German carmaker Volkswagen says its group sales hit a record high last year despite slowing sales in Western Europe. Volkswagen sold 9.07 million cars last year, up 11% from 2011. Sales in North America and Asia-Pacific rose 26.2% and 23.3% respectively, helping to offset a 6.5% drop in sales in Western Europe, excluding Germany where… Continue reading Volkswagen sales hit record high in 2012 despite slowing sales in Western Europe
Category: Business
US Treasury Department will not mint a trillion-dollar platinum coin to avert another battle over raising the debt ceiling
The US Treasury Department will not mint a trillion-dollar platinum coin to avert another battle over raising the debt ceiling, meaning Congress and the White House have no option but compromise in order to avoid default. “Neither the Treasury Department nor the Federal Reserve believes that the law can or should be used to facilitate… Continue reading US Treasury Department will not mint a trillion-dollar platinum coin to avert another battle over raising the debt ceiling
Czech presidential election: Milos Zeman to face Karel Schwarzenberg in second run-off
Former Prime Minister Milos Zeman is set to face Foreign Minister Karel Schwarzenberg in a run-off in the Czech Republic’s presidential election. With almost all the votes counted in the first round of voting, Milos Zeman has emerged as the front runner, with Karel Schwarzenberg in second place. The two candidates will now contest a… Continue reading Czech presidential election: Milos Zeman to face Karel Schwarzenberg in second run-off
Greek parliament approves new tax increases
The Greek parliament has approved a series of unpopular tax rises aimed at boosting revenue in line with Athens’ commitments to international creditors. The measures, approved overnight, introduce a new top tax rate of 42% for Greeks earning more than 42,000 euros ($56,000) a year. Corporate rates also go up and the tax base now… Continue reading Greek parliament approves new tax increases
US trade deficit widens following imports increase
The US trade deficit widened unexpectedly in November, after a rise in the import of consumer goods. Figures from the Commerce Department showed that the gap widened by 16% to $48.7 billion. The markets were expecting the deficit to shrink. The deficit was the widest recorded since April last year. Imports increased by 3.8%, the… Continue reading US trade deficit widens following imports increase
Boeing 787 Dreamliner review ordered by Federal Aviation Administration
US Federal Aviation Administration (FAA) has ordered a review of the 787 Dreamliner plane after a series of incidents put a question mark over the safety of Boeing’s flagship plane. The review by the FAA will look at the design and manufacture of the planes. It is not clear whether the planes in the air… Continue reading Boeing 787 Dreamliner review ordered by Federal Aviation Administration
Japan gets $116 billion stimulus boost
Japan’s government has approved a fresh 10.3 trillion yen ($116 billion) stimulus package in an attempt to spur a revival in its economy. The package will include infrastructure spending, as well as incentives for businesses to boost investment. Tokyo estimates that the stimulus will boost Japan’s economy by 2% and create 600,000 jobs. Japan’s economy… Continue reading Japan gets $116 billion stimulus boost
Hugo Chavez swearing-in postponement is legal, rules Venezuela Supreme Court
Venezuela’s Supreme Court has ruled that the delay of President Hugo Chavez’s inauguration for a new term in office is legal. Earlier, the National Assembly voted to give Hugo Chavez as much time as he needed to recover from cancer surgery. The opposition argues that Hugo Chavez’s current mandate expires on 10 January, the day… Continue reading Hugo Chavez swearing-in postponement is legal, rules Venezuela Supreme Court
Boeing 787 Dreamliner hit by another two fresh setbacks after Boston fire
Two fresh setbacks have hit Boeing’s 787 Dreamliner plane, two days after an electrical fire broke out on board a Japan Airlines Dreamliner on Monday. In the latest incident, Japan’s All Nippon Airways cancelled a domestic 787 flight from Yamaguchi to Tokyo on Wednesday because of a brake problem. On Tuesday, Japan Airlines cancelled a… Continue reading Boeing 787 Dreamliner hit by another two fresh setbacks after Boston fire
Hugo Chavez inauguration for a new term in office postponed
Venezuela’s National Assembly has approved a request by President Hugo Chavez to postpone his inauguration for a new term in office, which was scheduled for Thursday, January 10. Hugo Chavez is in hospital in Cuba after cancer surgery, and has suffered complications caused by a lung infection. Legislators voted to give Hugo Chavez as much… Continue reading Hugo Chavez inauguration for a new term in office postponed
Eurozone unemployment rate hits new all-time high in November
Eurozone unemployment rate hit a new all-time high of 11.8% in November, official figures have shown. This is a slight rise on 11.7% for the 17-nation region in October. The rate for the European Union as a whole in November was unchanged at 10.7%. Spain, which is mired in deep recession, again recorded the highest… Continue reading Eurozone unemployment rate hits new all-time high in November
Samsung estimates Q4 2012 record profit powered by growing sales of smartphones
Samsung Electronics has announced it expects to make a record profit for the last quarter of 2012, powered by growing sales of its smartphones. It has estimated an operating profit of 8.8 trillion won ($8.3 billion) for the quarter, a 90% jump from the same period a year earlier. That would make it the fifth… Continue reading Samsung estimates Q4 2012 record profit powered by growing sales of smartphones
Real estate market trends in 2013
The U.S. real estate market seems to have a relatively steady progress toward recovery in 2013. During 2012 area residential and commercial property sales hit their highest level in five years for some regions throughout the country. Coastal town real estate market boom tendency, the U.S. apartment shortage and the high rents, along with the… Continue reading Real estate market trends in 2013
Boeing 787 Dreamliner belonging to Japan Airlines catches fire in Boston
Japan Airlines said that a fire broke out in one of its Boeing 787 Dreamliners, shortly after it landed in Boston, following a flight from Tokyo. The fire started after a battery in the jet’s auxiliary power system overheated. Japan Airlines said that no passengers or crew members were hurt as they had already disembarked.… Continue reading Boeing 787 Dreamliner belonging to Japan Airlines catches fire in Boston
Bank of America to pay $3.6 billion to Fannie Mae mortgage agency
Bank of America has agreed to pay US government mortgage agency Fannie Mae $3.6 billion to settle claims relating to residential home loans. In addition, Bank of America has agreed to buy back 30,000 mortgages for $6.75 billion, and pay a further $1.3 billion in compensation. Fannie Mae argued the bank sold it toxic debts… Continue reading Bank of America to pay $3.6 billion to Fannie Mae mortgage agency
Basel Committee on Banking Supervision eases bank asset rules
International financial regulators have eased rules on minimum quantities of cash and liquid assets all banks must hold, set to take effect in 2015. The agreement, by the body that oversees the Basel Committee on Banking Supervision, is an attempt to make banks less vulnerable to runs. The new “liquidity coverage ratio” will be phased… Continue reading Basel Committee on Banking Supervision eases bank asset rules
Diosdado Cabello re-elected as Venezuela’s National Assembly president
Venezuela’s National Assembly has chosen its leader, a possible stand-in for President Hugo Chavez who is in Cuba following cancer surgery. The assembly re-elected the incumbent Diosdado Cabello, a leading ally of Hugo Chavez. Opposition leaders are calling for new elections if the president cannot be sworn in for his new term on Thursday. In… Continue reading Diosdado Cabello re-elected as Venezuela’s National Assembly president
US Congress passes emergency aid package for Superstorm Sandy victims
The US Congress has passed an emergency aid package for victims of Superstorm Sandy, days after an outcry over a delay in approval. The $9.7 billion bill will prevent a flood insurance fund from running out of money by next week. House Speaker John Boehner agreed to hold two votes on a total $60 billion… Continue reading US Congress passes emergency aid package for Superstorm Sandy victims
Wegelin, Switzerland’s oldest bank, to close permanently after US tax evasion fine
Wegelin & Co., Switzerland’s oldest bank, is to close permanently after pleading guilty in a New York court to helping Americans evade their taxes. Wegelin, which was established in 1741, has also agreed to pay $57.8 million (44 million euros) in fines to US authorities. It said that once this was completed, it “will cease… Continue reading Wegelin, Switzerland’s oldest bank, to close permanently after US tax evasion fine
Asian and European markets gain on US fiscal cliff deal
European and Asian markets have gained after a short-term deal to stave off the so-called US fiscal cliff was reached. UK shares jumped 1.5% while other European indexes were also higher. Failure to agree a deal would have triggered spending cuts and tax increases worth $600 billion. There had been fears that the measures would… Continue reading Asian and European markets gain on US fiscal cliff deal
What’s the deal? Highlights of fiscal cliff agreement
US Congress last night finally passed a deal to avoid the so-called fiscal cliff, as critics attacked the Republican party for giving in and allowing tax hikes on wealthy Americans in return for minimal spending cuts. President Barack Obama was in a triumphant mood as he addressed the nation after the vote on Capitol Hill,… Continue reading What’s the deal? Highlights of fiscal cliff agreement
US Congress passes deal to avert fiscal cliff and Barack Obama heads back to restart Hawaii vacation
President Barack Obama has hailed a deal reached to stave off a “fiscal cliff” of drastic taxation and spending measures as “just one step in the broader effort to strengthen the economy”. Barack Obama was speaking after the House of Representatives passed a Senate-backed bill by 257 votes to 167. It raises taxes for the… Continue reading US Congress passes deal to avert fiscal cliff and Barack Obama heads back to restart Hawaii vacation
Francois Hollande New Year speech: France’s president vows to revive supertax
French President Francois Hollande says he still plans to raise the top rate of income tax after his 75% plan was struck down on technical grounds. In a national address on New Year’s Eve, Francois Hollande said the law would be redesigned, adding, “we will still ask more of those who have the most”. However,… Continue reading Francois Hollande New Year speech: France’s president vows to revive supertax
US Senate approves fiscal cliff bill
The US Senate has decided to approve a deal to avert general tax hikes and spending cuts known as the “fiscal cliff”. The bill, which raises taxes for the wealthy, came after lengthy talks between Vice-President Joe Biden and Senate Republicans. The House is due to consider it later. Spending cuts have been delayed for… Continue reading US Senate approves fiscal cliff bill
How an Aussie unseated Belgium’s chocolate kings
Belgium invented the praline in 1912 and soon became known for making the best chocolates in the world. But 100 years on, the supremacy of local chocolatiers is under threat from international competition. The smell of warm, melted cocoa is wafting around the kitchen as Ryan Stevenson meticulously pipes a rich, buttery filling into dozens… Continue reading How an Aussie unseated Belgium’s chocolate kings