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Developing world needs to invest in infrastructure: World Bank

The World Bank in its latest report has revised down the growth forecast for economic growth this year from 5.3% to 4.5%. This is the third consecutive year of growth below 5% for the developing nations. The report suggests making

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Microsoft completes acquisition of Nokia mobile phones

Microsoft closed on its approximately USD 7.5bn acquisition of Nokia’s hardware operations on Friday. The deal will mark the end of production of mobile phones by Nokia, which is the world’s No. 2 seller of mobile phones in the world,

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Eurozone sees “dramatic improvement” in its economic recovery

Addressing the final day of the World Economic Forum, Head of the European Central Bank (ECB), Mario Draghi, said Eurozone had witnessed “dramatic improvement” in its economic recovery over the past two years. He said risks had declined considerably across

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75% tax rate levied on high earners in France

Individuals whose salaries exceed 1 million Euros (USD 1.55mn) are now required to pay a 75% tax to the authorities in France, as per the taxing policy approved by France’s highest court. The levy will last two years, affecting income

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China changes its one-child policy

China has endorsed its one-child policy that has been enforced upon its population since 1970s to curb the nation’s rapid population growth. A resolution passed by the Standing Committee of the National People’s Congress now allows couples to have two

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China changes its one-child policy

China has endorsed its one-child policy that has been enforced upon its population since 1970s to curb the nation’s rapid population growth. A resolution passed by the Standing Committee of the National People’s Congress now allows couples to have two

Read More

China changes its one-child policy

China has endorsed its one-child policy that has been enforced upon its population since 1970s to curb the nation’s rapid population growth. A resolution passed by the Standing Committee of the National People’s Congress now allows couples to have two

Read More

China changes its one-child policy

China has endorsed its one-child policy that has been enforced upon its population since 1970s to curb the nation’s rapid population growth. A resolution passed by the Standing Committee of the National People’s Congress now allows couples to have two

Read More

WTO unveils first multilateral deal in 18 years

The World Trade Organization (WTO) signed the first major multilateral pact in 18 years negotiated by the 159 member nations of WTO in Bali, Indonesia. The deal would simplify the procedures for doing business across borders and safeguard food security

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Dubai named the world's leading travel spot

Dubai was named the world’s top travel spot at the 20th edition of the World Travel Awards held in Dubai. According to the world’s travel elite — CEOs of travel agencies, travel experts, tourism board officers and executives — the

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Dubai named the world’s leading travel spot

Dubai was named the world’s top travel spot at the 20th edition of the World Travel Awards held in Dubai. According to the world’s travel elite — CEOs of travel agencies, travel experts, tourism board officers and executives — the

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Dubai’s historic Expo 2020 win to transform its economy

Tallying of 116 out of 163 votes, Dubai beat off rival bids from Brazil, Turkey and Russia, and won the right to host the World Expo trade convention in 2020. Dubai is the first city in the Middle East and

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Eurozone finance ministers starting to lose patience with Greece

Head of the Eurogroup, Jeroen Dijsselbloem, said the Eurozone finance ministers were starting to lose patience with  debt-laden Greece. The Eurogroup is made up of the finance ministers from the 17 nations that use the single European currency. Greece has

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Japan's exports ready to take off

Japan has witnessed its highest annual rise in exports sector for three years. Exports rose by 18.6% in the year to October, with the highest contribution coming from car shipments. A weak yen and an improving global economy, mainly in

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Japan’s exports ready to take off

Japan has witnessed its highest annual rise in exports sector for three years. Exports rose by 18.6% in the year to October, with the highest contribution coming from car shipments. A weak yen and an improving global economy, mainly in

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Apple and Samsung’s patent dispute continues

Apple and Samsung are returning to court to establish how much the South Korean firm must pay in damages for infringing patents. Their patent dispute dates back of August of last year, when a jury found Samsung guilty of infringing

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Apple and Samsung's patent dispute continues

Apple and Samsung are returning to court to establish how much the South Korean firm must pay in damages for infringing patents. Their patent dispute dates back of August of last year, when a jury found Samsung guilty of infringing

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Iran continues uranium enrichment as they have in the past- Iranian Legislator

Iranian lawmaker Alaeddin Boroujerdi denied reports that the Islamic Republic had temporarily halted enriching uranium to the 20% level. Previously, MP Hossein Naqavi Hosseini, the spokesman of the foreign affairs commission, was reportedly “misquoted” as saying that Iran was stopping

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Era of bailout to end soon for Ireland

Ireland Prime Minister Enda Kenny said his country would wean itself off emergency aid by December of this year. The 85bn euro (£73bn) bailout was forced on the country after its biggest banks collapsed in 2010. The Prime Minister addressed

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A new 100 dollar bill circulating in the market

Buzz is that the U.S. Treasury has launched a new 100 dollar bill that began circulating in the market on Tuesday. The Series 2009 $100 note is more expensive to print than the last version—12.7¢ per bill vs. 7.8¢ for

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US diplomats accused of sabotaging Venezuela’s economy

Venezuelan President Nicolas Maduro announced expelling of three US Diplomats, who are accused of taking part in power-grid sabotage in September and bribing Venezuelan companies to cut down production. “The diplomats have 48 hours to leave. Yankees, go home! Enough

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Lionel Messi faces tax fraud allegations

Argentinean footballer, currently playing for Barcelona and four times winner of FIFA World Player of the Year, arrived at a Spanish court along with his father to face tax fraud allegations. They accused of defrauding the authorities of more than

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Spanish public debt reaches its record high

Public debt in Spain is currently standing at USD 1.3 trillion, which is about 92% of the country’s economic output. Despite the tough austerity measures, which sparked countrywide protests, the debt grew by 15% from last year and above the

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Hyundai offers wage raise to South Korean workers

After a series of strikes from workers at the South Korean Hyundai Motor firm, workers at Hyundai Motor have voted in favor of a wage deal. The firm had offered to raise basic wage by 5%, pay a one-time bonus

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Chinese company pulls out of the Iran-Pak gas pipeline project

A Chinese company, which had offered USD 500mn to fund the Iran-Pakistan gas pipeline, has backed out, leaving Pakistan to knock on Iran’s door for further funding. This comes after Pakistani government expressed its unwillingness to extend the bid validity

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