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Solomon and Said give a detailed account of the events leading to the steep decline in oil prices to $61 a barrel by December 2014. The steep declines have caused a shock for OPEC and non-OPEC producers. A price decline of this magnitude may not have been anticipated by the Saudis, and there are divisions among Saudi officials and in the royal family about whether such steep cuts are best for Saudi Arabia. The price per barrel of oil for each OPEC country to balance its budget varies widely, according to IMF and IEA, WSJ, sources. For Saudi Arabia this estimate is $106, Iraq 101, for Russia $98. The Saudis have $750 billion in foreign currency reserves. At the high end are Libya at $184, Iran at $131, Algeria $131, Nigeria $122, Venezuela $117. The UAE is at $77, Qatar $60. Norway is at the low end at $40. On Dec. 19, 2014 the price of Brent crude, ICE for Jan. delivery was $61.38.

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Alexis Tsipras of the Syriza Party in Greece and the effort to reduce the face value of Greece's debt after elections in Jan 2015.

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Jeff Boyer is made the new vice president for Global Vehicle Safety, reporting directly to CEO Barra.

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The U.S. unemployment rate declined to 7.7% in February 2013 from 7.9% in January, with 236,000 jobs added. IHS Global Insight's forecast of GDP growth is 1.5% for the first half of 2013 because of spending cuts and the increase in Social Security taxes in Jan 2013. Macroeconomic Advisors predicts the federal spending cuts will lead to loss of about 700,000 jobs, with most of this ocurring in the second and third quarters. As a result economists expect the unemployment rate to be at about 7.5% by the end of 2013. The job gains were broad based including manufacturing and business services, and 48,000 construction jobs were addd. At the same time the labor force participation rate declined to 63.5% reflecting some workers retiring and some discouraged workers dropping out of the job market.

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Alarge number of illegal immigrants are Latinos from Latin American countries, Mexico, Peru, Venezuela and a host of other Latin American countries. Getting an opportunity to live normal lives is what they are after. This is resulting in street protests and public campaigns for the Obama administration to carry out its pledge to help them get legalized status with new legislation.

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The migration of Miexcans to the US, or Keralites to the Gulf states, are other ways in which the impacts of this recession are felt across countries. This is passed on through lower remittances to the home country from its workers overseas and in the people returning to their home country unemployed. Putting aside national borders its seen in the way huge migrations of workers from rural areas moving to the coastal areas of China is being reversed as export industries on the coast are collapsing. In that case there are no remitttances but the effects are just as severe as these people are unemployed. And in parts of rural China where there is a severe drought the rural economies and the farming areas are suffering from poor agricultural production. Kerala, a coastal state in southern India, is a state heavily dependent on the Gulf economies for jobs and remittances. The Keral Manpower Exporters Association says that about 500,000 workers from Kerala will be forced to return from the Gulf in a few months. Kerala contributes about half of the 5 million Indians working in the Gulf economies. The estimated $6 billion that these workers send to Kerala ia about a fourth of the state's economy and twice its government budget. Skilled workers doing jobs as carpenters, plumbers, painters and administrative staff working in the construction boom in the Gulg especially Dubai, are likely to remain unemployed. ...

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With a new corporate board in place the government is planning to sell a 51% stake in Satyam to a private bidder. Satyam's capitalization on the New York Stock Exchange is now $600 million down from $7 billion in May 2008. Spice, a tech firm, Larsen and Toubro, Mahindra and others have expressed interest. One estimate of cost to settle lawsuits is $440 to $840 million.

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Ford continues to struggle in getting people's attention and in getting people into the showrooms to seriously look at Ford. One problem is the fierce competition even as Ford cars and other vehicles get better in quality and safety and reliability, the competitiion is not standing still. The latest in this effort overseen by mullaly is the Swap My Ride Campaign now underwaywhere people exchange the car they drive for a Ford vehicle like the Edge crossover.

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Viktor Zubkow becomes new Prime Minister of Russia. He is close to Putin from his St Petersburg days and worked on Putin's staff in those days.