Mallorca Two people have been killed and two are missing after an unoccupied nine floor hotel in Cala Rajtada in Mallorca partially collapsed. Heavy rains are being blamed for the incident, which took place during hotel remodelling.
U.S. There are fears that the United States may be heading into a deflationary spiral after consumer prices fell 1.7 percent in November - the biggest drop in over 60 years. Deflation is considered dangerous as it can lead to a spiral of lower prices leading to lower production, thus lower wages and demand, leading to even lower prices. The danger of a deflationary spiral is made even greater as the Federal Reserve is again expected to lower interest rates close to zero. Archive picture of Federal Reserve Chairman Ben Bernanke.
