1 Under 30s are 'generation rent' (The Guardian) More than 1 million young people will be "locked out" of home ownership in eight years' time, making up a generation that is "increasingly marginalised" and renting due to the lack of houses, a study warns. The Joseph Rowntree Foundation says that by 2020 the number of home owners under the age of 30 will fall from 2.4m to 1.3m, a drop of 46%. The foundation also predicts that by then 400,000 vulnerable young people could be "excluded completely", unable to afford either to rent or buy accommodation.
Signalling a widening intergenerational gap, the report warns that many young people who today might expect to get on to the housing ladder will in future find they cannot buy a home. Instead the young of today either might have to rent property over their lifetime, or, well into their 30s, remain with their parents and try to save to buy a home. This will come as a blow to many Britons who cling to the idea that the country is a "property-owning democracy".
The study forecasts an extra 1.5m 18-to-30-year-olds will be renting a home in 2020, while another half a million young people will "stay at home"; by 2020 the number living with "mum and dad" will be 3.7m. "It means many young people's dreams of owning a home will never come true, while many more will have a much longer wait before they own their own property," says the foundation.
2 World Bank's growth warning (BBC) Developing nations should brace themselves for weak growth and "tougher times", the World Bank has warned. It said that there may be "a long period of volatility in the global economy" as the eurozone debt crisis escalates. It forecast that developing economies will grow by 5.3% this year, down from 6.1% in 2011 and urged policymakers to take adequate long-term measures to ensure that they can sustain growth.
The World Bank warning comes amid heightened fears about the eurozone debt crisis spreading to the region's bigger economies such as Spain and Italy. There are fears that as the crisis escalates it will hurt investor sentiment in Europe and dent demand. That does not bode well for developing economies, especially in Asia, which rely heavily on demand from the eurozone for their exports. To make matters more complicated, growth in China, the world's second largest economy and one of the biggest consumers of commodities, has also slowed. Its economy grew at an annual rate of 8.1% in the first quarter, the slowest pace in almost three years.
3 Spain's borrowing cost at record high (BBC) Spain's borrowing costs have risen to the highest rate since the launch of the euro in 1999.The benchmark 10-year bond yield hit 6.81%, as optimism about the weekend's Spanish bank bailout continued to evaporate. Italy's 10-year bond yield rose to 6.28%, a rate not seen since January, as concerns about its finances rose. The interest rates are seen as unsustainable in the long run for two countries weighed down by huge debts.
Markets continued to be uneasy about the situation in the eurozone. In other developments on Tuesday: Ratings agency Fitch downgraded the creditworthiness of 18 Spanish banks, following its decision on Monday to cut its ratings on the country's two biggest banks, Santander and BBVA.
4 Running US's oldest family business (BBC) Nearly 400 years ago, in 1623, Avedis Zildjian founded a cymbal-manufacturing company in Istanbul. Now run by 14th generation family member Craigie Zildjian, along with her sister Debbie, the company has outlasted empires, survived a move overseas to the US, and thrived during the economic turmoil of the Great Depression and two World Wars. Today, the company controls 65% of the world's cymbal market, and took in more than $50m in revenues last year.
But for the Zildjians, it's more than just a business. Walking through the halls of the Zildjian factory in Norwell, Massachusetts, is like getting a front row seat to music history. So what are the Zildjians' secrets to staying in business for nearly four centuries? First off, there's the literal secret - the special alloy of copper, tin, and silver that gives the Zildjian cymbals their world-renowned sound. It's a proprietary mix that Avedis Zildjian brought over with him from Turkey and handed down from generation to generation of Zildjians - and only to Zildjians.
Beyond the legend, there are other tricks and best practices that the Zildjians say have allowed them to keep the business in the family. Every Zildjian who wants to work in the family business must get a college degree, preferably in business. They also must intern while in high school or college, to get a taste of the company's standards.
There are more than 20 million family businesses in America, contributing an estimated $5.9tn to the US economy annually, and employing more than half of the country's workforce. Globally, family businesses are extremely prevalent, and contribute an estimated 70% to global GDP, according to the Family Firm Institute.
5 New Orleans' latest storm -- Newspaper layoffs (The New York Times) In New Orleans and across the state of Alabama on Tuesday, as part of a basic restructuring of the news business at four papers owned by Advance Publications, scores of employees walked into one-on-one meetings and walked out 10 minutes later with severance packages. They included advertising employees, copy editors, press operators, crime reporters, photographers and graphic artists. The Web site al.com reported that 400 employees in Alabama would "experience an employment loss."
The Birmingham News had a newsroom of 102 going into Tuesday; by the end of the day 61 were gone. The Times-Picayune laid off more than 200 people, or nearly a third of its overall staff. Jim Amoss, the editor of The Times-Picayune, said that while about half the newsroom was let go on Tuesday — around 84 people — a coming series of hires would mean that by fall the newsroom would be smaller by only about 32 people. The decisions about whom to lay off, he said, were made for both economic reasons and as part of a new digital approach to journalism.
6 The Christian and Parsi educators of Pakistan (Dawn) "The discipline inculcated in me by my teachers at the Convent has stayed with me through the years," says award-winning filmmaker Sharmeen Obaid-Chinoy. Obaid-Chinoy, who was schooled at the Convent of Jesus and Mary, says the school was run "in a very meticulous manner." Similar is the case with several other Christian schools spread across Karachi. Stop a passer-by and ask them the way to the Mama Parsi School, the St. Josephs Convent, the Trinity Methodist School or one of the five branches of Dar-ul-Sukun, and surely, you will receive a satisfactory reply.
Represented by the white stripe on Pakistan’s flag, minorities have been granted the right to profess, practice and propagate their religion and to establish, maintain and manage their religious institutions under Article 20 of Pakistan’s constitution. Very seldom, though, are the rights granted. But what is similar between Mumbai and Karachi, is the influence of minority communities – mainly Parsis and Christians – in the provision of education via the private sector.
Whilst Mumbai boasts of the famous Maneckji Cooper School, the Bai Avabai Framji Petit High School and the St. Joseph’s Convent amongst its host of Christian and Parsi institutions; Karachi does not lag behind, providing its 18-million strong population with immaculate standards of education through reputable private sector institutions such as the St. Joseph’s Convent – established by the Daughter’s of the Cross in both Mumbai and Karachi –, the St. Patrick’s High School, the Mama Parsi School, the BVS Parsi High School, St. Lawrence’s School and several others.
7 Cartoon in The Guardian showing Greece's football team wearing German jersey, with the caption: 'We're Greece -- They are just our sponsors'.
Signalling a widening intergenerational gap, the report warns that many young people who today might expect to get on to the housing ladder will in future find they cannot buy a home. Instead the young of today either might have to rent property over their lifetime, or, well into their 30s, remain with their parents and try to save to buy a home. This will come as a blow to many Britons who cling to the idea that the country is a "property-owning democracy".
The study forecasts an extra 1.5m 18-to-30-year-olds will be renting a home in 2020, while another half a million young people will "stay at home"; by 2020 the number living with "mum and dad" will be 3.7m. "It means many young people's dreams of owning a home will never come true, while many more will have a much longer wait before they own their own property," says the foundation.
2 World Bank's growth warning (BBC) Developing nations should brace themselves for weak growth and "tougher times", the World Bank has warned. It said that there may be "a long period of volatility in the global economy" as the eurozone debt crisis escalates. It forecast that developing economies will grow by 5.3% this year, down from 6.1% in 2011 and urged policymakers to take adequate long-term measures to ensure that they can sustain growth.
The World Bank warning comes amid heightened fears about the eurozone debt crisis spreading to the region's bigger economies such as Spain and Italy. There are fears that as the crisis escalates it will hurt investor sentiment in Europe and dent demand. That does not bode well for developing economies, especially in Asia, which rely heavily on demand from the eurozone for their exports. To make matters more complicated, growth in China, the world's second largest economy and one of the biggest consumers of commodities, has also slowed. Its economy grew at an annual rate of 8.1% in the first quarter, the slowest pace in almost three years.
3 Spain's borrowing cost at record high (BBC) Spain's borrowing costs have risen to the highest rate since the launch of the euro in 1999.The benchmark 10-year bond yield hit 6.81%, as optimism about the weekend's Spanish bank bailout continued to evaporate. Italy's 10-year bond yield rose to 6.28%, a rate not seen since January, as concerns about its finances rose. The interest rates are seen as unsustainable in the long run for two countries weighed down by huge debts.
Markets continued to be uneasy about the situation in the eurozone. In other developments on Tuesday: Ratings agency Fitch downgraded the creditworthiness of 18 Spanish banks, following its decision on Monday to cut its ratings on the country's two biggest banks, Santander and BBVA.
4 Running US's oldest family business (BBC) Nearly 400 years ago, in 1623, Avedis Zildjian founded a cymbal-manufacturing company in Istanbul. Now run by 14th generation family member Craigie Zildjian, along with her sister Debbie, the company has outlasted empires, survived a move overseas to the US, and thrived during the economic turmoil of the Great Depression and two World Wars. Today, the company controls 65% of the world's cymbal market, and took in more than $50m in revenues last year.
But for the Zildjians, it's more than just a business. Walking through the halls of the Zildjian factory in Norwell, Massachusetts, is like getting a front row seat to music history. So what are the Zildjians' secrets to staying in business for nearly four centuries? First off, there's the literal secret - the special alloy of copper, tin, and silver that gives the Zildjian cymbals their world-renowned sound. It's a proprietary mix that Avedis Zildjian brought over with him from Turkey and handed down from generation to generation of Zildjians - and only to Zildjians.
Beyond the legend, there are other tricks and best practices that the Zildjians say have allowed them to keep the business in the family. Every Zildjian who wants to work in the family business must get a college degree, preferably in business. They also must intern while in high school or college, to get a taste of the company's standards.
There are more than 20 million family businesses in America, contributing an estimated $5.9tn to the US economy annually, and employing more than half of the country's workforce. Globally, family businesses are extremely prevalent, and contribute an estimated 70% to global GDP, according to the Family Firm Institute.
5 New Orleans' latest storm -- Newspaper layoffs (The New York Times) In New Orleans and across the state of Alabama on Tuesday, as part of a basic restructuring of the news business at four papers owned by Advance Publications, scores of employees walked into one-on-one meetings and walked out 10 minutes later with severance packages. They included advertising employees, copy editors, press operators, crime reporters, photographers and graphic artists. The Web site al.com reported that 400 employees in Alabama would "experience an employment loss."
The Birmingham News had a newsroom of 102 going into Tuesday; by the end of the day 61 were gone. The Times-Picayune laid off more than 200 people, or nearly a third of its overall staff. Jim Amoss, the editor of The Times-Picayune, said that while about half the newsroom was let go on Tuesday — around 84 people — a coming series of hires would mean that by fall the newsroom would be smaller by only about 32 people. The decisions about whom to lay off, he said, were made for both economic reasons and as part of a new digital approach to journalism.
6 The Christian and Parsi educators of Pakistan (Dawn) "The discipline inculcated in me by my teachers at the Convent has stayed with me through the years," says award-winning filmmaker Sharmeen Obaid-Chinoy. Obaid-Chinoy, who was schooled at the Convent of Jesus and Mary, says the school was run "in a very meticulous manner." Similar is the case with several other Christian schools spread across Karachi. Stop a passer-by and ask them the way to the Mama Parsi School, the St. Josephs Convent, the Trinity Methodist School or one of the five branches of Dar-ul-Sukun, and surely, you will receive a satisfactory reply.
Represented by the white stripe on Pakistan’s flag, minorities have been granted the right to profess, practice and propagate their religion and to establish, maintain and manage their religious institutions under Article 20 of Pakistan’s constitution. Very seldom, though, are the rights granted. But what is similar between Mumbai and Karachi, is the influence of minority communities – mainly Parsis and Christians – in the provision of education via the private sector.
Whilst Mumbai boasts of the famous Maneckji Cooper School, the Bai Avabai Framji Petit High School and the St. Joseph’s Convent amongst its host of Christian and Parsi institutions; Karachi does not lag behind, providing its 18-million strong population with immaculate standards of education through reputable private sector institutions such as the St. Joseph’s Convent – established by the Daughter’s of the Cross in both Mumbai and Karachi –, the St. Patrick’s High School, the Mama Parsi School, the BVS Parsi High School, St. Lawrence’s School and several others.
7 Cartoon in The Guardian showing Greece's football team wearing German jersey, with the caption: 'We're Greece -- They are just our sponsors'.
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