The foreign ministers of India and China discussed its disputes over the South China Sea on the sidelines of the Russia - India -China trilateral conference in Moscow on Friday. India’s External Affairs Minister S.M.
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
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)
Japan 's government approved on Friday a bill to double the nation's consumption tax by 2015, which is seen as an important step towards putting the public finances on a sustainable path. This will happen in two stages with the first increase from the current 5 percent rate to 8 percent taking place in April 2014.
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.
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”.