World governments have borrowed massive amounts of money to live beyond their means. Some countries have taken steps to curb spending and reduce deficits; others like Greece are battling to avoid a devastating default. This infographic examines some of the the world’s largest economies and shows you just how much they have borrowed.
The US economy is edging closer to the cliff as a budget deal between US Democrats and Republicans remains elusive. With less than two weeks before $600 billion of tax increases and spending cuts take effect, potentially pushing the world’s largest economy into recession, US politicians and lawmakers have been put on notice to stay close to the office this holiday season.
Monday, December 17
China’s top leadership wraps up a three-day Central Economic Work Conference with pledges to ensure a “stable and relatively fast” economic growth next year.
The web is ubiquitous. Everywhere we go, it comes with us.
But we don’t often wrap our heads around just how big the web really is. How many people are using it, how many videos are viewed each day, just how big the mobile explosion really is, how much data is out there and being consumed every day.
The number of Internet users worldwide crossed 2 billion this year, almost twice what it was 5 years ago. More countries are going online, and there is no stoppage of growth in the foreseeable future.
Europe’s largest bank by market value will pay $1.9 billion in fines to settle money laundering allegations by US regulators, according to sources familiar with the matter.
US State and Federal authorities decided against indicting HSBC in a money laundering case over concerns that criminal charges could jeopardize Europe’s largest bank by market value and ultimately destabilise the global financial system.
According to a new study by the National Intelligence Council, the United States will likely remain as “first among equals” in a multipolar world, but Asia’s economy, military spending and technological investment will likely surpass that of the US and Europe combined by 2030.
Within two decades, China will also overtake the United States as the world’s largest economy, a projection in-line with various independent forecasts.
The Philippines would strongly support Japan dropping its pacifist constitution to become a fully-fledged military force, said a government spokesperson on Monday. The call is largely seen as a counterbalance to China’s growing military assertiveness over disputed oil claims in the South China Sea.
Despite the global economic slowdown, Chinese investments overseas actually tripled in the first half of 2012, according to a recent PwC report. The growing outflow of Chinese money has also shaken up numerous industries abroad – particularly the foreign energy sector as Chinese oil companies continually set ambitious targets for international production.
The US fiscal cliff seems to be the biggest source of market anxiety these days and uncertainty over the matter remains as high as ever. In fact, ongoing negotiations are unlikely to bear fruit if Democrats and Republicans refuse to compromise and agree on raising the tax rate for wealthy Americans.
Monday, December 10
Arab League foreign ministers have unanimously agreed to send at least $100 million in monthly aid to the Palestinian Authority (PA) starting later this year, reported Al Jazeera on Sunday, after Israel declared last week that it would be withholding tax receipts to the PA in response to Palestine’s bid for statehood.
The European Commission has announced measures to curb the estimated 1 trillion euros ($1.3 trillion) in annual tax evasion and avoidance, describing the phenomenon as a “scandalous loss of much-needed revenue” for the indebted eurozone region.
According to an estimate released by the European Union Commission on Thursday, up to 1 billion euros is lost tax dodgers each year while tens of billions of euros remain offshore, often unreported and untaxed.
