Mon August 8, 2011
Riots In London Over Police Shooting; Saudis Recall Ambassador From Syria
As we said earlier, we'll be watching the markets as they react to the United States' rating downgrade and the greater worries about the global economy. But, here are some other stories making headlines:
-- London Riots: For the first time in decades, London witnessed intense riots this past weekend. The riots started after police shot and killed Mark Duggan a 29-year-old father of four. The AP reports:
Groups of masked and hooded young people looted shops, attacked police officers and set fire to vehicles in violence that has raised questions about security ahead of the 2012 Olympics and revealed pent-up anger against the city's police. Over 160 people were arrested.
The Guardian also has full coverage.
-- AIG Suing Bank Of America: "The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the largest mortgage-security-related action filed by a single investor." (New York Times)
-- Crackdown In Syria: As President Bashar Assad continues his crackdown of protesters, Saudi Arabia and Kuwait have recalled their ambassadors. Saudi King Abdullah called for an end to the violence, saying there is "no justification for the bloodshed." (CNN)
-- 45,000 Verizon Workers Walk Off Job: "About 45,000 Verizon employees, including 6,000 in Massachusetts, went on strike yesterday after failing to reach a new union contract in one of the biggest labor actions in the United States in recent years." (The Boston Globe)
-- Gold Breaks Record: Investors looking for safety made price of gold jump 3 percent in morning trading. An ounce of gold is going for $1,700 for the first time. The AP reports:
Still, adjusted for inflation, an ounce of gold remains below its 1980 peak of $850, or $2,400 in today's dollars.