CPreports 11/8//12 – Greece Bailout, Sandy Aftermath, Hu Jintao opens Congress in China


CPreports 11/8//12 – Greece Bailout, Sandy Aftermath, Hu Jintao opens Congress in China

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    With lets of pains and aches and a razor sharp margin the Greek government passed the highly unpopular austerity measures to receive its reward of 31.5 billion euro aid tranche from the International Monetary Fund and European Union. The Euro bounced back on these news, as its value has been closely linked to a possible Greek exit from the Eurozone, which would be disastrous. So everybody breathe a sigh of relief for now. But according to ECB’s Mario Draghi, economic growth is Europe will remain slow.

    A massive winter storm has hit us here in New York last night, with the most unfortunate timing ever. Snow, wind, strong winds were shaking up the city shortly after Hurricane Sandy caused massive destruction and power outages. Freezing temperatures were a fresh worry for residents, who are still left without power. New York distributed space heaters and blankets to residents without heat or power and opened shelters to those in need of a warm place to sleep. Mother Nature really hasn’t been kind on us. Stay safe everyone.

    Chinese President Hu Jintao has opened a Communist Party congress, that begins a once-in-a-decade power transfer with a strong warning on corruption. Speaking to more than 2,000 delegates, Mr Hu said that a failure to tackle the issue “could prove fatal to the party”. A very fitting message, following the political controversy caused by the case of Bo Xilai, the former Chongqing party leader, who once was the perfect candidate for top office. I’m sure you remember the story of his wife murdering a British businessman. Bo Xilai hmself will be facing trial on corruption-related charges. Recent cases of official corruption have provoked public anger and there have been numerous high-profile mass protests, with regards to land grabs and environmental issues. During the congress a new central committee is selected, which then chooses the country’s highest decision-making body, the Standing Committee of the Politburo, in reality everything is of course already pre decided.

    Technology is an amazing thing and and the invention of online banking has certainly made life a lot easier. Now Mastercard has come up with a new way to mesmerize our tech hungry minds, by releasing a credit card with an LCD display and built-in keyboard. What for you may ask? Well, the card has touch-sensitive buttons and the ability to create a “one-time password” – that can be used to log in to online banking. In the future Mastercard if hoping to show the remaining balance on the credit card! The card is coming out in Singapore in January before we can get our hands on it globally. Visa also has one of these, but only in Europe currently. Strange – why dont we have one of these in the US yet??? We love gadgets here!

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