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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 Assembly for what will be an...
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 Society of Government Economists and...
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 raise billions of euros in...
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 package from the international lenders...
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 signed off on automatic budget...
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 all-time low approval rating of...