U.S. Out of Top 20 in Global Economic 'Prosperity' Index
The U.S. tumbled out of the top 20 most economically prosperous nations in an annual measure of wealth and well-being compiled by the Legatum Institute, falling below France and China.
While the U.S. rose one place to 11th position in the London-based research group’s overall prosperity index, it was downgraded in a gauge measuring economic strength. In a month in which lawmakers shut the government and struck a deal to avoid default only as the clock began running out, faith in the U.S. government also fell to an all-time low.
“The U.S. can no longer be seen as the most prosperous nation in the world — indeed it’s no longer even in the club,” said Jeffrey Gedmin, the institute’s president and chief executive officer. “This year’s index shows that Americans are suffering increasing hardship as a result of the country’s economic condition.”
Lenders begin second review of bailed-out Cyprus economy
The "troika" of international lenders began their second review of the shell-shocked Cyprus economy on Tuesday to decide whether Nicosia is meeting its obligations under the bailout memorandum.
In return for 10 billion euros in aid from international lenders, the island in March agreed to wind down its second largest bank -- Laiki -- and impose losses on depositors in under-capitalised largest lender, Bank of Cyprus.
Depositors in Bank of Cyprus were hit with a 47.5 percent bail-in as part of the rescue package
The second review is expected to be much tougher than the first one -- which the island passed with flying colours in July.
Global Gold Hedge Book Continues Decline in Second Quarter
The amount of hedged gold on the books of producers fell in the second quarter to the lowest level since a quarterly report from Thomson Reuters GFMS and Société Générale began in 2002, the authors said Tuesday.
Further, de-hedging is expected to continue in the fourth quarter despite the drop gold prices so far this year, said the report. Producers were said to be trying to control costs instead in order to protect profit margins.
The market saw continued net de-hedging during the second quarter, with a decline of 529,000 ounces, or 16 metric tons, in the outstanding volume of gold delta-hedged against producers’ hedge contracts.
“The majority of producers either delivered into contracts as they matured or took advantage of plummeting gold prices to close out existing ‘in-the-money’ contracts,” the report said.