In a speech to the nation on Friday night, Pedro Passos Coelho also said that the full pension age would be pushed back from 65 to 66 years old and civil servants would be expected to work 40 hours per week instead of 35.
The measures were announced in order to keep the small debt-hit eurozone member eligible for another slice of its much-needed bailout.
Mr Coelho was unveiling the contents of [...]
The administration is now vigorously blaming the Republicans for the sequestration – but the surprising truth is that from the start of his time in office, the president has planned a steep shrinkage of discretionary spending as a share of national income. Read more
Hopes for overhauling the federal tax system are fading in Washington, but in some state capitals, tax reform experiments – some far-reaching – are fast taking shape.
Across the South and Midwest, Republicans have consolidated control of state legislatures and governorships, giving them the power to test long-debated tax ideas.
American Express Co. said Thursday that it will slash roughly 5,400 jobs, mainly in its travel business, as it seeks to cut costs and transform its operations as more of its customers shift to online portals for booking travel plans and other needs.
The job cuts will be partly offset by jobs that the company expects to add this year, however.
All told, American Express anticipates that staffing levels will end up [...]
Kentucky Sen. Rand Paul said preliminary details of a potential fiscal cliff deal that emerged Monday are a “deal killer” for him because they don’t slash spending, though he conceded a scaled-back deal could pass both chambers with bipartisan support.
“Not only are they raising taxes — maybe on a smaller percentage of people but a large amount of money — but they’re also going to spend more money,” Paul said. [...]
While the US is set to hike the estate tax to 55%, and hike the dividend tax rate from 15% to 43.4% courtesy Obamacare, China announced today it will slash its dividend tax rate in half from 10% to 5%!!
Ironically, the new government of the People’s Republic of China has decided the REDUCE their tax on dividends. Years ago it was 20%, then dropped to 10% in 2005. Effective January 1st, [...]
AllThingsD and CNET are reporting that 30 percent of AMD’s workforce could be laid off, though one of several unnamed sources notes the cuts could be as low as 10 percent. If these reports hold true, this would be the second round of layoffs for AMD within a year’s time….
Obama wont get the votes if people are getting layoff notices…
NEW YORK (CNNMoney) — The White House on Friday told government contractors worried about fiscal cliff spending cuts to hold off on warning employees about possible layoffs.
The government said it would cover legal costs if contractors are forced to slash their payrolls because of the looming $109 billion in automatic cutsnext year and are alleged to have violated the WARN Act.
NBC’s The Tonight Show with Jay Leno has laid off between 20 and 25 employees while the host himself has taken a massive pay cut, according to reports.
Leno volunteered to slash his reported $30 million salary to save other staffers from being fired, according to Deadline.
The 62-year-old’s new salary is likely around $20 million, according to the Los Angeles Times.
A-list guests: First Lady Michelle Obama laughs during an appearance on The Tonight [...]
From Frugal Dad:
Watching the hottest shows on television these days can be pricey; getting access to subscription-based channels like HBO and Showtime can easily cost you over $150 per month. My regular cable bill alone runs us over $700 a year – which is insane when computed in an annualized cost!
Savvy marketing has persuaded households to believe that cable is a necessity, along the lines of water and electricity, but [...]
Greek Finance Minister Yannis Stournaras says his debt-ridden country still needs to slash four billion euros off the country’s public spending to continue receiving emergency rescue loans.
“We are not there yet, we still have 3.5 billion euros to four billion euros to cover,” the Associated Press quoted Stournaras as saying on Tuesday.
“Greece has promised to cut 11.5 billion euros off its 2013-14 budget in order to get bailout from other [...]
Italy’s new finance minister said the government could raise up to 20 billion euros a year in public asset sales, and accused the markets of failing to recognise Rome’s efforts to bring its finances in order.
Vittorio Grilli, who was appointed just last week, also lashed out at rating agencies, in comments to the Corriere della Sera published Sunday in the wake of the decision by Moody’s to downgrade Italian debt.
Last week, Republicans on the House Energy and Commerce Committee voted to slash $400 millionfrom a program that would offer states performance bonuses if they enrolled more children in CHIP or Medicaid. Twenty-three states have already taken advantage of those bonuses, including 16 that increased their enrollment by more than 10 percent.
A new analysis released today looks at how those bonuses have increased enrollment nationwide. The study from the Georgetown University Center for [...]
A father is in custody, accused of attempting to sacrifice his own son in a San Diego area cemetery.
Joseph Ramirez, 30, took his family to Mount Hope Cemetery Saturday around 4:30 p.m. and told them his dead grandmother told him to sacrifice the 8-year-old boy, according to San Diego police.
Officers released a report stating Ramirez had brought candles to the cemetery. One of the candles broke, and [...]
According to the findings from a 2010 study that didn’t get any widespread attention, vitamin D is a highly effective way to avoid influenza.
In fact, children taking low doses of Vitamin D3 were shown to be 42 percent less likely to come down with the flu.
The randomized, double-blind, placebo-controlled study included 430 children aged 6-15, who were followed between December 2008 and March 2009.
Half were given…
Read full article…
NEW YORK (AP) — Citigroup says it is cutting 4,500 jobs over the next few quarters.
CEO Vikram Pandit said the job cuts are part of the New York bank’s efforts to reduce costs. Pandit made the remarks Tuesday at a financial services conference hosted by Goldman Sachs & Co.
Citigroup Inc.’s fourth-quarter results will include $400 million in expenses related to severance. Pandit also warned that the bank will take [...]
Uploaded by RussiaToday on Oct 27, 2011
With the euphoria over the deals reached at Brussels dying down, the numbers are now being pored over by economists and experts to see if they add up. One of them is RT’s Max Keiser who believes nothing’s changed – the EU’s still fighting debt with debt.
RT on Twitter http://twitter.com/RT_com
RT on Facebook http://www.facebook.com/RTnews
COMPTON (CBS) — The Compton City Council has diverted a potential government shutdown by approving a budget Tuesday night that calls for massive layoffs.
The new budget would require the city to slash 30 percent of its workforce.
Image: Wikimedia Commons
Say it to yourself: A default is a default is a default.There’s no such thing as a “technical default” whereby the US can miss a debt payment, but somehow not have the status of a country that defaulted, with no ramifications.
If the US does miss a coupon payment, the AAA rating is toast, and the country will be rated D.
That’s what S&P will do, according to [...]
More buses were vandalized.
Wolcott public schools are closed on Tuesday after vandals deflated tires on 28 school buses.
Police wiped the buses at Worhunsky Transportation, on Wolcott Road, for fingerprints on Tuesday and hope to identify the vandals.
This is the second day in a row that tires were tampered with on Connecticut public school buses and school was affected. Officials from the Wolcott school district think this is [...]
First Posted: 05/16/11 04:17 PM ET Updated: 05/16/11 04:18 PM ET
Following the example set by four other states, South Carolina lawmakers want to slash benefits for the jobless.
The South Carolina State Senate gave preliminary approval last week to a bill that would reduce state unemployment benefits from 26 weeks to 20 weeks while simultaneously cutting unemployment surtaxes for businesses. In recent months Michigan and Missouri cut benefits [...]
DRINKING coffee can protect women against one of the most aggressive forms of breast cancer, research published today shows.
The study claims that enjoying the caffeine drink every day makes women far less likely to develop oestrogen-receptor negative breast cancer (ER-negative).
More than 47,700 women are diagnosed with breast cancer in the UK each year – and a quarter of those suffer the ER-negative type.
This is [...]
Shell, SeaOil & UniOil are also rolling back prices of kerosene products by P2.00/liter. The rollback takes effect at 12:01AM this Sunday.
In a bid to reduce costs and keep up with Asian rivals the Japanese consumer electronics giant has already laid off around 35,000 people over the past three years.
Panasonic would not say which countries might see job cuts.
Company President Fumio Ohtsubo said Panasonic would look to merge operations where it could. “I can’t say for sure, but I think it’s possible we will cut the [...]
SAN FRANCISCO (MarketWatch) — A group of Facebook investors is looking to sell $1 billion worth of shares on the secondary market, which, if successful, would value the company at more than $70 billion, Reuters reported late Wednesday on its website, citing several sources familiar with the situation. The move highlights growing concerns among investors that Facebook’s market valuation cannot keep up with its growth, [...]
After 9-months of ‘investigation’ they came up with a proposal to cut a pittance of a mere $4-billion from the federal budget over ten years? Or about $400 million per year (and it was not accepted to be even consider by Congress and Obama wrote letter basically saying, “we’ll keep it in mind, cya’s”.)
So lets get that straight, it’s a 3.6 trill per annum budget;
On an interview on channel 4 William Hague, UK government foreign secretary admitted the UK government is to spend money, it does not have, even though cutting military personnel and equipment as part of its desperate austerity measures, to research into using cyber attack on the internet, not simply for defence but as an attack weapon:
BBC report, with video link, on same item:
By Frank McGuire
Sen. Judd Gregg, R-N.H., says the United States is in danger of being in the same dire situation as Greece in seven years if the nation doesn’t slash its debt and control spending.
Ã¢â‚¬Å“We are on a path which will go to where Greece is, there’s no question about that, if we don’t adjust our present financial house,Ã¢â‚¬Â Gregg says.
Ã¢â‚¬Å“If we continue to spend much more than we take [...]