Business – Page 169 – BelleNews.com

Raul Castro to step down as Cuba’s president in 2018

Cuba’s President Raul Castro has announced he will stand down at the end of his second term in 2018, following his re-election by the National Assembly

Cuba’s President Raul Castro has announced he will stand down at the end of his second term in 2018, following his re-election by the National Assembly. Raul Castro, 81, formally assumed the presidency in 2008 – two years after replacing his ailing brother Fidel. The Communist assembly, whose members ran for office unopposed, also chose… Continue reading Raul Castro to step down as Cuba’s president in 2018

Nicos Anastasiades wins Cyprus presidential election with 57.5%

Nicos Anastasiades has won the Cypriot presidential election with 57.5 percent of the vote

Nicos Anastasiades has won the Cypriot presidential election with 57.5% of the vote. It was a comfortable victory of the centre-right leader over Communist-backed Stavros Malas on 42.5%. Stavros Malas has conceded victory. Nicos Anastasiades takes power as Cyprus stands on the brink of bankruptcy, hit by the knock-on effect of Greece’s economic woes. He… Continue reading Nicos Anastasiades wins Cyprus presidential election with 57.5%

Italy votes in key general elections

Italy has begun voting in general elections seen as crucial for the country's effort to tackle its economic problems, as well as for the eurozone

Italy has begun voting in general elections seen as crucial for the country’s effort to tackle its economic problems, as well as for the eurozone. Estimates published before a ban on polls two weeks ago gave a lead to Pier Luigi Bersani’s centre-left alliance. It was thought to be a few points ahead of the… Continue reading Italy votes in key general elections

Moody’s cuts UK credit rating from AAA to Aa1

The UK has lost its top AAA credit rating for the first time since 1978 on expectations that growth will remain sluggish over the next few years

The UK has lost its top AAA credit rating for the first time since 1978 on expectations that growth will “remain sluggish over the next few years”. Moody’s became the first ratings agency to cut the UK from its highest rating, to Aa1. It said the UK government’s debt reduction programme faced significant “challenges” ahead.… Continue reading Moody’s cuts UK credit rating from AAA to Aa1

Eurozone recession will persist in 2013, says European Commission

The European Commission joined other major international organizations in admitting that the eurozone economy would contract in 2013

The European Commission has said Spain, France and Portugal have failed to cut overspending to agreed targets. Spain’s government deficit was 10.2% of the country’s economic output in 2012, well above the agreed 6.3% target, and will stay far above target into 2014. Meanwhile, the Commission joined other major international organizations in admitting that the… Continue reading Eurozone recession will persist in 2013, says European Commission

PayPal Here device launched in UK

PayPal has launched Here device, a chip-and-pin machine designed to offer new sales methods to UK small businesses that have previously relied on cash or cheques

PayPal has launched Here device, a chip-and-pin machine designed to offer new sales methods to UK small businesses that have previously relied on cash or cheques. Payments firm means market traders, taxis and shops will be able to accept credit and debit cards as well as PayPal payments. There will be an initial cost “under… Continue reading PayPal Here device launched in UK

Mohamed Morsi calls Egypt’s parliamentary elections

Egypt’s President Mohamed Morsi has called parliamentary elections, starting on April 27 and end in June

Egypt’s President Mohamed Morsi has called parliamentary elections, starting on April 27 and end in June. A presidential decree said voting would take place in four regional stages, due to a shortage of election supervisors. Mohamed Morsi and his Muslim Brotherhood movement hope the election will put an end to increasingly vocal opposition and street… Continue reading Mohamed Morsi calls Egypt’s parliamentary elections

Global stock markets fall after Federal Reserve comments

Global stock markets have fallen after some members of the Federal Reserve suggested its stimulus measures may be increasing the risks of future economic and financial imbalances

Global stock markets have fallen after some members of the Federal Reserve suggested its stimulus measures may be increasing the “risks of future economic and financial imbalances”. The comments came in minutes of the Federal Reserve’s last meeting, where the Fed said it had left its monthly $85 billion bond-buying plan in place. US markets… Continue reading Global stock markets fall after Federal Reserve comments

Russia is losing billions illegally, says central bank governor Sergei Ignatiev

Sergei Ignatiev, Russia's central bank governor, has said that $49 billion left the country illegally last year

Sergei Ignatiev, Russia’s central bank governor, has said that $49 billion left the country illegally last year. The capital flight, some 2.5% of Russia’s annual economic output, was controlled by “one well-organized group of individuals.” Sergei Ignatiev told a Russian newspaper that the money transfers could have been used to pay for supplies of narcotics,… Continue reading Russia is losing billions illegally, says central bank governor Sergei Ignatiev

LIBOR setting is still not clean and free of fraud, says US Commodity Futures Trading Commission

US regulator Commodity Futures Trading Commission said the way that the key LIBOR interest rate is set in the UK is still not clean and free of fraud

US regulator Commodity Futures Trading Commission said the way that the key LIBOR interest rate is set in the UK is still not clean and free of fraud. “We have a lot more work to do,” said Gary Gensler, chairman of the Commodity Futures Trading Commission. Gary Gensler suggested that the rate was often “completely… Continue reading LIBOR setting is still not clean and free of fraud, says US Commodity Futures Trading Commission

Hillary Clinton will charge $200,000 per speech on her lecture circuit

Hillary Clinton will be charging $200,000 per speech on her lecture circuit

It was revealed today that former US Secretary of State Hillary Clinton will be charging $200,000 per speech on her lecture circuit. The massive fee means that Hillary Clinton will be making more from a two-hour lecture than she did in a year as Secretary of State. The announcement that Hillary Clinton has hired a… Continue reading Hillary Clinton will charge $200,000 per speech on her lecture circuit

Silvio Berlusconi tax letter sent to voters sparks outrage among rivals

Silvio Berlusconi is trying to buy votes in Italy's election on Sunday by sending out letters promising a tax rebate,

Former PM Silvio Berlusconi is trying to buy votes in Italy’s election on Sunday by sending out letters promising a tax rebate, his rivals have alleged. Centre-left leader Pier Luigi Bersani labelled it a “scam”, while the leader of a smaller party accused Silvio Berlusconi of committing a crime. The letter was sent to voters… Continue reading Silvio Berlusconi tax letter sent to voters sparks outrage among rivals

Bulgarian government resigns after nationwide protests against electricity prices

Bulgarian government is resigning after nationwide protests against high electricity prices and austerity

Bulgarian government is resigning after nationwide protests against high electricity prices and austerity, Prime Minister Boiko Borisov has announced. “I will not participate in a government under which police are beating people,” Boiko Borisov told parliament. Tens of thousands have protested across Bulgaria, the EU’s poorest country, against high electricity bills. PM Boiko Borisov tried… Continue reading Bulgarian government resigns after nationwide protests against electricity prices

Japan posts record trade deficit in January

Japan's monthly trade deficit hit a record in January after its recent aggressive monetary policy stance weakened the yen sharply

Japan’s monthly trade deficit hit a record in January after its recent aggressive monetary policy stance weakened the yen sharply. Exports rose in January, the first jump in eight months, as its goods became more affordable to foreign buyers. However, a weak currency also pushed up its import bill resulting in a monthly trade deficit… Continue reading Japan posts record trade deficit in January

Danone cuts 900 jobs after European sales fell 3%

Danone has announced it will cut 900 jobs after weakness in southern European economies hit sales

French food and drink company Danone has announced it will cut 900 jobs after weakness in southern European economies hit sales. The owner of Activia yogurt and Evian bottled water reported sales of 20.1 billion euros ($26.8 billion) in 2012, up 5.4% from a year earlier. But sales in Europe fell 3% following a “severe deterioration”… Continue reading Danone cuts 900 jobs after European sales fell 3%

Gas prices hit more than $5 a gallon in US

Fuel prices have skyrocketed across the US, with a gallon of gas reaching past $5.00 in some parts of the country

Fuel prices have skyrocketed across the US, with a gallon of gas reaching past $5.00 in some parts of the country. The price of petrol has been continually climbing for the past 32 days, causing many Americans to spend as much as 10% of their income on gas. Experts are puzzled why prices keep ascending,… Continue reading Gas prices hit more than $5 a gallon in US

Burger King Twitter account hacked by a McDonald’s fan

Burger King’s Twitter account was hacked by a McDonald’s fan

Burger King’s Twitter account was hacked by a McDonald’s fan. Burger King’s Twitter page, which has more than 89,000 followers, has been changed to feature their rival’s food and even their logo and Twitter name have been changed, appearing as McDonalds @BurgerKing. The first sign of trouble was a post made from the official Burger… Continue reading Burger King Twitter account hacked by a McDonald’s fan

Japan shares rise on weaker yen hopes

Japanese shares have risen after finance ministers of the G20 group of nations avoided singling out Japan for criticism over the recent yen weakness

Japanese shares have risen after finance ministers of the G20 group of nations avoided singling out Japan for criticism over the recent yen weakness. The yen has dipped nearly 15% against the US dollar since November amid Japan’s efforts to stoke inflation. There were concerns that a criticism from G20 may prompt Japan to alter… Continue reading Japan shares rise on weaker yen hopes

Iberia workers begin 5-day strike over jobs and salaries cuts

Iberia workers have begun a five-day strike in protest at planned cuts to jobs and salaries

Spanish airline Iberia workers have begun a five-day strike in protest at planned cuts to jobs and salaries. Iberia has cancelled more than 400 flights out of 1,000 scheduled for this week, with cabin crew and baggage handlers staging the walk-out. A lack of services at Spanish airports are expected to affect more than 1,000… Continue reading Iberia workers begin 5-day strike over jobs and salaries cuts

Rafael Correa re-elected for a third term as Ecuador’s president

Rafael Correa has been re-elected for a third term as Ecuador's president with more than 50 percent of the vote

Rafael Correa has been re-elected for a third term as Ecuador’s president with more than 50% of the vote. His main challenger, Guillermo Lasso, has admitted defeat. Addressing his supporters in the capital, Quito, Rafael Correa, 49, called for “another four years of revolution”. First elected in 2007, the socialist leader is widely credited with… Continue reading Rafael Correa re-elected for a third term as Ecuador’s president

BMW recalls 570,000 cars in US and Canada over faulty cable

BMW is recalling almost 570,000 cars in the US and Canada because a battery cable connector can fail and cause the engines to stall

German carmaker BMW has decided to recall almost 570,000 cars in the U.S. and Canada because a battery cable connector can fail and cause the engines to stall. The recall affects popular 3-Series sedans, wagons, convertibles and coupes from the 2007 through 2011 model years. Also included are 1-Series coupes and convertibles from 2008 through… Continue reading BMW recalls 570,000 cars in US and Canada over faulty cable

Facebook will not pay any tax for 2012 despite making $1.1 billion in pre-tax profits in US

Facebook will not pay any tax for 2012 despite making $1.1 billion in pre-tax profits from US operations

According to a report released on Thursday, Facebook will not pay any tax for 2012 despite making $1.1 billion in pre-tax profits from U.S. operations. But Mark Zuckerberg’s company will also get a multimillion dollar tax refund of around $429 million according to Citizens for Tax Justice (CTJ). The refunds reportedly come from tax deductions… Continue reading Facebook will not pay any tax for 2012 despite making $1.1 billion in pre-tax profits in US

Cyprus presidential election: Nicos Anastasiades has a 15-point lead in the polls over his rival Stavros Malas

Centre-right leader Nicos Anastasiades has a 15-point lead in the polls over his main rival, leftist Stavros Malas

People in the Republic of Cyprus have begun voting for a new president as centre-right leader Nicos Anastasiades has a 15-point lead in the polls over his main rival, leftist Stavros Malas. However, Nicos Anastasiades is not predicted to win more than 50% of the vote, which would be required to avoid a run-off vote… Continue reading Cyprus presidential election: Nicos Anastasiades has a 15-point lead in the polls over his rival Stavros Malas

G20 Moscow Meeting: UK, France and Germany push for global tax reform

France, Germany and the UK have launched a drive for new global rules to clamp down on corporate tax avoidance

France, Germany and the UK have launched a drive for new global rules to clamp down on corporate tax avoidance. The three are seeking backing from others at a G20 meeting in Moscow. A survey carried out by the OECD found that multinational firms could exploit gaps between tax rules in the different countries in… Continue reading G20 Moscow Meeting: UK, France and Germany push for global tax reform