The economic equivalent of a ceasefire agreement is a debt rollover of an insolvent state. In Europe, we have had both in the past three weeks. Europe’s political and economic diplomacy is focused solely on averting imminent catastrophe with no strategic purpose. The danger is that Ukraine and Greece are ending up as failed states.
A new “social supermarket” is aiming to cater to the poor by redistributing surplus food at budget prices - a model that has become popular in mainland Europe in recent years.
Community Shop (pictured), which opens in Lambeth today, will offer discounted food that is not wanted in the shops or depots of major retailers to 750 local people on benefits.
It estimates prices will be 70 per cent lower than at other supermarkets. Profits will be invested in a professional development programme to provide in-store advice on jobs, finances and healthy living.
(Reuters) - The number of Americans filing new claims for unemployment benefits fell sharply last week to the lowest level in almost seven years, which could bolster views of an acceleration in job growth after a cold winter dampened hiring.
Initial claims for state unemployment benefits dropped 32,000 to a seasonally adjusted 300,000 for the week ended April 5, the Labor Department said on Thursday. That was the lowest level since May 2007, before the start of the 2007-09 recession.
By Paul M. Barrett
Here’s the best story you’ll read today out of Wall Street or Washington: Robert Schmidt’s Bloomberg News scoop on a retiring Securities and Exchange Commission trial attorney who used his farewell speech to scold his former bosses for being “tentative and fearful” when it came to going after top executives in the wake of the 2008 financial crisis. Let’s break it down into four blunt points.
1. Thank goodness for former officials who speaks their minds. And the shoe-leather reporters who catch up with them. More from my friend Rob Schmidt:
By Manuel Baigorri, Matthew Campbell, and Aaron Kirchfeld
After years of holding back as Europe lurched from crisis to crisis, the region’s companies are leading a global dealmaking comeback. Western European buyers announced $149 billion of acquisitions in the first three months of the year, a gain of almost 60 percent over the same period in 2013 and the biggest jump worldwide, according to data compiled by Bloomberg.
Amid a cluster of half-built brick townhouses surrounded by peach groves on the outskirts of Fenghua city, workers could be seen taking down metal scaffolding and hauling away steel plates last month. They had heard that Zhejiang Xingrun Real Estate, the company building the housing development called Peach Blossom Palace, was insolvent. “The developer owed us hundreds of thousands of yuan” for scaffolding and steel, said workers Xie and Wang, who would only give their surnames. “We are taking these materials back for now because there’s no work here.”
(Reuters) - Three quarters of financial advisers in Britain are failing to keep their clients properly informed on how much they are being charged for investments they buy, the UK's financial watchdog said.
In a review of the financial advice industry released on Monday, Britain's Financial Conduct Authority said it is likely to refer one advisory firm and a wealth manager to its Enforcement and Financial Crime Division for "egregious failings".
The FCA did not name the two firms.
You pay your credit card and utility bills online, why not your estimated income tax payments? If you’re still using printed vouchers, writing out checks, and taking a trip to the post office to mail them certified return receipt–four times a year–there really is a better way. Once you enroll in the federal online payment system, you can go online once and set up all four payments for the year.
(Reuters) - A unit of UBS AG must pay $5.4 million to a former broker who said the firm misled its advisers about the financial health of Lehman Brothers Holdings Inc while recommending they sell its structured notes to clients, a securities arbitration panel ruled.
The $5.4 million includes a rare award of $1 million in punitive damages to the broker, Edward Dulin, according to a ruling late on Friday by a panel of the Financial Industry Regulatory Authority (FINRA). It also recommended erasing details about 39 arbitration complaints from Dulin's public record filed against UBS Financial Services Inc by clients who bought the notes, known as principal protected notes.
How's this for a change? More than 5,000 employees with violations of misconduct will be investigated during the coming year, according to an e-mail issued by Inspector General David C. Williams.
This equates to an average of one for every 28 IRS employees, and one in every nine front-line auditors and tax collectors under investigation.
Williams is head of the newly created tax administration office. The office was created by Congress last year to ensure the Service remaines responsive to taxpayers, as well as eliminate any previous and future abuses of IRS employees.