December 30, 2011
Hungary close to passing controversial central bank law
Hungary is close to passing a law that critics say could undermine the independence of its central bank. The ruling Fidesz party, which has a two-thirds majority, is due to approve the constitutional change in the final session of parliament this…
December 30, 2011
Japan delays sales tax increase amid growing opposition
Japan's ruling party, the Democratic Party of Japan (DPJ), has agreed to postpone a sales tax increase amid growing opposition against the move. A DPJ panel has agreed to delay raising the tax to 8% until April 2014, with a further increase due in…
December 30, 2011
Verizon to charge $2 fee for online payments
Verizon Wireless will soon make some customers pay for the privilege of paying their bills. The nation's largest wireless company is instituting a $2 "convenience charge" for those customers who make one-time bill payments using a debit or credit…
December 29, 2011
Italy borrowing costs fall sharply at auction
The cost of borrowing faced by the Italian government has fallen sharply at its latest debt auction. The government raised 9bn euros ($11.8bn, £7.56bn) in short-term debt at half its previous interest rate. The interest on the six-month bills was…
December 29, 2011
S Korea’s factory output dips on weaker domestic demand
South Korea's industrial output shrank in November as weaker domestic demand weighed on the construction and services sectors. Output fell by 0.4% from October, the statistical office said, worse than many analysts had predicted. Spending on…
December 29, 2011
Brazil becomes sixth largest economy
Brazil has overtaken Britain as the world's sixth largest economy. It's predicted that Brazil's economy may grow five percent next year. It’s much bigger in size than the UK and now it seems Brazil is also bigger economically. The London-based…
December 29, 2011
India and Japan sign new $15bn currency swap agreement
India and Japan have signed a $15bn (£9.7bn) currency swap agreement as the two nations seek to boost financial co-operation. It will see them swap currencies for US dollars and tap into each other's foreign exchange reserves to ease any liquidity…
December 29, 2011
South Stream pipeline gets Turkey green light
Turkey has given permission for the South Stream gas pipeline to be built across its territories, giving the project a clear run into the lucrative energy markets of Europe. The pipeline will transport Russian gas to Europe under the Black Sea.…
December 28, 2011
Oil jumps over 2% as Iran threatens supplies
Oil prices jumped over 2% Tuesday, crossing the $100-barrel-mark after Iran threatened to…
December 28, 2011
Sears and Kmart to close up to 120 stores on poor sales
Shares in US retail giant Sears fell 27% by the end of the day in Wall Street after announcing plans to close up to 120 Sears and Kmart stores. Sears Holdings, the department store group which owns the two major retail chains, blamed falling…