The US fiscal cliff seems to be the biggest source of market anxiety these days and uncertainty over the matter remains as high as ever. In fact, ongoing negotiations are unlikely to bear fruit if Democrats and Republicans refuse to compromise and agree on raising the tax rate for wealthy Americans.
Monday, December 10
After a hard-fought campaign, it seems that not much has changed in American politics. Rather, the main cause for celebration has been that America has avoided policies that would have pushed it closer to recession and increased inequality further.
Crisis-hit EU nations are considered among the most corrupt in the European Union, according to the 2012 Corruption Perceptions Index by Transparency International, a global anti-corruption watchdog.
In its annual report released on Wednesday, Transparency International ranked Greece 94th out of 176 countries in the 2012 Corruption Perception Index, putting it roughly on par with countries such as Colombia and India, a reflection of the country’s widespread economic turmoil and rampant tax evasion.
China’s Foreign Ministry on Wednesday warned India to respect “China’s sovereignty and national interests” in the South China Sea, after India’s Navy Chief Admiral D K Joshi suggested this week that New Delhi was ready to deploy vessels in order to protect their economic interests in the region.
Citing proactive fiscal policy and planned market reforms, growth in the world’s second largest economy could enjoy a rebound to 8.2 percent in 2013, said the Chinese Academy of Social Sciences, the country’s top academic and policy research institute.
The CASS, however, said that its GDP forecast is contingent on the stabilisation of the European debt crisis and the United States avoiding the expiration of Bush-era tax cuts as well as automatic cuts to defence and domestic spending programmes.
Underlying tensions between European countries are gradually emerging as austerity measures imposed by richer economies exacerbate already painful recessions among indebted nations. But while the ECB has managed to stave off an outright economic war between its members for the time being at least, economic peace remains elusive – as long as the governments continue to dither and bicker over long-term solutions.
Who is the richest person on earth? You’ll be surprised to know that it isn’t Warren Buffett or Bill Gates.
In fact, the richest person on this planet is Carlos Slim Helu from Mexico, the telecom tycoon whose $69 billion fortune puts him ahead of Microsoft founder, Bill Gates, who comes in at second place with a net worth of $61 billion.
As Washington hunts ill-defined al-Qaeda groups in the Middle East and Africa, and concerns itself with Iran’s eventual nuclear potential, it has a much more pressing problem at home: Its energy grid is vulnerable to anyone with basic weapons and know-how.
Forget about cyber warfare and highly organized terrorist attacks, a lack of basic physical security on the US power grid means that anyone with a gun – like disgruntled Michigan Militia types, for instance – could do serious damage.
December is historically a strong month for markets. The S&P 500 has risen 16 times in the past 20 years during the month. However, negotiations to avert the fiscal cliff continue to add uncertainty to markets, particularly as talks reach a stalemate over tax hikes. Meanwhile in Europe, eurozone finance ministers meet to make a final decision on the next trance of aid for Greece.
Monday, December 3
As politicians continue to debate on how to tackle environmental issues at the ongoing United Nations Framework Convention on Climate Change in Doha, some cities around the world have taken it upon themselves to implement measures that will reduce their environmental impact.
