Finance Blog number 1

January 20, 2012

U.K. Retail Sales Increase as Price Cuts Lure Shoppers: Economy - Bloomberg

Filed under: news, online — Tags: , , , — Sun @ 10:24 pm

U.K. retail sales rose in December as stores cut prices to lure consumers during the year-end holiday shopping season.

Sales including fuel rose 0.6 percent from November, when they fell a revised 0.5 percent, the Office for National Statistics said today in London. The December increase matched the median forecast of 21 economists in a Bloomberg News survey. From a year earlier, sales were up 2.6 percent.

The gain may not be maintained as U.K. unemployment rises, inflation outpaces wage increases and consumer confidence falls. With global growth cooling and the euro-area crisis damping export demand, concerns are growing that Britain is heading for another recession. A report today indicated Chinese manufacturing shrank for a third month in January.

January 14, 2012

U.K. Factory-Gate Prices Unexpectedly Fell in December on Fuel-Price Drop - Bloomberg

Filed under: Crisis, loans — Tags: , , , — Sun @ 10:48 am

U.K. factory output prices unexpectedly fell in December for the first time in 18 months as the cost of petroleum products such as gasoline plunged.

The cost of goods at factory gates declined 0.2 percent from November, the Office for National Statistics said today in London. Annual price growth slowed to 4.8 percent, the least in a year. On the month, economists had forecast a 0.1 percent gain in December, according to the median of 17 estimates in a Bloomberg News survey.

Declines in prices for commodities such as oil may ease inflation pressure in the economy as producers and manufacturers pass lower costs onto consumers. The Bank of England, which maintained its bond-purchase target at 275 billion pounds ($422 billion) yesterday, has forecast that consumer-price growth will ease

January 12, 2012

Retail sales weaken in Dec. but cap a record year

Filed under: economics, loans — Tags: , , , — Sun @ 7:52 pm

America’s retailers enjoyed a record 2011 and their first $400 billion sales months ever. But the final month of the year was a dud.

Sales eked out a 0.1 percent increase in December, lifting sales to a seasonally adjusted $400.6 billion.

It was the second straight month that sales have topped $400 billion. The government revised November sales to show a 0.4 percent gain, twice the original estimate.

For all of 2011, sales totaled a record $4.7 trillion. That was a gain of nearly 8 percent over 2010 _ the largest percentage increase since 1999.

Steady sales gains have fueled a 20 percent surge from the low during the Great Recession. Monthly sales are even 6 percent above their pre-recession high. The figures confirm evidence that the economy was strengthening as 2011 ended.

Still, December’s increase was the weakest in seven months. Excluding volatile auto purchases, overall sales actually fell 0.2 percent. It was the first such drop since May 2010.

Part of the reason was lower gasoline prices. Those prices reduced sales at gasoline stations by 1.6 percent. Excluding gas stations, overall retail sales would have risen 0.3 percent in December.

Another factor was heavy discounting during the holiday shopping season. Many retailers said they had to offer cut prices in December to attract shoppers.

Separately, more people applied for unemployment benefits last week, the government said. Applications rose 24,000 to a seasonally adjusted 399,000. But the gain was largely due to companies letting go of workers after the holiday season.

Economists downplayed the increase. It followed three months of declines that had reduced the number of unemployment applications to their lowest level in more than three years.

And businesses increased their stockpiles in November to meet rising consumer demand. That gain likely boosted economic growth in the final months of 2011. Companies are rebuilding stockpiles after cutting them last summer amid fears of another recession. It means many anticipate higher consumer spending.

The government’s report on retail sales showed that holiday discounts weakened department store sales. They fell 0.2 percent in December. A broader category that includes department stores like Macy’s and big chains such as Wal-Mart showed an even larger drop last month: 0.8 percent.

Compared with the same time last year, retail sales have risen 6.4 percent.

An earlier survey of 25 major retail chains by the International Council of Shopping Centers found that revenue in December at stores open at least a year rose 3.5 percent over the same month a year ago.

That survey’s figures aren’t adjusted for seasonal changes; the government’s sales figures are. The government report is also a broader gauge. It covers purchases at all retailers, not just at major national chains. It also includes auto dealerships, restaurants and bars, grocery stores and gasoline stations.

Though December’s retail sales were disappointing, analysts said they still expect consumers to help the economy strengthen further, especially because businesses have stepped up hiring payday loan no faxing. More jobs mean more people with money to spend.

“Although consumer spending is not particularly robust, households do continue to spend and provide moderate support for the overall economy,” said Steven Wood, chief economist at Insight Economics.

The strength last month was led by a 1.5 percent jump in auto sales. Furniture store sales rose 1 percent. Hardware stores reported a 1.6 percent increase. But sales at electronics and appliance stores sank nearly 4 percent.

Restaurants and bars fared slightly better over the holidays. Their sales rose 0.7 percent.

The government’s retail sales report is its first look each month at consumer spending, which accounts for roughly 70 percent of economic activity. A healthy report typically signals a stronger economy.

Compared with the same time last year, retail sales have risen 6.4 percent.

This week, the Federal Reserve issued a report saying the final six weeks of 2011 were among the economy’s best last year. The report pointed to higher holiday and auto sales, along with increased travel.

The job market has brightened, too. Employers added 200,000 jobs in December. And the unemployment rate fell to 8.5 percent, the lowest in nearly three years.

Many analysts predict that economic growth rose to an annual rate of roughly 3 percent in the final three months of 2011. That would be an improvement from the summer, when the annual rate was just 1.8 percent. And it’s much better than the 0.9 percent growth rate in the first six months of 2011.

For the holiday season, many retailers drew customers by staying open on Thanksgiving Day or offering sharp discounts. Discounting helped generate record sales at the start of the shopping season and in the days before Christmas.

U.S. automakers have said that November and December were their two best sales months in 2011. Their U.S. sales rose 10 percent to 12.8 million in 2011, a 23 percent jump from the recession year of 2009.

Chrysler Group reported sales surged 26 percent for all of 2011. General Motors Co. saw sales rise 13 percent for the year. Ford Motor Co. reported an 11 percent gain for 2011.

Because the government’s retail sales report is seasonally adjusted, the current month can be compared with the previous month. But the figures aren’t adjusted for inflation.

A separate government report each month measures consumer spending. It’s an even more inclusive gauge. It covers all spending at retailers _ for both durable goods like cars that are expected to last for years and nondurable goods such as food.

This report also covers spending on services. Services include items such as doctor’s visits, airline tickets, apartment rentals and utility bills. The service category makes up two-thirds of consumer spending and isn’t covered in the retail surveys.

Source

January 11, 2012

Republican Senators Criticize Fed Recommendations on Housing - Bloomberg

Filed under: Crisis, Uncategorized — Tags: , , , — Sun @ 4:52 am

Republican Senators Orrin Hatch of Utah and Bob Corker of Tennessee criticized the Federal Reserve for overstepping its role by making policy recommendations on how the U.S. government should try new ways to spur the housing market.

Hatch, the top-ranking Republican on the Senate Finance Committee, said the housing study sent by Chairman Ben S. Bernanke to Congress last week, along with recent Fed speeches,

December 27, 2011

Labor to launch attacks on Republicans in benefits fight

Filed under: legal, mortgage — Tags: , , , — Sun @ 12:04 pm

Labor unions on Wednesday ramped up the pressure on Republican lawmakers to approve a Senate plan that would extend jobless benefits for millions of unemployed Americans.

Congress is deadlocked over how to provide the relief after Republicans in the House of Representatives on Tuesday scuttled a short-term measure that had been approved in the Senate with overwhelming Republican and Democratic support.

Most House Republicans voted against the Senate bill, which would extend by two months long-term jobless benefits and a payroll tax cut for 160 million Americans.

“We’ll be hitting them in the media in their home districts,” said labor union umbrella group AFL-CIO spokeswoman Amaya Tune. “We’ll continue to look at what ways we can shame Republicans for this horrible vote,” she said.

Republicans refused to approve the Senate bill, saying they wanted to work on a full-year extension — a plan Democrats support but have failed to broker because the sides disagree on how to cover the costs.

If Congress fails to extend jobless benefits, nearly 700,000 people would lose them by the second week of January and nearly 2.2 million would be cut off by mid-February, according to the Labor Department. Some 13 million Americans are unemployed, of whom nearly 6 million have been without a job for more than a year cash advance loans.

The AFL-CIO, the largest U.S. labor group, and other advocacy groups such as Working America, the Philadelphia Unemployment Project and the National Employment Law Project are gearing up to push Republicans to vote on the two-month deal.

“We are going to challenge those representatives to get back to work and put these fixes in,” said Mark MacKenzie, president of the AFL-CIO’s New Hampshire office.

The National Employment Law Project is mobilizing thousands of its constituents from unemployed Americans to community advocates to call Republican lawmakers.

“This is pressure on leadership first and foremost but really it is on everybody. Get back here and pass the bill,” said Judy Conti, the federal advocacy coordinator for the project.

Other labor organizers are planning a protest outside Republican House Speaker John Boehner’s office in Ohio later this week.

It was unclear how lawmakers would resolve their differences before the December 31 deadline. Democrats have refused to start negotiating a full-year extension until Republicans pass the Senate’s short-term measure. Republicans have proposed cutting long term benefits from 99 weeks to 59.

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December 22, 2011

Europe’s debt deal is falling flat

Filed under: lenders, news — Tags: , , , — Sun @ 1:16 pm

+%3Cp%3E+What+fiscal+pact%3F+There+is+little+sign+that+last+week%27s+European+summit+even+happened%2C+judging+from+the+high+cost+of+sovereign+debt+and+the+weakness+in+European+markets.%3C%2Fp%3E%3Cp%3ELast+Friday%2C+European+leaders+–+with+the+exception+of+Britain%27s+David+Cameron+–+pledged+to+form+a+tighter%2C+more+deeply+integrated+fiscal+bond+among+member+states.+Of+course%2C+most+of+the+countries+still+need+to+get+parliamentary+approvals+before+moving+forward.%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E%3Cp%3E%3C%2Fp%3E%3C%2Fp%3E%3C%2Fp%3E%3Cp%3EOne+of+the+most+crucial+aspects+of+the+fiscal+pact%2C+which+was+masterminded+by+Germany%27s+Angela+Merkel+and+France%27s+Nicolas+Sarkozy%2C+was+to+force+eurozone+members+to+maintain+responsible+budgets.+Countries+would+face+sanctions+if+they+allow+their+deficits+to+stray+above+3%25+of+their+gross+domestic+product.%3C%2Fp%3E%3Cp%3E%26quot%3B%5BThe+summit%5D+is+clearly+a+stepping+stone+to+fiscal+union+but+there+are+still+a+lot+of+hoops+to+jump+through%2C%26quot%3B+said+Nick+Stamenkovic%2C+fixed+income+strategist+at+RIA+Capital+Markets+in+Edinburgh%2C+Scotland.+%26quot%3BPeople+are+getting+more+and+more+nervous+for+the+outlook+of+Europe+and+the+lack+of+political+agreement.%26quot%3B%3C%2Fp%3E%3Cp%3EBond+buyers+showed+little+indication+that+they+felt+any+better+about+European+debt+in+Italy+on+Wednesday.+Italy%27s+%26euro%3B3+billion+auction+of+five-year+notes+met+with+relatively+strong+demand%2C+but+resulted+in+a+high+yield+of+6.47%25.%3C%2Fp%3EEuropean+debt+saga+far+from+over%3Cp%3EAnd+yields+on+Italy%27s+10-year+bonds+remain+closer+to+7%25+than+6%25.+That+7%25+level+is+closely+watched+since+it+typically+starts+to+flash+bailout+warning+signs.%3C%2Fp%3E%3Cp%3EGreece%2C+Ireland+and+Portugal+got+bailed+out+shortly+after+their+yields+crossed+that+mark%2C+though+the+bailouts+weren%27t+triggered+until+they+went+even+higher.+%3C%2Fp%3E%3Cp%3EItalian+bond+yields+have+risen+above+7%25+before.+While+many+experts+think+Italy+can+manage+those+levels+for+a+bit%2C+it+is+the+third-largest+economy+in+the+eurozone+and+third-largest+bond+issuer+in+the+world.+In+other+words%2C+it%27s+too+big+to+fail+but+also+too+big+to+bail+out.%3C%2Fp%3E%3Cp%3ELast+week%27s+formation+of+the+fiscal+union+was+supposed+to+keep+bond+yields+in+check.+But+the+only+thing+that+could+really+put+a+lid+on+rising+yields+would+be+a+promise+from+the+European+Central+Bank+that+it+will+step+in+to+buy+more+bonds.+But+that+didn%27t+happen.%3C%2Fp%3E%3Cp%3EThe+central+bank%27s+president%2C+Mario+Draghi%2C+has+stood+firm%2C+saying+the+ECB%27s+only+mandate+is+to+manage+inflation+%3Ca+href%3D%22http%3A%2F%2Fpay-day-loans-4all.com%22%3Echeap+pay+day+loans%3C%2Fa%3E%3C%21–+.+–%3E.%3C%2Fp%3EECB+willing+to+help+banks%2C+not+governments%3Cp%3E%26quot%3BThey%27re+not+going+to+intervene+on+behalf+of+Italy+because+they+believe+that+these+countries+should+get+their+fiscal+house+in+order+and+they+shouldn%27t+do+their+dirty+work+for+them%2C%26quot%3B+said+Stamenkovic.%3C%2Fp%3E%3Cp%3EOther+symptoms+of+European+economic+weakness+include+the+plunge+of+the+euro+to+its+lowest+level+since+mid-January+and+the+collective+decline+of+the+stock+markets.+Since+Friday%27s+summit%2C+London%27s+FTSE+%28%29%2C+the+DAX+%28%29+in+Frankfurt%2C+and+the+CAC+40+%28%29+in+Paris+have+all+dropped+between+1%25+and+4%25.%3C%2Fp%3E%3Cp%3EAdding+to+the+jitters+are+downgrade+worries.+Standard+%26amp%3B+Poor%27s+put+most+of+the+17+eurozone+members+on+notice+last+week+that+they+could+face+potential+downgrades.+The+ratings+agency+also+warned+the+EU%2C+several+banks+and+Europe%27s+rescue+fund+that+they+could+all+face+downgrades.%3C%2Fp%3E%3Cp%3EThe+warnings+all+came+ahead+of+last+Friday%27s+summit+and+the+S%26amp%3BP+has+said+it+hoped+to+complete+it%27s+decision-making+process+earlier+than+the+normal+90-day+window.%3C%2Fp%3E%3Cp%3E%3C%2Fp%3E%3Cp%3E+%3C%2Fp%3E%3Cp%3EMario+Monti%2C+the+newly-anointed+prime+minister+of+Italy%2C+was+clearly+annoyed+by+the+stigma+that%27s+been+attached+to+countries+relying+upon+economic+intervention%2C+when+the+purpose+of+that+intervention+is+to+avoid+international+contagion.%3C%2Fp%3E%3Cp%3E%26quot%3BIt+is+impossible+to+trace+a+border%2C+as+Germany+would+like+it%2C+between+the+virtuous+and+sinful+countries%2C%26quot%3B+he+told+Italian+senators+Wednesday.%3C%2Fp%3E%3Cp%3EMeanwhile%2C+German+Chancellor+Angela+Merkel+touted+the+plan+to+her+Parliament+Wednesday.+%26quot%3BWe+have+decided+to+correct+constructional+mistakes+that+were+made+at+the+beginning+of+the+economic+and+monetary+union%2C%26quot%3B+she+said.+%26quot%3BThe+answer+in+this+situation+could+not+be+to+do+nothing.%26quot%3B%3C%2Fp%3E%3Cp%3EYields+on+German+10-year+bonds+slipped+below+2%25%2C+once+again+cementing+their+Teutonic+reputation+as+a+bastion+of+economic+strength+and+stability.%3C%2Fp%3E%3Cp%3E%26quot%3BThe+whole+deal+seems+to+be+unraveling+in+our+faces%2C+and+that+is+clearly+benefiting+German+bunds+at+the+expense+of+peripheral+markets%2C+particularly+Italy%2C%26quot%3B+said+Stamenkovic.%3C%2Fp%3E%3Cp%3EThe+French+10-year+bond+yield+also+declined%2C+sliding+to+3.2%25.+%3C%2Fp%3E%3Cp%3E–+CNN%27s+Stephanie+Halasz+and+Hada+Messia+contributed%26nbsp%3B+%3C%2Fp%3E++%3Cp%3E%3Ca+href%3D%27http%3A%2F%2Fmoney.cnn.com%2F2011%2F12%2F14%2Fmarkets%2Feurope_debt%2Findex.htm%27+rel%3D%27nofollow%27%3ESource%3C%2Fa%3E%3C%2Fp%3E+

December 5, 2011

Markets buoyed by euro crisis resolution hopes

Filed under: Uncategorized, money — Tags: , , , — Sun @ 4:08 pm

Markets rose Monday on hopes that Europe’s leaders will agree on a plan to restore long-term confidence in the euro, saving it from collapse and averting global economic chaos.

A crucial week for the future of the euro kicks off later with a meeting of German Chancellor Angela Merkel and French President Nicolas Sarkozy in Paris. The two are expected to discuss how to achieve closer political and economic union of the 17 euro countries, including stricter budgetary oversight.

Merkel wants to change the basic EU treaty to reflect the tougher rules on euro countries and make them enforceable, while Sarkozy is resisting giving up more powers to Brussels, especially since he faces a tough re-election campaign in April. Sarkozy is thought to prefer an intergovernmental deal between the 17 euro countries.

The markets are hopeful that, given the gravity of the situation afflicting the eurozone, the two leaders will come up with a common proposal for tighter integration on budget matters. Analysts say that such a plan could lead to further emergency aid from the European Central Bank, possibly through the International Monetary Fund.

“Markets have gained ground ahead of a Franco-German summit which is supposed to resolve some long-standing issues between the two continental titans,” said Chris Beauchamp, market analyst at IG Index.

In Europe, the FTSE 100 index of leading British shares was up 0.5 percent at 5,582 while Germany’s DAX rose 0.9 percent to 6,133. The CAC-40 in France was 1.2 percent higher at 3,202.

The biggest gainer was Italy’s FTSE MIB, which was trading 2.2 percent higher, a day after the government led by Premier Mario Monti agreed big austerity and growth-boosting measures. They are to be presented to a skeptical Parliament later Monday.

Monti is to brief both Parliament chambers on the package, which includes euro30 billion ($27 billion) of spending cuts and tax hikes, euro10 billion of which will be reinvested to boost anemic growth instant payday loan.

His government agreed Sunday to slap taxes on property and luxury goods, increase the age at which retirees can draw pensions, trim the cost of Italy’s political class and give incentives to companies that hire women and young workers.

Significantly, the pressure on Italy eased in bond markets. The country’s ten-year bond yield was down 0.40 of a percentage point to 6.16 percent.

Italy is the eurozone’s third-largest economy and is considered too big to be bailed out. Its borrowing rates have in recent weeks hovered around the 7 percent mark, a level that eventually forced Greece, Ireland and Portugal to seek financial help. By comparison, bond yields in Germany, Europe’s largest and most stable economy, are roughly 2 percent.

Wall Street was poised for a stronger opening, too _ Dow futures were up 1 percent at 12,120 while the broader Standard & Poor’s 500 futures rose 1.1 percent to 1,257.

The upbeat tone in markets helped the euro advance 0.3 percent to $1.3448 and the main New York oil contract rise 83 cents a barrel to $101.79.

Earlier in Asia, Japan’s benchmark Nikkei 225 index added 0.6 percent to close at 8,695.98 while Hong Kong’s Hang Seng rose 0.7 percent to 19,179.69. South Korea’s Kospi ended 0.4 percent higher at 1,922.90.

Mainland Chinese shares lost ground on worries over the economic outlook. The benchmark Shanghai Composite Index lost 1.2 percent to 2,333.23.

____

Pamela Sampson in Bangkok contributed to this report.

Source

December 4, 2011

Ultraconservative party to push for Islamic Egypt

Filed under: online, technology — Tags: , , , — Sun @ 1:12 am

Anticipating a strong presence in the new Egyptian parliament, ultraconservative Islamists outlined plans Friday for a strict brand of religious law, a move that could limit personal freedoms and steer a key U.S. ally toward an Islamic state.

Egypt’s election commission announced only a trickle of results from the first round of parliamentary elections and said 62 percent of eligible voters cast ballots in the highest turnout in modern history.

However, leaked counts point to a clear majority for Islamist parties at the expense of liberal activist groups that led the uprising against Hosni Mubarak, toppling a regime long seen as a secular bulwark in the Middle East.

The more pragmatic Muslim Brotherhood is poised to take the largest share of votes, as much as 45 percent. But the Nour Party, which espouses a strict interpretation of Islam in which democracy is subordinate to the Quran, could win a quarter of the house, giving it much power to affect debate.

A spokesman, Yousseri Hamad, said his party considers God’s law the only law.

“In the land of Islam, I can’t let people decide what is permissible or what is prohibited,” Hamad told The Associated Press. “It is God who gives the answers as to what is right and what is wrong.”

The Nour Party is the main political arm of the hard-line Salafist Muslim movement, which espouses a strict form of Islam similar to that practiced in Saudi Arabia. Salafis, who often wear long beards and seek to imitate the life of the Prophet Muhammad, speak openly about their aim of turning Egypt into a state where personal freedoms, including freedom of speech, women’s dress and art, are constrained by Islamic law _ goals that make many Egyptians nervous.

Salafis object to women in leadership roles, citing Muhammad as saying that “no people succeed if led by women.” However, when election regulations forced all parties to include women, Salafi cleric Yasser el-Bourhami relented, saying that “committing small sins” is better than “committing bigger ones” _ by which he meant letting secular people run the government.

In the end, the party put women at the bottom of its lists, represented by flowers since women’s photos were deemed inappropriate.

This week, Salafi cleric and parliamentary candidate Abdel-Monem Shahat caused a stir by saying the novels of Egypt’s Nobel laureate Naguib Mahfouz, read widely in Egyptian schools, are “all prostitution.”

Salafis are newcomers on Egypt’s political scene. They long shunned the concept of democracy, saying it allows man’s law to override God’s. But they formed parties and entered politics after Mubarak’s ouster, seeking to enshrine Islamic law in Egypt’s new constitution.

By contrast, the Muslim Brotherhood, Egypt’s largest and best organized political group, was officially banned under Mubarak but established a nationwide network of activists who built a reputation for offering services to the poor. After Mubarak’s fall, the group’s Freedom and Justice Party campaigned fiercely, their organization and name-recognition giving them a big advantage over newly formed liberal parties.

Stakes are particularly high since the new parliament is supposed to oversee writing Egypt’s new constitution. The Supreme Council of the Armed Forces, which took control of the country when Mubarak fell, has tried to impose restrictions on membership in the 100-member drafting committee. The Muslim Brotherhood has said it will challenge the move, and a strong showing by Islamists in the elections could boost its popular mandate to do so.

Hamed, the Nour Party spokesman, said democracy can’t pass laws that contradict religion.

“We endorse Egyptian democracy,” he said. “However, I don’t give absolute freedom to people to legislate to themselves and decide on what is right or wrong.

“We have God’s laws that tell us that.”

He suggested, for example, that alcohol should be banned and that a state agency could penalize Muslims for eating during the day during the holy month of Ramadan, when the devout fast from dawn to dusk.

The Muslim Brotherhood and Salafis have both cooperated and disagreed in the past.

They tried to form an electoral alliance, which broke down over disagreements about including Christians and women in their electoral lists. However, the two parties campaigned together in some areas and declined to contest certain seats so as not to split the Islamist vote and allow liberal candidates to win.

The strong Islamist showing worries liberal parties who fear the two groups will work to push a religious agenda. It has also caused many youth activists who launched the anti-Mubarak uprising to feel that their revolution has been hijacked. Still, the liberal Egyptian Bloc coalition, which is competing with the Salafis to be the second-largest parliamentary bloc, could counterbalance hard-line elements.

Cooperation between the Brotherhood and Salafis in parliament isn’t guaranteed, said Shadi Hamid, Middle East expert with the Brookings Doha Center. The Brotherhood is a pragmatic organization that will work with other parties to achieve its goals, while the Salafis shun compromise.

Once the parliament is seated, Hamid expects the Brotherhood to focus on establishing a strong parliamentary system, reforming state institutions and boosting the economy _ goals they share with liberal groups.

“Banning alcohol or passing laws on women’s dress are not on their priority list, and they see these issues as a distraction from the issues at hand,” he said.

Still, a strong Salafist bloc in parliament will have a “massive effect,” he said, by giving the group a larger platform for its views.

“The Salafis are going to insert religion into the public debate in a way that would not have happened otherwise,” he said.

Many in Egypt’s Coptic Christian population, which makes up 10 percent of the country, fear the Salafis will push for laws that will make them second-class citizens.

Even some religious Egyptians see the Salafi as too extreme.

“I am religious and don’t want laws that go against my beliefs, but there shouldn’t be religious law,” said Ahmed Abdel-Rahman, a geography teacher. “I don’t want anyone imposing his religious views on me.”

The election commission said Friday that more than 8 million eligible voters _ 62 percent _ participated in the first round. But it announced final results in only a few races. It remains unclear when complete final results will be released.

This week’s vote, held in nine provinces, will determine about 30 percent of the 498 seats in the People’s Assembly, parliament’s lower house. Two more rounds, ending in January, will cover Egypt’s other 18 provinces.

Source

November 29, 2011

Are Canadian online deals better than U.S.?

Filed under: lenders, marketing — Tags: , , , — Sun @ 4:28 am

A pair of triple button Ugg boots for just $209 at a U.S. online retailer looks like a better deal than the $285 price tag on Ugg

November 27, 2011

Greek activists take on the power company

Filed under: loans, money — Tags: , , , — Sun @ 1:20 pm

The Robin Hoods in this northern Greek town sport rubber gloves, fuses and orange stickers.

Nearly two years of pay cuts, job cuts and tax hikes have pummeled living standards in debt-crippled Greece and the country is facing record unemployment and a fourth year of recession in 2012. On a personal level, that means many in Veria can’t pay for basic necessities such as electricity and end up getting cut off from the grid.

That’s where the “Citizens of Veria” activists step in.

The group illegally reconnects needy households back to the electric grid in a direct challenge to the country’s dominant power provider, the Public Power Corporation.

“By cutting off power, (PPC) punishes young children, elderly people and generally those who can’t cope without it,” said activist Nikos Aslanoglou. “We decided that we had to reconnect them. We’re not hiding, everybody knows who we are.”

He says the group has so far reconnected dozens of households, particularly in the villages and small towns outlying Veria.

Greece sank into a financial crisis in 2009 after it emerged that authorities had been falsifying financial data for years. The fallout from that blocked the country’s access to bond markets. Greece only escaped bankruptcy with a euro110 billion ($147 billion) international rescue loan in May 2010, and when that was not enough, a second, euro130 billion ($174 billion) rescue deal that awaits final approval.

In return, the government has promised to slash bloated budget deficits through harsh austerity measures.

As jobs become rarer and worse-paid, many in this northern farming region are falling through a weakening social safety net. In the village of Agia Marina, 9 miles (15 kilometers) from Veria, activists recently reconnected the house of a disabled, 34-year-old single mother, who lives with four of her five children.

As they left, they placed an orange sticker on the electricity meter that reads: “Citizens of Veria. Social solidarity. We are reconnecting the power.”

The woman’s eldest daughter, a 19-year-old student, said before the activists came her siblings _ aged from 6 to 18 _ had to study by candlelight or with oil lamps in an unheated house.

“Our only income is a euro400-euro500 ($535-$668) welfare payment every two months,” said the student, Vasso. “PPC disconnected us because we owed them money, and we were left in the dark for about a month, but then some gentlemen came and reconnected us. Now we have heating again.”

She didn’t want her full name used because she was afraid authorities would track down her family.

What the activists are doing is illegal and can be punished by more than ten years’ imprisonment depending on the size of the outstanding bills, although in most cases sentences do not exceed five years no fax payday loan.

“Greek law treats the theft of electricity like any other common theft,” University of Thessaloniki law professor Lambros Margaritis said.

Undeterred, a three-strong activist team recently reconnected a house in the small town of Meliki, where a 54-year-old woman lives with her two unemployed sons in their thirties. Working deftly, it took them 15 minutes.

“We’re not stealing, the electricity consumption is recorded,” Aslanoglou said. “The poor houseowners can’t face consequences, it’s us who do the reconnecting.”

Hence the stickers.

Veria activists claim their campaign is catching on in other parts of the country _ particularly since the introduction in September of a deeply resented new property tax levied through power bills. People who can’t pay the new tax face losing their power supply.

That prospect has enraged even PPC employees, who staged a sit-in at a company office in Athens to disrupt the collection of the new emergency tax.

While the Veria municipal authority says have-nots should not be disconnected over the new tax, Mayor Haroula Ousountzoglou says the activists are going too far.

“What the group is doing may be very romantic, it is, however, dangerous,” Ousountzoglou told the AP. “PPC just goes and cuts off the electricity again, and imposes additional charges.”

In cases of repeated illegal reconnection, homeowners can also face prosecution _ or have their link severed at the nearest electricity pole, a drastic move that activists are powerless to counter.

PPC public relations officer Kimon Stergiotis warned that the company is determined to protect its interests.

“To illegally reconnect cut power links poses severe threats to the life and property of unsuspecting citizens,” he said. “In any case, PPC will use the law to its utmost severity.”

Ousountzoglou said her town has about 330 families on a welfare program that sometimes includes assistance in paying power bills.

“But our funds are constantly dwindling, and I keep making the rounds of local firms to ask for contributions,” she added.

The Veria mayor has threatened to sue PPC if people who really can’t pay the property tax are left without power.

“We told them we’re not joking,” she said. “PPC can’t behave like that to needy people.”

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