Category: News Desk

Kenya to Build New Prison for Islamic Radicals


In an attempt to curb radicalization, Kenyan authorities plan to build a separate prison for jihadists to prevent the spread of extremism throughout the prison system, according to Reuters. Security has been an increasing concern for Kenya in recent years, especially as Somali terrorist organization, al-Shabaab, wreaks havoc throughout the East African nation. Many officials fear that terrorism will destabilize many parts of the country and scare away foreign investors.

OECD Calls on Costa Rica for Swift Tax Reforms


The Organization of Economic Cooperation and Development (OECD) recently conducted its first assessment of Costa Rica. The results of the assessment were announced on Tuesday in San Jose by OECD Secretary-General, Angel Gurria, and Costa Rican President, Luis Guillermo Solis. 

While the OECD lauded Costa Rica for making impressive economic, social, and environmental progress, it warned that further action is still required. The OECD called for institutional and policy reforms aimed at creating stronger and more inclusive growth. 

Economies Feel Impact of Declining Oil Prices


The continued fall in oil prices is being felt in several parts of the global economy, with many negative results causing financial turmoil.

Rising Default Rates

Italian Economy Faces Deeper Fiscal Crisis as Economy Worsens


Italian Prime Minister, Matteo Renzi, attempts to reach a deal with the European Commission over the 2016 budget before the economy tumbles further, according to Reuters. Italy faces a barrage of economic setbacks, including a shortage of revenue and a postponement of privatization initiatives. The government expected 1.6-percent growth for 2016, but such a goal seems unattainable now.

Christine Lagarde to Serve Second Term as IMF Chief


For the past five years, Christine Lagarde’s face has been splashed across the media above headlines pertaining to the International Monetary Fund (IMF). Lagarde has been one of the most visible leaders of an international economic organization in recent history, and the leadership of the IMF has noticed. As a result, Lagarde has been nominated to serve a second five-year term as the head of the International Monetary Fund.

Retail Sales Rise as Import Prices Fall


Americans are buying more goods as importers continue seeing lower prices.

Retail sales rose 0.2% on a month-over-month basis in January, according to a new report by the Census Bureau. They rose 3.1% from a year ago, with an 8.7% increase in non-store retailers. Sporting goods, hobby, book and music stores showed a surprisingly strong increase, rising 9.1% from the same period a year ago.

Spanish Official Resigns in Wake of New Scandal


Popular Party (PP) Madrid chapter president Esperanza Aguirre resigned amid allegations of questionable funding sources, according to the Associated Press. She has been a long-time member of the party did not have a direct implication, but is taking full responsibility. The scandal is the latest in a string of charges against the PP, a center-right party that has faced considerable heat from critics over stagnant economic growth. Prime Minister Mariano Rajoy currently resides over a transition government as he attempts to form a new parliament.

World Bank Vouches for Dependability of India’s GDP Numbers


Anyone familiar with quantifying gross domestic product (GDP) knows that at times it is more an art than a science. This is often particularly true in developing nations, where limited access to sophisticated technologies and practices make reporting difficult and the chances of “rigging” quite prominent.

However, the World Bank’s Senior Vice President and Chief Economist, Kaushik Basu, has come to the defense of India in particular, saying that their self-reported GDP estimates are beyond reproach.

Week in Review: Market Rebukes Yellen, Bonds & Gold Soar while Stocks Fall


More investors are running away from stocks and seeking safe havens as job data weakens, signs of a recession intensify, and Janet Yellen reverses her bullish position on the U.S. economy.  Gold hit its 1-year high on Thursday while U.S. Treasury prices continued to soar as investors crowded into both assets to escape an increasingly volatile stock market.

Daughter of Ex-President Leads National Polls in Peruvian Presidential Election


Peruvian presidential candidate Keiko Fujimori, daughter of convicted ex-president Alberto Fujimori, leads her rivals with 39 percent of the vote in a recent poll, according to AFP. Alberto Fujimori, who ruled from 1990 to 2000, is serving a 25-year prison sentence for human rights violations and corruption, but he retains popularity among many Peruvians. Julio Guzman, Keiko’s closest rival, has 20 percent of the vote.