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  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of views_handler_argument::init() should be compatible with views_handler::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 745.
  • strict warning: Declaration of views_handler_filter::options_validate() should be compatible with views_handler::options_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter::options_submit() should be compatible with views_handler::options_submit($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/handlers/ on line 589.
  • strict warning: Declaration of views_handler_filter_node_status::operator_form() should be compatible with views_handler_filter::operator_form(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/modules/node/ on line 14.
  • strict warning: Declaration of date_api_filter_handler::value_validate() should be compatible with views_handler_filter::value_validate($form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/date/includes/ on line 578.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Declaration of uc_product_handler_field_price::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/ on line 94.
  • strict warning: Declaration of uc_product_handler_field_weight::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/ubercart/uc_product/views/ on line 61.
  • strict warning: Declaration of views_handler_field_user::init() should be compatible with views_handler_field::init(&$view, $options) in /home1/finfacts/public_html/sites/all/modules/views/modules/user/ on line 48.
  • strict warning: Declaration of semanticviews_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/semanticviews/ on line 232.
  • strict warning: Declaration of views_plugin_row::options_validate() should be compatible with views_plugin::options_validate(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Declaration of views_plugin_row::options_submit() should be compatible with views_plugin::options_submit(&$form, &$form_state) in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 135.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • warning: Creating default object from empty value in /home1/finfacts/public_html/sites/all/modules/views/includes/ on line 653.
  • strict warning: Declaration of views_plugin_style_default::options() should be compatible with views_object::options() in /home1/finfacts/public_html/sites/all/modules/views/plugins/ on line 25.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
  • strict warning: Non-static method view::load() should not be called statically in /home1/finfacts/public_html/sites/all/modules/views/views.module on line 879.
Weekly Summary

Weekly Summary

(May 2013) Jeff Sommer of The New York Times wrote on Saturday: [NO taxpayer is obliged to pay the government a penny more than the law requires, the Supreme Court said in 1935. But the court also said no corporation was permitted to use “elaborate and devious” means — known nowadays as “gimmicks” — for the express purpose of evading taxes. That ancient tension between legal tax avoidance and illegal tax evasion, and between a corporation’s self-interest and the fundamental requirements of a government and its citizens, remains at the heart of the American system. It was on full display at the Senate hearing last week on Apple’s tax practices in the 21st century. “We don’t use gimmicks,” Apple’s CEO, Timothy D. Cook, declared in prepared testimony.
(April 2013) The UK avoided a triple-dip recession, but growth at 0.3% in the first quarter wasn't much to write home about. It in effect, it offset the contraction of 0.3% in the last quarter of 2012. The GDP figure was of course a relief for George Osborne, the chancellor of the exchequer, after Fitch withdrew its triple-A rating for Britain (Moody's made the same move in February and Standard &Poor's had reaffirmed the top rating in early April) and the IMF, which in 2010 was an admirer of Osborne, now wants an end to austerity. Meanwhile, Spain’s unemployment rate surged to 27.2% in the first quarter; and German business confidence slumped while with the benefit of an investor search for yield, yields on government bonds for struggling European economies, boosted by the prospect of an end to political deadlock in Rome, continued to fall, hitting their lowest mark since 2010. Late on Friday, Moody's kept its rating on Italian government debt unchanged at Baa2 because low interest rates were making it possible to buy time to implement much-needed reforms. However, the ratings agency also said medium-term growth prospects were weak and forecast the economy would shrink by 1.8% this year, compounding more than two decades of stagnation. The Irish budget deficit for 2012 was at 7.6% of GDP (gross domestic product), compared with the bailout Troika target of 8.6%, Eurostat, the EU's statistics office, reported. However, windfalls and tax-related accounting moves at US multinationals helped to reduce the gap.
(April 2013) Irish public sector employee members in 20 trade unions rejected measures to cut the annual payroll bill by €300m. Brendan Howlin, minister for public expenditure and reform, phoned the Troika bailout members on Tuesday evening to advise them of the development. Meanwhile, following a report of slower first quarter growth in China, the biggest plunge in the price of gold for more than 30 years wiped $1tn off the value of global reserves of the precious metal, as prices slumped for a fourth week.
(April 2013) European news was dominated in the week by the revised bailout of Cyprus which was disclosed at the end of the week would result in a haircut of up to 60% on big deposits in the Bank of Cyprus, the island's biggest bank, while large depositors in Laiki Bank, which is being broken into good and bad banks, are likely to see nearly all of their assets written off.
(March 2013) Weekly Business News Summary - - March 16, 2013: Ireland auctioned €5bn worth of 10-year bonds for the first time since early 2010. The National Treasury Management Agency said that of the amount issued 18% was taken up by domestic investors and 82% by overseas investors. The overseas investors were mainly from the UK (25%), Germany (12%), the Nordic region (12%), France (11%) and the US (7%). The funds were raised at a yield of 4.15%. On Friday night, EU officials forced an unpalatable bailout agreement on Cyprus that requires agreement of the Parliament in Nicosia and is worth €17bn . The Cypriots agreed to count €1.4bn in privatisation receipts and new income from an increased corporate tax- - which would go from 10 to 12.5% – towards the Cypriot contribution, bringing the total needed from the deposits to €5.8bn. With a top rate of 9.9% on amounts over €100,000, the lower rate was 6.75%. The EU and IMF would lend Nicosia €10bn.
(March 2013) In the past decade, Italy’s GDP (gross domestic product) increased by less than 3%; that of France, with about the same population, by 12%. The gap perfectly reflects the difference in hourly productivity - - stationary in Italy, up by 9% in France. Italy’s disappointing performance was n in the country as a whole, North and South alike. In reaction to the general election where the party of a professional clown got the biggest share of the votes, Tony Barber in the FT said: “It is being read as the repudiation of austerity, but Italy’s inconclusive election is so, so much more than that. The election that made Beppe Grillo, an anti-establishment blogger-comedian, leader of the largest parliamentary force in terms of votes cast was an election that passed a damning verdict on Italy’s corruption-infested political party system.”
(February 2013) Moody's Investors Service stripped the UK of its triple-A credit rating, forecasting that economic weakness will weigh on public finances for years to come. lli Rehn, the European commissioner for economic and monetary affairs, forecast growth across the 27-nation European Union of just 0.1% this year and a contraction of 0.3% among the 17 countries in the Eurozone. German business confidence increased in February at the fastest pace in more than two years, the Munich-based Ifo think tank said, suggesting a rebound in Europe's largest economy after a dismal end to 2012. Meanwhile, Irish home mortgages issued in 2012 returned to the 1973 level.
(November 2012) Weekly Business News Summary -- week ending Nov 110, 2012: The European Commission in its autumn economic forecasts for EU countries, has cut forecasts for Ireland and said the "road to recovery is still challenging." It said weakening trading partner demand is expected to weigh more heavily on the external sector during 2013, which together with lack of support from the domestic economy is forecast to result in a more moderate expansion in 2013, with growth at 1.1%." The short-term outlook for the EU economy remains fragile, but a gradual return to GDP growth is projected for 2013, with further strengthening in 2014. The European Commission also forecast that Spain’s budget deficit will reach 6% of GDP in 2013, instead of the 4.5% Spain agreed to four months ago. This puts more pressure on the government in Madrid to introduce further austerity measures. Germany’s economy is predicted to grow by 0.8% in 2013, whereas Spain’s is expected to contract by 1.4% and Italy’s by 0.5%. In a landmark ruling, a judge in Australia found that Standard & Poor’s, America's biggest credit rating agency, had misled investors by awarding a triple-A rating to a “grotesquely complicated” derivative product. The risky derivative was a creation of ABN AMRO, a Dutch bank which had to be rescued during the financial crisis. The judge ordered S&P and the bank to compensate investors, the first time that a ratings agency has been held liable for losses on a financial product it had given a top rating. S&P plans to appeal.
(October 2012) Weekly Business News Summary -- week ending Oct 27, 2012: Unemployment in Spain increased to 25.02% in the third quarter from 24.6% in the previous three months, according to the National Statistics Institute in Madrid - - the highest since at least 1976, the year after the death of dictator Francisco Franco, which led to democracy in Spain. The Spanish economy contracted by 0.4% in the third quarter while UK GDP (gross domestic product) expanded by 1% in the quarter. Meanwhile, the US economy continued to expand in the third quarter, rising at a better-than-expected annualised rate of 2%.
(October 2012) Weekly Business News Summary -- week ending Oct 20, 2012: At the end of the EU summit on Friday, Angela Merkel, German chancellor, dashed hopes that Irish bank support related public debt of €64bn would be assumed by the new Eurozone rescue fund, the European Stability Mechanism (ESM), when she ruled out the assumption of responsibility for legacy debt. The Irish Government had overspun the commitment in the June 2012 communiqué of the EU summit, to end the "vicious circle between banks and sovereigns" as a "seismic shift," fanning hopes that all the debt related to the rescue of Irish banks would be mutualised. On Sunday, Taoiseach Enda Kenny and Angela Merkel issued a joint communiqué saying that Ireland's banking crisis was "unique" and that Ireland was to be considered a special case in the forthcoming negotiations over the role of the new bailout fund the ESM in supporting troubled banks. The statement did not refer to the legacy debt but it remains likely that a deal on restructuring of over €30bn of debt related to the former Anglo Irish Bank will be restructured.