World braced for global food shortages
In the last five months, the US has lost around 100m tonnes of crops, predominately in South America and the US grain belt, an area which has been struggling with over 37.C degree (100F) temperatures. Maize prices have risen by 40 percent and soya bean by 25 percent. These crops are then converted into other […]
Shakeup at Singapore Stock Exchange
The change comes after the Hong Kong market watchdog, the Securities and Futures Commission (SFC), threatened to move in on investment banks if they allowed any false information about the companies to float on the exchange. Recent difficulties with companies like KXD Digital Entertainment, which had breached a string of rules including failure to disclose […]
Bernanke panics
In his opening statement to a committee in Congress yesterday, Bernanke said the bleak issues must be dealt with “sooner rather than later.” “We are looking very carefully at the economy, trying to judge whether or not the loss of momentum we’ve seen recently is enduring, and whether or not the economy is likely to […]
Chinese growth slows to three year low
The National Bureau of Statistics (NBS) found China’s growth fell to 7.6 percent, down from 8.1 percent in the first quarter. The world’s second-biggest economy has been plagued with a sluggish property market and enervated exports from Europe, its biggest trade partner, as well as a too-heavy reliance on domestic consumption. According to the WSJ, […]
China cuts cost of crude
Chinese authorities have reduced the fuel price by five percent and said the move was made as a result of internationally low crude oil prices and changes in global and regional economic conditions. The prices at the pumps are now at the lowest levels since December 2010. The National Development and Reform Commission (NRDC) said […]
Spanish recession targeted
The first instalment is part of an emergency €100bn aid initiative agreed in June to inject some much needed funds into the wavering economy and to prevent any further downward spiralling by the banks. EU heavyweights have also decided to give the region an additional year to try and get its budget deficit back in […]
EU banks set for regulatory shake up
One single bank supervisor will report directly to the European Central Bank in order to police the largest and most influential banks in the EU, in the wake of the Libor scandal that rocked UK financial services. There are also plans to outlaw any deliberate manipulation of interest rates, and a review into how Libor […]
UK prepared to close its doors to Greece
Addressing his MPs at the House of Commons liaison committee yesterday, Cameron said he’d “do whatever it takes to protect the United Kingdom from a Greek influx,” should the nation leave the eurozone. His comments have surprised a number of Tories backbenchers, as by law, nationals of the 27 countries in the EU usually have […]
GlaxoSmithKline found guilty in US drug fraud case
The fine comes after the British heavyweight admitted several criminal charges relating to US marketing laws, by promoting two of its drugs for unapproved use and for failing to report significant safety data about one of its diabetes medications to the Food and Drug Administration (FDA). The company has also been found guilty of bribing […]
Barclays rigging scandal shakes banks
Shares at Barclays closed down 15.53 percent and other big players in the sector also took a hit, as analysts fear the effects of the interest rates scandal could be very serious for the UK financial markets. RBS closed down 11.45 percent, Lloyds fell 3.9 percent and HSBC closed 2.58 percent lower than on Wednesday. […]
