20 10 / 2011
KC, Dallas Feds sought higher discount rate -Fed
The other 10 regional Fed banks wanted to keep the
so-called discount rate at its current level of 0.75 percent,
and the Fed board sided with the majority, minutes of discount
rate meetings released on Tuesday showed.The minutes show Fed officials noting moderate or flat
growth and an unusually uncertain outlook, particularly about
European and U.S. fiscal matters.In early August, the United States narrowly avoided the
possibility of a first-ever debt default after lawmakers
reached a last-minute budget compromise.Directors also cited heightened household and business
caution, stock market volatility and concern over economic
conditions as holding back growth, and described the ongoing
drag from slow employment growth and the depressed housing
sector, the minutes showed.Supporters of an increase in the discount rate to 1 percent
from 0.75 percent wanted to normalize the difference between
the emergency loan rate and the Fed’s benchmark fed funds rate,
which is in a range between zero and 0.25 percent, according to
the minutes.The fed funds rate, which the Fed sets by buying and
selling short-term Treasury securities with dealers, is
historically the central bank’s main lever for accelerating or
slowing economic growth. The Fed has kept the short-term rate
near zero since December 2008 to pull the economy out of
recession and support recovery.The Fed at its policy-setting meeting last month launched a
$400 billion stimulus program aimed at pushing down long-term
borrowing costs. Fed Chairman Ben Bernanke has held the door
open for further action.
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17 10 / 2011
AUDIO SLIDESHOW: Two Decades, One Somalia
In the 20 years since dictator Mohamed Siad Barre was toppled, Somalia has faced hunger, flooding, fighting, suicide attacks, piracy and insurgency.
Prevailing violent conflict inside Somalia makes it difficult if not impossible for aid agencies to reach people.
AlertNet brings you special coverage of the country which has struggled without a strong central government ever since.
Here is a selection of Reuters pictures from 1993 to 2011 on this war-torn country and failed state.
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12 10 / 2011
Centrica plans UK biomass power station
Construction on the project could start in 2013 and will last around 36 months.The utility plans to submit a formal planning application to the Infrastructure Planning Commission (IPC) in summer 2012, the spokesman said.Building work will also include loading and handling facilities at the nearby Barrow Docks to unload imported biomass substance from ships, information submitted to the IPC in a pre-application document showed.The existing 230-MW Roosecote gas-fired power plant has been in operation for around 20 years and will close in the middle of this decade, Centrica said.In January, the utility withdrew an application for a new gas-fired power plant in Brigg, North Lincolnshire, saying it was studying other options for the site, including extending the lifetime of the current 260-MW gas plant.The spokesman said the plans had not progressed since then and all options are still being considered.
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