The India n government's proposed plan to provide free mobile phones to every family below the poverty line may not take off as the Finance Ministry and the opposition parties objected to the move. The Prime Minister's Office, which is involved in evaluating the scheme, is likely to drop the idea for now. Earlier, there were reports that Prime Minister Manmohan Singh was expected to launch the scheme to provide free mobile connections to six million poor families at an estimated cost of 70 billion rupees on India 's Independence Day, August 15
Money’s Winners And Losers: Rentech, Goldman Sachs, NASA And Curiosity; Standard Chartered, Apple And Samsung, Social Security Administration
Each week, the International Business Times money team picks three winners and three losers. Our choices are made based upon the amount of money involved and how compelling, dramatic, or just generally interesting the story behind the money is. WINNERS Rentech Nitrogen Partners LP Corn prices have rallied in the past month as much of the U.S.
South Korea 's announcement of the unexpected interest rate cut this week has given an indication to market players that policymakers are unnerved by the country's economic condition. South Korea 's central bank cut the interest rate Thursday for the first time in over three years in a move to stimulate the faltering economic growth of the country. The Bank of Korea (BoK) said that it had decided to cut the interest rate by 25 basis points to 3 percent
A declining currency value could be a boon for Europe and a solution to the ongoing crisis, economists say.
The Independent Commission on Banking (ICB), known as the Vickers Commission, failed to protect the public and the economy from financial crises, says Larry Kotlikoff, Professor of Economics at Boston University. In a report published in the social policy think tank, Civitas, Kotlikoff shows that reforms will not prevent the next crisis, nor make it any less harmful for the general public.
Barely a week after it came into full swing, talks of revising the carbon tax swirled as Independent MP Rob Oakeshott further pushed on his campaign for the federal government to drop the $15 floor price from the scheme. The floor price kicks in once the $23 per tonne fixed charge expires on 2015, which in turn will be replaced by the new level, with increments of four per cent over the next three years. However, Mr Oakeshott said that the price imposed by Australia on pollution-producing firms was totally out of sync with international standards, citing for example the charges in Europe for permits, which start at $10 per tonne.
Prime Minister Julia Gillard condemned on Thursday the announced plan of South Korea to resume whale hunting after more than two decades of moratorium on the contentious activity that captures and slaughters the giant sea mammals. Mindful of the estimated dwindling whale population around the world, global environmentalists and governments, Canberra including, were critical of the policy which Japan also conducts purportedly in aid of scientific research
Australia n bakery chain Brumby's apologised on Wednesday after being caught by regulators attempting to make more dough by blaming the carbon tax for price increases. Brumby's parent company, Retail Food Group Limited, apologised for the unacceptable error of judgment. The apology came after the Australia n Competition and Consumer Commission (ACCC) investigated an advice made by Brumby's Managing Director Deane Priest to franchisees through the firm's internal publication
(Reutyers) -- France's new Socialist government announced tax rises worth 7.2 billion euros on Wednesday, including heavy one-off levies on wealthy households and big corporations, to plug a revenue shortfall this year caused by flagging economic growth.
Executive compensation continued to rise last year -- despite Occupy Wall Street's vociferous howling and gnashing of teeth -- and on average the pay of CEOs at S&P 500 companies increased 6 percent, according to a report by compensation-data company Equilar. While overall compensation for CEOs at S&P 500 companies rose by 6 percent, cash bonuses fell by 7 percent. Most companies based the payouts of their short-term incentive instruments, such as cash bonuses, on earnings and revenue, while nonfinancial goals became less important in determining executive compensation, Equilar reported