WORLD FOREX:
Euro Sags After Italy's Bond Yields Spike Above 7%
Nov-15-2011--NEW YORK - Italy's soaring government bond yields pushed the euro close to a one-month low Tuesday, with initial optimism over the country's new leadership overtaken by fear that Europe's debt crisis is entering a perilous new phase. Fears are rampant that problems roiling the euro zone's most troubled members are now leapfrogging to larger economies. In an indication of market jitters, the difference between French and German government yields has widened recently, with the cost of insuring against euro zone debt default surging to new highs for other euro zone members such as Austria and the Netherlands.
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To Put Europe Back on Track
Try Listening to Voters
Nov-15-2011-- The European Union may not come through its current troubles in one piece.
But if it does, it will need to engage, this time seriously, with fundamental questions that were raised and too quickly dismissed in the years before the euro was created.
Even in the midst of the crisis, it isn’t too soon to start this exercise. To mend the euro system, Europe must understand what went wrong and remember why it created the single currency in the first place. It must ask whether flaws that are now so apparent were intrinsic to the enterprise or avoidable errors that can be corrected.
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Turkish PM:
Lost Confidence in Syrian Leadership
Nov-15-2011-Turkish PM:Lost Confidence in Syrian Leadership
Istanbul Turkish Prime Minister Recep Tayyip Erdogan, in a speech to his parliamentary deputies Tuesday, said his country had lost confidence in the Syrian leadership. His comments follow the attacks Saturday by pro-government demonstrators on Turkish diplomatic missions in Syria. Tensions between the two former close allies continue to escalate as Ankara increases its support for the Syrian opposition.
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Arab League's limited Syria gesture
Nov-15-2011--Syria's instability defies estimates of how many still stand behind President Assad, but this was a weekend demonstration by his supporters.
The powerful minority Alawis would be among them - with the top military and intelligence positions in their hands -- Assad their chief -- and key portions of Syria's middle class. But their country's suspension by the Arab League has increased their isolation.
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Europe to Israel:
Military strike on Iran nuclear program not an option
NOV-15-2011--Iran and Israel are still issuing incendiary comments in response to the release of the Iran nuclear report. European leaders are pushing for harsher sanctions instead of a military strike.
A week after world leaders urged Israel to tone down its heated rhetoric on Iran, European leaders are again urging caution as Iran begins to react to the international community's stern words and threats, led by Israel.
The International Atomic Energy Agency last week released a report on Iran's nuclear program that said intelligence indicated that the intentions of the program may not be entirely peaceful.
The leak of the report was followed by a flurry of threats and warnings from Israel – and a concerted effort from world leaders to dial down the conversation.
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Iran - Nuclear:
EU ministers considering options
Nov-15-2011-European ministers for foreign affairs are meeting in Brussels on Monday to discuss tougher sanctions against Iran, only a week after the IAEA report said that Teheran is working on developing a nuclear bomb. Several foreign ministers agreed that a military intervention is not on the cards.
Iran denies the charges by arguing that its nuclear programme is for civilian purposes, such as producing electricity.
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Will FHA be the next big government bailout?
Nov-15-2011--NEW YORK - Continued trouble in the housing market has further eroded the Federal Housing Administration's reserves, leaving it with a very thin cushion to protect it against future financial losses. And should housing values continue to plummet, the agency may have to turn to taxpayers for a bailout, according to its annual report, which was released Tuesday. The agency's reserves fell to 0.24% in fiscal 2011, down from 0.5% the year earlier, according to independent estimates in the report. This ratio measures the net worth of the reserve fund compared with the value of the loans FHA has insured.
If home prices continue to drop in the coming year, the agency's losses could exceed its reserves, forcing it to either seek a bailout from the Treasury Department .
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US Postal Service
takes $5bn loss, warns of more
Nov-15-2011--WASHINGTON -The US Postal Service on Tuesday reported a $5.1 billion loss for fiscal 2011 and warned of more trouble if has to meet obligations to pay into a retiree health benefits program.
The USPS, government-owned but expected to operate on its own financial legs, said the year-end loss would have been $10.6 billion had it not been for legislation that postponed a congressionally mandated payment of $5.5 billion to pre-fund retiree health benefits.
Hit by falling revenues from lower mail volumes and a sizable historical debt burden, the USPS said it remains weak and unable to honor huge commitments to fund its retirement programs.
Revenue fell to $65.7 billion for the fiscal year that ended September 30 from $67.0 billion a year earlier.
The service's net loss dropped to $5.1 billion from $8.5 billion in 2010.
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What's Next for Occupy Wall Street Protests After Judge Bars Camping in Park?
NOV-15-2011--New York City police routed anti-Wall Street protesters from their campsite early Tuesday, and hours later, city officials won a court ruling that backed up their move. Jeffrey Brown discusses the legal arguments involved in the New York protests with attorneys Daniel Alterman and James Copland.
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Supreme Court to Hear Health Care Case This Term
Nov-15-2011--The Supreme Court said Monday it will hear arguments next March over President Barack Obama's health care overhaul-- a case that could shake the political landscape as voters are deciding if Obama deserves another term.
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