Category: News Desk

Powered By Chinese Demand, Bentley Sales Soar in 2011


Sales of luxury carmaker Bentley reached record levels in 2011, with a total of 7,003 vehicles sold in the year. The United States remains the carmakers top market, but China came in a close second with sales almost doubling in 2011, surpassing the previous year’s record.

On the back of strong sales in two of the world’s biggest auto markets, the United States and China, Volkswagen-owned British luxury carmaker Bentley said on Tuesday that its total sales for 2011 jumped 37 percent to 7,003 vehicles.

Lufthansa Passes Carbon Surcharge On to Passengers Following Trade Spat


Europe’s largest long-haul carrier, Lufthansa, has said that it would pass on the higher costs of a carbon emission tax on to its passengers, following a controversial EU carbon-trading scheme.

Airfares are set to increase all over the world, as Lufthansa became the first airline on Monday to include carbon costs in its fares, after the controversial EU-Emissions Trading Scheme (ETS) kicked in on Monday.

Chevron Fail To Overturn $18 Billion Lawsuit For Environmental Damage


An Ecuadorian appeals court has rejected an attempt by energy giant Chevron Corp to overturn a February 2011 ruling that charged the company $18 billion for spilling chemicals in the Amazon Basin more than 20 years ago.

“We ratify the ruling of February 14 2011 in all its parts, including the sentence for moral reparation,” stated the court in the city of Lago Agrio in its ruling, as cited by Reuters.

Greece Could Exit Euro Within 3 To 4 Months


The Greek government is prepared to abandon the euro currency within the next three to four months, unless negotiations for a second 130 billion euro ($169 billion) bailout package can be resolved soon, said a government spokesman on Tuesday.

“The bailout agreement needs to be signed otherwise we will be out of the markets, out of the euro,” claimed Pantelis Kapsis in an interview broadcasted on Skai TV. “The situation will be much worse.”

Oil Crosses $100 On First Trading Day of 2012


Oil prices jumped more than 1.5 percent to cross the $100 mark on Tuesday, the first trading day of 2012, amid new fears that rising tensions between the West and Iran could lead to a future disruption of crude supplies.

The spike occurred after Iran said it has test-fired two long-range missiles on Monday – a show of military might and perceived by the West as a sign of aggression as Iran continues on its nuclear programme.

Iran’s latest tests are part of a 10-day naval drill scheduled to end on Tuesday.

Key Economic News to Watch This Week: Jan. 3


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

After a holiday week, trading volume and markets are expected to return to normal. Among the highlights of the week, the latest U.S. employment data is eagerly anticipated for the opening week of 2012.

Iran’s Currency Plunge 10% After Fresh US Sanctions


The Iranian Riyal fell to a record low against the US dollar on Monday, after fresh US sanctions imposed severe penalties and restrictions on foreign financial institutions that had dealing with the Iranian central bank.

India Grants Direct Access To Stock Markets For Foreign Investors


The Indian government will lift previous restrictions, which prevented foreign investors from directly buying or selling any Indian equities, on January 15th in a bid to boost its capital inflows amidst a year of big losses on the benchmark Sensex.

Infographic: Small Businesses 2011 Report Card


From mom-and-pop shops, to the neighbourhood bakery, small businesses are integral to our daily lives. As uncertainty over U.S. labour policies continue to affect small businesses and employment, we take a moment to look back at how small businesses fared in 2011, and the outlook for 2012. 

It was confirmed earlier in December that 2010 was the worst year on record for new businesses, where more firms shut down than at the height of the recession. 

What do small business owners feel about 2011 and what do they expect in 2012? 

New Year Resolutions: How to Save More in 2012


Some of the more common new-year resolutions include spending less, and saving more money. Here are some practical tips for growing your savings.