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Purveyor's JournalNetanyahu Blames Iran For Deadly Bus Blast In Bulgaria, Which Killed Israeli Tourists
Source: National Post
Israeli Prime Minister Benjamin Netanyahu blamed Iran today after a bus carrying at least 40 Israeli tourists exploded at a Bulgarian resort, killing a number of people.
Bulgarian television has said the death toll stands at seven, with more than 20 injured. Other news agencies have put the death toll at three or four.
The explosion took place in the Black Sea city of Burgas, some 400 kilometres east of the capital, Sofia.
There are conflicting reports about the cause of the blast, although officials have confirmed it was a bomb. Some witnesses said they saw a suicide bomber step on to a bus, while others said they saw someone put a bomb in the bus’s storage area.
Read more: Link to source
U.S. Corn Crop Shrinking By The Hour
Source: Reuters AlertNet
By Sam Nelson
CHICAGO, July 17 (Reuters) - U.S. corn production has shrunk 7 percent versus the government's downgraded estimate a week ago, a Reuters poll found on Tuesday, with a worsening drought likely to cause more damage before the month is out.
As the worst drought since 1956 begins to expand to the northern and western Midwest, areas that had previously been spared, analysts are slashing corn yield estimates by the hour. Some analysts are also starting to cut their forecasts on the number of acres that will be harvested as farmers opt to plough under their fields to claim insurance.
What began the season as a potentially record corn crop as farmers planted the biggest area since 1937, may now be the smallest in at least five years. Soybeans, which enter their key pod-setting phase later then corn, are increasingly at risk. The poll of 13 analysts pegged the average estimated corn yield at 137.2 bushels per acre, down 6 percent from USDA's current forecast of 146 bushels.
The USDA dropped its yield estimate by an unprecedented 20 bushels per acre in its report on July 11. Corn production was pegged at 12.077 billion bushels, the smallest in 5 years, down 6.9 percent from USDA's outlook. "We're losing more yield with the additional stress now in the northern areas which up until now had been pretty good," said Shawn McCambridge, analyst for Jefferies Bache.
Read more: http://www.trust.org/alertnet/news/us-corn-crop-shrinking-by-the-hour
Homebuilder Confidence in U.S. Rises Most Since September 2002
Source: Bloomberg
By Michelle Jamrisko - Jul 17, 2012
Confidence among U.S. homebuilders increased in July by the most in almost a decade, indicating further improvement in residential real estate.
The National Association of Home Builders/Wells Fargo confidence index climbed 6 points, the biggest gain since September 2002, to 35 this month, a report from the Washington- based group showed today. The gauge exceeded the most-optimistic projection in a Bloomberg News survey of 46 economists. Readings below 50 mean more respondents said conditions were poor.
Builders said they were more upbeat about sales prospects as both current purchases and buyer traffic improved, showing the industry is being fueled by record-low mortgage rates and cheaper properties. At the same time, limited job growth, stricter credit standards and foreclosures are hurdles for the industry that precipitated the last recession.
“The housing market has turned the corner as more buyers perceive the benefits of purchasing a newly built home while interest rates and prices are so favorable,” Barry Rutenberg, chairman of the National Association of Home Builders and a builder from Gainesville, Florida, said in a statement.
Read more: http://www.bloomberg.com/news/print/2012-07-17/homebuilder-confidence-in-u-s-rises-most-since-september-2002.html
Manufacturing in New York Region Grew at a Faster Pace
The Federal Reserve Bank of New York’s general economic index rose to 7.4 from 2.3 in June. The median forecast of 51 economists surveyed by Bloomberg News called for an increase to 4.0. Readings greater than zero signal expansion in the so- called Empire State Index that covers New York, northern New Jersey and southern Connecticut. The last negative reading was in October.
The figures may ease concern that factory production, which was bolstering the world’s largest economy, is faltering. At the same time, softening demand from Europe to China will likely weigh on exports of American-made goods and decelerating U.S. consumer spending may curb orders.
“The fact that manufacturing is still growing is good news,” said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, who projected a rise in the Empire index. “Any improvement, especially right now, should be welcomed. The sector is still contributing to economic growth.”
In a separate report, the Commerce Department said retail sales in the U.S. declined for a third straight month in June. The 0.5 percent drop followed a 0.2 percent decrease in May.
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http://www.bloomberg.com/news/2012-07-16/manufacturing-in-new-york-region-grew-at-a-faster-pace.html
Retail Purchases in U.S. Unexpectedly Decreased 0.5% in June Amid Job Pessimism
Retail sales in the U.S. unexpectedly declined for a third straight month in June, a sign limited employment gains are taking a toll on the biggest part of the economy.
The 0.5 percent drop followed a 0.2 percent decrease in May, Commerce Department figures showed today in Washington. The decline was worse than the most-pessimistic forecast in a Bloomberg News survey in which the median projection called for a 0.2 percent rise. Purchases last fell for three or more months in July through December 2008.
A weakening job market is sapping households of the confidence and income gains needed to boost expenditures, which account for about 70 percent of the economy. Without gains in spending at retailers such as Target Corp. and Macy’s Inc. (M), the expansion will have a difficult time gaining momentum.
“People are just pulling back, and you’re not likely to see a significant pickup from here,” said Michael Carey, chief economist for North America at Credit Agricole CIB in New York. “This was certainly a slowdown from the first quarter.”
MORE...
http://www.bloomberg.com/news/2012-07-16/retail-purchases-in-u-s-unexpectedly-decreased-0-5-in-june.html
Palestinians To Seek General Assembly Recognition Of Palestine As UN Observer State
By Associated Press, Updated: Sunday, July 15, 11:54 AM
RAMALLAH, West Bank — A top Palestinian official says the Palestinians will ask the U.N. General Assembly to recognize Palestine as an observer state.
Saeb Erekat said Sunday that the timing of the request will be decided next week by the Arab League.
The Palestinians seek a state in the West Bank, Gaza and east Jerusalem, territories Israel captured in 1967.
U.N. recognition is largely symbolic, since Israel continues to control these territories to varying degrees. A nod from the world body would endorse the pre-1967 lines as the border of a future Palestinian state. Palestinians fear that border is being erased by Israeli settlement building.
MORE...
http://www.washingtonpost.com/world/middle_east/palestinians-to-seek-general-assembly-recognition-of-palestine-as-un-observer-state/2012/07/15/gJQA8mfUmW_story.html
Guest Lineups For The Sunday TV News Shows
ABC's "This Week" - Chicago Mayor Rahm Emanuel; Sen. Kelly Ayotte, R-N.H.
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NBC's "Meet the Press" - Sens. Dick Durbin, D-Ill., and Jon Kyl, R-Ariz.; Ben Jealous, NAACP president; Grover Norquist, president of Americans for Tax Reform; Ed Gillespie, adviser to Mitt Romney's presidential campaign.
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CBS' "Face the Nation" - Rep. Paul Ryan, R-Wis.; campaign surrogates; Stephanie Cutter, deputy manager of President Barack Obama's re-election campaign; Kevin Madden, adviser to Romney's campaign.
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CNN's "State of the Union" - David Axelrod, senior Obama campaign adviser; Govs. Bob McDonnell, R-Va., and Deval Patrick; Gillespie.
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"Fox News Sunday" - Govs. Rick Scott, R-Fla., and Terry Branstad, R-Iowa.
The Other Foreclosure Crisis: Losing A Home Over $400 In Back Taxes
NEW YORK (CNNMoney) -- People are losing their homes over unpaid tax bills that, in some cases, add up to just a few hundred dollars.
Outdated state laws that allow local governments to sell tax liens on delinquent properties to investors in order to more quickly collect on overdue property taxes is sparking a second "foreclosure crisis," a report from the National Consumer Law Center said Tuesday.
When homeowners don't pay property taxes or other municipal bills, like water or sewer fees, local governments have less money to maintain services like schools, police and fire departments and road maintenance. By selling tax liens, those governments can collect on what it is owed.
Investors, in return, effectively own a claim against the property until the homeowner pays the county or municipality back or until they default on the debt entirely. The investor can either collect interest on the taxes owed from the homeowner. Or, if the homeowner fails to pay up, the investor can take possession, or foreclose, on the home.
MORE...
http://money.cnn.com/2012/07/10/real_estate/tax-liens/index.htm
McConnell Ratchets Up Pressure On Vulnerable Dems Over Healthcare Repeal
By Alexander Bolton - 07/06/12 10:08 AM ET
Senate GOP Leader Mitch McConnell (Ky.) is putting pressure on vulnerable Democrats to vote with Republicans to repeal the 2010 Affordable Care Act.
The GOP leader called on Democrats in an op-ed to join with members of his party to unwind what Republicans are calling the biggest tax hike in recent memory.
“In the eyes of the court, the failure to follow the individual mandate will get you taxed, plain and simple, and according to the nonpartisan Congressional Budget Office, it hits the middle class hardest,” McConnell wrote in a commentary published by the Washington Times.
McConnell may force Democrats to vote again on repealing the entire law, as he did at the beginning of the 112th Congress. Some conservatives have pushed for additional repeal votes, but McConnell resisted before the Supreme Court handed down its decision upholding the law.
MORE...
http://thehill.com/blogs/healthwatch/health-reform-implementation/236423-mcconnell-ratchets-up-pressure-on-vulnerable-dems-over-healthcare-law-repeal
Survey: CEO Confidence In Economy Drops Dramatically
By Erik Wasson - 07/05/12 10:22 AM ET
The confidence of the nation’s business leaders in the future of the economy has dropped dramatically, according to a new survey by the Conference Board.
More CEOs surveyed view the economy negatively than positively. Only 17 percent viewed the economy positively in the second quarter of 2012, compared to 67 percent in the first quarter.
Only 20 percent expect an improvement in six months, down from 59 percent.
The survey polls 800 CEOs whose companies are members of the Conference Board. Typically, 80 to 100 CEOs respond, the group says. The results from the new survey are from May and June.
MORE...
http://thehill.com/blogs/on-the-money/economy/236269-ceo-confidence-in-economy-drops-dramatically-survey
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