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Egypt approves new constitution with 32.9% voter turnout

“Egypt’s constitution was passed with 63.8 percent voter support in the two-stage referendum that ended last weekend, the national electoral commission said on Tuesday. Turnout was 32.9 percent of Egypt’s total 52 million voters, the president of the commission, Samir Abul Maati, told a news conference in Cairo. The figures confirmed those given by President Mohamed Morsi’s Muslim Brotherhood, which had backed the new charter.” Continue reading →

Michigan immigrants sue for access to driver’s licenses

“The ACLU filed a lawsuit on Wednesday demanding the state of Michigan grant access to driver’s licenses for young undocumented immigrants enrolled in the new federal deferred-deportation program. One of the students, Resilda Karafili, told The Raw Story getting a license will be critical for her as she seeks a job upon finishing her undergraduate studies at the University of Michigan. ‘It’s not reasonable to think that people can get a job without being able to drive,’ said Karafili, who emigrated to the U.S. with her family when she was 10 years old. ‘It looks unprofessional from the start. Employers don’t want to hire people who don’t have reliable transportation.'” Continue reading →

Israeli PM aims to deport tens of thousands of Africans

“Prime Minister Benjamin Netanyahu said Monday he aims to repatriate tens of thousands of African illegal migrants and that the inflow into Israel from the Sinai peninsula has been brought to a halt. ‘We have reached this result over the past several months, and next month we will have completed the construction of the fence on the border with the Sinai,’ facing Egypt, he said. Interior Minister Eli Yishai had warned in August that Sudanese illegals who did not leave the country by October 15 would be detained, held in camps and deported.” Continue reading →

Syrian Christians ‘pray for peace’

“In the heart of Damascus, more than 1,000 people attended Christmas mass on Monday, praying for peace to return to Syria, after almost two years of bloodshed. The church entrance was thinly decorated, a far cry from the usually ornate facade that welcomes the faithful. But a donations box at the entrance gives away the sea-change that Syria has suffered ever since the outbreak of an anti-regime revolt in March last year. Many Christians have remained neutral in a conflict estimated to have killed more than 44,000 people. Most church leaders have taken President Bashar al-Assad’s side, for fear of the rise of Islamic extremism.” Continue reading →

Kyle Bass at AC2012: The Engtanglement

“Kyle Bass is the managing director and principal of Hayman Advisors LP’s, general partnership which was formed in December 2005. Kyle Bass is also a mortgage credit portfolio advisor to few asset management companies and manages or advises over $4 billion of investments in the residential mortgage-backed securities market. Mr. Bass is also a Director of the Asset Backed Securities at Credit Derivatives Users Association. He is also a member of the Serengeti Asset Management Advisory Board and is a member of the endowment’s board of the University of Texas Investment Management Co which bought $1 billion Gold bars in 2011.” Continue reading →

Tiny gold bars latest rage for jittery investors

“Private investors in Switzerland, Austria and Germany are lining up to buy gold bars the size of a credit card that can easily be broken into one gram pieces and used as payment in an emergency. Now Swiss refinery Valcambi, a unit of U.S. mining giant Newmont, wants to bring its ‘CombiBar’ to market in the United States and build up its sales presence India – the world’s largest consumer of gold where the precious metal has long served as a parallel currency. The ‘CombiBar’ – which has been dubbed a ‘chocolate bar’ because pieces can be easily broken off by hand into one gram squares.” Continue reading →

Brazil Doubles Gold Reserves as Central Banks Buy Bullion

“Brazil boosted gold reserves for a third month in November to double the country’s holdings since August as central banks from Russia to Belarus and South Korea add the metal to diversify their assets. Central banks have been expanding reserves as the metal heads for a 12th annual gain and investors hold a record amount in bullion-backed exchange-traded products. Nations bought 373.9 tons in the first nine months of the year and full-year additions will probably be at the bottom end of a range from 450 to 500 tons, the London-based World Gold Council estimates.” Continue reading →

Older homeowners falling more into foreclosure

“Homeowners more than 50 years old are falling into foreclosure faster than any other age group, particularly widows whose husbands held the mortgage, said the New York Times. Foreclosures among homeowners over 50 increased by 23% over the past five years, resulting in 1.5 million foreclosures. The main reason for the rise in foreclosures is due to women outliving their spouses and not being able to cop with ballooning, medical costs, mortgage and pension cuts. About 6% of loans held by persons over 50 were delinquent in 2011, up from 1% in 2007. One of the problems is older Americans are saving less and borrowing more, said AARP.” Continue reading →