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DTN News - HISTORICAL EVENTS ON OCT 9: Today in History for October 9th
Source: DTN News - - This article compiled by K. V. Seth from reliable sources AP
(NSI News Source Info) TORONTO, Canada - October 9, 2013: (NSI News Source Info) TORONTO, Canada - October 9, 2013: October 9 is the 282nd day of the year (283rd in leap years) in the Gregorian calendar. There are 83 days remaining until the end of the year.
2012 As German Chancellor Angela Merkel visits Greece, an estimated 25,000 protest in Athens
2012 The 2012 Nobel Prize in Physics is awarded to Serge Haroche and David Wineland for their work on quantum optics
2011 In Poland, the Polish People's Party coalition becomes the first government to be reelected since Poland transitioned to democracy in 1989
2011 Germany's Sebastian Vettel becomes the youngest driver to win the Formula One World Championship twice
2010 Wild celebrations occur as a drill reaches an underground chamber with 33-trapped Chilean miners inside
2010 The New York Yankees beat the Minnesota Twins, progressing to Major League Baseball's 2010 American League Championship Series
2008 Iceland takes control of 3 banks due to the global financial crisis
2006 North Korea conducts first atomic weapons test
1997 ABL players allowed to own stock in the league
1997 Hurricane kills 123 in Acapulco Mexico
1997 NC's Dean Smith winningest college basetball coach retires
1997 New York Rangers are 1st NHL team to open with 4 straight ties
1997 Nobel prize for literature awarded to Dario Fo
1996 Howard Stern's book "Miss America" released in paperback
1994 Darmstadt creates element 110
1992 Great meteorite seen from Kentucky to New York
1991 "On Borrowed Time" opens at Circle in Sq Theater New York City for 99 performances
1991 Bush declares "total confidence" in nominee Clarence Thomas
*Link for This article compiled by K. V. Seth from reliable sources AP
*Speaking Image - Creation of DTN News ~ Defense Technology News
*Photograph: IPF (International Pool of Friends) + DTN News / otherwise source stated
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com
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DTN News - US FINANCIAL CRISIS: US Government Shutdown 2013 (Video)
Source: DTN News - - This article compiled by K. V. Seth from reliable sources Reuters
(NSI News Source Info) TORONTO, Canada - October 9, 2013: The White House signalled on Monday that it would be open to a short-term hike in the U.S. debt limit as the United States moved a step closer to its first-ever default while a separate impasse, a partial government shutdown, entered its second week.
The shutdown, which centres on a fight over funding for President Barack Obama’s new health care law, has pushed hundreds of thousands of workers off the job, closed national parks and museums and stopped an array of government services.
A default could have far bigger consequences. Economists say it could trigger a financial crisis and recession that would echo 2008 — or worse. The 2008 financial crisis plunged the country into the worst recession since the Great Depression of the 1930s.
President Barack Obama makes a statement about the government shutdown during a visit to FEMA headquarters. The president thanked workers at the FEMA for doing their jobs under "less than optimal circumstances".zoom
Gene Sperling, a senior Obama economic adviser, reiterated a vow not to negotiate on the debt because it would sanction the threat of default as a bargaining chip and increase the chance of default in the future.
A defiant John Boehner, the Republican leader of the House of Representatives, has insisted that Obama must negotiate on changes to his health care law and spending cuts if he wants to end the shutdown and avert a default.
The uncompromising talk rattled financial markets early Monday as stocks slumped. China, which holds $1.277 trillion in U.S. Treasury bonds and stands as the United States’ biggest foreign creditor, urged that all efforts are made to avoid a default.
*Link for This article compiled by K. V. Seth from reliable sources Reuters
*Speaking Image - Creation of DTN News ~ Defense Technology News
*Photograph: IPF (International Pool of Friends) + DTN News / otherwise source stated
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com
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DTN News - FINANCIAL CRISIS: Bankrupt Detroit Cannot Wait For Federal Cavalry-City Manager
Source: DTN News - - This article compiled by Roger Smith from reliable sources Reuters
(NSI News Source Info) TORONTO, Canada - July 21, 2013: Detroit must dig itself out of the hole it created and cannot wait to see if the federal government will come to its rescue, the city's emergency manager said on Sunday.
Kevyn Orr, charged with guiding the collapsed Motor City out of the largest municipal bankruptcy in U.S. history, said any outside assistance would be "great" but he is not banking on it.
"Hope is not a strategy from my perspective. I can't plan on the basis of what may or may not happen or what help may or may not come," Orr said on "Fox News Sunday."
"We are not expecting the cavalry to come charging in," he said. "We have to fix it because we dug the hole."
Detroit filed for bankruptcy on Thursday, setting the stage for a costly court battle with creditors and opening a new chapter in the long struggle to revive the cradle of America's auto industry.
If approved by a federal judge, the bankruptcy would force Detroit's thousands of creditors into negotiations with Orr to resolve an estimated $18.5 billion in debt.
Detroit Mayor Dave Bing said he was talking to officials in Washington about what they could do to help.
"I'm not sure exactly what to ask for. I mean, money is going (to) help, no doubt about that, but how much?" Bing said on ABC's "This Week."
The mayor has had no executive authority since Orr's appointment as emergency manager in March.
Michigan Governor Rick Snyder told CBS' "Face the Nation" the city's problems had been 60 years in the making and he saw no prospect of a federal or state bailout.
Detroit has been hit hard by the move away from industrial manufacturing in America since the 1950s, its problems compounded by chronic mismanagement and a dwindling population. Retirees now far outnumber active workers among the city's 700,000 residents, and unfunded pension liabilities are a key source of its problems.
After the economic collapse of 2008, Washington injected billions of dollars into automakers General Motors Co and Chrysler as the first step of a quick bankruptcy process. But the federal government made no promises this time.
Vice President Joe Biden said on Friday said it was unclear whether Washington could help.
Steven Rattner, who led the auto industry restructuring in 2009, said it would be a mistake for Michigan and the federal government not to provide funds for the city.
"America is just as much about aiding those less fortunate as it is about personal responsibility. Government does this in so many ways; why shouldn't it help Detroit rebuild itself?" Rattner wrote in an opinion piece Friday in The New York Times.
The bankruptcy led investors to dump the city's municipal bonds on Friday but Orr deflected criticism that it will be hard for investors to lend the city money again.
"The reality is, they are going to look at the credit rating of a rehabilitated city. And if that city is capable, they're going to make rational decisions because they are financial institutions," Orr said on the Fox program.
"After some time, after this little kerfuffle, we'll be back in business."
*Link for This article compiled by Roger Smith from reliable sources Reuters
*Speaking Image - Creation of DTN News ~ Defense Technology News
*Photograph: IPF (International Pool of Friends) + DTN News / otherwise source stated
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com
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DTN News - U.S. FINANCIAL CRISIS: How Will Canada Feel The Effects of The Latest U.S. Economic Crisis?
Source: DTN News - - This article compiled by Roger Smith from reliable sources CTV News
(NSI News Source Info) TORONTO, Canada - March 3, 2013: As $85 billion in U.S. federal spending cuts begin taking effect, Canadian businesses and politicians are bracing themselves for the impact.
Travellers are being warned of lengthier delays at border crossings as American border patrol officers and air traffic controllers are among the tens of thousands of federal employees who will see their pay and hours reduced as part of the funding cuts.
“This is not a win for anybody, this is a loss for American people,” U.S. President Barack Obama told reporters Friday, fixing the blame for the sequester cuts on the Republicans.
With Canada sending 75 per cent of all its exports to the U.S., its economy relies heavily on the financial health of its southern neighbour.
Finance Minister Jim Flaherty said Friday that while he couldn’t put a dollar figure on the impact, he called the cuts an unnecessary strain to the economies.
“It is regrettable though that the U.S. continues to move from crisis to crisis,” he told reporters.
An Ontario-based company that manufactures baseball bats for a number of major league players fears that the border delays may prevent its products from making it to the U.S. in time for spring training.
“If it takes us extra time to get the product in the hands of the best players in the world, then that’s a problem,” Sam Bat President Arlene Anderson told CTV News.
Similar fears are being echoed by the struggling auto manufacturing sector, where officials warned that a slow down at the border could trigger job cuts.
“This could results in layoffs,” Canadian Auto Worker President Ken Lewenza said. “It could result in temporary shut downs and there’s a tremendous amount of workers out there that don’t get paid during three or four hour disruptions.”
The failure to avert the U.S. spending cuts comes alongside news that the Canadian economy has stalled over the last three months.
Flaherty waned Friday of deeper spending cuts in the upcoming federal budget, though he said the Conservative government remains on track to balance the budget by 2015.
With a report from CTV’s Richard MadanAs $85 billion in U.S. federal spending cuts begin taking effect, Canadian businesses and politicians are bracing themselves for the impact.
Travellers are being warned of lengthier delays at border crossings as American border patrol officers and air traffic controllers are among the tens of thousands of federal employees who will see their pay and hours reduced as part of the funding cuts.
“This is not a win for anybody, this is a loss for American people,” U.S. President Barack Obama told reporters Friday, fixing the blame for the sequester cuts on the Republicans.
With Canada sending 75 per cent of all its exports to the U.S., its economy relies heavily on the financial health of its southern neighbour.
Finance Minister Jim Flaherty said Friday that while he couldn’t put a dollar figure on the impact, he called the cuts an unnecessary strain to the economies.
“It is regrettable though that the U.S. continues to move from crisis to crisis,” he told reporters.
An Ontario-based company that manufactures baseball bats for a number of major league players fears that the border delays may prevent its products from making it to the U.S. in time for spring training.
“If it takes us extra time to get the product in the hands of the best players in the world, then that’s a problem,” Sam Bat President Arlene Anderson told CTV News.
Similar fears are being echoed by the struggling auto manufacturing sector, where officials warned that a slow down at the border could trigger job cuts.
“This could results in layoffs,” Canadian Auto Worker President Ken Lewenza said. “It could result in temporary shut downs and there’s a tremendous amount of workers out there that don’t get paid during three or four hour disruptions.”
The failure to avert the U.S. spending cuts comes alongside news that the Canadian economy has stalled over the last three months.
Flaherty waned Friday of deeper spending cuts in the upcoming federal budget, though he said the Conservative government remains on track to balance the budget by 2015.
With a report from CTV’s Richard Madan
*Link for This article compiled by Roger Smith from reliable sources CTV News
*Speaking Image - Creation of DTN News ~ Defense Technology News
*This article is being posted from Toronto, Canada By DTN News ~ Defense-Technology News Contact:dtnnews@ymail.com
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