Business & Economy

New treaty aims to protect millions of domestic workers worldwide

Member countries of the International Labour Organisation (ILO) on Thursday voted overwhelmingly in favour of a landmark treaty to protect the rights of domestic workers worldwide. Advocates of the new convention say a universal standard is needed...

Opec to haul in $1 trillion as oil prices increase risk of double-dip recession

The cartel of oil-producing countries will have $1 trillion (£600bn) in revenues for the first time this year, benefiting from high prices that may cause a "double-dip recession".

Greece Receives Lowest Credit Rating by S&P

Jennifer Ryan and Gabi Thesing 14.06.2011
Greece Receives Lowest Credit Rating by S&P

Greece was branded with the world’s lowest credit rating by Standard & Poor’s, which said the nation is “increasingly likely” to face a debt restructuring and the first sovereign default in the euro area’s history.

Debt-hit Greece sees profit in air pollution: report

Greece could earn up to 170 million euros for its cash-strapped treasury from a trade of greenhouse-gas emission allowances on the Athens stock exchange, a report said Sunday.

IMF: Christine Lagarde Rival Says Appointment "Done Deal": Report

The appointment of French finance minister Christine Lagarde as head of the International Monetary Fund is a "done deal," rival Grigori Marchenko told the UK's Daily Telegraph on Friday.

Singapore leaps Hong Kong for expat costs: survey

Singapore has overtaken Hong Kong to become the third costliest economy in Asia for expatriates' daily needs because of its strengthening currency, human resource firm ECA International said Wednesday.

Hillary Clinton interested in becoming head of World Bank?

Hillary Clinton, President Barack Obama's Secretary of State, has been in discussions with the White House about stepping down from her foreign policy job next year to becoming head of the World Bank, it has been reported.

China overtakes USA as top energy consumer

Robert Barr Yahoo! Finance 09.06.2011
China overtakes USA as top energy consumer

Global energy consumption rose in 2010 at the fastest pace since 1973, as fast-growing developing nations led a strong rebound from recession, according to a survey released Wednesday.

Exxon makes major oil discovery in Gulf of Mexico

Andrew Restuccia The Hill 09.06.2011
Exxon makes major oil discovery in Gulf of Mexico

Exxon Mobil said Wednesday it has discovered an estimated 700 million barrels of oil equivalent at a deepwater well off the Louisiana coast, a major find that a top House Republican argued should push the administration to speed up offshore permit...

Obama Presses Europe, Pledges Help for Greek Crisis

President Barack Obama on Tuesday urged European countries and bondholders to prevent a "disastrous" default by Greece and pledged U.S. support to help tackle the country's debt crisis.

Saudi King Bans Men From Selling Lingerie

Saudi Arabia's King Abdullah decreed that only women would be allowed to work in the kingdom's lingerie shops, the official SPA news agency reported Monday.

Greece to start austerity drive as nation seethes

George Georgiopoulos Yahoo! News 06.06.2011
Greece to start austerity drive as nation seethes

Greek Prime Minister George Papandreou starts a campaign on Monday to secure a new international bailout by imposing years of austerity on a nation already seething over corruption and economic mismanagement.

OPEC Upstaged by Qaddafi in Most-Hostile Meeting Since Gulf War

OPEC’s decision on production quotas this week may be complicated by hostilities in Libya as members meeting in Vienna find themselves supporting opposing camps of a military conflict for the first time in 21 years.

World Bank to suggest CO2 levy on jet, shipping fuel

Gerard Wynn Reuters Africa 06.06.2011
World Bank to suggest CO2 levy on jet, shipping fuel

The World Bank will suggest a global levy on jet and shipping fuel in recommendations to G20 governments later this year on raising climate finance, a senior official said on Sunday.

China foreign listings dogged by scandal

Martin Mittelstaedt The Globe and Mail 06.06.2011
China foreign listings dogged by scandal

The allegations that Sino-Forest Corp. TRE-T inflated its revenues and assets are drawing attention to one of the most exotic and treacherous sectors of the equity market – the hundreds of Chinese companies that trade on North American stock excha...

Starbucks Acquires Full Ownership of Starbucks Stores in Central, South & Western China

Starbucks Coffee Company (NASDAQ:SBUX) today announced the signing of a contractual agreement with Maxim’s Caterers Ltd, its long time joint-venture partner in South China, including Hong Kong and Macau. Starbucks has assumed 100 percent equity of...

Chaos in Yemen drives economy to edge of ruin

ROBERT F. WORTH and LAURA KASINOF The New York Times 03.06.2011
Residents of Sana, Yemen, waited at a gas station for fuel last week.  Shortages of gas and other basic goods and services have heightened tensions in the city and set off fights and protests.

Even as Yemen’s political crisis deepens, the country is on the brink of an economic collapse so dire it could take years to recover, and hobble efforts to rebuild its fragmented society.

Spain threatens to sue Hamburg over cucumber slur

Spain threatened Wednesday to sue Hamburg for damages after the German city pointed to Spanish cucumbers as the source of a fatal outbreak of E.coli.

Dispute Grows as Egyptian Gas Is Still Not Flowing to Israel

ETHAN BRONNER The New York Times 02.06.2011
Dispute Grows as Egyptian Gas Is Still Not Flowing to Israel

More than a month after saboteurs blew up an Egyptian pipeline supplying natural gas to Israel, the line is repaired but gas is not flowing and foreign shareholders of the company suspect politics to be the reason. They are threatening legal actio...

Korea Punishes HSBC, Agricole for Shifting Derivatives Trade to Hong Kong

HSBC Holdings Plc (HSBA) and Credit Agricole SA (ACA) were penalized by South Korean regulators for improperly outsourcing domestic branches’ derivatives trading to their Hong Kong branches.

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