China’s Prime Minister Wen Jiabao promised stable growth, anti-corruption efforts and better welfare provision as he opened an annual session of parliament. Wen Jiabao, whose work report traditionally begins the session, also called for more balanced development in a lengthy speech on both achievements and plans. This National People’s Congress will see the final stage… Continue reading Wen Jiabao opens annual session of Chinese parliament with work report
Category: Business
Mohamed Nasheed, Maldives ex-president, arrested for abuse of office
Former Maldives President Mohamed Nasheed has been arrested in Male for abuse of office, after months of political tension. Mohamed Nasheed was detained after failing to attend a hearing and ignoring two arrest warrants, police said. The former president is accused of illegally ordering the arrest of a top judge – a charge that he… Continue reading Mohamed Nasheed, Maldives ex-president, arrested for abuse of office
Forbes World’s Billionaires 2013: Carlos Slim Helu tops rich list for fourth year
Mexican tycoon Carlos Slim Helu has topped Forbes magazine’s list of the world’s richest billionaires for a fourth year. Forbes magazine estimates that Carlos Slim Helu, whose business interests range from telecommunications to construction, is worth $73 billion. Carlos Slim Helu is followed by Microsoft founder Bill Gates on $67 billion. Famed investor Warren Buffett… Continue reading Forbes World’s Billionaires 2013: Carlos Slim Helu tops rich list for fourth year
Vaclav Klaus faces impeachment over treason charge
Czech lawmakers have narrowly voted to charge country’s outgoing President Vaclav Klaus with high treason. The upper house voted to refer Vaclav Klaus to the constitutional court to rule on whether he had violated the constitution with a New Year amnesty. The wide-ranging measures were controversial as they resulted in multiple high-profile corruption cases being… Continue reading Vaclav Klaus faces impeachment over treason charge
Kenya votes in first election under new constitution
Kenya is voting in an election that observers describe as the most important in the country’s history. It is the first time a vote has taken place under Kenyan new constitution, designed to prevent a repeat of violence that followed the 2007 polls. More than 1,000 people died in widespread ethnic violence when supporters of… Continue reading Kenya votes in first election under new constitution
Park Geun-hye warns over South Korea’s political deadlock
Newly elected South Korean President Park Geun-hye has warned that the country is facing “unprecedented” political deadlock which is hampering economic progress. Park Geun-hye was sworn in as president last week, but has not yet been able to form a cabinet. She has failed to reach agreement with the opposition over her plans for reorganizing… Continue reading Park Geun-hye warns over South Korea’s political deadlock
Switzerland referendum backs curbs on executive pay
Swiss voters have backed proposals to impose some of the world’s strictest controls on executive pay, final referendum results show. Nearly 68% of the voters supported plans to give shareholders a veto on compensation and ban big payouts for new and departing managers. Business groups argued the proposals would damage Swiss competitiveness. But analysts say… Continue reading Switzerland referendum backs curbs on executive pay
Mitt Romney first interview since losing US election with Fox News Sunday
Mitt Romney revealed today during his first interview since he lost US presidency that he believed in his heart he was going to win the election and go on to the White House, and that “it kills me” not to be president. Former GOP candidate Mitt Romney, 65, said today in his first interview since… Continue reading Mitt Romney first interview since losing US election with Fox News Sunday
Marissa Mayer imposed Yahoo! ban on working from home after spying on employee log-ins
Yahoo! CEO Marissa Mayer reportedly made the decision to ban telecommuting at the company after checking up on how many times remote workers were logging into the company’s network and discovering it wasn’t enough. A recently released documentary shows Marissa Mayer criticizing feminism and explaining her own approach to women’s equality. Makers is a PBS/AOL… Continue reading Marissa Mayer imposed Yahoo! ban on working from home after spying on employee log-ins
Barack Obama signs sequester deal into effect
President Barack Obama has signed into effect a wave of steep spending cuts which he has warned could damage the US economy. The cuts – known as the sequester and drawn up two years ago – will take $85 billion from the US federal budget this year. Last-ditch talks at the White House to avert… Continue reading Barack Obama signs sequester deal into effect
US faces $85 billion budget cuts deadline
US political leaders are meeting for last-ditch talks at the White House, amid the prospect of steep budget cuts. Cuts worth $85 billion, originally passed in an effort to push Congress to strike a budget deal, are due to become law by the end of Friday. President Barack Obama is hosting Democratic and Republican leaders,… Continue reading US faces $85 billion budget cuts deadline
Andrew Mason, Groupon founder and CEO, fired as shares dive
Andrew Mason, founder and chief executive of Groupon, has been ousted after the online voucher firm posted another quarterly loss, prompting a 24% slide in its share price on Thursday. Groupon’s shares have lost 77% of their value since the firm was floated on the Nasdaq in November 2011, as investors fear its business model… Continue reading Andrew Mason, Groupon founder and CEO, fired as shares dive
Eurozone unemployment rate hits record 11.9% in January 2013
Eurozone unemployment rate rose to a new record high in January, official figures show. The jobless rate in the 17 countries that use the euro rose to 11.9% in January from 11.8% in December, the statistics agency Eurostat said. The highest rate was 27% in Greece, although the most recent figure there was from November,… Continue reading Eurozone unemployment rate hits record 11.9% in January 2013
Bankia reports record 19.2 billion euros loss for 2012
Spain’s troubled Bankia – formed of the merger of seven floundering savings banks – has reported a record loss of 19.2 billion euros ($25.2 billion) for 2012. Bankia, which received aid of 18 billion euros, made a loss of 19.2 billion euros for 2012 and put aside provisions of 26.8 billion euros. Last year, Bankia… Continue reading Bankia reports record 19.2 billion euros loss for 2012
Haruhiko Kuroda nominated as next governor of Bank of Japan
Haruhiko Kuroda has been nominated by Japan’s government to be the next governor of the country’s central bank. Haruhiko Kuroda is currently the head of the Asian Development Bank and is seen as a supporter of aggressive monetary easing to help revive Japan’s economy. The government, which recently won a general election, wants the Bank… Continue reading Haruhiko Kuroda nominated as next governor of Bank of Japan
EU officials agree on capping bankers bonuses
European Union officials have struck a provisional deal on new financial rules, including capping bank bonuses. Under the agreement, bank bonuses will be capped at a year’s salary, but can rise to two year’s pay if there is explicit approval from shareholders. The deal was reached late on Wednesday. EU ministers must approve it, although… Continue reading EU officials agree on capping bankers bonuses
Beppe Grillo rules out coalition with Pier Luigi Bersani
Italian comedian-turned-politician Beppe Grillo, whose Five-Star Movement (M5S) defied expectations to come third in last weekend’s elections, has ruled out a coalition with Pier Luigi Bersani’s centre-left bloc. Pier Luigi Bersani’s Democratic Party (PD) won a majority in the Chamber of Deputies but fell short in the Senate. Beppe Grillo said he expected Pier Luigi… Continue reading Beppe Grillo rules out coalition with Pier Luigi Bersani
Budweiser fans file $5 million lawsuit against Anheuser-Busch over watering down its beer
Beer drinkers in the US have filed a $5 million lawsuit accusing Anheuser-Busch of watering down its beer. The lawsuits, filed in Pennsylvania, California and other states, claim consumers have been cheated out of the alcohol content stated on beer labels. The suit involves 10 Anheuser-Busch beers including Budweiser and Michelob. Anheuser-Busch InBev have called… Continue reading Budweiser fans file $5 million lawsuit against Anheuser-Busch over watering down its beer
EU ministers agree to end the controversial practice of dumping unwanted fish
European Union fisheries ministers have agreed to phase out the controversial practice of dumping unwanted fish. After a tense all-night meeting, ministers said a ban on “discards” should be phased in, starting in January 2014 for certain types of fish. Ministers agreed some exemptions to the ban – but the European Parliament may still refuse… Continue reading EU ministers agree to end the controversial practice of dumping unwanted fish
Chuck Hagel confirmed as new US Defense Secretary
Former Senator Chuck Hagel has been confirmed by the US Senate as the new Pentagon chief, after four Republicans joined Democrats to approve his nomination. The former Republican Nebraska senator was confirmed by 58-41. Chuck Hagel will replace outgoing Defense Secretary Leon Panetta, who was confirmed by 100-0 in June 2011. Two weeks ago, Republicans… Continue reading Chuck Hagel confirmed as new US Defense Secretary
Italy deadlock creates confusion in Europe
European markets and politicians have reacted anxiously after Italy’s general election produced a stalemate between centre-right and centre-left blocs. France and Germany urged continued reform, while Spain described the result as a “jump to nowhere”. Italian markets fell sharply while others in Europe and around the world opened down. Centre-right leader Silvio Berlusconi said fresh… Continue reading Italy deadlock creates confusion in Europe
Markets affected by Italian election deadlock
European markets have opened lower, with the inconclusive election result in Italy raising fears that political deadlock will delay economic reforms. Italy’s FTSE MIB index fell 4.7%, while London’s FTSE 100 shed 1.5% and share markets in Frankfurt and Paris also fell more than 2% at the start. The yield on Italian government bonds also… Continue reading Markets affected by Italian election deadlock
Italy election results: Split vote leads to stalemate
Italy’s parliamentary elections have ended in stalemate and the possibility of a hung parliament. With all domestic votes counted, Pier Luigi Bersani’s centre-left bloc has narrowly beaten ex-PM Silvio Berlusconi in the lower house but has failed to secure a majority in the Senate. Control of both houses is needed to govern and a Berlusconi… Continue reading Italy election results: Split vote leads to stalemate
Pier Luigi Bersani’s centre-left ahead in early exit polls
Early exit polls from Italy’s general election show a lead for the centre-left bloc led by Pier Luigi Bersani. The polls suggest Pier Luigi Bersani’s alliance has taken around 34% of the vote for parliament’s lower house, ahead of Silvio Berlusconi’s centre-right group with 29%, Sky Italia reports. Beppe Grillo’s protest movement is projected to… Continue reading Pier Luigi Bersani’s centre-left ahead in early exit polls
Park Geun-hye, the first woman to lead South Korea, sworn in as president
Park Geun-hye was sworn in as South Korea’s president promising a tough stance on national security and an era of economic revival. Park Geun-hye, who defeated liberal rival Moon Jae-in in December’s general election, took the oath of office in front of tens of thousands of people. North Korea’s recent nuclear test posed a “challenge… Continue reading Park Geun-hye, the first woman to lead South Korea, sworn in as president