Monday News Update: Pakistan, Economic Outlook and Rates with Health Care Reform

In today’s news update we provide links to what is happening in Pakistan, an economic outlook on oil and rate projections with health care reform.

Attack on US consulate in Peshawar, Pakistan

At least seven people have died after suspected militants attacked the US consulate in the north-western Pakistani city of Peshawar.

There were several explosions in the area near the consulate and buildings collapsed. A gun battle between police and the attackers followed.

Pakistan’s main Taliban faction said it had carried out the attack, and that the US consulate was the target.

Officials said the attack was well organised but order had been restored.

US officials also confirmed the consulate was the target of the attack, but it is unclear whether the building suffered any damage.

Oil hits 18-month high on economic outlook

(Reuters) – U.S. crude futures hit an 18-month high on Monday, climbing toward $86 per barrel on expectations of faster-than-expected economic recovery and increasing demand for fuel.

Data on Friday showed U.S. employers created jobs in March at the fastest rate in three years. Non-farm payrolls rose 162,000, only the third increase since the U.S. economy fell into recession in late 2007 and the largest since March 2007.

U.S. manufacturing is also expanding at its fastest pace for more than five years, while Chinese manufacturing is picking up and Japanese business sentiment is also improving.

Rate hikes likely with health care reform

A few years ago when Raul Holgun was diagnosed with diabetes, his insurance doubled from $1,500 to $3,000 monthly.

Holgun, who owned a business in Highland at that time, had no choice: The policy had to be canceled.

Before the passage of the health care reform legislation last month, it would be at the very least difficult, if not impossible, for Holgun, now 61, to get health insurance.

But the powerful force of health care reform that will keep others from experiencing what Holgun did will also add fresh fuel to the already raging wildfire of health care costs.