Category: News Desk

Japan and Philippines to Boost Bilateral Ties amid Dispute with China


Japanese foreign minister Fumio Kishida on Thursday called for stronger bilateral ties with the Philippines to help ensure regional peace amid an intense territorial dispute with China. Both countries are locked in separate disputes with China.

On his first official visit as Foreign Minister, Kishida told an audience in Manila that deeper bilateral cooperation between Japan and ASEAN has been dictated by “significant” changes in the region’s security equation.

Eurozone Rebound Expected in 2013: S&P


This could be a decisive year in determining whether the eurozone can emerge from its three-year-old sovereign debt crisis, credit ratings agency Standard and Poor’s said in a report on Wednesday.

After more than three years of economic, financial, and budgetary stress in the eurozone, especially on its so-called “periphery”, some signs of stabilisation emerged in the latter half of 2012, signalling the potential start of the region sustainably overcoming the market volatility and fragmentation that has affected it over the past few years.

European Human Rights Court Fines Italy For Overcrowded Prisons


 The European Court of Human Rights has given Italy one year to reduce overcrowding in its prisons, reported the Associated Press, after the government failed to pass legislation designed to improve living conditions, despite recognising the problem in 2010.

China To More Than Double Solar-Power Capacity In 2013


China, the world’s largest energy consumer, intends to add an additional 10 gigawatts (GW) of installed solar power capacity to its present energy supply by the end of 2013, said a statement on the National Energy Administration on Tuesday, providing a much needed boost for domestic solar manufacturers, who have suffered heavy losses over the last year due to sliding foreign demand.

AIG May Sue US over Terms of Government Bailout


After paying back its $182 billion bailout, the American International Group is now considering joining a 2011 lawsuit filed against the US government, alleging that federal officials imposed unfair bailout terms on the company while rescuing it from the collapse during the financial crisis.

Infographic: Highly Educated but Living on Food Stamps


Over the past few years, a tough economy has forced highly educated people to turn to food stamps and other forms of welfare for help. Over 5,000 PhDs are working as janitors, and many more working as waiters, secretaries, attendants, clerks, and telemarketers. In fact, the number of PhDs and Masters Degree holders on welfare more than tripled between 2007 and 2010.

Kurdistan Begins Independent Oil Exports Despite Baghdad Opposition


The semi-autonomous Kurdistan region in Northern Iraq has begun exporting crude oil directly to world markets without central government approval, reported Reuters on Monday, posing questions about Iraq’s ambitious production growth targets and reinforcing Kurdistan’s desire for greater economic independence.

Qatar To Double Financial Aid To Egypt


Qatar’s government announced on Tuesday that it would be providing an additional $2.5 billion in financial aid to Egypt, taking the gulf state’s contribution to Cairo up to $5 billion – made up of an outright grant of $1 billion and a further $4 billion in bank deposits.

EU and US Inch Closer to Transatlantic Trade Pact


A free-trade agreement between the United States and Europe, elusive for more than a decade, could soon become a reality as reports indicate that U.S. and EU trade commissioners are set to launch trade talks this month, potentially unleashing billions of dollars of new transatlantic business.

Infographic: Are Electric Cars a Bane to the Government?


Electric cars have been touted the future of motoring as the supplies of oil dwindle and the cost of fuel at the pump sky rockets. But if every car was electric, how much would the government stand to lose in terms of road tax and more significantly fuel duty? Will the shortfall be accepted in this age of budget austerity?

Electric cars are often heralded as the future of motoring: Energy efficient, environmentally friendly and economical. But what would actually happen if every motorist did go down the electric car route?