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A US Education Department proposal set to become final this fall will offer billions of dollars in student debt forgiveness for thousands of Americans who were drawn to schools by what they say was deceptive marketing. The plan, the first of its kind to offer borrowers an outright escape from student debt, would make it easier for people to sue colleges while forcing hundreds of colleges to set aside money to potentially reimburse students. The Education Department estimates the plan could make taxpayers liable for as much as $43 billion in student debt over the next decade, though many experts say the tab could be far greater. A broad array of schools are lobbying to scale back the rules, which they say would subject them to frivolous lawsuits and government sanctions even when they never intentionally deceived the students. They also argue the plan would force them to turn away the most troubled students.
COLLEGES PUSH BACK ON DEBT FOREGIVENESS
The Bank of England cut its benchmark interest rate to the lowest in its 322 year history and revived a financial crisis era bond buying program to cushion the UK economy from the aftershocks of the vote to leave the European Union. Thursday's unexpectedly large and diverse stimulus package which included a torrent of cheap cash for banks, underscores the concern at the central bank following the June 23 referendum. The BOE sharply cit its growth forecast for 2017, marking the biggest since it began publishing such predictions in 1993, saying the outlook had weakened materially
Central Banks including the Federal Reserve and the European Central Bank, say thney are watching closely in case the move toward Brexit sparks another damaging bout of financial market contagion and economic instability, However, the fallout so far appears confined to the UK with early sings that the US and eurozone economies have shrugged off the surprise result.
Spain's auto industry is attracting billions in new investment from car makers worldwide, a bright spot for an economyu still recovering from years of recession and high unemployment. Germany's Volkswagon and Daimler Ag have recently ramped up their production capacity in the country, encouraged by relatively flexible labor laws and a vast network of local parts suppliers. Spain cannot compete with Eastern Europe, but is is still cheaper than France or Germany and equally competitive. The country may not have a domestic owned car maker, but it has become Europe's second largest producer of vehicles behind Germany and the 8th largest in the world.
Spain's appeal comes largely from labor reforms enacted in 2012, during the edurozone crisis, after the conservative Popular Party came to power. The reforms made it easier for employers to lay off lopntime employees and weakened collective bargaining agreements. Volkswagen said last year it would invest $1.1 billion in its plant in Pamplona, where it will build its next generation of Polo models, adding 500 employees to a workforce of 4,500 people. Workers agreed to reduce their hourly wage by 50 European cents and work one extra day annually German companies poured $4.8 billion euros into Spain last year, making the country the second largest destination for german foreign direct investment behind only the US.
when Ford in 2014 chose to close it plant in Genk, Belgium to move its production of Mondeo, Galazy and S-Max models to valencia, local suppliers were an important factor. Ford plans to invest $2.3 billion euros in the Valencia plant by 2020. The plant has become the US car maker's biggest in Europe
AUGUST NEWSLETTER 2
AUTO MAKERS POUR MONEY INTO SPAIN
UK INTEREST RATE SLASHED