Category: News Desk

Switzerland Vote Overwhelmingly Against World’s Highest Minimum Wage


Swiss voters have rejected a proposal to introduce what would have been the world’s highest minimum wage at 22 francs ($25) an hour, citing the possible impact on employment and economic competitiveness.

In a national referendum on Sunday, 76.3 percent of voters spurned the union-backed minimum wage proposal, which would have affected just 10 percent of the population – with the median hourly wage hourly wage already at about 33 francs ($37) an hour.

Brazil Expects $3 Billion Tourism Boom During World Cup


Tourists heading to the football World Cup in Brazil this June will spend more than $3 billion in the country, according to a government forecast on Wednesday.

An estimated 3.7 million tourists are expected to arrive in the country for the tournament, said the Ministry of Tourism, with about 1.9 million people set to actually attend World Cup matches, while another 1.8 million estimated visitors will arrive in Brazil to enjoy festivities linked to the World Cup.

China Begins Construction Work In Disputed Area Of South China Sea


China has begun work on building an airstrip or military outpost in the disputed Spratly Islands in the South China Sea, said the Philippines on Wednesday, just a week after the Chinese also deployed an oil rig in another set of disputed waters near Vietnam.

The Philippine Department of Foreign Affairs said that it had lodged a formal protest with China regarding ongoing construction work at Johnson South Reef in the Spratlys, but the Chinese government chose to reject the protest.

Russia Set To Cut Off Ukraine’s Gas Supply Next Month


Russia’s state gas giant Gazprom has threatened to cut off its supply of natural gas to the Ukraine starting from June 3rd, unless the Ukrainian government pays $1.7 billion in advance for future shipments.

In a statement on Wednesday, Gazprom gave Ukraine a June 2nd deadline to pay the bill, or it would no longer provide any natural gas to the country, which relies on Russia for one-third of its gas needs.

Government Auditors Link Corruption To Soaring Cost Of Brazil World Cup Stadium


The cost of building the Mane Garrincha stadium in Brazil’s capital of Brasilia has nearly tripled from its initial estimate, said government auditors on Wednesday, blaming corrupt officials for a lack of oversight into construction firms.

According to Brasilia’s Audit Court, the top electoral court in the country, some $275 million in public funds was found to have been wasted due to price gouging by contractors – and their auditors have only examined three-fourths of the project.

US To Cut Off Russia’s Trade Concessions


The United States has decided to cancel all trade benefits extended to Russia under its Generalized System of Preferences (GSP) scheme – that been designed to help developing countries grow their economies by lowering tariffs for exports to the U.S.

China Could Build Undersea High-Speed Railway To America: Report


Chinese officials are discussing the possibility of building a high-speed railway line from Beijing to the United States, reported the China Daily last week, with the proposed railway set to pass through Russia, Alaska and Canada before hitting the American mainland.

According to Wang Mengshu, a railway expert and academician at the Chinese Academy of Engineering, the project will be funded and constructed by China; though details had yet to be finalised.

China Extends Additional $12 Billion In Aid To Africa


Chinese Premier Li Keqiang on Monday pledged an extra $12 billion in assistance funds to the African continent, taking the total loans to over $30 billion, reported Reuters.

Li, speaking during a visit to the African Union headquarters in Addis Ababa, Ethiopia, said that he hoped some of the loans would go to support small and medium-seized companies in Africa, adding that economic development on the continent offered huge opportunities for both China and Africa.

Middle East’s Super Rich Top Global Demand For Multiple Citizenship: Report


Nearly 60 percent of global applicants seeking second citizenship or second residence programmes come from the Middle East region, according to a recently published study on ultra-high-net-worth (UHNW) individuals by intelligence firm Wealth-X and global citizenship experts Arton Capital.

Number Of Children In Japan Drops For 33rd Consecutive Year


Japan’s population remains on a rapidly aging path, with the number of children (aged under 15) having fallen to a record low of just 16.33 million, according to government statistics on Sunday.

This was the 33rd straight annual decline for the number of children, said Japan’s internal affairs and communications ministry; and was the nation’s lowest level since records began in 1950.