Yearly Archives: 2013

Argentine president battles inflation by launching government clothing line

"Just in the last few years, she’s imposed capital controls. Media controls. Price controls. Export controls. She’s seized pension funds. She fired a central banker who didn’t bend to her ‘print more money’ directives. She even filed criminal charges against economists who publish credible inflation figures. Even Cristina acknowledges that prices are way too high. But rather than rein in spending and stop the money printing, she’s digging her high heels in even further by launching a new clothing line. This new brand– NYP will be owned and run by the government, selling everything from jeans to shirts to shoes at prices below 100 pesos (less than $20 officially)." Continue reading →

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NY Fed: The Truth About the Job Market for Recent College Graduates

"We show that there are large differences in unemployment rates, underemployment rates, and average wages across majors. In particular, we show that those with degrees in majors that provide technical training, such as 'Engineering' and 'Math & Computers,' or in those that are geared toward growing parts of the economy, such as 'Education' and 'Health,' have tended to do pretty well when compared to the rest of the pack. At the other end of the spectrum, those with a 'Liberal Arts' or 'Leisure & Hospitality' major tend to have lower wages, higher unemployment, and higher underemployment." Continue reading →

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San Francisco public transportation system shut down by striking union workers

"The strike by 2,400 BART workers came after acrimonious negotiations centered on wage and benefit issues broke down late Sunday, just hours before current labor agreements expired. Both sides blamed the other for abandoning the talks. BART serves about 400,000 riders daily, many of whom rely on the system to travel from Oakland, Berkeley and other communities on the east side of San Francisco Bay into the city of San Francisco. The strike will shut down the system once all trains are parked early Monday morning and is expected to bring widespread travel disruptions and traffic gridlock." Continue reading →

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The Expendables: The Temps Who Power Corporate Giants

"Across America, temporary work has become a mainstay of the economy, leading to the proliferation of what researchers have begun to call 'temp towns.' In June, the Labor Department reported that the nation had more temp workers than ever before: 2.7 million. Overall, almost one-fifth of the total job growth since the recession ended in mid-2009 has been in the temp sector, federal data shows. But according to the American Staffing Association, the temp industry’s trade group, the pool is even larger: Every year, a tenth of all U.S. workers finds a job at a staffing agency. Temp work is roaring back 10 times faster than private-sector employment as a whole." Continue reading →

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Paid via Payroll Cards, Workers Feel Sting of Fees

"For these largely hourly workers, paper paychecks and even direct deposit have been replaced by prepaid cards issued by their employers. Employees can use these cards, which work like debit cards, at an A.T.M. to withdraw their pay. But in the overwhelming majority of cases, using the card involves a fee. And those fees can quickly add up: one provider, for example, charges $1.75 to make a withdrawal from most A.T.M.’s, $2.95 for a paper statement and $6 to replace a card. In 2012, $34 billion was loaded onto 4.6 million active payroll cards, according to the research firm Aite Group; it expected that to reach $68.9 billion and 10.8 million cards by 2017." Continue reading →

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A Rare Anomaly in the Gold Market

"So does this mean we should buy now? To be sure, book values fall when precious metals prices decline, and costs have risen substantially since 2001 as well. So it's possible values could fall further. But in that scenario the relationship between stock prices and book value would remain in rarified territory, making the anomaly even more appealing to a contrarian investor." Continue reading →

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Gun-maker airlifts 20,000 extended magazines into Colorado ahead of ban

"Gun-maker Magpul airlifted thousands of extended assault rifle magazines into a Colorado gun show on Saturday, giving away 1,500 and putting the rest up for sale just 24 hours before a new law takes effect that makes the magazines illegal across the state. The event, 'A Farewell to Arms,' attracted over 3,000 gun enthusiasts who received free extended magazines with their purchases, according to CBS Denver. An additional 18,500 magazines were designated to be sold at discount, with the proceeds going to benefit a pro-gun group calling itself 'Free Colorado.'" Continue reading →

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Why Did Chinese ATMs Stop Working Last Week?

"On Sunday morning, while China was taking a weekend breather from the financial fireworks caused by the government’s weeklong self-inflicted cash and credit crunch, customers of the Industrial and Commercial Bank of China, the world’s largest bank, woke to an unpleasant surprise: Their deposits were not available for withdrawal by ATM or teller (online or in-person). Sunday’s outage appears to have started at about 10:30 a.m., and by 11 a.m. there were photos on Sina Weibo of stymied bank customers left mulling in shut-down bank lobbies." Continue reading →

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Pro-democracy protest in Hong Kong draws tens of thousands

"Younger activists have become increasingly politicized. Surveys show they identify themselves more as Hong Kong citizens than Chinese nationals – a trend that alarms Beijing, which is eager for the city to show more 'patriotism' to the motherland. Despite China’s pledge to allow a direct poll for the city’s leader in 2017, recent signs from senior Chinese officials have raised concern Beijing may somehow try to rig the rules to screen out opposition candidates from taking part. The former British colony returned to Chinese rule on July 1, 1997, with the promise of universal suffrage as an 'ultimate aim' in its mini-constitution." Continue reading →

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