Category: News Desk

Republicans to Seek $4.6tn Budget Cuts


Republicans are set to unveil a conservative budget on Tuesday that would slash government spending by $4.6 trillion over a decade and balance the budget by 2023 without any new taxes.

On Tuesday, Paul Ryan, chairman of the House budget committee and former Republican vice-presidential nominee, will for the third consecutive year present a conservative fiscal package that will require only “modest policy changes” to balance the federal budget in 10 years.  

Greece’s Economy Shrinks Again, Govt To Sell Police HQ & Other Ministry Buildings


The Greek economy shrank by an annual 5.7 percent in the final quarter of 2012, revealed official data on Monday, meaning that the country has seen a 20 percent slump in real GDP since the financial crisis first broke out in 2008.

According to the Hellenic Statistical Authority (ELSTAT), Greece’s economy has been shrinking since the third quarter of 2008. The latest figures though represented the smallest contraction for the year, with the first, second and third quarters posting 6.7 percent, 6.4 percent and 6.7 percent declines respectively.

Two-third Of Bankers Claim They’re ‘Underpaid’: Survey


More than two-thirds of financial professionals worldwide were unsatisfied with their overall remuneration package last year, showed a survey published by recruiting firm Selby Jennings on Monday, with nearly half of the respondents asserting that their pay was unfair given “the current market conditions.”

China to Abolish Rail Ministry to Curb Corruption


China on Sunday announced plans to streamline several government ministries, doing away particularly with the powerful but scandal-plagued Ministry of Railways. The move is the seventh bureaucratic restructuring in three decades, according to Xinhua, a state-owned news agency.

Key Economic News to Watch This Week: March 11


The EU Summit opens on Thursday and investors will be watching closely for clarity and details about a region-wide banking regulator as well as a bailout for Cyprus.

Monday, March 11

Taiwan and the United States resume trade talks after a hiatus of more than five years when Taiwan banned US beef containing ractopamine, a drug used in animal feed to promote lean meat. The U.S. is the island’s third largest trade partner and a leading arms supplier.

Tuesday, March 12

Qatar Makes First Natural Gas Discovery In 42 Years


Qatar, the world’s largest exporter of Liquefied Natural Gas (LNG), has found as much as much as 2.5 trillion cubic feet (tcf) of natural gas in an offshore field, reported Gulf News on Sunday, marking the first time the emirate has discovered gas in 42 years – since uncovering the world’s biggest gas field, the North Field, back in 1971.

New Zealand Banks Face $1 Billion Lawsuit Over “Excessive” Fees


Registered banks in New Zealand are being sued for overcharging $1 billion in default fees to more than 1 million customers over the last six years, in what may be the largest class action lawsuit in the nation’s history, reported the New Zealand Herald on Monday.

Number of Billionaires in Chinese Parliament on the Rise


The ranks of ultra-rich individuals in China’s legislature increased 17 percent from last year, highlighting the cozy relationship between the wealthy and the ruling Communist party.

Among the delegates gathered in Beijing this week to attend the National People’s Congress, 83 of them are U.S. dollar billionaires, said Shanghai-based research firm Hurun.

Most US Banks Able to Weather Deep Recession


U.S. banks have enough capital to withstand a severe economic downturn, the Federal Reserve said on Thursday, announcing that 17 out of 18 major banks had passed its annual stress test. 

A stronger economy and banks’ efforts to boost their capital since the 2007-2009 U.S. financial crises helped all but one of the country’s 18 largest banks meet the minimum hurdle of a 5 percent capital buffer in the Fed’s annual “stress test.”

Russia May Join Cyprus Bailout: Report


Russia is set to join the International Monetary Fund, the European Central Bank and the European Commission in bailing out troubled Cyprus, reported Reuters on Thursday, on condition that Moscow receives the same credit status as euro zone lenders – meaning that it would get repaid right after the IMF.