As part of his campaign ahead of the February 24-25 elections, former Italian Prime Minister Silvio Berlusconi on Sunday pledged to return Italians some four billion euros ($5.5 billion) in property tax payments made last year, claiming that the unpopular tax, implemented by the Monti government, was “an erroneous decision by the state,” which “caused Italian families worry, anxiety, fear of the future.”
At his second inaugural address on January 21, U.S. President Barack Obama promised more progressive politics for America – shifting away from the Reagan-era policies, led by corporate special interests, over the last three decades. And while it is too early to declare the start of a progressive new era for American politics, more government activism may help to address America’s – and the world’s – most urgent challenges, including building the infrastructure for a sustainable future.
In the wake of the Great Recession, there is little doubt that the American middle class is in distress. From falling incomes to rising job insecurity, weak improvements in the American economy have flowed mainly to the small percentage of affluent households, leaving the middle class and the poor with declining standards of living.
India’s government has urged China to respect its water rights over the Yarlung Tsangpo/Brahmaputra River, reported AFP on Thursday, after the Chinese government revealed plans to build three hydroelectric dams upstream, which may possibly affect water flow along Indian territory.
The Mediterranean has joined the shale game, but as most of Europe’s Mediterranean countries drag their feet, all eyes are on Israel, Turkey, and Algeria.
For Israel, it will be a slow road without the majors.
For Algeria, it’s full speed ahead, in theory—but the foreign interest is just dabbling for now due to a lack of shale infrastructure.
For Turkey, the situation is more promising thanks to a renewed interest by the majors and a near-perfect blend of good governance and attractive fiscals. Here’s what the playing field looks like:
Chinese banks have extended at least three-quarters of loans made to local governments at the height of the global economic crisis. According to data compiled by the Financial Times, the repayments – worth at least 3 trillion yuan ($482 billion) – were due at the end of last year and the rollover is aimed at averting a wave of defaults that could have dealt a harsh blow to the world’s second largest economy.
Zimbabwe’s government public accounts are now dangerously close to bankruptcy, warned its Finance Minister Tendai Biti on Tuesday, with the country set to approach international donors for cash in order to fund a constitutional referendum and elections expected to be held later this year.
Oil prices are expected to remain high this year, especially with the high cost of extraction involved in obtaining more tight oil and oil from other unconventional sources. If the cost of oil continues to rise, what further damage will be done to consumers, businesses and economies?
A person might think from looking at news reports that our oil problems are gone, but oil prices are still high.
Global powers and Iran should “stop behaving like little children” and set a date for new negotiations over Tehran’s controversial nuclear programme, said Russian foreign minister Sergei Lavrov, after the both sides failed to agree on a location for the talks which had been due to take place this month.
A Chinese entrepreneur has begun selling fresh air compressed in soft drink cans to fellow residents in Northern China, reported Fairfax Media on Tuesday, claiming that he wanted to make a point on China’s worsening air pollution, which rose to “hazardous” levels again this week – according to the latest readings.
