News Desk Archives - Page 270 of 401

Ex-Goldman Employees In Japan Form Union To Demand Their Jobs Back

A group of former Goldman Sachs employees in Japan are threatening legal action against the US financial giant, unless the company agrees to give them their jobs back or at least provide a better compensation package for what their “wrongful termination.”

“We are fighting for our jobs,” said a purported representative of the Goldman Sachs Japan Employee Union, during a press conference held at the Foreign Correspondents’ Club in Tokyo on Thursday.

Student Loan Debt Crosses $1 Trillion Mark

The Consumer Financial Protection Bureau yesterday revealed that outstanding student debt crossed the $1 trillion mark last year, 16 percent higher than an earlier estimate by the Federal Reserve Bank of New York. At $1 trillion, this category of debt is much higher than the sum total of credit card debt in the United States.

Student debt has been called a defining characteristic of this generation and tuition fees in American colleges, private or public, are on the rise. Since 1982, the cost of a college education has risen 439 percent.

China Inks $31 Billion Currency Swap Deal With Australia

China’s central bank, the People’s Bank of China, signed a $31 billion currency swap agreement with their Australian counterparts on Thursday, as the Chinese government continues its push to establish the yuan as a global reserve currency.

Under the terms of the agreement, businesses from both countries would able to settle trade terms in their respective local currency, significantly reducing the cost of trade across borders.

US Banks Are Fine, Worry About The EU: Bernanke

Federal Reserve chairman Ben Bernanke has told Congress that American banks are able to withstand financial shocks from Europe despite the US banking system’s high exposure to Europe.

Testifying on Capitol Hill alongside Treasury Secretary Timothy Geitner, Bernanke sought to allay fears from policymakers of the need for another U.S. financial system bailout, should the European debt crisis spiral out of control.

Bernanke said the recent stress tests conducted by the Fed found that U.S. banks are able to weather another recession.

Oil Prices Climb Despite Saudi Arabia’s Offer To Lower Prices

Oil prices are up 15 percent in 2012 and policymakers are starting to get fearful. After all, the recent financial crisis was exacerbated by the record high prices in 2008.

Despite Saudi Arabia’s oil minister promising to expand oil output by as much as 25 percent this year, the oil market remained unconvinced with Brent Crude closing at $124.43 on Wednesday.

Formula One Revving Up For IPO In Singapore

Formula One (F1) motor racing series’ owners, CVC Capital Partners, are considering a partial flotation of the business on the Singapore stock exchange, which could raise anywhere between $1.5 billion to $10 billion for the company.

US Forms “SWAT Team” To Hunt Corporate Tax Dodgers

The US Internal Revenue Service (IRS) has set up a new department within the agency, which aims to crack down on corporations that have been moving their profits from country to country in order to lower their tax bills.

11 Nations Exempted From Financial Sanctions On Iran

The Obama administration has said it would exempt Japan and 10 European Union nations from financial sanctions, imposed on countries who deal with Iran. However, countries like India and China who are heavily dependent on Iranian oil are at high risk of being cut off from the U.S. financial system under fresh sanctions meant to increase pressure on Iran.

Chinese Banks To Rake in Record Profits For A Fifth Year, But…

China’s biggest banks are set to report record level of profits for the fifth consecutive year. However, analysts are warning that rising bad debt and non-performing loans may soon trigger a series of worrisome defaults.

The world’s most profitable bank, the Industrial and Commercial Bank of China, and the four other Chinese banking titans, are expected to report their fourth-quarter net income by the end of this month, and analysts are expecting a profit increase of 15 percent.

South African Gold Firms Face Multi-Billion Dollar Lawsuit From Ex-Miners

South Africa’s leading gold mining firms could face the largest class action lawsuit ever seen in the African continent, said a report by Reuters on Tuesday, as former miners gather to seek compensation for lung-diseased ailments gained during years of work in decrepit conditions.