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+
Category: Business
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
Google and Microsoft report rising profits for Q1 2013
Google and Microsoft have both reported rising profits for the first quarter of 2013. Google’s net profit climbed to $3.35 billion in Q1 2013, up 16% from a year ago, boosted by online advertising revenue. Microsoft said it made $6 billion in profit during the same period, a jump of more than 17% from a… Continue reading Google and Microsoft report rising profits for Q1 2013
GSK accused of market abuse after paying rivals to delay Seroxat generic release
Pharmaceutical giant GlaxoSmithKline (GSK) has been accused of market “abuse” by the consumer watchdog, the Office of Fair Trading (OFT). The OFT alleges that the company paid rivals to delay the release their own versions of GSK’s antidepressant drug Seroxat (paroxetine). Alpharma, Generics UK and Norton Healthcare all received money not to enter the market… Continue reading GSK accused of market abuse after paying rivals to delay Seroxat generic release
Bank of America reports sharp rise in profits for Q1 2013 after cost cutting
Bank of America has reported a sharp rise in profits for the first quarter of 2013 after it shed costs and set aside less money for bad loans. Bank of America reported a net income of $2.3 billion in Q1 2013, after making $328 million in the last year’s same quarter. Over the year the… Continue reading Bank of America reports sharp rise in profits for Q1 2013 after cost cutting
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
Apple shares dip below $400 mark amid concerns over slowing sales
Apple shares dropped below the $400 mark for the first time since December 2011 amid concerns over slowing sales. Apple shares fell as low as $398.11 in Wednesday trading, before ending the day down 5.5% at $402.80. The concerns were triggered after one of its suppliers, Cirrus Logic, which makes sound components for the iPhone… Continue reading Apple shares dip below $400 mark amid concerns over slowing sales
Europe car sales fall 10.3% in March 2013
European car sales were 10.3% lower in March 2013 from a year earlier, the 18th consecutive month of falls. The figures, from the Association of European Carmakers (ACEA) showed most carmakers saw sales drop, with Peugeot Citroen and Toyota suffering the most. Continuing economic stagnation across Europe has depressed sales for almost six years. The… Continue reading Europe car sales fall 10.3% in March 2013
Horse DNA found in up to 5% of EU-tested beef products
According to results from the European Commission, horse DNA has been found in up to 5% of beef products randomly tested across the EU. Inspectors also found the banned anti-inflammatory horse drug phenylbutazone, or “bute”, in 0.5% of horsemeat tested. The EU said it was “a matter of food fraud and not of food safety”.… Continue reading Horse DNA found in up to 5% of EU-tested beef products
Daimler to sell its remaining 7.5% stake in EADS
German carmaker Daimler is selling its remaining 7.5% stake in pan-European aerospace and defence group EADS. Daimler, owner of Mercedes-Benz, said it would use to the funds to focus on its main carmaking business. The shareholding in EADS is worth about 2.3 billion euros ($3 billion) as of the end of Tuesday trading. EADS is… Continue reading Daimler to sell its remaining 7.5% stake in EADS
American Airlines grounds all flights across US due to computer fault
American Airlines has decided to ground all flights across the US due to a fault with its computerized reservation system. The airline company said that all departures would be halted until at least 17:00 ET on Tuesday, and that it was working “to resolve this issue as quickly as we can”. American Airlines says it… Continue reading American Airlines grounds all flights across US due to computer fault
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
Gold price falls to its lowest level in two years
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
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