European drivers will save €3,800 over the lifetime of their cars if the EU imposes strict new CO2 standards on manufacturers, according to a recent study. It says if CO2 emissions from the average car were limited to 95 g per km, fuel use would be cut by a quarter. The innovations to the vehicle… Continue reading EU CO2 rules will save drivers cash
Category: Business
Nicos Anastasiades fights EU demands of bank levy in return for bailout
Cypriot President Nicos Anastasiades says he is battling against eurozone demands that all bank customers pay a one-off levy in return for a bailout. Nicos Anastasiades said he shared people’s unhappiness with the terms, whereby all bank customers would pay a levy of 6.75% or 10% on their bank deposits. The EU and IMF have… Continue reading Nicos Anastasiades fights EU demands of bank levy in return for bailout
Xi Jinping delivers his first speech as China’s president
China’s new President Xi Jinping has said he will fight for “the great renaissance of the Chinese nation,” in his first speech as head of state. Closing the annual National People’s Congress, Xi Jinping urged delegates to reject extravagance and fight corruption. At a news conference later, new Premier Li Keqiang said sustainable economic growth… Continue reading Xi Jinping delivers his first speech as China’s president
President Nicos Anastasiades defends Cyprus bailout deal amid mass public anger
Cyprus’ President Nicos Anastasiades has said a big bailout, which has provoked mass public anger, was needed to avoid a “disorderly bankruptcy”. The 10 billion-euro ($13 billion) deal agreed by the EU was “a painful but controlled management of the crisis”, he said. Many Cypriots, shocked that the bailout imposes a levy on bank deposits… Continue reading President Nicos Anastasiades defends Cyprus bailout deal amid mass public anger
Raila Odinga files Supreme Court appeal against Uhuru Kenyatta’s victory in Kenyan election
Kenya’s PM Raila Odinga has filed a Supreme Court appeal against Uhuru Kenyatta’s narrow victory in the recent presidential election’s first round. Uhuru Kenyatta beat Raila Odinga comfortably by 50.7% to 43.28% on March 4, avoiding a run-off by only 8,100 votes. However, Raila Odinga has accused the electoral authorities of manipulating the result. Police… Continue reading Raila Odinga files Supreme Court appeal against Uhuru Kenyatta’s victory in Kenyan election
Zimbabwe voting in new constitution referendum
Zimbabwe starts voting in key referendum on a new constitution, amid simmering political tensions. Both main parties – Zanu-PF and the MDC – are urging their supporters to back the constitution, which would pave way for new elections later this year. The polls could end a shaky power-sharing deal between the rival parties following a… Continue reading Zimbabwe voting in new constitution referendum
Eurozone ministers agree on 10 billion-euro bailout package for Cyprus
Finance ministers from eurozone have agreed a 10 billion-euro ($13 billion) bailout package for Cyprus to save the country from bankruptcy. The deal was reached after talks in Brussels between the ministers and the International Monetary Fund (IMF). In return, Cyprus is being asked to trim its deficit, shrink its banking sector and increase taxes.… Continue reading Eurozone ministers agree on 10 billion-euro bailout package for Cyprus
Benjamin Netanyahu signs coalition deal to form new government
Israel’s PM Benjamin Netanyahu has reached a deal to form a new coalition government. Benjamin Netanyahu’s Likud-Yisrael Beitenu alliance signed the agreement with the centrist Yesh Atid and the pro-settler Jewish Home, the parties in the coalition say. It is the first time in a decade that an Israeli coalition government will not include any… Continue reading Benjamin Netanyahu signs coalition deal to form new government
Li Keqiang confirmed as China’s new prime minister
Li Keqiang has been named as China’s new prime minister, placing him at the helm of the world’s second-largest economy. Li Keqiang, who already holds the number two spot in the Communist Party, takes over from Wen Jiabao. He was elected for a five-year term but, like his predecessor, would be expected to spend a… Continue reading Li Keqiang confirmed as China’s new prime minister
EU Summit 2013: Focus on eurozone recession and unemployment
A new EU summit is getting under way in Brussels with issues of jobs and growth expected to dominate its agenda. The eurozone as a whole has been in recession for more than a year and unemployment is now just under 12%. France and some other countries want more flexibility in the budget targets set… Continue reading EU Summit 2013: Focus on eurozone recession and unemployment
Twinkies back on sale by the summer
Twinkies could be back on sale in stores by the summer after manufacturer Hostess was bought in a $410 million deal. The snacks, along with other Hostess products including Wonder bread, have not been produced since November when the company filed for liquidation following strike action by the Bakery Workers union. The company announced to… Continue reading Twinkies back on sale by the summer
Hungary adopts constitutional changes proposed by Fidesz
Hungarian parliament has adopted a package of constitutional changes proposed by the ruling conservative Fidesz party which critics say undermine democracy. Fidesz has two-thirds of the seats in parliament, but the measures were approved overwhelmingly as opposition MPs boycotted the vote. The amendment tightens up the laws on higher education, homelessness, election campaigns and family… Continue reading Hungary adopts constitutional changes proposed by Fidesz
China inflation rate hits new high in February 2013
China’s inflation rate hit a 10-month high in February after Lunar New Year festivities drove up food prices. Consumer prices rose 3.2% from a year earlier, with food prices up by 6%. Inflation has been a hot political issue in China. There have been concerns that if consumer prices rise too much, it may prompt… Continue reading China inflation rate hits new high in February 2013
Henrique Capriles to stand in Venezuela’s presidential election
Venezuelan opposition leader Henrique Capriles has confirmed that he will stand in presidential elections on April 14. In a televised address, Henrique Capriles accused the governing PSUV party of manipulating the recent death of President Hugo Chavez. Hugo Chavez died on March 5 after a two-year battle against cancer. Henrique Capriles will stand against Acting… Continue reading Henrique Capriles to stand in Venezuela’s presidential election
Malta’s Labour party returns to power after 15 years in opposition
Malta’s Labour party is returning to power after 15 years in opposition, with a projected win of 55% of the vote in the eurozone state’s election. Party leader Joseph Muscat claimed a “landslide victory” for his party, with the outgoing Nationalist Party expected to take 43% of the ballots. Unlike other eurozone states, Malta has… Continue reading Malta’s Labour party returns to power after 15 years in opposition
Ashley Judd set to announce run for Senate seat in Kentucky in early May
Hollywood actress Ashley Judd is reportedly poised to announce her candidacy for U.S. Senate in May. Speculation has been rife for days that Ashley Judd is planning to challenge incumbent Senate Minority Leader Mitch McConnell in her home state of Kentucky. Ashley Judd has reportedly set a date to publicly confirm the move, telling her… Continue reading Ashley Judd set to announce run for Senate seat in Kentucky in early May
Venezuela presidential election to replace Hugo Chavez set for April 14
Venezuela’s presidential election to replace late leader Hugo Chavez will be held on April 14, the country’s electoral commission has said. The announcement follows the appointment of Hugo Chavez’s favored successor, Nicolas Maduro, as acting president. Hugo Chavez died on March 5 after a long battle with cancer. Nicolas Maduro will run as the governing… Continue reading Venezuela presidential election to replace Hugo Chavez set for April 14
Uhuru Kenyatta wins Kenya presidential election after vote count
Kenyan Deputy PM Uhuru Kenyatta appears to have won the presidential election by the tightest of margins as the provisional results indicate. After all the votes were counted Uhuru Kenyatta had polled 50.03% of the vote, 4,109 votes over the threshold required for outright victory. However, the official result is not expected before 11:00 on… Continue reading Uhuru Kenyatta wins Kenya presidential election after vote count
Nicolas Maduro sworn-in as Venezuela’s acting president
Vice-president Nicolas Maduro has been sworn in as acting president of Venezuela hours after the state funeral of Hugo Chavez. The ceremony was led by National Assembly Speaker Diosdado Cabello in the capital, Caracas. Hugo Chavez, who died on March 5 after a long battle with cancer, had named Nicolas Maduro as his chosen successor.… Continue reading Nicolas Maduro sworn-in as Venezuela’s acting president
US trade deficit grows to $44.45 billion in January 2013
The US trade deficit, meaning the gap between the value of imports and exports, widened in January 2013. The trade deficit grew to $44.45 billion in January from December’s figure of $38.14 billion, the Commerce Department said. There was better news on unemployment, with a fall in the number of initial claims for unemployment benefits.… Continue reading US trade deficit grows to $44.45 billion in January 2013
Kenya presidential election results are doctored, claims Raila Odinga camp
The ballot count in Kenya’s presidential elections has been rigged, says the running mate of Prime Minister Raila Odinga, who is trailing behind his rival, Uhuru Kenyatta. “We have evidence the results we have received have been doctored,” said Raila Odinga’s running mate Kalonzo Musyoka. He said the vote count should be stopped but added… Continue reading Kenya presidential election results are doctored, claims Raila Odinga camp
Mikhail Gorbachev denounces Russia new laws as attack on citizens’ rights
Mikhail Gorbachev has denounced new laws passed in Russia as an “attack on citizens’ rights”. In a recent interview, former Soviet leader Mikhail Gorbachev called on Russian President Vladimir Putin “not to be afraid of his own people”. Mikhail Gorbachev also criticized Vladimir Putin’s inner circle, saying it was full of “thieves and corrupt officials”.… Continue reading Mikhail Gorbachev denounces Russia new laws as attack on citizens’ rights
Asian stock markets hit their highest levels since September 2008
Asian stock markets have continued a global rally after New York’s main Dow Jones share index hit a historical record high. Equity markets in Asia, the US and Europe have been buoyed by central bank attempts to revive economic growth by pumping cash into the financial system. Analysts said that this has helped ease fears… Continue reading Asian stock markets hit their highest levels since September 2008
Dow Jones hits new record high returning to levels seen before financial crisis
Dow Jones share index set a new all-time high on Tuesday, returning to levels not seen since before the global financial crisis. The Wall Street index reached 14,273 in lunchtime trading, exceeding the previous record intra-day high of 14,198, set in October 2007. The recovery in the market suggests investors are regaining confidence in the… Continue reading Dow Jones hits new record high returning to levels seen before financial crisis
Prince Alwaleed Bin Talal of Saudi Arabia in Forbes list dispute
Saudi Arabia’s Prince Alwaleed Bin Talal has accused Forbes magazine of understating his wealth. In Forbes 2013 list of the world’s richest people, the magazine estimated Prince Alwaleed Bin Talal’s net worth at $20 billion, putting him in 26th place. According to reports, the prince estimates his net worth to be $29.6 billionn, which would… Continue reading Prince Alwaleed Bin Talal of Saudi Arabia in Forbes list dispute