Gold price has fallen to its lowest level in two years, on weak Chinese economic data, and receding fears about the chance of higher inflation in the US. The price of the precious metal was down 9.2% to $1,395 an ounce. The weaker than expected growth in China’s economy also sparked a wider fall in… Continue reading Gold price falls to its lowest level in two years
Category: Economy & Politics
Economy and Politics news articles.
Nicolas Maduro wins Venezuela presidential election after beating Henrique Capriles
Socialist Nicolas Maduro has won a narrow victory in Venezuela’s presidential being officially elected as the successor of the late leader Hugo Chavez. Nicolas Maduro won 50.7% of the vote against 49.1% for opposition candidate Henrique Capriles Radonski. Henrique Capriles has demanded a recount, saying Nicolas Maduro was now “even more loaded with illegitimacy”. The… Continue reading Nicolas Maduro wins Venezuela presidential election after beating Henrique Capriles
China’s economy slows in first quarter of 2013
The Chinese economy, world’s second-largest, has slowed and performed worse than many analysts expected in the first quarter of 2013. Annual growth was 7.7% in Q1 2013, compared with 7.9% in Q4 2012. Analysts had forecast a figure closer to 8%. China wants to spur growth after it hit a 13-year low in 2012. Other… Continue reading China’s economy slows in first quarter of 2013
Cyprus to relax citizenship rules for foreign investors who lost at least 3M euros in bailout deal
Cyprus is to ease its citizenship rules for foreign investors who lost at least 3 million euros under the European Union bailout deal. Cypriot President Nicos Anastasiades said new measures, mostly affecting the Russian business community, would be approved at a cabinet meeting on Monday. Russians have billions of euros in Cyprus’ bank deposits. Investors… Continue reading Cyprus to relax citizenship rules for foreign investors who lost at least 3M euros in bailout deal
Venezuela votes on Hugo Chavez successor
Venezuela is voting in new presidential election, called after the death of Hugo Chavez last month. Venezuela’s Acting President Nicolas Maduro, chosen by Hugo Chavez as his successor, is running against Henrique Capriles Radonski, currently governor of Miranda state. Henrique Capriles narrowly lost to Hugo Chavez in elections last October. On the eve of polls… Continue reading Venezuela votes on Hugo Chavez successor
Venezuela Election: Henrique Capriles makes official complaint against Nicolas Maduro
Members of the Venezuelan opposition have made an official complaint against the government following allegations that it broke the law by continuing its electoral campaign on state television. Venezuela’s acting President Nicolas Maduro appeared on TV visiting the tomb of Hugo Chavez on the eve of the election. The opposition candidate Henrique Capriles said his… Continue reading Venezuela Election: Henrique Capriles makes official complaint against Nicolas Maduro
Sandy Hook mother Francine Wheeler replaces Barack Obama for presidential weekly address
Francine Wheeler, the mother of a victim of last year’s Sandy Hook shootings, has replaced President Barack Obama to deliver the weekly US presidential radio address. Francine Wheeler, whose 6-year-old son Ben was killed in Sandy Hook shooting last year, used the nationally-broadcast statement to call for tighter gun controls. Asking a citizen to deliver… Continue reading Sandy Hook mother Francine Wheeler replaces Barack Obama for presidential weekly address
Salam Fayyad resigns as Palestinian Authority prime minister
Palestinian PM Salam Fayyad has resigned, after a long-running dispute with President Mahmoud Abbas. Official Palestinian news agency Wafa said Mahmoud Abbas accepted Salam Fayyad’s resignation after they met in person. The president asked him to remain as caretaker until a new government is formed. Salam Fayyad’s resignation is a major blow for US efforts… Continue reading Salam Fayyad resigns as Palestinian Authority prime minister
Barack Obama Tax Returns: US president’s earnings declined in 2012
According to his newly-released tax returns documents, President Barack Obama made $608,611 in 2012, down more than 20% from 2011. The decline in Barack Obama’s pay comes as sales of his books slow. Barack Obama’s presidential salary is $400,000. The President and First Lady Michelle Obama paid an effective tax rate of 18.4% and donated… Continue reading Barack Obama Tax Returns: US president’s earnings declined in 2012
Ireland and Portugal to be granted extra 7 years to pay back bailout loans
Ireland and Portugal are to be granted an extra seven years to pay back their emergency bailout loans. The EU and the IMF bailed out the Republic of Ireland in 2010 and Portugal in 2011. The eurozone agreed to the terms at a meeting of finance ministers in Dublin. Meanwhile, the eurozone finance ministers also… Continue reading Ireland and Portugal to be granted extra 7 years to pay back bailout loans
Cyprus seeks help from EU to reduce burden of bailout conditions
Cypriot President Nicos Anastasiades has announced he will appeal for extra assistance from the EU after it emerged yesterday that the country would need to raise an extra 6 billion euros ($7.8bn) to secure a 10 billion euro bailout from Brussels and the IMF. Nicos Anastasiades is urging EU leaders to change their policy towards… Continue reading Cyprus seeks help from EU to reduce burden of bailout conditions
Cyprus bailout to be finalized in Dublin eurozone finance ministers talks
Eurozone finance ministers meet in Dublin on Friday to finalize Cyprus bailout amid news that the country needs much more money than previously thought. The meeting will review how Cyprus can raise its contribution to the bailout being put together by the EU and IMF. The cost of the rescue has risen to 23 billion euros… Continue reading Cyprus bailout to be finalized in Dublin eurozone finance ministers talks
Jose Mujica apologizes for referring to Cristina Fernandez de Kirchner as an “old hag”
Uruguay’s President Jose Mujica has apologized for apparently referring to Argentine President Cristina Fernandez de Kirchner as an “old hag”. In a radio interview Jose Mujica offered “heartfelt apologies” and blamed the quip on his “rough language skills”. Last week, Jose Mujica was overheard saying: “This old hag is even worse than the cross-eyed man.”… Continue reading Jose Mujica apologizes for referring to Cristina Fernandez de Kirchner as an “old hag”
US Senate begins gun control debate
The US Senate has begun debate on a proposal to expand criminal background checks on gun buyers. The bipartisan move marks the most serious consideration of gun control legislation in 19 years, though many hurdles remain before final passage. Meanwhile, gun control advocates have gathered in Washington DC to make an emotional push for new… Continue reading US Senate begins gun control debate
Cyprus bailout cost rises to 23 billion euros
According to a draft document prepared by Cyprus’ creditors, the cost of the bailout for the country has increased to 23 billion euros ($30 billion). The original cost of Cyprus bailout was put at 17.5 billion euros. The new total, disclosed in a document seen by news agencies, means Cyprus will have to find 13… Continue reading Cyprus bailout cost rises to 23 billion euros
Cyprus sells its gold reserves to finance bailout
Cyprus has decided to sell off much of its gold reserves to help finance part of its bailout. An assessment by the European Commission says Cyprus must sell about 400 million euros worth of gold. Cyprus has already been forced to wind down one of its largest banks in order to qualify for a 10… Continue reading Cyprus sells its gold reserves to finance bailout
Barack Obama unveils $3.77 trillion budget plan including Social Security and healthcare cuts
President Barack Obama has unveiled a $3.77 trillion budget plan that includes new taxes on the wealthy along with cuts to benefit programmes. The White House is offering to cut pensions and healthcare costs, but only in return for $700 billion in new revenue. However, Barack Obama’s plan is viewed as having no chance of… Continue reading Barack Obama unveils $3.77 trillion budget plan including Social Security and healthcare cuts
Luxembourg to relax bank secrecy from 2015
Luxembourg has announced it would ease the secrecy surrounding its banks by implementing rules on the automatic exchange of bank account information with its European Union partners from 2015. PM Jean-Claude Juncker said Luxembourg would introduce the reforms in two years, in line with the EU Savings Directive. The rules of the Directive are aimed… Continue reading Luxembourg to relax bank secrecy from 2015
Francois Hollande calls for tax havens eradication
France’s President Francois Hollande has called for “eradication” of the world’s tax havens and told French banks they must declare all of their subsidiaries. Francois Hollande was speaking after presenting a draft law aimed at “moralizing” French public life – a response to the tax scandal that has shaken his presidency. France’s ex-Budget Minister Jerome… Continue reading Francois Hollande calls for tax havens eradication
Belgium sends EU complaint over Germany’s mini-jobs and low wage practices
Belgium has sent a complaint to the European Commission regarding low wages at some German firms, described by Belgium as unfair “social dumping”. The Belgian government sent the letter alleging that Germany’s “mini-jobs” undermined EU competition rules. Some workers get just 3 or 4 euro hourly in such jobs, without any social protection, Belgium says.… Continue reading Belgium sends EU complaint over Germany’s mini-jobs and low wage practices
Margaret Thatcher branded racist by Australian Foreign Minister Bob Carr on Lateline
Some of Margaret Thatcher’s comments have been described as “unabashedly racist” by Australian Foreign Minister Bob Carr in an interview with a local broadcaster. In a conversation with Margaret Thatcher “in her retirement”, Bob Carr said the former British prime minister had warned Australia against Asian immigration. Margaret Thatcher said “if we allowed too much… Continue reading Margaret Thatcher branded racist by Australian Foreign Minister Bob Carr on Lateline
Uhuru Kenyatta sworn in as Kenya’s new president
Uhuru Kenyatta has been sworn in as Kenya’s president after winning elections against Raila Odinga back in March. Dignitaries and tens of thousands of people witnessed the inauguration at a stadium in the capital, Nairobi. Raila Odinga did not attend the ceremony after his attempt to overturn Uhuru Kenyatta’s victory in court failed. Uhuru Kenyatta… Continue reading Uhuru Kenyatta sworn in as Kenya’s new president
Barack Obama in tears as he urges Congress to vote gun control bill during Connecticut speech
President Barack Obama made an emotional plea as he urged lawmakers to vote on gun control legislation that appears to be stalling in Congress. Speaking in Connecticut where 26 people died in Sandy Hook massacre last year, President Barack Obama said citizens must demand action. Opinion polls have shown a majority of Americans support a… Continue reading Barack Obama in tears as he urges Congress to vote gun control bill during Connecticut speech
Mary Jo White confirmed as new head of SEC
Mary Jo White has been confirmed by the US Senate as the new head of the Securities and Exchange Commission (SEC), the body that regulates Wall Street. Former federal prosecutor Mary Jo White was nominated in January by President Barack Obama to replace SEC chairman Mary Schapiro after she stepped down. Mary Jo White, 65,… Continue reading Mary Jo White confirmed as new head of SEC
Is Hillary Clinton running for president in 2016?
Chelsea Clinton says she simply wants her mother to take it easy as speculation swirls over whether Hillary Clinton will run for the White House in 2016. “Right now, I want her to rest,” Chelsea Clinton said in an interview with Parade magazine. “Ultimately I want her to make whatever she thinks is the right… Continue reading Is Hillary Clinton running for president in 2016?