German Chancellor Angela Merkel has warned that her country’s economic climate in 2013 will be “even more difficult”. In her New Year message, Angela Merkel also cautioned that the eurozone debt crisis was far from over. However, she did say that reforms designed to address the roots of the problem were beginning to bear fruit.… Continue reading Angela Merkel warns Germans of tough economic times ahead in her New Year message
Category: Business
US Congress leaders have one more day to reach fiscal cliff deal
US Congressional leaders have one more day to stop the threat of steep tax rises and spending cuts, known as the “fiscal cliff”, after talks ended with no deal. Senators will continue to seek a compromise deal on Monday to send to the House of Representatives. Failure to reach agreement by January 1 could push… Continue reading US Congress leaders have one more day to reach fiscal cliff deal
Bolivia brings two Spanish-owned electricity supply companies under state control
Bolivia has decided to bring two Spanish-owned electricity supply companies under state control. President Evo Morales accused the subsidiaries of the Spanish company, Iberdrola, of overcharging consumers in rural areas. Evo Morales said rural households had been paying three times more for their electricity than people in urban areas. The left-wing president has previously nationalized… Continue reading Bolivia brings two Spanish-owned electricity supply companies under state control
Barack Obama makes no new offer on fiscal cliff
President Barack Obama has used a last-ditch White House meeting to urge Congress to back an interim plan to avoid the “fiscal cliff”, reports say. Barack Obama reportedly asked Republican and Democratic leaders to back tax cuts for those earning under $250,000. They have only four days to reach an agreement before across-the-board tax rises… Continue reading Barack Obama makes no new offer on fiscal cliff
French 75% tax rate struck down by constitutional council
France’s constitutional council has struck down a top income tax rate of 75% introduced by Socialist President Francois Hollande. Raising taxes for those earning more than 1 million euros has been a flagship policy for Francois Hollande. The policy angered France’s business community and prompted some wealthy citizens to say they would emigrate. Francois Hollande’s… Continue reading French 75% tax rate struck down by constitutional council
Mario Monti to lead Italian coalition of centre parties
Outgoing Prime Minister Mario Monti is to lead a coalition of centre parties going into Italy’s parliamentary election in February. Speaking to reporters after four hours of talks with centrist politicians, he said he was willing to be “named leader of the coalition”. Mario Monti resigned after 13 months as prime minister when predecessor Silvio Berlusconi withdrew… Continue reading Mario Monti to lead Italian coalition of centre parties
Toyota agrees $1 billion compensation deal, the largest settlement involving car defects in US history
Toyota has agreed on a more than $1 billion compensation deal to settle a legal case involving unintended acceleration problems in its vehicles. Toyota said the deal will resolve hundreds of lawsuits from the giant carmaker owners who said the value of their cars and trucks plummeted after a series of recalls stemming from claims… Continue reading Toyota agrees $1 billion compensation deal, the largest settlement involving car defects in US history
South Korea cuts growth forecast for 2012 and 2013
South Korea has decided to cut its growth forecast for this year and for 2013, underlining the effect of a slowdown in its key export markets on its growth. The finance ministry has forecast a growth of 3% for 2013, down from its earlier projection of 4.3%. Meanwhile, the growth forecast for 2012 was lowered… Continue reading South Korea cuts growth forecast for 2012 and 2013
Shinzo Abe voted in as Japan’s prime minister for second time
Former Japan’s Prime Minister Shinzo Abe has been voted in as prime minister again by MPs, after his party’s poll victory earlier this month. Shinzo Abe’s Liberal Democratic Party (LDP) and its coalition partner have a two-thirds majority in the lower house. The governing Democratic Party (DPJ) suffered major losses in the poll, with leader… Continue reading Shinzo Abe voted in as Japan’s prime minister for second time
Italian parliament dissolved following Prime Minister Mario Monti’s resignation
Italian parliament has been dissolved by President Giorgio Napolitano following caretaker Prime Minister Mario Monti’s resignation. The move paves the way for elections, now confirmed for 24-25 February. Mario Monti, brought in last year to form a technocratic government, stepped down on Friday after MPs passed his budget. It followed the withdrawal of support from… Continue reading Italian parliament dissolved following Prime Minister Mario Monti’s resignation
Mario Monti resigns as Italy’s prime minister
Italian Prime Minister Mario Monti has resigned today, keeping a promise to step down after the passing of his budget by parliament. MPs earlier passed the 2013 budget drawn up by his government with 309 votes in favor and 55 against. An announcement on whether Mario Monti will take part in elections – expected in… Continue reading Mario Monti resigns as Italy’s prime minister
Venus: Steve Jobs’ yacht impounded in Amsterdam over bill dispute
Venus, the minimalist high-tech yacht commissioned by late Steve Jobs, has become embroiled in a row over a disputed bill. French designer Philippe Starck claims Steve Jobs’ heirs still owe him 3 million euros of a 9 million euro fee for the project, according to Dutch paper Het Financieele Dagblad. Philippe Starck called in the… Continue reading Venus: Steve Jobs’ yacht impounded in Amsterdam over bill dispute
Republicans cancel vote on John Boehner’s fiscal cliff “Plan B”
Republicans have cancelled a tax vote in the US Congress, less than two weeks before a deadline for budget reform. Republican House speaker John Boehner proposed the bill, which would have raised taxes on high earners. But right-leaning Republicans rejected it. Analysts say the rejection has weakened John Boehner’s position in negotiations with the White… Continue reading Republicans cancel vote on John Boehner’s fiscal cliff “Plan B”
Qantas – Emirates deal backed by Australia’s competition authority
Qantas Airways has been given initial approval from Australia’s competition authority for its proposed alliance with Dubai-based Emirates. The Australian Competition and Consumer Commission (ACCC) said the benefits of the tie-up – such as co-ordinating ticket prices and schedules – would outweigh the reduced competition. It will make a final decision in March. Qantas and… Continue reading Qantas – Emirates deal backed by Australia’s competition authority
Park Geun-hye becomes South Korea’s first female president
Park Geun-hye, the daughter of former dictator Park Chung-hee, defeated her liberal rival Moon Jae-in in South Korea’s presidential election. Park Geun-hye will be South Korea’s first female leader. Votes are still being counted, but Moon Jae-in has admitted defeat. Turnout was high in a poll dominated by economic and social welfare issues. Park Geun-hye,… Continue reading Park Geun-hye becomes South Korea’s first female president
South Korea presidential election: Park-Geun-hye seeks to become first female president
Millions of South Koreans have cast ballots in a presidential election seen as too close to call. Park Geun-hye of the governing Saenuri party is looking to make history as South Korea’s first female president. But she faces a tough challenge from Moon Jae-in of the Democratic United Party, who has been steadily eroding her… Continue reading South Korea presidential election: Park-Geun-hye seeks to become first female president
UBS fined $1.5 billion for attempting to manipulate Libor rate
Swiss banking giant UBS has agreed to pay $1.5 billion to US, UK and Swiss regulators for attempting to manipulate the Libor inter-bank lending rate. UBS becomes the second major bank to be fined over Libor after Barclays was ordered to pay $450 million to UK and US authorities in the summer. Regulators worldwide are… Continue reading UBS fined $1.5 billion for attempting to manipulate Libor rate
S&P increases Greece’s rating from selective default to B-minus
Standard and Poor’s has raised the credit rating of Greece’s sovereign debt by six levels, praising the “strong determination” of fellow European countries to help it stay in the eurozone. S&P has increased Greece’s rating from “selective default” to “B-minus”. The rating agency also praised the continuing efforts by Greece’s government to cut its spending.… Continue reading S&P increases Greece’s rating from selective default to B-minus
Jacob Zuma re-elected as African National Congress leader
South Africa’s President Jacob Zuma has been re-elected as leader of country’s governing African National Congress. Jacob Zuma, 70, received an overwhelming majority of votes cast by some 4,000 delegates at the party’s Mangaung conference. Kgalema Motlanthe has been replaced as deputy president by anti-apartheid veteran Cyril Ramaphosa. Jacob Zuma had been favourite to secure… Continue reading Jacob Zuma re-elected as African National Congress leader
South Africa’s ANC meets in Manguang to elect its next leader
South Africa’s governing African National Congress (ANC) is holding its party congress at which members will vote for its next leader. President Jacob Zuma is being challenged for the top job by his deputy, Kgalema Motlanthe. ANC congress, held every five years, is taking place in Manguang, where the party was formed a century ago.… Continue reading South Africa’s ANC meets in Manguang to elect its next leader
Japan votes in general election
People are voting in a general election in Japan, where former leader Shinzo Abe is challenging the current prime minister, Yoshihiko Noda. Shinzo Abe’s Liberal Democratic Party (LDP) is expected to oust Yoshihiko Noda’s Democratic Party (DPJ) after just three years in office. Shinzo Abe promises more public spending and a more assertive foreign policy… Continue reading Japan votes in general election
Avigdor Lieberman, Israeli Foreign Minister, resigns after being charged with breach of trust
Israeli Foreign Minister Avigdor Lieberman has been forced to resign after prosecutors decided to charge him with breach of trust. Avigdor Lieberman has also resigned as deputy prime minister, and said he would fight to clear his name of the charges. The case against him relates to a financial scandal dating back more than a… Continue reading Avigdor Lieberman, Israeli Foreign Minister, resigns after being charged with breach of trust
Ukraine’s Parliament brawl while Femen protest against corruption staged outside
Ukrainian parliament’s new session got off to a dramatic start with MPs brawling on the floor of the chamber while a Femen protest against corruption was staged outside. Members of feminist group Femen, whose motto is “We came, we undressed, we conquered”, stripped naked down to just black pants and knee-high black socks in temperatures… Continue reading Ukraine’s Parliament brawl while Femen protest against corruption staged outside
Abhisit Vejjajiva, former Thai PM, charged with murder
Abhisit Vejjajiva, the former Thai prime minister, has been charged with murder over the death of a taxi driver shot by soldiers during political violence. Abhisit Vejjajiva was prime minister when thousands of protesters took to the streets in 2010 demanding his government step down. He gave orders allowing troops to use live ammunition on… Continue reading Abhisit Vejjajiva, former Thai PM, charged with murder
Eurozone agrees strict bank rules
European finance ministers have reached a deal on rules for supervising eurozone banks, ahead of a new EU summit. Around 200 of the biggest banks will come under the direct oversight of the European Central Bank, which will act as chief supervisor of eurozone banks. The agreement – a key step towards banking union –… Continue reading Eurozone agrees strict bank rules