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
Category: Business
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
Airbus offers extra-wide seats for obese passengers on A320 jets
Airbus is offering airlines the option of installing extra-wide seats for overweight passengers on its A320 jets to cope with what it describes as “trends in demographics”. The super-sized seats will measure 20 inches across instead of the standard 18 inches, and will likely be installed only as aisle seats. Window and middle seats will… Continue reading Airbus offers extra-wide seats for obese passengers on A320 jets
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
Tamiflu demand boosts Roche sales in Q1 2013
Swiss pharmaceutical company Roche has reported a 5% rise in sales for the first quarter of 2013, boosted by strong demand for its flu treatment, Tamiflu. Total sales hit 11.6 billionn Swiss francs ($12.4 billion) in the first three months of 2013. Tamiflu sales rose during a heavy flu season in the US, and there… Continue reading Tamiflu demand boosts Roche sales in Q1 2013
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
Toyota, Honda, Nissan and Mazda recall 3.4 million cars worldwide over airbag defect
Top four Japanese carmakers are recalling 3.4 million cars globally over a defect in passenger airbags. Toyota, which is recalling 1.73 million cars, said the vehicles had a defective part which “could cause the airbag inflator to rupture and deploy the airbag abnormally in a crash”. Honda Motors is recalling 1.13 million cars, while 480,000… Continue reading Toyota, Honda, Nissan and Mazda recall 3.4 million cars worldwide over airbag defect
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
MasterCard investigated by European Commission over inter-bank fees
The European Commission is investigating MasterCard over fees charged for card transactions made by people visiting Europe. The Commission said some of MasterCard’s “inter-bank fees and related practices may be anti-competitive”. Visa is already under investigation in Europe over similar practices. MasterCard, which said it would “fully co-operate” with regulators, could be fined up to… Continue reading MasterCard investigated by European Commission over inter-bank fees
North Korea boycotts Kaesong Industrial Complex as its workers fail to report for work
North Koreans workers have failed to report for work at Kaesong Industrial Complex, suspending one of the few points of co-operation between the two Koreas. Kaesong Industrial Complex is a joint industrial park and there are more than 120 South Korean companies that operate there, employing 53,000 North Korean workers. The complex is seen as… Continue reading North Korea boycotts Kaesong Industrial Complex as its workers fail to report for work
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?
Who was Margaret Thatcher? Her biography at-a-glance.
A guide to the extraordinary life and career of the first British female prime minister, Margaret Thatcher: Who was Margaret Thatcher? Margaret Thatcher, born Margaret Hilda Roberts in Grantham, Lincolnshire on 13 October 1925, was the longest-serving British prime minister in modern times and the first woman to lead a major Western democracy. She won… Continue reading Who was Margaret Thatcher? Her biography at-a-glance.
Margaret Thatcher Dead: UK first female prime minister dies at 87 following stroke
Margaret Thatcher, UK’s first female prime minister, has died at 87 following a stroke, her spokesman has announced today. Lord Bell said: “It is with great sadness that Mark and Carol Thatcher announced that their mother Baroness Thatcher died peacefully following a stroke this morning.” Margaret Thatcher was Conservative prime minister from 1979 to 1990.… Continue reading Margaret Thatcher Dead: UK first female prime minister dies at 87 following stroke
Wikileaks publishes 1.7 million US diplomatic and intelligence reports from 1970’s
Wikileaks has published a new collection of more than 1.7 million of US diplomatic and intelligence documents from the 1970s. The documents include allegations that former Indian PM Rajiv Gandhi was a middleman in an arms deal and the first impressions of eventual British PM Margaret Thatcher. The records have not been leaked and are… Continue reading Wikileaks publishes 1.7 million US diplomatic and intelligence reports from 1970’s