Category: News Desk

Wall Street to Cut Bonuses in 2012


According to the New York State Comptroller, Wall Street is set to reduce cash bonuses for the second year in a row. In a similar vein, the securities industry could lose another 10,000 jobs by the end of 2012, bringing the total cuts for New York in the sector to 32,000 since January 2008.

Wall Street will cut bonuses next year as revenue drops amid a sluggish U.S. economic recovery, the European debt crisis and new compensation structures to curb risk taking, New York State Comptroller Thomas DiNapoli said.

China Under Immense Pressure to Appreciate Yuan


The U.S. Senate has approved a bill that would increase the pressure on China and other countries to allow the value of their currencies to rise; in a move that supporters have said would create American jobs but that both American and Chinese leaders have warned could lead to a trade war.

Yulia Tymoshenko jailed for 7 years, says Ukraine trial ‘like Stalin’s Soviet Union’


 

A Ukrainian court has sentenced former Prime Minister Yulia Tymoshenko to seven years in prison for abuse of office because of a natural gas deal she signed with Russia when she was in office, enraging the West and jeopardizing Kiev’s hopes of an EU membership.

Infographic: Remembering Steve Jobs


A week after the passing of tech entrepreneur and Apple visionary Steve Jobs, we pay tribute to the man who, whether we realize it or not, made a big difference in our daily lives – from the way we listen to music, to popularizing the personal computer. 

This infographic by Infographic World combines the entire timeline of Steve Jobs life which includes a brief story of his life, his work, his achievements and his creations.

Asian Executives to Earn More Than Those in U.S. By 2013


According to consulting firm Mercer’s global executive pay trends study, executive salaries in Asia will soon surpass those in the U.S. by 2013.

Asian executives are taking home bigger pay-cheques than their counterparts in Europe and by 2013, they will go past the earnings of American top brass too, says Mercer.

Executive pay in the Asia-Pacific region is increasing across the region, especially in China, India, Indonesia, Vietnam, the Philippines and Malaysia.

Chinese Pensioners Rally In Support of Occupy Wall Street


The Occupy Wall Street movement may have started in New York City, but the cause is now spreading across to Canada and overseas, and in the process gaining an unlikely group of supporters: Chinese pensioners.

According to nationalist Chinese website Utopia, a group of elderly citizens took to the streets in Henan province on October 6 in rallying support of the Occupy Wall Street supporters.

And the Nobel Prize Goes To…


 

Two U.S. economists were yesterday awarded the 2011 Nobel Peace Prize in economic science. Professor Christopher Sims and Thomas Sargent, both 68, were given the highest recognition for their 35-year careers in the fields of macroeconomics and macroeconomic policy making.

According to the Nobel jury, this year’s laureates have “developed methods for answering… questions regarding the causal relationship between economic policy and different macroeconomic variables, such as GDP, inflation, employment and investments.”

Deadly Violence Erupts in Cairo


Violence has broken out in Cairo, with clashes between protestors and security forces in central Cairo leaving 24 dead and more than 200 injured, raising new concerns about Egypt’s security and stability ahead of parliamentary elections.

A demonstration by Christians angry about a recent attack on a church marked off a night of violent protests against the military council now ruling Egypt, in the worse spasm of violence since the ouster of Hosni Mubarak in February.

Blair’s Charity in Africa Spends More Than Half Its Income On Staff


When Tony Blair launched the Sports Foundation charity in 2007, the former British prime minister said he wanted “to give something back to the North-East.”

Four years later, questions are being raised about how big a contribution his charity network is making to in the region.

In January 2011, the Telegraph reported that the Sports Foundation spent only £33,929 (US$53,000) on charitable activities in the first in its first financial period, compared with £37,621 (US$58,700) spent on four staff members.

Governor Signs California Dream Act Allowing Illegal Immigrants Access to Education


Illegal immigrants will soon be able to apply for financial aid and merit based scholarships to help pay their way through California’s public colleges and universities.

This move comes after California’s Democratic Gov. Jerry Brown signed the groundbreaking and controversial Dream Act, putting education within reach even for the Golden State’s illegal immigrants.