King Juan Carlos has announced that his son Prince Felipe will begin a new era of hope for the people of Spain. Meanwhile, Spanish people take to the streets to demand a national referendum on the future of their monarchy.

After reigning for 40 years on the throne King Juan Carlos of Spain has finally announced his intention to abdicate. The 76 year old King is stepping aside for Prince Felipe, his 45 year old son to take over the reigns.

This was preceded by a long running corruption investigation and King Juan Carlos has experienced health problems recently.

New York City homeowners hit by Hurricane Sandy are spared a property tax hike under a new legislation which provides relief to residents of NYC subject to higher property taxes as a result of repairs to homes severely damaged by Superstorm Sandy.
The tax break will affect about 1684 buildings, whose owners will save $1077 on average, officials said.

The new legislation was unveiled by both the Mayor and the Governor of New York in April at the 2014 NY Rising Community Reconstruction Spring Conference in Albany.

This Week in History, Jun 1 - Jun 7

Jun 01, 1980
CNN launches. On this day in 1980, CNN (Cable News Network), the world's first 24-hour television news network, makes its debut. The network signed on at 6 p.m. EST from its headquarters in Atlanta, Georgia, with a lead story about the attempted assassination of civil rights leader Vernon Jordan. CNN went on to change the notion that news could only be reported at fixed times throughout the day. At the time of CNN's launch, TV news was dominated by three major networks--ABC, CBS and NBC--and their nightly 30-minute broadcasts. Initially available in less than two million U.S. homes, today CNN is seen in more than 89 million American households and over 160 million homes internationally.

Jun 02, 1935
Babe Ruth retires. n this day in 1935, Babe Ruth, one of the greatest players in the history of baseball, ends his Major League playing career after 22 seasons, 10 World Series and 714 home runs. The following year, Ruth, a larger-than-life figure whose name became synonymous with baseball, was one of the first five players inducted into the sport's hall of fame. George Herman Ruth was born February 6, 1895, into a poor family in Baltimore. As a child, he was sent to St. Mary's Industrial School for Boys, a school run by Roman Catholic brothers, where he learned to play baseball and was a standout athlete. At 19, Ruth was signed by the Baltimore Orioles, then a Boston Red Sox minor league team. Ruth's fellow teammates and the media began referring to him as team owner Jack Dunn's newest "babe," a nickname that stuck. Ruth would later acquire other nicknames, including "The Sultan of Swat" and "The Bambino."

Jun 03, 1989
Crackdown at Tiananmen begins. With protests for democratic reforms entering their seventh week, the Chinese government authorizes its soldiers and tanks to reclaim Beijing's Tiananmen Square at all costs. By nightfall on June 4, Chinese troops had forcibly cleared the square, killing hundreds and arresting thousands of demonstrators and suspected dissidents. On April 15, the death of Hu Yaobang, a former Communist Party head who supported democratic reforms, roused some 100,000 students to gather at Beijing's Tiananmen Square to commemorate the leader and voice their discontent with China's authoritative government. On April 22, an official memorial service for Hu Yaobang was held in Tiananmen's Great Hall of the People, and student representatives carried a petition to the steps of the Great Hall, demanding to meet with Premier Li Peng. The Chinese government refused the meeting, leading to a general boycott of Chinese universities across the country and widespread calls for democratic reforms.

Jun 04, 1942
Battle of Midway begins. On this day in 1942, the Battle of Midway--one of the most decisive U.S. victories against Japan during World War II--begins. During the four-day sea-and-air battle, the outnumbered U.S. Pacific Fleet succeeded in destroying four Japanese aircraft carriers while losing only one of its own, the Yorktown, to the previously invincible Japanese navy. In six months of offensives prior to Midway, the Japanese had triumphed in lands throughout the Pacific, including Malaysia, Singapore, the Dutch East Indies, the Philippines and numerous island groups. The United States, however, was a growing threat, and Japanese Admiral Isoruku Yamamoto sought to destroy the U.S. Pacific Fleet before it was large enough to outmatch his own.

Jun 05, 1933
FDR takes United States off gold standard. On June 5, 1933, the United States went off the gold standard, a monetary system in which currency is backed by gold, when Congress enacted a joint resolution nullifying the right of creditors to demand payment in gold. The United States had been on a gold standard since 1879, except for an embargo on gold exports during World War I, but bank failures during the Great Depression of the 1930s frightened the public into hoarding gold, making the policy untenable. Soon after taking office in March 1933, Roosevelt declared a nationwide bank moratorium in order to prevent a run on the banks by consumers lacking confidence in the economy. He also forbade banks to pay out gold or to export it. According to Keynesian economic theory, one of the best ways to fight off an economic downturn is to inflate the money supply. And increasing the amount of gold held by the Federal Reserve would in turn increase its power to inflate the money supply. Facing similar pressures, Britain had dropped the gold standard in 1931, and Roosevelt had taken note.

NY state officials have announced an Unemployment Strike-force, a new multi-pronged campaign to target areas of the State with the highest unemployment rates and boost employment. In partnership with New York State, Empire State Development, the State Department of Labor and other partners, the campaign will be strategically focused in Bronx, Kings, Jefferson and Lewis counties through the end of 2014.

NY state officials have worked to streamline economic development, job training and job placement. Thus far, New York State's unemployment rate has dropped from 8.2 percent to 6.7 percent, the economy has created more than 440,400 private sector jobs and New York is one of only 17 states to have regained all of the private sector jobs lost during the recession.

The initiative will first be piloted in Bronx County, which has the highest unemployment rate in the state, according to state and federal data. After that, the Strike-force will direct similar resources to the three other target counties.

Equipping New York trainers and workers with the skills that employers are demanding is a key priority of Strikeforce. JPMorgan Chase’s New Skills at Work Initiative was designed to address this issue in communities across the country, and the firm announced today it will invest $20 million in New York over the next five years. A critical component of this initiative includes sector-based, employer-driven training to give more New Yorkers the skills they need to get back to work.

“Although there is a significant number of Americans looking for work, we hear from clients every day about the challenges they face finding workers with the right skills for jobs that are open right now,” said Priscilla Almodovar, head of Chase’s Community Development Banking. “That’s why we’re working with community leaders across New York – technical training programs, community colleges, policymakers and employers – to help address these issues.”

In the Bronx, this investment will be aimed at connecting individuals to jobs and training in six high-demand sectors: Healthcare, Information Technology, Office and Administration, Transportation and Warehousing, Sales, and Hospitality.

Dedicated Strike Force staff will work closely with local elected officials and community-based organizations in the Bronx to connect jobseekers with local business opportunities.

“Often the most expensive part of doing business is job training,” said State Labor Commissioner Peter M. Rivera. “These partnerships will help businesses by reducing or eliminating that expense and help jobseekers by giving them an entry into a career. The Bronx is just the start and the place we know this type of program will have the biggest impact.”

“New York State’s economy has been revitalized under Governor Cuomo’s leadership, thanks to strategic partnerships, smart investments, and innovative initiatives like the Unemployment Strikeforce,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “This campaign will help job seekers tap into many opportunities and connect New Yorkers with companies that are looking to hire in their area.”

Hostos Community President Félix V. Matos Rodríguez, said: “It is an honor to be part of the first-ever statewide jobs initiative in the Bronx being launched by Governor Cuomo. I commend him for making the Bronx a central part of this effort. Hostos remains committed to working with community-based partners, employers, state and city agencies to connect students and job seekers with jobs, and provide the education and training needed for them to be ready for the workforce.”

“Montefiore is proud to work with Governor Cuomo and our partners – JPMorgan, Phipps and Hostos – to develop a healthcare workforce pipeline for Bronx youth,” said Steven M. Safyer, President and CEO, Montefiore Health System. “With a workforce 23,000 strong, Montefiore is the largest employer in the Bronx. Our collective efforts will both ensure a promising future for Bronx youth and a workforce that will advance Montefiore's excellence in patient care.”

“Phipps Neighborhoods is delighted that Montefiore Medical Center and Hostos Community College have partnered with us to offer the Career Network: Healthcare, which is helping young people in the Bronx pursue a career in a growing industry that leads to financial independence,” said Dianne Morales, executive director and CEO of Phipps Neighborhoods. “Each partner brings their expertise and deep commitment to this initiative, and key support from JPMorgan Chase helps make this work possible.”

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