Greek youth unemployment soars to 64.9pc - (www.telegraph.co.uk) Greek
youth unemployment soared to a fresh high of almost 65pc in May, underscoring
the dire state of the recession-hit economy. Repeated doses of austerity under
international bailouts have almost tripled Greece's jobless rate since its debt
crisis began in 2009, weighing on an economy in its sixth year of recession. Unemployment
rose to 27.6pc in May from an upwardly revised 27pc in April, according to data
from statistics agency ELSTAT. This is more than twice the average rate in the
eurozone, which stood at 12.1pc in June, and is the highest reading since
Greece's statistics office began publishing monthly jobless data in 2006. This
means there are now almost 1.4m people out of work in Greece, and 3.3m people
who are considered economically inactive. Joblessness in the 15-to-24 age group
jumped to 64.9pc, from 57.5pc in April.
Can
Booze Save the U.S. Postal Service? - (danville.patch.com) With
the U.S. Postal Service reporting a $740 million loss for the third quarter of
2013, mail officials are scrambling to figure out how to make the agency
profitable. A ingredient to the recovery could be alcohol. According to
the Huffington Post,
U.S. Postmaster General Patrick Donahoe recently pitched an idea to allow the
U.S. Postal Service to deliver beer, wine and spirits directly from
wineries, breweries and distilleries straight to your doorstep. "U.S.
law currently prevents the Postal Service from mailing alcohol," the
Huffington Post reported. "The Postal Service even asks customers to
cover any alcohol-related logos or labels if they choose to use an alcoholic
beverage box for shipping." Donahoe claims that adding alcohol delivery
could raise $50 million per year. But while the plan could generate dollars in
theory, many smaller businesses like craft and microbreweries would
likely not have the staff, resources and inventory to meet the demand of
alcohol delivery service.
So you think Europe's debt crisis is finally
over? Time to think again - (www.telegraph.co.uk) One
of the factors underpinning renewed confidence in the UK economy is the belief
that the crisis in Europe is now essentially over. The immediate threat of banking
and fiscal meltdown in the southern periphery has receded, and after one of the
longest recessions on record – six successive quarters of economic contraction
– there are even tentative signs of recovery. Among eurozone policymakers, the
relief is palpable. Mario Draghi, president of the European Central Bank, has
waved his magic wand and apparently succeeded in calming the economic
maelstrom. This is small thanks to the German core, which fought his actions
tooth and nail but now seems more than happy to take credit. In any case, with
the fear of financial Armageddon removed, European economies can begin the long
march back to health. For Britain too, a key uncertainty for the banking and
business sectors has been answered.
'Hindenburg Omen' hovering
over Wall Street again - (www.cnbc.com) Jittery
Wall Street traders are looking up in the sky and seeing Hindenburgs. That can
be a bad thing for markets, which have suffered in the past when the tripwires
associated with the "Hindenburg Omen"
get activated. Market veteran Art Cashin said Monday that the market phenomenon
is looming again. "There have been multiple occurrences of the Hindenburg
Omen in the last several weeks," Cashin, the director of floor operations
at UBS, said in his morning note.
Easy Money Policy Will Lead to World’s Greatest
Credit Collapse - (finance.yahoo.com) With
home prices rising, consumer confidence at levels not seen since 2008, and
record high stock prices, what's not to love about the economic comeback? A
lot, according to Steve Hochberg, the chief market analyst at Elliott Wave International, who says the warning signs are mounting that
another, even worse, credit crisis is coming and a deep bear market will join
it. "There's an age-old cycle that happens, where you have periods ofeasy
money, and certain sectors of our economy gorge on the easy credit, and
then invariably, when rates start to rise and the economy slows, whoever has
been gorging on that easy credit gets into trouble, the economy falters and
markets go down," Hochberg says in the attached video. Of particular concern
to him are emerging markets, sovereign debt, municipal bonds and student loans,
the latter of which is increasingly in the spotlight as recent college
graduates face huge debt and weak jobs prospects. "We have $1 trillion
worth of student loans out there, and recent studies show that only about 40%
of them are actually being paid right now," he warns. "We think this
is a huge problem area because as students graduate, there aren't the jobs or
the wages to sustain themselves to pay off these loans."
Li & Fung
Profit Misses Estimates on Weaker U.S. Retail Demand - (www.bloomberg.com)
Yum China Sales Trail Estimates as Diners Shun Chicken - (www.bloomberg.com)
Yum China Sales Trail Estimates as Diners Shun Chicken - (www.bloomberg.com)
No comments:
Post a Comment