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Monday, June 25, 2012

Cyprus today became the fifth member state to seek access to funds from the European Union’s bailout fund. The Cypriots join Spain, Ireland, Portugal, and neighbours Greece.

The move was triggered after the Cyprus Popular Bank, the nation’s second-largest bank, asked the government for recapitalisation. The bank has been hit hard, as has the wider Cypriot banking sector, by exposure to Greek economics. A Greek restructure of €200 billion in debt has caused the bank a €3.65 billion loss, and money is being lost on loans domestically and to Greek customers.

Cyprus Popular Bank chairman Michalis Sarris today revealed talks are also underway with China about a possible loan. Low taxes and regulation have attracted large amounts of foreign money to Cyprus, including much Russian money, producing a banking sector far larger than most nations that size. Russia and China are both viewed by officials as possibilities to seek loans from, and Russia last year agreed to a €2.5 billion loan to allow Cypriot financial restructuring.

The bailout request comes within days of Cypriot president Demetris Christofias giving an interview to Greek newspaper To Vima in which the EU’s only communist leader criticised international bailout policies. He complained the European Commission, European Central Bank, and International Monetary Fund acted like a “colonial force” by forcing nations receiving bailouts to agree to austerity measures.

Cyprus, due to take over the rotating EU presidency this week, hopes to limit the scope of its bailout to the banking sector. This is similar to Spain, and unlike the other bailed-out nations. Ratings agency Fitch today relegated Cyprus to “junk”, a reflection of how much money may be required.

“The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spillover effects through its financial sector, due to its large exposure in the Greek economy,” read a government statement. Former President George Vasiliou, an economist, recently claimed markets were failing to recognise the differences between Greece and Cyprus: “Cyprus’s problems are the result of a Greek tragedy, and the ratings agencies are not distinguishing between Greek-speaking people, whether we are in Athens or Nicosia”.

Cyprus has recently discovered large natural gas fields, and unemployment at 10% is below the likes of Greece (22%) and Spain (24%). Cypriot officials predict a growth in the economy, although the International Monetary Fund expects a contraction. There are also concerns a Greek withdrawal from the euro would damage confidence in investors, but Vasiliou predicts “if Greece has to exit the euro, it will not be the end of Cyprus.”

Monday, February 11, 2013

With news of Pope Benedict XVI’s resignation only hours old, online gambling sites have already published odds for who will become the next leader of the Roman Catholic Church, with Cardinals Marc Ouellet and Peter Kodwo Appiah Turkson as early odds-on favorites.

Online Australian gambling site SportsBet has Canadian Cardinal Marc Ouellet as their favorite with 7/2 odds. The Irish Paddy Power brokers has 11/4 odds with the Canadian Cardinal being chosen as Pope. Bwin has Ouellet becoming the next Pope with odds at 7/2. British SportingBet also has odds for Ouellet at 7/2.

British Ladbrokes has Nigerian Cardinal Francis Arinze with 7/2 odds.

SkyBet has the betting odd for Ghanian Cardinal Peter Kodwo Appiah Turkson at 7/2, its best odds for any potential Papal candidate. BetVictor also has the best odds on Turkson with 5/2. Stan James has the best odds for Turkson at 3/1. You Win has odds for Turkson at 5/2.

Bets are also being taken by Paddy Power for the name of the next Pope, with Peter their odds-on favorite at 2/1. It is followed by Pious at 5/1, and John Paul and John at 6/1.

Saturday, July 1, 2006

California Gov. Arnold Schwarzenegger signed a bipartisan state budget Friday that invests a record $55.1 billion in education – an increase of $3.1 billion this year and $8.3 billion over the last two years – and allocates $4.9 billion to create a budget reserve and to pay down the state’s debt early.

Schwarzenegger credited bipartisan cooperation in coming up with a budget he was willing to sign, and do it on time, a rarity in recent California politics.

“It’s amazing what can be accomplished when Democrats and Republicans work together in Sacramento,” said Schwarzenegger. “I want to thank the legislative leadership – Senators Don Perata and Dick Ackerman, Speaker Fabian Nunez and Assembly Republican Leader George Plescia – for all their hard work on the budget. We put politics aside and were driven by the overwhelming desire to do what’s best for the people of California.

“I am especially proud that the budget expands preschool, and returns art, music and physical education classes to our children,” he said.

State Superintendent of Public Instruction Jack O’Connell said he is pleased by the budget. “The budget passed by the Legislature brings welcome support to education in California, making good on past debts to our schools and investing in sorely needed classroom programs,” he said.

He had his own budget favorites: “I’m particularly pleased that the budget includes increased funding for school counselors, teacher professional development, programs targeted to helping students pass the high school exit exam, and expanded and improved student nutrition programs.

“While there are some priorities over which we may disagree, I applaud the Governor and the Legislature for a budget that makes education a top priority.”

Barbara E. Kerr, president of the 335,000-member California Teachers Association, also likes the direction of the new budget.“The timely approval of the new state budget is good news for our public schools and students,” she said. “School districts and teachers can now plan ahead. The nearly six percent cost-of-living-adjustment will allow local schools to restore funding to education programs that have been cut over the past few years and provide for salary increases.”

Still, Kerr, said, the budget doesn’t go far enough. “This budget is a down payment on the debt owed to our schools. Teachers will continue to work with the governor and the Legislature to ensure repayment of the $3 billion still owed to our schools under Proposition 98 and the lawsuit settlement agreement announced last month. That money will help our schools of greatest need reduce class sizes, improve teacher training and increase parental involvement.”

How the budget affects the New Haven Unified School District and James Logan High School, or the James Logan Courier, specifically is not yet clear.

State Treasurer Phil Angelides, who is running for governor against Schwarzenegger, liked the increased education funding, and praised his fellow Democrats in the legislature for that, but criticized the entire budget for being out of balance.

“On higher education, Democrats in the Legislature did the right thing, when the governor would not, and gained a $6 per unit rollback in community college fees,” he said in a statement. “That is a start. But the governor’s budget will still leave community college fees nearly double what they were just three years ago. And the budget will also leave untouched the fees at CSU and UC, which have increased by $2,000 and $5,000 respectively under Governor Schwarzenegger.”

Missing from the budget, Angelides said, is funding to expand health care for low-income children. Schwarzenegger “failed to get members of his own party to agree to a budget that funds health care for more kids from low-income families on the Healthy Families program regardless of the families’ immigration status. Compassion requires – and intelligent public health practice demands – that all people residing in California have access to adequate health care,” Angelides said.

Schwarzenegger credited a strong economy that increased state revenues for providing the cash to cover the increased expenditures and set aside a $2.1 billion reserve and an additional $2.8 billion for debt prepayment. Included in that is $1.42 billion for repaying borrowed funds earmarked by the voters for transportation projects aimed at reducing traffic throughout the state. The early debt payment and the reserve account for nearly 4.7 percent of the overall budget – the highest in 25 years.

Still, Angelides said, the budget is out of balance and the state is running up more debt. “Despite his repeated pledges to ‘cut up the credit card’ Governor Schwarzenegger has produced a budget that still leaves a $3.3 billion structural budget deficit for 2006-07 and more deficits for years to come,” Angelides said, “It is a budget thatwill continue to shift the burden of today’s deficits onto the backs of futuregenerations.”

The budget largely mirrors the May Revise, which has since prompted all three Wall Street credit rating agencies to upgrade the state credit rating, reducing the cost of state borrowing. One of the agencies, Fitch, Inc., cited “California’s continuing economic recovery, strong revenue performance and continued progress in reducing fiscal imbalance” when upgrading their rating on the state’s general obligation debt from A to A+ last month. Standard and Poor’s also raised its rating from A to A+ in May. Moody’s Investors Service raised its rating from A2 to A1 the same month.

Despite the improved credit ratings, Angelides said, the three rating agencies still have reservations about the state’s fiscal future. The agencies “have corroborated my warning and that of the Legislative Analyst that while state revenues have improved, California’s fiscal condition will remain insecure until the state produces balanced budgets,” he said.

Highlights of AB 1801, the Budget Act of 2006 by Assembly member John Laird (D-Santa Cruz), include:

Preschool through High School Education – The budget includes $100 million for the Governor’s targeted preschool initiative, which will make preschool available to every four year old living in a low-performing school district. $50 million of this funding will be used to build and improve preschool facilities. The budget also includes $645 million to fund physical education, arts and music programs. Overall, $11,264 will be spent on each student, an increase of $516 from the current year.

Higher Education – The budget allocates $19.1 billion from all sources for higher education and eliminates tuition and fee increases at UC and CSU. California, which already has the lowest community college fees in the nation, will further lower student fees from $26 per unit to $20, effective Spring 2007.

Law Enforcement – The budget includes an additional $196 million to support law enforcement efforts, including money to fund Sexual Assault Felony Enforcement teams, 500 GPS devices to track and monitor the highest-risk parolees and four new Gang Suppression Enforcement Teams. The budget also proposes the addition of 235 California Highway Patrol positions, includes $56.4 million to replace the CHP’s existing radio system and allocates $6.4 million to handle the increasing number of wireless 9-1-1 calls. Additionally, the budget includes a $20 million investment to strengthen efforts to fight methamphetamine trafficking and $6 million to create three new California Methamphetamine Strategy program teams.

Disaster Preparedness – The budget provides $220 million to enhance California’s ability to prepare for, mitigate and respond to emergencies, including money to strengthen public health response during a disaster. This includes preparations to prevent a pandemic influenza outbreak and expanding efforts to help local governments develop disaster preparedness plans.

Public Health – The budget includes $22.6 million for counties to perform outreach and enrollment activities to reach the 428,000 children who are eligible for Medi-Cal or the Healthy Families program but are not enrolled. The budget for the Healthy Families program also covers enrollment growth for 78,200 additional children.

Transportation – In addition, the Budget makes a substantial investment in improving California’s transportation system. It provides $1.4 billion to fully fund Proposition 42 for the second consecutive year, and it provides an additional $1.4 billion for the early repayment of past loans from Proposition 42, for a total of $2.8 billion. Of the $1.4 billion repayment, $440 million is designated for cities and counties for local road and street maintenance that would otherwise not be funded.

The budget is the first on time budget since 2000 and the fourth in the last 20 years. The 2006-07 budget’s general fund is $101.3 billion and total is $131.4 billion. For a more detailed overview of the budget, please visit www.dof.ca.gov.

Wednesday, March 3, 2010

Ford Motor Company said on Tuesday that its sales in the United States rose 43% in February compared to the same period last year, as the automaker outsold rivals Toyota and General Motors.

Ford said that total sales improved to 142,285 units, compared to 141,951 units sold by GM. Additionally, Ford said that its share of the total US car market rose to 17%, up from 14% a year ago. The increase was better than analysts had predicted, and Ford’s stock rose to a five-year high in morning trading, before declining later in the day. Ford’s sales were significantly influenced by a 74% increase in fleet sales to businesses. Rental car agencies alone accounted for around 30,000 units sold. Sales to retail consumers increased only 28%.

The increases were led by sales of two sedans, the Fusion and Taurus, which rose 166.5 and 93.3% respectively, although sales of other models such as SUVs and pickup trucks also increased. Both models were significantly redesigned last year, and analysts said that improved quality from such cars were driving the increases.

Other companies also reported February sales today, nearly all reporting sales gains as well, although none as large as those of Ford. Toyota was the sole exception to the sales gains, as their sales declined 8.7%, as the company was faced with a global recall during the month that led to a temporary stoppage of production for some models.

“The strength of our new products … are resonating with customers,” said Ken Czubay, Ford’s vice president of sales and marketing. However, he believed that traditional Toyota customers were not buying rival autos, but rather awaiting the results from the recalls.

Monday, January 3, 2011

Pakistani officials have stated that three US drone strikes have killed fifteen people in the country Saturday. The attacks occurred to the north of Miranshah town in the North Waziristan region.

Security officials in the town informed AFP that in the first strike, US drones fired four missiles on a car, killing seven suspected militants. A nearby “militant compound” was also destroyed by the missiles. “Three militants were killed in the car while four were killed in the house,” the official said. The second attack occurred within minutes of the first, and four militants, who were carrying on rescue work were killed by the two missiles that had been fired.

Intelligence officials believe that the militants were associated with Hafiz Gul Bahadur. “We are trying to establish identity of the militants but most of them are believed to be fighters of Hafiz Gul Bahadur,” an official told the media. However, the death toll and the identity of those killed was not officially confirmed. A local official stated that they had heard reports stating “that four foreigners were also killed in these fresh attacks”. However, he added that their identity is “still not known” and mentioned that they “are collecting more information.”

Sunday, October 5, 2008

Despite the passage of a 700 billion USD bill by the United States House of Representatives on Friday and the Senate on Wednesday, two U.S. states may need loans totaling over 14 billion dollars.

California and Massachusetts are seeking at least 7 billion dollars each from the federal government as loans. Officials and lawmakers in both states say that the loans would be temporary.

According to Massachusetts’ state treasurer, Timothy P. Cahill, the state was unable to borrow money last week on a short term loan. He also states that the state can afford to pay its bills and debts for the next few weeks, but not beyond that without a short-term loan from the government. Cahill has asked the federal government for a loan similar to the recent one passed by Congress and the Senate.

“That’s all we would ask them to do: Treat us like the investment banks,” said Cahill to the Associated Press.

Officials in California say they need an emergency loan, or they will run out of money by the end of October. California’s governor, Arnold Schwarzenegger said the state is “not out of the woods” and needs a short term loan from the government.

“California and other states may be unable to obtain the necessary level of financing to maintain government operations and may be forced to turn to the federal treasury for short-term financing,” said Schwarzenegger in a letter to the Treasury Department, which is taking the letter under consideration.

On Friday, the U.S. House of Representative voted to pass a revised bailout bill which included raising the FDIC insurance cap to $250,000, a move designed to please progressives. However, the $110 billion in tax breaks, earmarks and what has been called pork barrel spending is not offset by any increases in revenues and has added opposition to the bill from some Representatives in the House. Earmarks added into the bailout bill included $192 million in tax rebates for the Virgin Islands rum industry, $148 million in tax cuts for the wool industry, $100 million tax cuts to the auto racing industry, and $48 million in Hollywood tax incentives, among others.

Thursday, October 29, 2020

The following is the fifth edition of a monthly series chronicling the 2020 United States presidential election. It features original material compiled throughout the previous month after an overview of the month’s biggest stories.

This month’s spotlight on the campaign trail: the Libertarian Party’s presidential nominee secures ballot access in all 50 U.S. states, the Unity Party of America presidential nominee proposes a novel solution to the issue of “packing” the U.S. Supreme Court, and three candidates give their thoughts on the latest military conflict between Armenia and Azerbaijan.