| Gap between rich and poor Scots widens
SCOTLAND is seeing a growing divide between rich and poor, according to new figures, as health continues to improve in more affluent areas. The Scottish Household Survey 2006 shows the number of people smoking has fallen to 25 per cent of the population. In 1999 the figure was 30 per cent. In the most deprived areas, however, the rate of smoking is 41 per cent, compared with 13 per cent in the least deprived areas. .
Fed's efforts to calm markets not over
The calmer tone in global markets on Monday will encourage Federal Reserve policymakers to believe they are striking the right balance in response to credit market upheavals: stepping up liquidity support aggressively when needed, but holding fire on interest rates. .
November 3 firms as election date
November 3 has firmed as the federal election date after stronger-than-expected jobs figures increased the likelihood of another interest rate rise before the end of the year. Figures showed the unemployment rate remaining at a near 33-year low of 4.3 per cent in July, despite the influx of thousands of new job seekers forced off welfare under changed rules last month. Almost 22,000 jobs were created in July in what Prime Minister John Howard described as "unqualifiedly good news". "This is a terrific outcome," Mr Howard told Macquarie Radio. But the economy's strength may force the Reserve Bank to lift rates again - for the sixth time since the 2004 election - to rein in inflationary pressures. The next quarterly inflation figures will be released in October, and the Reserve Bank's first board meeting after the date will be on Melbourne Cup Day, November 6.
Federal Reserve pumps money into U.S. financial system to stem credit turmoil
WASHINGTON (AP) - The Federal Reserve, trying to calm financial turmoil on Wall Street, announced Friday that it will pump as much money as needed into the U.S. financial system to help overcome the ill effects of a spreading credit crunch. The Fed, in a short statement, said it will provide "reserves as necessary" to help the markets safely make their way. The central bank did not provide details but said it would do all it can to "facilitate the orderly functioning of financial markets." Financial markets in the United States and around the globe have been shaken by fears about spreading credit problems that started with home mortgages to those with tarnished credit histories. Investors are worried that these problems will infect the larger financial system and possibly hurt the U.S. economy.
Venezuela boss bites U.S. hand that feeds him, spreads oil wealth for power for the poor, himself
Second in a series on embattled Venezuela by Lowell Blankfort, prize-winning Post columnist and former co-owner, and his wife April, who have returned from almost three weeks in that country so important to American oil supplies and, increasingly, the future of Latin America. For most of Iran's 70 million people, life is a bummer. But they have one consolation, they will tell you. While in an oil-short world, most other people are paying through the nose to fuel their cars. Iran is loaded with the stuff and Iranians never need worry where their next gallon of gas is coming from nor overpay for it. Well, earlier this month Iranians had a shock. Their government started rationing gasoline. Iranians rioted against their loudmouth president who defended gas rationing as part of an Iranian "economic revolution." Angry drivers set fire to more than a dozen gas tanks.
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