Category: News Desk

Infographic: Can U.S. be Energy Independent?


The United States is experiencing an oil and natural gas boom, one that has created thousands of jobs and at the same time provided a much needed boost to the national economy. With this new optimism, is US energy independence finally within reach?

The United States has for decades been a voracious energy consumer, but the last time the nation was truly energy independent was in 1952. However, during his 2012 State of the Union address, President Barack Obama announced that the US relied on less foreign oil that it has in any of the last 16 years.

McDonald’s To Have Monopoly On Fries At London Olympics


Food caterers at the upcoming London Olympics have been banned from serving fries – otherwise known as “chips” in the U.K. – at any of the games’ events, reported the Daily Mail on Wednesday, after fast food giant McDonald’s obtained exclusive rights to sell the dish in and around Olympic venues.

Portugal Healthcare Strike To Affect 400,000 Appointments


As many as 400,000 medical appointments and 4,500 operations could be cancelled in Portugal over the next two days, warned the Portuguese health ministry on Wednesday, after thousands of doctors and nurses went on strike yesterday to protest against cuts in the health budget.

The strike, which will last for 48 hours, came after the government had announced 800 million euros ($985 million) in cuts from the health budget earlier this year – as part of a multi-billion-euro bailout deal with the European Union and the IMF.

Australia Set World Record with 21 Years of Continued Economic Growth


Australia set a new world record on June 30, 2012 of 21 years of continued economic growth – an achievement unmatched by any other developed country in recent times. While the global economic crisis endured, Australia’s trade with Asia, mining industry, and business supportive government drove positive growth for the country in 2012.

Wealthy Tax Evaders Could Be Let Off The Hook In India


India’s income tax department is unlikely to press criminal charges against more than 100 wealthy Indians who had secretly stashed funds in Swiss bank accounts, reported Bloomberg News on Tuesday, with the amnesty offer valid to only those who willingly repatriate the money back to India and pay off their back taxes.

Infographic: Is Facebook Doomed?


Facebook was one the most highly anticipated and long-awaited initial public offerings in years. However, since its float in mid-May, the Internet company’s dismay performance has led to investors and analysts wondering if Facebook’s ‘timeline’ will continue, or if we will actually witness the fall of yet another social network.

Brazilian Inmates Generate Free Electricity For Town Through Cycling


Inmates from a Brazilian prison in the south-eastern state of Minas Gerais can now shorten their sentences simply by cycling every day, reported the Associated Press on Tuesday, after the prison installed stationary bikes that can store and generate electricity for the small town of Santa Rita do Sapucai.

Iran’s Oil Production Reaches 20-Year Low


Iran’s oil output has fallen dramatically since the most recent European and US sanctions came into effect on July 1. However, analysts have warned that the “full scale of the Iranian sanctions is yet to be seen”.

Greece Economy to Shrink 6.9% This Year


An Athens-based think-tank has said that the Greek economy will shrink more than forecast this year, as rising unemployment and spending cuts take its toll on demand, slowing down efforts made towards economic recovery.

According to the Foundation for Economic and Industrial Research (IOBE), the outlook for the Greece economy has worsened since April, when it had expected the economy to shrink by 5 percent and unemployment to reach 20 percent this year.

ASEAN To Push China For South China Sea Code Of Conduct


Foreign ministers from the 10-member Association of Southeast Asian Nations (ASEAN) have agreed to key points surrounding maritime boundaries in the South China Sea and are prepared to reach out to China to resolve any disputes, said Cambodian Prime Minister Hun Sen on Monday, after first day of talks concluded at the annual ASEAN regional forum in Phnom Penh.