In September, the government of Puerto Rico released its five-year plan that would work to reduce the huge debt of the island and revive the economy. But, that plan seems to be too optimistic and on Monday, top economic officials of Puerto Rico said they had been too confident about the plan and is revising the plan to face the worse.
In the recent past years China has been the growth engine for the global economy. But the cooling in economic activities noted of late has brought in worries that conditions in the second-largest economy of the world may be deteriorating fast.
Worries are mounting as the oil prices were once again pulled down on Monday to below $28 a barrel in anticipation that lifting of sanctions against Iran will flood the oil market that's already facing a glut.
In a new revelation, the study that claimed diet versions of soft drinks are better than water for weight loss, was actually funded by an industry body that included Coca-Cola and Pepsi. The study was led by Peter Rogers, professor of biological psychology at Bristol University and was published in the International Journal of Obesity.
Hyatt Hotels Corporation, the American hotel chain with properties globally said that its customer payment system was hit by a malware last year in December. Now the company said that the properties include locations in India too.
A list of affected hotels have been released by the hotel chain that were victims of the malware attack and twenty of the names are Hyatt's Indian hotels which is ninety percent of its Indian portfolio.
Has the virtual currency bitcoin reached a crossroad where it's still uncertain whether it will succeed or turn out to be a complete failure?
One of the leading bitcoin developer Mike Hearn last week labeled the bitcoin as a failed currency and said he was selling off all his bitcoins and moving away from the currency altogether.
On Friday, Citigroup Inc. reported its largest full-year earnings in almost ten years. That shows that the strategy of the firm to get leaner is working to its advantage.
However, shares of Citigroup dipped 6.4 percent which is a bigger drop compared to other banks or considerable size and also the wider market. Drop in oil prices and slowing economy in China has not worked well for financial institutions in the past year. Compared to its contemporaries, Citigroup has greater exposure in international markets which also includes Asia.
Brazil's inflation rate grew at a rate beyond the government's expectations for 2015. It was at its highest level compared to figures noted in almost last twelve years.
The more than ten percent rate is an indication for the government to take action to control prices in spite of growing recession.
On Thursday, the Central Bank of Nigeria said that the foreign exchange reserves in the country dropped to 29.13 billion dollars on December 29.
On its website, the bank said that the drop in reserves represented 2.43 percent from $29.31 billion which was recorded on December 23.
London has one of the costliest property markets in the world and its cheapest flat could come for something more than £75,000.
Advertised on Zoopla, the British property website covering the residential property market, the cheapest flat of London comes for that price. The studio apartment is a significant 84sq foot property and is being offered in the market.
On Monday, Adam Siegel a thirty seven year old bond trader pleaded guilty of conspiring to deceive the customers Royal Bank of Scotland Group Plc by misrepresenting the prices of bond transactions which he and some others handled for them. This was an effort to spike up the profits for the bank.
Spanish economy is recovering from economic crisis and this has led banks to yet again offer loans to small companies. But it would not be easy for major banks to capture market share as there are a number of lenders out there who want to win over clients.
Banks want to revive high margin loans but it seems to be tough as more number of lenders can reduce the margins that they hope to make from lending to small and medium-sized enterprises (SMEs). These companies are charged higher interest rates in comparison to big companies.
Enric Duran took dozens of loans from banks in Spain, but did not pay them back. He is unapologetic about his act and has outsourced the amount to other projects that created and promoted alternatives to capitalism.
Duran, in an interview by Skype from an undisclosed location, said he is proud of his action. "It generated a movement that allowed us to push forward with the construction of alternatives. And it allowed us to build a powerful network that groups together these initiatives", affirmed Duran.
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