Category: News Desk

Al Gore Hits Out At ‘Unsustainable Capitalism’


Former U.S. vice-president Al Gore has hit out against what he sees as ‘unsustainable’ capitalism, and calls for remedial changes to the financial industry which can promote long-term and environmentally sustaining economic and investment growth.

Gore and David Blood, both founders of Generation Investment Management, released a white paper on Wednesday on how to do away with irresponsible short-term investment and to avoid future financial crises.

Russia To Benefit From Western Sanctions On Iran


In the last few months, the United States and Europe have imposed tough sanctions on Iran, especially on Iranian oil exports as a retaliation move against the belligerent state’s nuclear ambitions. But as the New York Times reports, Russia’s oil industry could stand to be the biggest winner from the sanctions.

With Iran’s latest nuclear tests off the Straits of Hormuz, Western nations have been quick to impose tough oil and financial sanctions against Iran, as part of international pressure to force it to reverse course on its nuclear ambitions.

China Promises More Help For Euro Debt


China is ready to invest even further into eurozone governments’ debt, reported Reuters on Wednesday, after the central bank’s governor called on the region to produce more attractive investment options.

China wants to “get more involved” in Europe, said People’s Bank of China Governor Zhou Xiaochun in Beijing, echoing comments made by Chinese Premier Wen Jiabao earlier that week.

Citigroup To Pay Out $158 Million Settlement For Mortgage Fraud


Citigroup Inc, the third largest bank in the US, has agreed to pay the US government over $158.3 million to settle an investigation into its mortgage practices, after admitting that it had fraudulently misled the government into insuring risky mortgage loans.

The lawsuit had come after a CitiMortgage employee from Missouri had blown the whistle on 30,000 mortgages certified for insurance by CitiMortgage, which were “knowingly or reckless false.”

At A 10-Month High, German Confidence Beats Expectations


German investor confidence has leaped to a 10 month high, raising expectations and new hope for eurozone’s single largest economy. But most recent data shows that the German economy contracted slightly in the last quarter of 2011, while the euro area as a whole contacted during the same quarter, the first contraction since 2009.

The Mannheim-based ZEW economic think-tank’s monthly sentiment survey showed that business confidence rose to its highest level since April 2011, beating analysts’ expectations.

ZEW economist Marcus Kappler said:

Let The Courtship Begin: Chinese Vice-President Makes Official Visit To Washington


Chinese Vice-President Xi Jinping began his weeklong official visit to the United States yesterday, in a visit that could determine bilateral ties with the two powerful nations for the next decade.

In an indication of the clout and importance of the man himself, Xi arrived in Washington yesterday welcomed by a 19-gun salute and an honor guard of 325 troops from each branch of the United States military, a welcome never before bestowed upon a foreign vice president.

UK Wants To Outlaw Cheap Booze


UK Prime Minister David Cameron has suggested putting a minimum price on all alcohol purchases nation-wide, after claiming that the alcohol abuse “scandal” was costing the National Health Service (NHS) over £2.7 billion ($4.24 billion) annually.

The Prime Minister signalled that he was ready to throw his weight behind a plan, which is already being implemented in Scotland, where supermarkets and pubs would be forced to charge a minimum of 45p ($0.71) per unit of alcohol.

China Bans Foreign Shows From Prime Time Television Slots


China’s television broadcasting regulator, the State Administration of Radio, Film and Television (SARFT) has banned their local TV channels from broadcasting foreign-made shows during the prime time slot of 1930-2200hrs every day, ”, said the China Daily on Tuesday. in order to “improve the quality of imported TV programmes.”