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Cyprus to request €2bn of its own loan to Greece
He is due to commence talks with Greek Prime Minister Antonis Samaras today, with the two countries financial situations being the main point of discussion. Reports indicate that Anastasiades will be asking for Greece to provide €2bn from its €48bn bank recapitalisation package to support Cypriot lenders. Little over a fortnight ago, Anastasiades, said that in his role as President he would make Cyprus’s bailout his top priority. This radical move shows how far he is willing to go to fulfil that promise. “We’re doing everything we possibly can to pull Cyprus out of crisis but the road ahead is not strewn with roses,” Anastasiades ... -
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Obama reluctantly signs sequester
After last minute discussions failed to reach a consensus, the American Congress was unable to prevent a wave of unpalatable cuts coming into effect. President Obama has since signed off on the sequester, which will see over $85bn wiped from the federal budget over the year. When the cuts were conceived in 2011, they were meant to be as undesirable as possible for both parties, in order to force a consensus on a solution to tackle the US’s $16.6trn debt. Obama maintains that increasing taxes is the better way of balancing the books, while Republicans insist that spending cuts are the answer. “The president got his tax hikes on January the... -
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US home sales hit 5 year high
New figures from the US Department of Housing and Urban Development reveal that sales of new single-family houses in January rose 15.6 percent above the December 2012 rate, and 28.9 percent from the same time last year. Over 437,000 single family homes were purchased in January, exceeding the forecast of 381,000. Sales have been boosted by low mortgage interest rates, an improving job market and the stabilisation of home prices. The Conference Board’s consumer sentiment index also skyrocketed to 69.6, in the same month cementing a strong start of year with positive recovery signs for the US economy. In a separate report Standard & Poor... -
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UK loses triple A rating for the first time in over three decades
The pound slipped to a two-year nadir as news that Moody’s Investor service became the first ratings agency to downgrade the UK from its triple A score since 1978. Domestic and foreign-currency government bond ratings have had their scored lowered to an AA1, though the outlook on these ratings remains stable. In a statement the ratings agency cited the UK’s weak medium-term growth prospects as the main reason behind the downgrade, though the high and rising debt burden was also mentioned. “The continuing weakness in the UK’s medium-term growth outlook, with a period of sluggish growth which Moody’s now expects will extend into the s... -
Games 0
Walking Dead: Survival Instincts
When watching an especially heated sequence of AMC’s “The Walking Dead,” in which our favorite zombie-slaying group of protagonists finds itself (yet again) flanked by dozens of flesh-hungry “walkers”, I just can’t help but imagine myself into the scene, armed with just a metal pipe, fighting alongside Rick and Glenn. The satisfying *crunch* of a zombie being put down makes me cringe, but despite the ick factor, my eyes are locked on the screen. “The Walking Dead” is halfway through its 3rd season and it really has people wondering… “why doesn’t this game have a video game counterpart already?!”. I wouldn’t be ma... -
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Novartis scraps payout
Departing chairman of Novartis, Daniel Vasella was set to receive a payout of $78m over six years, supposedly for consulting services and a very strict non-compete agreement. But the generous ‘golden gag’ package- as the payout has been dubbed by the media- caused waves of protests in Switzerland, a country on the verge of a referendum on excessive executive pay. As a result Novartis has been forced to backtrack and rescind the offer. “The board and Dr Vasella agreed to cancel the non-compete agreement and to forgo all compensation linked to his non-compete,” said Ulrich Lehner, vice-chairman of Novartis in a statement. The decision w... -
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‘Made in’ labels raise controversy in Europe
The European Commission has announced plans to demand global manufacturers importing goods into the EU to apply a ‘made in’ label to all their products or risk sanctions. The World Trade Organisation is a staunch critic of such labels which it describes as making little sense in a world of globalised supply chains. Similar regulations have been in place in the US since the 1930s and countries like China and Japan also require clear labelling of imports. Past attempts by the EU to introduce mandatory labelling of imports were largely supported by southern member states but have been vetoed by free-trade proponents like Germany and the UK. ... -
Technology 0
Like Footprints in the Sand…Erasable Social Media
Walking out of the department store with the perfect Valentine’s Day present for your wife in hand, you smile to yourself, but before you take out your iPhone to snap a quick picture to your buddies for bragging rights you stop and think. “What if Alex shows his wife and she tells mine? What if my wife goes through my phone and sees the picture later?” Well you’re in luck! Two brilliant undergraduates at Stanford wanted a way to share pictures with their friends without long-term consequences. Their logic behind the app now known as Snapchat? Some images are meant to be shared with friends but not to be kept by them. Not every moment ... -
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Britain’s electrified ring fence
The British chancellor has proposed a ring fence separating high-street retails banking from investment banking branches within institutions will need to be ‘electrified’ with severe sanctions. Osborne will publish the Banking Reform Bill giving regulators the power to split banks up if they do not comply fully with new rules designed to protect British taxpayers. “My message to the banks is clear: if a bank flouts the rules, the regulator and the Treasury will have the power to break it up altogether – full separation, not just ring fence,” Osborne said in a speech in Bournemouth. The British Bankers’ Association (BBA) said the n... -
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China proposes development zones for business in US
China has been planning a proposal to convert over $1tn of Chinese-owned land in the US into ‘development zones’ that could see the establishment of Chinese business and citizens in North America. The proposal would mean China would own American businesses, infrastructure and valuable land. In exchange for the investment the US government would guarantee China against any loss. WND has reported that under the plan the Obama administration would back a financial guarantee as an incentive for China to “convert US debt into Chinese direct equity investment.” This entails China being granted ownership over a number of successful US corpor...
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