News That Matters - US Open

HEADLINES
  • ECB Coeure: Only Govts Can Fully Address Financial Fragmentation
  • ECB's Nowotny: Easier monetary policy still needed
  • ECB Weidmann: Germany Overcoming Weakness; Tentative Recovery
  • U.S, Japan leading recovery in major economies - OECD
  • Germany doesn't expect IMF call for Greek debt write-down
  • Eurozone Sentix Investor Confidence Improves In June
  • Italy Q1 GDP revised down to -0.6% as domestic demand, exports slump
  • AstraZeneca to buy Pearl Therapeutics for $1.15B
  • Orange CEO held by police in Tapie case: reports
  • TNT announces they are to cut 850 of 3000 jobs in Italy
COMMENTARY 
U.S. Expansion Poised for Longevity
The modest pace of the U.S. economic recovery has a silver lining, as the expansion shows signs of lasting almost twice as long as average.Four years into the upswing, the economy isn’t seeing many of the excesses that often presage the start of contractions. Inflation is slowing, not quickening. Household debt is shrinking, not expanding. The labor market is slack, not tight.Pent-up demand also bodes well for the longevity of the recovery, which has averaged annual growth of about 2 percent since its start in June 2009. Confronted by elevated unemployment and a depressed housing market, Americans put off forming families, buying homes and acquiring cars. Now, with house prices risingand payrolls expanding more rapidly, their behavior is changing. http://www.bloomberg.com/news/2013-06-09/u-s-expansion-poised-for-longevity.html http://www.bloomberg.com/news/2013-06-09/u-s-expansion-poised-for-longevity.html
Will Germany's Top Court Disarm ECB's 'Big Bazooka'?
The European Central Bank's bond buying program, widely credited with drawing a line under the region's crisis, is to undergo scrutiny in Germany's top court this week, prompting fears that the judges could pull the plug on a policy that has played a big part in calming financial markets.Germany's constitutional court in the south-western city of Karlsruhe is set to hold a public hearing on Tuesday and Wednesday on the legality of the European Central Bank's bond buying plan after receiving complaints that the ECB was over-stepping its remit from, among others, the country's own central bank, the Bundesbank.The case pits the ECB directly against Germany's central bank. Bundesbank President Jens Weidmann, a vocal critic of the ECB's bond buying plan, and the ECB's German executive-board member Jörg Asmussen are both expected to testify on opposite sides of the argument during the hearing, according to various media reports.  http://www.cnbc.com/id/100801817
China's economy stumbles in May, growth seen sliding in Q2
(Reuters) - Risks are rising that China's economic growth will slide further in the second quarter after weekend data showed unexpected weakness in May trade and domestic activity struggling to pick up.Evidence has mounted in recent weeks that China's economic growth is fast losing momentum but Premier Li Keqiang tried to strike a reassuring note, saying the economy was generally stable and that growth was within a "relatively high and reasonable range".China's economy grew at its slowest pace for 13 years in 2012 and so far this year economic data has surprised on the downside, bringing warnings from some analysts that the country could miss its growth target of 7.5 percent for this year. http://www.reuters.com/article/2013/06/09/us-china-economy-idUSBRE9580GE20130609
Why the Auto Industry Is Poised for Hiring Spree
The auto industry is about to go on a hiring spree as carmakers and parts suppliers race to find engineers, technicians, and factory workers to build the next generation of vehicles.The new employees will be part of a larger, busier workforce. From coast to coast, the industry is in top gear. Factories are operating at about 95 percent of capacity, and many are already running three shifts. As a result, some auto and parts companies are doing something they've been reluctant to consider since the recession: Adding floor space and spending millions of dollars on new equipment."We're really bumping up against the edge," says Michael Robinet, managing director of IHS Automotive, which forecasts auto production. "So it really is brick-and-mortar time." http://www.cnbc.com/id/100802089?utm_source=dlvr.it&utm_medium=twitter
Julia Gillard loses significant support among caucus
The ABC understands Prime Minister Julia Gillard has lost significant support in the Labor caucus.It comes after a week in which Labor disunity was on full display in Canberra and former prime minister Kevin Rudd re-emerged very publicly.ABC Insiders presenter Barrie Cassidy says Mr Rudd is the only figure being considered as an alternative prime minister.Mr Cassidy spoke about the tensions within the party on Insiders yesterday."I am now very strongly of the view that Julia Gillard will not lead Labor into the next election," he said."I think there will be a change either by her own hand or the actions of others. And I'm not relying entirely on guesswork here." http://www.abc.net.au/news/2013-06-09/julia-gillard-loses-significant-support-in-caucus/4742626 
Edward Snowden: former CIA man behind the NSA intelligence leak
The 29-year-old source behind the biggest intelligence leak in the NSA's history explains his motives, his uncertain future and why he never intended on hiding in the shadowsThe individual responsible for one of the most significant leaks in US political history is Edward Snowden, a 29-year-old former technical assistant for the CIA and current employee of the defence contractor Booz Allen Hamilton. Snowden has been working at the National Security Agency for the last four years as an employee of various outside contractors, including Booz Allen and Dell.The Guardian, after several days of interviews, is revealing his identity at his request. From the moment he decided to disclose numerous top-secret documents to the public, he was determined not to opt for the protection of anonymity. "I have no intention of hiding who I am because I know I have done nothing wrong," he said.Snowden will go down in history as one of America's most consequential whistleblowers, alongside Daniel Ellsberg and Bradley Manning. He is responsible for handing over material from one of the world's most secretive organisations – the NSA. http://www.guardian.co.uk/world/2013/jun/09/edward-snowden-nsa-whistleblower-surveillance
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