Category: News Desk

Chinese Companies Investing in US at Record Pace


China’s direct investment in the United States is expected to reach a new high of at least $8 billion this year, mostly on the back of large-scale investments in the energy and banking sectors.

According to a report from research firm, Rhodium Group, which tracks all acquisitions and investments by foreign companies in the United States valued at $1 million or higher, 2012 could be the richest year on record, eclipsing the previous record of $5.7 billion set in 2010.

Palestine’s Economy Not Ready For Independence, Says World Bank


The Palestinian economy will be unsustainable if the nation achieves statehood in the near future, said the World Bank on Wednesday, with foreign aid still seen as the only reason behind the Palestinian Authority’s (PA) present survival.

“While the Palestinian Authority has had considerable success in building the institutions of a future state, it has made less progress in developing a sustainable economic base,” wrote the 181-page report, which examined Palestine’s economic growth since the PA was founded in 1994 under the Oslo Accords.

Egyptian Athletes Given Counterfeit Gear For Olympics


Egypt’s Olympic Committee (EOC) Chairman, Gen. Mahmoud Ahmed Ali, has admitted to purchasing counterfeit Nike apparel for their representatives at the upcoming London games, claimed a report by the Associated Press on Thursday, following complaints by their athletes that the officially-issued tracksuits and bags had bore the Nike logo on the front but the Adidas logo on the zippers.

Infographic: The Truth about Medical Debt and Bankruptcy


Here at Economy Watch, we’ve covered the consumer debt topic extensively, particularly the rise of credit card debt and the phenomenal growth of student loan debts. However, did you know that many Americans are also afflicted by debt due to their medical expenses?

Medical bills can add up quickly, particularly for illnesses that require constant treatment. Like any other form of debt, such bills can chalk up a huge medical debt which adversely affects

China Faces Significant Downside Risks: IMF


The International Monetary Fund has warned that the worsening eurozone crisis poses a key risk to China’s economy. However, the Fund added that China has the ability to handle economic shocks, citing fiscal spending at the first line of economic defence.

At the same time, the IMF highlighted risks stemming from the domestic market, particularly the sharper-than-anticipated decline in the property market which “could have significant implications for growth in China.”

“Only Socialism With Chinese Characteristics Can Develop China,” Says China’s VP


China’s Vice President Xi Jinping, who is widely expected to replace Hu Jintao as the nation’s paramount leader at the upcoming 18th national congress, has called on his party members to continue building “socialism with Chinese characteristics”, reported the China Daily on Wednesday, as the nation prepares to face “unprecedented challenges” to the economy and society.

Gay Marriage Brings $259 Million Boost To New York Economy


On the one-year anniversary since passing the historic Marriage Equality Act, which granted same-sex couples the right to marry, New York City Mayor Michael Bloomberg announced on Tuesday that the new law had generated over $259 million for the city’s economy, with at least 8,200 same-sex marriage licenses issued in the first year alone.

Germany Risks Losing Coveted AAA Credit Rating


Europe’s paymaster and the region’s largest economy, Germany, is at risk of losing its stellar AAA credit rating as Moody’s reiterates its warning that no country is safe from the crisis that has already brought Greece, Ireland, Portugal and Spain to its knees.

Credit ratings agency Moody’s has put Germany’s AAA rating on negative watch, a sign that eurozone’s largest economy could soon be downgraded.

South Sudan Makes $3.2 Billion Peace Offer To Sudan


The government of South Sudan has offered to pay $3.2 billion to their Sudanese counterparts in order to resolve an ongoing conflict over oil revenues following their split last year.

On Monday, Reuters reported that South Sudanese authorities willing to assist their neighbours in plugging up their gaping budget deficit, after three-quarters of its oil production was lost following South Sudan’s independence.

Sponsored Video: Global Economy Headed for Recession by End of 2012: Report


SPONSORED – One of the big-four accounting giants, Ernst & Young, has reported that the global economy is likely to fall into recession by the next six months, triggered by a series of eurozone debt defaults.

According to a study conducted by Ernst & Young, globalisation may have brought about rapid expansion and increased connectivity between world markets, but it has also been the key source of vulnerability in the global financial system.