It might sound like a glaringly obvious statement to some of us, but according to new research conducted by economists from the University of Michigan, more wealth will indeed lead to greater life satisfaction, while human beings have “no satiation point” in terms of their level of income.
Tightened international sanctions against Iran caused its crude oil exports to drop by 39 percent last year, claimed the U.S. Energy Information Administration (EIA) this week, cutting Iran’s net oil export revenue by 27.4 percent despite a rise in oil prices.
The Chinese government spent up to $75.4 billion on aid and development projects across Africa from 2001 to 2011, claimed a new study on Monday, coming close to the level of U.S. aid to the region – though the nature of Beijing’s support was comparatively different.
Italy’s new government, led by Prime Minister Enrico Letta, have vowed to reverse Rome’s era of austerity, beginning with the cancelation of an unpopular tax hike on primary residences due in June and pledging not to raise the sales tax while reducing some payroll taxes.
Letta, who won his first vote of confidence in parliament on Monday by 453 votes to 153, said that Italy could ill afford to focus simply on cutting its public debt, but rather needed a new emphasis on lifting the economy out of recession.
The International Monetary Fund has warned policymakers to “stand ready to respond” to any prospective risks of overheating, amid widening fiscal imbalances and rising asset prices in several Asian economies.
Asia will lead a three-speed global recovery, with domestic demand supported by favourable market conditions, robust consumer confidence and rising real wages, said the IMF in its annual report on Asia.
Italy’s two-month political deadlock ended on Saturday when PM-designate Enrico Letta named a coalition government to be confirmed by parliament within days. This week also, investors will be paying close attention to any central bank action as the Fed and ECB hold their key interest rate meetings.
Monday, April 29
The U.S. Central Intelligence Agency (CIA) secretly delivered “tens of millions of dollars” to the office of Afghanistan President Hamid Karzai for more than a decade after the removal of the Taliban regime, claimed the New York Times on Sunday, citing current and former advisers to Karazi, who came into power in December 2001.
China is fast becoming a global leader on climate change thanks to “ambitious strides to add renewable energy to its mix,” claimed a report by an independent climate watchdog on Monday, highlighting the nation’s recent investments in clean energy, which was unmatched by any other country over the past two years.
According to the Australian-based Climate Commission (CC), China invested close to $65.1 billion in clean energy last year, 20 percent more than in 2011 and representing 30 percent of the total investment made by the entire G-20.
ASEAN leaders on Thursday called for urgent talks with China to ensure that the region’s maritime disputes did not escalate into violence, with the Philippines and Vietnam renewing calls for a binding “code of conduct” that would set clear rules for how claimants to the disputed territories of the South China Sea can act.
Unemployment in Spain and France has jumped to new highs, data showed on Thursday, fuelling a European debate over whether to ditch austerity policies and switch to reviving economic growth. More than 6 million Spaniards and 3.2 million French are unemployed, beating previous highs last seen in 1976 and 1997 respectively.
