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Apr 20, 2013

Shut down for manhunt, Boston business takes a hit

April 19 (Reuters) – As Boston shut down during a day-long
manhunt for a suspect in the marathon bombing that culminated on
Friday, another cost was added to the human and emotional toll:
lost business.

From the postponed baseball game at the Red Sox’ beloved
Fenwick Park to cancelled classes at Harvard University to empty
cubicles at leading fund management firms, the New England city
is likely to suffer hundreds of millions of dollars of economic
losses for the day people stayed home, according to initial
estimates.

Jun 22, 2012

Book recalls Bartali’s feats on and off the bike

NEW YORK (Reuters) – For Italians of all generations there are few mysteries about Gino Bartali, one of the country’s best known and most successful road cyclists.

Bartali is a symbol of a different era, when Italy was poorer, more naive but much more confident in its future.

Jun 11, 2012

Spain bank deal may not work, bolder reforms needed: Stiglitz

NEW YORK (Reuters) – Europe’s plan to lend money to Spain to heal some of its banks may not work because the government and the country’s lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said.

“The system … is the Spanish government bails out Spanish banks, and Spanish banks bail out the Spanish government,” Stiglitz said in an interview.

Jun 11, 2012

Spain bank deal may not work, bolder euro reforms needed – Stiglitz

NEW YORK (Reuters) – Europe’s plan to lend money to Spain to heal some of its banks may not work because the government and the country’s lenders will in effect be propping each other up, Nobel Prize-winning economist Joseph Stiglitz said.

“The system … is the Spanish government bails out Spanish banks, and Spanish banks bail out the Spanish government,” Stiglitz said in an interview.

May 24, 2012

Analysis: Some workers on the move again, but most stuck

NEW YORK (Reuters) – Bruno Martinho, a wind power engineer, moved quickly when he landed a new job in March that raised his pay by a third.

Within weeks, the 34-year-old was on his way to Houston from New York, a 1,600 mile journey, to monitor the wind in Texas, a booming center for wind power.

Apr 20, 2012

Water bills to creep up, debt rise as supplies shrink

LAS VEGAS (Reuters) – The Bellagio fountains, one of the most iconic of the Las Vegas water-based attractions, is said to contain 22 million gallons of water. It may look like a waste for a city in the middle of the Mojave desert, but for the moment there is no shortage of water in Nevada.

However, the abundance of water, in Las Vegas as elsewhere in the United States, is unlikely to last, according to a panel of experts at a forum of National Federation of Municipal Analysts held in the city, famous for its casinos.

Apr 3, 2012

U.S. should end Bush tax cuts to shrink debt: economist

NEW YORK (Reuters) – Americans may need to take a wage cut if they want to start dealing with the deepening U.S. debt crisis, a former chief economist of the International Monetary Fund says.

For Simon Johnson, the Bush-era income tax cuts represent a de-facto pay hike that Americans happily accepted in 2001, but at the expense of the country’s fiscal discipline.

Mar 26, 2012
via MacroScope

Lower future jobless rate may give Fed little comfort

While Federal Reserve Chairman Ben Bernanke was noting the recent strengthening of the U.S. job market is “out of sync” with an otherwise slow recovery on Monday, economists at the New York Fed drew attention to the jobless rate itself by saying that some big changes lie ahead for U.S. labor.

The jobless rate may fall faster than expected to less than 5 percent in five years’ time, the economists said in the first in a series of posts but that seems likely to be due more to the fact that fewer people will be in the labor market than to future job creation.

Mar 8, 2012

Educated women quit work as spouses earn more

By Tiziana Barghini

(Reuters) – Susanna Mancini cherishes a photo of herself at 27: a smiling face behind a pair of dark sunglasses. On it, she scrawled to her future husband: “Too bad you can’t see my eyes. I am so proud of my tough yuppie stare!”

Her professional pride propelled her early career as a lawyer. She was successful and well paid for it. She kept working when her first child was born and was promoted to a more senior position in Citibank after her second child arrived.

Mar 3, 2012

Republicans biggest obstacle to Eximbank renewal, chief says

WASHINGTON/NEW YORK (Reuters) – The head of the U.S. Export-Import Bank on Friday said Republicans were the biggest obstacle to renewal of the nearly 80-year-old bank’s charter and said the inaction creates business uncertainty, thwarts exports and threatens jobs.

“I do not know how this is going to end. We have been working hard for a year to get reauthorized because the Eximbank is a no-cost jobs bill,” Eximbank President Fred Hochberg told Reuters. “This should have been done in September.”