In Times of Austerity, Italy’s Ministers Are Forced To Return Gifts
Date:
10 February 2012
Italian Prime Minister Mario Monti has a tough job cleaning up after the disgrace Silvio Berlusconi. From tough pension reform to cracking down on tax evaders, Monti is now insisting that his ministers cut back on entertainment expenses and to return gifts of a value greater than 150 euros. Read more
Which Industry Added Half A Million Jobs To The American Economy?
Date:
9 February 2012
Unemployment in America peaked 3 years ago, at the height of the subprime housing crisis which slowly spread across the financial markets across the world. While the labour situation has since improved, unemployment remains high. But one industry darling has added almost half a million jobs to the American economy. Read more
China Scrambles To Crack Down On “Fake Eggs”
Date:
9 February 2012
Local government authorities from the Guangdong province in China are stepping up food-safety inspections for the region, after a batch of suspect fake chicken eggs were discovered by a local supermarket shopper in its capital city of Guangzhou. Read more
Infographic: iBooks, iPads, and the Cost to Education
Date:
8 February 2012
With Apple’s decision to revamp iBooks, many are keen to see how the product would revolutionise textbooks and the education industry. But what impact does it have on the cost of education, for students, parents, and governments? Read more
U.S. Lifts Sanctions on Burma
Date:
7 February 2012
Following Burma’s recent political reform, the United States has announced that it would lift sanctions on Myanmar, opening new economic and funding opportunities for the South-East Asian nation. Read more
IMF Warns China’s Growth May Halve If…
Date:
7 February 2012
The International Monetary Fund warned yesterday that China’s economic growth could halve this year, should the European debt crisis escalate any further. Is China really heading for a sharp landing? Read more
Key Economic News To Watch This Week: Feb. 6
Date:
6 February 2012
In the latest sign that China is slowing, analysts reported today that China Lunar Sales slowed to their lowest growth pace since 2009 while China’s home prices fell for the fifth consecutive month in January. China’s inflation data on Wednesday is likely to confirm a cooling of prices.In currency markets, the euro is set to be back in the spotlight as traders anticipate the next move from the European Central Bank. Read more
Mark Zuckerberg Faces $2 Billion Tax Bill
Date:
6 February 2012
Facebook’s co-founder and CEO Mark Zuckerberg could face a tax liability of more than $2 billion this year, claimed a report by theNew York Timeson Friday, with the 27-year old billionaire expected to exercise an outstanding stock option to purchase 120 million shares in the company ahead of its upcoming IPO. Read more
Egypt Still Optimistic On Tourism Figures Despite Ongoing Violence
Date:
6 February 2012
Tourist figures to Egypt could pick up to between 12 and 13 million visitors this year, said an official from the Egyptian Ministry of Tourism on Sunday, after revenues from Egypt’s tourism sector plunged by nearly 30 percent in 2011 due to ongoing violence stemming from the ouster of former President Hosni Mubarak. Read more
Bankrupt American Airlines To Trim 13,000 Jobs
Date:
3 February 2012
American’s third largest airline is all but soaring. AMR, parent company of the bankrupt American Airlines, is looking to slash 13,000 jobs and terminate employee pension schemes as part of plans to reduce spending by $2 billion annually. Read more
McDonald’s Take “Pink Slime” Off Their Menus
Date:
3 February 2012
McDonald’s are no longer using ammonia hydroxide, labelled “pink slime” by British celebrity chef Jamie Oliver, in its hamburger patties, confirmed apress releaseby the fast-food chain this week, with mounting consumer pressure forcing the company to revise its recipes. Read more
Facebook Graffiti Artist Stands To Rake In $200m From IPO
Date:
3 February 2012
A graffiti artist who decorated Facebook’s headquarters when it was just one-year old could soon be a millionaire. David Choe, 35, reportedly accepted shares as payment when he was engaged by Facebook, and with the company’s blockbuster IPO, Choe’s stake could soon be worth $200 million. Read more
Britons Are Richer, But Not Happier
Date:
1 February 2012
Can having more money make you happier? A report from Britain thinks otherwise: Britons have become richer in the last 60 years but they are also more stressed. Read more
Oil Negotiations Break Down Between Sudan & South Sudan
Date:
1 February 2012
South Sudan has rejected a proposal by the African Union to pay its neighbours Sudan $6.5 billion for oil transit fees, reported theFinancial Timeson Tuesday, with the two nations still locked in a stalemate over shared oil revenues since separating on 9 July 2011. Read more
Interested In Obama’s Old Car? It’s On Sale Now
Date:
1 February 2012
President Barack Obama’s old car is on sale. In mint condition, his Chrysler clocked just slightly above 20,000 miles in its three years of service and is commanding an asking price of 5,000 percent above its resale value. Just how much is it selling for? Read more
Even Mexico’s Drug Cartels Are Affected By Worst Drought In Years
Date:
1 February 2012
The number of illegal marijuana plantations in Northern Mexico has “declined considerably” over the last few months, told a Mexican army commander to theAssociated Presson Tuesday, as a devastating drought continues to wreck havoc on the country’s water supply to both its population and cropland. Read more
Starbucks and Tata, Now Serving Coffee Across India
Date:
31 January 2012
Starbucks has finally broken through India’s high barriers to entry and partnered with India’s flagship conglomerate Tata in a 50-50 joint venture, to start serving coffee and lattes across the country, starting with her two largest cities Delhi and Mumbai. Read more
One-Third of Japan’s Population To Disappear By 2060
Date:
31 January 2012
Japan faces a significant population crisis over the next century, said the Japanese Health, Labour and Welfare ministry on Monday, after government forecasts estimated that the population would shrink by nearly a third of its current size by 2060. Read more
Key Economic News to Watch This Week: Jan. 30
Date:
30 January 2012
China is back to business after the first of their weeklong Golden Holidays. With the conclusion of Davos, the latest buzz word seems to be the call for greater economic and social equality. Looking ahead to the week of reports and meetings, the sixth-part of the EU Summit could offer more clarity over the fate of the unified currency. Read more
Infographic: Apple’s Cash Can Bailout Greece
Date:
30 January 2012
Last week, Apple released its first quarter earnings to the public, overturning a December 4.2 percent decline into a 4.4 percent gain. Thanks to rocketing sales of its iphone and ipads, Apple’s 116 percent profit growth boosted its cash holdings to $97.6 billion – an amount sufficient to cover Greece’s debt payments for the next two years. Read more
IMF Reviewing Value of Yuan, While China & US Butt Heads Again
Date:
30 January 2012
The International Monetary Fund will conduct a review to determine whether the Renminbi remains “substantially undervalued” in the global currency market, said an IMF spokesman last Friday, after a war of words emerged between the China and the US over the appropriate valuation of the Yuan during the recent World Economic Forum. Read more
What Did The Top 1 Percent Study in University?
Date:
27 January 2012
With the furore over what many perceive as indecent pay packages, one can be forgiven for assuming that bankers and the traders are the only ones in the top “one percent”. The truth is many other jobs pay just as well, without the media scrutiny and public “we are the 99 percent” antagonism and outrage. What are these jobs, and what did they major in back in University? Read more
Infographic: Is Higher Education the Next Big Bubble? Part Two
Date:
27 January 2012
Almost two-thirds of all undergraduates in America take out education loans, and the total size of student debt is expected to cross the $1 trillion mark this year. With the weak job market out there, how are students expected to pay off their loans? Is the next big bubble really about to burst? Read more
US Lawmaker Wants To Ban Human Foetuses In Food
Date:
27 January 2012
An Oklahoma state senator has proposed a bill that would ban the use of human foetuses in food, reported theAssociated Presson Wednesday, claiming that his own online research had led him to believe that such a ban was necessary. Read more
Infographic: Is Higher Education the Next Big Bubble?
Date:
26 January 2012
Getting into a good university is not an easy feat. Securing a job upon graduation, in the current economic climate, is not easy too. However, the biggest challenge for most university graduates is paying off their education loan. It may sound preposterous that some have called higher education the next big bubble. Hardly surprising: The sum of student debt stands higher than credit card debt across the United States. Read more
Infographic: How To Fix Your Bad Credit Score
Date:
20 January 2012
Having a bad credit score can be detrimental to a person's financial options.Check out this infographic, which provides you with the fundamentals in understanding your credit score, as well as tips on how to improve your credit score. Read more
Infographic: Can Apple's iBooks Reshape Education?
Date:
20 January 2012
Apple has taken a huge step in education, with its aggressive promotion of iBooks.The element of technology could drastically revolutionize education, and as Apple claims, reinvent the textbook. But can it save education? Read more
Play And Pee: Sega Develops Video Game Console Controlled By Urine
Date:
20 January 2012
Japanese video game developer SEGA Corporation has created a brand new video game console called the “Toylet”, which it hopes to install in urinals all across the nation, whereby the strength and accuracy of a men’s pee are used to control the game, claimed a report byReuterson Thursday. Read more
Infographic: A World Without Wikipedia #SOPA
Date:
19 January 2012
Wikipedia staged a 24 hour blackout yesterday, as did many other prominent websites on the Internet. What were they protesting? SOPA, that is. This infographic takes a look the world without Wikipedia – a world without information, without liberty in knowledge. Read more
India Orders State-Owned Companies To Invest In Public Sector
Date:
19 January 2012
17 state-owned companies in India have been told by their government to start investing in public infrastructure projects, said theFinancial Timeson Wednesday, after a series of political inaction, coupled with an exit of foreign capital, saw the nation’s economic growth rate decline from 9 percent to 7 percent last year. Read more
Indonesia Returns To Investment Grade After 14 Years
Date:
19 January 2012
Indonesia has finally regained its investment-grade rating from Moody’s Investors Services on Wednesday, more than 14 years after the Asian Financial Crisis compelled credit rating agencies to downgrade the country’s sovereign debt rating to junk status. Read more
India’s Reliance Look Beyond Western Lenders, Towards Chinese Banks For Loan
Date:
18 January 2012
In a move that highlights the growing shift in international financial lending, Reliance Communications Ltd, owned by Indian billionaire Anil Ambani, will borrow $1.2 billion from three Chinese state-run banks this week, in order to refinance its outstanding foreign-currency convertible bonds that are due to be paid by the beginning of March. Read more
World Bank: Gloomy Days Ahead in 2012
Date:
18 January 2012
After a tough year, the World Bank has cut their growth forecast for 2012, acknowledging that the global economy is still in a precarious situation and not poised for recovery yet. Read more
Iran’s Latest Adversary: Barbie Dolls
Date:
18 January 2012
The Iranian Morality Police has been cracking down on the sale of Mattel Inc’s iconic Barbie dolls in toyshops all across the country, says a report byReuterson Monday, as the nation engages in a “soft war” against decadent Western cultural influences. Read more
New Law to Force Drug Companies to Report How Much They Pay Doctors
Date:
17 January 2012
A new law, part of Obama’s healthcare reform legislation, will require drug companies to disclose the amount of payments made to doctors not under their employment. According to U.S. officials, this includes payments made to doctors for research, consulting, speaking, travelling and entertainment. Read more
China Prepares For the Largest Annual Human Migration
Date:
17 January 2012
China is preparing itself, and its rail system, for the largest annual human migration, as people return to their families and hometowns in celebration of the Spring Festival. The 7-day “Golden Week” holidays is expected to make almost 5.9 million trips per day across China. Read more
Infographic: How Bill Gates Is Personally Saving The World
Date:
16 January 2012
While Microsoft co-founder Bill Gates is best known for his numerous achievements in the field of personal computing, the tech icon is probably most proud of his philanthropic efforts, which has seen him donate nearly US$28 billion (or 48 percent of his personal wealth) to charity, while spearheading numerous social movements around the world. Read more
Facebook, Google Among Websites Charged In India For “Offensive & Objectionable” Content
Date:
16 January 2012
21 social networking companies – including Facebook, Google, Microsoft and Yahoo – are set to face legal charges in India for carrying “offensive and objectionable” material on their websites, reportedBloomberg BusinessWeekon Saturday, after prosecutors deemed the companies responsible for “promoting enmity between classes and causing prejudice to national integration.” Read more
Growing Perception of Class Warfare In The US: Study
Date:
16 January 2012
More Americans today believe that there is a conflict between the rich and poor in the country as compared to two years ago, claimed survey findings published byPew Research Centerlast Wednesday; with tensions over wealth inequality seen to be even greater than those over immigration, race or age. Read more
UK Signs Deal To Turn London Into Major Offshore Yuan Centre
Date:
16 January 2012
The city of London could soon be flooded with billions of dollars worth of Chinese money, said a report by Reuters on Sunday, after UK finance minister George Osborne announced a landmark deal that sees London teaming up with Hong Kong to develop a offshore trading centre for the Renminbi. Read more
Infographic: The Best Airports and Airlines for Business and Tech Travellers
Date:
13 January 2012
Searching for wi-fi, or a good wi-fi connection, when travelling can be a frustrating, especially for the seasoned business traveller. Likewise, it is equally frustrating when you need a charging station for your gadgets, to keep you occupied during your 8-hour layover. Find out which airports, and airlines, in the United States provide the best service in this aspect. Read more
Forever Alone: 50 Percent of CEOs Report Feeling Lonely At Work
Date:
13 January 2012
50 percent of CEOs in the US are lonely and secluded at their work place, reporteda survey done by management consulting firm RHR Internationalon Tuesday, with a further 61 percent of this group adding that the isolation had been affecting their overall job performance. Read more
Examining The Growth of Mobile Payments
Date:
12 January 2012
The latest big addition for mobile phones is mobile payments, making and receiving payments without using a credit/debit card, hard currency or any other physical payment method. The phone can be a portable bank counter, using a variety of operations to assist a client in making a payment on the move. Read more
Skyscraper Index: The Higher You Build, The Harder You Fall
Date:
12 January 2012
China and India could be the next economies bound for an imminent crash, claimed a report by Barclays Capital Research on Wednesday – whose annual Skyscraper Index survey cite an “unhealthy correlation” between the construction of skyscrapers and economic slowdowns. Read more
Orange Juice Prices to Spike After Fungicide Scare
Date:
11 January 2012
That glass of orange juice is about to cost you more, after the U.S. Food and Drug Administration found traces of a banned fungicide in Brazil-imported oranges. The prices of orange juice futures contracts hit a 34-year high on Tuesday, just days after a cold snap in Florida sent frozen orange juice concentrate futures soaring 26 percent. Read more
Olympus Seeking Up To 16.54 Billion Yen In Lawsuits Against Executives
Date:
10 January 2012
Olympus Corp has filed 19 lawsuits against current and former members of its board, including current president Shuichi Takayama and former CEO Tsuyoshi Kikukawa, in an attempt to make up for more than 86 billion yen ($1.1 billion) in damages caused by one of Japan’s worst accounting scandals in its history. Read more
Obama To Create Task Force That Monitor Chinese Trade Policies
Date:
10 January 2012
US President Barack Obama is planning to form a government task force that will enforce US trade rules around the world, though people closer to the matter claim that the task force’s specific purpose would be to target and monitor China for possible trade and commercial violations. Read more
“We The 99%”: UK Investors May Get To Vote On Executive Pay
Date:
9 January 2012
British Prime Minister David Cameron has championed the rights of investors to veto executive pay, saying that it’s wrong for salaries of the top echelons “to keep going up and up and up”, even when they fail to deliver results. Instead, Cameroon calls for greater empowerment of shareholders, especially when it comes to voting rights on top pay packages. Read more
UK Prime Minister Gambles On Early Vote For Scotland's Independence
Date:
9 January 2012
UK Prime Minister David Cameron has offered Scottish people the opportunity to vote on a possible breakaway from the rest of the United Kingdom, but only if the referendum occurs within the next 18 months and be legally binding without any option for greater devolved powers, reported theBBCon Monday. Read more
Key Economic News To Watch This Week: Jan. 9
Date:
9 January 2012
A quick preview of the key economic events for the upcoming week:Last week’s economic and employment data from the world’s largest economy, the United States, brought much relief for global markets. According to Fed data, the United States gained 200,000 payroll jobs in December, while official unemployment continued its downward trend, dipping to its lowest level in 3 years at 8.5 percent. Read more
Venezuela To Reject Any World Bank Ruling On Exxon Case
Date:
9 January 2012
Venezuela will not accept any ruling made by the World Bank’s arbitration forum in regards to a compensation claim by ExxonMobil for the Cerro Negro project, said its President Hugo Chavez on Sunday, adding that his country was now likely to pull out from the arbitration forum in response to “unfair deals” that “rob” Venezuela of its resources. Read more
Almost Half of the World’s 1 Percent Are Americans
Date:
6 January 2012
Remember the Occupy Movement, the campaign against the ultra rich “1 percent,” corporate greed, socio-economic inequality? Latest research has found that the United States holds a disproportionate amount of wealth in the world, with American’s making up 48 percent of the world’s “1 percent.” Read more
Oil Embargo Alert: EU Moves To Ban Iran’s Crude
Date:
5 January 2012
Members of the European Union have come to a preliminary agreement to ban the imports of Iranian crude oil, though it has not been confirmed when the embargo will but installed. This follows the United States’ decision to impose financial sanctions on the belligerent country, leaving the future of oil prices in jeopardy. Read more
Powered By Chinese Demand, Bentley Sales Soar in 2011
Date:
4 January 2012
Sales of luxury continental car Bentley reached record levels in 2011, with a total of 7,003 vehicles sold in the year. The United States remains the carmakers top market, but China came in a close second with sales almost doubling in 2011, surpassing the previous year’s record. Read more
Greece Could Exit Euro Within 3 To 4 Months
Date:
4 January 2012
The Greek government is prepared to abandon the euro currency within the next three to four months, unless negotiations for a second 130 billion euro ($169 billion) bailout package can be resolved soon, said a government spokesman on Tuesday. Read more
Oil Crosses $100 On First Trading Day of 2012
Date:
3 January 2012
Oil prices jumped more than 1.5 percent to cross the $100 mark on Tuesday, the first trading day of 2012, amid new fears that rising tensions between the West and Iran could lead to a future disruption of crude supplies. Read more
Key Economic News to Watch This Week: Jan. 3
Date:
3 January 2012
After a holiday week, trading volume and markets are expected to return to normal. Among the highlights of the week, the latest U.S. employment data is eagerly anticipated for the opening week of 2012.As we begin the New Year, many are expectingAsia to be the world’s engine of growth. Over in Europe, leaders are bracing themselves for a turbulent year ahead. Italy is likely to become the first EU country to enter recession, raising concerns over the fate of the continent and the unified currency – the euro. Read more
Iran’s Currency Plunge 10% After Fresh US Sanctions
Date:
3 January 2012
The Iranian Riyal fell to a record low against the US dollar on Monday, after fresh US sanctions imposed severe penalties and restrictions on foreign financial institutions that had dealing with the Iranian central bank. Read more
Infographic: Small Businesses 2011 Report Card
Date:
30 December 2011
From mom-and-pop shops, to the neighbourhood bakery, small businesses are integral to our daily lives. As uncertainty over U.S. labour policies continue to affect small businesses and employment, we take a moment to look back at how small businesses fared in 2011, and the outlook for 2012. Read more
Japan’s Tepco Seeks $9 Billion More In Aid
Date:
27 December 2011
Tokyo Electric Power Co., or Tepco, has requested for an additional 689.4 billion yen ($8.8 billion) in aid from the Japanese government to help the utility cover compensation payments to those affected by the twin Fukushima nuclear disasters. Read more
Investors Tell Proton To Finally Dump Lotus After 15 Profitless Years
Date:
27 December 2011
Malaysian automobile company Proton Holding Bhd., which bought control of British luxury auto manufacturer Lotus Group International in 1996, has been advised by its investors to finally cash in on the legendary sports-car maker, after news emerged that the Malaysian company itself could soon be divested by its state-run parent company, Khazanah Nasional Bhd. Read more
U.S. Businesses Eyeing European Assets Amid Financial Woes
Date:
27 December 2011
U.S. firms are taking advantage of the European debt crisis to make loans and pick up assets owned by cash-strapped regional banks, according to a New York Times report on Monday. An estimate from Morgan Stanley expects European financial institutions, largely under pressure from regulators, to shed up to $3 trillion in assets over the next 18 months. Read more
Chinese Province Increases Minimum Wage By 23%
Date:
23 December 2011
The cost of living in China is rising, with inflation climbing every single month. In order to attract workers, the southwest Chinese province, Sichuan, has raised the minimum wage by a sharp 23 percent amid the rising cost of living. Read more
Infographic: The Logistics of the Festive Season
Date:
23 December 2011
The festive season is here: With Christmas and the New Year just around the corner, retailers have been reporting record-sales figures despite the fears over the economic outlook. Other than the retail front, how does the logistic market play a part in our festive season? Read more
ECB Gives Out A Record $640bn In Loans
Date:
22 December 2011
The European Central Bank yesterday pumped in €489 billion ($640 bn) into the Continent’s banking system, in hope the much-needed liquidity could alleviate the region’s credit squeeze. Read more
Hot Money Flows Out Of China, Japan To Purchase Chinese Debt
Date:
21 December 2011
For the second consecutive month, financial data revealed a net outflow of foreign exchange from China leading to expectations of another cut in the reserve requirement. Separately, Japan’s finance minister Jun Azumi said that Tokyo was looking to buy Chinese public debt, as a way of diversifying its forex holdings and getting more involved in the world’s second largest economy. Read more
UK Turns Its Back On The Euro
Date:
20 December 2011
On Monday, eurozone ministers collectively agreed to the IMF’s firepower by 150 billion euros ($195 billion). But the target of 200 billion euros was not reached after Britain refused to provide additional resources to the IMF’s rescue fund. Read more
Key Economic News to Watch This Week: Dec. 19
Date:
19 December 2011
With key U.S housing and economic growth data expected this week, analysts are expecting stronger results and a show of resilience from the world’s largest economy – a reprieve from the slew of bad news from the EU. Read more
The Most Valuable Brand In China?
Date:
15 December 2011
In a survey commissioned by advertising conglomerate WPP, Chinese web and social media companies like Baidu and Sina featured strongly in the valuation of China’s top 50 brands. But it was the China Mobile, the company with the world’s largest amount of cash holdings that took the coveted spot as China’s most valuable brand. Read more
China Slaps “Anti-Dumping And Anti-Subsidy” Duties On US-Made Cars
Date:
15 December 2011
The Chinese government has unexpectedly imposed new anti-dumping and anti-subsidy tariffs on sport utility vehicles and midsize and large cars imported from the US, in what many believe to be a retaliatory move against similar actions by the US towards Chinese-made products. Read more
Facebook Targets Mobile Ads By March 2012
Date:
14 December 2011
Facebook will launch its mobile advertising unit by March next year, giving the social media giant a new revenue source ahead of its upcoming IPO, said sources close to the company in an interview withBloombergon Tuesday. Read more
Infographic: America's Federal Budget & Debt Burden In 2011
Date:
13 December 2011
The Congressional Budget Office (CBO),a non-partisan federal agency within the legislative branch of the US government, recently released an infographic detailing the US's federal budget and debt burden through fiscal year 2011, which ended in September. Read more
Morgan Stanley Thwarted In Attempt To Block Singapore Lawsuits
Date:
13 December 2011
A US district judge in New York has blocked an attempt by Morgan Stanley to seek a Singapore High Court order that would have prevented Singaporean investors from suing the global financial services firm for over $154.7 million in losses due to synthetic collateralised debt obligations outside the country. Read more
Christmas Spending To Send 1 in 3 Britons Into Debt
Date:
12 December 2011
One in three Britons will fall into debt while buying Christmas presents for their friends and relatives this holiday season, according to survey results published by research and consulting company YouGov on Monday. Read more
Italy Wants To Tax The Catholic Church Amidst Austerity Drive
Date:
12 December 2011
The Catholic Church in Italy could soon be forced to pay property taxes to the government, after intense pressure from Italy’s left wing parties called for the country’s newly reinstated property tax to be extended to commercial properties operated by the Church. Read more
China Promises To “Actively Expand Imports”
Date:
12 December 2011
China will further open its economy and “actively expand imports” in the coming years, said its President Hu Jintao to a high-ranking forum commemorating the country’s 10th anniversary of joining the World Trade Organization on Sunday. Read more
Guess Which EU Country Puts In The Longest Hours At Work?
Date:
9 December 2011
United Kingdom’s Office for National Statistics released yesterday a report “Hours Worked in the Labour Market,” a survey that aims to track trends and changes in the working patterns of British workers, compared with their EU counterparts. In what may come as a surprise, neither the Germans nor British put in the longest hours at work. Read more
Shale Gas Discovered In China Could Exceed US Output
Date:
8 December 2011
China’s discovery of shale gas in its Eastern Sichuan province on December 6ththis year could represent a drastic shift for the nation’s energy policies, said the chairman of the country's second-largest oil company, Sinopec, at the World Petroleum Congress on Wednesday. Read more
Infographic: Let’s Google It! - How to Refine Your Google Search
Date:
8 December 2011
With technology advancing as quick as it does, we sometimes forget the simple things that brought us here. To educate the students of tomorrow, we've got to continually remember the basic, but crucial tips of one of the biggest tech giant in our day has to offer - so get more out of Google. Read more
Merkel-Sarkozy Writes Open Letter To EU President For Treaty Overhaul
Date:
8 December 2011
French President Nicolas Sarkozy and German Chancellor Angela Merkel have submitted a joint letter to European Union President Herman Van Rompuy, in which the pair called for changes to be made to EU treaties so as to allow for tighter rules on deficit spending as well as for centralised governance of national budgets. Read more
Infographic: Are Corporations People, or Sociopaths?
Date:
7 December 2011
The pro-business line "Corporations are people" rings in many ears. If this is so true, what type of person would they be? This infographic highlights the angle and tendencies of which may make them sociopaths or psychopaths. Read more
No Sign Of Yakuza Involvement In Olympus Scandal: Panel Report
Date:
7 December 2011
An investigative panel, led by a former Supreme Court judge, has uncovered no evidence of any involvement by organised crime groups in Olympus’s years-long cover-up of investment losses, with its report describing Olympus’s management as just being “rotten to the core.” Read more
HSBC Fined A Record £10.5m For Mis-Selling Bonds To Elderly
Date:
6 December 2011
Britain’s biggest bank, HSBC, has been slapped with a record £10.5 million fine, and ordered to repay £29.3 million to elderly investors after authorities found it guilty of mis-selling scandal involving almost 3,000 vulnerable elderly customers living in care. Read more
Infographic: The Walmart Economy
Date:
6 December 2011
What if we treated Walmart like an economy rather than just a corporation? Check out this infographic, which explores how Walmart compares to some countries in the global economy, as well as the impact that Walmart makes in the world. Read more
Eurozone Faces Unprecedented Mass Downgrade
Date:
6 December 2011
International credit rating agency Standard & Poor’s have placed 15 out of the 17-member eurozone on its negative credit watch list, as growing "systemic stresses" in the region continue to “put downward pressure on the credit standing of the eurozone as a whole.” Read more
Key Economic News To Watch This Week: Dec. 5
Date:
5 December 2011
A quick preview of the key economic events for the upcoming week:The European debt crisis will continue to take centre stage this week – with the ECB interest rate decision and the EU Summit taking place. US vice president Joe Biden meets with Greece's new prime minister Lucas Papademos, Wikileaks founder Julian Assange fights extradiction charges to Sweden over alleged sex crmines, Croatia signs its EU accession treaty Friday. Read more
Monti Renounces Prime Ministerial Salary As Recession Looms for Italy
Date:
5 December 2011
Italy is expected to slip into recession in 2012, with a projected contraction of 0.5 percent in its gross domestic product. The outlook was announced by the country’s deputy economic minister, after Italy’s cabinet passed a deal intended to rescue the country from the brink of bankruptcy. Read more
Infographic: 7 Billion People – What It Means For The World
Date:
2 December 2011
On October 31st 2011, the world reached a population milestone of 7 billion people.How will population growth trends change over the next few years? Check out this infographic that explores the nation of population growth, as well as provide facts and statistics for the future of our society. Read more
EU Split On Iran Oil Embargo Despite New Round Of Sanctions
Date:
2 December 2011
European Union nations have agreed to impose tough new sanctions on 180 Iranian officials and firms over the country’s alleged attempt to acquire nuclear capabilities, though the meeting in Brussels stopped short of any decision to halt the purchase of oil from the Islamic state. Read more
How Asian Companies Use Social Media
Date:
2 December 2011
Burson Marstellerrecently released the “Asia Pacific Corporate Social Media Study 2011, How Asian Companies are Engaging Stakeholders Online”. There’s some interesting information here, including South Korea is the most active, with Malaysia, China and Thailand next. aHowever Asian businesses are lagging behind global peers and competition overall, and the integration of social media on corporate Websites is slow to gain momentum. Read more
Toyota, BMW To Collaborate On Green Technology
Date:
2 December 2011
Auto giants Toyota Motor Corp and BMW AG have signed an agreement to work together on research for cleaner, next-generation car batteries, with the aim of producing cheaper “green vehicles” in the future. Read more
Infographic: How Social Media Is Reshaping The Job Search
Date:
1 December 2011
How is social media changing the current job market and what do you need to do to get that next job with your Facebook, Twitter and LinkedIn accounts? Check out this infographic, whichhighlights the profiles of a person using social media for searching jobs along with some simple, but helpful tips for the curious. Read more
US Consumer Watchdog Receives More Than 5,000 Credit Card Complaints In 3 Months
Date:
1 December 2011
Newly formed US consumer watchdog, the Consumer Financial Protection Bureau (CFPB), has received more than 5,000 complaints about credit card companies during in its first three months of operations, with the most common gripe among credit card customers being billing disputes and interest rate problems, reported the agency on Wednesday. Read more
Tough Times Ahead For US Weapon Makers
Date:
1 December 2011
Top US weapon companies will need to cut production costs, increase export sales, and acquire more commercial contracts over the next few years, as uncertainty continues to mount over the extent of any US defense budget cuts. Read more
S&P Rates Chinese Banks Higher Than U.S. Big Banks
Date:
30 November 2011
Following a criteria revision, credit ratings firm Standard and Poor’s has upgraded the ratings of several Chinese banks while a few top U.S. banks were downgraded. The new criteria have affected 37 banks so far, though more banks will be facing rating changes in the coming months. Read more
2 Million Public Sector Workers To Strike in the UK
Date:
29 November 2011
More than 2 million workers are planning a mass strike against the government’s pensions reform scheme, a figure that looks set to bring the UK to a standstill. The planned walkout, the Government says, will cost the economy £500 million and lead to job losses. Read more
Italy, Spain Haven’t Asked For IMF Aid. Yet.
Date:
29 November 2011
The International Monetary Fund has yet to receive any funding requests from either Italy or Spain to avert their deepening debt crisis, said IMF Managing Director Christine Lagarde on Monday, after earlier reports suggested that the global economic organisation had been preparing a $794 billion bailout plan for Italy. Read more
German Court Gives Investors Permission To Sue S&P Over Lehman Ratings
Date:
29 November 2011
A German higher regional court has overturned a ruling from a lower court judge, which had prevented investors in Germany from filing a lawsuit against credit rating agency Standard & Poor’s for its positive assessment of Lehman Brothers securities just prior to the company’s collapse in 2008. Read more
Key Economic News To Watch This Week: Nov. 28
Date:
28 November 2011
Last week’sfailed German bond auctionbrought the euro to new lows, with the auction results suggesting that contagion may have reached what many see as the strongest economy of the eurozone. Over the weekend, Italian newspaper La Stampa reported that thenation is seeking a hefty bailout from the IMF– a move that will soothe the nerves of rattled investors. Read more
IMF Preparing $794 Billion Bailout For Italy
Date:
28 November 2011
The IMF is drawing up a 600 billion euro ($794 billion) bailout plan for Italy as a safeguard for the country in the event that the its debt crisis escalates even further, reported Italian dailyLa Stampaas cited byAFPon Sunday. Read more
Hungary and Portugal Downgraded to Junk Status
Date:
25 November 2011
Credit rating agency, Fitch, yesterday downgraded Portugal to junk status because of its “large fiscal imbalances, high indebtedness across all sectors and adverse macroeconomic outlook,” adding that it could be cut again. Read more
UK Women Set To Earn More Than Men By 2020
Date:
25 November 2011
The average pay of a woman in the United Kingdom will overtake that of a male worker within the decade if current trends in the labour market continue, showed the latest figures from the Office for National Statistics (ONS) on Thursday. Read more
China Eases Bank Reserve Requirement
Date:
24 November 2011
China’s central bank announced today that it will reduce the reserve requirement for banks, a key sign that the government is easing the tight credit controls meant to curb inflation and surging property prices. Read more
Dismal German Bond Auction Worries Investors
Date:
24 November 2011
In an ominous sign of things to come, Germany yesterday failed to secure buyers for 35 percent of its 10-year bonds put up for sale, sending borrowing costs higher and heightening fears of over Europe’s debt crisis. Read more
Nokia Siemens To Axe Nearly Quarter of Workforce Worldwide
Date:
24 November 2011
Network-equipment vendor Nokia Siemens Networks (NSN), announced on Wednesday that it would be cutting 17,000 of its jobs worldwide, or 22 percent of its workforce, as it tries to save up to $1.35 billion a year to compete with its strongest rival Ericsson and a new wave of Chinese entrants. Read more
IMF Steps In With New Liquidity For Europe
Date:
23 November 2011
The International Monetary Fund has stepped up as a lender of last resort, as it increased the firepower of its lending instruments and extending a six-month liquidity lifeline to indebted eurozone nations. Read more
Iron Maiden Rock Star Vows To Save Troubled UK Airline
Date:
23 November 2011
Rock star Bruce Dickinson, lead singer for one of the world’s most popular heavy metal bands Iron Maiden, has promised to resurrect UK chartered airline company Astraeus Airlines, after the company went into administration on Monday due to financial difficulties. Read more
Top US Banks Face Stress Test Over Contagion Fears
Date:
23 November 2011
The US Federal Reserve will conduct a stress test for 6 of the largest banks in the country, with the aim to assess the relative health of the banks as well as for the entire financial system in the event of a possible global market shock in the future. Read more
Buffett Could Turn To Japan For Next Big Investment
Date:
22 November 2011
Billionaire investor Warren Buffett is looking to make “a big investment” in Japan, after claiming earlier in the year that the March 11 earthquake and tsunami disaster had created a “buying opportunity” for long-term value investments in the country. Read more
Key Economic News To Watch This Week: Nov. 21
Date:
21 November 2011
Some progress has been made in Europe: New governments are in place in Italy and Greece, and though it might be painful, the technocratic leaders will be looking at difficult but important structural economic reforms. In Spain too, voters kicked out the Socialist government Sunday, in what many saw as a referendum on the handling of the European debt crisis. The historic result makes it the fifth European government to fall in the past year because of the debt crisis. Read more
Bankers in London Need Mental Help
Date:
21 November 2011
The banking industry may have a reputation for its generous bonuses, but as we all know, money does not always bring happiness. In London, psychologists are reporting a higher rate of depression, insomnia and stress-related problems among bankers. Read more
US Debt Supercommittee Ready to Concede Defeat Over Budget Agreement
Date:
21 November 2011
The US deficit-cutting congressional super committee, formed in the aftermath of the August debt ceiling debates, is expected to announce today that it has failed to reach an agreement over a deficit-cutting plan that would have saved taxpayers at least $1.2 trillion over the coming decade. Read more
World’s Largest Banks Face Credit Ratings Review In 3 Weeks
Date:
18 November 2011
Major credit rating agency Standard & Poor’s is set to update the credit ratings status for the world’s 30 largest banks within the next 3 weeks, with numerous high-profile banks believed to be extremely susceptible to a potential downgrade, said a report byReuterson Friday. Read more
More Than 1 in 5 US Children Living In Poverty
Date:
18 November 2011
According to the latest US Census Bureau report released on Thursday, 21.6 percent of American children lived below the US federal poverty threshold in 2010, with more 27 states reporting increased poverty rates or absolute figures as compared to 2009. Read more
UK Consumer Confidence Plunges to Record Lows
Date:
17 November 2011
For the fifth month in a row, consumer confidence in the United Kingdom declined, dragging the index to an all-time low for the month of November. Worries about the eurozone crisis and the slowing domestic economy have affected consumers’ pessimism, according to the key survey by Nationwide. Read more
Many Americans Now Expect to Retire at 80
Date:
17 November 2011
In a recent survey by Wells Fargo, results have shown that 25 percent of middle-class Americans now expect to work till they are at least 80 years old, in order to afford basic retirement costs. Read more
Infographic: The Cola Wars
Date:
17 November 2011
Infographic that charts the historical timeline of the Cola Wars, as well as the 2010 financial figures between Coca Cola and Pepsi. Read more
France-Germany Split Widens Over ECB’s Role
Date:
17 November 2011
Europe’s two central powers, France and Germany, have clashed once again over the European Central Bank’s (ECB) role in dealing the eurozone crisis, leading to fears that an ideological divide between the two nations may lead to further delays in the eurozone’s rescue process. Read more
Steve Jobs Wanted to Build Apple’s Own Cellular Network
Date:
16 November 2011
Late Apple founder and chairman, Steve Jobs, had envisioned a dedicated Apple wireless network for the company’s hugely successful iPhones, similar to the unlicensed spectrum used by Wi-Fi, rather than work with traditional mobile operators. Read more
Infographic: The Dangers of So-Called "Fruit Drinks"
Date:
16 November 2011
The beverage market today has been over-saturated with so-called "fruit drinks" that promise greater health and medical benefits to its drinkers. These drinks though, often fail to deliver on their promises, and could even be as unhealthy as regular soda drinks. Are marketers taking advantage of consumers and are they jeopardizing our health for monetary gain? Read more
“Mysterious” Strength of Euro Currency Puzzles Analysts
Date:
16 November 2011
Financial analysts and economists from around the world are baffled by how the euro currency has “mysteriously” remained relatively stable all year round, despite the mounting problems that have threatened to break up the eurozone region and its currency. Read more
US Faces 50% Chance of Recession in 2012
Date:
15 November 2011
The odds of the United States slipping into a double-dip recession are placed at 50 percent, with economists from the Federal Reserve Bank of San Francisco saying the world’s biggest economy might not be able to withstand the rippling effects of Europe’s debt crisis. Read more
Merkel: Europe in Worst Crisis Since WW2
Date:
15 November 2011
German Chancellor Angela Merkel has said that the eurozone’s financial problems may be worse than previously thought, calling it Europe’s biggest crisis since the World War Two. Read more
LinkedIn’s Early Investors Prepare To Cash In
Date:
15 November 2011
LinkedIn Corp’s employees and early backers are said to be ready to sell off more than 6.7 million shares in the social networking firm, so as to benefit from a rapid increase in the company’s market value over the past 6 months. Read more
Key Economic News To Watch This Week: Nov. 14
Date:
14 November 2011
A quick preview of the key economic events for the upcoming week: EU foreign ministers meet in Brussels with the recent 'Arab Springs' at the top of their agenda, US releases retail sales data for October, governors of the central banks of the Organisation of Islamic Cooperation meet in Kuala Lumpur, ASEAN and East Asia summits begin in Bali, US-China hold joint commission on commerce and trade. Read more
U.S. and China Outline Competing Trade Agendas at APEC Summit
Date:
14 November 2011
In a clash of words, US president Barack Obama and Chinese premier Hu Jintao outlined duelling visions for world trade in back-to-back speeches at the APEC Summit, with Obama warning that Americans were growing increasingly frustrated and impatient over what they see as unfair Chinese trade and currency manipulation. Read more
Singapore’s Sovereign Wealth Fund Dumps Stake In Olympus
Date:
14 November 2011
The Government of Singapore Investment Corporation Pte. Ltd. (GIC), Singapore’s biggest state investor, has sold off nearly all of its shares in troubled Japanese camera and medical device maker Olympus Corp. – becoming the first major shareholder to have dumped its stake in the company amidst an accounting scandal that has seen Olympus’s market value drop by more than $6.5 billion since mid-October. Read more
Hungary Placed Under Negative Credit Rating Watch
Date:
14 November 2011
Two of the big three global credit rating agencies, Fitch Ratings and Standard and Poor’s, placed Hungary’s credit rating on “negative surveillance” over the weekend, citing the risk of contagion from the eurozone and the nation’s increasingly unpredictable policy decisions as the primary factors behind their decision. Read more
Mexico Threatens China with WTO Tribunal
Date:
11 November 2011
Mexico has raised the stakes, threatening to seek arbitration from the World Trade Organisation, in a long-running dispute over the sale of cheap Chinese products in its markets. Read more
Infographic: Keeping A Digital Promise
Date:
11 November 2011
The US Digital Promise, also known as theNational Center for Research in Advanced Information and Digital Technologies, was a non-profit organization originated by theU.S. Congressin 2008 as part of itsHigher Education Actto help bridge thedigital dividein education, especially in areas ofnew mediaandInternetuse.While Digital Promise was officially established in August 2008, the lack of funding meant that the program only became a reality in September 2011.How will the average student benefit, and how will the Digital Promise alter the face of the US education system? Read more
Are France And Germany Planning A Smaller Eurozone?
Date:
10 November 2011
Conflicting reports have emerged in reputable news sources on whether stronger eurozone economies such as France and Germany had already been in discussion over the possibility of creating a smaller but more integrated eurozone, which would see a drastic overhaul in the European Union system. Read more
Wall Street Bonuses To Fall By 20-30%
Date:
9 November 2011
The average Wall Street worker will see his bonus fall by 20-30 percent this year as compared to 2010, said compensation consulting firmJohnson Associatesin its annual compensation analysis report on Tuesday. Read more
Fannie Mae Asks For $7.8 Billion More In Federal Aid
Date:
9 November 2011
The Federal National Mortgage Association, more commonly known as Fannie Mae, announced on Tuesday that it would require a further $7.8 billion in federal aid from the US Treasury Department in order to stay afloat, after reporting third-quarter losses of up to $5.1 billion. Read more
Chinese Solar Company Drops $500 Million US-Based Project Over Trade Row
Date:
8 November 2011
China's largest solar power plant developer CECEP Solar Energy Technology Co Ltd has placed its US$500 million US-based development project on hold, following an anti-dumping complaint made against Chinese solar firms by SolarWorld Industries America Inc and the Coalition for American Solar Manufacturing last month. Read more
Local Chinese Brewers Make Push For Premium Beer Market
Date:
7 November 2011
Local Chinese brewers, such as Tsingtao, Yanjing and Zhujiang Beer, are increasingly looking towards the premium beer market as a potential source of revenue as they try to break a monopoly by foreign companies in the world’s largest beer market, where only 5 percent of beers drunk are premium draught beers. Read more
“BP’s Behaviour” Leads To Collapse Of US$7 Billion Deal
Date:
7 November 2011
Argentinean energy company Bridas Energy Holdings Ltd. has pulled the plug on a US$7.06 billion buyout of BP’s 60 percent stake in Pan American Energy LLC, citing “legal reasons” and “the way BP has behaved during the transaction” as the key reasons behind the failed negotiations. Read more
Infographic: Do Looks Matter When It Comes To Getting A Job?
Date:
4 November 2011
How important are looks and appearance when it comes to snagging that dream job? Research has shown that attractive people do better at job interviews, increasing their chances of a gaining employment. In monetary terms, experts have tried to suggest that the attractive people earn a “lifetime difference” of $230,000 more. Read more
Shadow Banking Outperforms its Pre-Crisis Levels
Date:
4 November 2011
In a time when the banking and finance industry is fighting to maintain profitability, the shadow banking system has managed to surpass its pre-crisis level, growing bigger than it was before the financial crisis. Read more
China Jails Activist Granny for Organising Protests
Date:
4 November 2011
A 65 year old grandmother in Shanghai has been sentenced to three and a half years in jail, for what authorities say was a public disruption of order when she organised a protest campaigning for better retirement benefits. Read more
Russian Firms Fare Worst in Bribery Index
Date:
3 November 2011
Russian businesses, which collectively put in billions of dollars in foreign investment last year, are most likely to offer bribes and kickbacks in commercial deals abroad, according to the Transparency International’s latest Bribe-Payers Index. Read more
Europe Faces Recession Risk
Date:
2 November 2011
Even as the threat of a eurozone wide financial meltdown tempers down, the risk of a European recession remains high, bringing about fresh concerns over the consequences for global growth and trade flows. Read more
Infographic: Rising Cost of College Textbooks
Date:
2 November 2011
The cost of college textbooks and supplementary materials weigh heavily on the price of a college education. Since 1986, college textbook prices have increased by 186 percent, with some estimates placing the rise in cost to be 4 times faster than that of any other consumer products. What are the alternatives for college students and how will the Higher Education Opportunity Act play a role? Read more
Japan to Keep Buying EFSF Bonds, But…
Date:
1 November 2011
A senior official from Japan has confirmed that Japan will continue purchasing EFSF bonds, but stopped short of a commitment to inject additional liquidity into Europe’s emergency bailout fund. Read more
Another US-Backed Energy Company Goes Bankrupt
Date:
1 November 2011
A second alternative energy company, which received a loan guarantee similar to the one acquired by Solyndra from the same US Department of Energy (DOE) program, has gone bankrupt – barely a year after receiving US government financing to provide green energy jobs and resources for the country. Read more
Panasonic’s Full Year Losses Estimated At US$5.5 Billion
Date:
1 November 2011
Japanese electronics giant Panasonic has announced that the company is likely to post an annual net loss of 420 billion yen (US$5.5 billion) for the fiscal year ending March 2012 – with rising restructuring costs for its television and semiconductor businesses, coupled with a weak demand for its products overseas due to a strong yen, to blame for what will be its biggest annual loss in a decade. Read more
Key Economic News To Watch This Week
Date:
31 October 2011
A quick preview of the key economic events for the upcoming week: Mario Draghi takes over as president of the European Central Bank, 2011 Bribes Payers Index is launched by Transparency Index, G20 meetings begin in Cannes. Read more
Tax Dispute Sparks Mass Protest in China
Date:
28 October 2011
Hundreds of small business owners in an eastern town in China have protested over a tax dispute, in the latest episode of social unrest resulting from growing discontent and economic pressure. Read more
Survey Finds One in Five Women Never Had a Mentor
Date:
28 October 2011
LinkedIn, the world’s largest professional network with more than 120 million members worldwide, recently released the findings of a study it conducted to learn more about women and their attitudes toward mentoring. Read more
Infographic: Getting To Know The Current Job Market
Date:
28 October 2011
With the jobs market currently taking centre stage in the US, due to rising unemployment and declining job prospects, the need to properly analyse it becomes far greater from the viewpoint of a prospective college student. Check out this infographic thatdetails facts and statistics on the current job market, with a focus on how earning power varies based on level of education and area of study. Read more
Infographic: Prison Spending vs. Education Spending in the US
Date:
27 October 2011
Across the US, there has been a disturbing rising trend whereby more and more money is being spent on the prison system as compared to education spending.Is the level of prison spending really necessary or can the funds be better diverted to other more important avenues such as education? Check out this infographic that highlights the difference in spending between the prison and education system in the US, as well as a comparison between the US prison system and those of the rest of the world. Read more
Lehman Brothers Foresee End To Record Bankruptcy
Date:
27 October 2011
Lehman Brothers Holdings Inc., which filed the biggest bankruptcy in US history in September 2008, could now have enough support from its creditors to implement its latest payout plan that would finally allow the company to lift itself out of the doldrums of bankruptcy, said a top Lehman executive on Wednesday. Read more
Infographic: Why The Affordable Care Act (ACA) Didn't Make Health Insurance Affordable
Date:
26 October 2011
When the new Affordable Care Act (ACA) came into effect in the US in 2010, many Americans were hopeful that it would help to bring down the cost of health insurance. However, the opposite has happened instead. Rising cost of health insurance meant that healthcare costs also grew for America.How did this happen and what is being done to reverse the situation? Read more
Groupon Sues Ex-Employees For Taking Trade Secrets To Google
Date:
25 October 2011
Groupon has filed a lawsuit against two of its former sales managers for passing on confidential trade secrets to Google, after they left the daily deals company to join Google’s very own competing daily deals site, Google Offers, showed an Illinois court filing on October 21. Read more
Chinese Officials Jailed For Leaking Economic Data
Date:
25 October 2011
Two former Chinese state officials have been sent to jail by the Supreme People's Procuratorate, China's top prosecuting authority, after it was discovered that they had divulged classified economic data to securities brokerages in the highest profile crackdown on selective disclosure linked to insider trading in China. Read more
Key Economic News To Watch This Week
Date:
24 October 2011
A quick preview of the key economic events for the upcoming week:EU-China Business Summit in Tianjin, the world’s largest oil companies are reporting third-quarter earnings this week,the follow-up EU Summitis scheduled to take place by October 26, the 125th anniversary of the opening of the Statue of Liberty is marked in New York. Read more
Second US Credit Ratings Downgrade Imminent, Warns BofA Merrill
Date:
24 October 2011
The United States will lose its top AAA credit rating status from another major credit rating agency by the end of this year if Congress fails to agree upon a credible long-term plan that addresses the US deficit problem, forecasted Bank of America Merrill Lynch economists in a research note published on Friday. Read more
Poverty Rates Up in the United States
Date:
21 October 2011
Poverty rates continue to rise in the United States, with the Southern States most badly affected. According to the United States Census Bureau, the number of people living in poverty increased from 42.9 million in 2009 to 46.2 million during the same period in 2010. Read more
French-German Split May Spell Doom For EU Summit
Date:
21 October 2011
Divisions between France and Germany over Europe’s rescue strategy means the eurozone will make scant progress over the strengthening of the European Financial Stability Facility at the EU Summit scheduled to take place this Sunday. Read more
Infographic: The Myths of College Financial Aid
Date:
21 October 2011
One of the most common routes that young adults turn to to pay for their college expenses is through the use of financial aid. However, over the years, some myths of financial aids have emerged that have led to missed opportunities for students. Here are 8 of the most common myths associated with college financial aids. Read more
EU Considering Ban On Credit Ratings For Crisis Nations
Date:
21 October 2011
The European Union could impose regulations that would prevent credit rating agencies from judging the credit worthiness of countries undergoing bailouts, said the European Commission’s internal market commissioner Michel Barnier on Thursday. Read more
Citigroup Pays US$285 Million To Settle Fraud Charges
Date:
20 October 2011
Citigroup has agreed to fork out $285 million in order to settle a civil complaint by the Securities and Exchange Commission that it had misled investors into buying a toxic housing-related debt that the bank had betted against. Read more
Infographic: How SMS Messaging Is Changing The World
Date:
20 October 2011
In 2010,6.1 trillion SMS text messages were sentworldwide, averaging up to 193,430 SMSes sent per second. In addition, SMS has become a massive commercial industry, with its worth valued at over US$81 billion as of 2006. However, did you know that SMSes are also changing the lives of people living in developing economies? Read more
Infographic: Will OpenCourseWare Replace The College Classroom?
Date:
20 October 2011
As more schools continue to post free OCW online that is readily available to any interested party, will OCW eventually replace the college classroom? Check out this infographic that highlights the accessibility of OCW and the difference in cost between OCW and traditional college tuition costs. Read more
World Population to Reach 7 Billion in 13 Days
Date:
18 October 2011
The United Nations is predicting that the milestone seven billion population mark will be achieved on October 31st. But the UN Population Council vice-president has also warned that the population surge will have a devastating impact on the environment. Read more
Christmas Comes Early For Hasbro With 3rd Quarter Profits
Date:
18 October 2011
Toy maker Hasbro Inc. has reported third-quarter profit growth of more than 10 percent, as international sales, coupled with rising demand for boys’ toys such as Nerf guns and Transformers, helped to make up for weakened consumer spending in the US. Read more
Infographic: How Facebook Enriches the College Experience
Date:
14 October 2011
Facebook has changed to way students interact, both online and offline. According to some studies, Facebook is the most used social network for students, who spend about 100 minutes each day site. Professors and American universities are on Facebook too, and research has shown that ‘Facebooking’ has increased engagement and interaction between student and faculty. Read more
UK Unemployment Reaches 17-Year High
Date:
13 October 2011
Unemployment has reached 2.57 million across the United Kingdom as the economic downturn, combined with long term trends towards youth unemployment, saw jobless figures rise again. Read more
Peanut Butter Prices to Rise After Poor Peanut Harvest
Date:
13 October 2011
After a hot and dry summer this year, the wholesale price of peanuts have skyrocketed from US$450 to US$1,150 a ton. In response, top peanut butter brands are forced to increase their prices: Skippy is up 30 to 35 percent, and other sellers have announced they would also raise their prices from the ranges of 20 to 40 percent. Read more
Wall Street to Cut Bonuses in 2012
Date:
13 October 2011
According to the New York State Comptroller, Wall Street is set to reduce cash bonuses for the second year in a row. In a similar vein, the securities industry could lose another 10,000 jobs by the end of 2012, bringing the total cuts for New York in the sector to 32,000 since January 2008. Read more
China Under Immense Pressure to Appreciate Yuan
Date:
12 October 2011
The U.S. Senate has approved a bill that would increase the pressure on China and other countries to allow the value of their currencies to rise; in a move that supporters have said would create American jobs but that both American and Chinese leaders have warned could lead to a trade war. Read more
Infographic: Remembering Steve Jobs
Date:
12 October 2011
A week after the passing of tech entrepreneur and Apple visionary Steve Jobs, we pay tribute to the man who, whether we realize it or not, made a big difference in our daily lives – from the way we listen to music, to popularizing the personal computer. Read more
And the Nobel Prize Goes To...
Date:
11 October 2011
Two U.S. economists were yesterday awarded the 2011 Nobel Peace Prize in economic science. Professor Christopher Sims and Thomas Sargent, both 68, were given the highest recognition for their 35-year careers in the fields of macroeconomics and macroeconomic policy making. Read more
Deadly Violence Erupts in Cairo
Date:
10 October 2011
Violence has broken out in Cairo, with clashes between protestors and security forces in central Cairo leaving 24 dead and more than 200 injured, raising new concerns about Egypt’s security and stability ahead of parliamentary elections. Read more
Infographic: Women Are Finally Taking Over
Date:
7 October 2011
The feminism movement over the past few decades may have finally attained its goals. In business, education, and even in family and personal life, women are gaining more control and even usurping males in roles and power.Has the century of women power begun? Check out this infographic that charts the rise of females in businesses, education, and in social life. Read more
Putin Demands End to 18-Year WTO Wait
Date:
7 October 2011
In his first direct address to investors after announcing his decision to run again for Presidency next year, Russian Prime Minister Vladimir Putin called on his nation’s trading partners to decide quickly on whether to admit Russia to the World Trade Organisation (WTO) after 18 years in which its membership application has been pending. Read more
Infographic: Money Myths - US College Sports
Date:
6 October 2011
In recent news, the monetary benefits that college sports receive have been the hot topic issue. Though truths are involved, there certainly are myths as well.This graphic highlights some myths involving the academics, scholarships & monetary issues surrounding college sports. As the NCAA says, college athletes are going pro in something other than sports. Read more
Microsoft Rejoins List of Companies Looking To Purchase Yahoo
Date:
6 October 2011
Microsoft Corp. has joined a host of companies – including Providence Equity Partners, Hellman & Friedman, Silver Lake Partners, Chinese e-commerce giant Alibaba and Russian technology investment firm DST Global- that is looking to buyout internet search portal Yahoo Inc. in a deal that could be worth up to US$20 billion, said sources close to the situation, reportedReuterson Wednesday. Read more
Canada Ranked No. 1 For Business
Date:
5 October 2011
Canada is the world’s best place to do business, knocking off the favorites of Singapore and Norway, according to Forbes magazine in its annual ranking of global economies. Read more
Madoff Victims To Get First Payouts
Date:
5 October 2011
Eligible victims of Bernard ‘Bernie’ Madoff’s epic Ponzi scheme will soon be receiving the first checks in their mailboxes, according to the trustee liquidating the Madoff estate in federal bankruptcy court. Read more
China's Currency Manipulation Has Cost 160,000 American Jobs
Date:
4 October 2011
According to Senator Chuck Schumer, China's currency manipulation has cost New York more than 160,000 jobs in the last decade. Schumer has also said that China is engaged in intellectual property theft and other forms of manipulation that give them an unfair advantage over American competitors. Read more
US Tells Israel To End Its Self Imposed Isolation
Date:
4 October 2011
U.S. Defense Secretary Leon Panetta warned on Sunday that Israel is increasingly isolated from the Middle East, and that continuing turmoil in the region makes it crucial that Israel finds ways to communicate with its neighbors if it is ever going to enjoy peace and stability. Read more
Infographic: The Dark Side of The Patent Wars
Date:
4 October 2011
The recent spate of patent infringement lawsuits has sent the entire tech industry into a frenzy as companies move quickly to gobble up new patents that can arm them in lawsuits for or against them. Read more
BP Plans US$800 Million Wind Farm in Kansas
Date:
4 October 2011
BP Plc has announced plans to build a US$800 million wind farm in Kansas by the end of next year as the US wind power industry continues to struggle in the face of expiring federal tax credits. Read more
Occupy Wall Street Movement Spreads To Canada
Date:
3 October 2011
The Occupy Wall Street movement, which began last month in New York City, is quickly gaining pace and spreading to Canada. Toronto activists have said that they are planning similar demonstrations against corporate greed later this month. Read more
Denmark Imposes World’s First “Fat Tax”
Date:
3 October 2011
Denmark became the first country in the world to introduce a “fat tax” on Saturday, when a new tax on foods that contained more than 2.3 percent saturated fat came into effect in the Scandinavian country. Read more
Nestle TV Ads Go To The Dogs
Date:
3 October 2011
Nestle, the world’s largest food company and one of the biggest makers of pet food, will launch a world’s first this week – a television commercial aimed directly at dogs, using a high-frequency squeaks and signals to grab their attention. Read more
Merkel Triumphs As Germany Expands Bailout Fund
Date:
30 September 2011
German Chancellor, Angela Merkel, yesterday scored a victory as she successfully corralled her government into voting for the revamped bailout fund, asserting her political authority by pushing the deal through without the oppositions' help. Read more
EU Moves To Curb Powers Of Big Four
Date:
29 September 2011
The European Union yesterday proposed radical rules to reform the audit sector, in a move that could potentially end the dominance of the accounting Big Four. Read more
Infographic: Surprise, Surprise: It's Good To Be A Financial CEO In The Current Economy
Date:
29 September 2011
There is nothing better than being a CEO at a financial institution in the United States. While the average American faces longer working hours, with wages that barely increase, the average financial CEO salary rises exponentially even during a time of financial crisis.In addition, apart fom just earning more, a financial CEO will also receive higher tax savings than that of the average worker. Read more
Infographic: How to Land a Job at Google, Facebook or Apple
Date:
28 September 2011
According toFortune Magazine, Google is the 4th best company to work in. Not surprisingly as well, many young professionals desire to work at Google, with nearly 1 in every 4 aspiring professionals listing it as the company they most want to work for.Yet fewer than 1 in every 250 applicants actually end up working at Google. Read more
Germany Pours Scorn on US’s “Silly Idea” For Europe
Date:
28 September 2011
German Finance Minister Wolfgang Schaeuble has slammed recent comments made by the United States as “silly”, while telling the United States to stop blaming Europe for its economic woes and focus on its own problems at home instead. Read more
China Mobile Is Sitting On More Cash Than Apple
Date:
28 September 2011
China Mobile, the world's largest mobile phone operator, is sitting on more cash than Apple. However, with that excess amount of cash, China Mobile seems to be missing out on cashing in on the phone industry's cheapest stock valuations in two years. Read more
Japan May Come to Greece’s Rescue By Buying More EFSF Bonds
Date:
28 September 2011
The Japanese government is willing to buy more rescue bonds from the European Financial Security Facility (EFSF) to aid Greece’s recovery, as long as the European community comes up with a rational plan to stabilise international markets, said Japanese Finance Minister Jun Azumi on Tuesday. Read more
India's New Poverty Line "Laughable"
Date:
27 September 2011
Indian Prime Minister Manmohan Singh is under immense pressure as public uproar over the country's new poverty benchmark intensifies. With the new poverty threshold guidelines, millions of Indians stand to lose their food and welfare benefits. Read more
Think Before You Swipe: Debit Cards To Cost More Now
Date:
27 September 2011
In August, American Banks Wells Fargo and Chase announced pilot plans to implement a $3 monthly fee for their debit card usage. In November, banks like SunTrust and Regions will follow suit by charging a $5 for a monthly debit card usage fee. Read more
Infographic: The MIT Media Lab: Where Tech is Born
Date:
27 September 2011
The MIT Media Lab has been widely regarded as one of the most innovative research labs in the world that focuses on how design, multimedia and technology can converge to create projects of the future. During the 1990s, the Media Lab was renowned for its inventions in the field of wireless networks, field sensing, web browsers and the World Wide Web, though recently it has redirected its efforts towards addressing social causes. Read more
Russia’s Finance Minister Resigns After Heated Televised Confrontation With Medvedev
Date:
27 September 2011
Influential Russian Finance Minister Alexei Kudrin has departed his post after he went head-to-head with President Dmitri Medvedev during a televised broadcast of a meeting of Russian officials where Medvedev questioned the Finance Minister’s decision to “announce with great pomp” in public recently that he did not intend to work in the new government. Read more
Key Economic News To Watch This Week
Date:
26 September 2011
A quick preview of the key economic events for the upcoming week:EU trade ministers meet in Brussels to discuss Russia's accession to the World Trade Organisation, Indian and Ukrainian Free Trade Agreements and the Doha Development Agenda. Read more
United Nations Walkout On Iran's Ahmadinejad Speech
Date:
23 September 2011
U.S. diplomats led a walkout from the United Nations General Assembly as Iranian Mohammed Ahmadinejad started his sweeping attacks at the "arrogant powers" of the West, and suggesting that "two planes couldn't bring towers down." Read more
China’s “Heavenly Palace” Gets Ready to Head Into Space
Date:
23 September 2011
China will embark on its first ever unmanned space program at the end of this month, with the launch of the Tiangong-1 (the “Heavenly Palace-1”) space module from the Jiuquan Satellite Launch Centre in northwest China's Gansu Province, said state-owned news serviceXinhuaon Thursday. Read more
Young Chinese The Wealthiest In Asia
Date:
21 September 2011
A recent survey by HSBS has found that China has the highest number of "young-and-rich" in Asia. Furthermore, HSBC has found that investment in assets within the region is increasingly popular as a way to increase wealth. Read more
World’s Cheapest Car Gets US$4.6 Million Makeover
Date:
21 September 2011
The world's cheapest car, the Tata Nano, has been transformed overnight into one of the planet’s most expensive models in a publicity stunt that celebrates India’s 5000 years of jewellery tradition and craftsmanship. Read more
Prada Earnings Leap By 74%
Date:
20 September 2011
Italian fashion house, Prada, reported a 74 percent gain in first half profit, beating its own forecast in its June listing prospectus, driven by surging demand in Asia. Read more
The Italians Have Been Downgraded
Date:
20 September 2011
Global markets are bracing themselves for another bloodbath after S&P downgraded Italy. The country is the third largest economy in the eurozone, but also holds the second largest debt in Europe with a debt burden of 120% over its GDP. Read more
The Future of Transport? Heathrow Airport Launches Automatic Laser-guided Travel Pods
Date:
20 September 2011
The future is, apparently, now. Barely two years ago, automatic travel pods were just part of an exhibition on the future of transport held at London’s Science Museum. Today however, they are now part of a revolutionary system adopted by Heathrow Airport to transport passengers from its terminals to the business car park 3.8km away in just five minutes. Read more
Wall Street Blocked As Demonstrators #OccupyWallSt
Date:
19 September 2011
New York City police may continue to restrict access to Wall Street for a third consecutive day, requiring workers and residents to present their identification after protestors staged a peaceful weekend demonstration at New York's financial district. Read more
Key Economic News To Watch This Week
Date:
19 September 2011
A quick preview of the key economic events for the week ahead. Google will be debated by the US Senate, the World Trade Organization, International Monetary Fund and G20 finance ministers meet in Washington for their annual meetings. Read more
Greece Plans More Cuts As Pressure Mounts From EU/IMF
Date:
19 September 2011
The Greek government will finalize a fresh package of deficit cutting measures for the country once it has completed talks – scheduled for today – with lenders from the European Union and the International Monetary Fund, said Deputy Prime Minister and Finance Minister Evangelos Venizelos on Sunday evening. Read more
US Tax Evaders Turn to Israeli Banks
Date:
16 September 2011
The United States Justice Department is investigating three of Israel's largest banks over suspicions that their branches in Switzerland may have helped US clients evade taxes, reportedReuters,citing unnamed sources. Read more
Facebook to Delay IPO Till Late 2012?
Date:
15 September 2011
Facebook will postpone its highly anticipated initial public offering until the end of next year, "in order to keep employees focused on product developments rather than a pay-out,” according to aFinancial Timesreport on Wednesday. Read more
Infographic: China vs. America in Education
Date:
14 September 2011
The Chinese and American education systems have notable differences in terms of style, syllabus, structure, and emphasis. Although American schools have long had a history of producing highly capable graduates, Chinese schools have also been adapting its style to make it more "american-ised". Read more
Italy Seeks Chinese Cash to Buy Bonds
Date:
13 September 2011
The Italian Finance Ministry has held talks with Chinese officials in an attempt to persuade Beijing to buy “significant” amounts of Italian bonds and invest in strategic companies. Read more
Al Gore Plans 24-Hour “Assault on Climate Sceptics”
Date:
13 September 2011
Former US Vice President Al Gore will launch a 24-hour media campaign, entitled “24 Hours of Reality”, to address sceptics of climate change and call for action among policy makers and citizens in dealing with the problems of global warming. Read more
Infographic: The Travel Industry Post-9/11
Date:
12 September 2011
The 9/11 terrorist attacks had a major impact on the airline industry in the United States.In a press call titled “Effects of 9/11 on the Travel Industry; A Ten-Year Perspective,” Roger Dow, president and CEO of the U.S. Travel Association, referred to the past 10 years as a “lost decade.” Read more
Greece Unveils More Budget Cuts and New Property Tax
Date:
12 September 2011
Amidst heavy protest from its citizens over months of austerity measures, the Greek government has once again announced new budget cuts – including cutting the salaries for all elected politicians – and a one-time property tax in an attempt to raise 2 billion euros by the end of the year. Read more
Qatar’s World Cup Bill: US$220 Billion
Date:
9 September 2011
Qatar will have to fork out more than US$220 billion to successfully host the 2022 FIFA football World Cup, said a German legal and financial analyst to an investors’ summit held in Munich. Read more
Infographic: The Internet - Then vs. Now
Date:
8 September 2011
Do you still remember what the Internet was like 15 years ago? Advances in technology have changed the way the internet look, feels and runs, in ways previously thought unimaginable. Read more
China Frees 30 Disabled Slaves
Date:
8 September 2011
In a latest case of labour abuse, China said that they have rescued 30 people who had been forced to work as slaves at an illegal brick factory in Henan in central China. Some of the rescued workers have disabilities so severe that the Chinese authorities are finding it hard to establish their identities. Read more
Libyan Oil Exports To Remain Below Pre-War Levels Until 2013
Date:
8 September 2011
The International Energy Agency (IEA) warned on Thursday that Libyan oil exports were unlikely to return to their pre-war levels until 2013, despite claims made by Oil and Finance Minister Ali Tarhouni that the oil industry would resume normal production within the next two weeks. Read more
Switzerland Pegs Franc To The Euro
Date:
7 September 2011
Concerned that the soaring franc would jeopardize its export market, Switzerland's central bank yesterday pegged the franc to the euro and said it was prepared to spend an "unlimited" amount to defend the Swiss currency. This move effectively devalues the franc and brings about new fears of a currency war. Read more
South Africa Says No to Alcohol Ads
Date:
7 September 2011
The South African government is planning to enact a ban on all forms of alcohol advertising in an attempt to curb violent crime caused by excessive drinking, said Health Minister Aaron Motsoaledi on Tuesday. Read more
Toyota to Produce New Prius in China
Date:
5 September 2011
Toyota Motor Corp. will manufacture the third generation of its hybrid model, the Toyota Prius, along with its vital parts in China, said a spokesperson for the company on Sunday. Read more
US To Sue Banks Over Subprime Mortgage Loans
Date:
2 September 2011
The US Federal Housing Finance Agency, a government body that oversees mortgage giants Fannie Mae and Freddie Mac is preparing to file a law suit against a dozen of the world's largest banks, for allegedly misrepresenting the quality of mortgage-backed securities. Read more
White House Predicts Long Term Unemployment
Date:
2 September 2011
The White House forecast on Thursday high unemployment of about 9 percent that is expected to persist through 2012. This announcement comes days before US President Barack Obama is expected to make his stimulus proposals. Read more
Infographic: 10 Hot Careers with Strong Projected Growth
Date:
2 September 2011
The United States government recently revealed that unemployment is likely to remain above the 9 percent mark over the next year.However, there are some career prospects that remain resistant to the current economic situation. Here are ten jobs that are expected to post strong growth over the next 5 years. Read more
Exxon Mobil Teams Up With Russia In Arctic Oil Deal
Date:
31 August 2011
Exxon Mobil has signed an Arctic oil exploration deal with Russian state owned oil company, Rosneft, in a strategic move ahead of industry rivals, BP. As part of the deal, Rosneft will be allowed access to oil reserves in the Gulf of Mexico and elsewhere. Read more
Key Economic News To Watch This Week
Date:
29 August 2011
A series of economic data will be released this week which would determine if the world's largest economy, the United States of America, is about to enter another round of recession. Read more
Facebook Has One Trillion Hits Per Month
Date:
26 August 2011
The world's leading social network, Facebook, registered one trillion page views for the month of June, and 870 million unique visitors. That works out to an average of 1,150 page views per user. Read more
Infographic: Today's College Students Are More Stressed Out Than Ever
Date:
26 August 2011
According to a 2010 survey of American college freshmen, today’s average college student has the worst emotional health of any student group previously studied before. Some of the main reasons cited for stress in college students have been their academic results, the difficulty in adjusting to college life, and also the question of finance and how they would pay for their college education. Read more
Google Pay US$500 Million Settlement Over Online Drug Ads
Date:
25 August 2011
Internet giant Google Inc. has agreed to pay the US government US$500 million for allowing online Canadian pharmacies to advertise to US-based consumers through its AdWords program, according to apress statementreleased by the United States Department of Justice on Wednesday. Read more
Foursquare Scores As Facebook Scraps Places Check-Ins
Date:
24 August 2011
Facebook has confirmed that it will remove its Places check-in feed from its mobile apps and interface, just a year after it was unveiled, with only 6% of Facebook users trying out the service. Many industry observers had then feared that Facebook's social location service posed a serious threat to other providers, such as Foursquare and Gowalla, because of its sheer number of users. Read more
French Billionaires Call For Higher Taxes
Date:
24 August 2011
Some of France's richest people, including L'Oreal heiress Liliane Bettencourt and the head of oil giant Total, have signed a petition to pay more tax following U.S. billionaire Warren Buffett's call to raise taxes on the super-rich, urging the French government to do more to help solve the country's financial problems. Read more
The Mad Rush For Libyan Oil Profits Has Begun
Date:
24 August 2011
The fighting in Tripoli may have yet to be ended, and Muammar el-Qaddafi may have yet to been caught, but the scramble for Libya’s oil wealth has already begun to heat up among numerous international players. Read more
10 Truths About the Libyan Conflict
Date:
23 August 2011
The oil markets celebration over Libya was short lived. A day after news headlines were abuzzed over the apparent victory of the people of Tripoli, the future of Libya looks uncertain. With no clear plan ahead, Libya is left without a government, constitution and leaders. Read more
Infographic: The Future of Speech Recognition Technology
Date:
23 August 2011
Automated Speech Recognition (ASR) technology is increasingly becoming a more prevalent part of today's society. Presently, the technology is most evident in our mobile phones or our personal laptop computers where by operations and tasks can be handled by merely our voices.However, as most of us can attest to, the technology can sometimes be irreliable or inaccurate. Take a look at how far ASR has progressed in the last two decades and find out how new changes could improve the accuracy and efficiency of the technology: Read more
Germany Says "No" to Euro Bonds
Date:
23 August 2011
Germany has signaled that it will not support plans to create euro zone-wide government bonds. German Vice-Chancellor Philipp Roesler was quoted as saying that "euro bonds are the wrong signal to weaker economies". Read more
Indians Bet Big on Gold Price
Date:
22 August 2011
Gold buyers in India, the world's largest consumer market of the yellow metal, are placing huge bets on the the price of gold on expectations that prices may rise. However, gold imports are likely to decline as limited budgets buy less gold, the head on India's biggest importing bank reported. Read more
Global Markets Slammed, Wiping Out Gains From Recent Trading
Date:
19 August 2011
The world's major stock markets tumbled back into free fall Thursday on a raft of negative economic indicators and a warning that the U.S. and Europe are dangerously teetering the brinks of a recession. More than US$3.2 trillion has been wiped off from U.S. equity markets since the start of May, leaving the benchmark for U.S. a mere 29 basis points of entering a bear market. Read more
U2 to Invest in Music Study as Ireland Cuts Spending
Date:
19 August 2011
Irish rock band U2 is offering US$7.1 million of its own money to fund music schooling for Irish students as the government cuts spending on education. U2 will be paying for musical equipment and the hiring of teachers to tutor thousands of children across the country, supporting a series of projects. Read more
Gorbachev: Putin has “Castrated” Democracy in Russia
Date:
19 August 2011
Russian Prime Minister Vladimir Putin has killed off democracy in Russia, says former Soviet leader Mikhail Gorbachev.Speaking to theBBCon the eve of the 20thanniversary of the unsuccessful Soviet coup d’état attempt, Mr. Gorbachev denounced Mr. Putin and his team for killing development in the country, which needs to start pushing towards democracy again. Read more
India's Tata to Reveal New Jaguar Concept Car
Date:
18 August 2011
India's Tata Motors will reveal Jaguar's latest concept car, the C-X16, at the Frankfurt Motor Show next month. Smaller and cheaper than the XK Coupe, the C-X16 is a glimpse of the car maker's future sports cars, says the company. Read more
Premier League Tickets Cutting Out Fans
Date:
18 August 2011
As ticket prices are reviewed, - 6.5% increases at Arsenal - fans are consistently at the losing end as prices continue their rising trend. For years now, a large disparity has formed between what fans pay now and the prices before the Premier League was formed. Read more
Motorola Mobility Director Quits
Date:
18 August 2011
Motorola Mobility announced the departure of WIlliam (Bill) R. Hambrecht from its Board of Directors, just a few days after the announcement of Google's US$12.5 billion acquisition of Motorola Mobility. Hambrecht, who was nominated by activist investor Carl Icahn, will be resigning with immediate effect. Read more
Manchester United Plans US$1 billion IPO in Singapore
Date:
17 August 2011
Manchester United, the English Premier League soccer power that is already the most valuable sports team in the world, is preparing to sell shares on the Singapore stock exchange that could raise about US$1 billion, according to a person familiar with the plan who declined to be identified before the details of the sale were made public. Read more
Bernie Madoff's Wardrobe Will Dress Up Your iPad for US$500
Date:
16 August 2011
Bernie Madoff is an incarcerated American felon, former stockbroker and investor, non-executive chairman of NASDAQ, and the figure behind what is consider to be the biggest Ponzi scheme in history. A new company, Frederick James, now provides sleek new lightweight designs from Madoff's clothes, to protect iPads. Read more
Google to Buy Motorola Mobility, Hedge Against Patents Lawsuits
Date:
16 August 2011
Google is set to purchase the mobile handset arm or Motorola for US$12.5 billion in a bid to bolster the adoption of its Andriod mobile operating platform and to mount a sustainable challenge to compete with smartphone rival Apple. In the largest deal to date, Google would pay US$40 per share in cash, a 63 per cent premium to Motorola's closing price last Friday on the New York Stock Exchange. Read more
Warren Buffett: I Want to Pay More Taxes!
Date:
16 August 2011
While most individuals complain about paying too much taxes, billionaire investor Warren Buffett is adamant that his “mega-rich” friends and himself are not paying enough; and is demanding the US government to “stop coddling the super-rich”. Read more
Yuan Picking Up, Trading Near 3 Year High
Date:
15 August 2011
China's yuan hit a fresh high against the dollar late Friday after the central bank guided its currency upward for the third straight day, marking the yuan's biggest weekly rise since it was essentially unpegged from the greenback last year. Read more
Europe Imposes Short Selling Ban
Date:
12 August 2011
European regulators will ban short-selling in four countries’ financial stocks from Friday in a co-ordinated effort to restore confidence in a market hit by rumours, higher borrowing costs and a steep rise in emergency financing. In a statement issued close to the end of the day, the European Securities and Markets Authority (EMSA) said Belgium, France, Italy and Spain were set to bring in the ban, which will vary in detail from country to country. Read more
France's Credit Rating Under Scrutiny, Debt Targets to be Reassessed
Date:
11 August 2011
French President Nicolas Sarkozy has said his government will explore new measures to reduce the size of France’s public deficit amid concerns it could face a debt downgrade. The move came as shares in France’s banks tumbled amid concerns over stability in the continuing market turmoil. Read more
Tech Giants Team Up to Create Universal 3-D Glasses
Date:
10 August 2011
Major television 3-D TV manufacturers including Sony, Panasonic and Samsung are working together to create a new standard for universal 3-D glasses that will be compatible for 3-D images on multiple television sets, computers and movie screens. Read more
S&P Defends US Downgrade, Warns of Further Downgrade in 6-24 Months
Date:
8 August 2011
Amidst heavy criticism from US politicians over its decision to downgrade the US economy from AAA status to AA+ for the first time in history, Standard & Poor’s took another unprecedented step on Saturday when it held a conference call with reporters to vigorously defend the rationale behind its decision. Read more
250,000 Protest In Israel, Demonstrations Into Second Week
Date:
8 August 2011
Massive demonstrations across Israel against the high cost of living point to a revival in the fortunes of the country's long-dormant left-wing movement, forcing Prime Minister Benjamin Netanyahu to focus on economic policy at a time when he enjoys broad support for his handling of policy toward the Palestinians. Read more
EconHumour: What if Economists Were Computer Viruses?
Date:
5 August 2011
Have you tried to understand the difference between economic systems in different countries - but simply can't get your head around it? Last time out, EconomyWatch.com usedcows as an analogy.This time, we're using something that affects many of us in our daily lives, especially as we grow increasingly reliant on computers and the internet: Computer Viruses. Read more
Largest Series of Global Cyberattacks Uncovered
Date:
4 August 2011
McAfee, a cybersecurity company, issued a report on Wednesday saying that it had identified a single perpetrator of cyberattacks that lasted up to five years on 72 organisations that included governments and businesses. The pattern of targets suggests the attacker was a “state actor” either Eastern Europe or East Asia, and not only broke in but remained embedded in computer systems, quietly siphoning secret data for years. Read more
Four Reasons for Digital Media Industry Growth
Date:
3 August 2011
The digital advertising ecosystem has evolved in mature markets around the world at an accelerated pace over the last 18 months, both in terms of volume of digital ad spend, as well as complexity of the value chain. Let’s face it, the mature markets have exploded. There are two proof points to back up this statement. Read more
US Stocks Suffer Longest Losing Streak Since 2008
Date:
3 August 2011
The US isn't defaulting, but the stock market has not cheered anyway. US stocks fell hard Tuesday, marking their longest losing streak since the heart of the 2008 credit crisis, on investor worries about upcoming federal spending cuts and a likely stall in the recovery. The eight-day losing stretch was the longest since weeks after the collapse of Lehman Bros. and, by some measures, the peak of the US credit crisis. Read more
Economic Policy Institute: US Debt Deal Will Cost 1.8 Million Jobs
Date:
3 August 2011
As US politicians from both parties continue to pat themselves on the back for successfully reaching a compromised debt deal, theEconomic Policy Institute(EPI), a top nonpartisan think tank, warned on Monday that the deal struck to raise the nation’s debt limit may end up costing the economy 1.8 million jobs by 2012. Read more
Infographic: Daily Deal Sites - Fad or Future?
Date:
2 August 2011
The popularity of daily deal websites have skyrocketed over the years. Yet as EconomyWatch.com has previouslypointed out, there is a distinct possibility of shoppers' or deal fatigue when it come to these sites. Read more
Obama Annouces Deal, Debt Impasse To End Soon
Date:
1 August 2011
USPresident Barack Obama announced a last minute deal between Republican andDemocratic leaders to reduce the US deficit and avoid a default, but warned that the measures might not be sufficient to prevent a credit rating downgrade. Read more
EconHumor: Tax Time
Date:
29 July 2011
With tax time out of the way - and the annoyance of having to pay far too much to the government, again, here's to laughing about it. Read more
Infographic: The US Debt Ceiling Crisis - Local Politics, Global Implications
Date:
29 July 2011
According to the U.S. Treasury, by next Tuesday, August 2 the U.S. Congress must reach consensus and pass some kind of agreement to allow the U.S. Government to borrow beyond the $14.3 trillion debt ceiling, which was last raised on February 12, 2010. Failure to do so will leave the U.S. government with insufficient funds to continue its payments, including its upcoming debt obligations. This “default,” if it happens, would downgrade America’s credit rating, increase its borrowing costs, and create havoc as yet unknown on world markets. Read more
US Dollar Plunges After Major Sell-off
Date:
28 July 2011
The U.S. dipped to its record low against the Swiss franc as investors around the world continue to anticipate the outcome of talks aimed at averting a U.S. default. With the talks between U.S. lawmakers on a plan to raise the government's $14.3 trillion debt ceiling before an August 2 deadline stalled, the dollar slid to a three-month low versus a currency basket with more falls seen likely if no deal is reached. Read more
BT Develops a One-Stop Integrated Communication Solution
Date:
28 July 2011
Simple corporate communications strategies can go a long way towards building successful external relationships, and efficient internal communities that companies crave today. But with so many different ways to communicate in the workplace, how are the most successful companies implementing strong communication strategies – all while keeping up with modern tools and technology? Read more
Downgrade Doldrums: US Credit Rating May Drop Even if Debt Deal is Reached
Date:
27 July 2011
As Democrats and Republicans continue to trade barbs in the senate over an agreeable debt deal, numerous market analysts and investors have now agreed that the US faces the increasing possibility of losing its AAA rating from at least one of the three major credit rating agencies – namely Standard & Poor’s, Moody’s, and Fitch – even if a compromise can be reached by the August 2nddeadline. Read more
2G Telecoms: India's Biggest Corruption Scandal
Date:
26 July 2011
Andimuthu Raja,former telecommunications minister is facing trial in India's biggest corruption scandal. But he wasn't going down alone. Raja deflected blame onto the prime minister in court on Monday, saying he had knowledge of a key decision to manipulate the sale of 2G telecomsspectrum licences in 2007-8 when he was telecommunications minister.Manmohan Singhappeared in court in the Indian capital denying the allegations. Read more
Blockbuster Drug Prices to Plummet as Patents Run Out
Date:
26 July 2011
Patients will be paying less for the their medicines as seven of the world's most popular drugs turn generic, including cholesterol fighter Lipitor, blood thinner Plavix and anti-depressant LexaPro. In the next four years, blockbuster drugs with annual sales of about $255 billion will go off patent, providing cost savings and increasing the accessibility of health benefits to patients. Read more
Farewell Borders: The End of Book Culture?
Date:
25 July 2011
Starting off as a used-book store in 1971, Borders pioneered the growth and boom of the book superstore with its wide selections and cheap pricing.But analysts believe the company began to lose its edge at the onset of the digital era, missing important shifts in the industry as consumers migrated online and toward digital books. Read more
Infographic: 10 Personal Finance Tips for 2011
Date:
22 July 2011
If you've made 2011 your year to take control of your personal finances, tighten up careless spending and reign in those obligations, here are some great tips for staying on track for the rest of the year. Read more
Crafting an Internal Communications Strategy
Date:
21 July 2011
All countries have different languages, cultures, and business practises, not to mention that within a single country, there can be differences between provinces, sultanates or even major cities. So succeeding with your internal communication across such a complex diaspora is not an easy thing to achieve. Read more
Robots Rule in South Korea
Date:
21 July 2011
The South Korean robotics industry experienced record growth last year in output, sales and exports, as increased investments in manufacturing facilities raised productivity levels and technical expertise for 395 firms surveyed by the Korea Association of Robot Industry. Read more
Cisco to Slash 6500 Jobs - Nine Percent of Headcount
Date:
20 July 2011
Cisco Systems Inc. revealed plans to shed about 9% of its staff in a bid to trim its operating costs and improve the company's profitability. The networking equipment maker said the impending cuts will save the company about $1.3 billion in restruturing charges over several quarters. Some 2,100 employees will be leaving the company on a voluntary early-retirement programme, while the remaining 4,400 employees would be laid off. Read more
Splat! Rupert Murdoch Pied
Date:
20 July 2011
Rupert Murdoch was attacked during a parlimentary hearing on Tuesday by an angry protestor - with a pie. The CEO was called a "greedy billionaire" by the 26 year old man who tossed a shaving cream pie at the CEO of News Corporation. Read more
China Needs Talent for the Auto Industry
Date:
19 July 2011
Speaking at the eighth China Changchun International Auto Expo, Fu Yuwu identified the lack of talent in China as the main roadblock for the continued advancement of the country’s auto industry. Read more
Dawn of the Samurai Bond in the Middle East
Date:
19 July 2011
The National Bank of Abu Dhabi (NBAD) became the first Middle Eastern financial institution to issue a Samurai bond last week when it sold 10 billion yen (US$127 million) of 15-year bonds – with a fixed coupon rate of 2.6 percent. Read more
A Royal Boost For British Business
Date:
18 July 2011
Newly wed royal couple, Prince William and Kate Middleton, are set to become “ambassadors” for British business around the world, according to a report fromThe Telegraph. Read more
Econ Humor: 8 Good Jokes About Going Green
Date:
15 July 2011
The green movement is one of the most under-rated issue in global economics today. If we ruin the planet to live on, where would we do business then? The rise of green technologies and increasing investment in the sector over the years is a good sign that conservation is being taken seriously by the powers that be - but let's face it, anything as controversial as this can be taken a bit too seriously, or erm, passionately. Read more
Power Struggle in Russia?
Date:
14 July 2011
Top Russian business leaders from 27 leading companies were caught by surprise on Monday when a discussion over Russia’s investment climate with President Dmitry Medvedev turned into a political campaign for Medvedev to remain in office – as the Russian President prepares for a possible confrontation with his predecessor and former mentor, Prime Minister Vladimir Putin, in next March’s presidential elections. Read more
Interactive Infographic: The State of the Internet Today
Date:
14 July 2011
The Internet is one of the fastest growing industries in the world. Keeping track of its growth is often an incredibly difficult task as the environment continously changes - with new technology, new providers, new resources and new methods. As the Internet gets bigger, faster and more mobile each day, the biggest challenge for analysts is how tofollow the progressand also on how to present the information in a way where others canfollow the data. Read more
Facebook: The 10th Most Hated Company In The US
Date:
12 July 2011
Facebook may be the world’s most popular social media platform – with more than 750 million registered users, US$2 billion in annual revenues and even an award-winning movie based on its founders – yet for all the “like” buttons in the world,the company was listed among the most hated companies in America according to a recentBusiness Insider report. Read more
EconHumor: The Chinese Economy
Date:
8 July 2011
China is doing well when it comes to the global economic arena. The Chinese are hardworking, smart - and they're taking over the world. Why so serious? Here's a few jokes to lighten up - the fact the Chinese will one day dominate the world. Read more
Infographic: 200 Biggest Ad Spenders
Date:
8 July 2011
The rise in advertising spend by companies big and small is always a good indicator of global economic recovery. After all, it's one of the first budgets companies pull in bad times. Read more
UN: US$1.9 Trillion Needed Annually to Avert “Major Planetary Collapse”
Date:
7 July 2011
A newUN reportconducted by the Department of Economic and Social Affairs has called for investments of US$1.9 trillion annually over the next 40 years in green technologies in order to create a “fundamental technological overhaul of production processes worldwide” and avoid “a major planetary collapse.” Read more
Did Obama’s Stimulus Package Cost US$278,000 per Job?
Date:
6 July 2011
The recentSeventh Quarterly Reportreleased by the White House’s Council of Economic Advisers has sparked a war of words in the US as politicians and political observers from the opposing parties battle over the interpretation of the report. Read more
Sweet Return For Mars Inc. to the US
Date:
4 July 2011
American chocolate manufacturer Mars Inc. has announced plans to build a brand new “state-of-the-art” chocolate manufacturing facility in Topeka, Kansas –its first such site in the US for over 35 years. Read more
EconHumor: Politicians Say the Dumbest Things
Date:
1 July 2011
Politicians are typically smart and well-educated. But under pressure- and especially when they’re trying to sugarcoat the ugly truth or blatantly lie, they tend to come up with some pretty dumb things. Here’s a collection of some of the best political blunders. Read more
BRIC Support For New IMF Chief
Date:
29 June 2011
French Finance Minister Christine Lagarde received support from the four major emerging economies (Brazil, Russia, India and China) as she was officially elected to become the new IMF Managing Director for a five-year term beginning on July 5, 2011. Read more
OPEC Outrage at IEA’s Release of Oil Reserves
Date:
29 June 2011
A war of words could erupt between oil-consuming nations and oil producers, after the IEA (International Energy Agency) – representing 28 oil-consuming countries – announced last Thursday that it would release about 2 million barrels of oil per day from its emergency stocks over the next month in order to boost supply and drive down prices. Read more
Managing Asia the Microsoft Way
Date:
28 June 2011
Everyone knows Microsoft and most people on the planet have used Microsoft products at some point in their lives. Like all companies, Microsoft has to constantly adapt to provide relevant and current products/services in today’s ever changing competitive technological landscape. With the advent of Cloud computing, this is a critical time in Microsoft’s development. Read more
Colombia’s Credit Rating Improved to Investment Grade
Date:
28 June 2011
The Colombian economy received a massive boost last Wednesday, asFitch Ratings became the third major credit rating agency this year to upgrade the nation’s investment grade–to BBB-,the minimum standard required for a country to be deemed as credit-worthy. Read more
Assuaging Singapore’s Obsession With Comparative Ranking
Date:
27 June 2011
Singapore is one of the most competitive economies in the world. Despite its small physical and demographic size, the country takes immense pride in its ability to stand among the world’s economic giants as one of the best countries in the world for businesses and investments.However, according toBill Rylance– founder and CEO of WATATAWA – Singapore’s competitive nature has led to a nation-wide obsession with global rankings. Rylance points out that differentiation, rather than comparison should be the defining factor for a country’s competitiveness; and explains why global rankings can hardly be definitive of a nation’s true competitiveness. Read more
Economics Humor: PIGS & The Eurozone Crisis
Date:
24 June 2011
The European economy is not doing so well, and it's no laughing matter - especially for Portugal, Ireland, Greece and Spain as they struggle to cope with debt and rest their hopes on a bailout, or exit from the Euro. Read more
Asia’s Millionaires Overtake Their European Counterparts
Date:
23 June 2011
There are now more millionaires in Asia than there are in Europe, according to the2011 Merrill Lynch-Capgemini World Wealth Report.Bolstered by the economic growth in China and India,the rank of Asian millionaires grew by 10 percent to 3.3 million– coming in behind North America’s 3.4 million millionaires and ahead of Europe’s 3.1 million. Read more
Bank-ing on Google For Economic Insight
Date:
23 June 2011
In a move that would seem to underscore the prevailing influence of the Internet, the Bank of England is now turning to Internet search data as a key source for tracking the latest economic trends and indicators. Read more
Plenty of Fishes in the Sea? Think Again.
Date:
22 June 2011
Hundreds of species of marine life are facing mass extinction as pollution, climate change and overfishing threaten to create a catastrophe “unprecedented in human history”, according to thelatest reportby the International Programme on the State of the Ocean (IPSO) and the International Union for the Conservation of Nature (IUCN). Read more
What Tech Bubble? Internet Companies May Actually Be UNDER-Valued.
Date:
22 June 2011
Amidst growing concern over an inevitable new technology bubble burst, venture capitalist Ben Horowitz of Andreessen Horowitz has come in the Economistrecently to argue that not only were we NOT in a technology bubble, but internet companies may actually still have potential for even more significant growth in their valuations. Read more
Eurozone Bosses Say Non! To Greek Bailout
Date:
21 June 2011
The debt crisis in Greece is increasingly turning into a Greek tragedy, in both the literal and figurative sense, as Euro-zone finance ministers emerged from two days of discussion at the Luxembourg Summit to announce that the next tranche of aid to Athens would not be approved until the Greek parliament passes new austerity measures. Read more
Hackers Threaten Bitcoin Dream
Date:
21 June 2011
The Bitcoin movement suffered two major setbacks in a week – with two hacking incidents threatening to derail whatMichael Suede of Libertarian Newshas described as “the most important creation in the history of men” Read more
Indonesia: The Next Economic Superpower?
Date:
20 June 2011
The Indonesian economy has been described as a “phoenix rising”, according to a recentreportpublished by Nomura on June 7, 2011.In its report, Nomura stated its belief that Indonesiawill see GDP growth averaging over 7 percent in the next five years, where “current momentum will be augmented by incremental reforms and progress on infrastructure development”. Read more
Go Social - Or Die
Date:
17 June 2011
Businesses today are living in fear of social media. There is a tremendous fear of failure, and that is leading to inaction. What many business leaders don’t realise is that inaction is also a choice, and those companies not embracing social media are getting hammered. Read more
Look On The Bright Side: Unemployment Humor
Date:
17 June 2011
Looking for a job in times of high unemployment and few good job opportunities takes a massive tool on families and individuals. But things will get better in the economy - they always do. If you're unemployed and stressed out looking for a job, it pays to take a break, and a laugh. Here are some funny unemployment jokes to cheer you up! Read more
How Russia Gains from the Japanese and Middle East Crises
Date:
16 June 2011
Two unrelated global crises are benefitting Russia. As the primary gas exporter to Europe, Russia stands to gain from the rise in energy prices as a result of unrest in the Middle East. Secondly, the country benefit from sourcing nuclear power in Germany and Italy due to the Fukushima nuclear power plant disaster. Read more
Egypt To Open Gaza Strip Border
Date:
15 June 2011
Egyptian Foreign Minister Nabil Elaraby said in an interview with Al Jazeera and discussed that Cairo was working to permanently open the Rafah border crossing with the Hamas-controlled Gaza Strip. Read more
Junk Bonds: A Drexel Burnham Lambert Legacy
Date:
14 June 2011
Ares is an investment firm which has $37 billion of funds invested in private equity, high-yield bonds and other corporate debt. Canyon Partners, an alternative-investment firm that manages $18 billion. Imperial Capital, is a boutique investment bank. So what do these investment firms have in common? Read more
Holy Cow! Singapore Economy Grows 22.5 percent in Q1
Date:
13 June 2011
Following a modest 3.9% q-o-q saar rise in Q4 2010, Singapore’s GDP growth accelerated in Q1 2011, recording a 22.5% sequential expansion. While services had recovered more quickly in Q4 last year, the manufacturing sector caught up in Q1 2011, boosted by an improvement in end demand. Read more
Ten Clues that Wall Street is About to Crash Again
Date:
13 June 2011
The Dow Jones Industrial Average ($INDU) is 7% off its end April high, and has broken decisively down through its 50 Day Moving Average. The Fed and its supporters in the economist brotherhood (yes they are mostly men) have described this as a ‘soft patch’. The markets are not so sure, and there are a confluence of factors suggesting the Dow and many other global stock markets are about to go bump in the night ... Read more
The Pension Crisis: Raise the Retirement Age?
Date:
13 June 2011
As more governments around the world work to deal with the aging problem, increases in official retirement ages attempt to keep the costs of state pensions down. In the US, the pension deficit amounts to $3 billion. Read more
Filthy Rich from Groupon
Date:
10 June 2011
Even though the heat is cooling off tech company investments, Groupon is set to IOP for $750 million. However Groupon is seen as a sales company, and not a tech company. Here are the 13 people getting filthy rich from Groupon. Read more
Economics Humor: DSK Jokes
Date:
10 June 2011
Dominique Strauss-Kahn's May arrest for sexually assaulting his hotel maid caused a media frenzy - and a sensation of DSK jokes followed. Everyone from Joan Rivers to SNL weighed in on the darkly humorous aspects surrounding DSK's arrest and many couldn't resist drawing parallels to the scandalous news. Read more
Australia: The (Future) Best Country In The World?
Date:
9 June 2011
According to arecent reportby the Organisation for Economic Co-operation and Development (OECD), Australia was ranked as the best advanced economy in the world to live in.The 2011 Your Better Life Index saw Australia attain extremely high scores in Housing, Life Satisfaction and the Environment. Read more
Silicon Valley Bubble Warning: From the Bubble-Blower-in-Chief
Date:
9 June 2011
Alisher Usmanov, the Russian magnate behind DST, is telling reporters that he thinks valuations are starting to get too high in tech. Usmanov, owns about 10 percent ofFacebook, said he's cautious about investing more money inInternet companies, as prices may have peaked. Read more
A New 'G5'?
Date:
8 June 2011
U.S., China and five other large economies will face deeper scrutiny from their peers to ensure their policies don’t derail a global expansion that may be strong enough to absorb recent shocks. The seven countries have a gross domestic product greater than 5 percent of the Group of 20 nations’ economy, and so carry “the greater potential for spillover effects,” G-20 central bankers and finance ministers said during weekend talks in Washington. Read more
Bank Complaints at Record Levels Globally
Date:
8 June 2011
The Financial Services Ombudsman in Ireland recorded the highest number of complaints against banks in recent months. Customers are complaining about being harassed and mistreated by banks and financial institutions over mortgage arrears and loan repayment disputes. Read more
China's Rich Get Richer - And Poor...
Date:
7 June 2011
CHINA - The State Council plans to increase the individual income tax threshold from the current 2,000 yuan ($360) a month to 3,000 yuan. This symbolizes an important step toward narrowing the gap between the haves and have-nots, improve social services and resolve the countries' income distribution disparity. Read more
How American Companies Get Away Without Paying Tax
Date:
7 June 2011
American businesses are paying too much in corporate income tax. They claim the onerous tax burden is killing jobs and forcing companies to move abroad. To reverse the nation’s fortunes, they say, all Washington need do is slash the corporate tax rate, thereby reducing the amount of taxes these businesses are forced to pay. What’s scary is a growing number of citizens believe them. Read more
Get Ready: A Dozen Countries on the Brink of Default
Date:
6 June 2011
Spain’s government party gets trounced in local elections, Fitch cuts Greece’s credit rating and S&P's outlook downgrade of Italian sovereign debt has sent credit markets into a tailspin. Many of Europe's fringe states lacking the growth they need to escape their debt traps - and now the costs of insuring sovereign debt of eurozone states is rising again, as markets begin to be believe in the inevitability of some sort of restructuring event. Read more
Russia Expanding Customs Union
Date:
6 June 2011
Ukraine and Kyrgyzstan are the countries to watch as Russia builds its influence in its periphery through the customs union. Analyst Eugene Chausovsky examines Russian designs for integrating Ukraine and Kyrgyzstan into its customs union and how that challenges the European Union and China. Read more
Creating Talibanistan: A Super-Caliphate in 'Afpak'
Date:
3 June 2011
On 23 May 2011, Pakistani security forces secured a key naval aviation base in Karachi after a 17-hour standoff with a team of jihadist operatives. The group is believed to be composed of as few as six and as many as 20 militants. They infiltrated the high-security facility to destroy U.S. supplied P-3C Orion anti-submarine and maritime surveillance aircraft and damage a second. Read more
Economics Humor: Gas Prices
Date:
3 June 2011
Gas prices rising more than you can cope with? Don't feel bummed out, and cheer up with some light-hearted humor about gas prices. Read more
Corporate Spying: The Next Growth Industry
Date:
2 June 2011
The corporate spying business is booming. The largest companies around the world are all involved in “competitive intelligence gathering” by highly trained professionals according to PricewaterhouseCoopers. Read more
Does the Internet Grow GDP?
Date:
1 June 2011
According to a new report from McKinsey, the current Internet revolution is driving fast-paced economic change not seen since the 19th century. The research firm found that Sweden leads the world in Internet contribution to GDP at 6.3 percent. So how do Asian nations fare? South Korea and Japan lead the way at 4.6 percent and 4.0 percent respectively. While India and China trail at 3.2 percent and 2.6 percent respectively. Read more
Top 10 Corrupt Politicians of 2010
Date:
31 May 2011
Judicial Watch released its 2010 list of Washington's “Ten Most Wanted Corrupt Politicians.” While there may be some surprises, readers will note thatneither politicalparty has a monopoly on political corruption. Special thanks to Judicial Watch'sJill Farrell for providing the Law Enforcement Examiner with a comprehensive list of men and women deserving of recognition for their corrupt waysor illegal activities. Read more
Walmart vs Wumart: The Battle for Chinese Retail Dominance
Date:
31 May 2011
The US has Wal-Mart, China has Wumart – China’s largest supermarket chain operates 469 franchise stores; including 330 convenience stores and 100 hypermarts in Beijing, Hebei, Tianjin and surrounding areas. Like it’s American counterpart, the prices are wonderfully low.It’s Q2 profit rose by 20 percent and the company opened 69 new outlets over 12 months. It’s secret: mergers and acquisitions after competition from local and foreign rivals intensified as China relaxed restrictions on foreign retailers. Read more
China and Korea GDP Expected to Decline in Q3
Date:
30 May 2011
It's bad news for North Asia with industrial production slowing massively, notes DBS. The scenario of China and North Korea going into negative economic territory should put a chill through business in the region. One key fact - production in April fell to 6.9 percent, far below the consensus forecast of 12 percent. Read more
The Barcelona School of Management
Date:
30 May 2011
Is Barça the best club soccer team the world has ever seen? Is it better than the Santos of the 1960s (which was home to Pelé)? Or the AC Milan of the 1990s? Football fans find this a popular debate, and the answer remains unclear. The club recently beat its old rivals, Real Madrid, to win the Spanish league. It boasts the best player in the world: Lionel Messi. It goes into the European Champions League final at Wembley on May 28th as the clear favourite. Read more
Also Erupting: US National Debt
Date:
26 May 2011
The Federal Government cut US$40 billion from their budget, the equivalent of 2 days interest on public debt. All so the debt ceiling an be raised so that Americans can continue to borrow more money. Borrowing to spend more is costing Americans more than they can keep up with. The $14 trillion debt is not going away anytime soon - or diminishing. Read more
Iceland Volcano: $1.7 Billion Losses over Aviation Safety?
Date:
26 May 2011
Last year, the Iceland volcanic eruption cost airlines US$1.7 billion, with more than 10 million people affected by the 6-day European airspace shut down. When the Grimsvon volcan erupted again on 21 May spouting more ash clouds into the skies, 500 flights were halted. And while the ash plume continues to affect some air travel, its mostly business as usual in Europe. Read more
Corruption on The Rise in India
Date:
24 May 2011
And in Anna Hazare's backyard no less! The Times of India reported: Mention corruption and the image that comes to mind is of a frail figure in a Gandhi topi taking on the government. At a time when Anna Hazare has become synonymous with a fight against corruption, it comes as a surprise that the maximum number of graft cases are registered in his home state, Maharashtra. Read more
Does Wall Street Own Obama?
Date:
24 May 2011
In the 2008 race to the White House, Barack Obama received generous funding from the top organisations. Interestingly enough, the organisations themselves didn’t donate, rather the money came from employees, owners and their families. Read more
Is Capitalism Inherently Corrupt?
Date:
23 May 2011
President Mahmoud Ahmadinejad points to capitalism as the main source of global corruption. As well as the dominance of the dollar in world markets. The Iranian president criticized the unjust global economic systems in the world saying, Read more
Underpaid? 10 Top-Paying Companies
Date:
20 May 2011
Senior account execs at Salesforce.com take home an average $318,323 total compensation annually. Are you working for the right company? Here are the top 10 top-paying companies to work for if you want to bring home a hefty paycheck at the end of the month. Read more
The World's Biggest Heist: Raiding Libya's Sovereign Wealth Funds
Date:
19 May 2011
The war against Libya wasn’t just about its estimated at 60 billion barrels of oil reserves; which are also the greatest in Africa and whose extraction costs are among the lowest in the world. Nor was it about the natural gas reserves of which are estimated at about 1,500 billion cubic meters. Read more
Is Egypt About to Cut Off Israel's Gas?
Date:
18 May 2011
Israeli Prime Minister Benjamin Netanyahu met with Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabor al-Thani in London on May 8 to discuss Doha’s offer to sell liquefied natural gas to Israel. The rumored offer came as Egypt, Israel’s current natural gas supplier shows an intention to renegotiate the controversial natural gas deal with Israel. Egypt has been supplying Israel with energy at below-market rates, however a deal with Qatar could be Israel’s long term solution to reduce the country’s dependency on Egyptian energy. Read more
Top 10 Twitter Nations
Date:
18 May 2011
comScore, Inc. a leader in measuring the digital world, today released a study of social networking usage in the Netherlands based on the comScore Media Metrix service. The study reveals that the Dutch social networking market continues to grow strongly as sites like Facebook, Twitter and Linkedin extend their respective footprints in the market. Read more
China Spotlight: No Power to Run Factories
Date:
18 May 2011
In East China’s industrial province of Zhejiang there are 500,000 enterprises – and not enough electricity to run them all at the same time. Insiders say the power shortage could be the worst since 2004. Deputy Director of electricity dispatching centre at the Zhejiang branch of the National Grid, Dai Yan, confirmed the province is facing severe electricity shortages and has been buying power from neighbouring provinces. Read more
Unemployment: The Tale of a 419 Scammer With a Heart
Date:
17 May 2011
Ever since he could remember, Ibrahim Boakye had a knack for understanding how things worked. There were things he could just do that no other kids– let alone adults– could understand. By the time he was five-years-old everyone had stopped questioning it, and neighbors were calling on him to fix their broken toasters, irons, or anything that was the least bit mechanical. Read more
Infographic: How Corporations Are Getting Out Of Paying Taxes
Date:
17 May 2011
With the economic crisis still at hand, the government continues to oversee operations of major corporations. Ironically, in the 1950's, corporate taxes accounted for 30% of all federal revenue. Now, just 6.6%? Uhh.. wow. Here's a fun, fact filled infographic that illustrates just how these corporations are getting out of paying taxes: Read more
What Happens When the US Government Runs Out of Money?
Date:
16 May 2011
The federal debt reached the legal maximum of $14.3 trillion today and the US federal government says it will not run out of money to pay its bills. When the current limit is reached on May 16, after the Treasury completes its latest round of borrowing, the government will need to find $125 billion a month to pay its bills. Read more
The Economics of Dissent
Date:
16 May 2011
In the revolution of the Middle East, the Internet and social media sites such as Twitter and Facebook have certainly tipped the revolutionary equation. As Othman Larki pointed out in his blog; Perhaps it is time to update the phrase “The pen is mightier than the sword” to “The Internet is mightier than dictators” Read more
Obama’s $1.3 Trillion Over-Borrowing Scandal
Date:
13 May 2011
The heat is certainly on Obama's deficit spending fiasco; the government’s borrowing money to live far beyond its means, and everyone in charge knows the government will never be able to repay its debts. While, Barney Frank and Chris Dodd are assuring everyone that everything will be ok. In January 2009 when President Obama and members of his administration came into office, they saw USASpending.gov as a potential propaganda tool and the utility of the site became an open issue. Now, nearly five years after it was authorized, USASpending.gov is at the center of a growing scandal on Capitol Hill as questions are raised about $1.3 trillion of federal spending that doesn't show up on the site. Read more
The Low Down on Bad Credit Loans
Date:
13 May 2011
There comes a time for everyone when you need a loan, and need it now. But for those with a bad credit rating, getting approved for a loan can be tricky business. No matter how desperate you are, be weary of easy approval loans if you have bad credit. Some companies are simply out there to take advantage of a bad credit rating to charge sky high interest rates on personal loans. Read more
Eurozone Crisis: Kick Greece Out?
Date:
12 May 2011
A secret meeting to discuss the eurozone's sovereign-debt crisis was not secret for long, and the markets are getting increasingly worried. Another week in the eurozone, another round of rumour, speculation and denial. A secret meeting held in Luxembourg on Friday evening (6 May) has done little to convince the financial markets that politicians have the crisis under control. Read more
Oil Price Fluctuations Threaten Vision 2030
Date:
12 May 2011
Food and fuel price volatility pose the biggest challenge to maintaining steady economic growth which is key to achieving the development blueprint of Vision 2030, the World Bank has said.The government faces the task of finding innovative ways to cushion Kenya against high international petroleum and food prices to safeguard the country’s progress to a middle income status. Read more
Ten Brilliant Business Models
Date:
11 May 2011
Business models today are vastly diverse from one company to the next. Especially with the rise of the internet and online businesses - there are more strategies for businesses than ever before to capture, market and sell to consumers. Some of those models succeed, some fail - and some keep evolving. A clever and innovative business model is even more important when it comes to start-up businesses: Read more
IMF: NZ Quakes More Costly Than Japanese Disasters
Date:
10 May 2011
The 2011 Christchurch earthquake was a 6.3-magnitude earthquake that struck the Canterbury region in New Zealand on 22 February 2011. This had come after a 7.1-magnitude earthquake had hit the exact same region nearly six months before. In total, 181 people were killed during the earthquake. New Zealand Prime Minister John Key described the earthquake as“New Zealand’s darkest day”and declared a state of emergency that was only lifted on 30 April 2011. Read more
Green Tech Money Blooms in China
Date:
9 May 2011
China's green tech industry raked in US$63.9 billion last year, leading the world in green IT according to a report by The Associated Press (AP). China ranked second only to Denmark in its green technology sector. The market contributed 1.4 percent of China's GDP, compared with Denmark's 3.1 percent noted the study, which was commissioned by the World Wildlife Fund for Nature (WWF). Read more
Top 10 Global Brands in 2011
Date:
9 May 2011
It turns out BRIC emerging economies account for at least 19 of the to 100 most valuable brands in the world according to WWP - versus only 2 in 2006. “The importance of brand for global business success is becoming increasingly significant,” said David Roth at WPP. “In the last year, the global economy shifted from recovery to real growth, and the combined value of all brands in the top 100 ranking has risen by 64% since 2006 and is now worth US$2.4 trillion. Strong brands, while not immune to the vicissitudes of the market, are more protected, prepared, resourceful and resilient.” Read more
Oil Prices Drop Below US$100 a Barrel…Can Consumers Breathe A Sigh of Relief?
Date:
6 May 2011
Who says miracles can’t happen? After four straight days of steady decline, crude oil prices finally plummeted by nearly 9 percent on Thursday to US$99.80 a barrel – the first time it has been under US$100 a barrel for nearly two months.But don’t start filling up your fuel tanks yet. Although the price of crude oil has been dropping in recent days, the cost of fuel at your petrol station remains impervious to these changes. In fact, the average pump price for regular gasoline has actually increased in the past couple of days for a number of US cities. Read more
Is The Cloud Up in Smoke?
Date:
5 May 2011
Cloud computing is facing its share of problems with break-ins and breakdowns and Sony’s security lapse hit the news and Amazon’s system experienced an outage. Some say these could be the biggest data privacy breaches. In a story by The Economist, Sony admitted hackers stole personal information including (possibly) credit card details of 77 million users of its online gaming and entertainment networks. Read more
How Internet Advertising Will Overtake TV Advertising in 10 Years
Date:
5 May 2011
Ad spending in the digital space is quickly catching up to TV advertising, the biggest ad medium. TV networks and stations are vying for their share of digital ad dollars by extending their media brands to the internet and mobile via partnerships with online networks such as Yahoo and MSN - as well as creating their own sites that provide advertising real estate to their advertisers. Read more
May The Fourth Be With You
Date:
4 May 2011
All around the world today, Jedis and Siths have put away their light-sabers in order to celebrate Star Wars Day.Since its initial release nearly 34 years ago, Star Wars has become one of the most endearing and profitable film series of all time - with its overall box office revenue coming in third behind the James Bond and Harry Potter series.Today, Star Wars has expanded into a media franchise that includes six movies, numerous television specials and series, an entire expanded universe worth of comic books and novels, and dozens of video games as well. Read more
The Top Viral Videos in March 2011
Date:
3 May 2011
Viral videos are no longer the phenomenon they used to be. Common themes include humor, children, sports and videos that are interactive. For the second straight month, Volkswagen’s Superbowl Ad that featured a little boy as Darth Vader was the #1 viral video. Read more
Farmers Pay for China's Vegetables
Date:
3 May 2011
The Ministry of Commerce and the Ministry of Agriculture in China is taking immediate action to help farmers facing an oversupply of vegetables that’s lead to a fast fall in prices. On one hand, the drop in prices has been expected by Chinese policy makers to cool off soaring consumer inflation. Read more
The Most Expensive Wedding Ever?
Date:
29 April 2011
Kate Middleton and Prince William may be tying the knot today, but while the rest of the world obsesses with the royal wedding in Westminster Abbey – EconomyWatch can’t help asking: What’s this really costing everyone?Two billion people are expected to tune in. That’s one-third of the world's population. That’s more people watching the fairy-tale “I dos” than the World Cup. Only 750 million people watched Princess Di and Prince Charles get married in 1981. Read more
US Economic Growth Slows in Q1
Date:
29 April 2011
The US Federal Reserve has revised its economic forecast for 2011 after slower than expected growth in the first quarter of the year. “We’ve sputtered a bit here,” said Sam Bullard, a senior economist at Wells Fargo Securities LLC in Charlotte, North Carolina. Read more
An Infinite Free Iraqi Constitution?
Date:
29 April 2011
An award-winning design by Iraqi Architect Manhal Al Habbobi tells the revival story of Mesopotamia. How can you condense more than ten thousand years of civilization into a single project that faithfully tells the story of a great nation? The answer is in the winning design of a prestigious architectural competition, to design the new compound for the General Secretariat for the Council of Ministers in Baghdad. Read more
Do Profits Matter for an IPO?
Date:
28 April 2011
As it turns out, no - not really. Zipcar IPO’d with a valuation of about US$1 billion. The company hasn’t turned a profit in two years. When it comes to IPOs for unsuccessful companies, it turns out profits don’t really matter in the short run. At least not for technology companies. Though Zipcar is not a technology company. Read more
Gold Tooth Fairy Buys in Seoul
Date:
28 April 2011
South Koreans are cashing into the soaring price of gold by trading in their (gold) teeth. “We are handling gold teeth far more than usual as the price of gold is rapidly increasing” Nam Seung Woo, CEO of dealer Gold Seven told AFP. And it’s not just teeth being cashed in; gold fillings and crowns from more than 100 customers in the past month. Read more
Hedge-Fund Managers Vote Republicans over Obama
Date:
28 April 2011
Gas prices are on the rise in the US, land of cheap gas. President Obama and the Republicans have been going head to head over the energy policy – the president wants to repeal oil tax subsidies, House Speaker John Boehner issued a statement that oil companies should “pay their fair share”. Obama pressed the republicans on revoking the billions in tax oil subsidies, calling the tax breaks “unwarranted” and “wasteful”. The president believes the revenue can be used in clean energy instead and reduce the US dependence on foreign oil. Read more
The Economics of Women in the Workplace
Date:
27 April 2011
Women in the workplace play an integral role in contributing to the success of economies around the world. In the US, women in the workforce have been contributing to a large part of the US economy since the 70s. The productive power of women in the workforce accounts for a quarter of GDP, but the full potential of women in the US economy remains untapped. Read more
India’s Infanticide: A Sad Story
Date:
27 April 2011
The phenomenon of female infanticide in India is not new, but to what extent? It’s likely accounted for millions of gender-selective deaths throughout history. As John-Thor Dahlburg of The Los Angeles Times points out, "in rural India, the centuries-old practice of female infanticide can still be considered a wise course of action." Read more
Is the iPad killing the PC market?
Date:
26 April 2011
PC suppliers like Microsoft and Intel are in store for some bad news. Acer told investors to brace, anticipating their second quarter sales to be down 10 percent from last year. The company’s netbook sales took a beating. A grim picture compared to Apple’s iPad first quarter earnings. In the past, tablets were classed in the same category with notebooks, while smartphones were separate. For companies like Acer whose strategy is to focus on tablets and smarphones, the consolidation makes sense. Acer is hedging its bets on Android for the devices. Read more
World Gas Prices: Cheaper in America
Date:
26 April 2011
The US has always kept gas prices low, but that also means they experience more fluctuations. In addition, cheap gas prices fuel America’s demand for bigger, gas guzzling cars than anywhere else in the world. Although that does leave the US more vulnerable to rising prices. Government subsidies in the US mean cheap gas prices than the rest of the world. But at $3.90 per gallon versus $9 in the UK, American’s are still complaining. In the meantime, Venezuela pays as low as 9 cents per gallon! Read more
Naked Politician Protests as Loss-Making Bankers Take Fat Bonuses
Date:
25 April 2011
Aspiring politician Kit Fraser stripped to his boxer shorts outside RBS’s annual shareholder meeting last Tuesday. Inside the meeting, Chairman Sir Philip Hampton defended the bank from shareholder allegations over fat bonuses. The mood during last week’s meeting was “uglier than any I remember in the past decade, with many investors enraged that the bank was paying out £1.1bn in bonuses – including a total package of £7.7m to chief executive Stephen Hester” according to Ian Fraser on his blog. Read more
The Top 10 Ad Spenders: Global Review and Forecasts
Date:
25 April 2011
You wouldn’t expect the Japan’s devastating quake, or the unrest in the Middle East to impact global adspend, but it has. ZenithOptimedia issued a press release in which the company revised this year’s growth in the industry to 4.2 percent, down from their earlier forecast of 4.6 percent. The estimate knocks off about US$2.4 billion. However, the underlying recovery in the market remains healthy according to ZenithOptimedia. The forecast for 2012 was raised from 5.2 percent to 5.8 percent. Developing markets are expected to increase their global market share of ad spend from 30.9 percent in 2010 to 35.1 percent in 2013. Read more
What is Net Neutrality?
Date:
21 April 2011
Is one website more important than another on the worldwide web? Every user has his favourite sites - internet service providers (ISPs) currently operate on the principle of ‘Net Neutrality’, which guarantees that all online sites are treated equally and can be accessed at similar speed, regardless of content or content provider.Essentially, it means that if you were to create an online blog about cats for example and published it online today, anyone who wanted to access the site can access it at the same internet speed as the likes of Google or Yahoo or even EconomyWatch. Net neutrality ensures that every website runs on a level playing field, however there are some people, more specifically the ISPs, who believe we should dedicate more internet bandwidth to more significant and ‘important’ websites. Read more
CEOs: Wake Up and Smell the Social Media Coffee
Date:
21 April 2011
I was chatting with a great friend of mine, probably one of the IT industry analysts I respect the most in Asia Pacific, and we got onto social media. I won’t mention his name, l’est I get him in trouble, but he told me he wanted to launch a professional blog in his name, discussing issues around business value and IT. He has great knowledge in this area, is often advising IT companies to be more value focused on a daily basis, and he understands business because he’s been in that world too. His all round knowledge and vision is superb and of great value – business people would gain so much reading a blog by my friend. Read more
2011: A Different Type of Investing Year
Date:
20 April 2011
Fisher Investment Policy Committee have detailed their market and macroeconomic forecast for 2011. In a roundtable discussion with five members of the firm’s committee, forecasts for the balance of 2011 were outlines and investor’s questions answered. Read more
Asian Banks: 6 Mega-Trends to Watch
Date:
19 April 2011
IDC Financial Insight’s looked at 13 markets in the Asia Pacific region and found 6 mega-trends to watch in 2011. The organization predicted banks and technology vendors to make the most sense of the macro-level drivers of the 2011 stage – deciding which strategies and investments of the past few years need to be focused, and which need to be forgotten in today’s changing marketplace. Read more
“How to Eat Sushi” Was a Top Search in Which Country?
Date:
19 April 2011
Millions of internet searches are queried each day on search engines by people all around the world. Have you wondered what people in different countries are looking for? You’d expect mainstream trends to transcend international borders; searches for social media sites and current affairs. But people in Russia, just want to know “how to eat sushi” (number 3 search in the country). Read more
Overall US Wages Stagnant
Date:
18 April 2011
US April jobs report shows overall wages in that reeling country are remaining stagnant - despite accelerating increases in both food and energy prices that people have no choice but to pay. The average hourly wage across the economy — including salaried employees — did not grow at all in March. It seems the economy remains years away from full employment, w wages barely rising at all. But that supports our increasingly strong conviction that the REAL future of the US is stag-flation: the dreaded combination of rising prices AND slow / low / no economic growth.
Read more
US States Cut / Limit Jobless Limits
Date:
18 April 2011
In recent weeks, Republican leaders in Michigan, Arkansas and Florida have taken steps to limit their states’ contributions by cutting the duration of unemployment benefits. But for now Missouri, with an unemployment rate above 9 percent, is the only state that has stopped accepting dedicated federal money to extend payments to 99 weeks from 79. Said one Democratic state senator: “This is the angriest I’ve ever been. To tell these thousands of people that they have to get off their backsides and get a job is so out of touch with what’s going on in Missouri right now.” Of course, the Democrats aren't likely to actually DO something about it. Read more
Deal Fatigue: Is Groupon Losing its Appeal?
Date:
16 April 2011
How many deals have you bought from Groupon and other rival sites such as LivingSocial, BuyWith-Me, Rue La La and Urban Daddy? Honestly. The fact is, while Groupon’s rival sites are on the rise, Groupon is actually, on its way down. The company’s revenues tanked 30 percent in February from January – and 32 percent last month (according to Yipit). Read more
Recession Gives Second-Hand Retail US Visibility
Date:
15 April 2011
Resale and consignment shops, emboldened by the Great Recession, are growing as Americans expand their bargain-hunting ways. No longer relegated to back alleys, these secondhand stores are moving into prime locations, taking over spaces once occupied by mainstream retailers Linens 'N Things and Circuit City, now bankrupt, & teen clothier Abercrombie & Fitch. And they're going national, spurred in large part by cheap retail locations left by big-box stores wiped out in the recession. Hot IPO Groupon is part of the trend. Read more
Last Minute Reprieve for BP Russia Arctic Deal
Date:
15 April 2011
On Tuesday, we detailed in depth how BP's "new" CEO Robert Dudley had "screwed the pooch" with the company's supposed Arctic oil drilling deal with Rosneft, the state-owned Russian oil company. Then, just in time for the annual shareholder meeting in London yesterday, Dudley and BP got at least a TEMPORARY reprieve, as the companies agreed to extend a deadline for the talks for another month. But the agony is far from over.
Read more
Qatar's Idiosyncratic, Independent Path
Date:
14 April 2011
Qatar was first Arab country to recognize Libyan rebels & its jets flying with Western coalition partners give US and EU political cover in region long suspicious of outside intervention. Its policies flow from two objectives: to emerge as a world player despite its tiny size & play off stronger neighbors, particularly Saudi Arabia & Iran, to protect its sovereignty & natural gas wealth, key to Qatar’s power and political strategies, but also its vulnerability: almost 14% of total world reserves - but most comes from a field shared w Iran. Its principal security concern is that Iran may one day try to exert full control over the field. So why has it has sent troops to nearby Bahrain as part of the Saudi-led force backing a minority Sunni government vs a rebellious Shiite majority? A subtle warning to Iran? Read more
Property "Values" in World Capitals
Date:
14 April 2011
What kind of housing will $500,000 or a $1 million get you in Moscow / Manhattan / Brooklyn / Paris / London / Athens / Helsinki / Australia / Prague ??? Check out this Russian study. Read more
Iceland Sued By UK, Dutch Following "No" Referendum
Date:
13 April 2011
UK and Dutch governments will sue Iceland for billions of euros they paid 400,000 depositors in their countries, who were lured by high Iceland interest rates in 2008, after those banks collapsed. Move arose after Iceland’s voters rejected deal to repay UK and Dutch over 30 years starting in 2016. With assets eight times Iceland's GDP, the banks could not depend on the government to bail them out, as some EU countries, like Ireland & UK, did for theirs. But after a devastating recession, & w animosity toward bankers still high, Iceland’s electorate was not swayed. There is also strong residue of anti-British feeling, when UK used antiterror laws to freeze assets of one failed institution, Landsbanki. Above all, vote was driven by view that liability was too much for a small economy to bear, no matter how "favorable" the terms. Read more
Iceland Voters: UK / Dutch Bank Debt "Not Our Problem"
Date:
13 April 2011
Iceland voters on Saturday rejected for a second time plan to repay $5 billion to Britain and Netherlands when they compensated their nationals who lost savings in online "Icesave" accounts owned by Landsbanki, one of three overextended Icelandic banks that collapsed in late 2008, triggering an economic meltdown in the country of 320,000 people. But almost 60% of voters rejected idea taxpayers should foot the bill for what they see as bankers' irresponsibility. "I know this will probably hurt us internationally, but it is worth taking a stance" Read more
China Military Strategy
Date:
12 April 2011
Chinese military said last month that, while security situation in Asia / Pacific was generally stable, it was becoming “more intricate and volatile,” with no clear solutions for tension points like the divided Korean Peninsula and increasing US involvement in regional issues. Military’s vision was laid out in a national defense white paper, a document published every two years since 1998. The paper had more detail than previous editions on China’s efforts to establish confidence-building measures with foreign militaries. In the past year, perceptions by foreign countries of China’s military growth and of a more assertive foreign policy have resulted in diplomatic discord and discomfort, particularly between China and US: “China attaches importance to its military relationship with the United States, and has made ongoing efforts towards building a sound military relationship” Read more
Weak and Uneven European Economic "Recovery"
Date:
12 April 2011
Weak and uneven European "recovery" underlined by data released last month, which showed prices rising and weak consumption across the euro zone. Higher oil and food prices remained the main factors behind the rise. Data also “illustrated the German economy’s main dilemma: while the labor market remains the show case of the recovery, private consumption is still sluggish. Strong job market is only gradually lifting consumption because many jobs created pay low wages, while higher energy prices have dampened spending.” Ratings agency Fitch displayed little optimism for region as a whole. It lowered its forecasts, “reflecting the persistent drag from fiscal consolidation, as well as lower consumption and tighter monetary policy in the context of higher oil prices.” Read more
The Politics of Solar and Wind in MENA and Europe
Date:
11 April 2011
Plentiful sunshine means North Africa and Middle East [MENA] could be one of world’s major growth markets for solar power. But a recent survey of ~ 400 executives from that sector indicated nearly 40% of respondents thought political stability would be the major issue in coming years for developing solar in MENA, while 27% named financing. Unrest in MENA is not the only challenge. As with other major EU industrial initiatives, companies in Germany [Dii] and France [Medgrid] could end up dueling. To help ensure wide backing, EU energy commissioner, Günther Oettinger, has pushed companies to cooperate and create European-scale ventures. German engineering giant Siemens and others have become shareholders in both projects, while Dii and Medgrid have agreed on a memorandum of understanding. Read more
Nanjing: Education / Art / Culture Economic Strategy
Date:
11 April 2011
Thanks to a combination of young entrepreneurs, large numbers of university students, and revitalization efforts by local and national governments, today’s Nanjing has an air of youthful exuberance unthinkable a few decades ago. A booming city of 6.5 million on the banks of the Yangtze River ~ 185 miles west of Shanghai, it bears little resemblance to the broken and brutalized former capital of China that suffered one of the worst atrocities of World War II. In recent years, it has moved beyond a tragic past to become a vital engine of economic growth, thanks in part to its position smack in the middle of China's flourishing eastern seaboard. Local government officials and private investors enthusiastically promote the city as an emerging center for contemporary art and architecture. Read more
Vodafone Increases India Cell Phone Stake
Date:
8 April 2011
British mobile phone giant Vodafone said it would pay $5 billion in cash for Essar Group’s 1/3 stake of an Indian joint venture, increasing its exposure in one of its most important, fastest-growing markets. Vodafone currently has direct equity in 42 percentof the company; Essar deal will give it 75 percent, the rest controlled by Indian partners. Indian regulations prohibit foreign investors from owning more than 74 percentof domestic telecom companies, so Vodafone plans to sell about 1.3 percentof its stake. India mobile telecom market is world's second-largest, after China, but sector is crowded, with more than a dozen companies vying for customers and driving down prices. Read more
South Africa Electricity Plan: Solar, Wind - & Nuclear ???
Date:
8 April 2011
The week after the quake and tsunami set off the Fukushima nuclear crisis in Japan, South Africa’s cabinet ratified a controversial 20-year Integrated Resource Plan that calls for nuclear power to fuel nearly 25 percent of country’s new electricity production. The new plan, known as IRP-2, also sets out to wean South Africa from heavy reliance on coal, which now generates 84 percent of its electricity. As part of unusual energy mix proposed in IRP-2, renewable energy sources like sun and wind will account for 42 percent of new electricity generation. Environmentalists express skepticism. “Show me a nuclear plant that’s withstood a 7.0. I don’t think you can engineer for mother nature.” Read more
50 Years of World Oil Remain: HSBC
Date:
7 April 2011
The world may have no more than 50 years of oil left at current rates of consumption, while surging demand from emerging markets threatens to create “very significant price rises” before substitutes like biofuels can serve as viable alternatives, the British bank HSBC warns in a report. The bank, the world’s second largest in assets, further cautioned that growth trends in developing countries like China could put as many as one billion more cars on the road by midcentury. “We’re confident there are around 50 years of oil left, but that’s tremendous pressure on oil to power all those resources” Read more
Moody's Slams Insane Bank Bonuses
Date:
7 April 2011
“While many banks have made changes in line with new global compensation standards, in the long term we expect to see erosion in pay discipline,” says author of Moody's report. If the industry returns to its freewheeling ways, Moody’s warned it might consider downgrading bank credit ratings. Wall St firms and their EU buddies have recently tweaked compensation practices to appease shareholders and regulators. Banks are paying employees less cash — and more stock — to discourage reckless risk-taking. But once public pressure wanes, Moody's cautions, the new limits “are likely to erode” Read more
Activism Poses Dilemmas for Social Media Sites
Date:
6 April 2011
Social media networks, like Flickr, YouTube, Facebook & Twitter, are increasingly being used by activists and pro-democracy forces especially in the Middle East and North Africa. That new role for social media has put these companies in a difficult position: how to accommodate the growing use for political purposes while appearing neutral and maintaining the practices and policies that made these services popular in the first place. Read more
TV Program "App Wars" Break Out on iPad
Date:
6 April 2011
The iPad is becoming the latest battleground in a long-running fight over who and how TV programs will be delivered in the digital age. Last week, Time Warner Cable abruptly removed a dozen channels from an iPad app after lawyers for four major content providers - Viacom, Fox Cable Networks, Scripps Networks and Discovery Communications - convened at a Manhattan courthouse to sue the distributor. Distributors like Time Warner and Cablevision assert their existing contracts with channels allow them to turn iPads and other devices into TV sets. But many of the companies that own the channels expect extra payment, claiming that streaming their content over iPads constitutes a new distribution channel. Read more
BP, Reliance in Big India Oil Deal
Date:
5 April 2011
British oil giant BP will pay $7.2 billion to buy into India’s fast-growing oil and gas industry. BP will take a 30% stake in 23 oil and gas fields operated by Reliance Industries, India’s largest private company. They also said they would create a 50-50 joint venture to buy, transport and market natural gas, increasingly in demand as India grows nearly 9%/year. It is yet another big deal for BP, as it seeks to recover from after-shocks of last year’s Gulf of Mexico oil spill. Earlier, it signed an agreement with Russia’s Rosneft to drill in the Arctic. That deal, worth $7.8 billion, was first big investment by BP after Gulf debacle, which resulted in some $40 billion in damage claims. Read more
Japan Seafood Exports Latest Radiation Victim
Date:
5 April 2011
Japan began dumping more than 11,000 tons of radioactive water into the Pacific from the Fukushima nuclear plant Monday. While perhaps needed to deal with the plant's problems, the move is catastrophic for yet another key Japanese economic sector: seafood. The price for some fish like inada, or young yellowtail, has fallen by half or more in recent days, even tho local fishermen say they test their fish and have not found radiation. Consuming seafood from the area every day for a year would result in ~ 0.6 millisieverts of radiation, ~ 1/4 of average annual exposure to radiation in Japan. But it could take months to stem release of radioactive material from the plant, and marine biologists express concern. “We’re seeing levels of radioactive materials in the water increase, which means this problem is going to get worse and worse” Elements like cesium 137, which has a half-life of 30 years, collect in larger fish as they eat smaller fish, which means problem may grow over time. Iodine 131 and other elements with shorter half-lives are not as dangerous because it can take weeks to get fish to markets and restaurants. Read more
China Fights Inflation By Restructuring Economy
Date:
4 April 2011
Figures are latest evidence China’s booming economy starting to overheat, after 2 years of heavy lending by state-run banks and huge government investments in infrastructure. Aware soaring food and housing prices are creating anxiety at home, national government has made fighting inflation a priority, but is also trying to move away from reliance on investment and exports, and toward more domestic consumption. Encouraging consumption is part of broader effort aimed at improving lives of common people, and shrinking widening gap between rich and poor. Therefore, any slowdown from fighting inflation likely to be counter-balanced by increased consumption at home, meaning China will remain an engine of global growth. Read more
US Immigration Laws Drive Away Job-Creating "Foreigners"
Date:
4 April 2011
US political leaders mistakenly working to keep out world’s best and brightest, claiming skilled immigrants take American jobs away. Opposite is true: skilled immigrants start the majority of Silicon Valley startups; they create jobs. But more than half a million doctors, scientists, researchers, and engineers US are stuck in “immigration limbo”, on temporary work visas and waiting for permanent-resident visas, which are in extremely short supply. These workers can’t start companies or buy houses. Once they get in line for a visa, they can’t accept a promotion or change jobs. They could be required to leave US immediately—without notice—if their employer lays them off. But entrepreneurship is booming world over. So rather than live in constant fear and stagnate in their careers, many are returning home. Read more
Inspector General: US Bailout Huge Win for Wall St vs Main Street
Date:
1 April 2011
US taxpayers were assured regulatory reform would address threat to US and world financial systems posed by Too-Big-To-Fail banks. Instead, they're now effectively guaranteed by the government, no matter how reckless their behavior. 20 percent larger than before the crisis, biggest banks control a larger part of US economy than ever. They reasonably assume government will rescue them again if necessary. Indeed, credit rating agencies now incorporate future government bailouts into their assessments of the largest banks, giving them unfair advantage over smaller, still-struggling institutions. Meanwhile, alleged goal of helping homeowners has been a conscious, colossal failure, with far fewer permanent modifications (540,000) than those that have failed and been canceled (over 800,000). Foreclosures continue to mount, with 8 to 13 million filings forecast over the program’s lifetime. In short, Washington gave Wall St a decisive victory over Main Street. Read more
Radioactivity Expanding Quickly in Japan Land, Seawater
Date:
1 April 2011
Cesium 137, a long-lasting radioactive element has been measured at levels posing long-term dangers 25 miles from crippled Fukushima Daiichi nuclear power plant, raising questions about whether Japan’s evacuation zone should be expanded, and the land abandoned. And seawater collected about 300 yards from the plant was found to contain radioactive iodine 131 at 3,355 times the safety standard. The level of iodine 131 in waters off the Daiichi plant increase on Thursday, rising to 4,385 times the statutory limit. This raises the possibility contaminants from the plant are continuously leaking into the sea. Read more
India Infrastructure Magnate Pledges $340 Million To Educate The Poor
Date:
31 March 2011
GMR Group chairman Grandhi Mallikarjuna Rao, a first-generation entrepreneur hailing from Srikakulam in Andhra Pradesh, pledged $340 million (Rs 1,540 crore) -- equivalent to his personal share in the infrastructure conglomerate -- to improve education among the undeserved sections of the society. Indian billionaires have ramped up their philanthropic work in recent past but still lag their western counterparts. A 2010 Bain & Co report said that India's contribution to charity was just 0.6 percent of its GDP, while it was 2.2 percent in the US and 1.3 percent in the UK. Read more
German Electoral Earthquake: Rise of the Greens
Date:
31 March 2011
Germany's political landscape experienced an earthquake last weekend. It is no longer firmly in the hands of the Social Democrats [SPD] and Christian Democrats [CDU]. As of Sunday, the Greens have crashed the party -- and before long, they might be sending out the invitations as well. They have benefited mightily from ongoing exasperation with the tradition-laden parties CDU and SPD, and the erstwhile rebellious environmentalists have now become a fixture in the country's political center. "In the cultural debates which have been waged in recent years, whether they focused on lifestyle issues, questions of values or nuclear energy, the center-left and the Greens have the support of society's new core" Read more
Stock Market Surge Deceptive
Date:
30 March 2011
Last week marked the 11th anniversary of the tech bubble burst, a reminder of how long it may take investments at the center of a major market plunge to return to past glory. Though most sectors of S&P 500 index now trade above levels of March 2000, the overall index is still slightly below where it was then. Tech and telecom stocks — the market’s best performers leading up to 2000-02 bear market — are still down around 60 percent, on average, from their peaks 11 years ago; blue-chip growth stocks are off about 35 percent. What’s the moral of this story? Don’t count on a complete recovery anytime soon — especially when you consider the ratio of total domestic stock market capitalization to gross GDP. Read more
Plutonium Found in Fukushima Soil
Date:
30 March 2011
Power company officials say plutonium has been detected in soil outside stricken Japanese nuclear complex. Tokyo Electric Power Co., aka TEPCO, said plutonium was discovered Monday in five locations around the plant. The news came Monday as workers raced to pump out contaminated water suspected of sending radioactivity levels soaring and concerns mounted about radiation seeping into the ocean as well. Frantic effort has been slowed and complicated by fires, explosions, leaks and dangerous radiation spikes. One expert compared Fukushima nuclear crisis to BP oil spill: "It does have the potential to go on for weeks, and possibly months. At the moment radiation levels outside the plant are much higher than they should be, but there haven't yet been big, catastrophic releases of radiation. This crisis has the possibility to continue as it has been - good days and bad days, but taking a long time to get this plant under control." Read more
The World’s Largest Arms Importer is Now India, not China
Date:
30 March 2011
India has spent US$80 billion to modernize its military to keep up with China and now, India has become the world’s number one arms importer according to Swedish think-tank keeping tabs on global arms transactions. India makes up 9 percent of global arms purchases while China has 6 percent of market share in comparison. Read more
Can Cornfields Replace Oilfields and Provide Clean Energy?
Date:
29 March 2011
The race is on to find alternate sources of fuel and energy and quit dependence on oil, especially with ever increasing and volatile oil prices. But are alternate energy sources as clean and green as most might think? Here are the pros of cons of corn ethanol, and the truth about just how energy efficient it really is. Read more
UK Budget: Osbourne Targets ‘Squeezed Middle’
Date:
29 March 2011
Chancellor George Osborne is targeting Britain’s “squeezed middle” to support his budget which aims to tighten the Treasury’s grip over public spending. What can 25 million tax payers expect? Well, income personal tax allowance is expected to be increased by £600 next year, fund a £250m shared equity scheme for new homes and inflation increases in petrol duty. Read more
Saudi Shiites Demonstrate in Oil-Rich Eastern Province
Date:
28 March 2011
Hundreds of Saudi Shi'ites staged a protest in the kingdom's oil-producing Eastern Province Friday calling for prisoner releases and withdrawal of Saudi forces from Bahrain, where the Shiite majority is ruled by a Sunni ruling family. They demanded political freedoms and an end to what they see as sectarian discrimination against Saudi Arabia's Shi'ite minority by the absolute Sunni monarchy and majority. Saudi Shi'ites have held a number of protests in Eastern Province, where most of the country's oil fields are. Read more
German Actions re Libya / Nukes / Euro Disturb Allies
Date:
28 March 2011
By abstaining on UN resolution authorizing military action to protect Libyan civilians — and refusing to participate in Libyan arms embargo the UN authorized — Germany pointedly refused to go along with aims and leadership of its two most important European allies, UK and France, as well as the US. By choosing to shut down seven older nuclear plants in Germany after the nuclear crisis in Japan, Merkel reversed her own policy, and further ruffled relations with France, which derives 75 percent of its electric power from nuclear plants. And economically, the richest and largest Euro-zone member, Germany has been tough and not always diplomatic in refusing to come to the aid of troubled countries unless they undergo painful budget cuts and economic restructuring. Read more
US States Hit Cities With Cascading Budget Cuts
Date:
25 March 2011
Struggling US states plan deep cuts in aid to cities and local governments that will result in more service cuts, layoffs and local tax increases. The reductions are widespread and vividly illustrate a fact of fiscal life: budgetary pain flows downhill. State tax collections are finally improving after longest, deepest decline on record, but remain well below 2008 levels. Stimulus money from Washington, which kept many states afloat over last two years, is gone. So states facing large deficits are proposing cuts in local aid. But slashing local aid is like squeezing a balloon: states reduce their spending and hold down their taxes, but cities are forced to increase their spending and taxes. Read more
Big Japan Stock Splurge by US Investors
Date:
25 March 2011
Apparently heeding St Warren of Buffett's maxim to be greedy when others are fearful, US investors poured $1.2 billion last week into Japanese equity exchange-traded funds, or ETFs. It was the biggest weekly inflow on record. On March 16 alone, five days after the earthquake and tsunami, and as the nation’s nuclear crisis was worsening, investors put $700 million into Japanese ETFs. That was twice the previous largest daily inflow on record, in 2003. Of course, sometimes it's better to be fearful when others are scared already. Read more
Beirut, Iran Echoes Worry Bahrain Sunnis
Date:
24 March 2011
For government supporters, the blockage of Bahrain's financial district was traumatic, reminding them of Beirut, once the financial capital of the Middle East, during Lebanon's civil war. It not only tore out the country's heart, but financial companies left and never returned. Indeed, many of them are now in Bahrain, and Sunnis worry out-of-control Sunni-Shiite conflict will drive the finance sector into waiting arms of competitors Dubai and Qatar. They also say demonstrations were taken over by hard-liners inspired by — or linked to — Iran. No evidence of such links has been presented, and Shiite leaders here deny they are Iran lackeys. But the walls of some Shiite mosques bear portraits of Iranian and Lebanese Hezbollah spiritual figures, and ties to Iran run deep among many Shiites. Read more
World Oil Prices Fall on Japan Disorder
Date:
24 March 2011
Japanese demand for oil has been reduced by some 1 million barrels a day, nearly one-quarter of what it imports, and roughly the same amount of oil withdrawn from world markets by Libya unrest. Japan relies on imported oil for 45% of its energy needs, and is 3rd-largest global oil importer. As a major trading partner of China, South Korea & US, a slowdown of its economy will have ripple effects: “This will drop Asian export growth for at least a half a year, diminishing oil demand all over Asia” The decrease in Japanese imports gives Saudi Arabia some breathing space, as it tries to ramp up production to make up for lost Libyan oil. Read more
ATT / T-Mobile Deal Will Screw US Cellphone Consumers
Date:
23 March 2011
No sooner did ATT & T-Mobile announce a $39 billion merger on Sunday than industry analysts began assessing the impact on the biggest potential losers: consumers. If approved by regulators, the merger would leave just three major US cellular carriers, which consumer advocates warn could quickly lead to higher prices for a wide variety of services. “Without smaller competitors, you won’t have pressure that leads to lower prices, innovations and offerings among the carriers” said one. Said another: “Typically, the more competition, the faster prices drop. In a situation where there are two main carriers, pricing is not likely to move as much.”But one constant in a cellphone consumer’s life is almost certain to remain: frustrating experiences with customer service. Read more
US Goals In Libya Intervention Unclear
Date:
22 March 2011
With all the noise over military action against Libyan head Muammar Qadhafi, the most fundamental question has not been answered: Is it merely to protect the population from the government - or fulfill Obama’s declaration two weeks ago that Qaddafi “must leave”? Whatever their declared intentions, the military strikes by US, UK & France that began on Saturday may threaten the government itself. But there is also the risk Qaddafi may not be dislodged by air power alone, which raises the issue of whether US and allies are committing enough resources to win the fight. If Qaddafi remains in power, that will leave the US- and UN-backed mission looking like a failure: “Barack Obama told Qaddafi to go. If Qaddafi doesn’t go, America will look diminished in the eyes of the world” Read more
Egypt Vote Defeat for Forward-Looking Forces
Date:
22 March 2011
Egyptian voters Sunday overwhelmingly approved a referendum to usher in rapid elections, underscoring the weakness of emerging liberal groups, and strength of established political organizations, particularly the Muslim Brotherhood. The Brotherhood and remnants of the pro-Mubarak National Democratic Party were the main supporters of the referendum. Liberals mostly opposed it, saying early elections would benefit the Brotherhood and old governing party, which they warned would seek to write a constitution that centralizes power, much like the old one. “It is very, very disappointing. I saw one sign that said, ‘If you vote no you are a follower of America and Baradei, and if you vote yes you are a follower of God’. The idea is that Muslims will vote yes and Copts and atheists will vote no.” Read more
US Big Bank Heads Get Huge Payouts
Date:
21 March 2011
On Friday, Federal Reserve gave a handful of Too-Big-To-Fail institutions permission to pay higher dividends, another sign of the banks' shocking success despite the financial crisis they created. The windfall comes because banks have been paying executives a greater portion of their compensation in stock instead of salaries or bonuses. Regulators hoped that if banks handed out more shares and other forms of deferred pay, executives would avoid the type of excessive risk-taking that resulted in the Black September 2008 financial crisis. Despite that hope, bankers have continued to engage in precisely that sort of dangerous activity. Consequently, the dividends mark the unquestioned political triumph of the TBTF banks in America. Read more
Buffett Makes $1.7 Billion on Goldman "Rescue"
Date:
21 March 2011
In the darkest days of the Black September financial crisis, St Warren of Buffett loaned Goldman Sachs $5 billion. The deal was a lifeline for Goldman — but it came at a hefty price, namely a 10 percent annual dividend that amounted to about $500 million a year. Goldman announced Friday it is paying Buffett back. The payoff means Buffett will get his principal back and a $500 million bonus because the firm is paying back early. In total, the investment netted the billionaire investor $1.7 billion, or roughly $190,000 a day. Read more
Japan Chaos Freezing Global Supply Chains
Date:
18 March 2011
Japan’s vaunted “just in time” approach to business in general, and the supply chain in particular, has become “wait and see.” Much of its industry seems to be in a state of suspension, as the devastation from an earthquake and tsunami - combined with fear and uncertainty over the nuclear calamity - makes it difficult for corporate Japan to think about business as usual. And that has left many overseas customers and trading partners in an information vacuum, unsure how soon the effects of supply-chain disruptions would make themselves felt — and how long they might last. Read more
Currency Craziness: Yen STRENGTHENS As Japan Disaster Grows
Date:
18 March 2011
Demand for the yen has been rising in recent days, as Japanese insurers and other financial firms sell their most liquid assets like stocks and commodities to generate cash for rebuilding. Trend has been accentuated by expectations they will need to quickly repatriate even larger amounts of cash from overseas. Japanese officials said market speculation, rather than actual fund flows, is behind the yen’s ascent. Economy Minister said no evidence as yet Japanese life and casualty insurers were selling dollar-denominated assets: “They have ample cash, deposits and other liquid assets” Whatever the drivers, the yen’s strength is highly unwelcome to an economy already reeling from the quake’s massive damage and disruptive power shortfalls that followed. A stronger yen means Japanese-made goods are more expensive for consumers elsewhere, creating a major headache for export-dependent economy. Read more
US Food / Energy Prices Rocket, Housing Market Near Record Lows
Date:
17 March 2011
High food and energy prices lifted producer prices in February at fastest pace in 18 months. Government also said February housing starts declined the most in 27 years, while building permits dropped to lowest level on record, a sign beleaguered real estate sector has yet to rebound from deep slump. Labor Department said seasonally adjusted index for prices paid at farm and factory gate jumped 1.6%, largest increase since June 2009. Increase in wholesale prices was broad-based, w energy prices surging 3.3% — biggest hike since January 2010. Gasoline prices, which rose 3.7%, accounted for over 40% of increase in energy index. Food prices jumped 3.9%, the biggest increase since 1974. Read more
Japan Disaster Rattles Global Securities, Commodities
Date:
17 March 2011
“This was a very scary day for global stock markets.” Unnerved by a 16% drop in Japanese shares in first two trading days of the week, stock markets slumped as investors sought havens like US dollars and Treasury bonds, pushing interest rates lower. It was a day of market turmoil that raised painful memories for some of fall 2008, when the financial crisis froze capital markets and precipitated a similar rush to safety. Despite the country's problems, the Japanese yen strengthened, as speculation increased that big Japanese investors like pension funds and banks — Japan is the second-largest holder of United States Treasuries — would dump overseas holdings and buy yen to return cash home. Read more
Saudi Bahrain Intervention Provokes Gulf Shiite Anger
Date:
16 March 2011
Long-simmering popular anger at Sunni domination over Bahrain's Shiite majority - has been ratcheted up by recent revolts across the Arab world. “We are not an exact copy of what happened in Egypt but we have been inspired by it.” Iran, the center of Shiite Islam, has sometimes called Bahrain one of its own provinces and objected angrily to arrival of Saudi troops. The state media called it an invasion and foreign ministry said their presence was “unacceptable.” There is little evidence the Shiite-led protests here have an Iranian sponsor or flavor. In fact, they are at least as much about democratic governance as about sectarianism. But Shiites all over the Gulf are disturbed by assertion of raw power by the Saudis and other Sunnis of the Gulf Co-Operation Council. Read more
Fukushima GE-Made Reactor's Safety Doubted Since 70s
Date:
16 March 2011
Several utilities and plant operators threatened to sue G.E. in the late 1980s after disclosure of internal company documents dating back to 1975 that suggested the containment vessel designs were either insufficiently tested or had flaws that could compromise safety. The type of containment vessel and pressure suppression system used in the failing reactors at Japan’s Fukushima Daiichi plant — and in 23 American reactors at 16 plants — has long been thought to be more susceptible to failure in an emergency than competing designs.“The key concern has always been that the containment structure was undersized, and that a potential accident could overwhelm and rupture it.” “Not banning them might be the end of nuclear power,” said a nuclear engineer who spent 17 years working in nuclear facilities, including three that used the G.E. design. Read more
Entire Japan Economy Shaken By Growing Disaster
Date:
15 March 2011
Damaged nuclear plants threaten energy squeeze that could set back ALL sectors of Japan economy. To return electricity to devastated areas, utilities across Japan are cutting back & sharing power, w rolling blackouts of factories, stores, homes. Energy curbs & infrastructure damage could harm Japanese companies & affect consumers abroad. Most high-tech goods produced via carefully orchestrated procurement & manufacturing networks combining parts from around the globe, shipped on tight production schedules. Shutting off power to chip manufacturers twice a day would be impossible to manage, as fluctuations in power create defects & high losses. Water is also important component of chip-making process & any cut in water supplies or increase in contaminated water would hurt production. Even temporary shortages can sharply drive up prices. Global energy market already reacting, w expectation country will use liquefied natural gas to replace lost nuclear-generated electricity. Read more
Quake Shakes Japanese Finances
Date:
15 March 2011
Total economic losses could amount to as much as 15 trillion yen. Costs of rebuilding & cleanup will put additional pressure on government finances in country already highly in debt, further tying hands of policy makers struggling to revive economy bogged down by deflation. Japanese yen was volatile Monday, first strengthening vs dollar, then weakening after central bank injected liquidity into money markets. Compared to where it was before the quake, yen has risen, as Japanese corps & insurers repatriate cash to pay for rebuilding & it could rise even more. This would add to pain of Japanese exporters, as strong yen makes their goods more expensive overseas. Read more
Is Bahrain - not Libya - The Real Action in the Middle East?
Date:
14 March 2011
Libya is commanding the world’s attention in its state of civil war. However, Libya is not the most important event in the Arab world at the moment. According to Startfor the demonstrations in Bahrain are far more significant in their implications for the region and potentially for the world. Read more
Can Lawyers Be Replaced By Computers?
Date:
14 March 2011
Lawsuits are expensive with lawyers and paralegals working at high hourly rates to comb over documents. So can smart software cut out the costly legal fees – or lawyers altogether? “From a legal staffing viewpoint, it means that a lot of people who used to be allocated to conduct document review are no longer able to be billed out,” said Bill Herr, who as a lawyer at a major chemical company used to muster auditoriums of lawyers to read documents for weeks on end. “People get bored, people get headaches. Computers don’t.” Read more
A US Empire Declining - Or Collapsing?
Date:
14 March 2011
The US is the world’s largest economy and home to dynamic and innovative technology companies and entrepreneurs ahead of our time. However, global competition is heating up in these areas, especially in China. In his thought-provoking article on Time, Fareed Zakaria asks is America still number one? Read more
Even Matt Damon Wants Obama To Man Up to Wall St
Date:
12 March 2011
Hollywood elite have turned their backs on Obama after supporting him before he was elected in 2008. Actor Matt Damon is the first to cite Obama's dealings with Wall Street as the main reason for the backlash in support. "I think he's rolled over to Wall Street completely," Damon told the Independent. "The economy has huge problems. We still have all these banks that are too big to fail. They're bigger and making more money than ever.” Read more
The New Rich of China, Russia and Brazil
Date:
12 March 2011
The economic boom in Asia and emerging economies, as well as inflation all across the globe has caused in increase in a number of billionaires in China, Russia and Brazil in 2011. According to some reports, sources suggest China is set to have almost doubled the figures of their billionaire headcount to 115. Meanwhile Russia and Brazil have 101, and 30 billionaires respectively - confirmed by Forbes in its annual list of world’s richest men. This is the first time a country has emerged with more than 100 billionaires apart from US which has 413 billionaires till date. Read more
The 10 Richest Young People in the World
Date:
11 March 2011
What is the one thing the world’s youngest billionaires have in common? For one, most of our top list – have made their money from the internet, and started with – not a lot. Perhaps there is something to be said for the vast opportunities the world wide web has opened up for the ingenious entrepreneurs, and many more that walk in their footsteps. Read more
Michael Moore's Call To Arms: America is NOT Broke
Date:
10 March 2011
America is not broke. According to a recent blog post by Michael Moore. “America is not broke. Not by a long shot. The country is awash in wealth and cash. It's just that it's not in your hands. It has been transferred, in the greatest heist in history, from the workers and consumers to the banks and the portfolios of the uber-rich.” Moore points out that today, 400 Americans have the same wealth as half of all Americans combined. That’s 155 million Americans combined. Read more
Why Lifting Little Girls out of Poverty, is Sound Economics
Date:
9 March 2011
In recent years, more development aid than ever before has been directed at women. Even though, it doesn’t necessarily reach the girls who need it all the time. A new revolution is rising now that appeals to activists concerned with poverty, disease and the rise of violent extremism: change the world by investing in girls. Read more
US Labor Market Improves, But Misery is not Over Yet
Date:
9 March 2011
There is good news for sustainable economic growth in the US post 2008 financial crisis. Employment rates have passed through the inflexion point and recent reports on production and spending point to an accelerated momentum in the economy. Read more
Gadhafi's Circle Debates Regime's End
Date:
8 March 2011
Should Col. Moammar Gadhafi's remain in power or step down as Libya’s leader? That’s what his inner circle is debating whether as his government invited rebels and tribal leaders to negotiate a political solution - and Western nations took steps to prepare for a possible military intervention. Read more
Air Superiority: Japan stealth jet prototype set to fly in 2014
Date:
8 March 2011
Japan is looking to join the ranks US, China and Russia’s aviation industry with a stealth fighter that senior Japanese air force officials say can be ready for a prototype test flight 2014. The prototype will likely be able to fly in 2014, Lt. Gen. Hideyuki Yoshioka, director of air systems development at Japan's Ministry of Defense, said in an interview with The Associated Press. Read more
OPEC Boosts Oil Output
Date:
8 March 2011
OPEC members including Kuwait, United Arab Emirates and Nigeria have plans to boost output before April by as much as a combined 300,000 barrels a day to cool soaring prices and allay fears of a supply crunch in the west. Industry officials said the production increase, expected by early April, would – together with an earlier rise by Saudi Arabia – almost make up the shortfall in supply from falling Libyan crude exports. Read more
All that Glitters: Gold and Silver Prices Soar to an All-Time High
Date:
7 March 2011
Gold prices peaked at $1,440.32 per ounce on Wednesday, while silver struck a 30-year high of $35.36 on Friday. Investors who foresaw gold – and more recently, silver as top investment bets to eclipse crude oil were right on the money. But did they anticipate the spike in the commodity prices off the back of the crisis in Libya? Read more
Goldman Sachs Insider Trading Scandal: Rajaratnam Faces 20 years in Prison if Found Guilty
Date:
7 March 2011
Rajat K. Gupta, dubbed Saint Warren of Buffet by our own David Caploe PhD on Economy Watch, was accused of insider trading by the US Securities and Exchange Commission as a board member of Goldman Sachs. The charges are devastating and deeply embarrassing for the firm - if the allegations are true, Gupta, a senior executive betrayed everything betrayed the firm and the firm's clients (including Warren Buffett) by passing on confidential information. Read more
How Saudi Princes and Princess Skim Oil Revenues: Wikileaks
Date:
3 March 2011
Saudi King Abdullah handed out $37 billionto appease Saudis of modest means and cushion the world's biggest oil exporter from the wave of protest sweeping the Arab world. However the biggest handouts over the past two decades have gone to his extended family, according to unpublished American diplomatic cables dating back to 1996 according to cables obtained by WikiLeaks. Read more
US$400 Billion for Global Arms Dealers in 2009
Date:
2 March 2011
"Despite the continuing global economic recession in 2009, the total arms sales of ... 100 of the world’s largest arms-producing companies increased by $14.8 billion from 2008," - Stockholm International Peace Research Institute (SIPRI). Read more
Getting the Sack, Again: Looming Layoffs at These 10 Banks
Date:
2 March 2011
The financial crisis of 2008 may be well behind us – as most economies rise up and past the slump. But in the past four months, banks have started another round of redundancies as they reevaluate employees to trim underperformers, shift advisory services online – and move away from non-core businesses. Read more
Watershed Moment for Public-Sector Unions
Date:
28 February 2011
In the half century since Wisconsin became the first state to give its public workers the right to bargain collectively, government employee unions have mushroomed in size and power — so much so that they now account for more than half of the US's admittedly paltry union membership. But the legislative push by Wisconsin’s new governor, Scott Walker, a Republican, to slash the collective bargaining rights of his state’s public employees could prove a watershed for public-sector unions, perhaps signaling the beginning of a decline in their power — both at the bargaining table and in politics. Read more
Ikea’s Success Story
Date:
25 February 2011
Why do millions of costumers endure the frustration and hassle of assembling their own flat pack furniture? Because Ikea’s products are stylish – and they’re affordable to everyone. Mikael Ohlsson, who took over as chief executive of IKEA Group in September 2009 says “We hate waste”. Read more
Brazil’s Hot Alternative Investments
Date:
25 February 2011
Private equity firms and hedge fund managers are finding this year’s investments in Brazil. Brazil’s exchange is now the fourth-largest in the world by market value. Hedge funds trading liquid instruments, and private-equity firms cashing out their investments via IPOs are seeing big bonuses in Brazil. Read more
Food Price Hike Drives 44 Million People into Poverty
Date:
24 February 2011
Rising food prices have driven an estimated 44 million people into poverty in developing countries since last June as food costs continue to rise to near 2008 levels, according to World Bank Group numbers. "Global food prices are rising to dangerous levels and threaten tens of millions of poor people around the world, says World Bank Group President Robert B. Zoellick. "The price hike is already pushing millions of people into poverty, and putting stress on the most vulnerable, who spend more than half their income on food." Read more
Bad US-Shiite Relations Snarl Bahrain Situation
Date:
23 February 2011
We've noted the Sunni eliteversus Shiite majority population factor in Bahrain has echoes all over "Oil Gulf" region. Part of the growing problem the US already hasand will have in future dealing with MENA People Power movements is indicated by bad relations with majority Shiites in Bahrain - a dynamic significant throughout Gulf region, above all, in key oil-producing Eastern Provinces of Saudi Arabia. US military undermined efforts to improve relations with Bahrain’s Shiite majorityand understated abuses by Sunni royal family: “They always took a position against human rights communityand did not build any good relations with Shiite opposition. They always categorized them as fundamentalist or extremist, to justify pro-government political position” Read more
US Housing Prices Fell Again in December
Date:
23 February 2011
Standard & Poor’s/Case-Shiller Home Price Index of 20 large metro areas fell 1 percentin December, now less than 3 percent above record low of spring 2009. Case said housing market was at “a rocky bottom with a down trend.” Shiller, noting unrest in MENA, a large backlog of foreclosed houses, uncertain future of mortgage holding Fannie Maeand Freddie Mac,andproposals to cut mortgage tax deduction, saw “substantial risk” of declines of “15, 20, 25 percent” Another analyst said: “Every place is getting hit a second time for essentially same reasons: slow recovery, little job growth, still-tight credit, no more government stimulus, pervasive gnawing sense prices could fall more, too few people getting jobs, too many worried about losing the one they have” Read more
Violence in Libya
Date:
23 February 2011
Thousands of government supporters gathered last nightb at Martyrs' Place in the centre of the capital Tripoli following a televised speech by leader Col Muammar al-Gadhafi in which he condemned ongoing anti-government demonstrations across the country – and called on supporters of his regime to attack street protesters and threatened major security operations in the north-eastern cities of Derna (Derna province) and Bayda (Al Jabal al Akhdar province). Read more
Islam's Public Role Now Open Topic in Tunisia
Date:
22 February 2011
Tunisians are locked in a fierce debate about whether political Islam should be part of new polity. 98 percentof the 10 million population is Muslim, but liberal social policiesand Western lifestyle shatter stereotypes of Arab world. Uprising that set off demonstrations across MENA has since evolved into daily protests by competing groups, a development many Tunisians find unsettling, especially women, who say general security breakdown has made many afraid to walk outside alone at night. Former regime's crackdown on Islamist groupsand watching those who prayed regularly helped protect women's rights. “We had the freedom to live our lives like women in Europe,” said one, but now she is “a little scared.” Read more
Alibaba Shake-Up Boosts China Anti-Fraud Image
Date:
22 February 2011
Alibaba.com, perhaps China's most successful Internet start-up, shook up top management yesterday after an internal investigation revealed on-going fraud. Fast-growing Chinese e-commerce site, partly owned by Yahoo, said long-time CEO, David Wei,and COO, Elvis Lee, had resigned. Alibaba said they had not been involved in the fraud, but stepped down after taking responsibility for not stopping it. One of China’s biggest success stories, it is part of much bigger Alibaba Group. Alibaba.com, group’s flagship property, has 57 million registered users worldwide, including 14 million on its English-language Web site. Announcement stunned Chinese tech community because Wei was one of the country’s most prominent CEOsand Alibaba is one of its highest flyers. Read more
Mid-East Upset Used To Hike Oil, Food Prices
Date:
21 February 2011
Turmoil in North Africa and Middle East [MENA] has helped drive oil prices up to more than US$102 a barrel for an important benchmark crude, Brent, despite the lack of significant disruptions in production or supply so far. Oil markets are famously anxious to exploit even a possibility of disruptions in the MENA area, which accounts for ~ 35% of world oil production and a greater percentage of known global reserves. Higher crude prices could lead to further increases in food prices, which have already led to unrest in several countries, even before MENA political revolts began. “There is a close connection between food and energy prices” Part of the reason is biofuels, but oil also vital for fertilizers, transportation & agricultural equipment, especially in emerging markets, where demand is increasing Read more
Bahrain Sunni / Shiite Strife Echoes Throughout "Oil Gulf"
Date:
18 February 2011
At heart of Bahrain crisis is Sunni/Shia Muslim split not limited to the small island off Saudi Arabia, but extends through the Persian Gulf region, home of most Arab oil wealth. There have always been tensions between the two communities, with Shia accusing the royal family of packing the higher echelons of security forces, governmentand business community with Sunnis. Iran is giving support to the Shias, while Saudi Arabiaand Pakistan side with the Sunni al-Khalifas. Plus the US Navy's 5th Fleet is based in Bahrain, partly to counter Iran's influence in Strait of Hormuz. Given all this, the small island's domestic situation becomes of major regional geo / political / economic importance. Read more
Gene Sharp: Theorist of People Power Revolutions
Date:
18 February 2011
“If people are not afraid of the dictatorship, that dictatorship is in big trouble.” Aging American intellectual Gene Sharp shuffles about his cluttered row house in a working-class Boston neighborhood. Stoop-shoulderedand white-haired at 83, he hardly seems dangerous. But for the world’s despots, his ideas can be fatal. For decades, his practical writings on nonviolent revolution — most notably “From Dictatorship to Democracy,” a 93-page guide to toppling autocrats, available for download in 24 languages — have inspired dissidents world-wide: Burma, Bosnia, Estonia & Zimbabwe, and now Tunisia and Egypt. He is struck by the Egyptian protesters’ discipline in remaining peaceful & especially their lack of fear. “That is straight out of Gandhi.” Read more
Fuel Report: Global Shale Gas Technologies and Markets
Date:
16 February 2011
Shale gas has the potential to dramatically impact global energy markets with its increasingly significant role in global natural gas markets. Especially as nations seek lower-carbon fuels while ensuring energy security and economic development. Demand for natural gas is expected to account for nearly 24 percent of global energy supplies by 2020. Read more
Airport Retail Sales Flying High
Date:
16 February 2011
The airport retail market has seen massive growth – all around the globe, with Asia Pacific, Middle East and Africa being particularly robust. Datamonitor Retail reported over 60 percent growth forecast (to US$44.1 billion) in the global airport retail market by 2015. Read more
Tunisia Aftermath Holds Lessons For Egypt
Date:
15 February 2011
A month after Tunisians toppled an authoritarian president, many are discovering that may have been the easy part. With media restrictions liftedand freedom of speech flourishing, the cork has popped on years of bottled-up demands over salaries, working conditionsand other grievances. Tunisians seem torn between a desire to fully eradicate the remnants of the previous government --and pining for stability. A fragile caretaker government faces a crush of immediate demands for jobs, economic improvementand security. Role of political Islam in new order remains an open question, in what has been a relatively secular society. The challenges of balancing revolutionary ideals with bread-and-butter issues may forecast what lies ahead for Egyptians as their political transition unfolds. Read more
Mubarak Family Money
Date:
14 February 2011
With former Egyptian President Hosni Mubarak now out of power, there are growing calls for an accounting of relation between his family and Egypt's economy. Within hours of his resignation on Friday, Swiss officials ordered all banks in Switzerland to search for — and freeze — any assets of the former president, his family or close associates. Tracing the money is likely to be difficult because business in Egypt was largely conducted in secret among a small group: “The corruption of the Mubarak family was not stealing from the budget, it was transforming political capital into private capital” Opposition leaders vowed a full investigation of Mubarak’s finances: “Now we open all the files. We will research everything, all of them: families of the ministers, family of the president, everyone.” Estimates of the Mubaraks’ fortune vary wildly, including a widespread rumor they are worth as much as $70 billion. US officials say that is vastly exaggerated and put family’s wealth at $2 - 3 billion. During Mubarak’s nearly 30-year rule, he and his family were not flamboyant, particularly by comparison to other regional leaders. Read more
A Japanese Tea Party Revolt?
Date:
14 February 2011
When Takashi Kawamura won a landslide re-election victory as the mayor of Nayoya on February 6th – he put on a pair of black rubber boots while supporters poured buckets of cold water over his head. Mr Kawamura then declared a “kind of tea party” had been born in Nagoya, one of Japan’s largest industrial cities. Read more
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