Category: News Desk

Eurozone Unemployment Rate Hits Record High: 19 Million Now Jobless


The eurozone’s unemployment rate rose to a record high of 12.0 percent in the first two months of the year, with 33,000 additional people joining the ranks of the jobless, according to the European Union’s statistical agency Eurostat on Tuesday.

Not surprisingly, Greece had the highest unemployment rate among the 17-nation bloc at 26.4 percent, while Spain came in at a close second at 26.3 percent. Austria (4.8 percent) and Germany (5.4 percent) on the other hand were the lowest in the region and saw their figures remained unchanged from January.

Japan PM Admits BOJ May Fail 2% Inflation Target


After months of rhetoric calling for bold monetary easing from the Bank of Japan (BOJ), Japanese Prime Minister Shinzo Abe on Tuesday admitted that the BOJ’s 2 percent inflation target may be difficult to accomplish; and warned the BOJ to not pursue the benchmark “at all cost”, especially if global conditions change.

World Bank Chief Targets Poverty-Free World By 2030


Extreme poverty could be virtually wiped out globally by 2030, said World Bank chief Jim Yong Kim in a speech at Georgetown University on Tuesday, outlining a bold agenda to boost the incomes for the poorest 40 percent of every nation worldwide, while acknowledging the extraordinary efforts required to meet this goal.

Taiwan To Allow Larger Chinese Stakes In Domestic Banks


The Taiwanese government has agreed to ease investment caps for Chinese firms looking to buy bigger stakes in local financial institutions, reported AFP on Monday, with both nations keen to improve relations as economic integration deepens.

Cyprus Church Leader Call On Ministers To Resign, Vows To Create Jobs


The head of Cyprus’ powerful Orthodox Church, Archbishop Chrysostomos II, vowed on Sunday to use its financial resources so that ordinary people “won’t go hungry”, whilst calling on the island’s finance minister and central bank chief to resign following the announcement of the controversial EU bailout plan.

Myanmar Lifts 50-Year-Old Ban On Privately-Owned Daily Newspapers


Myanmar’s decades-long ban on privately-owned daily newspapers came to an end on Monday, reported AFP, representing a new era for the nation’s media industry, which has long been shackled under Junta rule.

Mongolia To Build Highway From Russian To China Borders: Report


The Mongolian government is planning to build a $3.5 billion cross-country highway stretching from its border with Russia to Zamyn-Uud on the Chinese frontier, reported Bloomberg on Monday, citing Mongolia’s state-run news agency Montsame.

Infographic: Women In Business – Breaking Records & Glass Ceilings


The role of women in society – and the economy – has come a long way since the days of the traditional sphere of work (i.e., caregiving, within the domains of a home).

Today, the additional economic contribution of women entering the workforce since the 1970s has accounted for nearly 25 percent of America’s GDP, while American women have gone from holding 37 percent of all jobs to nearly 48 percent.

Emerging Markets’ Euro Holdings At 11-Year Low: Report


Central banks in developing countries sold nearly 45 billion euros in currency holdings last year, reported the Financial Times on Monday, highlighting the damage Europe’s sovereign debt crisis has done to the Euro’s international standing, even as the U.S. dollar held steady.

According to FT, Euros now made up only 24 percent of emerging nations’ reserves, the lowest since 2002, while USD holdings managed to stay at about 60 percent.

China Pledges $16 Billion To Clean Up Beijing Pollution


China will spend more than 100 billion yuan ($16.1 billion) over the next three years to reduce pollution in its capital Beijing, reported the China Daily last Friday, as air quality continues to remain above “very unhealthy” and “hazardous” levels – since the start of 2013.