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The aim is to encourage more borrowing by businesses and homebuyers: stimulus spending financed by running the printing press. |
The Fed enjoyed some success boosting U.S. growth, but here are five reasons why QE won’t work for the ECB. |
The European Union does not have a large budget and issues few euro-denominated bonds that the ECB could purchase. Instead, the ECB will have to purchase individual country debt. It is as if the Fed had to purchase a basket of bonds issued by California, Iowa, and other states. |
Markets for European bonds—both sovereign and corporate—and bank lending are highly fragmented along country lines. Consequently, it is unlikely that QE will have much effect on banks’ willingness to make new business loans in places buffeted by the financial crisis, like Spain and Greece. |
QE seems to work best when central banks inject capital directly into specific markets. The Fed purchased mortgage-backed securities that significantly lowered interest rates on mortgages across America. Housing prices recovered much of the value lost during the financial crisis, and new home construction rebounded. |
The EU has no analog to Fannie Mae and Freddie Mac, and the ECB cannot readily purchase mortgage-backed securities to boost the European housing sector. |
Europe’s largest economy, Germany, recently accomplished a balanced budget for the first time since 1969, and austerity programs intended to restore solvency have forced massive government spending cuts and tax increases in Spain, Greece, and other Mediterranean states. |
Those spending cuts—though essential to sorely needed structural reforms—will undercut the effects of any increased bank lending that the ECB bond purchase may induce. |
With unemployment hovering at about 25 percent in Spain and Greece, and 13 percent in Italy, banks will remain skeptical that lending to expand businesses will do much to create bigger markets for what they sell. |
Although structural reforms could make Greece, Italy, and other high-unemployment economies more attractive places to build factories and establish businesses in the long run, governments in Athens, Rome, and other capitals face voters who need jobs now. And the cost of labor in these countries, which may perhaps be gr... |
If Mediterranean countries still had their own currencies, they could let their currencies fall in value relative to those of northern European states. That would re-price labor to attract investment and jobs. But the single currency, the euro, deprives them of that lever. |
Though the Europeans have a single currency, they lack common educational standards and a single language, things that give the United States a more or less single labor market. |
In the absence of currency devaluation to re-price Mediterranean labor, Greeks, Italians, and Spaniards cannot migrate to Germany (where unemployment is only 5 percent) with the same ease that Americans have migrated to South Dakota and Texas to participate in the oil boom. |
In the end, the EU and ECB lacks what the Fed enjoys—the punch of a national government that ran large deficits to pull the U.S. economy out of recession, plus national credit, housing, and labor markets that made monetary policies like QE reasonably effective. |
ATCO paid $13.5 million for the site last year. Damon Hemmerdinger, co-president of ATCO, said Junior Achievement of Central Carolinas will help the new development fulfill its goal of becoming an economic driver for the area’s revitalization. |
The new Junior Achievement facility will replicate the group’s popular JA BizTown, an “experiential simulation” for fourth through sixth graders. The facility will also include a JA Finance Park simulation facility meant for high school students and symposium space for larger educational events. |
Charlotte City Council will hold a public hearing and vote on the rezoning proposal by ATCO in the coming months. A community meeting was held Monday night at the site. |
There’s currently about 1.2 million square feet of vacant warehouse space at the site, which has been home to enterprises including a Ford factory, munitions dump and missile assembly plant. |
In one of the stately homes in this leafy part of town, a disgraced former president is living out his twilight years. Chun Doo-hwan was the face of the repressive government that led this country throughout much of the 1980s; these days he mostly stays behind the walls of his police-protected compound. |
It's no wonder that Chun, 84, came to this neighborhood, called Yeonhui, seeking seclusion. It has plenty of stand-alone houses in a country where most people live in apartments. With its narrow streets and abundant pine trees, it is also one of the calmer corners of the capital. On a recent afternoon, the streets arou... |
Nevertheless, Chun still finds himself in the headlines as officials in South Korea and the U.S. work to get back the millions of dollars he procured in kickbacks from major companies while he ruled from 1979 to 1988. This month, U.S. prosecutors returned to South Korea $1.1 million in seized assets connected to Chun. ... |
In 1996, a South Korean court found him guilty of having stashed away huge sums in slush funds and ordered him to pay back $229 million in criminal restitution. A task force dedicated to collecting the money was due to disband in 2013, but that year, the South Korean parliament extended its mandate until 2020. |
Chun insists that his opulent digs don't reflect his financial situation. A few years ago, with most of the fine still unpaid, he pleaded poverty, saying that he had less than $300 to his name. Given his lifestyle and the size of the fortune he amassed, that claim provoked ridicule. Political pop artist Lee Ha made a m... |
Chun is sometimes spotted at expensive golf courses, and in 2012, he was photographed at one of Seoul's ritziest hotels during his granddaughter's wedding. |
Chun seized power in a coup after the 1979 assassination of dictator Park Chung-hee. It was a chaotic time, with South Korea's economy booming but its politics still authoritarian. Contending that strict controls on civic and political rights were necessary to keep order, Chun cracked down on public gatherings and impr... |
He nonetheless enjoyed U.S. support for much of his rule. "Stability in Seoul was a central U.S. objective, at times an overriding one," wrote Don Oberdorfer in "The Two Koreas," a contemporary history. "American officials were leery of undermining Chun and thereby destabilizing the country with unpredictable results." |
In 1988 Chun gave in to public pressure and left office, paving the way for South Korea's first democratic election. In doing so, he became the first South Korean president to give up office in a peaceful manner. |
Chun, though, is mainly remembered for presidential misdeeds, including the orchestration of the 1980 Gwangju massacre. He ordered troops to fire on student protesters in the southern city who were calling for him to step down. Hundreds were killed or injured. |
For his actions in Gwangju and the coup he led, Chun was sentenced to death in 1996. The following year he and Roh Tae-woo, another former military dictator, were pardoned and released from custody. Kim Young-sam, president at the time, said the pardons were intended to nurture national reconciliation. |
To this day, news outlets on both sides of the country's political divide are critical of Chun and his tenure. |
"It's hard to find a good word for the butcher of Gwangju," said Aidan Foster-Carter, honorary senior research fellow in modern Korea at Leeds University in England. |
Some South Koreans are less than thrilled that a former president who sent in the troops to attack his people now lives under police protection, with taxpayers footing the bill. Seoul Mayor Park Won-soon has spoken about dispensing with Chun's police guard, but three officers continue to stand sentinel outside the gate... |
When asked why no one is allowed to stand around or take photos, their only response is, "It's policy." |
At a nearby store, one middle-aged woman shopping for flowers said of Chun, "He's just another neighbor." |
His name still seems to conjure anxiety in neighborhood residents old enough to have lived through his iron-fisted rule, when criticism could have landed one in jail. Another middle-aged woman, sweeping up leaves outside the gates of her home, giggled sheepishly when his name was mentioned. "He's very old now," she sai... |
Today is your last chance to enjoy the Kansas State Fair. It's a fun way to spend $20, so give it a whirl. |
10 a.m.: Start your day by attending the worship service at AT&T Arena. Pastor Rick Goertzen, from Grace Bible Church, will be teaching. |
After church, go to the Pride of Kansas building and check out the agricultural exhibits. While you're there, have a sit-down lunch at the Kansas Kitchen and Bakery, where you can get a bierock for $5. Drinks are $2. |
For dessert, grab a honey stick or two at the Kansas Honey Producers booth. They are 25 cents each and the flavors include natural, blackberry, peach, cinnamon, orange, sour cherry, sour strawberry and sour apple. |
Noon: After lunch, take a walk down memory lane at the Nostalgic Car Show in Gottschalk Park. |
1:30 p.m.: Watch fingers fly at the Text Messaging Contest at Lake Talbott. |
2 p.m.: Listen to some up-and-coming Kansas crooners at the Colgate Country Showdown at AT&T Arena. |
3 p.m.: Catch the team roping competition in the Expo II building. |
Round out your day with a visit to the Grandstand. The Dairy Bar is offering hand-packed pints of ice cream for $3. Take one home with you. |
PERRYSBURG TOWNSHIP (WTOL) - A Perrysburg Township police officer was injured when she lost control of her cruiser early Tuesday afternoon. |
The incident happened near the intersection of Lime City and Roachton roads in Perrysburg Township. |
The officer is expected to be okay. |
Jan 10 (Reuters) - U.S. stocks looked set to snap a four-day rally on Thursday as disappointing holiday-season results from Macy’s hammered retail stocks and no clear signs of a resolution emerged from U.S.-Chinese trade talks. |
Despite the S&P 500’s 0.60 percent retreat, the benchmark index is holding near three-week highs and is 9.2 percent above the 20-month low it hit around Christmas, thanks to the recent rally that was driven by strong U.S. jobs data, easing fears of higher interest rates and rising hopes of a trade deal. |
The trade optimism dampened after China said the three days of talks had established a “foundation” to resolve differences, but gave virtually no details on key issues at stake such as forced technology transfers, intellectual property rights, tariff barriers and cyber attacks. |
The mood was further hit by a 19 percent slump in shares of department store operator Macy’s Inc after the retailer cut same-store sales forecast for the full year. |
The report sparked a slide in retail stocks, with the S&P 500 retail index dropping 1.94 percent. Combined with a 1.9 percent fall in Amazon.com Inc, the consumer discretionary index slipped by 1.43 percent. |
“Right now, the market is down given there is a lack of positive news and the fact that nothing clear came out (of trade talks) doesn’t necessarily help,” said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey. |
Big tech stocks, which had led the recent surge, were down 0.76 percent. Apple Inc fell 1.3 percent, while Microsoft Corp dropped 1.4 percent. |
At 10:07 a.m. EDT, the Dow Jones Industrial Average was down 106.15 points, or 0.44 percent, at 23,772.97, the S&P 500 was down 15.62 points, or 0.60 percent, at 2,569.34 and the Nasdaq Composite was down 59.18 points, or 0.85 percent, at 6,897.89. |
Minutes from the Fed’s most recent meeting, released on Wednesday, showed policymakers want to be patient about future interest rate increases. Investors will tune into Fed Chair Jerome Powell’s speech before the Economic Club of Washington to see if the same tone continues. |
Oil prices reversed from an eight-day winning streak, driving the energy index down 0.71 percent. Ten of the 11 major S&P sectors were lower, with only utilities index posting slim gains. |
American Airlines Group Inc fell 9.7 percent after the No.1 U.S. airline cut its forecast for fourth-quarter growth in unit revenue, a closely watched performance metric. That weighed on other airlines as well. |
The Dow Jones US Airlines index fell 4.64 percent. |
Among the few bright spots, Bed Bath & Beyond Inc, gained 5.9 percent after the home furnishing company reported a better-than-expected quarterly profit and gave upbeat earnings forecast. |
Declining issues outnumbered advancers for a 2.47-to-1 ratio on the NYSE and for a 2.34-to-1 ratio on the Nasdaq. |
The hit-making DJ/producer will not be recording new music any time soon. |
Before taking to the stage for what many immediately proclaimed one of Ultra's best sets thus far (including our own Code staff), Fatboy Slim told Billboard that despite his career's worth of hits from the '90s and 2000s ("Praise You," "Rockafeller Skank," etcetera), he was not currently working on new music but instea... |
"Not soon," Fatboy Slim, aka Norman Cook, said, when asked if new music is underway. "To be honest, that's one of the things about this explosion of EDM. It means I've got work all year 'round, all throughout the world. I'm really enjoying it, and while I'm young enough to be doing it, that's kind of where my heart is.... |
Over the last few years, the DJ/producer has used his increasingly rare DJ skills to rock festivals and clubs. He's used some of his own canon of crossover hits plus select moments from the now. On Saturday (March 23), he teased the crowd with a sample of "Harlem Shake," but of course didn't drop the whole thing. |
"A few people are asking me just how far the gulf has gone between commercial and underground and which foot I've got in which," he said. "I've kind of always bridged the gap. It's like having your feet on two boats kind of both sailing off in different directions. I think I've kind of got my foot back on the undergrou... |
Cook says that what he now calls "PDM" -- pop dance music -- has actually aided the development of the underground. |
"The best thing about Ultra is people come here and maybe have been [here] all afternoon listening to the same stuff on the Main Stage. [When] they're a bit hot, they wander off to one of the shady bits on the edge and find some shady music," he says. "It draws more people into the scene. It's brought all this money an... |
New report suggests outside intervention in the country. |
Cables released by Wikileaks have revealed that the US has been financing a Syrian oppsition group. |
The reports claim the US State Department has given at least $6 million for anti-government programmes in Syria. The money was allegedly given to the Movement for Justice and Development, which is a Syrian opposition group based in London. Reformist satellite channel Barada TV is also said to have received funding. |
This all comes as 20,000 demonstrators gathered in Homs demanding Bashar al-Assad step down - a move his government claimed amounted to "armed insurrection". |
Demonstrators claim troops loyal to al-Assad opened fire in an attempt to disperse the crowd forcibly. |
Inside Story, with presenter Dareen Abughaida, discusses with guests: Nadim Shehade, from the Middle East Programme at Chatham House; and Malik al-Abdeh, a memeber of the Syrian Movement for Justice and Development, also editor-in-chief of Barada TV. |
This episode of Inside Story aired on Tuesday, April 19, 2011. |
Dr. Sherman Mellinkoff, who took the newly created UCLA School of Medicine and turned it into a powerhouse of medical research and academics, has died at age 96. |
The university said in a statement that Mellinkoff died July 17 at his home near the Westwood campus. |
He took over the school in 1962, when it was a decade old and did not yet have its own buildings. He led it for 25 years — a marathon term for a medical school dean. Under his direction, it grew from a few dozen students to classes of 1,500 interns, residents and fellows. |
He helped establish multiple organ transplant programs, a comprehensive cancer center and one of the first federally funded centers for research in positron emission tomography, or PET scans. |
You will need an 11-digit IFSC Code for doing any online transfer of money using net banking services such as IMPS, RTGS, and NEFT system of your STATE BANK OF INDIA. IFSC Code is an Indian Financial System Code having numeric or alphanumeric value. The easiest way to find the IFSC Code of your STATE BANK OF INDIA is t... |
Stephen Frears, who helmed “The Queen” and “Philomena,” is on board to direct “Florence” from a script by Nicholas Martin. Pathe will launch foreign sales at AFM. |
Streep stars as a New York heiress determined to become a famous opera singer despite her lack of talent. Grant will play her partner and manager, actor St. Clair Bayfield. |
The film is in pre-production. Michael Kuhn and Tracey Seaward will produce. |
Jenkins persisted in performing during the late 1920s to the mid 1940s and dismissed public ridicule. “People may say I can’t sing, but no one can ever say I didn’t sing,” she said at one point. |
Frears recently completed shooting a Lance Armstrong biopic with Ben Foster starring. |
The castings were first reported by the Daily Mail. |
ST. PAUL (AP) - Minnesota lawmakers are pushing a new grant program that would give government rebates and bonuses to companies that upgrade facilities and add new jobs. |
The proposed $18.5 million Minnesota Job Creation Fund is a feature of an economic development package set for consideration Thursday by a House budget committee. |
The program includes awards of up to $2,000,000 to eligible companies engaged in the manufacturing, warehousing, distribution, information technology, finance and insurance industries. The companies have to commit to spending a minimum amount on construction or capital projects and add a certain number of employees to ... |
The grants would depend on the size of the expansion, number of new employees and worker pay. |
Positions paying at least $45,000 could fetch companies awards of $3,000 per worker. |
Without legal muscle to curb waste, advocates are working to change the norms of businesses and the habits of consumers. |
CLEARWATER BEACH — It began two years ago when Bob Heilman’s Beachcomber restaurant stopped using plastic foam cups and realized what a waste they had been all along. |
The 70-year-old family business then started serving straws only upon request. Customers barely noticed. |
Next to go were plastic bags. Now every temperature stick poked into a steak is recyclable wood, not plastic. The coasters under every beer and margarita are plant-based. Not only are all to-go boxes biodegradable, so is the restaurant’s toilet paper. |
Around the world, a growing number of cities and countries are banning straws, bags and other single-use plastic products, which never degrade and are polluting the environment in alarming quantities: An estimated 8 million metric tons of plastic waste ends up in the oceans every year. But Florida has not made it easy ... |
Without legal muscle to curb waste, bay area advocates are working to change the norms of businesses and the habits of consumers to drastically cut the amount of single-use products generated in the first place. |
The Suncoast Rise Above Plastics Coalition is a group of 20 local organizations that banded together three years ago to help restaurants and retailers make sustainable changes. Sixteen Tampa Bay businesses, including the Beachcomber, have received national Ocean Friendly certification through the coalition by voluntari... |
On a recent Saturday, a volunteer crew stood on the bank of McKay Bay in Ybor City, gloves and garbage bags in hand, and scanned Tampa Bay’s contribution to the global plastic pollution crisis. |
Too many plastic bottles bobbing in the water to count. A swirl of aluminum cans, to-go bags and foam cups floating in a greasy film. |
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