice as the North African nation faces continued fighting by loyalists of the fugitive leader.

One anti-Gadhafi fighter stomped on a green flag as others searched vehicles. Another showed off a box stuffed with bullets he said was found in a second-floor apartment in one of the residential buildings.

Abdullah Naker, the head of the so-called revolutionary council, called on all anti-Gadhafi forces to join them in the search and warned his men will fight anybody who gets in their way.

“All of Tripoli will be searched and we will reorganize our checkpoints and our guards in public and private institutions inside of Tripoli and outside of Tripoli,” he told reporters.

He said eight wanted men and 12 other suspects were arrested. He also alleged that teachers have been telling students that Gadhafi will return and said teams had been sent to stop the practice.

“We gave the military council a chance to prove themselves and they failed, and we will not leave things to chance,” he said.

A senior Interior Ministry official, Ibrahim al-Bargathi, said Friday’s skirmish started when a group of some 30 people, including eight women and some armed men, started walking with green flags. Local opponents began fighting with them, then revolutionary forces swarmed into the area from across the city, he said payday loans.

He said six people were injured and 14 were captured _ nine men and five women.

It was the first major violence in Tripoli between Gadhafi supporters and revolutionary forces since the then-rebels swept into the capital in late August and forced the longtime leader into hiding. The tensions suggest Libyans face grave challenges in trying to reconcile after months of bitter civil war.

The flare-up in Tripoli and fierce resistance on two other fronts have set back the new rulers’ stated goals of declaring total victory and establishing democracy. It also raised fears of a protracted insurgency as Gadhafi, the ruler for nearly 42 years, remains on the run.

The capital has been relatively calm since then-rebels swept into the city two months ago. But Gadhafi’s loyalists have control of parts of his hometown of Sirte and the desert enclave of Bani Walid and have fought off NATO-backed revolutionary forces besieging them for weeks. Gadhafi has tried to rally his supporters with several audio recordings issued from hiding.

The firefight in Tripoli began after Friday prayers. Witnesses said dozens of loyalists carrying green flags appeared on a square in the Abu Salim neighborhood, which has long been a pro-Gadhafi stronghold. Residents also reported fighting in several other areas known to still hold loyalists of the former leader.

Interim leader Mustafa Abdul-Jalil, the head of the governing National Transitional Council, had hoped to declare liberation this week after what he expected would be the imminent fall of the holdout city of Sirte, Gadhafi’s hometown, 250 miles (400 kilometers) southeast of Tripoli on the Mediterranean coast. That could allow the council to name a new interim government and set a timeline for holding elections within eight months.

The revolutionary forces control much of Sirte after launching a major push a week ago but still face heavy resistance.

Source

October 7, 2011

TSX tumbles after two days of strong gains

Filed under: Audit, mortgage — Tags: , , , — Gladiator @ 9:00 pm

A three-day rally in the stock markets faded on Friday after a mixed jobs report and credit-rating cuts for Italy and Spain.

Indexes drifted between gains and losses in the morning, then turned lower after the Fitch agency cut Spain and Italy

September 26, 2011

Ford CEO: China auto market is sustainable

Filed under: finance, mortgage — Tags: , , , — Gladiator @ 12:28 pm

Ford’s chief executive says the growth of China’s auto market is sustainable as the company looks to launch 15 new vehicles by 2015 in the country.

Alan Mulally said Monday that China is a sustainable market with the country’s leadership focused on keeping inflation in check without derailing economic growth.

Ford made a comeback last year with $6.6 billion in profit, its biggest in 11 years. Now the company is looking to invest further in Asia personal loans for people with bad credit. Last weekend it broke ground for the construction of a $350 million transmission plant in the southern Chinese megacity of Chongqing.

China is the largest car market in the world. Last year, sales of passenger vehicles in China, excluding large buses, jumped by a third to 13.7 million vehicles.

Source

September 6, 2011

Sam Bradford stars in Charter ads

Filed under: mortgage, technology — Tags: , , , — Gladiator @ 8:24 pm

Rams quarterback Sam Bradford has a new job; appearing in Charter Communications advertisements.

Bradford is featured in print ads and three TV commercials for the cable TV and internet provider.  The commercials strive for a light touch.  In one, a fan asks Bradford to stand back so the fan can take a picture of a Charter truck paydayloans.

Charter recently announced an agreement to carry the NFL Network.

 

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