Tax hike, cost reduction in Greece budget for 2016
Alexis Tsipras-led government has submitted a draft budget for 2016 to the Greece Parliament, The draft proposes stringent measures to reform the ailing economy. The measures include a tax hike, reduction in costs, slashing down in government spending, attracting foreign investment, etc.
Oct 06, 2015 5:07 AM EDT
American Apparel filed for bankruptcy protection; restructures $300M debt
American Apparel will restructure its debts upon filing for bankruptcy protection. CEO Paula Schneider said they plan the restructure for the next six months.
World Bank sees global poverty to slip below 10% for first time
The poverty percentage in the world population is poised to drop below 10 percent in 2015 for the first time, forecasts World Bank, which has raised the benchmark of international poverty line to $1.90per day from $1.25 a day in 2005 after taking Purchasing Power Parity (PPP) into consideration.
Breakthrough in Trans Pacific trade talks
12 countries including the US, Australia, Japan, New Zealand seem to have reached an agreement on Trans Pacific Partnership (TPP) after the prolonged negotiations over five years. It's learnt that agreeing on monopoly on new heathcare drugs is a major breakthrough in arriving the deal. Australis inistited on five year protection on new healthcare drugs, while the US is keen on longer term of monopoly. Sources say that they arrived on a balancing act by adopting a two-way track in drug pricing mechanism.
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Will China impose a punitive tax on forex trades?
A senior Chinese official in an official magazine China Finance suggest the Chinese government to impose punitive leve or Tobin tax on forex transactions in Yuan. This suggestion has been made to reduce trading in the Chinese currency thus arresting the fall in forex reserves. Chinese government is offloading huge amounts of US dollars to supprt the falling Yuan ever since its devaluation on 11 August.
Oct 05, 2015 7:10 PM EDT
Users can now use a video as profile photo on Facebook
The newest in Facebook is already here and is taking UK and California by storm. If you are already bored with your old profile picture, just delete it and replace it with a profile video.
Oct 05, 2015 4:29 AM EDT
Boeing 777 propels Emirates Airlines' growth
Dubai-based Emirates Airlines is banking on wide-body aircraft for long-haul flight operations enabling it to become a global hub in the Middle East Region. Emirates is the world's biggest operator of Boeing 777 and Airbus A380 aircraft. The total aircraft fleet of Emirates includes 50 Airbus A380s and 100 Boeing 777 aircraft, which are playing a vital role in the success of the Dubai-based airline.
Oct 05, 2015 2:27 AM EDT
No role of nationality in antitrust probe: EU antitrust chief
European Competition Commissioner (ECC) Margrethe Vestager has become a target of the US media for ongoing cases against Google, Apple, Amazon and Starbucks. European antitrust chief Vestager clarifies that there's no role of nationality of companies in antitrust cases. Not only Amercian companies, but also several frims from different nations are facing charges in anticompetition, cartelling cases, etc.
Oct 04, 2015 10:03 PM EDT
Air France negotiation over pilot unions failed; 2,900 jobs at stake
Air France will cut nearly 3,000 jobs starting Monday. Reports say this is due to the airline's proposal that was rejected by the pilot unions.
Oct 04, 2015 9:55 PM EDT
Major French telecom groups are applying for 4G mobile spectrum auction
Four major French telecom groups had submitted their application to enter the low-spectrum airwaves bidding set to be held this November. The auction will see the government raising a substantial amount from the tangible assets.
Oct 04, 2015 9:34 PM EDT
Exxon Mobil is fined $2.63 million
The court had ruled out that Exxon Mobil is required to pay a total of $2.63 million in fine. The company is found guilty of committing several offences according to the final report released by the Pipeline and Hazardous Safety Administration.
Oct 04, 2015 7:11 PM EDT
Lack of clarity over US data put pressure on Asian stocks
The uncertainty over US data and timing of interest rate hike put further pressure on Asian stocks. Investors are looking to US jobs data to be announced on Friday for positive triggers that can boost the markets.
Oct 02, 2015 2:28 AM EDT
Wall Street suffers worst quarter since 2011
The third quarter ending September recorded worst performance on Wall Steet since 2011 as Dow Jones and other indices fell over 10 percent. Market analysts say that it was a much-needed correction for the US stocks after continuously rose for 1,326 days.
Oct 02, 2015 2:04 AM EDT
Rising China spoiling party between the US and Japan
The 70th founding celebrations of US held in New York clearly demonstrated the rising power China in the global matters and diminishing importance of Japan. Shinzo Abe, Japan President, couldn't meet Barack Obama, President of the US, and this raised many eyebrows. The US media also highlighted the Xi Jinpings schedule, while it didn't bother about the speeches and presentations made by Abe.
Oct 01, 2015 9:54 PM EDT
Aussie friends can now locate their mates using Facebook's Nearby Friends
It's time for Aussie Facebook users to shine as the popular platform brings them Nearby Friends feature. It allows users to locate the position of their nearby friends by creating a map with the exact location if one prefers and vice versa.
Oct 01, 2015 9:41 PM EDT
$57 million loan to fund the Renatosu Soma Solar Park
A solar farm will soon rise in Fukushima Prefecture in Soma City, Japan and will be funded by lenders and banks including Sendai-based 77 Bank and Mitsubishi UFJ. This a commitment reaffirmed by 77 Bank to invest in renewable energy aside from reconstructing and developing the economy.
Oct 01, 2015 9:40 AM EDT
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