Employment

California set for historic minimum wage raise while DC rejects ‘living wage bill’

California set for historic minimum wage raise while DC rejects ‘living wage bill’

The California Senate approved raising the state’s minimum wage on Thursday to $10 an hour by 2016, one of the highest rates in the nation. The state Senate passed AB10 by a party-line vote, 26-11, approving a gradual minimum wage jump from $8 to $10 over two years. The bill now goes to the state […]

Federal Reserve: rising inequality jeopardizes economic recovery

Federal Reserve: rising inequality jeopardizes economic recovery

A top ranking member of the United States Federal Reserve cautioned economists this week that growing inequality within the US was worsening the odds of a quick return to the conditions of the pre-recession days. Fed Board of Governors member Sarah Bloom Raskin was in Washington, DC on Thursday, and during an address before the […]

Cyprus, Troika agree to 20% tax on deposits over 100,000 euros at Bank of Cyprus

Cyprus, Troika agree to 20% tax on deposits over 100,000 euros at Bank of Cyprus

Cyprus and the Troika have agreed to a 20 per cent tax on deposits over 100,000 euros at the Bank of Cyprus and 4 per cent on deposits held at other banks. A senior Cypriot official told Reuters that a plan to tap nationalized pension funds would not be a part of a plan to […]

Cypriot parliament approves ‘solidarity fund,’ allows capital controls

Cypriot parliament approves ‘solidarity fund,’ allows capital controls

In a bid to secure an EU bailout, the Cypriot parliament has adopted laws creating a “solidarity fund” to pool assets as the basis for an emergency bond issue and allowing the government to impose capital controls for the country’s banks. Nicosia introduced emergency legislation in the parliament late on Thursday to secure a bailout […]

Obama signs sequester bill

Obama signs sequester bill

Austerity has hit the United States as President Barack Obama signed into law a directive ushering in significant cuts to federal agencies’ budgets and triggering the sequester that has been debated in Washington during the last several weeks. In the White House on Friday, President Obama inked his name to the order, and with it […]

Worst Congress ever back to Washington to avoid government shutdown

Worst Congress ever back to Washington to avoid government shutdown

As US lawmakers return to work on Monday after a five-week recess, they will push aside big issues to once again try to avert a government shutdown before Sept. 30, thereby holding off on issues that could trigger another recession. This Congress is one of the most unpopular and unproductive in modern history, reaching an […]