Category: News Desk

Infographic: The Black Market, The Second Largest Economy In The World


The black market is one of the biggest and fastest growing economies in the world. According to various estimates, the black market generates almost $10 trillion annually – equivalent to the size of Japan and China’s GDP.

Profit-making in any business if good – but what if it hurts the national economy? How then, can we draw the line to define what’s good or unacceptable?

Above all else, how does the existence of the black market affect our economy, and culture?

India’s Reliance Look Beyond Western Lenders, Towards Chinese Banks For Loan


In a move that highlights the growing shift in international financial lending, Reliance Communications Ltd, owned by Indian billionaire Anil Ambani, will borrow $1.2 billion from three Chinese state-run banks this week, in order to refinance its outstanding foreign-currency convertible bonds that are due to be paid by the beginning of March.

World Bank: Gloomy Days Ahead in 2012


After a tough year, the World Bank has cut their growth forecast for 2012, acknowledging that the global economy is still in a precarious situation and not poised for recovery yet.

The World Bank is predicting a modest 2.5 percent growth this year, down from a June 2011 estimate of 3.6 percent. For the United States, the world’s largest economy, the Bank predicts a 2.2 percent growth, down also from a previous 2.9 percent forecast.

Iran’s Latest Adversary: Barbie Dolls


The Iranian Morality Police has been cracking down on the sale of Mattel Inc’s iconic Barbie dolls in toyshops all across the country, says a report by Reuters on Monday, as the nation engages in a “soft war” against decadent Western cultural influences.

“About three weeks ago they (the morality police) came to our shop, asking us to remove all the Barbies,” said a toyshop-keeper in northern Tehran.

New Law to Force Drug Companies to Report How Much They Pay Doctors


A new law, part of Obama’s healthcare reform legislation, will require drug companies to disclose the amount of payments made to doctors not under their employment. According to U.S. officials, this includes payments made to doctors for research, consulting, speaking, travelling and entertainment.

According to a report published by the New York Times, a large number of doctors are receiving payments from drug companies, in exchange for providing advice and giving lectures. Other non-standard gifts include gifts of food.

China Prepares For the Largest Annual Human Migration


China is preparing itself, and its rail system, for the largest annual human migration, as people return to their families and hometowns in celebration of the Spring Festival. The 7-day “Golden Week” holidays is expected to make almost 5.9 million  trips per day across China.

The Spring Festival, or the Chinese Lunar New Year, is the time when millions of Chinese travel via planes, buses and trains back to their hometowns for one of the biggest Chinese holidays of the year.

Associated Press Opens First-Ever Western News Bureau In North Korea


International news agency The Associated Press (AP) has formally launched the first and only fully staffed Western-owned news bureau in North Korea, with the aim to cover news in what is perhaps the most secretive and isolated country in the world.

Wikipedia Goes On Strike: Shutting Down For 24 Hours To Protest SOPA & PIPA


Popular online knowledge website Wikipedia will link up with numerous other high profile websites on Wednesday – including Reddit and Cheezburger network– in a 24 hour blackout of their services, as a protest against the controversial anti-piracy legislation currently under consideration in the US Congress.

Infographic: How Bill Gates Is Personally Saving The World


Billionaire, Businessman, Entrepreneur. While Microsoft co-founder Bill Gates is best known for his numerous achievements in the field of personal computing, the tech icon is probably most proud of his philanthropic efforts, which has seen him donate nearly US$28 billion (or 48 percent of his personal wealth) to charity, while spearheading numerous social movements around the world.

Facebook, Google Among Websites Charged In India For “Offensive & Objectionable” Content


21 social networking companies – including Facebook, Google, Microsoft and Yahoo – are set to face legal charges in India for carrying “offensive and objectionable” material on their websites, reported Bloomberg BusinessWeek on Saturday, after prosecutors deemed the companies responsible for “promoting enmity between classes and causing prejudice to national integration.”