Category: News Desk

China Frees 30 Disabled Slaves


 

 In a latest case of labour abuse, China said that they have rescued 30 people who had been forced to work as slaves at an illegal brick factory in Henan in central China. Some of the rescued workers have disabilities so severe that the Chinese authorities are finding it hard to establish their identities.

The Chinese state media said on Wednesday that some of the victims, who were regularly abused, had toiled for more than seven years without any pay. Henan province, where the scandal originated, is already at the heart of a massive slavery scandal in 2007.

Libyan Oil Exports To Remain Below Pre-War Levels Until 2013


The International Energy Agency (IEA) warned on Thursday that Libyan oil exports were unlikely to return to their pre-war levels until 2013, despite claims made by Oil and Finance Minister Ali Tarhouni that the oil industry would resume normal production within the next two weeks.

Switzerland To Hand Over U.S. Citizens’ Bank Information After Tax Row


 Switzerland will meet some of the demands laid out by Washington and release additional client information after a tax row between the two countries. 

Switzerland Pegs Franc To The Euro


 Concerned that the soaring franc would jeopardize its export market, Switzerland’s central bank yesterday pegged the franc to the euro and said it was prepared to spend an “unlimited” amount to defend the Swiss currency. This move effectively devalues the franc and brings about new fears of a currency war. 

The Swiss franc, long considered a haven in times of crisis, had surged against the euro and the dollar this year as investors fled turmoil in the markets. That raised concern that Swiss exporters will be priced out of the market. 

South Africa Says No to Alcohol Ads


The South African government is planning to enact a ban on all forms of alcohol advertising in an attempt to curb violent crime caused by excessive drinking, said Health Minister Aaron Motsoaledi on Tuesday.

China’s Message to Its Carmakers: Quality Not Quantity


Chinese officials are encouraging automobile companies in China to shift their focus from producing more cars for sales, to producing fuel-efficient and technologically-advanced cars, such as hybrids and electric cars.

At a weekend conference in Tianjin, China, Chinese officials stressed the need for greater technological improvements in the world’s largest automobile market.

Shortage In International Schools Threatens Hong Kong’s Position As Financial Hub


 Placements in international schools are running low in Hong Kong, one of the world’s most vibrant financial hub. Experts are worried that the current shortage would drive away the country’s professional workers, away to competitors like Singapore and Shanghai. 

 

Save The US Postal Service From Default! US Postmaster General to Beg Congress Today


US Postmaster General Patrick Donahoe will address Congress today, during a Senate Homeland Security and Governmental Affairs committee hearing, in the hopes of persuading them to take emergency action in order to stabilize the finances of the United States Postal Service (USPS), which faces a possible default by the end of this month.

The USPS is said to be unable to meet a US$5.5 billion payment due at the end of the month, and will most likely have to shut down all operations for winter unless Congress steps in.

Israel Uprising: Social Dissent & Protests


 In the latest and biggest demonstration in the nation’s history, an estimated 500,000 Israelis took to the streets demanding social and economic reforms. 

Key Economic News To Watch This Week


A quick summary of the key economic events for the week ahead. The highlight of the week is the address by U.S. Federal Reserve Chairman Ben Bernanke. 

Monday, 5th September

World Bank president Robert Zoellick visits China

Global Economic Leaders Summit 2011 takes place in China 

Trial of Egyptian former president Hosni Mubarak resumes in Cairo

United States president Barack Obama visits Detroit and will deliver remarks on the economy and his plan to spur job growth