Shares plunged on Wall Street and the dollar fell sharply tonight after an increase in jobless claims and weak signals from industry prompted fears that the US is heading for a double-dip recession.
The Dow Jones index fell 200 points at one stage in morning trading in New York after the US labour department reported that 500,000 new claims for unemployment benefit were filed in the week ending 14 August – an increase of 12,000 on the previous week and the highest figure for nine months.
The already gloomy mood was compounded when the Philadelphia Fed, one of the Federal Reserve's 12 regional reserve banks, published its monthly health check on manufacturing in America's mid-Atlantic region. The survey, seen by Wall Street as a barometer of US industrial conditions, showed activity had contracted unexpectedly for the first time since July 2009.
President Barack Obama called on Congress to pass a bill providing support for small businesses, but Wall Street believes the threat to the world's biggest economy will also require action by the Federal Reserve to expand the money supply through its quantitative easing programme. James Bullard, president of the St Louis Fed, said tonight that the central bank would need to step up its purchases of bonds should the threat of deflation intensify.
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GAZA CITY, Gaza Strip—A France-based satellite provider is halting broadcasts of the Hamas TV channel to Europe and parts of the Arab world because of concerns that it spreads incitement, a station official said Tuesday.
The decision will deprive Gaza-based al-Aqsa TV of most of its viewers, said the channel's head, Hazem Sharawy.
The Hamas station -- best known for its children's programs glorifying violence against Israel -- is the centerpiece of a growing media operation of Gaza's Islamic militant Hamas rulers. Losing the satellite provider will hamper the group's attempts to spread its message and raise funds abroad.
The decision to cut off the Hamas station came six years after a similar move by France and the U.S. against al-Manar, the channel of Lebanese guerrilla group Hezbollah.
"If we can get some confirmation from the earnings and then the stocks rally on that, it will be a very good sign that we'll have a decent summer," said Blair Falconer, portfolio manager at HSBC Securities.
North American markets finished higher last week, with the TSX up 3.34 per cent and the Dow industrials ahead 5.28 per cent as bargain hunters moved in following big slides of over four per cent the previous week.
NEW YORK — Analysts are raising earnings estimates for U. S. companies at the fastest rate since at least 2004 during a quarter when stocks have posted some of their biggest losses in 16 months on concern that the economy will sink back into a recession.
Profit for companies in the Standard & Poor’s 500 Index now are expected to jump 34 percent this year, according to more than 8,000 estimates compiled by Bloomberg. On March 29, the projected increase had been 27 percent. The revision is the greatest during any quarter in at least six years.
But lower-than-forecast home sales, manufacturing and private-sector job growth have sent the benchmark gauge for U. S. equities down 11 percent since hitting 1,217 April 23, despite last week’s rally.
A Qassam rocket landed near a building in one of the communities in the Sdot Negev Regional Council early Wednesday, causing damage to a packing-house. There were no reports of injuries.
Avi Aptelboim, head of the community's emergency squad, reported that "a Color Red siren was sounded at around 4 am, followed by a rocket which landed inside the community, near the packing-house. The packing-house sustained heavy damage and it won't be operated today. There were no injuries, thank God." "The rocket landed right next to the packing-house.
The equipment near the packing-house was damaged, and the building itself sustained damage from shrapnel," said one of the residents.
Maze Cartoon of the Afghanistan hand-off between Petraeus and McCrystal.
Cartoon maze sports analogy of an NFL football handoff between Petraeus and McCrystal as generals for the war in Afghanistan. Created by Yonatan Frimer
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WASHINGTON - US PRESIDENT Barack Obama yesterday removed his top US commander in Afghanistan following a public flap over the general's controversial remarks to a magazine.
The unceremonious exit of General Stanley McChrystal injected greater uncertainty into the troubled war effort, taking place just as the United States was about to launch a major offensive in and around the key southern Afghan city of Kandahar, the stronghold of the Taleban.
Gen McChrystal, who derided the Obama administration and its handling of the war in Afghanistan in a lengthy profile in the Rolling Stone magazine, was summoned to the White House yesterday to explain his remarks.
After a 30-minute face-to-face meeting, Mr Obama said he accepted the resignation of the petulant general and relieved him of his command of US forces in Afghanistan. 'It was a difficult decision, it saddens me to lose a soldier who I've come to respect and admire,' said Mr Obama, noting that the decision was not prompted by the 'personal insult'.
'But war is bigger than any one man or woman. Difficult as this is, it is the right decision for our national security.'
Maze cartoon of a motorcycle lableled, "middle east" speeding down a road in the direction of war, and away from the direction of peace. Created by Yonatan Frimer
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Turkey’s provocative flotilla—often described in Orwellian terms as a humanitarian mission—has set in motion a flurry of diplomatic activity, but if the Iranians send escort vessels for the next round of Turkish ships, it could present a casus belli.
It is also instructive that Syria is playing a dangerous game with both missile deployment and rearming Hezbollah. According to most public accounts, Hezbollah is sitting on 40,000 long-, medium- and short-range missiles and Syrian territory has served as a conduit for military material from Iran since the end of the 2006 Lebanon War.
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Smugglers in Egypt and Gaza worry their trade will be adversely affected by returning Palestinians lugging goods bought for cheaper prices in Egypt. They know a total termination of the blockade will spell the end of their industry.
Shit My Dad Says will star William Shatner as the father with a penchant for saying some really funny and weird stuff, like "We didn't accidentally kill a hooker, we had dinner!"
Halpern started the Twitter account to showcase the things his father would say to him, and the experiences they shared while living together in the same house.
Erdogan & comparison of Flotilla to September 11th.  Maze cartoon of Turkish Prime Minister Erdogan comparing the Flotilla raid to September 11th. Someone from the crowd asks how it would "stack up against the Armenian Genocide." Created by Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the maze solution. Cartoon Maze of the Gaza Flotilla and what it left in its wake.  Maze cartoon of the Gaza Flotilla. The boat leaves in its wake violence, diplomatic crisis, sympathy for terrorist, lies, and of course an Israeli PR overhaul. Created by Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the maze solution. Cartoon Maze Lie Detector Electricity, by Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Cartoon Maze of Sarah Ferguson taking bribes.  Cartoon maze of Sarah Ferguson thinking about taking money out from a bear trap which is labeled "News Of The World" and says, "I am going to try and grab it, Hopefully it's not a trap." Created by Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Editorial Maze Cartoon on Arizona Immigration laws.  Cartoon maze editorial bunch immigrants sneaking into America. Leader tells them "We are almost there folks, make sure you have plenty of water and get your fake birth certificate from Sanchez before the border." As they stand near a road with a sign that says, "Arizona 50 Miles." Created by Yonatan FrimerClick here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Editorial Maze Cartoon on Turkey Giving Iran Nuclear Fuel Rods.  Cartoon maze editorial of a turkey reading the newspaper with the headline, "Turkey to supply Iran with fuel rods." The turkey has a sad face and says, "Lets hope I can make enough nuclear fuel rods by Thanksgiving." Created by Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Editorial Cartoon Maze on a Dow Jones Airline, by Yonatan Frimer  Cartoon maze editorial of an airplane, labled Dow Jones that has sand bags on its wings and tail and the sand is leaking out an labeled, "Glitch, EU, Greece and Reform" the co-pilot exclaims, "Sir! We are losing altitude! We gotta keep above 10,000 to avoid a crash!" Created by Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Maze Cartoon Obama sleeping and ignoring the polls:  Editorial cartoon maze of President Obama sleeping as a hot cup of coffee marked "Polls" is next to him and a caption that reads, "Wake up and smell the....." Created by Yonatan Frimer.Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Maze Cartoon Oil Growing on Trees - By Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. Maze Cartoon of a ticking bum in Times Square - By Yonatan Frimer Click here for a printable, hi-res version of this maze Click here or on the image for the solution to the maze. | |
Maze Cartoon on the Economy of Greece. Bill Gates' Microsoft iPad - Cartoon Maze  Editoral Cartoon Maze in Larger and Printable Format Can't solve the maze? Click here for the maze solution Editorial Cartoon Maze of Bill Gates telling his team of monkeys to make a microsoft version of the iPad. Editorial Cartoon Maze of Bashar Assad, President Ahmadinejad, and Hassan Nasrallah on the road to dictatorship. A donkey marked UN poops out resolution as the Iranian president remarks "Just don't step in any of it till we get there." The Promise from Obama Maze Can't solve the maze? Click here for the maze solution Editorial Maze Cartoon "Obama's change" | |
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