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April 16, 2014

The Syrian

Filed under: money, term — Tags: , , , — Snowman @ 7:32 am

ISTANBUL—They beg on the street corners with their Syrian passports open so passersby don’t confuse them with Roma.

Others crowd the congested, winding streets of Istanbul in their luxury cars with Syrian license plates.

Outside of the 220,000 refugees from Syria living in temporary camps lining the southern border, no one knows exactly how many displaced Syrians are living inside Turkey’s major cities, but estimates place the number at between 500,000 and 1 million people.

Syrian refugee family in Turkey ‘trying to leave this miserable life’

They can be found all over Istanbul, a sprawling metropolis of more than 14 million.

Syrian children dodge the hectic traffic, asking drivers stopped at lights for money. One afternoon, as we drove down Kennedy Ave., a main roadway that loops around southern Istanbul on the banks of the Sea of Marmara, a little girl ran through the stopped cars, tapping windows to get the passengers’ attention. When my Turkish translator stopped the car and rolled down the window, she spoke to us in quick Arabic, begging.

Fathers and sons approach diners at one of Istanbul’s many outdoor cafes, pleading for food. Some families spend their days at Taksim Square, the scene of deadly riots nearly a year ago that began over the attempted gentrification of nearby Gezi Park.

“In Istanbul, from my personal experience, this street, six months ago or so there were no Syrians begging,” says the International Crisis Group’s Didem Collinsworth as she points out the window down to Galata Towers. “Now there are so many Syrians sitting on the street . . . The situation is deteriorating.

“Turkey bankrolls this humanitarian effort. Yes, Turkey is building camps but that has kind of slowed down because they are expensive to build, they fill up quickly and they are expensive to maintain and run,” Collinsworth says from her office near the tower, constructed by the Genoese in the 14th century.

“In the meantime, the inflow has not stopped.”

In February, as the United Nations reported the crisis was escalating, at least 500 Syrians fled to Turkey every day; some days, between 1,000 and 2,000 moved through the crossing points at Turkey’s southern border. In a bleak milestone, the UN reported earlier this month that Lebanon has now taken in 1 million Syrians since the conflict began in 2011. The agency reports there are now 2.5 million Syrians registered as refugees in Turkey, Jordan, Egypt, Iraq and Lebanon.

By the end of this year, the Turkish government expects the number of Syrians within Turkey to balloon to 1.5 million.

The Republic of Turkey — the biggest, most stable state bordering Syria — has shouldered the burden of caring for the displaced mostly alone. It has spent close to $3 billion but has only received $183 million from the international community, says Collinsworth cash advance loan no fax.

Few countries grant Syrians asylum. In fact, 58,450 Syrian asylum applications were received by the EU by the end of August 2013, according to Eurostat and UN data. Of that number, Germany took in 19,360, followed by Sweden at 15,480. Canada has only accepted 512 from when the conflict began to 2012, the data shows.

There are no precise numbers on how many are in Istanbul because so many are illegal. They flee Syria so hurriedly that many leave without their passports. Yet, valid passports are needed to apply for work permits and to obtain other benefits.

Back home, they were engineers, tailors, teachers, doctors and farmers. In Istanbul, most live in crowded apartments and take jobs no one else would touch at low wages. Legal papers are needed to obtain a Turkish work permit.

Redwan Ahmd is one of the displaced. The 23-year-old university educated engineer left his world behind and fled Aleppo seven months ago. He works in a caf

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November 13, 2012

U.S. to become biggest oil producer and energy independent

Filed under: finance, online ads — Tags: , , , — Snowman @ 12:32 pm

The United States will overtake Saudi Arabia to become the world’s biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation’s energy market, reported Paris-based IEA in its World Energy Outlook.

North America would become a net exporter of oil around 2030, the global organization said Monday.

“The United States, which currently imports around 20% of its total energy needs, becomes all but self sufficient in net terms — a dramatic reversal of the trend seen in most other energy importing countries,” the IEA stated.

The U.S. is experiencing an oil boom, in large part thanks to high world prices and new technologies, including hydraulic fracking, that have made the extraction of oil and gas from shale rock commercially viable.

From 2008 to 2011, U.S. crude oil production jumped 14%, according to the U.S. Energy Information Administration. Natural gas production is up by about 10% over the same period.

According to the IEA, U.S. natural gas prices will rise to $5.5 per million British thermal units (MBtu) in 2020, from around $3.5 per MBtu this year, driven by rising domestic demand rather than a forecast increase in exports to Asia and other markets.

“In our projections, 93% of the natural gas produced in the United States remains available to meet domestic demand,” it said. “Exports on the scale that we project would not play a large role in domestic price setting.”

North America’s new role in the world energy markets will accelerate a change in the direction of international oil trade toward Asia, and underscore the importance of securing supply routes from the Middle East to China and India.

The IEA said it expects global energy demand to increase by more than a third by 2035, with China, India and the Middle East accounting for 60% of the growth, and more than outweighing reduced demand in developed economies.

That will push world average oil import prices up to $125 per barrel (in 2011 dollars) by 2035, from around $100 per barrel at present, but they could be much higher if Iraq fails to deliver on its production potential.

Iraq is set to become the second largest oil exporter by the 2030s, as it expands output to take advantage of demand from fast growing Asian economies.

New fuel economy standards in the U.S. and efforts by China, Japan and the European Union to reduce demand would help to make up for a disappointing decade for global energy efficiency.

“But even with these and other new policies in place, a significant share of the potential to improve energy efficiency — four-fifths of the potential in the buildings sector and more than half in industry — still remains untapped,” the IEA stated.

Policymakers are still missing out on potential benefits for energy security, economic growth and the environment.

Growth in demand over the years to 2035 would be halved and oil demand would peak just before 2020, if governments took action to remove barriers preventing the implementation of energy efficiency measures that are already economically viable, the global organization said.


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October 5, 2012

Premarkets: Stocks head for early gains

Filed under: finance, news — Tags: , , , — Snowman @ 5:28 am

U.S. stock futures were higher Thursday following two reports on the U.S. labor market.

The Labor Department reported that the number of people filing for first-time unemployment claims rose by 4,000 to 367,000 for the week ended Sept. 29. That was slightly higher than expected.

Ahead of that report, outplacement firm Challenger, Gray & Christmas said U.S.-based employers announced plans to cut 33,816 jobs in September, down 71% from a year earlier.

These reports, along with Wednesday’s ADP report on private sector job growth, are all precursors to the government’s closely watched monthly jobs report due out Friday.

Investors will also be keeping a wary eye on Mario Draghi, the ECB president who recently said he’d do whatever it takes to preserve the euro.

ECB officials kept rates at 0.75% when they met in Slovenia Thursday. And while Draghi isn’t expected to announce any new initiatives when he speaks at 8:30 a.m. ET, he may give more details about where the ECB’s new bond buying program stands.

Meanwhile, the Bank of England left its key interest rate unchanged at 0.5%, where it’s been since early 2009.

At 2 p.m. ET, the Federal Reserve will release minutes for its most recent policy making meeting, in which it announced the latest round of quantitative easing, or QE3. The report could shed light on the Fed’s open-ended program of buying $40 billion in mortgage debt every month.

It’s that kind of monetary easing that explains why markets are higher, even though worries about the global slowdown remain severe, said Elisabeth Afseth, a fixed income analyst with Investec in London.

“Central banks providing large amounts of liquidity to the system — and the search for a pick up above government yields — is driving the risk markets higher, rather than strong confidence in the economy or the fundamentals,” she said.

European stocks were mixed in morning trading. Britain’s FTSE 100 rose 0.1%, while the DAX in Germany and France’s CAC 40 shed 0.1%.

Meanwhile, Asian markets ended higher, with markets in Shanghai closed this week for a holiday. The Hang Seng in Hong Kong ticked up 0.1% while Japan’s Nikkei added 0.9%.

U.S. stocks closed modestly higher Wednesday.

Companies: Shares of , Fortune 500) edged lower in premarket trading, after falling 13% Wednesday on a disappointing 2013 earnings outlook.

) shares rose more than 2% after CEO Mark Zuckerberg announced that as of Thursday morning, there are more than one billion people using Facebook actively each month.

Currencies and commodities: The dollar fell against the euro and British pound, but it gained against the Japanese yen.

Oil for November delivery added 61 cents to $88.75 a barrel.

Gold futures for December delivery rose $12.20 to $1,792.00 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury slipped, pushing the yield up slightly to 1.64% from 1.62% late Wednesday.


September 19, 2012

The case for investing in bonds, too

Filed under: economics, marketing — Tags: , , , — Snowman @ 5:28 pm

I’m 52 and have had 100% of my savings in stocks since I began investing at age 25. Given my high risk tolerance and the fact that I expect that my pension and Social Security to cover a substantial portion of my expenses in retirement, why should I reduce my investment returns by investing in bonds? — Eric C.

If you’ve been putting your dough exclusively in stocks for the past 27 years, then you know firsthand how lucrative they can be over the long term. Since 1985, the year you began investing, stocks have gained an annualized 11%.

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You no doubt also know how risky stocks can be over shorter periods. You’ve lived through the Crash of 1987 when the Dow Jones Industrial Average plummeted 508 points — nearly 23% — in a single day. And you’ve survived both the bear market of 2000-2002, which saw stock prices fall 49%, and the meltdown of 2007-2009, when stock values dropped almost 57% (a setback from which they still haven’t fully recovered).

I’m sure I also don’t have to tell you that bonds returned far less than stocks over the past 27 years and that their yields are especially low right now, with 10-year Treasury bonds yielding less than 2% and investment grade corporates paying only a half percentage point or so more.

Given your experience with stocks and the state of the bond market these days, I can understand why you equate keeping any of your savings in bonds as nothing more than an invitation to subpar returns.

But I think you need to revise your thinking. Here’s why:

You became an investor near the beginning of one of the greatest bull markets in history. The surge in stock prices that began in 1982 and with few interruptions continued through the end of 1999, showered investors with almost unprecedented rewards. It also included some truly phenomenal stretches, like the 10-year span from 1989 through 1998 when stocks gained a compounded 19% a year, almost double equities’ long-term annualized return since 1926. So I think it’s fair to say that this outsize performance has a lot to do with the way you feel about stocks.

Related: Investing: When to ‘take money off the table’

What’s more, up to now you’ve viewed the risks and rewards of stock investing primarily through the lens of a relatively young person. Which means you’ve been much more likely to shrug off stocks’ periodic setbacks. They’re not as scary when you have decades to rebound from them.

But looking ahead, conditions may be quite different. While stocks are still likely to beat bonds over very long stretches, many analysts believe stocks won’t deliver anywhere near the same size gains they did in the go-go ’80s and ’90s, nor will they outperform bonds by as large a margin instant credit report.

That’s certainly been true for the past 10 years with stocks gaining 7.3% vs. 6.3% for bonds. Some investment advisers, like PIMCO’s William Gross, are even forecasting extremely meager stock returns for the years ahead.

And while you may still think of yourself as quite the risk taker, I think you should allow for at least the possibility that a 50% decline in the value of your savings — and the retirement income it might produce — may be much more upsetting as you get closer to the end of your career than it was when you were starting out. I’m a bit older than you, but I’ve found I’m much more sensitive to stocks’ volatility myself.

As you weigh the issue of risk, you may also want to factor into your thinking recent research that suggests that the severity of downdrafts we’ve seen in stocks in the past may occur more frequently than we previously believed.

At any rate, I recommend that you at least consider scaling back your equity exposure. I’m not talking about a total retreat. Rather, I’m suggesting a stocks-bonds mix that allows for long-term growth, but won’t get hammered as much should the market tank during your home stretch to retirement — say, 70% stocks and 30% bonds. As you age, you would then gradually reduce your stock stake, dialing it back to 50% or so of your holdings by the time you retire and then eventually paring it down to between 20% and 30%.

If you expect that your pension and Social Security will cover most of your basic retirement living expenses, you’ll have more leeway in how much you’ll have to draw from your stock portfolio. That flexibility could allow you to be more aggressive and increase your stock percentage a bit. But I’d be wary of going higher than, say, 75% to 80% stocks today and 55% to 60% at retirement.

Related: Am I on track to retire at 67?

Many investors are particularly wary of making bonds part of their portfolio these days for fear they could suffer losses if interest rates rise. But the potential setbacks in bonds — especially those with short- to intermediate-term maturities — pale in comparison to the hits stocks have taken in the past and could take in the future. So despite any anxiety about interest rates rising, bonds are still a worthwhile way to reduce the overall risk level of a portfolio.

Bottom line: I’m all for maintaining reasonable exposure to stocks in the years leading up to and following retirement. But the key word is reasonable. Obviously, you have to decide what’s appropriate for you. But you’ll be a lot better off if your decision includes a realistic reassessment of your risk tolerance rather than simply going with what worked over the past 27 years.


September 18, 2012

Buffett: My cancer treatment is done

Filed under: business, canada — Tags: , , , — Snowman @ 6:28 am

Billionaire investor Warren Buffett says he has completed treatment for a mild case of prostate cancer, according to a published report.

Speaking Friday to executives of newspapers he has recently acquired, Buffett was quoted by The Omaha World-Herald as saying “It’s a great day for me. Today I had my 44th and last day of radiation.” The World-Herald is owned by , Fortune 500), Buffett’s investing company.

In a letter to shareholders in April, Buffett disclosed that he had Stage 1 prostate cancer. Buffett, who is now 82, said at the time that the cancer was “not remotely life-threatening.”

Less than a month later, Buffett told shareholders gathered in Omaha, Neb., that the cancer was “a non-event.”

“Maybe I’ll get shot by a jealous husband, but this is a really minor thing,” he said about the risk to his life.

Buffett, one of the world’s richest men as a result of his investing prowess, has yet to publicly reveal a succession plan, though he says he has already informed Berkshire’s board about his preferred candidates. Upon his departure, Buffett’s job will be divided between a CEO in charge of operations and one or more executives in charge of investments.

The World-Herald quoted Buffett as saying he’s relieved to be done with the radiation.

“I’ll be feeling the side effects for a few weeks yet, but I am so glad to say that’s over,” Buffett said.


August 31, 2012

Stocks: Good news is bad news

Filed under: loans, technology — Tags: , , , — Snowman @ 8:56 am

U.S. stocks fell Thursday as a string of positive economic reports dimmed hopes that Federal Reserve Chairman Ben Bernanke would announce new stimulus on Friday.

The Dow Jones industrial average, the S&P 500 and the Nasdaq lost between 0.8% and 1%.

Analysts said a steady string of positive economic indicators this week — including a report that the U.S. economy grew slightly faster than initially reported as well as signals that the housing market is recovery — is dashing expectations that Bernanke will come out strong on support for new economic stimulus during his Jackson Hole, Wyo., speech tomorrow.

Although Thursday’s jobless claims report wasn’t as good as economists expected, the news wasn’t as bad as it could have been, either. A separate report showed that both personal income and spending rose in July.

“Jackson Hole is the elephant in the room today, as the market is starting to adjust its expectations that QE3 might not happen,” said Doug Cote, chief market strategist at ING Investment Management. “Investors aren’t digesting that the economic fundamentals are strong and that we don’t need it. Instead, they’re focusing on the fact that they don’t want the punchbowl taken away.”

Federal Reserve Bank of Atlanta President Dennis Lockhart further cooled stimulus expectations, telling CNBC Thursday that he sees “limited benefits from more action.” However, he added that there “wouldn’t be much of a question about policy” should the climate worsen.

Europe remained in focus Thursday, following an auction of 5- and 10-year Italian bonds. Italy’s borrowing costs fell, signaling that investors are more confident that the European Central Bank will stage a major intervention in the bond market.

A Wednesday op-ed by ECB president Mario Draghi added to that optimism, as he reiterated that “exceptional measures” are justified to stabilize financial markets. The ECB will hold its next policy meeting on Sept. 6 and investors are keen to hear Draghi’s plans.

World Markets: European stocks closed in the red Thursday. Britain’s FTSE 100 shed 0.4%, the DAX in Germany fell 1.6% and France’s CAC 40 edged lower 1%.

The European Commission’s Economic Sentiment Indicator fell in August, as European consumers continue to lose confidence in the eurozone, particularly when it comes to retail trade and construction managers.

The Business Climate Indicator, however, edged higher, helped by an improvement in managers’ assessments of exports and past production Same day payday loans.

Meanwhile, Asian markets ended lower Thursday. The Shanghai Composite was flat, while the Hang Seng in Hong Kong lost 1.2%, and Japan’s Nikkei fell 1%.

Economy: The U.S. Labor Department reported that number of Americans filing for first-time unemployment claims totaled 374,000 during the week ending August 25, unchanged from the previous week’s revised figure. Claims were expected to total 370,000, according to a survey of analysts conducted by

The Bureau of Economic Analsysis said personal income increased $42.3 billion, or 0.3%, in July, in line with’s consensus.

Personal consumption expenditures increased $46 billion, or 0.4%, for the month. That was slightly below the 0.5% increase expected by economists polled by

Companies: The Nasdaq and S&P 500 were being dragged lower by , Fortune 500), which is getting kicked out of the S&P 500 next week. ), which manufactures chemicals and refines crude oil, will replace Sears, when it leaves the S&P 500 after the closing bell on Sept. 4.

) shares jumped 14%, as the music streaming service said it broke even in its most recent quarter.

) named Antony Jenkins as the bank’s new chief executive Thursday morning. Jenkins currently leads Barclays retail and business banking business. Former Barclays CEO Bob Diamond resigned in July amid a scandal over the manipulation of Libor rates. Shares of the bank were edged lower.

Same-store sales data from several leading retailers, including , Fortune 500), , Fortune 500), , Fortune 500) and , Fortune 500), exceeded expectations.

A voluntary recall of Mr. Coffee Single Cup Brewing System Units prompted ) to clarify that the recall will not have an impact on its Keurig brewers. Despite the fact that the recall will not affect Green Mountain’s brand, shares of the company fell by 3.4% Thursday.

Shares of network equipment maker ) fell 19.5% following disappointing second-quarter earnings.

Currencies and commodities: The dollar rose against the euro, but lost ground against the British pound and the Japanese yen.

Oil for October delivery fell by 94 cents to settle at $94.62 a barrel.

Gold futures for December delivery lost $5.90 to end at $1,657.10 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.61% from 1.65% late Wednesday.


August 21, 2012

State unemployment rates rise in 44 states

Filed under: canada, mortgage — Tags: , , , — Snowman @ 6:56 am

The state unemployment picture worsened last month, with jobless rates creeping higher in 44 states, according to a government report released Friday.

Only two states and the District of Columbia saw unemployment rates edge lower in July, while four states saw no change in rates, according to the Labor Department’s monthly report on state unemployment.

That’s worse than the previous month, when far fewer states recorded increases in unemployment rates. In June, jobless rates rose in 27 states, while 11 states and the District of Columbia reported rate declines and 12 states had no change.

Nevada, a swing state in the upcoming presidential election, posted the highest unemployment rate last month, at 12%. Rhode Island and California followed, with rates of 10.8% and 10.7%. North Dakota, where an oil boom has led to a flurry of new jobs, had the lowest unemployment rate in the country last month, at 3%.

Among key swing states this election, six states reported that their unemployment rates rose last month: Virginia, Florida, Colorado, Nevada, New Hampshire and Iowa low fee payday loans. Ohio’s unemployment rate was unchanged at 7.2%.

Wisconsin, which CNN moved into the toss-up column Thursday, posted a rise in unemployment to 7.3% from 7%.

Compared to the same month a year ago, only three states have jobless rates of 10% or higher, down significantly from 10 states and the District of Columbia last year. Overall, 44 states and the District of Columbia have lower jobless rates than a year ago.

Earlier this month, the government’s widely watched monthly jobs report showed that employers added 163,000 jobs in July, but the jobless rate increased to 8.3%. According to the state unemployment report released Friday, 23 states posted rates below that national rate last month, while 8 states had higher rates.


August 7, 2012

Visas come up short for entrepreneurs

Filed under: economics, term — Tags: , , , — Snowman @ 9:28 am

Even as the economy has slowed, the nation’s visa system remains a high hurdle for foreigners who want to start businesses and create jobs in the United States.

Few viable options exist for entrepreneurs eager to come to America, and those that do offer little predictability.

For example, the investor visa carries a $1 million price tag — too high for most aspiring small business owners. And the so-called executive visa requires immigrants to start a firm abroad and create a U.S. subsidiary.

For those who want to launch in the United States, the principal route is through E-2 visas. But they’re available only to people in certain nations, prohibiting entry from the world’s most promising countries, such as Brazil, India and China. Also, they must be renewed every few years and offer no path to permanent residency.

Related: Immigrants file most patents at top schools

The U.S. policies are at odds with other countries that are opening doors for entrepreneurs. They have the ideas, build the companies, create the jobs. Why not invite them in?

Chile does it by offering $40,000 of equity-free capital and temporary visas. Singapore sets a low bar for "EntrePasses" and creates an avenue for residency.

Meanwhile, the U.S. immigration system can be openly hostile, say business owners, advocates and lawyers.

For a British couple who came in 1995 to manage a hotel and restaurant in Missouri, it might mean soon sending their eldest daughter back to a country she barely knows.

Ali and Ian Gray came on E-2 visas, and the program allowed them to bring Lauren, then four years old. She grew up on the flat plains, was a cheerleader in high school and studied dance at a nearby women’s college.

But she will no longer be able to stay on her parents’ visa as of Wednesday, when she turns 21. She can try and get her own visa but she’s been on that list since she was 12. The U.S. immigration system is so backlogged she’s still in line.

"It’s just not right and not fair. I am an American," Lauren said. "I had so many plans here, so many options, so many connections. I’m going to have to learn an entire new culture.

No consideration is given to her family’s economic contribution to the tiny Midwestern town of Trenton, where they’ve doubled the staff at the Lakeview Motor Lodge and Restaurant to 30.

In a last-ditch effort, Lauren and her mother traveled to Washington, D.C., last week to meet with congressional staffers to plead for a solution. They faced resistance.

"It’s so frustrating," Lauren Gray said. "They know the system is broken, but they still enforce it. No one seems to think anything can be changed, so they’ve given up."

The family is trying to get an exemption, but it’s still uncertain.

For entrepreneurs with an eye toward the United States, it’s an ominous warning: You can come here and hire Americans, but expect no gratitude.

Another problem with the E-2 visa is that renewals aren’t guaranteed.

A married couple from Ireland that owns a restaurant in New England experienced that first hand earlier this year.

In February, they returned to Ireland to renew their visas, as they had done every two years for almost a decade. While there, U.S. immigration officials denied the renewal and wouldn’t let them back in to shut their business. The restaurant, which had three employees, eventually closed.

It took six weeks and creative legal moves to get them in temporarily and reunite them with their children. They’ve asked to remain unnamed, fearing retribution in a system without recourse.

Related: Cinnabon is first U.S. franchise in Libya

Still, the E-2 visa program is popular. Since 2009, at least 33,000 applications have been filed every year; on average, 25,926 visas were issued annually. But its narrow options "discourage investment," said Brent Renison, a Portland, Ore., immigration attorney representing the Grays.

"People need to be assured that if they’re putting all this money into the United States, they can stay here," Renison said.

The U.S. State Department, which issues visas, told CNNMoney it can only follow orders from Congress.

A proposal that seeks to change that was introduced in a House bill in late July by Rep. John Conyers, a Democrat. It would offer green cards to business owners here on E-2 visas who hire at least five Americans.

The bill’s Republican co-sponsor, Rep. Jason Chaffetz, said it starts to chip away at a system that is broken "top to bottom."

"If we fix legal immigration, the country will be better off," Chaffetz said. "It’s good for our economy, and it’s good for our vitality."

However, it’s doubtful whether Congress can come together to address an issue as divisive and complex as immigration, especially during an election year. 


July 25, 2012

Chinese manufacturing shows recovery sign

Filed under: economics, term — Tags: , , , — Snowman @ 9:08 am

China’s manufacturing industry showed signs of improvement in July, contracting at a slower pace than the month before, according to a preliminary bank report issued Tuesday.

HSBC said its Chinese purchasing managers’ index, or PMI, rose to a 5-month high of 49.5 in July from 48.2 last month. The reading remained below the benchmark of 50, meaning that manufacturing is still in a state of contraction.

Hongbin Qu, chief economist for China and co-head of Asian economic research at HSBC, said the improvement suggests that measures to boost the economy are starting to work.

"That said, the below-50 July reading implied demand [is] still remaining weak and employment [is] under increasing pressure," Qu wrote, in his report. "This calls for more easing efforts to support growth and jobs."

One bright sign in the report was its output component, which rose to a 9-month high and signaled expansion electronic check payday advance.

The HSBC "flash" report precedes the government’s survey on manufacturing, which is scheduled for release on Aug. 1.

Related: China oil giant buys into North America

Qinwei Wang, China economist for Capital Economics, said the improvement noted in the HSBC report appear to be "broadly based," with increased demand for factory goods, but with weak data on employment.

"Conditions in China’s manufacturing sector have improved, according to today’s flash PMI, although the recovery could not yet be described as strong," wrote Wang, in his report. 


July 24, 2012

Euro-Area Manufacturing, Services Shrink for 6th Month: Economy - Bloomberg

Filed under: finance, online ads — Tags: , , , — Snowman @ 4:56 am

Euro-area services and manufacturing output contracted for a sixth month in July, adding to signs of a deepening economic slump.

A composite index based on a survey of purchasing managers in both industries in the 17-nation euro area was unchanged at 46.4, the same level as in June, London-based Markit Economics said today in an initial estimate. A reading below 50 indicates contraction. In the U.S., manufacturing probably weakened in July, a Bloomberg survey shows ahead of a report due later today.

The euro-area economy may be in a recession, defined as two consecutive quarters of contraction, after the worsening debt turmoil forced Spain and Cyprus to seek international aid last month. The euro yesterday dropped below its lifetime average against the dollar and Moody

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