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firewood
Master |
03-Dec-2010 22:41
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MADRID (AP) -- The Spanish government has approved a package of new austerity measures and economic stimulus that it hopes will ease investor fears about its debt. The moves include selling off nearly third of its national lottery, partially privatizing airports, cutting a jobless benefit and trimming taxes for small companies. The measures were agreed to at a weekly cabinet meeting Friday. Spain, which has soaring unemployment and a swollen deficit, is battling to convince markets it can handle its debt and won't need a bailout from the European Union and International Monetary Fund like Ireland and Greece. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below. MADRID (AP) -- Spain's government was set to approve on Friday a fresh round of austerity and reform measures aimed at easing market fears the country will need a bailout to manage its debt, a possibility the finance minister ruled out. The new moves include plans to sell off a 30 percent stake in the government-owned national lottery, partial privatization of airports, the elimination of a key jobless benefit and tax cuts for small businesses. Spanish media reported that the administration of Prime Minister Jose Luis Rodriguez Zapatero, who canceled a trip to an Iberoamerican summit in Argentina to see the reforms through, may also boost taxes on cigarettes during a final announcement detailing the measures Friday afternoon. Finance Minister Elena Salgado insisted in an interview with Britain's BBC Radio 4 that fears Spain, the eurozone's fourth largest economy, could need a bailout are overblown. "We are doing all that we had committed to do, our fiscal adjustment is on track," Salgado said. "We have done all the things that we have to do with our financial sector. It is in a strong restructuring process." The latest measures, first announced Wednesday by Zapatero, were welcomed by both markets and the European Union after weeks of speculation that first neighboring Portugal and then Spain would need financial help. In May, when markets were spooked by the near-bankruptcy of Greece, Spain cut wages for civil servants, froze most retirement pensions, and made it easier and cheaper for companies to lay people off. Zapatero has also pledged to reform the pension system early in 2011, likely raising the retirement age from 65 to 67, an unpopular move that sparked a general strike in late September. In the latest measures, the government hopes to take in euro9 billion ($12 billion) by selling a 49 percent stake in Spain's airports in a deal that would also shift management of Madrid's Barajas and Barcelona's El Prat airports to the private sector. Selling the lottery stake would give Spain as much as euro5 billion. The lottery, famed for its Dec. 22 "El Gordo" (The Fat One) brings some euro3 billion into the state's coffers annually. Meanwhile, some 40,000 small and medium-size companies are expected to benefit from the tax cut. The measures also include a reduction in costs and bureaucracy for people setting up new companies. A special subsidy of euro426 for people whose unemployment benefits have run out will be axed in February. The measure was introduced in 2009 as the crisis began to hit Spain. Zapatero's announcement helped ease jitters that hit markets in recent weeks and sent government borrowing costs soaring in both Spain and Portugal. The countries' borrowing costs continued to fall Friday, a day after the European Central Bank said it would keep helping the continent's banks and amid speculation it may also be quietly buying the bonds of debt-burdened eurozone countries to ease their borrowing costs. The yield on Portuguese 10-year bonds fell below 6 percent for the first time in three months on Friday, while Spanish yields slipped back below 5 percent after reaching 5.7 percent days earlier. Germany's 10-year bonds, a benchmark of global lending safety, stood at 2.8 percent. Spanish and Portuguese stocks continued to recover on Friday for the third consecutive day, reversing severe losses last week. Spain's benchmark index was up 0.5 percent in late morning trading, while Portugal's was 0.9 percent higher. But while markets have welcomed the measures, Spanish labor unions have severely criticized them and have already begun threatening strikes at Spain's airports and among lottery vendors over the Christmas period. In less than three years, Spain has tumbled from being Europe's top job creator to having a eurozone high unemployment rate of nearly 20 percent, with just under 5 million people out of work. The country is limping out of nearly two years of recession triggered buy a collapse in its real estate sector during the international financial crisis. Its top task now is to slash a deficit from 11.2 percent of GDP in 2009 to within the EU limit of 3 percent by 2013. Reply With Quote | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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CheongCK
Senior |
03-Dec-2010 22:11
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November jobs report: Unemployment rate upNEW YORK (CNNMoney.com) -- The economy continued to add jobs last month, but at a much slower pace than expected, while the unemployment rate rose to 9.8%. U.S. employers added 39,000 jobs to their payrolls in November, the Labor Department reported Friday. That marks a major slowdown from October, when the economy added an upwardly revised 172,000 jobs. November's numbers also fell short of the 150,000 gain that economists surveyed by CNNMoney.com were expecting. Private businesses continued to hire for the eleventh month in a row, following nearly two straight years of private sector losses during the Great Recession. Companies added 50,000 jobs to their payrolls in October, also falling short of the 175,000 jobs economists had predicted for the sector. Meanwhile, the government shed 11,000 jobs during the month. On the upside, revisions for September and October showed there were 38,000 additional job gains in those months than previously reported. The unemployment rate, which is calculated in a separate survey, unexpectedly ticked up to 9.8% after holding at 9.6% from the prior three months, the government said. |
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firewood
Master |
03-Dec-2010 21:35
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Jobs report out. worse that expected. Europe dropping | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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MalcomWagon
Member |
03-Dec-2010 20:15
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What are the best Penny Stocks to Trade now? | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Gaecia
Elite |
03-Dec-2010 18:35
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firewood, thank you!
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cannotfind
Elite |
03-Dec-2010 17:50
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I put quite alot of BUYs but didn't get lei...
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icetomato
Elite |
03-Dec-2010 17:36
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Cannotfind tai tai go spa
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epliew
Supreme |
03-Dec-2010 17:33
Yells: "no worries be happy !" |
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ya right........ we believe you...... remember to share ur experience with us.
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epliew
Supreme |
03-Dec-2010 17:32
Yells: "no worries be happy !" |
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sorry did not meant to provoke u ....... but these information are available in some free website like yahoo.
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cannotfind
Elite |
03-Dec-2010 17:31
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wah.... I go there pray 4 faces buddha.... hope to get some tips for shares
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Noob79
Master |
03-Dec-2010 17:31
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Remember dun chase the stock if it is going up too high liao.. Confirmation liao for ChinaNTown... go try to queue at 0.13... see monday u get anot... support confirm at 0.125 liao...waiting to spark liao...
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Gaecia
Elite |
03-Dec-2010 17:29
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Epl, I do not subscribe to any real time news feed for Europe and US futures updates. Simple as that. What has it got to do with my NUS background for not knowing the reasons behind today's stock market retreat? Am i supposed to know everything, everyday? wat cow.
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epliew
Supreme |
03-Dec-2010 17:29
Yells: "no worries be happy !" |
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bladez87
Master |
03-Dec-2010 17:24
Yells: "I AM PAPER TRADING AFTER LOSING 5k!" |
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it isno longer funny now that you spoilt it.
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firewood
Master |
03-Dec-2010 17:21
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Enjoy decorating the tree sis :)
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epliew
Supreme |
03-Dec-2010 17:21
Yells: "no worries be happy !" |
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and slave to women in thailand....enjoy ur trip.....remember to use rubber...... I attended the "crazy christmas" play yesterday @ national library....... very funny play.....i would highly recommend for anyone who needs a laugh badly........../////// kumar the funny man said better to be safe than sorry..... HIV is not a joke !
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bladez87
Master |
03-Dec-2010 17:19
Yells: "I AM PAPER TRADING AFTER LOSING 5k!" |
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ya agree! when ratios contradict themselves very hard to come to a conclusion. buy? what for? i torrent a lot liao. but no time read. and by the time i read finish all which will be nv i would be damn old.
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Gaecia
Elite |
03-Dec-2010 17:19
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Okay, all eyes are on US jobs report tonight. Although STI shed 25 points, winners & losers % are about par. Not that shabby imo. Enjoy your weekend everyone! I'll be putting up my chic Christmas tree ;) |
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firewood
Master |
03-Dec-2010 17:17
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Ya clever girl keke
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iPunter
Supreme |
03-Dec-2010 17:16
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I see you are already reasonably well-versed in the theoretical aspects. But in the stock market, even if you are an ace accountant, that itself will not make you money in the stock market. And believe it or not, that is often a liability in itself. For a better insight into the market, I will strongly urge you to buy every book on investment psychology. Armed with such insight, you will then naturally develope a sound and common-sense approach eventually...
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