Category: News Desk

World’s Poorest To Suffer Most From Climate Change: World Bank


The world should start taking action to combat the dangerous rise in temperatures, said the president of the World Bank, warning that millions of people around the world are likely to be pushed back into poverty because climate change is undermining economic development in poor countries.

In its new report on climate change, the Washington-based organisation warned that food shortages will be among the first consequences within just two decades, along with damage to cities from fiercer storms and migration as people try to escape the effects of climate change.

Infographic: Does the Recession Fuel A Spike in Crime?


As a result of tightened budgets, law enforcement agencies from countries such as Greece and United States have been troubled with providing the same level of service with far fewer resources. But even if the precise relationship between crime and the economy is murky, some scholars say we are likely to see spikes in crime if the recession lasts for too long.

Last week, Reuters reported that violent crimes in Spain have spiked since the economic crisis began in 2008, with thefts involving forcible entry into properties increasing by more than 25 percent in 2012.

US Fed Sees 2014 End For QE3


The United States Federal Reserve has maintained the rate of asset purchases at $85 billion a month, but hinted it could begin reeling in the programme known as quantitative easing sometime later this year, and bring the operation to a close by mid-year 2014.

Infographic: Who Will Win The Race For The First Driverless Car?


Driverless cars are commonly featured in futuristic sci-fi films, but despite being prophesised for decades they have so far not looked close to becoming reality. However, all of this looks set to change with eight major global motoring players all working on driverless technologies.

Perhaps the most famous of these is Google’s solution, which has attracted international headlines as the company has completed 225,000 kilometres (140,000 miles) testing the technology in California without being responsible for any accidents.

G8 Leaders Agree To Crackdown On Tax Evasion


 

The leaders of eight of the world’s biggest economies on Tuesday struck a deal to “fight the scourge of tax evasion” – such as Google, Amazon and Starbucks – that rob government coffers of billions of dollars each year.

UK Lawmakers Call For Errant Bankers to Be Jailed


Britain needs a “radical” overhaul of its scandal-plagued banking sector as well as the introduction of new laws that will make it possible to jail bankers for “reckless misconduct” and force bankers to wait up to 10 years to receive their bonuses, said the UK’s Parliamentary Commission on Banking Standards on Tuesday.

China Launches Pilot Carbon Trading Scheme


China, the world’s bigger emitter of carbon dioxide, has launched its first carbon trading platform in the southern city Shenzhen, with plans to open similar schemes in seven other regions by 2014.

EU and US to Launch “Biggest Trade Deal in History”


European and U.S. officials launched negotiations on Monday to create one of the world’s most ambitious free-trade zones aimed at creating jobs and boosting growth in the fragile global economic climate.

U.S. President Barack Obama said the first round of talks would take place in Washington next month and pledged to make discussions a “priority of mine and my administration.”

Obama hopes that greater access to the European market for U.S. companies will boost exports and provide a jolt to growth and employment without increasing budget deficits.

US Budget Cuts “Excessively Rapid and Ill-Designed”: IMF


The International Monetary Fund on Friday called for the repeal of sweeping U.S. government spending cuts that kicked in earlier this year, denouncing it as “excessively rapid and ill-designed”, as it cut the 2014 growth forecast for the world’s biggest economy.

Key Economic News to Watch This Week: June 17


The Group of 8 Summit opens in Northern Ireland on Monday and discussions are likely to focus on global economic issues and the efforts to tackle tax evasion, as well as the Syrian civil war. On Wednesday, investors will be looking to Fed Chairman Ben Bernanke’s post policy meeting press conference for clues on when the central bank may start to scale back its $85 billion monthly bond buying programme.

Monday, June 17