Asian-Americans are finding it harder to compete with foreign students, mainly from China, for a place in the college of their choice, with more US colleges opting to admit foreign students due to the higher tuition fees that they pay.
The South Pacific nation of Samoa, along with neighbouring Tokelau, will be cutting out December 30th from their calendars this year, in an attempt to move their time-zone 24 hours ahead to catch up with their major trading partners in Asia, Australia and New Zealand.
Since 1892, Samoa has been following the US time-zone, after American traders had persuaded them to do so in order to facilitate business with the West Coast of the United States.
A Japanese toilet manufacturer has created a $130,000 toilet – studded with more than 72,000 pieces of Swarovski cut crystals – that have been placed on display in its showroom since December 16th as a way to draw more customers as well as to pay tribute to the “God of Toilets”, reports Reuters.
The dollar has been used as the reserve currency for years. However, with the latest yen-yuan currency accord, there has been industry speculation over the future and the role of the dollar.
Following Japan and China’s currency and trade pact, several commentaries have surfaced analyzing the currency outlook for 2012.
After reaching new highs in 2011, the price of gold has tumbled sharply, losing ground for the fifth consecutive trading session.
Gold has been up by more than 11 percent since the start of the year. However, as the euro plunged to 11-month lows against the U.S. dollar, gold, too, was unable to get much support amid a much stronger dollar had to settle lower for the fifth consecutive session.
Gold futures for February fell by $31.40, or 2 percent, to close at $1.564. According to Bloomberg data, it is the longest slide since October 2009.
Italy’s short-term debt costs fell by half on Wednesday, after the country managed to raise 9 billion euros from 6-month bonds at an average yield of 3.25 percent, compared to the euro-era record of 6.5 percent set last month.
At the same time, the Italian Treasury also managed to raised 1.733 billion euros from zero coupon bonds due in 2013 at a rate of 4.853 percent, down from 7.814 percent last month.
The United States Treasury has once again raised objections over the Japanese yen and the Chinese yuan, but has stopped short of labelling China a currency manipulator.
The statements, recorded in a semiannual currency report, comes after China and Japan announced a wide-ranging currency accord on Christmas day, mostly aimed at giving the Chinese yuan a more prominent role in international trade.
The key highlight from the currency accord involves the promotion of a direct yen-yuan trade, rather than converting their currencies to the dollar.
Iran will form a blockade to stop the supply of oil through the strategically important Strait of Hormuz if the West decides to impose economic sanctions on the country, warned the Iranian Vice-President on Tuesday.
“If they (the West) impose sanctions on Iran’s oil exports, then even one drop of oil cannot flow from the Strait of Hormuz,” said Iran’s Vice President Mohammad Reza Rahimi to the Iranian news agency IRNA, as cited by Reuters.
China will spend more than 1.8 billion yuan ($280 million) next year in order to build the world’s highest airport in Tibet’s Nagqu County, reported the Xinhua News Agency on Tuesday.
The newly built Nagqu airport will have an altitude of 4,436 metres above sea level, making it 102 metres higher than the current record holder – the Bamda airport in Tibet’s Qamdo prefecture.
Brazil has powered past Britain to become the world’s sixth largest economy, according to the London-based Centre for Economics and Business Research. Britain, in turn, drops slightly to seventh place.
Major Brazilian newspapers on Monday celebrated CEBR’s report that Brazil has overtaken Britain in sixth place, behind the United States, China, Japan, Germany, and France.
