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Europe Given Till The End Of The Week To Fix Its Crisis Or Else…

G-20 finance ministers has called on eurozone leaders to take decisive measures by the end of week in controlling the ongoing debt crisis, or face the risk of sending the entire world economy into a downward spiral.

The October 23 European Union summit must “address the current challenges through a comprehensive plan”, said finance ministers and central bankers of the G-20 economies in a joint statement issued after their meeting ended in Paris last Saturday.

Mubarak’s Legacy of Debt: Saifedean Ammous

Hosni Mubarak’s three-decade long reign in Egypt has had frightening consequences on its economy. Especially in the wake of the European debt crisis, the extent and impact of Egypt’s public debt has become impossible to ignore. Here, Ammous makes a compelling case about public debt servicing costs and liability on behalf of a people experiencing severe economic, political and social problems.

Can China Alone Save the Eurozone?

China is under pressure to bailout European countries facing debt crises. It is in the interest of China to save the eurozone, but China so far seems reluctant to extend a helping hand. As governor of the Chinese central bank, Zhou XiaoChuan told the IMF, it is still too early for China to intervene – which is probably code for “If you think we are buying euros or even euro bonds on any kind of scale while you are in this mess, think again.”

UK Unemployment Reaches 17-Year High

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.

The U.K. statistics agency said the ranks of the unemployed swelled by 114,000 to 2.57 million in the three months to the end of August, raising the jobless rate to 8.1%.

Riots in Cairo: Eyewitness Account – Reva Bhalla

The sectarian rioting that broke out in Cairo October 9 is a painful reminder of the obstacles in the way ahead of elections that are scheduled to begin in November. Reva Bhalla provides an eyewitness account of the violence that unfolded and discusses the new phase in a post-Mubarak Egypt.

Undoing the Bankruptcy of Capitalism: Joseph E. Stiglitz

To cure the economy, we need to understand exactly what ails it. An accurate diagnosis is just as important as a proper prescription. As Stiglitz argues, the economic problem we have is more severe than most people realize and the shocker is this: Austerity will not cure it.

NEW YORK – As the economic slump that began in 2007 persists, the question on everyone’s minds is obvious: Why? Unless we have a better understanding of the causes of the crisis, we can’t implement an effective recovery strategy. And, so far, we have neither.

Asian Executives to Earn More Than Those in U.S. By 2013

According to consulting firm Mercer’s global executive pay trends study, executive salaries in Asia will soon surpass those in the U.S. by 2013.

Asian executives are taking home bigger pay-cheques than their counterparts in Europe and by 2013, they will go past the earnings of American top brass too, says Mercer.

Executive pay in the Asia-Pacific region is increasing across the region, especially in China, India, Indonesia, Vietnam, the Philippines and Malaysia.

Chinese Pensioners Rally In Support of Occupy Wall Street

The Occupy Wall Street movement may have started in New York City, but the cause is now spreading across to Canada and overseas, and in the process gaining an unlikely group of supporters: Chinese pensioners.

According to nationalist Chinese website Utopia, a group of elderly citizens took to the streets in Henan province on October 6 in rallying support of the Occupy Wall Street supporters.

Deadly Violence Erupts in Cairo

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.

A demonstration by Christians angry about a recent attack on a church marked off a night of violent protests against the military council now ruling Egypt, in the worse spasm of violence since the ouster of Hosni Mubarak in February.

Blair’s Charity in Africa Spends More Than Half Its Income On Staff

When Tony Blair launched the Sports Foundation charity in 2007, the former British prime minister said he wanted “to give something back to the North-East.”

Four years later, questions are being raised about how big a contribution his charity network is making to in the region.

In January 2011, the Telegraph reported that the Sports Foundation spent only £33,929 (US$53,000) on charitable activities in the first in its first financial period, compared with £37,621 (US$58,700) spent on four staff members.