Thursday, December 20, 2012

After Global Recession, More Young Adults Are Living on Street in Canada, UK and USA

Duane Taylor was studying the humanities in community college and living in his own place when he lost his job in a round of layoffs. Then he found, and lost, a second job. And a third.

Now, with what he calls "lowered standards" and a tenuous new position at a Jack in the Box restaurant, Mr. Taylor, 24, does not make enough to rent an apartment or share one. He sleeps on a mat in a homeless shelter, except when his sister lets him crash on her couch.

"At any time I could lose my job, my security," said Mr. Taylor, explaining how he was always the last hired and the first fired. "I'd like to be able to support myself. That's my only goal."

Across the country, tens of thousands of underemployed and jobless young people, many with college credits or work histories, are struggling to house themselves in the wake of the recession, which has left workers between the ages of 18 and 24 with the highest unemployment rate of all adults.

Those who can move back home with their parents — the so-called boomerang set — are the lucky ones. But that is not an option for those whose families have been hit hard by the economy, including Mr. Taylor, whose mother is barely scraping by while working in a laundromat. Without a stable home address, they are an elusive group that mostly couch surfs or sleeps hidden away in cars or other private places, hoping to avoid the lasting stigma of public homelessness during what they hope will be a temporary predicament.

These young adults are the new face of a national homeless population, one that poverty experts and case workers say is growing. Yet the problem is mostly invisible. Most cities and states, focusing on homeless families, have not made special efforts to identify young adults, who tend to shy away from ordinary shelters out of fear of being victimized by an older, chronically homeless population. The unemployment rate and the number of young adults who cannot afford college "point to the fact there is a dramatic increase in homelessness" in that age group, said Barbara Poppe, the executive director of the United States Interagency Council on Homelessness.

The Obama administration has begun an initiative with nine communities, most of them big cities, to seek out those between 18 and 24 who are without a consistent home address. New York, Houston, Los Angeles, Cleveland and Boston are among the cities included in the effort.

"One of our first approaches is getting a more confident estimate," said Ms. Poppe, whose agency is coordinating the initiative.

Those who provide services to the poor in many cities say the economic recovery has not relieved the problem. "Years ago, you didn't see what looked like people of college age sitting and waiting to talk to a crisis worker because they are homeless on the street," said Andrae Bailey, the executive director of the Community Food and Outreach Center, one of the largest charitable organizations in Florida. "Now that's a normal thing."

Los Angeles first attempted a count of young adults living on the street in 2011. It found 3,600, but the city had shelter capacity for only 17 percent of them.

"The rest are left to their own devices," said Michael Arnold, the executive director of the Los Angeles Homeless Services Authority. "And when you start adding in those who are couch surfing and staying with friends, that number increases exponentially."

Boston also attempted counts in 2010 and 2011. The homeless young adult population seeking shelter grew 3 percentage points to 12 percent of the 6,000 homeless people served over that period.

"It's a significant enough jump to know that it's also just the tip of the iceberg," said Jim Greene, director of emergency shelters for the Boston Public Health Commission.

In Washington, Lance Fuller, a 26-year-old with a degree in journalism, spent the end of last month packing up a one-bedroom apartment he can no longer afford after being laid off. Mr. Fuller said he had been unable to keep a job for more than eight months since graduating from the University of Florida in 2010.

"Thankfully, I have a girlfriend who is willing to let me stay with her until I get back on my feet again," said Mr. Fuller, who writes a blog, Voices of a Lost Generation. "It's really hard for people in my generation not to feel completely defeated by this economy."

Mr. Taylor, the fast-food worker in Seattle, said he felt lucky when he could find a coveted space at Roots, a shelter for young adults in a church basement. Such shelters are rare.

For generations, services for the homeless were directed to two groups: dependent children and older people. There was scant attention focused on what experts now call "transitional age youth" — young adults whose needs are distinct.

"I see them coming back day after day, more defeated, more tired out, wondering, 'When will it be my turn?' " said Kristine Cunningham, executive director of Roots. "And it's heartbreaking. This is the age when you want to show the world you have value."

They need more than just clean clothes and shelter to move into a secure adulthood, experts say. "They want a way out," said Ms. Poppe, whose agency is also gathering evidence on what kinds of programs and outreach work best. "They want an opportunity to develop skills so they are marketable in the long term."

"A more individualized approach seems to work," she added.

But two obstacles stand in the way: young adults, eager for independence, are reluctant to admit that they need help and housing. And shelters designed with young adults in mind — those with career and trauma counseling, and education and training programs — are usually small.

Roots holds only 35 people, and a nightly lottery decides who gets a spot, which includes meals, laundry services and counseling. It is expanding to 45 beds.

Anna Wiley, 20, and her boyfriend, Bobby Jollineau, 24, spent several nights at Roots two weeks ago, but were unable to get in one night in November. "We ended up sleeping outside," Mr. Jollineau said. "I have a sleeping pad and a really warm sleeping bag. There's a couple of nooks and crannies that are safe around here, but you have to be careful. It can make for a rough night."

Asked whether she could go to her parents' home, Ms. Wiley said that her father is unemployed and that her mother works in a deli, making about as little as she does.

"I don't like relying on other people too much, anyway," she said.

Across town, Roman Tano, 20, woke up recently at YouthCare's James W. Ray Orion Center, another shelter for young adults that offers training programs. In October, its capacity grew to 20 beds from 15.

Two months ago, Mr. Tano gave up an apartment in his native Dallas after losing his job. He sold his Toyota and sought opportunities in the Pacific Northwest.

He rented a room and set out with his rsum (expertise: fund-raising). But when his $2,000 in savings withered to nothing, "I ended up sleeping on the street for the first time in my life," he said. "I just kind of had to walk around and try to stay warm."

Mr. Tano found the YouthCare shelter online, and has been staying there for a month. He has a new job as a canvasser for an environmental organization.

"Coming into it, I was, like, completely out of my element," he said of YouthCare. "But in the time I've been here, it's a pretty diverse group of people. There are a lot of people just trying to work to get out of this."

"After I get my paycheck," he said brightly, "I should be on my way."

Recession to become depression?
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Road to recovery from recession long
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Metro Toledo's recovery from the recession continues to move forward with both its unemployment and employment pictures improving, according to the latest quarterly report from a Washington think tank. But the gains are only slight and the road ahead ...
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Washington Post (blog)
Divorced in 2012, after the recession. Smart. (Robert Evans - AP) The tanking economy made married people feel even more miserable. Beyond the usual lack of work-plummeting home values-decimated savings concerns, there was the financial compulsion ...
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Cliff-triggered recession could hurt US infrastructure-Moody's
WASHINGTON Dec 19 (Reuters) - Airports, toll roads, utilities and other U.S. infrastructure are unlikely to suffer immediately if "fiscal cliff" talks fail, but could face financial stress should the lack of a deal lead to a recession, Moody's ...
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A Bleak Christmas in Recession-Ravaged Europe - Jobs & Economy - The ...
The Atlantic Cities
The euro zone debt crisis has put a damper on this festive time of year in southern Europe. In Greece, families say they're turning off the heat and skipping meat at Christmas dinner. Lisboners will be cutting back on gifts (one cleaning lady told ...
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The Atlantic Cities
Recession for 2013 Predicted by Dutch Government - Reason 24/7 :
If the Dutch economy shrinks again in the fourth quarter following the 1.1 percent quarterly contraction recorded in the third quarter, it will be in recession, officially defined as two straight quarters of negative growth. Source: U.S. News & World ...
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Civil servants paid tens of millions of bonuses during recession
Civil servants paid tens of millions of bonuses during recession. Civil servants were paid tens of millions of pounds last year during the worst recession since the Second World War. Minister's warning ahead of Leveson findings. Cabinet Office minister ...
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Economy's growth hit revealed
But it also issued revised GDP numbers that showed the economy contracted 0.3 per cent in the September and December quarters of 2010, following the recession that started in March 2008 and ran until June 2009. Earlier data had suggested the economy ...
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Greek Retailers to See Christmas Sales Slide as Recession Bites
Greek retailers will see Christmas and New Year-related revenue decline 18 percent as business is blighted by the country's fifth year of recession, the National Confederation of Hellenic Commerce said. Nationwide spending on food and gifts will fall ...
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Nancy Hicks: Blame growth on the recession : Politics
Lincoln Journal Star
It's the recession, he says. Any national trend is likely more related to the economicrecession and its effects on real estate, Krout said. Less homebuilding going on due to fewer home buyers in the market, tougher lending requirements, etc. At the ...
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All Big Bosses of Kingfisher Plc (KGF) leaving Kingfisher Executive Sutherland Steps Down to Run Co-Op

Kingfisher Plc (KGF)’s Chief Operating Officer Euan Sutherland, regarded by analysts as a possible successor to Chief Executive Officer Ian Cheshire, is leaving the U.K. retailer to run the Co-Operative Group Ltd.
The departure of the 43-year-old, who joined the London- based company in 2008 as head of the B&Q home-improvement chain, “will be a disappointment to investors,” Jamie Merriman, an analyst at Sanford C. Bernstein in London, said in a note today.
Sutherland was named COO in February and only joined the main board of the retailer in October. He will remain in his current role until March 2013 to allow an “extensive handover” of responsibilities, Kingfisher said today in a statement.
Sutherland was “viewed as a credible successor to Ian Cheshire,” Freddie George, an analyst at Seymour Pierce in London, said by e-mail. “He was, in our view, a major contributory factor in the recovery of the U.K. business over the last five years and more latterly was responsible for the company’s key self-help initiatives.”
Kingfisher shares fell as much as 0.9 percent in London and were little changed at 276.8 pence as of 8:20 a.m.
Cheshire praised the contribution of Sutherland in almost five years at the company. The executive “played an important role in the successful development of the group,” he said.
Declining Profit
Kingfisher “has great strength and depth in its management, and I will personally be involved in the transition as Euan’s responsibilities are handed over,” the CEO said.
Kingfisher is among consumer-goods companies that have been squeezed as challenging markets in the U.K. and mainland Europe reduce sales. It reported a decline in third-quarter profit Nov. 29 as earnings fell in France, where it operates Castorama and Brico Depot home-improvement stores, as house building slowed.
Sutherland, who has been a non-executive director of mutually owned retailer Co-Op’s food business for two years, “brings with him considerable experience of the strategic leadership needed in complex customer-facing businesses, across a variety of retail sectors,” Len Wardle, chairman of the Co- Operative Group, said in a separate statement.
“I am very pleased to be given the opportunity to lead the organization at this important time,” Sutherland said in Co- Op’s statement. “The challenge is to build upon the success that has been achieved in recent years.”
To contact the reporter on this story: Clementine Fletcher in London at

Wednesday, December 19, 2012

Dr Vijay Mallya Kingfisher Airlines Chairman offers 3 Kg Gold to Lord Venkateswara

Dr Vijay Mallya has Money to Donate to Rich God But Not for Salary of poor Staff

Promoter of crisis-ridden Kingfisher Airlines and UB Group Chairman Vijay Mallya made an offering of gold bricks, weighing about three kg, at the famous hill shrine of Lord Venkateswara on his 58th birthday today.
Mallya donated the gold after offering worship and requested temple authorities to use it for gilding the doors at the sanctum sanctorum, Tirumala Tirupati Devasthanams Deputy Executive Officer (temple) Chinnamgari Ramana told PTI.
The United Breweries chief, who arrived with his family last night, celebrated his birthday at a simple function held at the Tirumala Tirupati Devasthanams guesthouse, Venkata Vijayam, donated by him 15 years ago, temple sourcessaid.

In August, Mallya had offered Rs 80 lakh gold-plated doors to the Kukke Subramanya temple, a place in Karnataka's Dakshina Kannada district visited by many a well-known personality looking for a turnaround in fortunes.
Kingfisher, which Mallya launched in 2005, was once India's second-largest airline by domestic market share, but is now in deep financial distress.
It has been grounded since October 1 following a strike by its pilots andengineers over non-payment of salary dues and its flying license has been suspended.
It is believed that Mallya made sure that every aircraft he bought, first flew to Tirupati and circled around the Lord Venkateshwara shrine before being deployed.

The many hurdles to Kingfisher Airlines' easy revival
New Delhi: Kingfisher Airlines Chairman Vijay Mallya wants to start limited operations by pumping in Rs 425 crore. Will this be a small first step towards getting his airline off the ground or has Mallya failed to factor in the competitive forces at ...
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Jet Airways hits record high on Etihad deal hopes; Kingfisher Airlines up
Economic Times
"Gulf carrier Etihad Airways, seeking to widen operations in India, is in the final stages of talks to buy part of either Jet Airways or grounded rival Kingfisher Airlines, an Indian government official said on Monday," Reuters reported. At 09:30 am ...
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Economic Times
Kingfisher Airlines to infuse Rs 425 cr; plans to resume operations with few ...
Kingfisher Airlines Ltd is planning to restart operations with a few planes and an investment of Rs 425 crore as a short-term measure, according to bankers after a meeting between the company and its creditors in Mumbai yesterday, as per a Live Mint ...
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For a price, AAI lets lessors take Kingfisher Airlines planes
Financial Express
New Delhi: The Airports Authority of India (AAI) has found an ingenious way to recover at least some of the Rs 290 crore owed to it by the grounded Kingfisher Airlines. A couple of months ago, India's state-owned airports operator allowed a lessor to ...
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Jet AirwaysKingfisher gain on Etihad talks
Reuters India
Reuters Market Eye - Jet Airways Ltd(JET.NS) extends gains for a sixth day, up 1.5 percent, whileKingfisher Airlines Ltd(KING.NS) is up 2.7 percent as Etihad Airways enters in the final stages of talks to buy a stake in either of them. Buying into Jet ...
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Jet AirwaysKingfisher gain on Etihad talks - Reuters
Jet Airways Ltd extends gains for a sixth day, up 1.5 percent, while Kingfisher Airlines Ltd is up 2.7 percent as Etihad Airways enters in the final stages of talks to buy a stake in either of them. Source: Reuters ...
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Kingfisher Plans to Resume Some Flight Operations
Wall Street Journal (India)
MUMBAI--Kingfisher Airlines Ltd., the loss-making Indian carrier that stopped operations in October due to an employee strike, said Monday it plans to resume at least some of its flights soon. "We will start in a phased manner and provide funding ...
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Fears of a Global Recession keep US Equity Investors on the edge

Heading into 2013, worried investors seem to have plenty of sound reasons to consider paring back their exposure to domestic stocks. With only two weeks remaining in 2012, Congress and the White House have made little headway on a deal to avoid the spending cuts and tax increases that are set to kick in at the end of December - a jolt that economists say could send the economy into recession.

And even if this so-called fiscal cliff is averted, the economy is still expected to grow at only a tepid annual rate of 2%. Corporate earnings growth, meanwhile, has fallen from a rate of more than 17% in the third quarter of last year to just 2% today. And revenue among companies in the Standard & Poor's 500-stock index is essentially flat, a sign that the global economy is slowing.

Although all these trends would appear to bode poorly for stocks, on the theory that a weak economy reduces investor appetite for risk, there's a problem with drawing that conclusion: History has shown that lousy economic conditions , or even dismal corporate results, don't necessarily lead to disappointing stock market returns in any given year— or decade, for that matter.

When you buy stocks, you are ultimately buying a share in corporate profits, which are influenced by the overall economy. Nonetheless, the amount of growth in a country's GDP shouldn't be confused with the prospects for its stock market, says Simon Hallett, chief investment officer at asset management firm Harding Loevner.

Investors need only look to the current year as an example . The domestic economy has grown at an annual pace only slightly above 2%, subpar by historical standards.

Overseas , the picture is worse: Japan is teetering on the brink of yet another recession, large parts of Europe's economy are contracting, and China's pace of growth has slowed. Yet against this bleak backdrop , US stocks have returned 15%, on average, this year, while those in Europe have gained 18% and Asian stocks are up more than 12%.

Roger Aliaga-Diaz , senior economist at the Vanguard Group, says investors shouldn't be surprised about the seeming disconnect between basic economic variables and stock market performance . He and his colleagues at Vanguard recently studied equities' returns going back to 1926, looking specifically at the predictive power of important variables.

Those include market priceto-earnings ratios, growth in gross domestic product and corporate profits, consensus forecasts for gross domestic product and earnings growth, past stock market returns, dividend yields, interest rates on 10-year treasury securities, and government debt as a percentage of GDP.

Their conclusion was that none of these factors — which investors often cite when explaining their moves — come remotely close to forecasting accurately how stocks will perform in the coming year.

What about economic fundamentals like GDP and corporate earnings growth? Over the course of a decade, those factors had even less predictive power over future returns .

Are investors simply ignoring economic conditions and fundamentals? No, Aliaga-Diaz says. He notes that information about historical trends, like those for GDP and earnings, is already widely known on Wall Street. That means these trends are priced into the market before stock prices start to move over the next year or decade.

As for earnings and economic growth projections, "those forecasts tend not to diverge too much from the consensus ," he says. "And consensus estimates for future growth are also already priced into the market." That may help explain why, despite all the storm clouds hanging over this economy, professional investors appear willing to look past the poor data.

After Recession, More Young Adults Are Living on Street
Across the country, tens of thousands of underemployed and jobless young people, many with college credits or work histories, are struggling to house themselves in the wake of the recession, which has left workers between the ages of 18 and 24 with the...
See all stories on this topic »
UN warns of second recession on EU, US conditions
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The United Nations has lowered global economic growth forecast for the coming two years even as it warned of a new global recession due to the US fiscal cliff situation and EU debt crisis. It also said inflationary pressures and large fiscal deficit ...
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Why a recession may be coming no matter what fiscal-cliff deal is reached
MarketWatch (blog)
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Graphic: Comet's collapse and other post-recession retail failures
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Gregoire on budget: More revenue or deeper recession
Seattle Post Intelligencer (blog)
“If adopted, this budget would keep our state mired in recession.” The “Book Two” budget, with revenue increases, is “a step in the right direction,” Trupin added. “We need a state budget that gets people back to work and builds a prosperous future ...
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Seattle Post Intelligencer (blog)
Recession taking its toll on men
the Irish News
At Christmas, many people already under pressure due to the financial crisis will feel stretched to breaking point. Southern correspondent Valerie Robinson reports on how the recession has highlighted the vulnerability of men in particular to the ...
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DoubleLine CEO Gundlach Warns of Coming "Killer" Recession (subscription) (blog)
In an interview with Bloomberg TV, DoubleLine Capital CEO Jeff Gundlach compared QE to a radioactive particle. He also said the U.S. would eventually face a "killer"recession, and that investors should "look toward Japan". While he didn't come right...
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Kim Bielenberg: Recession was no barrier to the young Irish innovators
Irish Independent
THE four Irish innovators who feature in the Forbes list of "30 under 30" to watch in 2013 show that there is economic life beyond the grim world of bust builders and inept bankers. Our sixth austerity budget in a row may have caused us to dwell ...
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Work-related vehicle accidents, claims down during recession: NCCI
Business Insurance
Work-related vehicle accidents declined during the recent recession, and likely helped reduce the number of workers compensation claims resulting from such collisions, NCCI Holdings Inc. said Tuesday. In a report, Boca Raton, Fla.-based NCCI said that ...
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Market Research Report -- Eyewear Market Emerging From Depths of Economic ...
Marketwire (press release)
ROCKVILLE, MD--(Marketwire - Dec 19, 2012) - has announced the addition of the market research report "Eyewear in the US" to their product offering. After suffering three consistent years of value sales declines, the eyewear market ...
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Monday, December 10, 2012

Rushabh Agarwal, Kunal Lad and Nitin Gangahar of BITS Pilani Campus Offered jobs by Google

Rushabh Agarwal, Kunal Lad and Nitin Gangahar of BITS Pilani Campus have been offered  Jobs with a Dream salary package of US $ 2,25,000 (INR 1.22crore) by Google, this semester. This is among the highest package grabbed by Indian students this year and the humungous package offered has grabbed eye balls of students and Industry alike. They will be posted at Google's head office in Mountain View, California. The trio have been asked to report for work by October 2013.

Beating the bleak placement scenario this year, they were hired during campus placements held in October. The trio, along with three other students, was shortlisted to appear in the final selection round at Google's office in Bangalore.

Sharing the success mantra to Times Of India, Rushabh said, "The final rounds were purely technical and were designed to test one's complete knowledge on the subject," adding that knowledge on subject to all students remains more or less the same but what matters is its application. He expressed that they will donate a certain amount to promote scientific temperament in the society, especially among the underprivileged masses. Undoubtedly, all three were brilliant and had won several awards in technical fests which exposed them to global innovations in computer science.

Kunal is more focused on the graph theories whereas Rushabh's interest lies in research and projects. Both have few publications to their credit. "The BITS exposure was phenomenal. I got an opportunity to do my internship in Canada. Besides, my research fellowship from the Indian Academy of Science at IIT-Mumbai also helped me upgrade myself several notches," said Kunal. Nitin did the summer internship in Google News division in Bangalore during May – July 2011.

Rushabh and Kunal attribute a major portion of their success to BITS which provided them comprehensive and holistic education along with interaction with best brains which helped them evolve into complete individuals. The surprising element is that they all are from the same branch, Computer Science. Even more surprising is the fact that their duals are also the same. They are in their fifth year of dual degree (MSc Mathematics and B.E honours in Computer Science) and they will be getting their degrees by July 2013. While Rushabh is from Mumbai, Kunal is a Nagpur lad and Nitin hails from Renu Sagar in UP.

Let's have a look at some of the placements at BITS Goa campus. Aman Bhatia, Tushar Mandar and Rounak Jain have landed themselves packages of 55 lakhs PA offered by Epic Systems, USA. Placements have literally been galore for Computer Science /Information Systems students for everyone with a CGPA of above 6 is placed. Many Core Mechanical Companies have also visited Goa Campus this time. Placements for EEE and ENI are also fairly average. Only Chemical engineers are in a spot of bother as the placement scenario has been a bit gloomy.

The sky high salaries of the Pilani trio have set the imaginations of BITSians, not only in Pilani but also in Goa and Hyderabad, soaring. They have surely inspired a whole generation of BITSians who will seek to follow in the footsteps of these young achievers.