Category: News Desk

Chinese Yuan Falls against the Dollar, After China Widens Currency Trading Band


The Chinese yuan fell sharply against the dollar in early Monday trade, after Beijing widened the currency’s trading limits. According to Beijing, the move will make the yuan more market-oriented as the country seeks to gradually liberalise its exchange-rate regime.

On Saturday, China’s central bank made the announcement that it will widen the yuan’s daily trading band against the dollar to 1 percent, up from the previous 0.5 percent.

With the announcement, the yuan on Monday dropped to its lowest level against the dollar in almost three months.

Indonesian Workers Forced To Work 65 Hours A Week On Adidas Gear For Olympics


Organisers of the upcoming London Olympics have expressed concern over alleged “sweatshops” in Indonesia after an exposé by The Independent revealed that Indonesian factory workers had been working more 65 hours a week, for less than $0.60 per hour, to produce outfits for British athletes and volunteers participating in the world’s biggest sporting event.

Ireland Partners China In $2 Billion Horse Racing Project


The Republic of Ireland has agreed to help China build a $2 billion national equine centre in the city of Tianjin, said Irish Agriculture Minister Simon Coveney on Sunday, who added that the project would raise over $50 million in exports for the Irish economy over the next three years.

The project, Coveney claimed, would be the centrepiece for China’s ambition to build up a flourishing horse racing industry by 2014; and would see more than 100 Irish broodmares, as well as stallions, shipped to Tianjin for a newly established stud farm.

Samsung Ends Nokia’s 14-Year Reign As Top Handset Maker


South Korea’s Samsung Electronics is said to have, for the first time, overtaken Nokia’s 14-year leadership in global handset sales. According to a poll by analysts, Samsung sold 9 million handsets more than the Finnish company in the first quarter of 2012.

Bloomberg’s latest estimates show that Asia’s largest electronics maker, Samsung, may have shipped 92 million mobile phones, surpassing Nokia’s 83 million units for the first three months of 2012.

EU Lawmakers Seek Region-Wide Caps On Bank Bonuses


The European Union may set new caps on bankers’ bonuses for all its member nations in its upcoming set of bank capital rules, claimed a report by the Financial Times on Thursday.

Roman ‘Centurions’ Battle Police In Colosseum Protest


Visitors to the Colosseum in Rome on Thursday witnessed a live “battle” erupt before their eyes, after dozens of Roman centurion impersonators began fighting with Italian police officers inside the ancient monument – after a protest against a government ban on their work.

Infographic: Who Owns the Cloud Copyright?


Cloud services are widely used especially at the workplace. It provides greater mobility and flexibility for workers who travel extensively, or for those who prefer to work remotely. Despite the relative success of cloud networks in recent years, it continues to be dogged by legal obscurities: Who owns the copyright within the cloud? The users or the cloud companies?

Iran Offers Asian Oil Buyers Attractive Credit Terms


Attempting to counteract Western sanctions on Iranian oil exports, the Iranian government has extended easier credit terms to Asian oil buyers. Asian countries are collectively the biggest buyer of Iranian crude, accounting for about 65 percent of Tehran’s sales.

The Financial Times reported yesterday that Tehran has been offering a handful of potential customers in Asia 180 days of free credit, citing unnamed industry sources.

IKEA Drops Chinese Suppliers In Favour of Italian Manufacturers


Swedish furniture giant, IKEA, has said it will be closing several plants in China and Malaysia as the company sought to expand its investment in Italy. According to IKEA, the decision was motivated by cost savings, as Italian manufacturers are able to produce better quality goods at lower prices.

In a statement released on Tuesday, CEO of IKEA Italy, Lars Petersson, said Italy was capable of providing better quality products at a competitive rate. Explaining IKEA’s decision, he said:

Infographic: How A Student’s Debt Affects the Family Unit


Student debt, like any other form of debt, has a strong social impact. As student debt continues to rise in the United States, unanticipated consequences on family formation becomes more evident. This infographic discusses how, and why, the student debt has become such a family burden.

While empirical data concerning the effects of student debt on marriage, divorce and fertility is still meager, early research has found that there is a positive correlation between debt and family formation and stability.