Driving the Day: 5/21/12

May 21, 2012

Need to know…

  • World Leaders Agree on More Spending to Boost Europe’s Economy. At Camp David on Saturday, leaders of the G8 summit pressed Germany to back pro-growth policies to halt the debt crisis, as President Obama for the first time gained widespread support for his argument that Europe, and the United States by extension, cannot afford Germany’s one-size-fits-all approach emphasizing austerity. There was an understanding that the push for growth was “not to take the place of fiscal reform,” but that the two should go “in tandem.”
  • Zuckerman: Drop in April Unemployment Bad News. Mortimer Zuckerman writes in U.S. News and World Report, “[D]on’t be impressed by the fact that the most popular unemployment rate being [talked] about dropped to 8.1% in April from 8.2% in March. ... Paradoxically, the reason for the drop is negative, not positive. It is due solely to the fact that 342,000 discouraged workers who were seeking employment dropped out of the labor force and are no longer counted as unemployed. Without that withdrawal, the unemployment rate would have risen to 8.4% in April. In fact, if the labor force participation rate had remained where it was in June 2009, when the recession officially ended, the headline jobless rate would be north of 11%.”
  • Six IPOs to Put on Your Radar. Facebook’s record-setting $18 billion last Friday from its IPO has not only helped its investors get rich fast, it also set the stage for several other companies to go public. In the last year, there have been several Silicon Valley startups to go public, including Yelp, Pandora, and LinkedIn. There are a few more tech companies that have filed their S-1 documents in preparation to go public: Kayak, Workday, GoGo, ServiceNow, Shutterstock, and E2open, to name a few.

Worth the read…

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