Category: News Desk

International Pressure Force Greece To Cut 15,000 Public-Sector Jobs


Greece’s coalition government has agreed to a reform program demanded by their creditors to cut 15,000 public-sector jobs by the end of the year, said a government official on Monday, as international pressure continues to mount on the country to implement austerity measures.

The announcement marked the first significant shift in Greek policy, with state jobs having previously been protected by the government during the country’s acute financial crisis, which started nearly two years ago.

IMF Warns China’s Growth May Halve If…


The International Monetary Fund warned yesterday that China’s economic growth could halve this year, should the European debt crisis escalate any further. Is China really heading for a sharp landing?

China’s stellar economic performance could soon come to an abrupt halt this year should the eurozone fall out.

Sarkozy’s Spends $16,000 A Day On Food, Total Annual Expenditure: $150 Million


French President Nicolas Sarkozy has been accused of spending more than $150 million dollars every year on his presidential expenditure account, reported the Daily Mail on Monday, despite recent pledges by the statesman to cut down on spending in the lead-up to the presidential elections later this year.

Key Economic News To Watch This Week: Feb. 6


A quick preview of the key economic events for the upcoming week:

In the latest sign that China is slowing, analysts reported today that China Lunar Sales slowed to their lowest growth pace since 2009 while China’s home prices fell for the fifth consecutive month in January. China’s inflation data on Wednesday is likely to confirm a cooling of prices.

In currency markets, the euro is set to be back in the spotlight as traders anticipate the next move from the European Central Bank.

Monday, February 6

Mark Zuckerberg Faces $2 Billion Tax Bill


Facebook’s co-founder and CEO Mark Zuckerberg could face a tax liability of more than $2 billion this year, claimed a report by the New York Times on Friday, with the 27-year old billionaire expected to exercise an outstanding stock option to purchase 120 million shares in the company ahead of its upcoming IPO.

Obama Cites the Bible, Thinks Jesus Would Support His Tax Plan


Obama thinks his tax policies are an extension of faith, saying that Jesus would support his plan to impose a higher effective tax rate on higher-income Americans. But many are crying foul over his remarks.

Speaking at the National Prayer Breakfast last Thursday, U.S. President Barack Obama took the opportunity to share his religious and political beliefs with over 3,000 attendees.

Egypt Still Optimistic On Tourism Figures Despite Ongoing Violence


Tourist figures to Egypt could pick up to between 12 and 13 million visitors this year, said an official from the Egyptian Ministry of Tourism on Sunday, after revenues from Egypt’s tourism sector plunged by nearly 30 percent in 2011 due to ongoing violence stemming from the ouster of former President Hosni Mubarak.

Bankrupt American Airlines To Trim 13,000 Jobs


American’s third largest airline is all but soaring. AMR, parent company of the bankrupt American Airlines, is looking to slash 13,000 jobs and terminate employee pension schemes as part of plans to reduce spending by $2 billion annually.

American Airlines is looking to trim labour costs by 20 percent, a move that would see approximately 13,000 to 15,000 job losses.

On Tuesday, American Airlines CEO Thomas Horton said it was part of the plan to return to profitability, with the goal of saving $2 billion annually in costs.

McDonald’s Take “Pink Slime” Off Their Menus


McDonald’s are no longer using ammonia hydroxide, labelled “pink slime” by British celebrity chef Jamie Oliver, in its hamburger patties, confirmed a press release by the fast-food chain this week, with mounting consumer pressure forcing the company to revise its recipes.

Facebook Graffiti Artist Stands To Rake In $200m From IPO


A graffiti artist who decorated Facebook’s headquarters when it was just one-year old could soon be a millionaire. David Choe, 35, reportedly accepted shares as payment when he was engaged by Facebook, and with the company’s blockbuster IPO, Choe’s stake could soon be worth $200 million.

David Choe, 35, born in Los Angeles to Korean parents, was an unknown graffiti artist back in 2005 when Facebook’s then-President Sean Parker asked him to paint “graphic sexual murals” in the company’s first Silicon Valley office.