The Japanese yen has reached its lowest level since 2008 against the US dollar after the central bank began the latest round of its stimulus programme. The yen fell as low as 98.85 against the dollar, before rebounding slightly. Investors said the Bank of Japan’s plan to buy assets worth trillions of yen, which has… Continue reading Japanese yen reaches its lowest level since 2008 against US dollar following stimulus plan
Category: Business
Portugal: PM Pedro Passos Coelho announces alternative cuts to avoid second bailout
Portugal’s PM Pedro Passos Coelho has said a court ruling striking down parts of his government’s budget means it will have to make other deep spending cuts. Pedro Passos Coelho said social security, health, education and public enterprises would have to be cut. This would allow the country to avoid a second eurozone bailout, he… Continue reading Portugal: PM Pedro Passos Coelho announces alternative cuts to avoid second bailout
Luxembourg would consider greater transparency in its banking sector
Known for its highly secretive banking sector, Luxembourg would now consider a greater transparency in banks activity to help curb tax evasion, Finance Minister Luc Frieden has told a German newspaper. In an interview published on Sunday, Luc Frieden said he wanted to “strengthen co-operation with foreign tax authorities”. Germany is among the countries who say… Continue reading Luxembourg would consider greater transparency in its banking sector
Pervez Musharraf permitted to run in Pakistan general elections
Former Pakistani military leader Pervez Musharraf has been given the permission to run in the country’s general elections next month. General Pervez Musharraf will be a candidate in the remote northern district of Chitral, after being rejected in two other parts of the country. Pervez Musharraf, who led Pakistan for nine years after seizing power… Continue reading Pervez Musharraf permitted to run in Pakistan general elections
Barack Obama ready to cut US pensions to strike deficit deal with Republicans
President Barack Obama is ready to offer cuts to Americans’ pensions to strike a deficit deal with Republicans, a White House official says. In return, Democratic Barack Obama wants higher taxes on the rich. The president will outline his budget plan next Wednesday, April 10. Barack Obama’s proposal is to cut the deficit by $1.8… Continue reading Barack Obama ready to cut US pensions to strike deficit deal with Republicans
Kamala Harris: Barack Obama apologizes for “good looking” remarks
President Barack Obama has apologized to California Attorney General Kamala Harris for the “good looking” remarks he made at a fundraising event on Thursday. Barack Obama described Kamala Harris, a long-time friend, as “the best-looking attorney general in the country”. Kamala Harris’s spokesman said she strongly supported Barack Obama but would not say whether she… Continue reading Kamala Harris: Barack Obama apologizes for “good looking” remarks
Jose Mujica caught on microphone calling Cristina Fernandez de Kirchner an “old hag”
Argentina has made an official protest after Uruguay’s President Jose Mujica was caught on microphone apparently referring to President Cristina Fernandez de Kirchner as an “old hag”. President Jose Mujica was overheard saying: “This old hag is even worse than the one-eyed man.” (Esta vieja es peor que el tuerto.) A Uruguayan newspaper has posted… Continue reading Jose Mujica caught on microphone calling Cristina Fernandez de Kirchner an “old hag”
Bank of Cyprus key data about bond purchases missing
Investigators have found that some key data about bond purchases by Bank of Cyprus is missing. According to Cypriot media, the gaps were found in computer records studied by a financial consultancy, Alvarez and Marsal. Bank of Cyprus – the country’s biggest bank – bought Greek bonds which turned into some 1.9 billion euros ($2.4… Continue reading Bank of Cyprus key data about bond purchases missing
Nikkei 225 reaches highest level since 2008
Japan’s stock market has reached its highest level since 2008, after a recent central bank stimulus plan raised hope of economic revival. The main Nikkei 225 stock index climbed as much as 4.7% to 13,225.62, its highest since August 2008. The Bank of Japan (BOJ) said on Thursday it would double the country’s money supply… Continue reading Nikkei 225 reaches highest level since 2008
Pope Francis to close Vatican Bank
Pope Francis prepares to tackle some of the Catholic Church’s major problems and he starts with the Vatican Bank, which has been accused of laundering money. The pontiff is starting with the bank as he plans to reform the Church into a model of austerity and honesty. Pope Francis has spent the first weeks of… Continue reading Pope Francis to close Vatican Bank
Francois Hollande faces financial scandal as his campaign treasurer invested in offshore companies
France’s President Francois Hollande is facing a financial scandal after it emerged that his former Socialist Party treasurer Jean-Jacques Augier invested in two Cayman Islands offshore companies. Jean-Jacques Augier, who managed Francois Hollande’s campaign funds, told the daily Le Monde that there was “nothing illegal” in his tax haven affairs. Meanwhile, ex-budget minister Jerome Cahuzac… Continue reading Francois Hollande faces financial scandal as his campaign treasurer invested in offshore companies
Cyprus initial bailout plan was not smart, says ECB President Mario Draghi
ECB President Mario Draghi has said the initial plan to make small savers pay for the Cyprus bailout was “not smart”. Mario Draghi said a proposal to make “insured depositors” pay did not come from the European Central Bank, the European Commission or the IMF. He said the proposal only arose in talks with the… Continue reading Cyprus initial bailout plan was not smart, says ECB President Mario Draghi
Barack Obama takes 5% salary cut during sequester
President Barack Obama has decided to give 5% of his salary back to the government to show solidarity with the federal workers who took pay cuts during the sequester. According to White House sources, Barack Obama will surrender 5% of his compensation in an effort to do his part during the period of fiscal cutbacks,… Continue reading Barack Obama takes 5% salary cut during sequester
McDonald’s demands bachelor degree for full time cashier
A McDonald’s outpost in Winchendon, Massachusetts, is demanding a bachelor degree in a call-out for a full time cashier. It used to be high school drop outs flipping burgers at McDonald’s but now the applicants must have 1-2 years of cashier experience before they’ll be trusted with the Big-Mac-selling responsibility, according to the advert. “Get… Continue reading McDonald’s demands bachelor degree for full time cashier
German economy slows to “near stagnation” in March 2013
The German economy slowed to “near stagnation” in March 2013, while France’s recorded its biggest contraction for four years, according to a Markit survey. The Markit composite purchasing managers’ index (PMI), which measures both the manufacturing and services sectors, declined to 50.6 in Germany last month, from 53.3 in February. Any figure above 50 indicates… Continue reading German economy slows to “near stagnation” in March 2013
Bank of Japan to expand country’s money supply to stimulate economy growth
The Bank of Japan (BOJ) has announced it will dramatically expand the country’s money supply, as it tries to stimulate the economy growth. The Japanese central bank vowed to boost an asset purchase programme and meet a 2% inflation target in two years, after a two-day meeting, the first chaired by new governor Haruhiko Kuroda.… Continue reading Bank of Japan to expand country’s money supply to stimulate economy growth
Connecticut approves gun control measures in response to Newtown shooting
Connecticut lawmakers have approved gun control measures, which campaigners say are the strictest in America, following December Sandy Hook massacre. The new restrictions include a ban on new high-capacity magazines and background checks on all gun buyers. President Barack Obama and gun control advocates say the measures are needed to curb an epidemic of gun violence.… Continue reading Connecticut approves gun control measures in response to Newtown shooting
Cyprus agrees on challenging rescue plan to release bailout
Cyprus has officially agreed to a set of measures that will release a 10 billion-euro ($12.8 billion) IMF-EU bailout. The IMF, which is contributing 1 billion euros, says they are “challenging” and will require “great efforts” from its population. The measures will consist of doubling taxes on interest income to 30% and raising corporation tax… Continue reading Cyprus agrees on challenging rescue plan to release bailout
Dow Jones and S&P 500 set new all-time highs on Wall Street
Dow Jones and Standard & Poor’s 500 share indexes have set new all-time highs on Wall Street. Now the stock markets are returning to levels not seen since before the global financial crisis. Dow Jones rose 89 points, to close at 14,662, after an earlier intraday high of about 14,684. S&P 500 closed at a… Continue reading Dow Jones and S&P 500 set new all-time highs on Wall Street
Samoa Air starts charging passengers by weight not for seat
Samoa Air boss Chris Langton defends the airline’s decision to start charging passengers according to their weight. Chris Langton told Australia’s ABC Radio that it was “the fairest way of travelling”. Rather than pay for a seat, Samoa Air passengers pay a fixed price per kilogram, which varies depending on the route length. Samoa Air… Continue reading Samoa Air starts charging passengers by weight not for seat
Cyprus Finance Minister Michalis Sarris resigns
Cyprus Finance Minister Michalis Sarris has decided to resign after completing talks on the controversial IMF-EU bailout deal. Michalis Sarris will be replaced by Labour Minister Haris Georgiades, reports in the local media suggest. The 10 billion-euro ($13 billion) deal – agreed by the EU and IMF – originally envisaged a levy on all Cypriot… Continue reading Cyprus Finance Minister Michalis Sarris resigns
Eurozone unemployment rate hit 12% in February 2013
Eurozone unemployment rate reached new record high of 12% in February 2013, according to the official figures. The number of people unemployed in eurozone, which includes 17 states, rose by 33,000 during February 2013, to hit 19.07 million, the statistics agency Eurostat said. The highest rate was 26.4% in Greece, although the most recent figure for… Continue reading Eurozone unemployment rate hit 12% in February 2013
Stockton, CA, becomes the most populous US city ever to enter bankruptcy protection
California city of Stockton has become the most populous US city ever to enter bankruptcy protection after a judge has approved its bankruptcy filing. Stockton would be unable to provide basic government services without bankruptcy protection, said a federal judge. Stockton is a city of 290,000, located at 90 miles east of San Francisco. The… Continue reading Stockton, CA, becomes the most populous US city ever to enter bankruptcy protection
Caroline Kennedy to be next US ambassador to Japan
Caroline Kennedy, daughter of former President JFK, has been asked by President Barack Obama to be the US ambassador to Japan. Caroline Kennedy was a key supporter of Barack Obama in 2008 and 2012, but has largely shunned political life. She considered running for a New York senate seat when Hillary Clinton became secretary of… Continue reading Caroline Kennedy to be next US ambassador to Japan
Sudan to release all political prisoners
Sudan’s President Omar al-Bashir has announced a decision to free all political prisoners in the country. In a speech at the opening of parliament, Omar al- Bashir also said the government was committed to a “national dialogue” with all groups. It was not immediately clear how many prisoners would be released under the announcement. The… Continue reading Sudan to release all political prisoners