The US Senate recently agreed to changes to the International Monetary Fund’s voting rights. This ratification redistributed voting rights to give emerging economies a bigger role in the affairs and policy decisions of the international lender. Thanks to these reforms, China’s stake in the IMF’s affairs increased by almost 60 percent.
A hotly contentious issue that has driven rage and anger across the Sea of Japan is closer to being resolved after Japan and South Korea agreed on a settlement.
Japan will pay World War II’s victims of sex slavery—known as “comfort women”— a total of $8.3 million, or 1 billion yen, which will go to the 46 still-living victims. It is unclear if the South Korean government will give all of those funds directly to victims—or takes the funds for themselves, as it did half a century ago.
French politicians were taken aback when Corsican nationalists won December regional elections by a landslide, according to AFP. The Corsican public has long expressed frustration with such issues as a downtrodden economy, lack of autonomy, and North African immigration.
Corsica’s unemployment rate stands at 11 percent, slightly higher than France’s national average, and youth unemployment remains high. Corsica is an island off the coast of Italy, but annexed by France in 1768.
A recent study by the Organization for Economic Cooperation and Development (OECD) has made some interesting findings about the pedigrees of doctors and nurses in Europe. As it turns out, a great number of these medical professionals came from India. In fact, India has been identified as the largest exporter of doctors and nurses to Europe.
A financial institution specializing in student loans received a fine as well as orders to cease operations for lying to students about fees and costs associated with their offerings.
Vietnam’s economy grew at its fastest pace in five years due to such factors as record foreign investment and strong domestic demand, according to AFP. The government recorded 6.68 percent expansion for the year, surpassing expectations of 6.2 percent. The World Bank also predicts that the Trans-Pacific Partnership Agreement (TPP) could add up to 8 percent to Vietnam’s GDP over the next 20 years.
The World Bank has released its December 2015 report titled “Toward a More Business Friendly Tax Regime: Key Challenges in South Asia.” In it, the World Bank warns that Pakistan’s tax rate is unusually high, particularly for a nation in a developing region. In fact, it is the third highest rate in the world.
Burmese leaders plan to foster a more open economy as insurance companies help the enclosed Southeast Asian country open up to foreign companies, according to the Chicago Tribune. Various Japanese insurance companies and the Financial Services Agency are lending a helping hand to the government, and officials have established a regulatory body that will manage the insurance industry. Currently, Myanmar has an insurance market worth $40 million.
Ukraine’s parliament has finally approved a new budget for 2016. The budget was a compromise designed to satisfy demands of the International Monetary Fund (IMF) if Ukraine wanted to receive $17.5 billion in bailout funds, the distribution of which had been delayed pending the adoption of a conforming budget. The bailout funds were intended to help Ukraine escape a devastating economic recession.
After a sharp decline at the beginning of the week, stocks surged strongly as rising oil prices and higher consumer spending indicate improvements for parts of the U.S. economy. Inventories of U.S. crude fell, according to the U.S. Energy Information Administration.
A new study shows that crude inventories fell by 5.9 million barrels in the week ending December 18th, which constituted a far greater move than analysts had expected, as many predicted total inventories to see a small rise from the prior week.
Oil Prices Spike
