Category: News Desk

Growth in Luxury Sales to Slow as Chinese Big Spenders Cut Back


Sales in the luxury market is expected to slow to around 5 percent this year as affluent Chinese shoppers cut back on their spending and concerns over the global financial crisis take its toll on shoppers elsewhere.

Chinese big spenders – the industry’s main engine of growth – are showing signs of slowing down, according to a report published today by business consultants Bain & Co and Italian luxury goods trade body Fondazione Altagamma,

EU Imposes New Sanctions on Iran


The European Union has decided to impose new sanctions against Iran in a bid to persuade Tehran to abandon its nuclear programme and avert a potential armed conflict.

At a meeting in Luxembourg yesterday, EU foreign ministers reiterated their “serious and deepening concerns” over Iran’s nuclear ambitions and pledged their commitment to “work for a diplomatic solution”.

Portugal Unveils “Enormous” Tax Hikes As Part Of Harsh Austerity Budget


The Portuguese government on Monday revealed the final version of its austerity package, which will see “enormous” tax increases across-the-board and a reduction in pensions and social benefits.

“The proposed budget is the only one possible … we don’t have any room for manoeuvre,” told Finance Minister Vitor Gaspar to journalists after submitting the budget bill in parliament.

Germans To Pay 47 Percent More For Renewable Energy In 2013


Germany’s push towards renewable energy sources will cause a sharp increase in electricity prices for consumers next year, reported AFP on Monday, with green power surcharges expected to rise by 47 percent while overall electricity costs will also go up by 7 percent.

Singapore to Crack Down on Tax Dodgers


In a bid to protect its reputation as a “trusted financial centre”, Singapore is clamping down on foreigners who evade taxes by shifting money to its banks.

In a deal announced by the Singapore government and visiting German finance minister Wolfgang Schauble on Sunday, both countries will incorporate the latest Organisation for Economic Cooperation and Development standards on exchanging information in their double taxation accord.

Key Economic News to Watch This Week: October 15


The European Union is expected to meet later this week and both Spain and Greece are expected to top the agenda of the two-day meeting held in Brussels. This week also, China reports its Q3 GDP numbers and early estimates suggest the world’s second largest economy may have grown at a rate of 7.4 percent, slightly slower than its 7.6 percent growth rate in Q2.

Monday, October 15                           

Germany Determined To Keep Eurozone Together: Finance Minister


German Finance Minister Wolfgang Schaeuble has once again affirmed his nation’s desire to keep Greece in the eurozone, despite fresh speculation that the debt-laden Greek government could leave the shared currency within the next six months.

Iran Denies Involvement In Cyberattacks On Gulf Oil Companies


Iranian officials on Sunday denied any role in recent cyberattacks on Persian Gulf oil and gas companies; and claimed that the American allegations had been “politically motivated”, particularly ahead of the U.S. presidential election.

Germany in “Great Danger” of Recession


Germany, the eurozone’s largest economy, is in “great danger” of falling into recession, warned the country’s leading economic think-tanks.

A group of leading German economic institutes has revised their heir expectations for economic growth in Germany in the current year as well as in 2013, saying they expected less growth than they had originally anticipated.

One-in-Four Greeks Unemployed as Austerity Bites


Unemployment in Greece has hit a record high of 25.1 percent in the month of July, with more than 1,000 jobs lost every day over the past year, according to the latest official data. In particular, unemployment among young people rose to 54.2 percent.

Unemployment rose for a 35th consecutive month to 25.1 per cent in July, which was more than triple the level at the start of the Greek recession in 2008, said Elstat, Greece’s statistical authority.