Category: News Desk

US-Pakistan Diplomatic Crisis Deepens With Mutually Imposed Financial Penalties


Diplomatic tensions between the US and Pakistan are expected to reach an all-time high after a US Congressional Panel decided to freeze $700 million in aid to the Pakistani government, while Pakistan has threatened to charge “millions of dollars” in taxes to NATO trucks and tankers within the country.

The new US restrictions on aid to Pakistan was part of a $662 billion defence bill agreed by both House and Senate negotiators on Monday night, and is expected to be passed later this week.

Infographic: America’s Federal Budget & Debt Burden In 2011


The Congressional Budget Office (CBO), a non-partisan federal agency within the legislative branch of the US government, recently released an infographic detailing the US’s federal budget and debt burden through fiscal year 2011, which ended in September.

From its data, the CBO revealed that the US is currently “facing significant and fundamental budgetary challenges.” For fiscal year 2011, the federal government’s budget deficit was $1.3 trillion; making it the third-largest shortfall in the past 40 years. Check out their highly informative infographic below:

Morgan Stanley Thwarted In Attempt To Block Singapore Lawsuits


A US district judge in New York has blocked an attempt by Morgan Stanley to seek a Singapore High Court order that would have prevented Singaporean investors from suing the global financial services firm for over $154.7 million in losses due to synthetic collateralised debt obligations outside the country.

You Can Now Buy A Mini Cooper While Flying Onboard This Latvian Airline


Passengers onboard any airBaltic flight will be able to purchase a specially designed Mini Cooper R56 during their next flight with the Latvian airline, after the company announced on Monday of its intention to branch out into car dealerships. 

Intel Blames Thai Floods For $1 Billion Cut In Revenue Forecast


Computing giant Intel Corp has lowered its 4th quarter forecast for this year by $1 billion, citing the devastating floods in Thailand as the reason for a worldwide shortage of hard disk drives.

The world’s largest chipmaker said that its revenue for the quarter should fall to around $13.7 billion, plus or minus $300 million. Earlier in the year, Wall Street analysts had previously predicted revenues to be around the  $14.7 billion mark.

Christmas Spending To Send 1 in 3 Britons Into Debt


One in three Britons will fall into debt while buying Christmas presents for their friends and relatives this holiday season, according to survey results published by research and consulting company YouGov on Monday.

The survey, which was commissioned by payment technology firm Intelligent Environments, discovered that nearly 31 percent of UK respondents would use overdrafts, credit cards and personal loans in order to do their Christmas shopping. Of these, 58 percent are expected to use their credit cards to fund their purchases.

Italy Wants To Tax The Catholic Church Amidst Austerity Drive


The Catholic Church in Italy could soon be forced to pay property taxes to the government, after intense pressure from Italy’s left wing parties called for the country’s newly reinstated property tax to be extended to commercial properties operated by the Church.

China Promises To “Actively Expand Imports”


China will further open its economy and “actively expand imports” in the coming years, said its President Hu Jintao to a high-ranking forum commemorating the country’s 10th anniversary of joining the World Trade Organization on Sunday. 

In a keynote speech entitled “China’s Opening-Up Strategy toward the Future”, Hu said that his government was committed to opening up the agricultural, services and cultural industries in the country, while adding that more emphasis would be placed on offering equal market access to all types of businesses.

Israel Approves $160 Million Plan To Stop Illegal Immigration From Africa


Israeli will spend $160 million in the upcoming months to secure its borders from African migrants who enter the country illegally, announced Israeli Prime Minister Benjamin Netanyahu on Sunday.

A large portion of the money will go toward the construction of a security fence along Israel’s border with Egypt, where nearly 2,000 African migrants are smuggled through every month.

Guess Which EU Country Puts In The Longest Hours At Work?


United Kingdom’s Office for National Statistics released yesterday a report “Hours worked in the labour market,” a survey that aims to track trends and changes in the working patterns of British workers, compared with their EU counterparts.

In what may come as a surprise, neither the Germans nor British put in the longest hours at work.