It has been said that by a global economic group on Thursday that Sweden and Singapore have overtaken the U.S in ranks of competitive economies. The US has slipped down because of the pessimism about the Government and the massive deficits.
The annual ranking was done by the Geneva-based World Economic Forum and Switzerland was successful in retaining the top place for the second consecutive year.
The World Economic Forum includes the survey and economic data of more than 13,500 business executives.
The Organization for Economic Cooperation and Development gave its stance that the international economic recuperation was proving to be more sluggish than had been anticipated and lawmakers might have to expand and strengthen incentive programs, in order to support the existing scenario.
The most recent data informed that the economy of the Group of Seven nations could develop at the rate of 1.5%, annually, in the second half period, which is less by 0.2%, as that had been predicted previously.
The privately owned book chain Blackwell has planned to handover the ownership of the company to its 900 staff just like the departmental store John Lewis did with its business. The 130 years old book chain has also planned to close its head office at Oxford and ordered its staff to work in the stores.
The current owner of the book chain, Toby Blackwell is trying to set up an employee partnership just a copy to the John
Interest rates of 0.5% have been held at its place by the Bank of England’s Monetary Policy Committee and kept 200 billion Pounds of quantitative easing purchases unaltered, as had been anticipated.
Policymakers are very eager to maintain Britain’s recuperation momentum despite severity measures and deteriorating economic setting of the U.S. economy, and a number of analysts consider that policies would not be tightened until the middle parts of the subsequent year.
President Barack Obama retorted back saying that there are better ways to spend money, when asked if he was willing to ban the Bush-era tax cuts for the rich.
The issue at present is said to have pressed the hot-button as Obama refuses to pass the bill for he believes that United States is not in a position to extend tax cuts for wealthy Americans as was done during the era of the former President George W. Bush. This bill is due to expire this year and the Republicans are pushing hard to reiterate it.
While no potential risks have been established by amateur stargazers, space agency researchers, the narrow pass of two large asteroids was confirmed by the NASA-funded Catalina Sky Survey near Tucson, Arizona.
Lindley Johnson, Program Executive of the Near-Earth Object program at NASA Headquarters in Washington said, "This is the first time we've seen (two) combined within a 24-hour period, but that's probably because we don't know everything that is out there”.
The government of Ireland has decided to break up the nationalized Anglo Irish Bank in order to improve the bank's condition. According to the finance ministry, the failed bank will be divided in to two divisions that are a funding bank and an assets recovery bank. Although the asset recovery division will get a banking license, it will have to focus on managing the existing loans given by the bank.
The hackers have finally been able to takes advantage of a loophole in devices running Apple’s IOS platform and jailbreak the device. This hacking team known as the pod2g also asserts that Apple will have to make some noteworthy changes in its operating system to resolve the problem and prevent the exploit.
The British mobile giant Vodafone has been ordered to pay 2.6 billion dollars to the tax department of India by an Indian court. The tax bill is related to the deal of 11.1 billion, the company had made to buy majority stake in the Indian assets of Hutchison Telecommunications before three years.
Hutchison was one of the largest mobile operators of India. Meanwhile the British firm has urged the court to overturn the ruling of the tax department that it was liable to the tax on the purchase of the company.
Google on Wednesday has reportedly revealed, Google Instant intending to increase the search speed. Hadley Reynolds, an analyst with IDC terms the move as a ‘dramatic break’.
Reynolds also asserts that this would be like a breakthrough from the old traditional Google search experience and will for sure bring about a revolution.
The introduction of this splashy feature would enable the engine to commence with the search even before the user types the word or statement. This move is also being seen as a way to clear edge after the official union of Microsoft's Bing and Yahoo.
The investors of Barclays wanted extra number of non-executive directors in the board for strengthening the board to ensure a better balance of power when Bob Diamond joined as the chief executive of the company.
The investors said that they have welcomed the appointment of Bob Diamond as the chief executive of the bank which would help the bank to improve. Meanwhile, they expressed their concerns that Mr. Bob would be a very dominant boss and harder to handle than the former boss John Varley.
The debt laden economy of Greece has seen a fall of 1.8% in the second quarter of this year as a result of the slashed consumers spending.
The decline in the economy was worse than expected before and well above the 0.8% shrinkage of the first quarter of the year. According to the national statistics office of Greece, the private consumption dropped down by 4.2% year on year against a rise of 1.5% in the first quarter in this year.
According to reports, the Wall Street listed company Goldman Sachs has been fined with 20 million pounds by the Financial Services Authority (FSA), which is the city regulator of UK.
This fine applied on the Wall Street giant because the company did not report FSA that it had gone through investigation for fraud by the US financial regulator in this summer. Goldman Sachs has settled the fraud case with the Security and Exchange Commission by paying a fine of 550 million dollars in the July.
The Scottish oil firm Dana Petroleum has rejected a hostile takeover bid worth 18 pounds per share from the Korean oil firm KNOC which is the government owned company of Korea. This rejection was happened as the company released an independent report that valued the Dana shares in between 21.20 pounds and 24.65 pounds per share.
The shareholders of Dana are expecting the KNOC to come up with a higher offer than its previous one of 1.8 billion pounds.
Around 20 unfamiliar objects were found in the paining arm of a teenage girl.
The girl aging 16, experienced excruciating pain in arm and then visited the emergency room. On getting her ultrasound, the doctors discovered objects like a paper clip, a screw from a pair of eyeglasses and various pieces of pencil lead.
The girl was suffering from “self-embedding", a phenomenon in which the adolescents have the tendency to damage their bodies by inserting glass, wood, metal or other materials under the skin, but they don’t have any inclination towards attempting suicide.
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