Madoff Victims To Get First Payouts
Eligible victims of Bernard ‘Bernie’ Madoff’s epic Ponzi scheme will soon be receiving the first checks in their mailboxes, according to the trustee liquidating the Madoff estate in federal bankruptcy court.
Category: News Desk
Putin Proposes ‘Eurasian Union’ With Old Soviet Union Neighbours
One week after announcing that he will return to presidency next year, Vladimir Putin has called for a “Eurasian Union” of former Soviet republics along the lines of the European Union.
Putin, however, denied proposing to recreate the Soviet Union, saying the new bloc would have different values.
Related: Gorbachev: Putin Has ‘Castrated’ Democracy in Russia
China’s Currency Manipulation Has Cost 160,000 American Jobs
According to Senator Chuck Schumer, China’s currency manipulation has cost New York more than 160,000 jobs in the last decade. Schumer also said that China is engaged in intellectual property theft and other forms of manipulation that give them an unfair advantage over American competitors.
US Tells Israel To End Its Self Imposed Isolation
U.S. Defense Secretary Leon Panetta warned on Sunday that Israel is increasingly isolated from the Middle East, and that continuing turmoil in the region makes it crucial that Israel finds ways to communicate with its neighbours if it is ever going to enjoy peace and stability.
Infographic: The Dark Side of The Patent Wars
The recent spate of patent infringement lawsuits has sent the entire tech industry into a frenzy as companies move quickly to gobble up new patents that can arm them in lawsuits for or against them.
Related: Patent Wars: New Hope For Google With 1023 More Patents Bought From IBM
BP Plans US$800 Million Wind Farm in Kansas
BP Plc has announced plans to build a US$800 million wind farm in Kansas by the end of next year as the US wind power industry continues to struggle in the face of expiring federal tax credits.
The 66,000-acre project, named the Flat Ridge Wind Farm 2, will span across 4 counties – Barber, Harper, Kingman and Sumner – and will become the largest installation of its type for both the state of Kansas as well for BP Wind Energy.
Key Economic News To Watch This Week
A quick preview of the key economic events for the upcoming week:
Monday, October 3
Eurogroup of EU finance ministers meet in Luxembourg
Turkish PM visits South Africa
US Senate vote on taking action against alleged currency manipulation by China
Financial Stability Board meet in Basel
Occupy Wall Street Movement Spreads To Canada
The Occupy Wall Street movement, which began last month in New York City, is quickly gaining pace and spreading to Canada. Toronto activists have said that they are planning similar demonstrations against corporate greed later this month.
The Occupy Wall Street protests started with a call to action on the blog of Vancouver-based advocacy magazine, Adbusters, in July. On September 17, protesters began occupying Zuccotti Park near the New York Stock Exchange.
Denmark Imposes World’s First “Fat Tax”
Denmark became the first country in the world to introduce a “fat tax” on Saturday, when a new tax on foods that contain more than 2.3 percent saturated fat came into effect in the Scandinavian country.
The new tax, designed by the outgoing Danish Government as a public health measure against unhealthy eating habits, will add 16 kroner (US$2.87) for every kilogram of saturated fats in a product.
Nestle TV Ads Go To The Dogs
Nestle, the world’s largest food company and one of the biggest makers of pet food, will launch a world’s first this week – a television commercial aimed directly at dogs, using high-frequency squeaks and signals to grab their attention.
The ad is set to be screened on Austrian television this week and will feature tones similar to a dog whistle, an audible “squeak” like the sound dogs’ toys make and a high-pitched “ping.”
