Category: News Desk

U.S. Fed Underestimated 2007 Financial Crisis


Even as warning signs of a looming global financial crisis appeared, Federal Reserve officials were confident that the U.S. economy would be able to withstand the subprime mortgage crisis, grossly underestimating the severity of the current economic slump, released transcripts from 2007 meetings show.

The transcripts, made public last Friday after a customary five-year lag, provide fresh insight on the central bank’s decision making process even as it was on the brink of historic economic crisis.

$700 Billion A Year Need To Avert Climate Change: WEF Study


The world will need to spend almost $700 billion annually on clean energy and energy efficiency projects if it is to avert worsening environmental damage caused by a reliance on fossil fuels, said a study prepared for the World Economic Forum on Monday, urging governments and the private sector to work in tandem to mobilise funds that will go into combating climate change.

World Jobless Numbers to Hit Record 200m This Year: Report


Five years since the start of the global financial crisis, the International Labour Organisation said in a report released Tuesday the net number of unemployed people rose by 4 million in 2012 to some 197 million overall. The United Nations jobs watchdog estimates unemployment will rise by 5.1 million this year and by another 3 million in 2014.

China Expects To Complete Pipeline From Myanmar By May: Report


Oil and natural gas travelling from the Middle East to China may begin to bypass the traditional Strait of Malacca shipping route as soon as the end of May, reported state-owned Xinhua News Agency on Tuesday, following the projected completion of a 1,100km Sino-Myanmar pipeline that will transport energy imports to China’s Yunnan province via Myanmar’s Indian Ocean coast.

Key Economic News to Watch This Week: January 21


A series of important meetings to take note of this week: The African Union summit in Addis Ababa, Arab League economic summit in Riyadh, World Economic Forum in Davos as well as the EU-Brazil summit on Friday. More importantly, after months of speculation, British Prime Minister David Cameron is expected to announce on Wednesday that Britain will drift out of the EU and the European project will fail unless the bloc tackles three major problems: the eurozone debt crisis, faltering competitiveness as well as declining public support.

Monday, January 21

Infographic: How Fast Are Cyber Crimes Growing?


According to the 2012 Norton Cybercrime Report by Symantec, nearly 556 million people around the world last year fell victim to cybercrimes, such as computers viruses or email scams, costing nearly $110 billion in damages to consumers.

Russia May End State-Owned Arctic Oil Monopoly: Report


The Russian government will debate this week on whether to allow private energy companies to begin exploring for oil and gas in its Arctic Shelf, reported AFP on Monday, in the hopes of expediting energy developments in the region, which are presently conducted by just two state-owned companies.

Featured Documentary: Education in Malawi


Malawi is one of the poorest and least-developed countries in the world, where over 40 percent of its population lives on less than a dollar a day. Even though primary education is compulsory and has been free for almost two decades, poor infrastructure and a chronic lack of resources means that not every child gets a shot at education.

Infographic: China Ahead of US and Germany in Educational Technology


A survey commissioned by computer-makers Dell has found that schools across the world are not meeting the educational technology needs of its students. But even more surprising is the finding that China is ahead of the United States and Germany when it comes to using technology in learning.

China Investing $250 Billion A Year On Education: Report


China will spend nearly $250 billion a year on educating tens of millions of youth moving from rural to urban areas, claimed a report by the New York Times on Wednesday, underlying the nation’s need to develop a multifaceted labour force in order to support further economic growth.