Category: News Desk

Infographic: America’s Most Hated Companies


Why are some companies hated despite raking in huge profits for its investors and shareholders? Check out this infographic which identifies three of America’s most hated companies and details why they are so disliked.

Many of America’s most hated companies are some of the biggest corporations and brands around, with millions of customers, thousands of employees and an international presence. Think: Facebook, American Airlines and even Apple, one of the world’s most valuable companies.

Nearly $50bn Left Russia Illegally in 2012, Reveals Central Bank


Russia’s illegal capital outflows reached $49 billion last year with more than half the amount controlled by one organised group, Russia’s central bank revealed on Wednesday. 

The illicit transfers, which account for 86 percent of net capital flight in 2012 and about 2.5 percent of Russia’s $2.1 trillion economy, include the proceeds from bribe-taking and embezzlement by officials, payments for drug trafficking and tax evasion, said Sergei Ignatyev, chairman of the Bank of Russia. 

EU Fails To Agree On Bankers’ Bonus Cap


The European Union has failed to seal a deal on the Basel bank rules, reported Bloomberg on Wednesday, after members disagreed on how far to go in curbing bankers’ bonuses, with negotiations to continue next week.

Despite rhetoric last week that there had a “clear majority” supporting caps on bankers’ pay, negotiations broke down due to stiff opposition from Britain, home to the region’s financial capital.

Russia, Arab League Push For Direct Syria Talks


Leaders from Russia and the Arab League on Wednesday offered to broker talks between the Syrian opposition and President Bashar Assad’s regime, in order to end the country’s two-year-long civil war, which has thus far claimed over 70,000 lives, the Associated Press reported.

Titan CEO Slams French Productivity, Tells France to Keep its “So-Called Workers”


The head of U.S. tyremaker Titan International has launched a brutal attack on productivity in France, telling the government to keep its “so-called workers” who command a high pay despite working “only three hours” a day.

China’s Overseas Oil Output to Rival OPEC Members


China’s foreign oil production could soon match rival OPEC members such as Kuwait and the United Arab Emirates, after Beijing’s state-owned oil companies spent a record $35 billion in foreign oil investments in 2012.

In the first tally of the impact of China’s recent overseas oil investments, the International Energy Agency estimates China’s national oil companies will produce 3 million barrels per day abroad in 2015, double their 2011 output of 1.5 million bpd and equivalent to Kuwait’s annual output. 

Qatar To Launch $12 Billion Overseas Investment Fund


The Qatari government on Tuesday announced plans to launch a new $12 billion investment company focused on buying distressed assets overseas, with the aim of providing an opportunity for its private sector to invest worldwide alongside the state, reported Bloomberg News.

Brazil On Verge Of Ending Extreme Poverty, Claims Rousseff


Nearly 2.5 million Brazilians living in poverty will receive a 70 reais ($35) monthly stipend from the government starting from March 18, reported Reuters on Tuesday, after President Dilma Rousseff signed an expansion for the “Bolsa Familia”, or Family Grant, program – the country’s flagship social program for the past decade.

Tax Avoiders Should be Named and Shamed, Says UK Watchdog


Britain’s tax agency should name and shame individuals and companies who use legal loopholes to avoid paying tax, said a UK spending watchdog, warning that the taxman is losing the “game of cat and mouse” to elaborate tax avoidance schemes. 

According to the UK’s Public Accounts Committee, HM Revenue and Customs (HMRC) is missing out on  approximately £5 billion ($7.8 billion) a year because the taxman is failing to crack down on “morally wrong” tax avoidance schemes. 

Infographic: Are We Moving Closer to a Global Currency?


Over $4 trillion in world currencies is traded each day in forex markets, 16.5 times more than the trading volume of all global stock markets. Yet, only 2 percent of forex transactions correspond to actual economic activity. In other words, 98 percent of all forex trades are purely speculative.