News Desk Archives - Page 237 of 401

Senior IMF Economist Lashes Out At “Tainted” Leadership In Resignation Letter

A senior economist at the International Monetary Fund (IMF) has criticised the fund for its “incompetence” in dealing with the eurozone crisis; and slammed the decision to appoint Christine Lagarde as managing director, in a resignation letter submitted to the Dean of the IMF Executive Board on June 18, 2012.

Peter Doyle, a division chief in the IMF’s European Department, had resigned following 20 years of service, but had written the letter as he “wanted to take this opportunity to explain (his) departure.”

Ultra Rich Hiding More Than $21 Trillion in Secret Tax Havens

Wealthy individuals are thought to have at least $21 trillion hidden in secret tax havens – an amount of wealth equivalent to the combined GDP of United States and Japan.

The study, titled The Price of Offshore Revisited was released on Sunday by advocacy group Tax Justice Network, drew data from the World Bank, the International Monetary Fund and the United Nations, and the Bank for International Settlements.

‘Chicken Crisis’ Stirs Public Dissent In Iran

The rising cost of chicken in Iran has resulted in growing public resentment towards the government, claimed a report by Reuters on Sunday, with some citizens now blaming government mismanagement and international economic sanctions for the sudden increase in chicken prices.

“Unnaturally Low” Interest Rates Saves Germany Billions In Debt

Germany’s debt cost is now at a record low, reported the Associated Press on Sunday, as investors continue to gobble up German bonds at “unnaturally low” – and sometimes even negative – interest rates for the ‘privilege’ to park their cash in Europe’s strongest economy.

Key Economic News to Watch This Week: July 23

Spain’s bailout fears have peaked in the wake of Black Friday as analysts warn that current austerity measures are not enough to save the country from a death spiral. In the US, Congress is still far from any deal to avoid the fiscal cliff, while the Fed remains coy on how it plans to stimulate the world’s largest economy.

Infographic: The Controversy Surrounding The US Federal Reserve System

Since its creation on December 23, 1913, the U.S Federal Reserve has played a key role in shaping U.S. monetary policy, as well as developing appropriate responses in times of financial crises.

But despite its key function to prevent bank runs and public panic, the Fed has often been criticised for its attempts (or lack of) when dealing with financial crises. Additionally, the Fed is infamous for its secrecy and lack of transparency, with critics calling for The Fed to be held more accountable for its actions.

Ireland To Demolish 1,850 ‘Ghost Estates’ Built During Property Bubble

Ireland’s National Asset Management Agency (NAMA), the state agency set up in 2009 to purge banks of their most toxic commercial property loans, has decided to demolish, rather than attempt to sell off, nearly 1,850 housing developments left unfinished after the property bubble burst in 2008, reported Bloomberg News on Friday, given that “nobody wants to live in them.”

Mental Illnesses To Cost Canada’s Economy $20.7 Billion In 2012: Report

Mental illnesses will cost the Canadian economy about $20.7 billion in 2012, said a new report by the Conference Board of Canada on Thursday, with nearly 452,000 Canadians believed to be suffering from mental problems that prevent them from participating in the labour force.

London & Singapore Bourses In $11.3 Billion Merger Talks: Report

Europe’s oldest independent bourse, the London Stock Exchange Group (LSE), have entered into informal talks to merge with the Singapore Exchange (SGX), reported The Telegraph on Thursday, in a deal that could potentially form the third largest exchange group in the world in terms of trades.

Infographic: The Softer Side of Debt Collectors

Debt collectors are often described as ruthless and unsympathetic. However, this might stir some controversy on how consumers feel about debt collectors, but debt collection companies actually have a softer, human side that many do not know of.