Friday, July 30th, 2010

Daily Verdict: October 22nd, 2008

Markets tumble amid recession fears
Further fears of an imminent global recession has sparked a world-wide market sell-off that has most indexes down significantly for the day. The Dow is down over 370 points, FTSE100 fell close to 190 points, and the Nikkei dropped over 600 points. The IBEX seems to have suffered the worst, down clost to 800 points. The CAC, DAX and TSX also suffered significant drops.

British PM affirms recession likely
According to Time, Britain’s Prime Minister, Gordon Brown, has for the first time confirmed that a recession within England is imminent in the near future. He was quickly attacked by his political opponent, Conservative leader David Cameron, as he implied some of the blame has to fall on Brown’s shoulders.

Obama increases lead, Palin found to be expensive fashionista
Obama has increased his leads in nearly all national polls, some even going into double digits. With only two weeks left until the election, McCain seems to have limited options as he still struggles to find an efficient plan of action. Meanwhile, Politico reports that the RNC, since the announcement of Sarah Palin as McCain’s running mate, has spent over $150 000 of donor campaign funds in clothes, make-up, and other fashion related items. Over $100 000 have been spent on clothes alone while the rest is for her make-up artists and other stylists she needs before making public appearances. So, not only is she turning out to be a mistake, she is turning out to be a very expensive mistake.

World leaders to gather in Washington on Nov. 15th
White House spokeswoman, Dana Perino, has announced that the first in a series of summits on the global economic downturn will be held on November 15th in Washington. Leaders of Japan, the UK, France, Germany, Italy, Canada, the US, EU Council, Brazil, India, Russia, South Korea as well as other major economies have been invited. The future president elect will also be consulted on the matter.

Economic inequality growing
A 30 nation report, based on a 20 year study, released yesterday by the Organization for Economic Cooperation and Development shows that the income gap between the rich and poor has widened significantly. The report suggests inequality has increased in 27 of the countries studies with the US having the highest inequality and poverty rate.

India reaches for the moon
India has successfully launched its first unmanned mission to the moon joining only 4 other countries who have achieved the feat, the US, Russia, China and Japan. This is India’s first attempt to place a spacecraft in lunar orbit as the country is attempting to establish itself as a world leader in science and technology.

Virtual strip search sparks privacy debate
A new scanner that allows airport security to see through passenger’s clothes has stirred quite a debate since many lawmakers claim it could represent an invasion of privacy. The US is introducing some of these devices with the EU ready to begin implementing them soon. The scanner creates an outline of passenger’s bodies underneath their clothes which aids security personnel in detecting prohibited objects. How far is too far in the name of security?