World

Uber Fights Against Transportation Provider Label In Europe

Uber is defending its business model in Europe’s highest court today. The Court of Justice of the European Union (ECJ) could label Uber a transport company rather than a digital service, a designation that could hobble the company. That ruling would subject the company to stricter rules on licensing, insurance and safety. Judges in Luxembourg […]

Flights Delayed Worldwide After United Airlines Computer Glitch

A computer glitch temporarily halted departures at United Airlines (NYSE:UAL) late Thursday, leaving thousands of passengers delayed worldwide. The widespread delays were caused by two separate problems with United Airlines’ computer systems. The first glitch affected United’s luggage weighing systems. Another issue also arose, but spokeswoman Maddie King said she did not know its nature […]

Criminal Probe Into Emissions Scandal Targets Former VW CEO

Volkswagen (VLKAY) former CEO Martin Winterkorn has been revealed to be the target of a criminal investigation into the automaker’s diesel-emissions scandal. German prosecutors are investigating whether Winterkorn violated securities laws and manipulated the market with his actions. Winterkorn resigned days after the crisis erupted, saying he was doing so “in the interests of the […]

China Grabs Funds Unused by Towns and Cities for New Projects

Authorities in China have seized as much as 1 trillion yuan or $157 billion for different local governments who have failed to use their entire budget allocations, said sources, as Beijing looks for more ways to spend money to work its way out of its economic slowdown. A strategist in Shanghai stated that the economy […]

Greece Says It Will Not Make Loan Payment to IMF

Yanis Varoufakis the Finance Minister of Greece announced on Tuesday that Greece would not be making its debt payment owed the International Monetary Fund by a deadline of midnight on Tuesday. This sets the stage for a very tense showdown with international creditors ahead of a national referendum regarding its membership of the common currency […]

Prime Minister of Greece Rips into Country’s Lenders

Alexis Tsipras the Prime Minister of Greece has lashed out at his country’s creditors Tuesday accusing them of attempting to humiliate the Greeks as he has defied a number of warnings that Europe is preparing for Greece to leave the common currency euro. His address to Greek lawmakers following the collapse of bailout talks with […]

Euro Strengthens on Greek Deal Optimism

The euro has strengthened on Tuesday versus the U.S. dollar, which was headed on Tuesday to post its largest loss of one day against one currency since the middle of March, on the expectation that Greece was close to reaching a deal with creditors. The creditors are near finishing a new draft agreement that would […]

Swedish Authorities Could Question Assange At Ecuadorian Embassy

Prosecutors in Sweden have made a huge concession in the investigation of WikiLeaks founder Julian Assange. The Swedish authorities have offered to question Assange at his sanctuary in London, the Ecuadorian embassy, about alleged sex crimes, instead of insisting he be extradited back to Stockholm. Prosecutors now say they are willing to visit Assange in […]

Many Greeks Not Happy With New Government

The equity markets in Europe might be happy about a deal that extended the aid for Greece by another four months, but many of the ordinary Greeks feel their new government backtracked from the promises it made to eliminate the bailout. The left-wing Greek government led by Alexis Tsipras the Prime Minister, was given a […]

Swiss Voting on Huge Plan for Gold Buying

In Switzerland, there is a campaign taking place to protect the wealth of the country by investing in gold, a great deal of gold. The Swiss, as a way to test their sense of being financially secure, are requested to vote on a new proposal to make the country’s central bank hold 25% of its […]

Factories in Germany See Orders Drop 5.7%

Factory orders in Germany took a nosedive during August, signaling that the remainder of the year could feature less that strong economic output and it could even stagnate, said experts. The index fell more than 5.7% in adjusted monthly terms, said the economy ministry in Germany. This was far below the decline of 2.4% that […]

Shareholders at Yukos Awarded $50 Billion

An international tribune located in The Hague awarded shareholders of Yukos, the now defunct oil company, nearly $50 billion. The ruling was on claims that the government of Russia illegally seized the oil company from one of the most powerful oligarchs in the country. The holding company that Mikhail Khodorkovsky the founder of Yukos created […]

U.S. District Judge: Argentina Payment is Illegal

It looks as though on Monday Argentina will have a technical default after a judge in federal court said the attempts by the South American country to meet their payments of interest on its debt that has been restructured via Bank of New York were illegal. Thomas Griesa the District Judge said the bank in […]

Italian Banks Up With Rest of Europe Stocks

On Monday, European stock closed higher, with banks in Italy soaring following the election results for the European Parliament. In addition, hints of possible easing next week form Mario Draghi the President of the European Central Bank helped stocks. Volumes overall were lower due to holidays in both the U.S. and UK. Stock futures on […]

S&P Lowers Outlook on Credit Rating for Finland

Standard & Poor’s Ratings Service cut its outlook on the credit rating for Finland from stable to negative on Friday due to the Nordic country’s economic problems continuing. The ratings service reaffirmed the triple-A long-term foreign and local currency sovereign credit ratings for Finland. The revision of the outlook reflects our view of the protracted […]

GlaxoSmithKline Fires staff in China for Overstating Expenses

Facing bribery allegations in China, GlaxoSmithKline the pharmaceutical giant dismissed a number of its employees there over the failure to comply with rules for expenses, a person who is familiar with the situation announced Friday. The biggest drug maker in Britain declined comment over the details of the sacking of employees but did confirm it […]

Yuan Slides in China to Low of One Year

The national currency of China, the yuan, has fallen to its low of one year on Wednesday. The currency fell beyond 6.2 to one dollar for the first time since last April, amidst speculation in the market that the country’s central bank will maintain weak currency as the growth in the economy slows. The yuan […]

U.S. Sues over Libor Manipulation

The Federal Deposit Insurance Corporation in the United State has sued Citigroup, HSBC and another 13 global financial institution heavyweight for their alleged manipulation of the Libor rate. The FDIC sued the banks saying the manipulation had caused significant losses to over 38 banks in the U.S., which had to be shut down because of […]

Consumer Prices in China Up 2% for February

China has posted in February a lower inflation rate providing consumers with good news, but suggesting the world’s second largest economy was losing some steam prompting analysts to call for support from the government with increased spending and more monetary easing. Consumer prices were up just 2% in February compared to the same month a […]

U.S. Senate: Credit Suisse Helping Americans Hide Billions

An investigation by a U.S. Senate panel says that billions of dollars of taxes in the U.S. are not being paid because Americans have exploited bank accounts in a Swiss bank that the government of the U.S. has not pursued aggressively enough. The bank, Credit Suisse, is the second largest in Switzerland and has approved […]

Mexico Becoming Leading Force in Production of Autos

Mexico accounts for more than 18% of the auto production in North America and employment in the auto industry there has increased by over 46% since 2009 to nearly 580,000 jobs. On Friday, at the new Celaya, Mexico $800 million plant, Honda’s first Fit rolled off the assembly line, another symbol of the growing presence […]

Surplus in China Trade Reaches $32 Billion

The trade surplus in China was up to $32 billion during January, which eased concerns the second largest economy in the world might be stuck in a sluggish economy. The latest surplus figure was more than 14% higher than last year and was stronger than the forecasted $23.7 billion surplus. Imports were 10% higher from […]

Central Bank of Turkey Promises Rate Action

The governor of the central bank in Turkey increased expectations on Tuesday for an interest rate hike, denying he was being held hostage to political pressure, vowing to take decisive action in the fight against the country’s rising inflation and plummeting lira. Erdem Basci announced that the bank would not hesitate to tighten up the […]

Peso in Argentina Plunges

The Argentine peso plunged this past week by 13% increasing the fears of another meltdown financially in the South American nation that went through a collapsed economy just over a decade ago. The government of Argentina devalued its currency on Thursday in an attempt to jump start economic growth. The resulting devaluing of the peso […]

India Threatens to Demolish Plant Owned By Coca-Cola

Authorities from Varanasi, a village the northern region of India said Friday they planned to demolish an illegal bottling plant owned by Coca-Cola that is the center of protests due to allegations it is extracting an excessive amount of groundwater. The revenue administration ordered the demolition of the plant in December in the state of […]