Iran Helps Syria Ship Oil To China; But Chinese Company Denies Report
Iran is helping Syria skirt the sanctions imposed on it by the US and other Western countries by providing it with a vessel to transport oil to China , Reuters has reported quoting sources. Syria is one of the closest allies of Iran and the move indicates that both the countries, facing economic challenges due to the Western sanctions, would exploit all possible means to overcome the sanctions. Western countries imposed the sanctions on the Bashar al-Assad government over the bloodshed in Syria
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Eurozone Agrees To Increase Rescue Funds To $930 Billion
Eurozone finance ministers agreed at a meeting in Copenhagen on Friday to increase the bailout lending limit to 700 billion euros ($930 billion), a move aimed at reassuring financial markets wary of a Eurozone default and dampening the crippling debt crisis of the past few years. It was decided to temporarily lift the combined ceiling of the two rescue funds, the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) from the current level of 500 billion euros ($670 billion)
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Obama OKs Iran Sanctions: Foreign Banks Targeted
The White House determined that the world's oil supply is healthy enough that the sanctions, which will take effect in June, won't significantly impact world markets or American consumers. “There is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions," Obama said in a memorandum on Friday. "I will closely monitor this situation to assure that the market can continue to accommodate a reduction in purchases of petroleum and petroleum products from Iran." Like us on Facebook Obama obtained the authority to impose sanctions through the National Defense Authorization Act, Fox News reported.
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Bernanke Hints Of Possible QE3
Tom Sowanick is Co-President and Chief Investment Officer at Omnivest Group in Princeton, N.J. Federal Reserve Chairman Ben Bernanke , in his speech to the National Association for Business Economics, was skeptical that the improvement in the labor market was sustainable. He started the speech by stating that the “better job numbers seem somewhat out of synch with the overall pace of economic expansion”.
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More Trade, Still No Political Clout: An Expert’s Take on the BRICS Summit
The BRICS nations -- Brazil, Russia, India, China and South Africa - met for a summit in New Delhi, where, among other subjects, they discussed the possible formation of a joint development bank, closer integration of their respective stock exchanges, energy security and ongoing tensions in the Middle East.
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Outgoing Future Fund Chair Blasts Carbon Tax, Other Govt Economic Programs
Going ahead with the carbon tax July this year could leave the Australia n economy in ruins, according to outgoing Future Fund chair David Murray.
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Abbott Advises Swan to Think Twice on Eliminating Corporate Concessions
Australia will meet its promised budget surplus by reducing spending and cancelling tax measures, according to Opposition Leader Tony Abbott . Abbott criticised at the same time plans unveiled on Friday by Federal Treasurer Wayne to do away with a number of federal government programs, among them the concessions extended to the mining sector and other thriving industries. According to The Australia n, Swan views the elimination of such concessions as crucial for the Labor-led government to deliver the surplus it had pledged earlier
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