Indonesia’s government is reportedly planning to merge its three time zones into a Unified Indonesia Time (Waktu Indonesia Bersatu), said Khabar Online on Monday, in a move that could synchronise Indonesia’s clocks with those of other regional economies such as Singapore, Taiwan, and Hong Kong.
As the London Olympics are finally upon us, we take a look at some of the major costs that have gone into hosting the games.
The 2012 Summer Olympics are expected to be one of the most expensive games in history, with the current budget hovering around the range of some $13 billion now, a 101 percent increase from the budget presented at London’s initial bid.
While it is nowhere near as expensive as its extravagant Beijing predecessor, researchers say the budget overrun could far exceed the average Olympic overruns we’ve seen in the last 50 years.
European Central Bank President Mario Draghi has promised to do “whatever it takes” to save the euro, raising expectations that the bank will soon step in to soothe jittered investors and markets that have sent borrowing costs soaring for countries like Spain and Italy.
The remarks were made during a question-and-answer session at the Global Investment Conference organised by the UK government to mark the start of the London 2012 Olympics.
Though many optimists now believe that a combination of lower oil prices, rising auto sales, recovering house prices, and a resurgence of U.S. manufacturing can refuel America’s economic recovery, the reality is the opposite: For five key reasons, the U.S.’s economic growth will slow further in the second half of 2012 and be even lower in 2013 – close to stall speed.
China National Offshore Oil Corporation’s (CNOOC) $15.1 billion takeover of Canadian oil company Nexen may be under threat, reported Reuters on Thursday, after a top U.S. senator urged his government to block the deal until the Chinese government made “tangible, enforceable commitments” for U.S. companies investing in China.
The Olympics is no longer all about sport, but rather a corporate jamboree for the elite super-rich. The same pattern repeats itself every time as host nations are forced to follow the International Olympic Committee’s rulebook.
Ever since French baron Pierre de Coubertin began the modern Olympics in the late 19th century, the International Olympic Committee (IOC) has been run by the world’s economic and social elite.
China’s direct investment in the United States is expected to reach a new high of at least $8 billion this year, mostly on the back of large-scale investments in the energy and banking sectors.
According to a report from research firm, Rhodium Group, which tracks all acquisitions and investments by foreign companies in the United States valued at $1 million or higher, 2012 could be the richest year on record, eclipsing the previous record of $5.7 billion set in 2010.
Over the years, politicians in advanced economies have tended to favour fiscal expansion during economic booms and austerity during recessions. But while a pro-cyclical policy is understandable from a political perspective, it also explains why these economies are rarely prepared for a crisis and why they eventually face so much difficulty recovering.
The International Monetary Fund has warned that the worsening eurozone crisis poses a key risk to China’s economy. However, the Fund added that China has the ability to handle economic shocks, citing fiscal spending at the first line of economic defence.
At the same time, the IMF highlighted risks stemming from the domestic market, particularly the sharper-than-anticipated decline in the property market which “could have significant implications for growth in China.”
China’s Vice President Xi Jinping, who is widely expected to replace Hu Jintao as the nation’s paramount leader at the upcoming 18th national congress, has called on his party members to continue building “socialism with Chinese characteristics”, reported the China Daily on Wednesday, as the nation prepares to face “unprecedented challenges” to the economy and society.
