- — Photo Courtesy of Forbes.com —
Many unemployed workers who previously gave up looking for a job over the past few years are now going back into the market to try to find a employment again and some are getting hired. With the U.S. economy showing some signs of improvement and the Federal Reserve continuing to support the economy until unemployment is at a satisfactory rate, the hiring trend is expected to continue thorough 2013.
“We don’t think there will be a further decline in participation” this year, said Mary Daly, a group vice president at the San Francisco Fed. As a result, “we don’t see a lot more progress in reducing the unemployment rate in 2013.” Read more for details.
- — Photo Courtesy of Salon.cm —
Stating that he no longer has the strength to lead the worlds Catholics, Pope Benedict XVI, has given his notice that he will resign from the papacy at the end of the month before his 86th birthday.This is the first such abdication in almost 600 years.
“After having repeatedly examined my conscience before God, I have come to the certainty that my strengths, due to an advanced age, are no longer suited to an adequate exercise of the Petrine ministry,” Pope Benedict, the 265th leader of the Roman Catholic Church said today in an address to senior church officials in Rome. Read more for details.
- — Photo Courtesy of http://www.ce-authorizedrepresentative.eu —
After 25 ½ hours of talks in Brussels, the 2014 – 2020 European Union Budget was agreed upon including deeper cut as pressed by U.K. Prime Minister David Cameron to 960 billion euros down for 1.047 trillion euros less than the current budget.
“We simply could not ignore the extremely difficult economic realities across Europe,” EU President Herman Van Rompuy told reporters. “It’s perhaps nobody’s perfect budget, but there’s a lot of it for everybody. This budget is future- oriented, it is realistic and it is driven by pressing concerns.” Read more for details.
- — Photo Courtesy of politico.com —
The fledging U.S. Consumer Financial Protection Bureau and Director Elizabeth Warren continues to be opposed by Republicans as it is independent of Congressional appropriation and reach and its legality is currently questionable based on similiar case rulings.
“A strong independent consumer agency is good for families and lenders that follow the rules and good for the economy as a whole,” Warren said yesterday in an interview. “I will keep fighting for that.” Read more for details.
U.S. regulators have suspended work on oil rigs due to faulty bolts used in deep water drilling discovered after the worst U.S. maritime crude spill. The suspension of operation has been given to oil rigs that use General Electric devices connecting drilling tubes to safety gear at the sea floor. Chevron Corp, Royal Dutch Shell Plc and Transocean Ltd operations have been suspended by regulators.
“This certainly will be costly for the industry,” Craig Pirrong, director of the University of Houston’s Global Energy Management Institute said in a telephone interview yesterday. “This is a result of increasing government scrutiny of deep-water activities. The question is, will the increased costs be so onerous that they discourage some companies” from searching the deep oceans for crude? Read more for details.