Category: News Desk

China’s Rich Are Getting Poorer


The number of billionaires in China has fallen for the first time in seven years amid the country’s worsening property and stock market slump, according to the Hurun Research Institute.

The number of billionaires in China fell to 251 this year, down 20 from last year, but still significantly higher than six years ago when there were only 15 billionaires.

At the same time, the average wealth of the Hurun Top 1,000 has fallen 9 percent to US$860 million, though that amount still almost doubles that of 2008 when it was US$439 million.

IMF Warns of Global Downturn, Urges Europe and US to Grow


International Monetary Fund managing director Christine Lagarde has called for strong and decisive growth plans from policymakers in Europe and the United States, warning that global economic recovery is slower and weaker than anticipated.

China Opens Library In Tanzania To Teach “Chinese History & Reality”


China’s State Council’s Information Office opened a “China Library” in Tanzania’s capital of Dar es Salaam on Monday, as part of a “cultural exchange” between the two nations aimed at helping “Tanzanian people to learn about Chinese history and reality.”

Singapore Sovereign Wealth Fund Ready To Dump StanChart Stake: Report


Standard Chartered bank’s large shareholder, the Singapore-government-run investment fund Temasek Holdings, is ready to sell off its entire stake in the troubled British bank, claimed a report by the Financial Times on Monday, with the fund keen to reduce its exposure to financial services amid the present economic uncertainty.

Germany and France Pledge to Strengthen Ties


German Chancellor Angela Merkel and her French counterpart Francois Hollande pledged over the weekend to strengthen ties between the two countries, stressing that Europe must further deepen its political and economic integration to ensure peace and continuous prosperity across the continent.

Speaking at the 50th anniversary of their countries’ reconciliation following the end of the Second World War, the two leaders said they remain committed in tackling Europe’s problems, particularly eurozone’s spiraling debt crisis.

Key Economic News to Watch this Week: September 24


Events and meetings taking place within the European Union are expected to set the tone for global markets this week. In particular, speculation is rife about Spain’s formal bailout request. Over in Asia, China has called off all commemorative events marking the 40th anniversary of normalisation of bilateral ties with Japan.

Monday, September 24

North Korea To Embark On Major Agricultural Reform: Report


North Korean leaders are likely to discuss major economic reforms, including a plan to allow farmers to keep up to half of their agricultural produce, during a meeting of the Supreme Peoples’ Assembly on Tuesday, told an unnamed source to Reuters this week.

Apple Seek Additional $707 Million From Samsung In Patent Battle


The legal dispute between tech giants Apple Inc and Samsung Electronic Co is set to take another turn after both companies expressed dissatisfaction at a U.S. court verdict last month, which awarded Apple $1.05 billion in damages for patents infringed by Samsung with some of its mobile devices.

According to the Financial Times, Apple is seeking another $707 million in damages, along with a U.S.-wide sales ban on 26 smartphones and tablets produced by Samsung.

Draghi Promises to Increase Transparency of ECB


European Central Bank President Mario Draghi has pledged to increase the transparency of the bank, suggesting yesterday that he was open to the idea of publishing minutes from its monetary policy meetings sooner rather than later.

According to a report that appeared on the Wall Street Journal yesterday, “publishing a record of ECB governing council meetings would make clear the degree of dissent among the 23-member board”.

Microsoft & HP Avoided Billions in Taxes via Offshore Units


A US Senate committee has alleged that technology giants Microsoft and Hewlett-Packard avoided billions in US taxes over the past three years by transferring profits to offshore jurisdictions.

According to Senator Carl Levin, chairman of the Senate Permanent Subcommittee on Investigations, several US multinational companies have exploited the current tax system to “engage in gimmicks to avoid paying taxes they owe.”