Category: News Desk

Ratings Agency Warns Ships Could Go Idle Again But So Far So Good


In 2010, the shipping industry rebounded from the 2009 crisis, boosted by a 12 percent increase in container trade volumes and concerted efforts by players to reduce their operating costs. “While Moody’s expects volumes to grow at a more moderate pace of 5-6 percent in 2011, it believes the positive growth momentum will aid the ongoing recovery of all the main operators,” says Marco Vetulli, a Senior Vice President in Moody’s Corporate Finance Group.

The World’s Biggest Heist: Raiding Libya’s Sovereign Wealth Funds


The war against Libya wasn’t just about its estimated at 60 billion barrels of oil reserves; which are also the greatest in Africa and whose extraction costs are among the lowest in the world. Nor was it about the natural gas reserves of which are estimated at about 1,500 billion cubic meters.

The real Lybian goldmine: its sovereign wealth funds, capital that the Libyan state has invested abroad.

Huaneng Renewables’ Staggering $1 Billion IPO Deal


Huaneng Renewables Corp., the wind-power unit of China Huaneng Group is China’s biggest electricty producer. The company plans to raise about $1 billion in relaunched Hong Kong initial public offering. According to a report on WJS:

Is Egypt About to Cut Off Israel’s Gas?


Israeli Prime Minister Benjamin Netanyahu met with Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabor al-Thani in London on May 8 to discuss Doha’s offer to sell liquefied natural gas to Israel. The rumored offer came as Egypt, Israel’s current natural gas supplier shows an intention to renegotiate the controversial natural gas deal with Israel. Egypt has been supplying Israel with energy at below-market rates, however a deal with Qatar could be Israel’s long term solution to reduce the country’s dependency on Egyptian energy.

Top 10 Twitter Nations


comScore, Inc. a leader in measuring the digital world, today released a study of social networking usage in the Netherlands based on the comScore Media Metrix service. The study reveals that the Dutch social networking market continues to grow strongly as sites like Facebook, Twitter and Linkedin extend their respective footprints in the market.

China Spotlight: No Power to Run Factories


In East China’s industrial province of Zhejiang there are 500,000 enterprises – and not enough electricity to run them all at the same time. Insiders say the power shortage could be the worst since 2004.

Deputy Director of electricity dispatching centre at the Zhejiang branch of the National Grid, Dai Yan, confirmed the province is facing severe electricity shortages and has been buying power from neighbouring provinces.

Unemployment: The Tale of a 419 Scammer With a Heart


Ever since he could remember, Ibrahim Boakye had a knack for understanding how things worked. There were things he could just do that no other kids– let alone adults– could understand. By the time he was five-years-old everyone had stopped questioning it, and neighbors were calling on him to fix their broken toasters, irons, or anything that was the least bit mechanical.

Economics Humor: Cows Explain Complex Political Systems


 

Have you tried to understand the difference between economic systems in different countries – but simply can’t get your head around it? This classic jokes explains it all, with cows:

SOCIALISM

You have 2 cows.

You give one to your neighbour.

COMMUNISM

You have 2 cows.

The State takes both and gives you some milk.

FASCISM

You have 2 cows.

The State takes both and sells you some milk.

NAZISM

You have 2 cows.

Infographic: How Corporations Are Getting Out Of Paying Taxes


With the economic crisis still at hand, the government continues to oversee operations of major corporations. Ironically, in the 1950’s, corporate taxes accounted for 30 percent of all federal revenue. Now, just 6.6 percent? Uhh.. wow.

Here’s a fun, fact filled infographic that illustrates just how these corporations are getting out of paying taxes:

What Happens When the US Government Runs Out of Money?


 

The federal debt reached the legal maximum of $14.3 trillion today and the US federal government says it will not run out of money to pay its bills. When the current limit is reached on May 16, after the Treasury completes its latest round of borrowing, the government will need to find $125 billion a month to pay its bills.

The government plans to borrow $405 billion during the second half of 2011. If rates rose even a tenth of a percentage point, the added cost on those borrowings would be $405 million a year.