Europe divided on Friday in a historic rift over building a fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to move ahead with a separate treaty, leaving Britain isolated. Twenty-three of the 27 leaders agreed to pursue tighter integration with stricter budget rules for…
The 2010 floods in Pakistan started late in July, following heavier than normal monsoon rains in Balochistan, the Punjab, Sindh, Pakhtunkhwa and the Khyber; in fact the whole Indus River Basin was affected. At one stage nearly 20 percent of Pakistan’s land area was covered with water, a total of some 307,374 square miles (796,095…
Moody’s Investors Service on Tuesday said Dubai and its state-owned non-financials have outstanding debt of $101.5bn and could require further financial support to meet their obligations. The credit rating agency’s report showed that it remains concerned about the emirate’s maturing debt in spite of the “significant process” made by the authorities and state-owned companies to…
Know the Due Date:2011 contributions must be made by April 17, 2012.Review Publication 590: 2012 is just around the corner – now is the time to remind everyone about the IRS Publication 590 rules in relation to when contributions can be made to your account. According to IRS Publication 590: Contributions must be made by due date for…
Italy’s new Prime Minister Mario Monti announced late on Sunday and ahead of a crucial EU summit on Thursday and Friday, that his cabinet has approved a €30bn package of austerity measures to help “reawaken” the Italian financial system. Europe’s third biggest economy is scheduled to present the plan to parliament today in a bid…
India’s economy in the July to September quarter expanded at its slowest pace in over two years to 6.9 percent year-on-year compared to 8.4 percent for the same period last year. Data released Wednesday by the Central Statistics Office showed that manufacturing experienced a sharp decline, growing only 2.7 percent, while mining contracted by 2.9…
A quick recapitalisation of European banks is necessary to steady markets and avert the economy from falling into another recession, IMF Europe Director, Antonio Borges, said late on Wednesday. The price tag for such a move was estimated in the range between €100bn and €200bn, he said. According to the IMF report, the eurozone debt…
Fitch Ratings late on Monday warned the US it may cut its AAA rating if policymakers failed to agree on a “credible plan” to reduce its swelling budget deficit by 2013. There is a “slightly greater than 50 percent chance of a downgrade over a two year horizon,” said Fitch. The ratings agency downgraded the…
Britain’s blue-chip ended lower for the ninth consecutive session on Thursday, marking its worst run since January 2003, after Germany reiterated its opposition to the use of euro bonds or monetary tools to help solve the eurozone’s debt crisis. Following a meeting with the leaders of France and Italy, German chancellor, Angela Merkel, quashed market…
Telecoms equipment giant Nokia Siemens Networks has said it will be shedding 17,000 staff globally in an attempt to bolster profitability in a stagnating network gear market. The company plans to cut a quarter of its workforce by the end of 2013 in a restructuring that will allow it to focus in mobile broadband equipment….
