Markets Archives - Page 652 of 782

Spiralling Wedding Costs Send South Korean Couples Into Debt

South Korean couples must fork out an average of nearly $200,000, or more than four times the annual average household income, in order to get married, said a report by Reuters on Friday, with the sky-high cost said to stem from a combination of cultural traditions and soaring inflation.

According to the report, the average cost of a wedding in South Korea has risen by 270 percent since 1999, while inflation grew by 45.5 percent during the same period.

Chinese Money Heads To South Pacific

China sent more than $600 million in financial aid to Pacific Island nations last year as compared to just $200 million from the United States, claimed the Wall Street Journal on Friday, as fears continue to mount over the Chinese government’s influence in a region with traditional strategic importance to the U.S..

ILO Sees No End To Global Job Crisis

Global unemployment will rise to 202 million people by the end of the year – compared to 196 million people last year – unless governments can combine austerity measures with job creation, warned the International Labour Organisation (ILO) on Sunday.

According to Raymond Torres, director of the ILO’s Institute for International Labour Studies, “the strategy of austerity actually has been counterproductive from the point of view of its very objective of supporting confidence and supporting the reduction of budget deficits.”

OECD Urges Japan to Restart Nuclear Plants

Despite widespread public opposition, the head of the Organisation for Economic Cooperation and Development has called on Japan to restart its nuclear plants, provided they are deemed safe to ensure a stable power supply.

Speaking to reporters in Tokyo, OECD Secretary General Angel Gurria urged Japan to resume nuclear electricity generation, given that nuclear power supplied almost a third of the country’s electricity needs before last year’s atomic disaster.

Romanian Gangs Flood London With Pickpockets & Prostitutes Ahead Of Olympics

Romanian crime syndicates have been transporting busloads of beggars, pickpockets and prostitutes into London every day for the last three months, said officials from the Westminster Council on Tuesday, as the city prepares for a massive influx of tourists ahead of the upcoming Olympic Games.

China Reaffirms ‘Friendship’ With North Korea

Chinese president Hu Jintao has pledged to bolster ties with North Korea, after a meeting with the hermit state’s top envoy. The reaffirmation of friendship comes amid a huge international outcry over North Korea’s nuclear provocation and recent attempted rocket launch.

Speaking in a meeting with Kim Yong-Il, a top official of North Korea’s ruling Workers’ Party, Hu Jintao called for greater cooperation between the two nations, the state-run Xinhua news agency reported.

Hu was quoted saying:

The Free-Riding Problem In A Multipolar Global Economy: Jeffrey Sachs

The global economy is shifting from a unipolar world, led mainly by the US, to a truly multipolar world, in which the US, the EU, the BRICS, and some smaller powers carry substantial weight. But while this shift means that no single country or bloc can now dominate the others, the major powers have seemingly become unwilling to assume global leadership, especially its financial burdens. Rather, they all just want a free ride at the others’ expense.

Crime Is One of World’s Top 20 Economies: UN

A senior United Nations official has said that criminality is one of the biggest economies in the world. According to estimations, the crime industry generates 3.6 percent of world GDP, or about $2.1 trillion a year – equivalent to the size of Brazil’s GDP.

Marking the start of a week-long meeting of the International Commission on Crime Prevention and Criminal Justice, the UN Office on Drugs and Crime (UNODC) warned that criminal business is one of the largest economies of the world, and the problem may be growing.

Key Economic News To Watch This Week: April 23

A quick preview of the key economic events for the upcoming week: A busy week of meetings and announcements, the United States’ Federal Open Market Commission meeting on Wednesday looks set to be the most important event of the week. Fed chairman Ben Bernanke is expected to speak, in conjunction with the release of US Q1 GDP figures, on the central bank’s monetary policy and the state of the world’s largest economy.

Monday, April 23

Will Africa’s Wet Dreams Turn Into A Nightmare?

Scientists have discovered a vast reservoir of groundwater located within Africa, which is said to contain a hundred times the amount of water found on the continent’s surface. But while the news has already sparked excitement across the once water-scarce continent, this joy will be short-lived unless global leaders exercise moral and social responsibility.