Thanksgiving week-end provides longest break to American people
Wednesday, 2 December 2009
Fazle Rashid
The Thanksgiving week-end in the United States, that begins on the last Thursday in November every year, provides the longest break to people, a four-day recess to allow them to join their parents for the brunch with a roast of turkey and baked potato and to shop the following day, known as Black Friday, to kick off shopping for the festive season. Both the events are eagerly looked forward to.
This year it was no exception though the economy still remains fragile and vulnerable. The air traffic recorded a jump and the number of shoppers at the retail outlets far outnumbered last year's turnout. But sales remained sluggish with consumers avoiding buying anything beyond the most essential items.
At the focus of attention of the media were however, Dubai World, a financial concern of the UAE, announcing its inability to meet obligations on its $80 billion debt pile. The Dubai World is seeking a standstill deal with creditors until May. Trying to prevent a run on its banks and a possible financial turmoil the United Arab Emirates said it would lend money to banks operating in Dubai, the New York Times in a front page report said yesterday.
Of no less serious concern was the news of a couple, celebrity though, intruding into the White House for the first official dinner hosted by President Obama, the chief guests being Prime Minister of India, Manmohon Singh and his wife. The intruders were Michaele and Tareq Salahi -- two performers on TV shows. Both have gone through tough questioning by the Secret Service. The breach of security at the White House is being investigated.
More than 30 financial institutions, banks and insurance companies in US have been put under a surveillance list. These institutions are engaged in cross border business. Regulators are going for an attempt to preempt systemic risks from spreading around the world in any future financial crisis. The list includes such famed names as Bank of America, Citigroup, JP Morgan Chase, Morgan Stanlet, Merrill Lynch, UBS and Credit Suisse. The global economic rebound is becoming markedly visible. There has been a sharp improvement in the corporate confidence worldwide. ECB is set to end the tax rebate it had announced to revive the sinking economy. The ECB is sticking to its policy of early exit despite a warning sounded by the IMF. Beijing has set its face against a European plea for the upward revision of the renminbi. Europe exports to China fell 5.3 percent.
President Obama has convened a job summit at the White House on December 3. President Obama will meet top leaders of the American corporate giants in a a bid to chalk out programme to beat back the soaring number of unemployment now hovering over double digit mark President Obama is scheduled to announce at a meeting at the West Point, most prestigious American military academy, today both about a surge in the US troops in Afghanistan and a pull out from there.
The Thanksgiving week-end in the United States, that begins on the last Thursday in November every year, provides the longest break to people, a four-day recess to allow them to join their parents for the brunch with a roast of turkey and baked potato and to shop the following day, known as Black Friday, to kick off shopping for the festive season. Both the events are eagerly looked forward to.
This year it was no exception though the economy still remains fragile and vulnerable. The air traffic recorded a jump and the number of shoppers at the retail outlets far outnumbered last year's turnout. But sales remained sluggish with consumers avoiding buying anything beyond the most essential items.
At the focus of attention of the media were however, Dubai World, a financial concern of the UAE, announcing its inability to meet obligations on its $80 billion debt pile. The Dubai World is seeking a standstill deal with creditors until May. Trying to prevent a run on its banks and a possible financial turmoil the United Arab Emirates said it would lend money to banks operating in Dubai, the New York Times in a front page report said yesterday.
Of no less serious concern was the news of a couple, celebrity though, intruding into the White House for the first official dinner hosted by President Obama, the chief guests being Prime Minister of India, Manmohon Singh and his wife. The intruders were Michaele and Tareq Salahi -- two performers on TV shows. Both have gone through tough questioning by the Secret Service. The breach of security at the White House is being investigated.
More than 30 financial institutions, banks and insurance companies in US have been put under a surveillance list. These institutions are engaged in cross border business. Regulators are going for an attempt to preempt systemic risks from spreading around the world in any future financial crisis. The list includes such famed names as Bank of America, Citigroup, JP Morgan Chase, Morgan Stanlet, Merrill Lynch, UBS and Credit Suisse. The global economic rebound is becoming markedly visible. There has been a sharp improvement in the corporate confidence worldwide. ECB is set to end the tax rebate it had announced to revive the sinking economy. The ECB is sticking to its policy of early exit despite a warning sounded by the IMF. Beijing has set its face against a European plea for the upward revision of the renminbi. Europe exports to China fell 5.3 percent.
President Obama has convened a job summit at the White House on December 3. President Obama will meet top leaders of the American corporate giants in a a bid to chalk out programme to beat back the soaring number of unemployment now hovering over double digit mark President Obama is scheduled to announce at a meeting at the West Point, most prestigious American military academy, today both about a surge in the US troops in Afghanistan and a pull out from there.