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IMF close to agree on USD 17.5bn economic reform program for Ukraine
Managing Director of the International Monetary Fund (IMF), Christine Lagarde, announced Monday that the IMF has reached a staff-level agreement with the Ukrainian government on a new economic reform program that would be supported by an Extended Fund Facility of
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Apple amasses a record pile of cash worth USD 178bn
Apple has pocketed a mind-boggling of USD 178bnn in cash for selling high-priced phones. According to Howard Silverblatt of S&P Dow Jones Indices, Apple has enough money to give every American USD 556. In fact, Apple can afford to buy
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Euro at its lowest against US dollar in 11 years
The Euro has hit its fresh 11-year low against the US dollar, standing at USD 1.156. This comes as the Swiss National Bank (SNB) scrapped its three-year-old pledge to limit the value of the franc to 1.20 per euro, which
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Global economy sputter, US powers ahead
2014 was a rather lucky for the US economy. While the world’s economy slowed down, the US grew. The US economy gained back its strength in 2014 after five years of recession. Nearly 3 million jobs were created, the most
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Russia’s roubel hits its lowest in 16 years
The Russian roubel has lost more than half of its value against the dollar this year, with hitting its lowest in 16 years this week. Despite the rise in interest rates from 10.5% to 17% by the central bank, the
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US congress unviels USD 1.1tn spending bill
US congress negotiators have agreed on a USD 1.1tn spending bill ahead of a looming Thursday evening deadline. The decision was aimed to avoid a government shutdown at midnight on Thursday and fund the federal government until September 2015. “This
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China spends billions of dollars annually on pets
Having one of the world’s lowest birth rates, China is witnessing a growing number of pet lovers among its middle class. About 7% of households in China now have a dog, and 2% have a cat. China spends USD 1.5bn
Read MoreChina fines British pharmaceutical firm for bribery
China has fined the giant pharmaceutical firm of the UK, GlaxoSmithKline (GSK), USD 490mn for bribing doctors and hospitals in order to have their products promoted. The court gave its sentence after a one-day trial at a court in Changsha,
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Standard Chartered to pay penalty for failing to improve money laundering controls
The British Bank Standard Chartered has to pay a fresh penalty of USD 300mn to New York’s banking regulator for failing to improve its money laundering controls. The bank has also been banned from accepting new dollar clearing accounts without
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Amazon’s Entry into the 3D Printing Market
By Subriena Persaud Amazon announced on Monday the launch of its 3D Printing Store which allows shoppers to browse over 200 products. These products are made through the utilization of 3D printers which allow for customization by style, size, color,
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Despite Upturn in Economy, Spain Still Not Out of the Woods
By Eve Pearce The year 2008 marked the commencement of one of the harshest crises encountered by the Spanish economy in history. Finally, there is a silver lining on the horizon, with the International Monetary Fund claiming (in June, 2014)
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Foreign firms create over 66,000 jobs in UK
Investment by foreign companies has created more than 66,000 jobs in the United Kingdom with more than half of the investment made in energy or infrastructure schemes. According to report, UK’s investment rose 8% to a record level of 975bn
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Alibaba reveals partnership and slowed revenue growth
By Subriena Persaud Alibaba, the popular Chinese e-commerce giant, disclosed a 27 person partnership with its IPO filing for its first quarter which ended March 31. Included in the partnership are Alibaba’s founder, Jack Ma, Yahoo’s co-founder, Jerry Yang, and
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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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