Stunned
unions cry foul after tenure rules struck down - (www.latimes.com) Teacher
unions are criticizing a judge's decision to overturn a California law that has
long protected the state's public educators -- even ineffective ones -- through
tenure and seniority. In his ruling Tuesday, Los Angeles County Superior Court Judge Rolf
M. Treu said the laws governing job security were unconstitutional because they
harmed predominantly low-income, minority students by allowing incompetent
instructors to remain in the classroom. The protections "impose a real and
appreciable impact on students' fundamental right to equality of
education," he wrote. "The evidence is compelling. Indeed, it shocks
the conscience." State and local teachers’ unions reacted swiftly, saying
the ruling was misguided and that poor management was to blame for districts
that fail to root out incompetent instructors.
London's
Taxi Driver Protests Are Giving Uber The Best Advertising It Could Ever Have
Hoped For - (www.businessinsider.com) Uber is seeing a massive uptick in sign-ups
following thousands of black cab drivers staging protests in the streets of London. An estimated 4,000 to 5,000
black cabs participated in the protest today, according to London's transportation
agency. That's because they're convinced Uber is operating illegally in the
city. But despite their efforts, people are actually flocking to Uber. The
car company says it's seen an 850% increase in new riders. “Londoners are
voting with their fingers, tapping the app in support of new and innovative
services as we see our biggest day of sign-ups in London today since launch two
years ago,” Uber UK & Ireland General
Manager Jo Bertram told The Next Web.
Qingdao
Port Probe Said to Focus on Loans to Decheng - (www.bloomberg.com) China’s investigation of whether metals stockpiled
at Qingdao Port fall short of collateral obligations used to secure loans is
focused on Decheng Mining, said two bankers assisting with the probe. Decheng’s
owner, Chen Jihong, has been detained as public security officials look into
the case at the northeastern port and continue a separate inquiry in
northwestern Gansu
province,
said the bankers, who asked not to be named because they aren’t authorized to
speak publicly. Singapore’s foreign ministry said it is providing consular
assistance to Chen. Foreign and local banks are examining lending linked to
metals at Qingdao amid concern that risks are more widespread in China, where
traders use commodities from iron ore to rubber to get funding. China’s customs
agency issued rules to help prevent goods being pledged multiple times as
collateral for loans at Qingdao Port, said two people with direct knowledge of
the matter. Analysts at Barclays Plc and Goldman Sachs Group Inc. said the
probe may weigh down the price of copper, already the worst performer among the
six main materials traded on the London Metal Exchange this year.
Many Seek New Homes Near Cities but are Priced
Out - (www.finance.yahoo.com) The
average price of a newly built home nationwide has reached $320,100 — a 20.5
percent jump since 2012 began. That puts a typical new home out of reach for
two-thirds of Americans, according to government data. Yet many builders have
made a calculated bet: Better to sell fewer new homes at higher prices than
build more and charge less. Their calculation is partly a consequence of the
growing wealth gap in the United States. Average inflation-adjusted income has
declined 9 percent for the bottom 40 percent of households since 2007, while
incomes for the top 5 percent exceed where they were when the recession began
that year, according to the Census Bureau. Buyers have historically paid about
15 percent more for a new home than for an existing one, a premium that's
reached 40 percent today, according to the real estate data firm Zillow. An
average new home costs about six times the median U.S. household income.
Historically, Americans have bought homes worth about three times their income.
Spanish
10-Year Bond Yield Lowest Since at Least 1789; Reflections on Absurd Risk
Assumptions - (Mish at globaleconomicanalysis.blogspot.com) Those
searching for absurdity in government bonds can find it in a multitude of
places. For example, and via translation from Libre Mercado (courtesy of my
friend Bran who lives in Spain) please note Spanish 10-Year Bond Yield is
Lowest Since at Least 1789.
The interest rate offered on the secondary market for Spanish bonds
maturing in ten years is at historic lows, below equivalent yield in U.S.
treasuries, which has not happened since April 2010. The evolution of Spanish
debt is even more striking when viewed from a broader temporal perspective. Today
the Spanish 10-year bond is the lowest since at least 1789, the year of the
French Revolution, as noted in the graph above. This is something
unprecedented.
China
Misses Bond Auction Target for Second Time in Two Months - (www.bloomberg.com)
ECB may buy 'simple and transparent' ABS, says Mersch - (www.reuters.com)
ECB may buy 'simple and transparent' ABS, says Mersch - (www.reuters.com)
World
Bank Cuts Global Growth Forecast After ‘Bumpy’ 2014 Start - (www.bloomberg.com)
Fed Prepares to Keep Record Balance Sheet for Years to Come - (www.bloomberg.com)
Fed Prepares to Keep Record Balance Sheet for Years to Come - (www.bloomberg.com)
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