The United States is on track to overtake oil-rich Saudi Arabia and Russia as the world’s top oil producing nation by 2017, according to the latest report by the International Energy Agency.
In a report released todat, the International Energy Agency (IEA) said it saw a continued fall in US oil imports and predicted that Washington could be self-sufficient in energy by 2035.
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Eurozone leaders have agreed to give Greece two more years to meet its deficit reduction targets. However, no decision has been made on the latest 31.5 billion euros tranche of bailout funds, a lifeline that the debt-stricken country desperately needs by Friday to avoid a default.
Presidential elections have never cheap but the cost of running a campaign has been increasing steadily. With budgets bordering a mega-corporation’s, it is no surprise that presidential campaigns spend their haul in as many places with the most impact as possible. This infographic shows you how where all the money ended up.
Running for President is much like running a business: It is expensive, it is time-consuming and it involves the employment of people, money management, public relations and advertising.
China has hit back at critics and Western media outlets that exaggerate and “distort” the reality of copyright piracy in the Mainland.
Speaking at the sidelines of the Communist Party Congress, Tian Lipu, the top official at the State Intellectual Property Office, slammed what he said was a deliberate distortion of the piracy issue by Western media caused by the country’s poor global image.
Denmark has repealed the world’s first “fat tax”, a tax on foods which are high in saturated fat, after Copenhagen found that it had inflated food prices and put Danish jobs at risk.
Danish lawmakers have axed a controversial “fat tax” a year after its implementation, saying the measure was hurting local businesses and failed encourage healthier eating habits.
Eurogroup finance ministers are expected to review the so-called troika report on Greece and come up with a bailout extension decision this week. Unless another bailout agreement and extension is reached, Greece is expected to run out of cash and default on almost 5 billion euro worth of treasury bills.
Monday, November 12
European Central Bank chief Mario Draghi yesterday said that the bank has exhausted all legal means when it comes to helping Greece and added that the onus of helping Greece, and the eurozone at large, is now “entirely in the hands of governments.”
Speaking at his monthly news conference, Draghi said the ECB is unlikely to assist Greece any further, putting the onus on eurozone governments to find the money needed to give Athens a little more breathing space.
America’s budget watchdog, the nonpartisan Congressional Budget Office, has said in a new report that letting the Bush-era upper-income tax cuts expire automatically would barely affect the economy.
Studying the effects of a potential fiscal cliff, the CBO said allowing income tax rates to rise for wealthy Americans while maintaining rates for the less affluent would not hurt US economic growth much in 2013.
The World Health Organisation (WHO) has advised the Chinese government to increase its present taxes on tobacco, reported the China Daily on Friday, with nearly 1.2 million Chinese dying annually of smoking-related diseases.
The Iranian government on Thursday announced a temporary ban on all foreign imports of 75 so-called “luxury goods”, including high-end cars, coffee and even toilet paper, reported the Associated Press, in an attempt to promote domestic-made products while saving billions of dollars used to purchases these products from overseas.
