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Posts Tagged ‘Business News’

For The First Time Ever, Combined GDP Of Poor Countries Exceeds That Of Rich Ones (CHART)

Posted by Ram Kumar Shrestha on August 29, 2013

By David YanofskyPosted:

Quartz:

gdp

For the first time ever, the combined gross domestic product of emerging and developing markets, adjusted for purchasing price parity, has eclipsed the combined measure of advanced economies. Purchasing price parity—or PPP for short—adjusts for the relative cost of comparable goods in different economic markets.

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According to the International Monetary Fund—the supplier of this data—emerging and developing economies will have a purchasing price parity-adjusted GDP of $42.8 trillion in 2013, while that of emerging economies will be $44.4 trillion. In other words, emerging markets will create $1.6 trillion more value in goods and services than advanced markets this year.

Advanced economies are, according to the IMF, the 34 nations that result from combining the members of the G7, euro area countries, and the 4 “newly industrialized Asian economies”—Taiwan, Hong Kong, Singapore, and South Korea. The world’s 150 other nations are considered emerging or developing.

Excluding the largest advanced economy, the United Sates, and the largest emerging economy, China, which both account from more than 30% of their respective group’s total GDP, the data show that the PPP-adjusted GDP of poorer nations surpassed that of richer ones in 2009.

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It’s worth keeping in mind that the emerging economies have strength in numbers. Not only are there more emerging and developing nations; those nations also boast a larger combined population. Read the rest of this entry »

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Economic Shock Could Throw 900 Million People Into Poverty, IMF Study Warns

Posted by Ram Kumar Shrestha on April 6, 2013

By 

Hundreds of millions of people worldwide are on the brink of poverty.

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A recent study by the International Monetary Fund warns that as many as 900 million people could fall back into poverty in the event of an economic shock like the Great Recession. That figure is three times the size of the U.S. population. Read the rest of this entry »

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Homeless Rate Remains Steady; Sluggish Economy Counters Effort To Offer More Housing Options

Posted by Ram Kumar Shrestha on April 3, 2013

By KEVIN FREKING

Millions people consider US as dreamland, however; the homeless figure revealed seems terrible. Each January, thousands of workers with local governments and nonprofit agencies fan out across the country to count the number of homeless people living in shelters and on the streets during a specific 24-hour period. The latest count estimates the number of homeless at 633,782, according to the Housing and Urban Development Department. The year before, the number stood at slightly more than 636,000.

A vigorous effort to house the homeless has been countered somewhat by a sluggish economy.

A vigorous effort to house the homeless has been countered somewhat by a sluggish economy.

WASHINGTON (AP) — A vigorous effort to house the homeless has been countered somewhat by a sluggish economy.

The federal government and local communities have greatly increased the number of beds available to the homeless over the last four years, either through emergency shelters or through government-subsidized apartments and houses. But the struggling economy contributed to the number of homeless people in the United States remaining stable between January 2011 and January 2012.

The biggest drop occurred with veterans while homelessness within families increased slightly, according to the latest national estimates.

Each January, thousands of workers with local governments and nonprofit agencies fan out across the country to count the number of homeless people living in shelters and on the streets during a specific 24-hour period. The latest count estimates the number of homeless at 633,782, according to the Housing and Urban Development Department. The year before, the number stood at slightly more than 636,000.

Within those numbers was a more encouraging trend: The percentage of homeless veterans as well as those homeless for more than a year each dropped by about 7 percent. Agencies are focusing their dollars on getting the long-term homeless into permanent housing and then providing them with support services such as counseling and job training. Read the rest of this entry »

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10 Companies Profiting Most From War: 24/7 Wall St.

Posted by Ram Kumar Shrestha on March 10, 2013

24/7 Wall St.  |  By Mike Sauter

War Companies

From 24/7 Wall St.: The business of war is profitable. In 2011, the 100 largest contractors sold $410 billion in arms and military services. Just 10 of those companies sold over $208 billion. Based on a list of the top 100 arms-producing and military services companies in 2011 compiled by the Stockholm International Peace Research Institute, 24/7 Wall St. reviewed the 10 companies with the most military sales worldwide in 2011.

Click here to see the companies profiting most from war

These companies have benefited tremendously from the growth in military spending in the U.S., which by far has the largest military budget in the world. In 2000, the U.S. defense budget was approximately $312 billion. By 2011, that figure had grown to $712 billion. Arm sales grew alongside general defense spending growth. SIPRI noted that between 2002 and 2011, arms sales among the top 100 companies grew by 51%.

However, the trend has reversed recently. In 2011, the top 100 arms dealers sold 5% less compared to 2010. Susan Jackson, a defense expert at SIPRI, said in an email to24/7 Wall St. that austerity measures in Western Europe and the U.S. have delayed or slowed down the procurement of different weapons systems. Austerity concerns have exacerbated matters since 2011. The U.S. federal government budget cuts that took effect beginning this month — commonly known as sequestration — mean that military spending could contract by more than $500 billion over the coming decade unless some of the cuts are reversed. Read the rest of this entry »

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Lynsi Torres, In-N-Out Burger Owner, Is America’s Youngest Female Billionaire

Posted by Ram Kumar Shrestha on February 6, 2013

By 

lynsi torres

 Lynsi Torres, the 30-year-old president and owner of In-N-Out Burger, is the youngest female billionaire in the U.S., Bloomberg reports. Her grandparents Harry and Esther Snyder founded the hamburger chain.

Torres does not have a college degree or much formal management training, Bloomberg reports. Thanks to In-N-Out’s large fan base at its nearly 280 restaurants in five states, the chain is now worth roughly $1.1 billion, according to estimates — 19,298 times more than the median U.S. household in 2010.

For more on In-N-Out’s secrets to success, you can read Bloomberg’s full report here.

Bloomberg has uncovered other secret billionaires over the past year. It reported in September that the private Elaine Marshall, 70, is the fourth-richest woman in the United States, thanks to her 15 percent stake in Koch Industries. Bloomberg revealed in August that Dirce Navarro de Camargo is Brazil’s richest woman. And Bloomberg reported last week that four step-grandchildren of former Nazi propaganda minister Joseph Goebbels are billionaires. Read the rest of this entry »

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Paul Krugman: ‘Chinese Growth Is A Wonderful Human Success Story That Could Kill Us All’

Posted by Ram Kumar Shrestha on December 13, 2012

Chris CheisriePaul Krugman considers China a mortal threat in one key respect: climate change.

“If you worry about climate change and stuff like that, then China is — Chinese growth is a wonderful human success story that could kill us all,” the Nobel Prize-winning economist and New York Times columnist said at the New York Times DealBook conference on Wednesday.

He also noted, “To some extent actually, we are hurt by Chinese growth. … There are scarce natural resources, and we are in fact competing for limited supplies of oil, minerals, etc.” Read the rest of this entry »

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Not so noble: EU’s Peace Prize win sparks debate over legitimacy

Posted by Ram Kumar Shrestha on December 11, 2012

The European Union’s presidents have received this year’s Nobel Peace Prize on behalf of the 27-member group. However, growing numbers of critics have pointed to the EU’s economic and foreign policy failures, arguing the prize is undeserved.

European Commission President Jose Manuel Barroso, European Council President Herman Van Rompuy and President of the European Parliament Martin Schulz have accepted the 930,000-euro ($1.2 million) award on behalf of the EU.

In his acceptance speech, Van Rompuy praised postwar leaders in France and Germany who created the EU by uniting their economic interests: “The EU’s secret weapon – an unrivalled way of binding our interests so tightly that war becomes impossible.”

The French and German representatives at the ceremony – President Francois Hollande and Chancellor Angela Merkel, respectively – greeted the award with standing ovations.

But critics argued the award was an inappropriate honor. Six EU leaders, including British Prime Minister David Cameron, did not attend the event. The initial news that the European Union won the 2012 Peace Prize sparked heated debate over whether the award was being discredited, a debate that also raged after US President Barack Obama’s win in 2009. Read the rest of this entry »

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America’s Poorest Neighborhoods Lost 91 Percent Of Their Wealth During The Great Recession: Report

Posted by Ram Kumar Shrestha on November 15, 2012


Comment: One Nepali poet wrote, “God, kindly give me more trouble if you really love me”

Families living in poor neighborhoods lost almost everything during the Great Recession, potentially making it more difficult for them to gain a better life in the future, according to a recent report.

Households living in high-poverty neighborhoods saw a 91 percent decline in their overall wealth over the course of the downturn, according to a recent report from the Pew Charitable Trusts. Though low-income families lost less than their richer counterparts in terms of absolute value during the recession, their loss of wealth was much more extreme as a proportion of their total assets: households in high-poverty neighborhoods saw their net worth drop to $3,000 in 2009 from $32,000 in 2007, Diana Elliott, research manager of Pew’s Economic Mobility Project, told The Huffington Post.

This wealth drop among low-income families could prevent already struggling households from moving up the economic ladder.

“This could have a potential long-term impact upon economic mobility,” Elliott said. Read the rest of this entry »

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U.S. Poverty: Census Finds 46.2 Million Impoverished As Median Income Drops

Posted by Ram Kumar Shrestha on September 13, 2012

WASHINGTON (AP) — The ranks of America’s poor remained stuck at record levels, although dwindling unemployment benefits and modest job gains helped stave off what experts had predicted would be the fourth rise in a row in the poverty rate.

10 Ways The U.S. Is Getting Worse For Most Americans

 With joblessness persistently high, the gap between rich and poor increased in the last year, according to two major census measures. Also, the median, or midpoint, household income was $50,054, 1.5 percent lower than 2010 and a second straight decline.
NEW YORK, NY - APRIL 19: A man sips coffee April 19, 2012 in the Chinatown neighborhood of New York City. According to an analysis by the city's Center for Economic Opportunity, the number of New Yorkers classified as poor in 2010 rose by nearly 100,000 from the year before, increasing the poverty rate by 1.3 percentage points to 21 percent.

NEW YORK, NY – APRIL 19: A man sips coffee April 19, 2012 in the Chinatown neighborhood of New York City. According to an analysis by the city’s Center for Economic Opportunity, the number of New Yorkers classified as poor in 2010 rose by nearly 100,000 from the year before, increasing the poverty rate by 1.3 percentage points to 21 percent.

A Census Bureau report released Wednesday provides a mixed picture of the economic well-being of U.S. households for 2011, when the unemployment rate improved to 8.9 percent from 9.6 percent in the previous year. The numbers are coming out not long before the Nov. 6 election in which the economy is the No. 1 issue and President Barack Obama is trying to make the case that the labor market, while not fully healed, is on the right track.

The overall poverty rate stood at 15 percent, statistically unchanged from the 15.1 percent in the previous year. The rate was better than a consensus estimate of demographers who had predicted, based on weak wage growth, a gain of up to half a percentage point, to levels not seen since 1965.

For last year, the official poverty line was an annual income of $23,021 for a family of four. By total numbers, roughly 46.2 million people remained below the poverty line, unchanged from 2010. That figure was the highest in more than half a century when records were kept. The 15 percent poverty rate was basically unchanged from 1993 and was the highest since 1983.

Broken down by state, New Mexico had the highest share of poor people, at 22.2 percent, according to rough calculations by the Census Bureau. It was followed by Louisiana, the District of Columbia, South Carolina, Arkansas and Georgia. On the other end of the scale, New Hampshire had the lowest, at 7.6 percent.

“This is good news and a surprise,” said Sheldon Danziger, a University of Michigan economist who closely tracks poverty. He pointed to a continuing boost from new unemployment benefits passed in 2009 that gave workers up to 99 weeks of payments after layoffs and didn’t run out for many people until late 2011. Also, job gains in the private sector that helped offset cuts in state and local government workers.

“It would indicate the stimulus was even more effective than believed,” he said. Read the rest of this entry »

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Global Economy Faces ‘Perfect Storm’ With Eurozone Crisis, ‘Fiscal Cliff,’ Slowdown, Iran Conflict

Posted by Ram Kumar Shrestha on September 8, 2012

Comment: Global economic crisis we created. We are investing billions and billions dollars in war but lacking money to invest job creating industries. This clearly shows our priority. Due to this every moment we have to survive with fear as any time anywhere anything can happen. We, therefore, creating not only Global economic crisis but also Global Peace crisis. And still we are not ready to change strategy but enjoying to blame others. When to be ready to blame ourselves which is the fundamental of world peace and solution of all problems:

CERNOBBIO, Italy — Experts and leaders gathered in Italy may disagree on the cure, but the malady seems clear: the world economy faces a “perfect storm” of risks that include prolonged crisis in a structurally flawed Europe, political paralysis pushing America off a “fiscal cliff,” a slowdown in the emerging economies drying up the last of global growth, and the spectacularly destabilizing prospect of war over Iran’s nuclear program.

A world of such unpredictable peril is also one in which jitters suppress the appetite for private and corporate risk, yielding meager investment and low consumption and prolonging the woes that snuck up on a booming world in the summer of 2007 as a “credit crunch”, mushrooming a year later into the Great Recession. Read the rest of this entry »

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Reagan-Appointed Judge: Deregulation Movement Made ‘A Fundamental Mistake’

Posted by Ram Kumar Shrestha on August 25, 2012

Apparently the financial crisis was a big enough disaster to convince even some of the firmest deregulation advocates that they were wrong.

Federal judge Richard Posner said his one-time support for deregulating the financial industry was based on a “basic misunderstanding,” in an interview with Eliot Spitzer on Current TV. His about-face is all the more noteworthy because Posner was appointed by Ronald Reagan, the president known to advocate for leaving businesses alone.

“I was an advocate of the deregulation movement and I made — along with a lot of other smart people — a fundamental mistake, which is that deregulation works fine in industries which do not pervade the economy,” he said in the appearance on Spitzer’s “Viewpoint.” “The financial industry undergirded the entire economy and if it is made riskier by deregulation and collapses in widespread bankruptcies as what happened in 2008, the entire economy freezes because it runs on credit.”

Posner’s comments come at a time when regulators are struggling to implement some of the provisions of the Dodd-Frank financial reform law, which attempts to place curbs on Wall Street. One example: After failing to put rules in place to rein in money market funds — which some critics blame in part for the financial collapse — the SEC and other regulators are scrambling to find another way to deal with them, according to The New York Times. Read the rest of this entry »

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U.S. Economy Slowed to a Tepid 1.5% Rate of Growth

Posted by Ram Kumar Shrestha on July 28, 2012

By SHAILA DEWAN

The United States economy grew by a tepid 1.5 percent annual rate in the second quarter, losing the momentum it had appeared to be gaining earlier this year, the government reported on Friday.

Growth was curbed as consumers limited new spending and business investment slowed in the face of a global slowdown and a stronger dollar. Several bright spots in the first quarter, including auto production, computer sales and large purchases like appliances and televisions, dimmed or faded away altogether in the second quarter. Growth was not strong enough to drive down the unemployment rate, which has stalled above 8 percent in recent months.

The sluggishness of the recovery makes the United States more vulnerable to trouble in Europe and, at home, the coming expiration of several tax breaks and other buoyant measures known as the fiscal cliff. It also illustrates the election-season challenge to President Obama, who must sell his economic record to voters as the recovery slows. Read the rest of this entry »

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Postal Service On Edge: What Would A World Without Mail Look Like?

Posted by Ram Kumar Shrestha on July 24, 2012

 

postal service

The post office in Syria, Va., is pretty easy to miss, but then so is the village of Syria itself. Lying in the eastern foothills of the Shenandoah mountains, about 90 miles from Washington, D.C., Syria has just a few hundred residents, mostly natives and recent retirees. The village has no stop lights and one general store, the Syria Mercantile Company, which serves as a grocer, a hunting-and-fishing outfitter and a meeting ground for town gossip.

Inside, near the cash register up front, a single employee of the U.S. Postal Service helms a tiny, wood-paneled office about the size of a generous walk-in closet. Read the rest of this entry »

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BILLION DOLLAR BURN: Debt-Ceiling Battle Cost The U.S. Government $1.3 Billion

Posted by Ram Kumar Shrestha on July 24, 2012

 

By Mark Gongloff

Here’s something for Congress to maybe think about the next time it decides to have a big, stupid argument about the debt ceiling: These big, stupid arguments, while entertaining, cost a lot of money.

How much money? The 2011 argument about the debt ceiling–the most recent battle–cost the U.S. government about $1.3 billion in extra borrowing costs, according to a new study by the Government Accountability Office, the nonpartisan congressional watchdog.

And that’s just the costs that the GAO bothered to count. There are also probably extra borrowing costs that the government is still paying this year and in future years because of the debt-ceiling debacle, but the GAO’s computer was too tired and/or depressed to try to figure those out.

“Many of the Treasury securities issued during the 2011 debt limit event period will remain outstanding for years to come,” the GAO said. “Accordingly, the multiyear increase in borrowing costs arising from the event is greater than the additional borrowing costs during fiscal 2011 alone.”

Wait, there’s more: The Treasury Department had to spend much of the year scrambling to raise cash to keep the government functioning while congressional Republicans held the debt-ceiling hostage. All of that plasma donation and selling of the government’s comic-book collection on eBay took 5,750 hours of Treasury employees’ time, including 400 hours of overtime, according to the GAO. Read the rest of this entry »

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Super-Rich Hold Up To $32 Trillion In Offshore Havens: Report

Posted by Ram Kumar Shrestha on July 23, 2012

Super Rich Offshore Havens

LONDON, July 22 (Reuters) – Rich individuals and their families have as much as $32 trillion of hidden financial assets in offshore tax havens, representing up to $280 billion in lost income tax revenues, according to research published on Sunday.

The study estimating the extent of global private financial wealth held in offshore accounts – excluding non-financial assets such as real estate, gold, yachts and racehorses – puts the sum at between $21 and $32 trillion.

The research was carried out for pressure group Tax Justice Network, which campaigns against tax havens, by James Henry, former chief economist at consultants McKinsey & Co.

He used data from the World Bank, International Monetary Fund, United Nations and central banks.

The report also highlights the impact on the balance sheets of 139 developing countries of money held in tax havens by private elites, putting wealth beyond the reach of local tax authorities. Read the rest of this entry »

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