Category: News Desk

Citigroup To Incur $400 Million Cost To Cut 4,500 Jobs


Citigroup Inc will record a $400 million charge for severances and other layoff-related expenses in its fourth quarter this year, as the company embarks on its latest effort to cut costs by laying-off 4,500 employees worldwide.

Speaking at the Goldman Sachs Financial Services Conference on Tuesday, Citigroup Chief Executive Vikram Pandit told investors that the cuts would be completed over “the next few quarters” and would come from a range of its businesses.

HSBC Fined A Record £10.5m For Mis-Selling Bonds To Elderly


Britain’s biggest bank, HSBC, has been slapped with a record £10.5 ($16.4) million fine, and ordered to repay £29.3 million to elderly investors after authorities found it guilty of mis-selling scandal involving almost 3,000 vulnerable elderly customers living in care.

According to media reports, HSBC was found guilty of selling investment products to elderly customers that were not suitable for them.

Freakonomics Author: Fears of Doomsday Overblown


The fears of a major economic crisis are exaggerated, according to “rogue economist” and author of the bestselling books Freakonomics and SuperFreakonomics.

Despite fears and extensive media coverage of the widening financial crisis, there is no doomsday in the horizon, said Steven Levitt, professor of economics at the University of Chicago and 2003 John Bates Clark medallist.

Infographic: The Walmart Economy


 

How big is Walmart? Apart from being the world’s largest retailer, Walmart is also the biggest private employer in the world with over 2 million employees worldwide. With over 8,500 stores in 15 countries, Walmart is also the world’s largest public corporation when ranked by revenue.

But what if we treated Walmart like an economy rather than just a corporation? Check out this infographic, which explores how Walmart compares to some countries in the global economy, as well as the impact that Walmart makes in the world.

Eurozone Faces Unprecedented Mass Downgrade


International credit rating agency Standard & Poor’s have placed 15 out of the 17-member eurozone on its negative credit watch list, as growing “systemic stresses” in the region continue to “put downward pressure on the credit standing of the eurozone as a whole.”

Of the 17 countries forming the euro zone, only two countries were not included in S&P’s latest move: Cyprus, whose rating was already on the negative credit watch list, and Greece, which had a junk CC-rating.

Key Economic News To Watch This Week: Dec. 5


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

The European debt crisis will continue to take centre stage this week – with the ECB interest rate decision and the EU Summit taking place.

Monday, 5 December

German Chancellor Angela Merkel and French President Nicolas Sarkozy announce joint proposals for treaty changes for the European Union. Following the debt crisis, emphasis will be placed on tighter fiscal control and legally enforceable budget rules.

China “Deeply Concerned” With US’s “Strong Tendency For Trade Protectionism”


The Chinese Commerce Ministry has criticised the US for its “strong tendency for trade protectionism”, after a recent preliminary ruling by the US International Trade Commission voted unanimously to investigate charges of unfair Chinese trade practices in the solar panel industry.

Monti Renounces Prime Ministerial Salary As Recession Looms for Italy


Italy is expected to slip into recession in 2012, with a projected contraction of 0.5 percent in its gross domestic product. The outlook was announced by the country’s deputy economic minister, after Italy’s cabinet passed a deal intended to rescue the country from the brink of bankruptcy.

Iran Warns West: Ban Our Oil And Prices Will Rise Above $250


Global oil prices will double to more than $250 a barrel if Western economies impose a ban on Iranian oil exports, warned an Iranian government official on Sunday.

“Imposing sanctions on oil and gas is among the sanctions that, if one wants to do that, the consequences should be fully considered before taking any action,” said Iran’s Foreign Ministry spokesman Ramin Mehmanparast in a local newspaper interview as cited by Reuters.

Infographic: 7 Billion People – What It Means For The World


On October 31st 2011, the world reached a population milestone of 7 billion people. With an ever-increasing population, further strains will be placed on our global resources, including food, water and energy. But with newer technology emerging every day, can the world cope with its rising population?

How will population growth trends change over the next few years? Check out this infographic that explores the nation of population growth, as well as provide facts and statistics for the future of our society.