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Daily Digest 1/15 – Venezuela’s Maduro hikes minimum wage 300 percent, Global debt hits new record of $253 trillion

Summary:
Economy Venezuela’s Maduro hikes minimum wage 300 percent Venezuelan President Nicolas Maduro on Monday raised the minimum wage by 300 percent to 18,000 bolivars per month, around .70, as part of routine wage hikes in an economy suffering from annual inflation approaching 2 million percent. Report: County’s Unfunded Pension Liabilities Rise (Riverside) In order to make up for losses, the county will have to push its contribution rates up in the current fiscal year — to the equivalent of 24.5% percent of payroll for the safety category, compared to 21.6% currently, and the equivalent of 43% of payroll for the miscellaneous category, compared to 37.3% now, according to the report. San Diego’s pension debt climbs past billion for first time A new analysis shows San Diego’s

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Daily Digest 1/15 – Venezuela’s Maduro hikes minimum wage 300 percent, Global debt hits new record of $253 trillion

Economy

Venezuela’s Maduro hikes minimum wage 300 percent

Venezuelan President Nicolas Maduro on Monday raised the minimum wage by 300 percent to 18,000 bolivars per month, around $6.70, as part of routine wage hikes in an economy suffering from annual inflation approaching 2 million percent.

Report: County’s Unfunded Pension Liabilities Rise (Riverside)

In order to make up for losses, the county will have to push its contribution rates up in the current fiscal year — to the equivalent of 24.5% percent of payroll for the safety category, compared to 21.6% currently, and the equivalent of 43% of payroll for the miscellaneous category, compared to 37.3% now, according to the report.

San Diego’s pension debt climbs past $3 billion for first time

A new analysis shows San Diego’s pension debt has climbed past $3 billion for the first time, forcing the city to increase its annual pension payment by more than $11 million this year despite a projected budget deficit of $84 million.
The climb past $3 billion continues a long and steady series of increases for the pension debt, which was $1.2 billion in 2007.

Global debt hits new record of $253 trillion and is set to grow even more this year

The world’s debt when compared against its total output hit another all-time high of over 322% in the third quarter of 2019 and it is set to keep growing, the Institute of International Finance (IIF) said in a new research report.

Euro zone government debt given ‘negative’ outlook by Moody’s

“Many euro area sovereigns — specifically Belgium, Cyprus, France, Greece, Italy, Portugal, and Spain — have debt ratios around 100% of GDP (or significantly higher in some cases), which is unprecedented for the last few decades and significantly constrains their ability to use fiscal policy to cushion a sharp slowdown in growth,” Moody’s report said.
“Debt ratios in France and Italy continued to rise from high levels last year, reaching an estimated 99% and 135% of GDP, respectively.”

There’s never been a worse time to save money in Switzerland

Accounts with over two million francs in the Cantonal Bank of Aargau are charged an interest rate of -0.8 percent – a minimum of CHF16000 – with other banks in the canton also charging a similar amount.

Swiss National Bank under rising pressure after five years of negative rates

Switzerland’s pension funds and insurers have seen the value of their investments shrivel as the SNB policy rate of -0.75% has pushed the return on government bonds, one of their main holdings, into negative territory.

NY Fed accepts $35 billion in 14-day repo bids

The New York Federal Reserve said on Tuesday it accepted $35 billion in bids submitted by primary dealers in a 14-day repurchase agreement operation, a move intended to keep the federal funds rate within its target range.

Dow loses perch at 29,000 and briefly turns negative as report says China tariffs will remain until after 2020 election

U.S. stock indexes Tuesday late-afternoon were losing steam and turning negative on the heels of a report that tariffs on Chinese goods would remain in place until after the 2020 presidential election.

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