Friday December 7 Housing and Economic stories

TOP STORIES:

Deadline Looms for Long-Term Unemployed - (online.wsj.com) More than 40% of the nearly five million Americans who receive unemployment insurance are set to lose those benefits if federal programs expire as scheduled at year-end. Some economists worry that cutting off those benefits could harm the economy by leaving millions of Americans with less money to spend on everything from food to fuel. Others argue that overly generous benefits are helping to prolong joblessness. About 2.1 million Americans receive payments through federally backed emergency unemployment programs, which Congress adopted starting in 2008 as a temporary supplement to state-level programs funded primarily with taxes on employers, which generally offer six months of benefits. 

450,000 Businesses Shut Down in Italy in Three Years - (translate.google.com) In just three years, from 2010 to 2012, about 450,000 companies closed with a loss of over 300,000 jobs, while the Italians caught up in terms of wear [usurious loans] increased to 600,000.
These are the data provided by Sos enterprise-Confesercenti usury-day. In particular, wear Italian capital Rome and Naples are confirmed. It is "wear submerged, chameleon, now violent now` hit and run 'which marks a difference between the demands of incredible help and legal reality." [Bankruptcy looms]

States Want to Have Say During Talks Over Budget - (www.nytimes.com) Their states are still recovering from the recession, and now the nation’s governors are bracing, again, for cuts in federal aid. They have been down this road before — Congress has already missed several self-imposed deadlines to cut the deficit — but many say they fear that this time, the talks in Washington to avert the so-called fiscal cliff will actually lead to deep cuts. So they want a say in the negotiations. “The main message is that it’s important to remember that, on a lot of areas of governance, we’re partners — and that these issues can’t be solved simply by cost-shifting to the states, because the states aren’t really in a position to do all that,” said Gov. Jack Markell of Delaware, chairman of the National Governors Association. “We just want to make sure that we have a voice as these decisions are being made.”

Downturn erodes central bank independence - (www.ft.com)  The global financial and economic crisis has weakened central bank independence, a report suggests, as bankers’ increased responsibilities have earned them higher profiles and politicised their work. Most of the world’s central banks have in recent decades been granted power to set monetary policy as they see fit, rather than bend to the demands of politicians to lower interest rates before elections. But the downturn has weakened their operational independence as it has left them filling in for governments unable, or unwilling, to prevent an economic slowdown, a report, due to be published on Tuesday, has said.

U.K. Newspapers Sweat Inquiry's Findings - (online.wsj.com) The British newspaper industry is on tenterhooks ahead of a British judge's report on whether and how the country's print press should be reined in to prevent invasions of privacy. From saucy News Corp. tabloids to the venerable British Broadcasting Corp., Britain's media has spent many months with an unflattering spotlight on the way it gathers and reports the news. Now, the industry is on tenterhooks ahead of a British judge's report on whether and how the country's print press should be reined in. Lord Justice of Appeal Brian Leveson on Thursday is set to detail his recommendations for new British press regulations. Prime Minister David Cameron assigned the task to the well-known judge in July 2011, at the height of the phone-hacking scandal at News Corp.'s now-closed News of the World.

OTHER STORIES:

Catalan Pro-Independence Parties Win, Exit Poll Shows - (www.bloomberg.com)

Euro Ministers Take Third Swing at Clearing Greek Payment - (www.bloomberg.com)

Catalans Vote as Secession Push Piles Strain on Rajoy - (www.bloomberg.com)

Egypt's Mursi faces judicial revolt over decree - (www.reuters.com)

Thousands of Italians rally against Monti's austerity - (www.reuters.com)

Italy’s Bersani Faces Off Against Renzi in Bid to Replace Monti - (www.bloomberg.com)

China’s manufacturing sector must reinvent itself if it’s to survive - (www.washingtonpost.com)

China's Wenzhou unveils reform plans as bad loans climb - (www.reuters.com)

India Pledges to Cut Deficit, Cap Debt to Avert Downgrade - (www.bloomberg.com)