Category: News Desk

China May Adopt Tighter Monetary Policy


Authorities should drain more cash from the financial system and enhance oversight of banks’ off-balance sheet business, said the Chinese State Information Centre, as the risks of overheating outweigh potential economic slowdowns.

Citing a strong rebound in the fourth quarter and an improvement in the country’s economic outlook, the Centre, the research arm of the National Development and Reform Commission, said in a report on Wednesday that China should adopt a tighter monetary policy to mitigate inflationary risks.

Chaos In Greece As Pharmaceutical Supplies Drop By “90 Percent”


Greece’s government has accused more than 50 leading pharmaceutical companies of cutting key medical supplies to the country, as hundreds of consumers queued desperately in front of pharmacies this week in order to look for prescription drugs that hospitals could no longer dispense.

According to The Guardian, more than 200 medicinal products were affected by supply cuts, while around 300 drugs are now in “very short supply” as a result of the pharmacy run.

Austerity and Reforms Necessary Despite Social Cost, Says ECB Chief


European Central Bank President Mario Draghi on Wednesday acknowledged growing indignation over painful austerity and reform measures, but argued that they are crucial to a fairer society and can reduce injustices in the long-run.

Draghi’s remarks come two days after an inconclusive election in his native Italy, in which voters roundly rejected the austerity policies pursued by outgoing Prime Minister Mario Monti.

Argentina Vows To Resist Debt Demands Despite Risk Of Default


In the latest salvo of a bitter high-stake legal fight, attorneys for the Argentinean government on Wednesday told a U.S. appeals court that the nation would rather default on nearly $1.3 billion in sovereign debt than pay off a group of minority bondholders – mostly hedge funds – who had ignored two previous debt exchange offers in favour of pursuing full repayment.

US Banks Post Highest Profits Since 2006


U.S. banks posted their 12th straight quarterly profit in the last three months of 2012, a 37 percent increase from a year ago, reaching their highest level in six years as banks continued to expand lending.

U.S banks earned $34.7 billion in the last three months of 2012, up from $25.4 billion a year ago and the highest for a fourth quarter since 2006, the Federal Deposit Insurance Corporation revealed on Tuesday.

Italian Deadlock Rekindles Eurozone Jitters


The inconclusive result of Italy’s general election has sparked concerns that one of Europe’s largest economies will have difficulty tackling its budget problems, raising the risk of a renewed flare-up in the eurozone crisis as the region’s financial turmoil is replaced by political instability.

Swiss Groups Claim Abortions Hurt GDP


A pro-life group in Switzerland has launched an initiative to ban abortions in the country, claiming that the practice cost billions in lost tax revenues, according to a report by AFP on Wednesday.

The “Protect life to remedy the loss of billions” initiative was launched on Tuesday, appealing for more than 100,000 signatures by August 2014, in order to bring the issue to a national referendum.

Ireland To End Controversial Bank Guarantee Scheme


The Irish government will no longer provide state guarantees for eligible deposits and liabilities at its three surviving banks, said Finance Minister Michael Noonan on Tuesday, ending a controversial four-year-old scheme, meant to safeguard the nation’s financial system from collapse.

The blanket guarantee, called the Eligible Liabilities Guarantee Scheme (ELGS), was introduced in September 2008 after the collapse of Lehman Brothers in the U.S. sparked concerns of a similar calamity in Ireland.

Yahoo Demands Telecommuters Report to Office, Bans Working From Home


Yahoo has banned its employees from working ‘remotely’ as all staff are told to relocate to Yahoo’s nearest office outpost by June, or quit.

Yahoo has told its employees they can no longer work remotely from home, according to a leaked internal memo. “To become the absolute best place to work, communication and collaboration will be important, so we need to be working side-by-side. That is why it is so critical that we are all present in our offices,” read the memo from Yahoo’s human resource chief Jackie Reses.

Iran to Subsidise Food for Poor As Sanctions and Inflation Cripple Economy


Iran’s parliament on Sunday approved a plan for the country’s poor to receive subsidised food staples from the government, as the Iranian rial continues to weaken under pressure partly caused by international sanctions aimed at crippling Tehran’s nuclear programme.