Dipika Rangasami, Editor (Business) BRUSSELS — The EU is to consider a new proposal that calls for the euro zone to share obligations when faced with the prospect of closing failing banks in the region. Proposed by Lithuania, it marks a stark change from the current system that places all obligations of handling bank closures on the nation where the bank operates. This comes at a time when the EU is considering making changes to the […]
Tia Oja, Correspondent (Business) WASHINGTON, D.C. – A group of BP investors have tried suing the company, accusing BP of fraud and misleading them before and after the oil spill incident in 2010 at the Gulf of Mexico. The investors sued BP on April 2010 as they claimed that the oil spill, which has been called the largest in U.S. history, made BP’s shares plummet in value by roughly 40%. A US federal judge has […]
Dipika Rangasami Editor (Business) DETROIT — In a historic move, General Motors Co. (GM) named Mary Barra as the next Chief Executive Officer earlier this week. The appointment will see Barra take over the reign of the global automaker early next year, as the first ever female executive in the auto industry to do so. The promotion marks the exit of Dan Akerson, the outgoing CEO, who will end the year at the […]
Dipika Rangasami, Correspondent (Business) SAO PAULO — Massive bids of $9 billion combined, sealed the privatisation of two of Brazil’s busiest airports late last week. The auction was an attempt to put forth by the Brazilian government at privatising the maintenance and operation of airports within the country as a preparation for the upcoming 2014 Football World cup and the 2016 Summer Olympics. The winning bid of 20.8 billion Reais ($9 billion) combined was […]
Zeeshan Javaid, Correspondent (Business) ISLAMABAD — One of the leading donor institutions in Pakistan, United States Agency for International Development (USAID) is busy pumping in the aid money to revive sick units of the US and European electronics industry instead of spending American tax payers’ money over provision of real time relief to developing countries. One of the prime examples, revealed by a senior official of USAID on condition of anonymity, is the Power Distribution Programme […]
Zeeshan Javaid, Correspondent (Business) ISLAMABAD — The Gross Domestic Product of Pakistan could be at least 1.5 % higher than the expected by 2014-15 if trade with India is fully normalised. The normalisation of trade with the neighbouring country could create approximately 1,69,000 jobs and would help save ₹ 70 billion annually on purchase of goods. There are several examples of successful regional trade that led to development in European countries, South America and East Asia, so […]
Viktor Tsvetanov, Correspondent (Business) Why car manufacturing – the engine of European economics in terms of skilled workforce, levels of investment, manufacturing base, and trade and tax contributions – is steering East. If a year ago a person was asked what Italy and Serbia have in common, the answer would have probably revolved around the Adriatic Sea situated between Italy and former Yugoslavia. If that same person was then asked what one of the world’s leading […]
Zeeshan Javaid, Correspondent (Business) ISLAMABAD – The misappropriations and mismanagement in one of the ongoing projects of United States Agency for International Development (USAID) in Pakistan, was unearthed as the undercover watchdog body. Office of Inspector General (OIG), detected the massive misappropriations in the functioning of $89.3 million project implemented by Agri-business Support Fund (ASF). The lively city of Punjab province, Lahore based local semi-governmental organization ASF, which was awarded $89.3 million agri-business project […]
Samrawit Gougsa, Editor (Businnes) WASHINGTON DC — Facebook has caused a stir amongst the public over its controversial decision to lift a ban on violent video posts, including beheadings. The social networking website’s temporary ban was put into place in May this year after complaints were made over the allowance of videos on the social networking site that portrayed images of decapitation. Facebook took action by removing the reported videos and announcing it would review its policy on […]
Tia Oja Correspondent (Europe) BERLIN — Porsche’s factory has recently been so efficient that it will cut down working time of its factory workers’ day by one hour. Regardless of the change in the length of the work day, the salary of the employees of the German car manufacturer will remain the same. The German car magazine Automobilwoche reported on its website of a welcomed ‘problem’ Porsche’s factory is facing. Apparently the factory is […]
