Category: News Desk

UK Retail Sales Drive Pound Higher On Rate Expectations


The British Pound (GBP) is rallying back toward its highest levels in nearly eight months versus the Dollar (USD), as the September retail sales report showed evidence of strengthening consumer activity in Europe’s third largest economy.  This is an important development, mostly because markets are in flux with respect to UK interest rate expectations.  Last week, we saw the release of the September meeting minutes from the Bank of England, which showed that members voted unanimously to suspend additional stimulus injections on signs of continued recovery.  

Spain May Switch Time Zone To Boost Productivity


The Spanish government is reportedly considering moving its clocks back by an hour in order to improve workers’ eating and sleeping habits, according to a BBC report on Friday, following the release of a parliamentary report backing the time-zone switch.

China To Launch Space Station Within A Decade


China intends to launch its very own orbiting space station by 2023, announced officials at the 64th International Astronautical Congress in Beijing on Thursday, with an initial mission to study the effects of long-term weight loss in space, the effects of radiation on astronauts, in-orbit medical monitoring and the application of traditional Chinese medicine in space.

Japanese Auto-Parts Makers Found Guilty For Price-Fixing


Nine Japanese automotive suppliers, including Hitachi Automotive Systems and Mitsubishi Electric, will pay nearly $740 million in fines for conspiring to fix the prices of more than 30 different auto-parts sold to car manufacturers in the U.S., AFP reported on Thursday, with more than 25 million cars purchased by American consumers believed to have been affected by the illegal conduct.

What Small Businesses are Missing in Online Presence


The consumer world is moving away from television and print media, and toward FaceBook and Twitter run on mobile devices.  But American small businesses have largely missed these trends.

Shell May Not Drill For Arctic Oil In 2014: Report


After cancelling its Arctic oil expeditions for this year, Royal Dutch Shell, the world’s largest oil company, has yet to apply to U.S. authorities to drill in the Arctic in 2014, according to a report by the Los Angeles Times on Wednesday.

Brazil May Turn $280 Million World Cup Stadium Into Prisoner Centre


A $280 million football stadium built for the World Cup in Brazil next year could eventually be converted into a processing centre for prisoners, reported AFP on Thursday, after a local judge proposed the novel idea to ensure that the newly constructed venue would not become a ‘white elephant’.

Russia Ponders Higher ‘Divorce Tax’ To Discourage Ill-Planned Marriages


Russia’s Prime Minister Dmitry Medvedev has proposed raising the state duty on divorce by nearly 7500 percent, in order to discourage couples from jumping into marriage before careful consideration, according to Russian state media on Tuesday.

Spain Exits Recession, But Not Yet Out Of Crisis: PM


Spain will see economic growth of between 0.1-0.2 percent during the third quarter of 2013, said Prime Minister Mariano Rajoy on Monday, though he warned that a great deal of work would still need to be done before the economy can get back on track.

China Bans Potentially Weapons-Related Exports To North Korea


China’s Commerce Ministry on Tuesday issued a 236-page list of goods banned for exports to North Korea, fearing that the items could be used as components to make weapons of mass destruction.

In a statement to the press, Hong Lei, a spokesman for China’s Ministry of Foreign Affairs, said that China’s decision came as part of a joint U.N. Security Council resolution on North Korea, underscoring China’s “strict attitude” in enforcing sanctions.