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RALEIGH — A far-reaching plan proposed by Republicans in the state Senate would slow government spending and affect the wallet of every North Carolinian as it slashes income tax rates and raises the cost of food, prescription drugs and more than 100 tax-exempt services. Senate leader Phil Berger outlined the forthcoming legislation Tuesday, calling it a $1 billion tax cut that is the largest in state history. “This is a huge change in [...] Gold Is On A Tear Today It’s up over 2% today, surging to above $1430/oz. At one point last week it was in the low $1300s.
KITCO http://www.businessinsider.com/gold-back-over-1430-2013-4#ixzz2RCSwvyPp US Macro Data Plunges To 5-Month Low In the last few weeks, US macro data has missed expectant extrapolated hope expectations time after time. The deterioration has been very rapid, starting around the third week of March, and has plunged to the worst levels since the ubiquitous equity rally [...] In an interview that was released this morning with former Clinton aide George Stephanopoulos on ABC, President Obama talked a little about his view of the debt. “[W]e don’t have an immediate crisis in terms of debt,” Obama said. “In fact, for the next ten years, it’s gonna be in a sustainable place.” Obama continued, “The question is, can we do it smarter, can we do it better? And– you know, what [...] Goldman Slashes Q4 GDP Forecast To Just 1% from businessinsider: The latest data has prompted Goldman to cut its Q4 GDP forecast. It now sees just 1% growth. The key points from Goldman’s Kris Dawsey: We expect that the positive boost to GDP growth from inventory investment seen last quarter will not persist into Q4.  Debt Crisis Is Starting To Hurt Germany Economy, Spain September Adjusted Industrial Output – 7.0%, AAPL Plunges Towards Bear Market, And Sean Egan Will Most Likely Downgrade US Credit Rating ‘No Matter What Happen’ DEBT CRISIS STARTING TO HURT GERMAN ECONOMY It was shaping up like the perfect overnight ramp following yesterday’s Goldilocks election result… and then Mario Draghi opened his mouth. DRAGHI SAYS [...] Revisions to the way payroll data firm ADP counts private sector job creation have resulted in a sharp drop in the September employment count. ADP’s new calculations put the monthly job creation at just 88,200, down from the 162,000 the firm originally reported earlier this month. The firm recently has entered into a partnership with Moody’s Analytics that will change the way the private payroll count is calculated. The new private payroll count [...] Moody’s just downgraded the credit ratings of five Spanish regions and confirmed current ratings on five others.
The downgrade comes on the heels of regional elections in Spain. The outcomes today were seen as favorable for Spanish PM Mariano Rajoy’s ruling government. Catalunya, one of the regions downgraded by Moody’s and perhaps Spain’s most economically important region, doesn’t hold elections until late November. There are fears that Catalunyans, who like to distinguish between themselves [...] Analyst Richard Greenfield at BTIG just cut Facebook’s stock to SELL. Greenfield thinks the “high engagement on mobile ads” metrics Facebook has been citing recently to whip up enthusiasm for its mobile opportunity are a function of accidental or deceptive clicks rather than evidence that Facebook users actually want to share Facebook ads with their friends. Greenfield also thinks Facebook is so desperate to generate revenue growth that it is now flooding the service with ads and, in so [...] UBS analyst Steve Milunovich is slashing his iPhone estimate for the holiday quarter to 38 million, down from 44 million, citing supply issues:
“Poor outlooks from Skyworks and Jabil along with our checks indicate that iPhone supply issues limit near-term shipments. In-cell display manufacturing yields ramping gradually likely is the culprit. This shortfall mostly appears to be a timing issue though we assume some lost sales in an effort to be conservative.” (Skyworks and Jabil [...] Headlines: Euro-zone Sept. composite PMI hits 39-month low El Al Airlines sells 5,000 tickets in three hours as families rush to buy Tickets ordinarily priced around $1,600 A price glitch in round-trip tickets between New York and Israel sparked an online buying frenzy among Orthodox Jews on Monday who saw tickets ordinarily priced around $1,600 slashed below $400. At least 5,000 tickets were sold in just three hours by El Al Airlines after word of their dramatically reduced airfare spread through New York’s [...] The Daily, News Corp.’s attempt to create a digital newspaper for the iPad age, is laying off nearly a third of its staff. The publisher plans to tell its workers today that it will fire 50 of its 170 employees, according to people familiar with The Daily’s plans. The move comes 18 months after the tablet newspaper’s high-profile launch, and a little more than a month after News Corp. announced plans to split itself into [...] ATLANTA (CBS Atlanta) - Preparing for a zombie apocalypse does pay off, but it’s hard work. Although battling the hordes of eBay bidders and gathering everything piecemeal could be one preferred method, an Illinois-based company has created an easier way. Optics Planet created a one-stop solution for zombie battlers everywhere called Z.E.R.O. Z.E.R.O., short for Zombie Extermination, Research and Operations, is a kit that contains everything someone would need to keep alive in the end times. [...] Citigroup bank analyst Keith Horowitz and his team have cut their price targets and second quarter earnings estimates for Wall Street’s biggest banks.
This downgrade stems from a downturn they have seen in fixed-income trading, which was strong in the first quarter but reversed in the second quarter. … n light of that, Goldman Sachs Q2 EPS estimates were cut from $2.70 to $0.80 including 14 cents of debit valuation adjustment (DVA) gains. Morgan Stanley is cut from [...] Shares in Bankia, Spain’s fourth largest bank, fall 27% after media reports A €1billion run on a recently nationalised Spanish bank has sparked further fears that the 17-nation eurozone is about to implode. European markets fell as fears of a continent-wide contagion from goverment-less Greece’s economic crisis also spread. Shares in Bankia, Spain’s fourth biggest [...] House Republicans later today will pass legislation that slashes billions of dollars from domestic programs like food stamps and health care to free up money for defense. The goal, driven by the Republican party-wide vow tonever raise taxes, is to avoid the mandatory cuts in military spending that are slated for early next year as part of sequestration. The bloated defense budget would be cut $454 billion over ten years on [...] From freep: The City of Detroit’s work force would be slashed by 25%, transportation and city lighting would be privatized and services to residents would be reduced under a budget proposal aimed at shaving $250 million off the city’s 2012-13 budget. Mayor Dave Bing’s staff laid out details of the proposed budget, the first being crafted with state oversight of the city’s finances, to members of the City Council on Monday. The cuts [...] Call it President Obama’s Committee for the Re-Election of the President — a political slush fund at the Health and Human Services Department. Only this isn’t some little fund from shadowy private sources; this is taxpayer money, redirected to help Obama win another term. A massive amount of it, too — $8.3 billion. Yes, that’s billion, with a B. Here is how it works. The most oppressive aspects of the ObamaCare law don’t [...] Call it President Obama’s Committee for the Re-Election of the President — a political slush fund at the Health and Human Services Department. Only this isn’t some little fund from shadowy private sources; this is taxpayer money, redirected to help Obama win another term. A massive amount of it, too — $8.3 billion. Yes, that’s billion, with a B. Here is how it works. The most oppressive aspects of the ObamaCare law don’t kick in [...] Accused of killing Yellow Cab Company driver Adam Williams who had only worked there for two weeks The girls were charged with obstruction of justice in October They are being held under no bond in the Catawba County jail Two 16-year-old girls have been charged with murder for their roles in a North Carolina taxi driver’s slaying. Consandra Nicole Tyree and Emily Katherine Starnes are accused of being involved [...] Paul Ryan, outlining his latest budget proposal in the House TV studio Tuesday morning, said the policies of the Republican presidential nominees “perfectly jibe” with his plan, which slashes the safety net to pay for tax cuts mostly for wealthy Americans. “Do you wholeheartedly believe they will accept your budget?” NBC’s Luke Russert called from the audience. “Absolutely,” the House Budget Committee chairman replied without hesitation. “I’m confident.” Makes perfect sense, in a way. Mitt Romney, the [...] Today’s disappointing TIC report confirmed what Zero Hedge reported back in January, namely the record dumping of Treasurys by foreign entities. And while we will spare you the details of the report (Found Here), two things bear pointing out: the very demonstrative selling of US paper by Russia continues, and is now in its 14th consecutive month (as has been reported Here Consistently), as total USTs in Putin’s possession declined to a fresh multi-year [...] BY LAURA BAUER Keith Myers Pedro moved to the Kansas City area about 13 years ago and has held the same job for 11. Though he sometimes struggles to pay bills, he [...] The International Monetary Fund has slashed its global growth forecast for this year and exhorted the European Central Bank to boost liquidity to stave off a deeper eurozone crisis. Italy’s economy will contract by 2.2pc and Spain’s by 1.7pc, the IMF said, as fiscal austerity measures bite harder and banks curtail lending. Photo: AP By Ambrose Evans-Pritchard and Louise Armitstead 11:04PM GMT 19 Jan 2012 “The global recovery is threatened by the growing tensions in the [...] By DAVID ROGERS | 11/14/11 3:13 PM EST In a blow to Wall Street reforms, President Barack Obama’s budget request for the Commodity Futures Trading Commission would be cut by more than a third under a House-Senate conference report which the Appropriations leadership expects to file Monday night. In light of the CFTC’s increased role in overseeing the derivatives market, the administration had sought $308 million for the new fiscal year that began Oct. [...] By Erik Wasson and Julian Pecquet - 11/10/11 10:43 AM ET Democrats on the supercommittee have proposed that the savings from the end of the wars in Iraq and Afghanistan be used to pay for a new stimulus package, according to a summary of the $2.3 trillion plan obtained by The Hill. The latest offer from Democrats on the deficit panel, made Monday night to their Republican counterparts, would use some of the war [...] Just a few headlines: Italy 10-year yield falls back below 7% (“Strategists said the European Central Bank continued to buy Italian bonds in the secondary market.”) Italy sells T-bills as borrowing costs rise French Bond Risk Rises to Record as Crisis Spreads Beyond Italy France extends short-selling ban on bank shares EU Commission Slashes UK Growth Forecasts EC Forecasts See France Growth Slowing to 0.6% in 2012 Jefferson County, Alabama, Votes to Declare Biggest Municipal Bankruptcy EU Bailout [...] |
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