Mario Draghi: The Man Who Would Save Europe
There is one reality for bankers, another for the rest of us. That is the lesson most easily drawn from the Jan. 10 press conference of the European Central Bank (ECB). Just hours earlier, Greece had released its latest labor statistics: a steep overall jobless rate of 26.8% masking even worse news for young Greeks, with over half of them — an astonishing 56.6% — out of work. The human toll of the country’s struggle to avoid a ragged departure from the European single currency could scarcely be starker. In 2012 the 17-nation euro zone lost more than 2 million jobs as it grappled with its fierce debt crisis. Yet the mood at the ECB, and especially of its president Mario Draghi, appeared chipper, at least by the sobersided standards of the institution and the office holder. “We spoke a lot about contagion when things go poorly, but I believe there is a positive contagion when things go well,” he said. “And I think that’s also what is in play now. There is a positive contagion.” ...
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washington
US Jobless Claims Jump 16,000 to 357,000
WASHINGTON — The number of Americans seeking unemployment benefits jumped by 16,000 last week, the second straight weekly increase. But the longer-term trend in layoffs remained consistent with an improved job market. Applications increased to a seasonally adjusted 357,000 for the week ending March 23, the Labor Department said Thursday. That’s up from 341,000 the previous week, which was revised slightly higher. The four-week average, a less volatile measure, rose 2,250 to 343,000. Even with the gain, the average is only slightly higher than the previous week’s five-year low of 340,750. Economists pay closer attention to the four-week average because it smooths out week-to-week fluctuations. (MORE: Gas Prices Are Around 25 Cents Cheaper Than Last Year) Despite the two weeks of higher initial unemployment claims, “the overall trend of stronger labor market growth continues,” Jennifer Lee, senior economist at BMO Capital Markets, wrote in a note to clients. First-time applications ...
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US Employers Post More Jobs, Cut Fewer Workers
WASHINGTON — U.S. employers advertised more job openings in January, suggesting that hiring will remain healthy in the coming months. Job openings rose 2.2 percent in January from December to 3.69 million, the Labor Department said Tuesday. Openings had fallen nearly 5 percent in December. They are still below November’s level of nearly 3.8 million. There were other positive signs: Employers laid off the fewest workers in January than in any month since records began in 2001. And the number of Americans quitting their jobs rose to the highest in more than four years. People usually quit when they have another job, so more quitting suggests it is easier to find work. (MORE: If There’s No Inflation, Why Are Prices Up So Much?) There is still a lot of competition for open positions. About 12.3 million people were unemployed in January. That means there were 3.3 unemployed people, on average, competing for each job. In a healthy economy, that ratio is roughly 2 to 1. Rising openings and ...
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U.S. fines two Japanese freight forwarders for price fixing
WASHINGTON - Japanese freight forwarders Yusen Logistics Co Ltd and "K" Line Logistics Ltd have agreed to pay a combined $18.9 million in criminal fines for conspiring to fix fees, the Justice Department said on Friday.
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Reuters
Three CIA contractors to pay $3 million to settle corruption allegations
WASHINGTON - Three companies that contracted with the CIA agreed on Thursday to pay $3 million to settle allegations they violated anti-corruption laws, the U.S. Justice Department said.
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