President Barack Obama has said the US must fix what he described as profound income inequality and a lack of social mobility. He called for a rise in the minimum wage and for stronger collective bargaining laws, among other measures. The president also said his embattled healthcare overhaul would ease one part of American families’… Continue reading Barack Obama: US must fix income inequality and lack of social mobility
Category: Economy & Politics
Economy and Politics news articles.
EU Commission fines eight banks for forming illegal cartels to rig interest rates
The European Commission has fined eight banks a total of 1.7 billion euros for forming illegal cartels to rig interest rates. The cartels operated in markets for financial derivatives, which are products used to manage the risk of interest rate movements. Two of the eight, Barclays and UBS, were excused their financial penalties for revealing… Continue reading EU Commission fines eight banks for forming illegal cartels to rig interest rates
Barack Obama launches campaign to resell health care law to the public
President Barack Obama is planning to rally support for ObamaCare and stem a wave of bad publicity over his flagship domestic achievement. The president was joined at the White House by Americans who said they had benefited from the Affordable Care Act. The new healthcare.gov website, which sells medical insurance, is now working at acceptable… Continue reading Barack Obama launches campaign to resell health care law to the public
Honduras election 2013: Juan Orlando Hernandez wins presidential poll
Juan Orlando Hernandez has been declared the winner of Sunday’s presidential poll in Honduras. “Today’s figures indicate clearly that the winner of the election is Juan Orlando Hernandez,” said Honduras electoral commission’s president David Matamoros. Conservative Juan Orlando Hernandez has won 35.88% of the vote, according to AFP news agency. His main rival, the left-wing… Continue reading Honduras election 2013: Juan Orlando Hernandez wins presidential poll
Yingluck Shinawatra wins no-confidence vote in Thai parliament
Thailand’s PM Yingluck Shinawatra has survived a no-confidence vote in parliament, amid major street protests in Bangkok. The motion was brought by the opposition Democrat Party, but Yingluck Shinawatra’s Pheu Thai party dominate the chamber and voted it down. Yingluck Shinawatra’s government is facing the biggest demonstrations to hit Thailand since the violence of 2010.… Continue reading Yingluck Shinawatra wins no-confidence vote in Thai parliament
ObamaCare: Online medical insurance for small businesses delayed by one year
The White House has announced another delay to its healthcare law, this time to online medical insurance for small businesses. The marketplace website allowing employers to buy health coverage for their workers will be put off by one year until November 2014. Ongoing problems with Healthcare.gov, beset by glitches since its October 1st launch, were… Continue reading ObamaCare: Online medical insurance for small businesses delayed by one year
Silvio Berlusconi expelled from parliament
The Italian Senate has voted to expel former PM Silvio Berlusconi from parliament with immediate effect over his conviction for tax fraud. Silvio Berlusconi, who has dominated politics for 20 years, could now face arrest over other criminal cases as he has lost his immunity from prosecution. The 77-year-old told supporters in Rome it was… Continue reading Silvio Berlusconi expelled from parliament
Germany: Angela Merkel’s CDU/CSU and SPD reach coalition deal
Angela Merkel’s CDU/CSU has agreed terms for a coalition with the centre-left Social Democratic Party (SPD), German officials say. The late-night deal follows talks by SPD leaders with Angela Merkel’s Christian Democrats (CDU) and allied CSU. Chancellor Angela Merkel could be sworn in for a third term in office next month if SPD members ratify… Continue reading Germany: Angela Merkel’s CDU/CSU and SPD reach coalition deal
Silvio Berlusconi faces expulsion from parliament
Former Italian PM Silvio Berlusconi faces expulsion from parliament over his conviction for tax fraud. The Senate will vote later on whether to expel the former prime minister. Analysts say a large majority of senators is expected to back his expulsion. The former PM has called for supporters to protest in Rome against what he… Continue reading Silvio Berlusconi faces expulsion from parliament
Honduras presidential election 2013: Xiomara Castro and Juan Orlando Hernandez both claim victory
Both main candidates in the presidential election in Honduras are claiming victory. With 42% of votes declared, the conservative Juan Orlando Hernandez leads with 34.15%, while Xiomara Castro has 28.45%, say election officials. However, Xiomara Castro, wife of ousted ex-president Manuel Zelaya, has announced to reporters that she has won. Turn-out was high in Honduras,… Continue reading Honduras presidential election 2013: Xiomara Castro and Juan Orlando Hernandez both claim victory
Venezuela: Henrique Capriles urges supporters to vote in upcoming local elections
Henrique Capriles – Venezuela’s opposition leader – has told a crowd of supporters not to feel intimidated and to vote in upcoming local elections. Speaking in the capital, Caracas, Henrique Capriles said not voting on December 8 could be “very costly”. Henrique Capriles was speaking as thousands turned out for a day of protest. On… Continue reading Venezuela: Henrique Capriles urges supporters to vote in upcoming local elections
Mauritania elections 2013: Poll boycotted by all radical opposition parties
Mauritania has decided to hold parliamentary and local elections – the first since a military coup five years ago – despite opposition’s boycott. The party of leader Mohamed Ould Abdel Aziz, the Union for the Republic, is expected to retain power. However, the poll is being boycotted by almost all the radical opposition parties. They… Continue reading Mauritania elections 2013: Poll boycotted by all radical opposition parties
Fed to cut stimulus efforts in coming months
Federal Reserve’s stimulus efforts will be cut in “the coming months”, the central bank’s officials confirmed. They believe that the US recovery is strengthening, according to minutes from their October meeting. The Fed is currently engaged in an $8 billion a month bond buying programme to lower interest rates and boost the US economy. US… Continue reading Fed to cut stimulus efforts in coming months
OECD cuts global economic growth forecasts for 2013 and 2014
The Organization for Economic Co-operation and Development (OECD) has cut global growth forecasts for 2013 and 2014 after weak prospects in emerging markets. Global GDP for 2013 is now expected to grow by 2.7%, down from 3.1% forecast in May. However, the OECD said global economic growth would speed up by 2015. The OECD also… Continue reading OECD cuts global economic growth forecasts for 2013 and 2014
Vance McAllister thanks Duck Dynasty stars for endorsement
Newly elected Louisiana Congressman Vance McAllister said the endorsement by the Duck Dynasty fame might have given him a leg up in winning Saturday’s runoff for an open congressional seat. “When Willie and Jep and Jase did what they did for me, I’m sure it didn’t hurt at all,” Republican Vance McAllister told Fox &… Continue reading Vance McAllister thanks Duck Dynasty stars for endorsement
Dow Jones and Standard and Poor’s rise to new record high
Dow Jones index rose above 16,000 points for the first time and the broader Standard and Poor’s passed through the 1,800. Traders are optimistic about the prospect of the Federal Reserve continuing its cheap money policy. Lower interest rates mean investors are driven to find investments where they will gain higher returns. Interest rates are… Continue reading Dow Jones and Standard and Poor’s rise to new record high
Vance McAllister wins Louisiana Congress seat after Duck Dynasty endorsement
Political newcomer Republican Vance McAllister, who was endorsed by Duck Dynasty‘s Willie Robertson, won a Louisiana special election for Congress on Saturday. Vance McAllister defeated Republican state Senator Neil Riser 60% to 40% to represent Louisiana’s fifth Congressional District. In the October 15 open primary, Neil Riser got 32% of the vote while Vance McAllister got… Continue reading Vance McAllister wins Louisiana Congress seat after Duck Dynasty endorsement
Glafcos Clerides dies in Nicosia hospital aged 94
Cyprus ex-President Glafcos Clerides, who oversaw his country’s entry into the EU in 2004, has died at the age of 94 in a Nicosia hospital. Glafcos Clerides’ personal doctor confirmed the news after reports that he was in a critical condition due to his age and past health problems. He served two terms, from 1993… Continue reading Glafcos Clerides dies in Nicosia hospital aged 94
Kosovo Election 2013: Ethnic Serbs to vote again in Mitrovica
Kosovo’s ethnic Serbs northern part of Mitrovica are casting their ballots again, after elections two weeks ago ended in chaos. Masked men set off tear gas and smashed ballot boxes at the main polling centre of the town on November 3. Most ethnic Serbs in Mitrovica did not take part in the local elections –… Continue reading Kosovo Election 2013: Ethnic Serbs to vote again in Mitrovica
Silvio Berlusconi relaunches Forza Italia party in Rome
Former PM Silvio Berlusconi has relaunched Forza Italia (Go Italy) party as his People of Freedom (PDL) party split between his supporters. “I am happy that we have returned to this name, the one we all still have in our hearts: Forza Italia,” Silvio Berlusconi said at a party conference in Rome before hundreds of… Continue reading Silvio Berlusconi relaunches Forza Italia party in Rome
Maldives Election 2013: Abdulla Yameen wins presidential run-off vote
According to near-final results, Abdulla Yameen has won the presidential election run-off vote in the Maldives. Abdulla Yameen had 51.3% of the vote compared with 48.6% for ex-President Mohamed Nasheed, with 98% of ballots counted, the Election Commission said. Mohamed Nasheed had won 47% in the first round this month, just short of the 50%… Continue reading Maldives Election 2013: Abdulla Yameen wins presidential run-off vote
Guinea Election 2013: Supreme Court upholds election results
Supreme Court in Guinea has upheld September’s election results which saw President Alpha Conde’s RPG party winning the most seats. Opposition parties have tried to annul the vote, alleging fraud. International observers said the election in the West African nation was marred by irregularities. The ruling means the RPG (Rally of the Guinean People) won… Continue reading Guinea Election 2013: Supreme Court upholds election results
China relaxes one-child policy
China has decided to relax its policy of restricting most couples to having only a single child, state media announces. In future, families will be allowed two children if one parent is an only child, says the Xinhua news agency. The one-child policy already exempts rural dwellers and ethnic minorities. The move comes after this… Continue reading China relaxes one-child policy
European Commission warns Italy and Spain over 2014 draft budgets
The European Commission has warned Italy and Spain that their draft budgets for 2014 may not comply with new eurozone debt and deficit rules. The European Union’s executive arm also said French and Dutch plans only just passed muster. Non-complying countries may have to revise their tax and spending plans before re-submitting them to national… Continue reading European Commission warns Italy and Spain over 2014 draft budgets
Nicolas Maduro nears special powers as Venezuela’s president
Venezuela’s National Assembly has helped President Nicolas Maduro to move closer to decree powers. Under the new measures Venezuela’s president would be able to govern by decree for 12 months. The bill still needs to be revised by a special commission and debated for a second time, but correspondents do not expect significant changes to… Continue reading Nicolas Maduro nears special powers as Venezuela’s president