Senegalese President Macky Sall, who won a March 25 presidential election to end a 12-year rule by Abdoulaye Wade, has begun auditing several government institutions and programs suspected for misuse of public funds and reckless government spending, reported Bloomberg News on Saturday, in a move said to be directed at restoring investor confidence in West Africa’s second largest economy.
Global fast food giants McDonald’s and Yum! Brands, which runs the KFC and Pizza Hut chains, will introduce more value-priced items on their Asian menus over the coming months, reported Bloomberg on Monday, after latest figures saw a significant drop in its sales taking within the region.
Fed Reserve Chairman Ben Bernanke has signalled that the American central bank is prepared to take any necessary steps required to protect the US economy if the European crisis deepens.
Bernanke told Congress that Europe poses “significant risks” to the US economy, adding that US economic recovery is not guaranteed. He said Fed officials need to monitor economic trends and data closely, including key indicators such as job creation.
When US President Barack Obama declared last year that American companies are holding nearly $2.3 trillion on their balance sheets, many questions were raised over how that money could be put to use to stimulate the private sector economy. However, new data released by the Fed suggests that corporations are holding on to less cash on hand that previously thought.
Living with debt can be a difficult situation. The constant pressures of trying to pay off your loans often lead to financial and personal complications, which are further exacerbated by the aggressive tactics now taken by debt collectors.
Today, collector abuse is on the rise with formal complaints against collectors having risen by 66 percent since the financial crisis began. Check out this infographic which explores the troubling methods taken by debt collectors to receive payments and find out how to protect yourself from aggressive collectors.
Cash deposits in Germany rose year-on-year by 4.4 percent to 2.17 trillion euros ($2.73 trillion) in April, claimed figures by the European Central Bank (ECB) on Thursday, with the rest of Europe continuing to withdraw savings from local banks into the eurozone’s safest market.
Chinese companies tripled their investment in Europe to $10 billion and that figure is expected to reach $500 billion by 2020. According to a report released yesterday, outbound global investments could hit $2 trillion by 2020.
As the European debt crisis extends into its fourth year, Chinese firms are increasing their investments into European companies as a way of acquiring new skills and technology as well as gaining access to new markets.
India’s Planning Commission, a government entity responsible for plotting the country’s economic future, came under fire from opposition leaders and the public on Wednesday, after reports emerged that they had spent over 3.5 million rupees ($63, 146) to renovate two toilets in its office, which are believed to be reserved for just 60 “very high dignitaries”.
Greece’s tourism revenues may plunge up to 15 percent this year, as travellers spooked by anti-austerity demonstrations and public unrest in the country opt for alternative holiday destinations. Tourism is the lifeblood of the Greek economy, making up almost 20 percent of the country’s economic output – the single largest component of Greece’s GDP.
The French government has cut the pension age for some long-time workers from 62 to 60, reported Reuters on Wednesday, fulfilling an election promise made by President Francois Hollande and earning the ire of some EU officials who had previously warned France against the move.
