Category: News Desk

EU Files WTO Complaint Over China Steel Dispute


The European Union has filed an official complaint against China’s imposition of anti-dumping duties on steel imports, said the World Trade Organisation on Thursday, in the latest of a series of bilateral disputes that has sparked fears of a trade war breaking out.

The complaint, six months after Japan filed a similar case, centres on high-quality steel products that China needs to build new power plants and is crucial for its plans to upgrade and clean up its electricity infrastructure.

Infographic: How Do Forensic Accountants Expose Financial Fraud?


Forensic Accounting is concentration that enters the spotlight on a regular basis, especially during economic downturns. Why? Because risky financial practices are revealed and forensic accountants end up being the key deliverers of justice.

Migration From Crisis-Hit Countries Up By Nearly Half: OECD


Migration from countries worst hit by the financial crisis has risen 45 percent from 2009 – 2011, with Southern Europeans in particular fleeing up north to escape recession and record-high unemployment at home, said the Organisation for Economic Cooperation and Development on Thursday.

World Bank Lowers Global Growth Forecast As Economy Enters “New Normal”


The World Bank on Wednesday lowered its growth estimate for the global economy in 2013, in part due to the spiralling eurozone crisis, but said that outlook appears more stable than just before the 2008 financial crisis.

According to the World Bank’s latest report, the global economy will grow by 2.2 percent this year, bolstered by a 5.1 percent surge in developing countries.

Eurozone Crisis Saved Germany €80bn in Interest Payments


The German government has saved 80 billion euros ($107 billion) in interest payments since the start of the financial crisis because interest rates for the country’s bonds are so low, said the Institute for the World Economy, a German think tank and economic research centre.

While other countries in the 17-member euro area have battled against investor fears that their economies may buckle under the weight of rising debt costs, Germany has managed to save billions of euros thanks to its reputation as a safe haven for investments.

New York Unveils $20bn Plan Create Storm-Proof City


New York’s mayor Michael Bloomberg has unveiled plans for the city to defend itself against future storms and dangers posed by climate change, recommending the construction of anti-flood fortifications including removable floodwalls, levees and sand-dunes in low-lying areas across the city.

Greece Shuts Public Broadcaster in Cost-Cutting Exercise


Under pressure from its international creditors to cut public spending, the Greek government on Tuesday announced the shutdown of state-run television and radio broadcaster ERT, which it called a “haven of waste”, idling some 2,900 employees that make up less than 1 percent of the public workforce.

At midnight, all three channels produced by Greek Radio and Television, known as ERT, went off the air and will remain dark pending an overhaul that is expected to last several months and trim about 100 million euros from the annual state budget.

The Man of Steel: Superman's Road To Financial Success

Infographic: Man of Steel – How the Superman Franchise Became a Financial Hit


In celebration of Superman’s 75th anniversary and in time for the next Silver Screen blockbuster Man of Steel, check out this infographic that pays homage to the original son of kyrpton and how much it has grown as a business franchise though the years.

Since swooping into the comic book industry and taking America by storm in the 1930s, Superman has been both a superhero in action and a super source of revenue.

Russia’s Gazprom Pulls Out of Greek Gas Deal


Greece’s troubled privatisation programme suffered a massive blow on Monday after Russian energy giant Gazprom withdrew its interest in the country’s gas monopoly Depa, citing concerns about the company’s viability, while the country’s gas grid operator Desfa received only a single bid.

Gazprom had been the most prominent of five possible contenders for Depa and Greece had pinned hopes on a Gazprom bid to revive interest in the sale.

Shale Adds 47% to Gas Reserves, Could Fuel For a Decade


Global shale resources increase the world’s total gas reserves by 47 percent and oil reserves by 11 percent, said a U.S. government report released Monday, and are vast enough to cover more than a decade of energy consumption.