– Eurozone leaders on Thursday agreed to support a new bailout program for debt-stricken Greece, warding off a potential crisis, that even threatened the stability of the Eurozone.
Heads of the state or government of the euro area and European Union institutions, together with the International Monetary Fund, agreed on a new program worth EUR 109 billion during a crucial summit held in Brussels, Belgium.
This is expected to fully cover the financing gap, and will include voluntary contribution of the private sector, the European Council said in a statement.
Another key element of the rescue plan is the decision to use the European Financial Stability Facility as the financial vehicle for the loan disbursement.
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Social media, Facebook in particular, is a growing medium. People are still discovering the various possibilities with the service, and businesses are finding new ways to connect with customers with its help.
American Express and Facebook are combining in a unique way.
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– Final May numbers for Japan’s leading and coincident indexes are due to be released on Wednesday, setting the pace for a modest day in Asian economic news.
Little change is expected from the preliminary readings of 99.8 for the leading index and 106.0 for the coincident. Also on tap are June figures for convenience store sales – which saw an annual increase of 5.7 percent in the previous month. Finally, Bank of Japan Deputy Governor Hirohide Yamaguchi will speak at a business meeting in Matsumoto City.
Malaysia will release the inflation rate for June, with analysts expecting the rate to rise to 3.6 percent from 3.3 percent in May.
Taiwan will announce export order numbers for June, with forecasts calling for an increase of 11.0 percent on year following the 11.5 percent annual expansion in May.
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On this day in 1952, Frank Zybach patented his center-pivoting rotting irrigator.
If youve flown across the country, youve undoubtedly seen green circles of irrigated land, typically clustered together in the middle of brown to the horizon.
Zybach grew up in Nebraska but was farming in Colorado in 1947 when he saw a demonstration of modern movable irrigation. Workers were moving and connecting pipes fitted with sprinkler heads from one part of a field to another.
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– Existing home sales in the U.S. showed an unexpected decrease in the month of June, according to a report released by the National Association of Realtors on Wednesday, with the drop reflecting an unanticipated spike in contract cancellations.
The report showed that existing home sales fell by 0.8 percent to an annual rate of 4.77 million in June from a 4.81 million rate in May. The decrease came as a surprise to economists, who had been expecting home sales to rise to a rate of 4.90 million.
– House prices in the U.K declined for the first time this year in July and are likely to fall further over the next few months, according to the latest report from property website Rightmove.
Prices fell 1.6 percent month-over-month to GBP 236,597 after rising 8.1 percent over the first half of the year, the report said Monday. In June, prices increased 0.6 percent.
Commenting on the data, Rightmove director Miles Shipside said that early sellers in 2011 had a chance of worming their way into the more active spring market, whereas those coming to market now at the onset of the holiday season have to price more aggressively as many buyers have already gone to ground.
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CNN Money:
After a decade as a divorce attorney, Alexander Rhoads grew weary of seeing people in conflict, he says.
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