The European Central Bank (ECB) has decided to cut its benchmark interest rate to a new record low amid ongoing worries about the eurozone’s economy. The widely-expected cut to 0.50% from 0.75% is the first in 10 months. Worries about eurozone economies were underlined on Thursday with data showing manufacturing activity across the 17-nation bloc… Continue reading ECB cuts benchmark interest rate to new record low of 0.5% to boost eurozone economy
Category: Economy & Politics
Economy and Politics news articles.
Fistfights in Venezuela’s parliament over disputed presidential election
Several opposition MP’s are reportedly being injured during a brawl that have broken out in Venezuela’s parliament over the recent disputed presidential election. Several legislators were left bloodied and bruised, with both opposition and pro-government lawmakers accusing each other of starting the fight. A measure was earlier passed denying MPs the right to speak until they recognized Nicolas Maduro… Continue reading Fistfights in Venezuela’s parliament over disputed presidential election
Venezuela election final result shows narrower victory for Nicolas Maduro
Venezuela’s electoral council has amended the final result of the April 14 presidential election for Hugo Chavez’s successor after finishing counting votes cast abroad. The council said that according to its latest figures, Nicolas Maduro won the election by 1.49 percentage points, or fewer than 225,000 votes. Earlier official figures had suggested Nicolas Maduro won… Continue reading Venezuela election final result shows narrower victory for Nicolas Maduro
Cheetah scratches Botswana President Ian Khama on his face
Botswana President Ian Khama needed stitches on his face after being scratched by a cheetah, officials say. The animal was reportedly being fed in its enclosure at an army barracks when it jumped up and scratched Ian Khama, who was standing nearby. The incident was “a freak accident, but not an attack”, government spokesman Jeff Ramsay told local… Continue reading Cheetah scratches Botswana President Ian Khama on his face
Gunshots fired outside Italian PM’s office during new government swearing-in ceremony
A man has been arrested in Italy after he shot two police officers outside the PM’s office in Rome during new government swearing-in ceremony. One of the officers was shot in the neck and is said to be in a serious condition. The incident was around a kilometre away from the swearing-in ceremony at the… Continue reading Gunshots fired outside Italian PM’s office during new government swearing-in ceremony
Iceland centre-right opposition wins parliamentary election
Iceland’s centre-right opposition parties are set for a return to power with nearly all votes counted after Saturday’s parliamentary election. The Independence party has 26% and the Progressive party 24%, putting them on track to win nearly 40 of the 63 seats. The ruling Social Democrats are trailing with around 13%. It is a dramatic… Continue reading Iceland centre-right opposition wins parliamentary election
Algerian President Abdelaziz Bouteflika hospitalized in Paris after suffering mini-stroke
Algerian President Abdelaziz Bouteflika has suffered a mini-stroke and has been flown to hospital in Paris, the state news agency said. Abdelaziz Bouteflika, 76, had a “transient ischemia” – a temporary blockage of a blood vessel often called a mini-stroke – an official told the APS news agency. But he said there was “no reason… Continue reading Algerian President Abdelaziz Bouteflika hospitalized in Paris after suffering mini-stroke
Enrico Letta agrees new Italian government ending two months of political deadlock
A deal on the formation of a new government has been reached in Italy, ending two months of political deadlock since the general election. The agreement was announced after Prime Minister-designate Enrico Letta met President Giorgio Napolitano. The coalition brings together Enrico Letta’s Democratic Party (PD) and the People of Freedom party (PDL) of former… Continue reading Enrico Letta agrees new Italian government ending two months of political deadlock
Barack Obama gifts received from foreign governments in 2011 revealed
The US state department has revealed the annual list of gifts received by President Barack Obama from foreign governments in 2011. Among the gifts from the British Royal Family and UK PM David Cameron to President Barack Obama were a china tea set, an eagle tapestry and a dog toy. Former French President Nicolas Sarkozy… Continue reading Barack Obama gifts received from foreign governments in 2011 revealed
Henrique Capriles gives ultimatum over Venezuela’s presidential polls audit
Henrique Capriles, the opposition candidate for Venezuela’s presidency, has threatened to take action over disputed votes he claims were “stolen” by Nicolas Maduro’s government. Henrique Capriles Radonski demanded details of an audit of the vote the electoral council says it will carry out. He said the council had a “deadline” of Thursday, but did not… Continue reading Henrique Capriles gives ultimatum over Venezuela’s presidential polls audit
South Korea’s economy growth rate hits two-year high in Q1 2013
South Korea’s economy growth rate hit a two-year high in the first quarter of 2013, boosted by a rebound in construction, investment and exports. The economy grew by 0.9% in the January to March quarter from the Q4 2012, the central bank’s estimates showed. The data is likely to help allay fears over the health… Continue reading South Korea’s economy growth rate hits two-year high in Q1 2013
Enrico Letta to become Italy’s new prime minister
Enrico Letta appears set to become Italy’s new prime minister, after being asked by President Giorgio Napolitano to form a broad coalition government. The appointment of Enrico Letta, currently deputy leader of the centre-left Democratic Party, could see the end of two months of parliamentary deadlock. An inconclusive general election in February left the country… Continue reading Enrico Letta to become Italy’s new prime minister
Internet sales tax bill endorsed by US Senate
The United States could force Internet retailers to collect sales taxes under a bill that overwhelmingly passed a test vote in the Senate Monday. Under current law, states can only require stores to collect sales taxes if the store has a physical presence in the state. As a result, many online sales are essentially tax-free,… Continue reading Internet sales tax bill endorsed by US Senate
Horacio Cartes elected as new president of Paraguay
Horacio Cartes has been elected as the new president of Paraguay. Wealthy businessman and political newcomer Horacio Cartes beat the Liberal Party’s Efrain Alegre by nine percentage points. The result restores the Colorado Party to power after its defeat by the left-wing candidate Fernando Lugo in 2008. Horacio Cartes faces the challenge of fighting high… Continue reading Horacio Cartes elected as new president of Paraguay
Giorgio Napolitano becomes first Italian president re-elected for a second term
Italy’s President Giorgio Napolitano has been re-elected following a cross-party appeal to run for office again to resolve a growing political crisis. Giorgio Napolitano, 87, secured the required 504 votes in parliament. Politicians had turned to the widely-respected president after five rounds of voting failed to produce a successor. A caretaker government has been governing… Continue reading Giorgio Napolitano becomes first Italian president re-elected for a second term
Pervez Musharraf in judicial custody for two weeks
Pakistan’s former military ruler Pervez Musharraf has been remanded in judicial custody for two weeks over claims he illegally detained judges in 2007. Pervez Musharraf, who ruled Pakistan between 1999 and 2007, was arrested on Friday. The High Court ruled that the allegations amounted to an act of terrorism and ordered him to appear at… Continue reading Pervez Musharraf in judicial custody for two weeks
Fitch downgrades UK rating from AAA to AA+
Fitch Ratings has downgraded the UK’s credit rating from AAA to AA+, owing to a weakened economic outlook. The move, after Moody’s downgrade in February, came as British Chancellor George Osborne defended the government’s austerity plan. Fitch said its downgrade primarily reflected a weaker economic and fiscal outlook. George Osborne has said his was the… Continue reading Fitch downgrades UK rating from AAA to AA+
Nicolas Maduro sworn in as Venezuela’s new president in Caracas ceremony
Nicolas Maduro has been sworn in as Venezuela’s new president, succeeding the late Hugo Chavez who died of cancer last month. Thousands gathered on the streets of Caracas to show their support for Nicolas Maduro and to celebrate independence. The inauguration ceremony follows a decision by the electoral body to carry out a full audit… Continue reading Nicolas Maduro sworn in as Venezuela’s new president in Caracas ceremony
How Barack Obama snubbed Margaret Thatcher’s funeral
President Barack Obama decided not to dispatch any high-ranking members of his administration to former British PM Margaret Thatcher’s funeral on Wednesday, a move that has been heavily criticized on both sides of the pond. According to the Associated Press, the White House sent ex-Secretaries of State George Shultz and James A. Baker III to… Continue reading How Barack Obama snubbed Margaret Thatcher’s funeral
CISPA: White House threatens to veto controversial cybersecurity bill
The White House has threatened to veto the controversial Cyber Information Sharing and Protection Act (CISPA) due to go before the House of Representatives this week. The US government wants more privacy protections in the CISPA. After failing to pass through the Senate last year, the bill has already had several amendments. Intended to protect… Continue reading CISPA: White House threatens to veto controversial cybersecurity bill
Goldman Sachs reports 7% rise in its profits for Q1 2013
Goldman Sachs has reported a 7% rise in its profits during Q1 2013 following a strong performance in its investment banking division. The company made $2.26 billion net profits, a 7% rise comparing with Q1 2012. The investment banking division made $1.57 billion, a 36% rise, during the period. Goldman Sachs’ total revenue rose just… Continue reading Goldman Sachs reports 7% rise in its profits for Q1 2013
Pervez Musharraf barred from Pakistan polls
Former military leader Pervez Musharraf has been barred from standing in Pakistan general elections in May. An election tribunal disqualified Pervez Musharraf from running in Chitral in the north-west. Earlier, he failed in an attempt to stand in three other seats. Pervez Musharraf’s lawyer says he plans to file an appeal with the Supreme Court.… Continue reading Pervez Musharraf barred from Pakistan polls
South Korea unveils $15.3 billion stimulus plan
South Korea is the latest Asian country to try and boost economic growth by spending hard, unveiling a 17.3 trillion won ($15.3 billion) stimulus plan. The funds will be used to help small and medium-sized exporters, create jobs, boost a stagnant property market and cover a shortfall in tax revenue. Recently, South Korea has been… Continue reading South Korea unveils $15.3 billion stimulus plan
Nicolas Maduro proclaimed as Venezuela’s president
Nicolas Maduro has been formally proclaimed by Venezuela’s election authority as the winner of Sunday’s closely-fought presidential election. The National Electoral Council backed the slender victory of Nicolas Maduro, the acting president, despite protests from opposition candidate Henrique Capriles. The official count indicates Nicolas Maduro won 50.7% of votes to Henrique Capriles’ 49.1%. Following the… Continue reading Nicolas Maduro proclaimed as Venezuela’s president
Asian markets dip after Boston Marathon explosions
Asian markets have dropped in early trading after two explosions hit the Boston Marathon finishing line killing three people and injuring dozens more. Stock indexes fell by as much as 2% in Japan. South Korea and Australia also dropped, as did oil and gold prices. Earlier on Monday, US markets closed lower after the blasts… Continue reading Asian markets dip after Boston Marathon explosions