Anti-austerity leftist promoted in French cabinet reshuffle - (www.reuters.com) A fierce critic of budget austerity was named French economy minister on Wednesday in a reshuffled government packed with strident personalities, including President Francois Hollande's former live-in partner Segolene Royal. Hollande has charged the new cabinet with halting France's economic decline after 22 months in power during which his poll ratings have collapsed to record lows, leading to the trouncing of his Socialists in weekend local elections. While his first government was accused of blandness, this cabinet includes a powerful role for leftist Arnaud Montebourg, known for attacks on big business and the European Commission, who rises from industry minister to take charge of an enlarged economy ministry.
China’s
Overnight Rate in Longest Rising Streak Since October - (www.bloomberg.com) China’s overnight money-market rate climbed for a
seventh day, the longest stretch in five months, after the central bank drained
cash from the financial system. The overnight repurchase rate, a gauge of funding availability among banks,
climbed nine basis points, or 0.09 percentage point, to 2.95 percent as of 4:46
p.m. in Shanghai,
according to a weighted average from the National Interbank Funding Center. It
touched 2.96 percent earlier, the highest since March 20. The seven-day repo
rate fell one basis point to 4.20 percent. The People’s Bank of China absorbed
72 billion yuan ($11.6
billion) issuing repurchase agreements yesterday, having pulled a net 974
billion yuan since the Lunar New Year break at the beginning of February.
Xuzhou Zhongsen Tonghao New Board Co., a closely held Chinese building
materials company in Jiangsu province, failed to pay interest on bonds due
March 28, the 21st Century Business Herald reported yesterday. China had its
first default in the domestic bond market last month when Shanghai Chaori Solar
Energy Science & Technology Co. failed to pay interest due March 7.
Disturbing Trends in Small Business Hiring - (www.washingtonpost.com) Small
businesses suffered a rough winter on the hiring front, which many analysts
blamed on a series of particularly brutal snowstorms. However, even with the
weather heating up last month, small employers were still slow to add new
openings. Which begs the question — is there something else going on here? Small businesses added a modest 72,000 jobs in March, down
slightly from 76,000 the month before and well off a peak of 113,000 back in
November, according to report published by payroll company ADP on Wednesday. Of
those, companies that produce tangible goods (as opposed to services firms)
added only 9,000 jobs. Meanwhile, Intuit, a business software company, reported
that small-business hiring ticked up a minuscule 0.01 percent in March,
following zero job growth in February. But it gets worse. Small firms’ share of
the nation’s net new jobs (191,000 in March) dipped below 40 percent for only
the second time in the past year, according to ADP. Since the start of 2013,
the only time small businesses have accounted for a smaller portion of job
gains was last October, whenthe government shutdown brought small-business hiring to a
screeching halt across the country.
Following
more than 100 aftershocks, Californians fear The quake from Hell - (www.rt.com) Experts now fear that the 5.1 magnitude
earthquake that rocked Southern California on Friday evening could be a mere
sampling of what’s to come if more seismic activity occurs along the Puente
Hills thrust fault. That break in the Earth’s crust is far less renowned that
the more famous San Andreas fault that has been a major cause of concern for
residents of the Los Angeles area for ages. Activity along the Puente Hills
thrust is now being blamed for last week’s quake, however, and in turn has rekindled discussion
about the potential catastrophes that could occur if a larger tremor takes LA
by surprise once again. Although the Puente Hills thrust is far less famous
than the San Andreas fault, experts say another serious tremor there could
cause grave consequences for Southern California. Friday evening’s incident was
reportedly centered near the city of La Habra, around 20 miles southeast of
downtown LA, and spawned upwards of 100 aftershocks throughout the region. The
Puente Hills fault extends through a critical part of Southern California,
though, and could have caused exponentially more damage if it was stronger and
its epicenter was elsewhere.
A
57-cent part at the center of GM's crisis - (money.cnn.com) A
problem with a tiny, 57-cent part inside the ignition switch has led to a
massive recall of 2.6 million General Motors vehicles, numerous federal probes
and at least 13 deaths. The faulty part was redesigned in 2006, but the part
number was never changed. Typically, any time a car part is redesigned, the
manufacturer changes the part number. The fact that the part number wasn't
changed prevented federal safety investigators, and even some GM employees,
from figuring out what caused the accidents. Accidents declined in newer vehicle models,
but investigators could not figure out why, since there didn't appear to be any change in
how they were manufactured. Critics of the company allege that the lack of a
new part number is the sign of a deliberate cover up.
Japan
firms doubt BOJ price targets, new stimulus seen - (www.reuters.com)
Police fire water cannon in Turkish capital at election protest - (www.reuters.com)
Police fire water cannon in Turkish capital at election protest - (www.reuters.com)
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