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Real estate bust hits small business tenants in St. Peters strip mall - (www.stltoday.com) Owners of businesses in the foreclosed Golden Triangle strip mall were ordered to move. For 23 years, the Yi family's restaurant has been a fixture near the busy intersection of Mexico Road and Mid Rivers Mall Drive. While other businesses came and went, the family endured in the competitive restaurant business, steadily building a customer base. Now, however, the family faces upheaval. A few weeks ago, the Yis and the owners of 11 other small businesses in the foreclosed Golden Triangle strip mall were abruptly ordered to move out by the end of February to make way for a CVS pharmacy to be built in its place. "They invested their whole life in this," said Sarah Yi, who manages the restaurant, called Crazy Sushi since 2003, for her parents. "We feel it's unfair. Just to have it taken away one day like this. I see my mom cry every day." The directive from Providence Bank, which foreclosed on the strip mall's landlord, has spurred a scramble by the businesses to find new locations. Providence's president, Brett Burri, said the bank was trying to work with the tenants.
Mutual Funds Saw $9.24 Billion in Withdrawals - (www.bloomberg.com) U.S. mutual funds lost $9.24 billion to withdrawals last week, the most in almost two months, as investors fled domestic and global stocks.
Funds that invest in U.S. equities had $6.67 billion in redemptions and foreign-stock funds lost $2.96 billion in the week ended Nov. 30, the Washington-based Investment Company Institute said today in an e-mailed statement. The redemptions from stock funds were the most since the week ended Aug. 10, when investors pulled $29.7 billion. Industrywide withdrawals were the heaviest since the week ended Oct. 5, the trade group’s data show.
Heroic Ireland can do no more; it's up to Europe now - (www.telegraph.co.uk) "We used to be the poster child for globalisation: now we are the poster child for austerity," said David Begg, head of the Irish Confederation of Trade Unions. More than any other EMU country on debtors’ row, Ireland has the mix of vibrant exports, a high trade gearing (over 100pc of GDP), and wage flexibility together needed to pull off an "internal devaluation", the EU’s hairshirt policy of clawing back viability once it is impossible to devalue. A year after spiraling losses from Anglo Irish Bank pushed the Irish state over the edge and into the arms of the EU-ECB-IMF Troika, the economy has at least stabilized - unlike the downward spirals in Greece or Portugal, or aborted recoveries in Spain and Italy.
VIDEO: 3 Ways Wall Street Is ‘Rigging’ the Game – (finance.yahoo.com) As a former, and rather infamous stockbroker, Lee Munson has an intimate knowledge of the financial industry. Now an author and founder of the advisory firm Portfolio LLC, Munson has turned the tables on his former industry by exposing some of the most egregious ways Wall Street is rigging the playing field at the expense of individual investors. In the attached clip Munson describes 3 products and strategies decidedly not in your financial self-interest.
Euro summit rocked by row over veto plan - (www.telegraph.co.uk) A rebellion by Finland, the Netherlands and Ireland is threatening to torpedo the Brussels summit plans – despite repeated warnings that today is the last chance to save the euro. Hours before leaders arrived in Brussels , the Finnish parliament ruled that treaty changes proposed for the European Stability Mechanism (ESM) were “unconstitutional”. The summit was further put at risk with news that after failing stress tests, European banks need to raise €115bn (£98bn) in fresh capital to satisfy regulators. Finland’s grand committee said decisions made by the ESM – the eurozone’s permanent bail-out fund set for launch in 2012 – had to remain unanimous, and not changed to the “qualified majority” that French president Nicolas Sarkozy and German chancellor Angela Merkel have agreed.
Moody's cuts three French banks - (www.reuters.com)
China Inflation Cooling to 4.2% - (www.bloomberg.com)
Eurozone leaders reach new deal without backing of Britain - (www.cnn.com)
European leaders gather for summit to save the euro - (www.washingtonpost.com)
Jobs report good, wage drop, bad - (money.cnn.com)
Bank of France debts jump ten-fold on capital flight - (www.telegraph.co.uk)
European Union comes under threat of downgrade by S&P - (www.telegraph.co.uk)
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