Reuters – Seven European banks would not be strong enough to withstand another recession and would face a capital shortfall of 3.5 billion euros ($4.5 billion), tests run in an attempt to revive investor confidence showed on Friday.
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Seven banks fail Europe’s stress test
(Reuters)
Reuters – Most U.S. counties are having to cut back on spending on safety and infrastructure in the face of monstrous revenue shortfalls, the National Association of Counties said on Friday.
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U.S. counties confront shortfalls with cuts
(Reuters)
One more game, one last chance to make their reputation. When the Americans play Algeria at the World Cup on Wednesday, they’ll either live up to all the hype and earn a spot among the final 16 teams — or fall painfully short of their long-stated goal and lose a watershed opportunity.
One more game, one last chance to make their reputation. When the Americans play Algeria at the World Cup on Wednesday, they’ll either live up to all the hype and earn a spot among the final 16 teams — or fall painfully short of their long-stated goal and lose a watershed opportunity.
BusinessWeek – Some hedge fund managers are famous for big scores — John Paulson made $15 billion shorting the housing market. Then there’s Seth Klarman, who got rich by making money steadily over time. As markets began to collapse in 2008, the founder of Baupost Group focused on corporate bonds he calculated would yield solid returns even if the economy got worse. “We didn’t have the degree of conviction Paulson had,” says Klarman, 53, in an interview in his Boston office. “We don’t deal in absolutes. We deal in probabilities.”
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The Financial Life: Seth Klarman
(BusinessWeek)
AP – Toyota Motor Corp., the latest automaker to be hit by a strike at a China parts supplier, said Thursday its car assembly operations were not affected by the short-lived dispute.
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Toyota is latest car maker hit by strike in China
(AP)
AP – Toyota Motor Corp., the latest automaker to be hit by a strike at a China parts supplier, said Thursday its car assembly operations were not affected by the short-lived dispute.
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Toyota is latest car maker hit by strike in China
(AP)
AP – Confronted with severe revenue shortfalls, some states have found a convenient way of softening painful cutbacks and avoiding statewide tax increases: They’ve passed the buck to their counterparts in cities and counties.
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States passing budget cuts onto local governments
(AP)
AP – Construction of new homes rose more than expected in April but new building permits fell sharply, signaling the industry’s rebound could be short-lived.
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Home construction up, building permits fall
(AP)
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