Category: News Desk

Qatar to Invest €1bn in Italian Firms


A Qatari sovereign wealth fund will invest up to 1 billion euros in Italian industries over the next four years, as part of a strategy to manage the fund’s estimated $60 billion of assets. Its partner, Fondo Strategico Italiano, will match the amount of planned investment, bringing the total amount to up to 2 billion euros.

In a joint statement, both parties said the fund will be managed equally and will start with 300 million euros of capital to be invested in sectors such as food, fashion and luxury, furniture and design, as well as tourism and leisure.

France Loses AAA Credit Rating


Credit rating agency Moody’s Investors Service has downgraded France’s sovereign debt rating by a single notch from triple-A to Aa1, citing concerns over Paris’ competitive decline as well as persistent structural rigidities and market inefficiencies.  

In addition to the downgrade, the agency said France’s outlook remains negative, which means further downgrades are possible.

Iran Begins Construction On $3 Billion Gas Pipeline To Syria


Iran has begun construction on a 225km pipeline that will take 20-25 million cubic meters of natural gas per day from the Persian Gulf to Syria via Iraq, reported the semi-official Fars News Agency on Monday.

The announcement came just after a pledge from Iran’s Foreign Minister Ali Akbar Salehi, who had promised to do everything in his power to help the Syrian people and government restore peace and tranquillity to their country.

Spain To Dangle Automatic Residency Carrot For Foreign Homebuyers


The Spanish government plans to offer automatic residency permits to any foreigner who buys a house priced at more than 160,000 euros ($203,845), reported the Associated Press, in an effort to sell off hundreds of thousands of unsold property left over from the nation’s 2008 real estate bubble.

Infographic: Does Social Media Kill Productivity?


For all its merits, social media distractions costs the American economy $650 billion in productivity losses each year. For students, it is estimated that social media distractions occur every 10.5 minutes, with the average college student spending more time on social media sites than on studying

Key Economic News to Watch This Week: November 19


This week, the EU will decide if Greece should be allowed to receive the latest tranche of 31.5 billion euros in bailout funds. Delay and disagreement amongst international creditors over how to make Greece’s debt more sustainable has raised fresh doubts over Athens’ long-term fiscal health.

Monday, November 19

Philippines Ponder ‘SMS Tax’ To Boost State Funds


The Philippines government may attempt to revive a hugely unpopular 2009 bill that aimed to levy a tax for all mobile phone text messages, claimed a report by the Philippine Daily Inquirer on Monday, with a new ‘sin tax’ on alcohol and tobacco also expected to be passed as early as next week.

Spain, Portugal Seek Help From Former Latin America Colonies


Leaders of Spain and Portugal over the weekend appealed to their former Latin Americans colonies, such as Mexico and Brazil, for investments and economic help – in a historic role reversal, highlighting the gradual shift of power from the developed to developing world.

France Insists It Is Not the “Sick Man of Europe”


Finance minister Pierre Moscovici has insisted that France is not the “sick man of Europe”, rejecting growing concerns that the world’s fifth largest economy could become the next victim of the eurozone crisis.

In an interview with the Financial Times, Moscovici said that France did not have to resort to austerity to reach achieve the government’s projection of 0.8 percent growth in 2013 – twice the EU and IMF forecasts.

Germany Expands Compensation for Holocaust Survivors


Germany and the Jewish Claims Conference have signed a new accord that will increase the monthly pension benefits for Jewish Holocaust survivors as well as make payments to victims who still have not been compensated nearly 70 years after the collapse of the Nazi regime.

The amended accord was signed by German Finance Minister Wolfgang Schaeuble and Julius Berman, chairman of the Jewish Claims Conference, to mark the treaty’s 60th anniversary.