President Barack Obama’s trip to Africa this month could cost the tax payers anywhere from $60 million to $100 million, according to the Washington Post, which obtained an internal planning document for the travel itinerary. At the end of June, President Barack Obama and his family will take an eight-day trip to sub-Saharan Africa, making… Continue reading Barack Obama’s trip to Africa could cost tax payers up to $100 million
Category: Economy & Politics
Economy and Politics news articles.
Wendi Deng and Tony Blair? Former prime minister denies affair with Rupert Murdoch’s wife
Tony Blair strongly denied outrageous internet rumors today linking him with the divorce of Rupert Murdoch and Wendi Deng. The internet was awash with unfounded suggestions that the former British Prime Minister may have been romantically involved with 44-year-old Wendi Deng, who is a close friend. The feverish speculation followed a Twitter claim by BBC… Continue reading Wendi Deng and Tony Blair? Former prime minister denies affair with Rupert Murdoch’s wife
Iran presidential election 2013: 50 million voters expected to cast their ballots
Some 50 million voters across Iran are casting their ballots in the country’s key presidential elections. Although all six candidates are seen as conservatives, one of them, cleric Hassan Rouhani, has been reaching out to the reformists in recent days. The election will decide a successor to outgoing leader Mahmoud Ahmadinejad. Mahmoud Ahmadinejad’s eight years… Continue reading Iran presidential election 2013: 50 million voters expected to cast their ballots
Vladimir Putin inaugurates new political movement Popular Front
President Vladimir Putin has taken the helm of a new political movement called the Popular Front. The Russian president was appointed by acclamation as head of the movement in front of a crowd of supporters. The Front is seen by analysts as a way of strengthening Vladimir Putin’s position as the ruling United Russia party… Continue reading Vladimir Putin inaugurates new political movement Popular Front
S&P lifts US credit outlook from negative to stable
Standard and Poor’s has raised its credit outlook for the US economy from negative to stable. In August 2011, S&P downgraded the US rating one notch from AAA to AA+, but now believes further downgrades are less likely as the economy continues to recover. The news saw the US dollar strengthen 1.3% against the Japanese… Continue reading S&P lifts US credit outlook from negative to stable
Stephane Richard: France Telecom-Orange CEO held in custody in corruption case
Stephane Richard, CEO of France Telecom-Orange, has been held in custody for questioning in Bernard Tapie corruption case. Stephane Richard, who previously worked in the French Finance Ministry, was quizzed over his role in a 2008 payment made to the businessman Bernard Tapie. The businessman denies any wrongdoing. Christine Lagarde, the head of the International Monetary Fund… Continue reading Stephane Richard: France Telecom-Orange CEO held in custody in corruption case
Barack Obama and Xi Jinping end a “unique, positive and constructive” Sunnylands summit
President Barack Obama and Chinese leader Xi Jinping have ended a two-day summit in California, which was described by US National Security Advisor Tom Donilon as “unique, positive and constructive”. Tom Donilon said Barack Obama had warned Xi Jinping that cyber-crime could be an “inhibitor” in US-China relations. He also said that both countries had… Continue reading Barack Obama and Xi Jinping end a “unique, positive and constructive” Sunnylands summit
Barack Obama snaps at staffers for failing to put his health care speech on podium in San Jose
Barack Obama snapped at staffers as he realized they forgot to put his remarks on the podium moments after he tried to begin health care speech in San Jose, California. “It is wonderful to see all of you, and I want to thank everybody who is here,” Barack Obama began. “I think there’s only one problem,… Continue reading Barack Obama snaps at staffers for failing to put his health care speech on podium in San Jose
Pope Francis: “Wasting food is like stealing from poor”
According to the UN’ food agency, around 1.3 billion tonnes of food, or one third of what is produced for human consumption, gets lost or wasted every year. Pope Francis denounced this week what he called a “culture of waste” in an increasingly consumerist world and said throwing away good food was like stealing from… Continue reading Pope Francis: “Wasting food is like stealing from poor”
Xi Jinping joins Barack Obama for Palm Springs summit
China’s President Xi Jinping and US President Barack Obama have begun a two-day summit in Palm Springs, California. The two leaders spoke of overcoming differences and forging a new relationship between their countries. Barack Obama spoke of “areas of tension” and mentioned their rivalry in the Pacific, North Korea’s nuclear ambitions, and cyber espionage. The… Continue reading Xi Jinping joins Barack Obama for Palm Springs summit
Francois Hollande confuses Japan and China at news conference in Tokyo
France’s President Francois Hollande has made an embarrassing slip of the tongue, confusing Japan and China, as he spoke in French at a news conference in Tokyo. Referring to the Algerian hostage crisis in January, in which 10 Japanese people were killed, he said he had expressed “the condolences of the French people to the… Continue reading Francois Hollande confuses Japan and China at news conference in Tokyo
Putin divorce: Did Vladimir Putin’s affair with gymnast Alina Kabaeva end his 30-year marriage?
Vladimir Putin and his wife Lyudmila Putina have announced that they have separated and their marriage is over. The 60-year-old Russian president and his 55-year-old wife broke the news of the end of the 29-year marriage in an obviously staged TV interview after a night at the ballet that made no mention of Vladimir Putin’s… Continue reading Putin divorce: Did Vladimir Putin’s affair with gymnast Alina Kabaeva end his 30-year marriage?
IMF admits making mistakes in handling Greece bailout
The International Monetary Fund has admitted that it made mistakes in handling Greece’s first international bailout. The IMF said it was too optimistic in its growth assumptions and said a debt restructuring should have been considered earlier. Greece was granted a 110 billion euro ($145 billion) bailout by the IMF and EU in May 2010.… Continue reading IMF admits making mistakes in handling Greece bailout
Janez Jansa: Slovenia’s former prime minister convicted of corruption and sentenced to two years in prison
Janez Jansa, the two-time prime minister of Slovenia, has been convicted of corruption and sentenced to two years in prison. Janez Jansa was accused of soliciting bribes as part of a defense deal. He said the charges were politically motivated and that he would appeal. The former prime minister was forced to quit the office… Continue reading Janez Jansa: Slovenia’s former prime minister convicted of corruption and sentenced to two years in prison
Latvia to become 18th country to use euro in 2014
Latvia will become the 18th EU country to use the euro after being approved for membership by the European Commission. In a report, the Commission confirmed that Latvia had met the criteria for joining the single currency. Officials hope the news will show the eurozone is set to grow despite a three-year sovereign debt crisis.… Continue reading Latvia to become 18th country to use euro in 2014
Susan Rice to become Barack Obama’s national security adviser replacing Tom Donilon
Susan Rice, the US ambassador at the UN, is to become President Barack Obama’s national security adviser, officials say. Susan Rice will replace Tom Donilon, who is set to announce shortly he is resigning after almost three years in the post. She was once seen as a contender for the job of secretary of state,… Continue reading Susan Rice to become Barack Obama’s national security adviser replacing Tom Donilon
Marjorie Margolies: Chelsea Clinton’s mother-in-law enters House race
Marjorie Margolies, Chelsea Clinton’s mother-in-law, made it official Thursday and filed her papers to run for her old House seat in Pennsylvania in 2014. The newly minted congressional candidate is better known as Marjorie Margolies-Mezvinsky, her former married name. Marjorie Margolies cast a decisive vote for Bill Clinton’s 1993 budget. Republicans chanted “Bye, Bye, Marjorie,”… Continue reading Marjorie Margolies: Chelsea Clinton’s mother-in-law enters House race
Andorra to introduce income tax for first time to tackle evasion
Andorra has decided to introduce a tax on personal income for the first time as the country faces pressure from its European neighbors to tackle tax evasion. Antoni Marti, the head of the Andorran government, told French President Francois Hollande that he will introduce a bill before June 30, 2013. The principality will “gradually meet… Continue reading Andorra to introduce income tax for first time to tackle evasion
US consumer spending falls 0.2% in April 2013
According to recent figures, the US consumer spending fell in April, for the first time in nearly a year. The Department of Commerce said consumer spending fell 0.2% in April. Analysts had expected a rise of 0.1%, which was the change seen in March. Consumer spending accounts for about 70% of US economic activity. Spending… Continue reading US consumer spending falls 0.2% in April 2013
Marine Le Pen loses immunity and faces criminal charges for inciting racism
France’s far right National Front leader Marine Le Pen is facing criminal charges for inciting racism. The French authorities opened a case against Marine Le Pen in 2011 after she likened the sight of Muslims praying in the streets to the Nazi occupation of France. As a European Parliament member (MEP), Marine Le Pen enjoyed… Continue reading Marine Le Pen loses immunity and faces criminal charges for inciting racism
Eurozone unemployment rate hits another record high in April 2013
According to official figures, eurozone unemployment rate has reached another record high in April 2013. The seasonally-adjusted rate for April 2013 was 12.2%, up from 12.1% the month before. An extra 95,000 people were out of work in the 17 countries that use the euro, taking the total to 19.38 million. Both Greece and Spain… Continue reading Eurozone unemployment rate hits another record high in April 2013
OECD revises eurozone growth forecasts
The OECD has revised its growth forecasts for the eurozone and called on the European Central Bank to consider doing more to boost growth. The organization says the eurozone will shrink by 0.6% this year, widening the gap between it and faster-growing economies such as the US and Japan. Meanwhile, the European Commission has given… Continue reading OECD revises eurozone growth forecasts
EU member states allowed to slow their pace of austerity cuts
The European Commission has announced it will allow some EU member states to slow their pace of austerity cuts, amid concerns over growth. France, Spain, Poland, Portugal, the Netherlands and Slovenia are all being given more time to complete their austerity plans. France will get two more years to bring its budget deficit below 3%… Continue reading EU member states allowed to slow their pace of austerity cuts
IMF cuts China’s economic growth forecast
IMF has cuts its economic growth forecast for China, with weakness in the global economy set to hit exports. The International Monetary Fund it now expected the world’s second largest economy to grow by “around 7.75%” this year, and at about the same pace in 2014. That is lower than the 8% forecast for 2013… Continue reading IMF cuts China’s economic growth forecast
Australia ranked as world’s happiest country for third year running
Australia has been ranked as the world’s happiest country among developed economies for the third year running. Australia won the top position, due to the overall strength of its economy, in the Better Life Index compiled by the Organization for Economic Cooperation and Development (OECD). Sweden, Canada, Norway and Switzerland also made it to the… Continue reading Australia ranked as world’s happiest country for third year running