Tuesday, April 25, 2017

Tag: Jobs

SoftBank’s First U.S. Investment After Trump Talk Generates 3,000 Jobs

SoftBank Group Corp. Chief Executive Officer Masayoshi Son told President-elect Donald Trump this month he would create 50,000 jobs in the U.S. Money for the first 3,000 positions was announced on Monday. Satellite startup OneWeb Ltd. said it raised $1.2 billion from SoftBank and existing investors, with the Japanese technology...

Can Corporate Raider Wilbur Ross Deliver on Trump’s Blue-Collar Promises?

Trump's pick for commerce secretary has a track record of saving American jobs. Whether he can bring many back to the Rust Belt remains to be seen. A decade ago, cheap Chinese cloth was hammering American textile makers. Companies like Burlington Industries and Cone Mills, two big U.S. makers of...

Swamp or no swamp, Goldman swims on

The investment bank’s network reaches the White House, again. Consider just this very partial list: Henry Fowler, Robert Rubin, and Hank Paulson, former US Treasury secretaries. Mark Carney, governor of the Bank of England. Mario Draghi, European Central Bank president. Malcolm Turnbull, prime minister of Australia. Bill Dudley, president of...

Trump Prepares to Takeover Fed

In Donald Trump's first four years as president, he will not only choose three judges for the Supreme Court, he’ll also pick five of the seven members on the Fed Board of Governors. It would be impossible to overstate the effect this is going to have on the nation’s...

Beware Donald Trump’s Infrastructure Plan

We don’t know much about Donald Trump's plans for this new toy he’s inherited called the world’s only superpower. But we know that he likes to put his name on things, which is why his prioritizing of an infrastructure program makes a lot of sense. He can barnstorm the...

Donald Trump, in Exclusive Interview, Tells WSJ He Is Willing to Keep Parts of...

President-elect hints at possible compromise after vows to repeal the Affordable Care Act. NEW YORK—President-elect Donald Trump said he would consider leaving in place certain parts of the Affordable Care Act, an indication of possible compromise after a campaign in which he pledged repeatedly to repeal the 2010 health-care law. In...

Trade, Not Immigrants, May Have Been Key Motivator of Donald Trump’s Voters

A deeper look at election results suggests his victory may have come more from his stand against free trade. From the day he rode down an escalator at Trump Tower to launch his campaign, Donald Trump's candidacy was identified most often with one issue: fighting illegal immigration. A deeper look into...

With Trump’s election, is stimulus spending back on Washington’s agenda?

Has John Maynard Keynes just won a ticket back to the White House? Keynes was the British economist who advocated government deficit spending to stimulate moribund economies. And that seems to be the principle undergirding the $1-trillion infrastructure construction plan that President-elect Donald Trump proposed shortly before election day. Trump...
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Meet the Renegades: Michael Hudson

With every major financial recovery since the second World War beginning in a place of greater debt than the one before it, how could we not have foreseen the financial crisis of 2008? In this episode of Meet the Renegades, economics professor and author, Michael Hudson argues we did. How could...

Five Reasons You Should Blame The Economics Discipline For Today’s Problems

This ended up being a pretty long piece so, for the “tl;dr” people, here is a quick summary: We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck. But, there is no mechanism forcing it to alter its models when they...

Donald Trump believes the United States can get $1 trillion in new roads –...

Inside two weeks before Election Day, Donald Trump has finally released a plan to pump $1 trillion of new infrastructure spending into the U.S. economy. He says it won't cost taxpayers a dime. Trump's economic advisers have embraced a modified version of a theory some liberal economists have been pushing for...

Part-Time Jobs Soar By 430,000 As Multiple Jobholders Surge To August 2008 Levels

While today's headline jobs print was somewhat disappointing, with the Establishment Survey missing the expected print of 175K, and growing by 156K, it was offset by a far higher 354K jump in the household survey which offset last month's weakness. But while the quantitative headline aspect is open to...

Deutsche Bank Mismarked 37 Deals Like Paschi’s, Audit Says

Deutsche Bank AG, indicted for colluding with Banca Monte dei Paschi di Siena SpA to conceal the Italian lender’s losses, mismarked the transaction and dozens of others on its own books, according to an audit commissioned by Germany’s regulator. Executives at Deutsche Bank arranged 103 similar deals with a total...

UN fears third leg of the global financial crisis – with prospect of epic...

The third leg of the world's intractable depression is yet to come. If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history. It may also prove to be the definitive crisis of globalized capitalism, the demise of the liberal...

“We Haven’t Seen This Since The Great Depression” – Gallup CEO Destroys The “Recovery”...

I've been reading a lot about a "recovering" economy. It was even trumpeted on Page 1 of The New York Times and Financial Times last week. I don't think it's true. The percentage of Americans who say they are in the middle or upper-middle class has fallen 10 percentage points, from...

The problem with Europe is the euro

In this extract from his new book, the Nobel prize-winning economist argues that if the euro is not radically rethought, Europe could be condemned to decades of broken dreams. Europe, the source of the Enlightenment, the birthplace of modern science, is in crisis. This part of the world, which hosted...

Spain Runs Out of Workers With Almost 5 Million Unemployed

Spanish headhunter Samuel Pimentel just can’t find the candidates. After a frustrating search for specialist consultants for a client, he’s given up and is casting his net elsewhere. “We were looking for people for two months,” Pimentel, a partner at Ackermann Beaumont Group for Spain and Latin America, said in a...

Westminster’s Squabbling Is Making Brexit Worse

The simple fact is that political uncertainty hurts the economy. And with chaos reigning in the U.K., the road ahead looks bumpy indeed. When the Brexit vote was still months away, veteran Conservative Party politician Kenneth Clarke predicted that, should David Cameron lose the campaign for Britain to stay within...

The Roots of Brexit

In their quest for the Conservative leadership, two rival Eton schoolboys have managed to take the United Kingdom out of the European Union—the first by calling for a referendum in 2013 in order to consolidate his hold over the leadership, and the second by joining the leadership of the...

Why Brexit Might Not Happen at All

As I noted on Friday, Britain won’t be exiting the E.U. anytime soon. If and when the U.K. government invokes Article 50 of the Lisbon Treaty of 2007, which grants member states the right to leave, there will be at least two years of negotiations about the terms of Britain’s future relationship with Europe....

Angela Merkel Doesn’t Have a Brexit Plan, Either

Britain's departure from the EU has made Germany far more powerful than it should be. At Monday afternoon’s news conference in Berlin, German Chancellor Angela Merkel's body language was a notch less downcast than her post-Brexit vote appearance on Friday, when the dispassionate, even-keeled chancellor actually looked disheartened in a...

European Union’s Imperial Overreach

While few analysts are putting it this way, the European Union suffers from a self-inflicted crisis of overexpansion — a form of “imperial overstretch,” if you will. The Brexit vote was just the latest symptom of this policy disaster, which also includes escalating confrontations with Russia and the ongoing...

David Cameron’s Austerity Bomb Finally Went Off

After years of failed economic policy, the British public was ready to lash out. Yes, I’m the guy who said the European Union would disintegrate, but I didn’t think it would happen so quickly. And I didn’t imagine that we would have the ill-timed economic policies of David Cameron’s Conservative...

The Fed Surrenders

The central bank underscores the slow-growth reality. So much for that June interest-rate increase, and maybe for July and the rest of 2016 too. The Federal Open Market Committee, which had been insisting for months that the economy is healthy enough to take rising rates, capitulated on Wednesday and signaled...

China’s High-Speed Rail Diplomacy

Beijing Sets its Sights on the U.S. Market. A sense of uncertainty hangs over American infrastructure, as the United States muddles through with its aging nuclear plants, careworn bridges, and potholed highways. In past eras, the United States excelled at building major projects; now, it lags behind other countries. That...

The central bank that cried wolf: The Fed’s credibility gap is getting wider

If Fed policy was a fairy tale, the title might be "The Central Bank That Cried Wolf." Investors have watched in bemusement as Fed officials throughout the past several years have warned that policy would change, only to back down at the slightest sign of turbulence. It now appears the...

JPMorgan: The odds of a recession starting in 12 months has hit a high

On the heels of the disappointing jobs report, the risk of a recession within the next 12 months hits a new high. The probability of a recession occuring within the next 12 months has never been higher during the current economic recovery. This is according to the economists at JPMorgan. "Our...

France in Chaos: Biggest and longest protests & riots since French Revolution

As the country prepares to host two million visitors at the showpiece Euro 2016 Football Championship in less than two weeks, labor strikes at oil refineries and nuclear power plants; fuel shortages paralyzing aviation and public transport system; violent street protests; nationwide riots; and a state of emergency until...

Net immigration to UK nears peak as fewer Britons emigrate

UK role as ‘jobs factory of Europe’ draws long-term working migrants with net migration reaching 330,000 in 2015. Annual net immigration to Britain rose to 333,000 in 2015, just 3,000 below its record peak, confirming the UK as a country of mass immigration, figures from the Office for National Statistics...

French strikers to shut nuclear power plant in bid to see labour reforms scrapped...

French workers threatened to shut down the country's nuclear power stations on Wednesday as it emerged that the state has been forced to delve into emergency petrol reserves for the past two days. As the standoff continued between hardline unions and the ruling Socialists over a controversial labour reform, the...

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