Category: News Desk

Vatican Denounces “Idolatry of the Markets”, Releases 16-Page Guide to Fixing the Economy


The Vatican has called for the overhaul of the global financial system and a “central world bank” for a global authority to police the market.

The authors of the Vatican proposal have hammered the values of the financial world, arguing that “the crisis has revealed behaviors like selfishness, collective greed and the hoarding of goods on a great scale.” At fault, they say, is “an economic liberalism that spurns rules and controls.”

Turkey Declines Aid Offer From Israel After Massive Earthquake Strikes East Turkey


The Turkish government has turned down an offer for “any aid they might need” from its former ally Israel, after a 7.3 magnitude earthquake struck the eastern part of Turkey early Sunday afternoon – killing between 500 to 1000 people, with many more believed to be injured or missing.

Key Economic News To Watch This Week


 

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

Monday, 24 October

Les Hinton, the former executive chairman of News International, is due to give evidence to the UK Commons culture media and sport committee as part of its investigation into phone hacking.

Tuesday, 25 October

Second US Credit Ratings Downgrade Imminent, Warns BofA Merrill


 The United States will lose its top AAA credit rating status from another major credit rating agency by the end of this year if Congress fails to agree upon a credible long-term plan that addresses the US deficit problem, forecasted Bank of America Merrill Lynch economists in a research note published on Friday.

Argentine President Re-Elected, Buoyed By Strong Economic Performance


Argentine president Cristina Fernandez has been re-elected in a landslide victory Sunday, after her government achieved strong economic results and shared the wealth of a booming economy. 

 “Count on me to continue pursuing the project,” Fernandez vowed in her victory speech. “All I want is to keep collaborating … to keep Argentina growing. I want to keep changing history.”

Poverty Rates Up in the United States


 

Poverty rates continue to rise in the United States, with the Southern States most badly affected. According to the United States Census Bureau, the number of people living in poverty increased from 42.9 million in 2009 to 46.2 million during the same period in 2010.

At least 32 states experienced an increase in the number and percentage of people in poverty between 2009 and 2010, with 20 states experiencing a second consecutive annual increase.

French-German Split May Spell Doom For EU Summit


Divisions between France and Germany over Europe’s rescue strategy means the eurozone will make scant progress over the strengthening of the European Financial Stability Facility at the EU Summit scheduled to take place this Sunday.

Europe’s efforts to deliver a comprehensive plan to resolve the euro-zone debt crisis were in danger of unraveling Thursday as disagreement between Germany and France over virtually every point forced the 27-nation bloc to concede a much-anticipated summit of European Union leaders on Sunday won’t produce an agreement.

Infographic: The Myths of College Financial Aid


Paying for your college education is often one of the first major expenses that a young adult would rack up. The average annual cost of an education at a private college in the US is now $35,636 and rising annually, especially for advanced degrees.

As such one of the most common routes that young adults turn to to pay for their college expenses is through the use of financial aid. However, over the years, some myths of financial aids have emerged that have led to missed opportunities for students. Here are 8 of the most common myths associated with college financial aids.

EU Considering Ban On Credit Ratings For Crisis Nations


The European Union could impose regulations that would prevent credit rating agencies from judging the credit worthiness of countries undergoing bailouts, said the European Commission’s internal market commissioner Michel Barnier on Thursday.

Citigroup Pays US$285 Million To Settle Fraud Charges


Citigroup has agreed to fork out $285 million in order to settle a civil complaint by the Securities and Exchange Commission that it had misled investors into buying a toxic housing-related debt that the bank had betted against.

The transaction involved a $1 billion portfolio of mortgage-related investments – many of which were handpicked for the portfolio by Citigroup themselves – that the bank subsequently bet against and made nearly $160 million in fees and profits while investors lost millions.