Category: News Desk

South Korean President Dons Thermal Underwear To Save Electricity


South Korean President Lee Myung-bak will be donning thermal underwear over the winter period, in an attempt to persuade his citizens to make some sacrifices in order to conserve electricity amid surging power demands in the country.

[quote]“Naturally, I had to wear warmer underwear which was uncomfortable initially. But after a while, I got used to it, and now I am very warm and comfortable wearing it,” said Lee in his fortnightly national radio address on Monday.[/quote]

2 Million Public Sector Workers To Strike in the UK


More than 2 million workers are planning a mass strike against the government’s pensions reform scheme, a figure that looks set to bring the UK to a standstill. The planned walkout, the Government says, will cost the economy £500 million and lead to job losses.

EU-US Summit: Obama and EU Leaders Pledge To Revive Growth


The United States and leaders of the European Union have met in Washington in an annual summit, with discussion and keen attention paid to resolving the debt crisis and how to revive growth.

The focus of the annual EU-US summit was the global economy, though the leaders also discussed issues like the political transition in the Middle East, Iran’s nuclear ambitions and the situation in Afghanistan.

Italy, Spain Haven’t Asked For IMF Aid. Yet.


The International Monetary Fund has yet to receive any funding requests from either Italy or Spain to avert their deepening debt crisis, said IMF Managing Director Christine Lagarde on Monday, after earlier reports suggested that the global economic organisation had been preparing a $794 billion bailout plan for Italy.

Related: IMF Preparing $794 Billion Bailout For Italy

German Court Gives Investors Permission To Sue S&P Over Lehman Ratings


A German higher regional court has overturned a ruling from a lower court judge, which had prevented investors in Germany from filing a lawsuit against credit rating agency Standard & Poor’s for its positive assessment of Lehman Brothers securities just prior to the company’s collapse in 2008.

Related: Rating Agency Data, Ex-Personnel, Aided Wall Street in Dubious Deals

Key Economic News To Watch This Week: Nov. 28


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

Black Friday: Bigger Crowds, Higher Sales, $52.4 Billion Spent


 

A record 226 million shoppers turned up in stores across America over the Thanksgiving weekend. According to early estimates, bargain shoppers spent a total of $52.4 billion, the highest margin since 2007.

Black Friday, which marks the start of the Thanksgiving holidays and the season of year-end festive shopping, brought a welcome relief to US retailers struggling to secure profits amid intense competition in a weak economy.

Iraq Signs $17 Billion Joint-Deal With Shell, Mitsubishi


The Iraqi government has finalised a $17 billion deal with Royal Dutch Shell and Mitsubishi, as part of a joint venture to capture flared natural gas from the nation’s southern oilfields, reported Reuters on Sunday.

IMF Preparing $794 Billion Bailout For Italy


The IMF is drawing up a 600 billion euro ($794 billion) bailout plan for Italy as a safeguard for the country in the event that the its debt crisis escalates even further, reported Italian daily La Stampa as cited by AFP on Sunday.

Romanian Mayor Stages Hunger Strike Over Government’s Austerity Cuts


The mayor of the central Romanian town of Brad in the Hunedoara County has gone on a hunger strike, after recent cuts in heating subsidies by the government left the majority of his citizens without fuel oil to keep warm during the winter.