Category: News Desk

Grexit Fears Heighten after No Vote


Greeks voted against accepting creditors’ terms for austerity in exchange for an emergency loan to help them avoid defaulting to the IMF and ECB.

The vote was largely expected, but it has still caused turmoil in equity markets in Europe and in the United States, where fears of a Grexit are steering investors to avoid risk. After voting against the creditors’ demands, Greece may find it harder to negotiate with Germany and the EU as a whole, who largely want Greece to accept more austerity in order to pay back loans that were acquired in the 2000s.

IMF Expects Positive Economic Performance in Armenia for 2015


The International Monetary Fund believes the bulk of Armenia’s 2015 economic growth will come from the agriculture sector, according to The Times of India. Over 40 percent of the nation’s employees work in agriculture.

BIS Fears Central Banks Laying Groundwork for Next Financial Crisis


The Bank for International Settlements (BIS) is the oldest global financial organization still in existence. Made up of 60 central banks from all over the world, it monitors national bank regulation trends and their impacts on the global economy.

Jordanian Economy Survives Despite Regional Conflicts and Attacks by ISIS


Jordan, the Middle Eastern nation perhaps best known for its tourist destination of Petra, has never been one of the most powerful economies in the world. Even in the most stable of times, the economy would never have been considered exceedingly robust. Yet, amid all of the warfare and turmoil in the region over the last few years, a flood of refugees, and the recent onslaught of ISIS, Jordan’s economy continues to grow at a respectable rate.

Major Mining Company Invests in Mongolia


International mining firm, Rio Tinto Ltd., plans to invest anywhere from $250 to $350 million in Mongolia’s Oyu Tolgoi construction efforts, according to Reuters. Oyu Tolgoi is a massive gold and copper mine that is crucial for Mongolia’s economy. The second phase of the construction process expects to commence in 2015. Development of the mine is just part of the government’s larger scheme to modernize Mongolia.

Greeks Urged to Vote “No” on Referendum


After bringing a vote on Greece’s credit crisis to the people, the prime minister has asked voters to vote against the proposal.

Greek Prime Minister Alexis Tsipras shut down talks with creditors and Germany last weekend and announced a referendum. Alongside the announcement, Greece’s banks and stock market shut down and capital controls were imposed on the country, which remained intact for three days.

Norway Increases Oil and Gas Drilling as Oil Prices Stabilize


According to recent reports from the government, Norway ramped up oil and gas production, increasing 2.4 percent year-on-year last month. Oil prices have gone up 25 percent since early 2015, giving more companies leeway to commence drilling. Natural gas sales amounted to 307 billion cubic feet, which is an improvement from the previous month.

U.S. Home Price Gains Slow


House prices continue to rise in the United States, but at a slower pace than before.

A new study by S&P Dow Jones shows that home prices rose 4.9% year-over-year in the 20 largest cities in the country, while prices gained 4.6% year-over-year in the 10-city composite. Those figures are for April, when some analysts expected price gains to slow because of cold weather hindering demand.

Is Canada Going Into Another Recession?


For four straight months, Canada’s economy has experienced a slight decline. This has led many in the financial sector to question whether Canada may be entering another recession.

Burundi Votes amid Contentious Political Atmosphere


Despite threats from the European Union of withdrawing more aid money, Burundians ushered in a new parliament this week, with incumbent president Pierre Nkurunziza seeking a third time in office, notes Reuters. According to critics, Nkurunziza’s candidacy is a violation of the constitution, and many are unsatisfied with his handling of the economy. Burundi is a land-locked country in East Africa, and it is one of the poorest nations on the continent.